Glass Lewis is one of the largest proxy advisory firms that gives voting recommendations to institutional investors. Last week, US activist fund Elliott Management, which owns over 1.5 of the shares in Hyundai Mobis, said it will vote against the deal, arguing the parts supplier is handing over its lucrative business to an affiliate at a "depressed" valuation. In March, Hyundai Mobis, a affiliate of Hyundai Motor Co, announced its plan to spin off its domestic module and after-service parts businesses and merge them with logistics affiliate Hyundai Glovis Co Ltd, a plan which will be put to a shareholder vote on May 29. After the merger, Hyundai Motor Group Chairman Chung Mong-koo and his son, Vice-Chairman Chugn Eui-sun, will sell their holdings in Glovis to buy stakes in Mobis, cementing the family's grip on the de-facto controlling company.