Shareholders of Hyundai Motor Co., South Korea’s No. 1 carmaker, froze the annual salary of company board members and outside directors in a meeting Friday and approved more than 530 billion won ($494.73 million) in dividend payments for last year’s profits.

The flagship company of Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said 1,499 shareholders attended the meeting at its headquarters in southern Seoul and passed a motion reappointing Chung Mong-koo as the company’s chairman for three more years.

The shareholders also approved freezing the pay for nine board members and outside directors at 15 billion won, unchanged from the year before.

The company said that it will provide 534.4 billion won in dividend payments to shareholders to reflect last year’s profits.

Hyundai Motor set a sales target of 4.9 million vehicles this year. (Yonhap)