South Korea’s auto-to-steel giant Hyundai Motor Group will streamline its complex ownership structure, as it responds to calls from the government and investors to reform the country’s powerful family-controlled conglomerates or chaebol.

Hyundai Mobis Co Ltd, a key affiliate, will spin off its module and after-service parts businesses and merge them with another group affiliate, Hyundai Glovis.

Parent Hyundai Motor Group’s chairman Chung Mong-koo and his son Chung Eui-sun, who is vice chairman, will then buy stakes in Mobis held by other affiliates Kia Motors, Glovis and Hyundai Steel.

The various deals are aimed at resolving the group’s circular shareholdings, which critics have long said give too much power to Hyundai’s controlling Chung family at the expense of shareholders.

Hyundai, South Korea’s second-biggest conglomerate after Samsung, is the latest chaebol to step up corporate governance amid pressure from the administration of President Moon Jae-in, which has pledged to reform the powerful businesses in the wake of a corruption scandal involving Samsung.

The restructuring also comes as Hyundai Motor, Kia Motors and affiliated parts makers struggle with dwindling profits and sales in major markets such as China and the US, in part due to a delayed response to the burgeoning sport utility market and Seoul’s diplomatic row with Beijing last year.

“Upon such business restructuring, the group’s corporate governance will become more streamlined,” the group said in a statement.

South Korea’s antitrust chief Kim Sang-jo told Reuters in August he had been in talks with Hyundai Motor Group about overhauling its circular ownership structure.