Shareholders of Hyundai Motor have chosen plans proposed by the company’s leadership over proposals made by U.S. hedge fund Elliott Management. 

The South Korean automaker held its 51st shareholders’ meeting at its headquarters in southern Seoul on Friday, where a whopping 86 percent of the stockholders approved the board of directors’ dividend payout proposal. 

The U.S. activist fund demanded around 21-thousand won in dividends per share, which was seven times higher than the automaker's plan. However, only 13-point-six percent of the shareholders voted for it. 

Elliot also suffered defeat on the selection of Hyundai Motor's new external directors, with the shareholders opting for all three candidates recommended by the board directors. 

The board’s proposal to appoint the company’s executive vice chairman Chung Eui-sun and several others as new board members was also approved. Elliott did not offer a proposal on the matter. 

The U.S. hedge fund owns around two to three percent of the shares in Hyundai Motor and its several affiliates.