Elliott Advisors, a unit of U.S. activist hedge fund Elliott Management Corp., says it holds more than one billion dollars worth of stocks in three major affiliates of Hyundai Motor Group, and requested more efforts to reform their corporate governance.

Elliott said in a statement on Wednesday that it holds more than one billion dollars worth of common shares in Hyundai Motor, Kia Motors and Hyundai Mobis.

It said that as a major investor, it is pleased that Hyundai Motor Group has taken a first step toward an improved and more sustainable corporate structure. 

Elliott added that while this step is encouraging, more needs to be done to benefit the companies and stakeholders, calling for a detailed roadmap to improve corporate governance, optimize balance sheets and enhance capital returns. 

Last week, Hyundai Motor Group announced that auto parts supplier Hyundai Mobis will spin off its domestic module and after-sales parts businesses and merge them with logistics affiliate Hyundai Glovis. The restructuring plan is aimed at resolving the group's complex web of cross-shareholdings.