VIP운용·국민연금 압박…정지선 회장, '지분 43.5%' 선제 방어

Hyundai Department Store's controlling family has strategically consolidated ownership to 43.5% by leveraging corporate dividends, preemptively securing blocking power against activist investors amid strengthened stewardship codes. This strategy reveals how dividend payouts can be weaponized for ownership consolidation without personal capital injection, increasingly tested by pressure from institutional investors like VIP Asset Management and the National Pension Fund.