Hyundai Will Form Shareholder Rights Panel

Hyundai Motor Co.'s board of directors has agreed to create an independent committee to represent the rights of the company's minority shareholders.

Hyundai says the new panel, which will include the four outside members of its board, aims to provide a "more friendly environment" for shareholders.

The move is a response to complaints from investors and governance watchdog groups over last year's $10 billion purchase of a headquarters site in Seoul. Critics complained the company should have spent at least some of that amount to increase dividend payments.

Hyundai's share price plunged 24% in the wake of the purchase. The company and its Kia Motors affiliate agreed last November to placate shareholders with a 670 billion-won ($626 million) plan to buy back a combined 7 million shares in both companies.