The chief of South Korea's antitrust agency, Kim Sang-jo, has said the plan was a "positive" step towards improving the group's ownership structure. Last month, Elliott, which owns more than 1.5 per cent of Mobis, proposed what it called a more efficient holding company structure and more independent board members. Hyundai Motor and Hyundai Mobis have since announced share buybacks and cancellations in the hope of bringing shareholders on side. But Elliott has said these do not go far enough to address corporate governance issues. REUTERS