HD Hyundai, the Korean shipbuilding, machinery and energy conglomerate, reaffirmed its commitment to innovation in future-oriented, eco-friendly energy solutions at its annual general meeting of shareholders held Thursday.
The event took place at the company’s headquarters in Seongnam, Gyeonggi Province, with Chairman Kwon Oh-gap and Executive Vice Chairman Chung Ki-sun in attendance.
“By securing world-class technology, HD Hyundai pledges to its shareholders that it will lead the future of the eco-friendly energy solutions market,” Kwon said in his opening remarks as chair of the meeting.
“Over the past three years, HD Hyundai has hired approximately 4,500 research, development, and engineering personnel. Through continued innovation and the creation of new value, the company will lay a firm foundation for growth over the next 100 to 200 years."
Kwon highlighted HD Hyundai’s ongoing development of core technology for next-generation energy, citing the 2024 launch of its hydrogen fuel cell subsidiary HD Hydrogen, and its collaboration with a global tech firm on small modular reactors (SMRs).
Since last year, its shipbuilding subsidiary, HD Hyundai Heavy Industries, has partnered with US nuclear startup TerraPower to co-develop a manufacturing process for its Natrium reactors. The company also announced plans to complete the development of its offshore SMR business model by 2030.
In the energy sector, HD Hyundai Oilbank has begun producing eco-friendly fuels such as biodiesel and sustainable aviation fuel, which were exported to Japan last year. Kwon reaffirmed the company’s commitment to sustainable growth in the energy field.
The meeting also covered key agenda items, including approval of the 2024 financial statements; appointment of Lee Ji-su, attorney at Kim & Chang, as a new outside director; and approval of an increase in the total wage cap for its eight directors to 4 billion won ($2.73 million), up 1.3 billion won from the previous year.
The wage hike followed a 45 percent year-on-year increase in operating profit, which rose to 2.98 trillion won in 2023.
All agenda items were passed without modification.
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