U.S. activist hedge fund Elliott Management has called on Hyundai Motor Group to adopt a holding company strategy and appoint more independent board members. 

Elliott, which disclosed early this month that it holds more than one billion dollars worth of shares in three key affiliates of Hyundai Motor Group, made the call in a statement on Monday. 

In the "Accelerate Hyundai Proposals," the hedge fund said Hyundai should combine Hyundai Mobis with Hyundai Motor to create a holding company to improve the ownership structure.

It also demanded a clear policy for dividend payouts and the cancellation of treasury shares in Hyundai Motor and Hyundai Mobis. 

Elliott also proposed that the three affiliates add three independent board members each to improve the group’s corporate governance.