HDC Hyundai EP Corporate Governance Report: Dividend Up 14% with Improved Predictability, Some Governance Gaps Remain
Declared cash dividend of 160 won per share for FY2025 (up 14% from 140 won), with improved predictability by setting record date before dividend decision
Changed external auditor from Samil to Samjong due to mandatory rotation; no independence concerns
Board consists of 3 males (2 inside, 1 outside), lacking gender diversity, and CEO also serves as board chairman
No audit committee (not required as assets under 2 trillion won), one full-time auditor with accounting expertise
Largest shareholder HDC Co. holds 48.26%, treasury shares of 6 million (non-voting), no share buyback or cancellation plans
Key governance non-compliances: no company-level CEO succession policy, cumulative voting excluded, no formal minority shareholder consultation procedures, less-than-quarterly meetings between auditor and external auditor
No history of unfaithful disclosure designation, no shareholder proposals or public letters received