[비즈한국] Hyundai Motor Company005380 added 'vehicle rental business' to its business objectives at the regular general shareholders' meeting held on March 26. The company also approved a plan to hold and dispose of treasury shares for employee compensation, and passed articles of incorporation amendments to rename outside directors to independent directors and remove the clause excluding the cumulative voting system. On this day, Hyundai Motor held its 58th regular general shareholders' meeting at its headquarters in Seocho-gu, Seoul, and passed all major agenda items, including amendments to the articles of incorporation, appointment of directors, and approval of compensation limits for directors, as originally proposed.
The most notable agenda item at the shareholders' meeting was the addition of the vehicle rental business to the company's business objectives. Hyundai Motor had previously announced in its shareholder meeting reference documents that it would pursue a new vehicle rental business, and confirmed after the meeting that the item was passed as proposed. The company stated its intention to provide diverse mobility experiences by developing services organically linked to its existing new and used car businesses.
This amendment to Hyundai Motor's articles of incorporation goes beyond simply adding a car rental category. Industry insiders view this as a move to transition its subscription service, 'Hyundai/Genesis Selection'—which has been operated through partner rental firms—to an internal, manufacturer-led system. This would allow Hyundai Motor to directly manage vehicles beyond the point of sale and strengthen a structure where returned vehicles are sold again as certified pre-owned cars. In effect, an operational mobility model that connects sales, rental, recovery, and used car distribution under one company has now been officially reflected in its business objectives.
The agenda regarding treasury shares was also addressed. Hyundai Motor received approval for a plan to hold and dispose of treasury shares for the purpose of employee compensation. As of March 4, the company held 2,006,508 shares of common stock, and it has been authorized to use up to 1,100,088 of those shares for employee compensation until the regular general shareholders' meeting in 2027.
Changes to the articles of incorporation regarding corporate governance were also implemented simultaneously. In line with the intent of revisions to the Commercial Act, Hyundai Motor deleted the clause excluding the cumulative voting system and incorporated into its articles the expansion of directors' fiduciary duties, the strengthening of the audit committee, and the introduction of electronic shareholders' meetings. The title of outside director was changed to independent director. The items passed at this meeting demonstrate that Hyundai Motor is refining not only its business portfolio but also its corporate governance framework.
Regarding the appointment of directors, President José Muñoz and Executive Vice President Lee Seung-jo were reappointed, and Executive Vice President Choi Young-il was newly appointed as an internal director. During the meeting, Hyundai Motor also briefed shareholders on its Software-Defined Vehicle (SDV) transition strategy and autonomous driving technology roadmap. The decision to add a rental business to its objectives and address matters related to vehicle operation, data, compensation systems, and governance is interpreted as a move to formalize at the shareholder level the company's transformation from a traditional automotive manufacturer into an operational mobility enterprise. However, Hyundai Motor describes this as both an entry into a new rental business and an expansion of services linked to its existing new and used car businesses.