GS Caltex to Contribute 100
Bln Won for Foundation

With the establishment of the foundation, the company will perform social activities in a systematic and continuous way

GS Caltex has announced a plan to establish a public foundation by contributing 100 billion won by 2015 in a bid to fulfill its role as a responsible corporation.
GS Caltex said it will contribute 10 billion won annually for a total of 100 billion won by 2015.
The soon-to-be foundation, named tentatively "GS Caltex Foundation,"will channel 10 billion won the company contributes every year to implement projects, rather than depositing the contribution. If the operation of the existing foundation is any measurement, the size of the foundation's funds GS Caltex will contribute could be the equivalent to 250 billion won.
"It will be the largest public foundation to be established except those of the top five conglomerates,"a GS Caltex official says. He added that GS Caltex could ante up its contributions to the foundation if its revenues go up.
GS Caltex Foundation plans to conduct diverse public activities, including the promotion of culture and arts for the advancement of an advanced culture, manpower cultivation program for the development of Korea's future and welfare programs for the underprivileged. The detailed activity programs will be determined in the early July when the Ministry of Culture and Tourism issues the go-ahead for the establishment of the foundation.
GS Caltex Chairman Hur Dong-soo, which will head the foundation, said, "It is prerequisite for a corporation to turn to social contribution activities in order to pursue a sustainable development and a harmony with society."With the establishment of the foundation, GS Caltex Chairman Hur noted his company will conduct social activities in a systematic and continuous way.
Meanwhile, Hyundai Department Store has decided to establish a foundation with the proceeds arising from the disposal of its stakes in HDSI, one of the retailer's subsidiaries.
Hyundai Department said on May 7 that the company will contribute 5 billion won for the establishment of the foundation by disposing of Hyundai Department Vice Chairman Chung Ji-sun's 70 percent interest in HDSI.
HDSI, established with a capital of 1 billion won in 2002, is an IT company responsible for computer integration and management for Hyundai Department and its subsidiaries. The company chalked up 2.9 billion won in net income on sales of 24.5 billion won. Besides Hyundai Department Vice Chairman Chung, Hyundai Shopping has a 30 percent stake in HDSI. nw

GS Caltex Chairman & CEO Hur Dong-soo


GS Caltex Chairman Hur Busies
Himself with Management Innovation

GS Caltex Chairman & CEO Hur Dong-soo, dubbed "Mr. Oil,"has his hands full with active management activities as he has recently expounded the so-call 3R Strategy."Chairman Hur's recent active activities may be construed as shifting his focus to strengthening a competitive edge now that the GS brand has earned recognition from the market following GS Group's split from LG Group one year ago.
GS Caltex officials said on June 19 that Chairman was at hand at every major company meetings and events without fail to give great encourage for his executives and staff to proactively undergo changes. He also recently made a series of brisk business tours to such countries as Kazakhstan, Japan and the United Arab Emirates to promote cooperation in such business areas as resources development and petroleum projects.
GS Caltex Chairman Hur unveiled the 3R Strategy - Right People, Right Place and Right Time - during a ceremony marking the 39th anniversary of its founding at the company's headquarters on June 18. The strategy is aimed at coping with current circumstances as domestic rival oil refineries look to capacity raise and M&As amid the lingering oil price hikes.
Last April, Chairman Hur told the Executive Development Program, a class of training 72 executives, that they should take the initiative in spearheading changes, saying that they have to strengthen their strong points and make up for weak points.
In the meantime, Hur was selected as one of Korea's representative CEOs, who made contributions to the development of the nation, by Seoul National University Business-Campus Foundation last year.
Chairman Hur, which has been with the petrochemical industry for more than 30 years, has been credited for having successfully hosted the Korea-China-Japan Business Forum held last Oct. 14 after he was elected to the first chairman of the Korea committee of the forum last August. He also earned a reputation for developing a corporate paradigm to co-exist with society by setting up the Korea Business Council for Sustainable Development (KBCSD) in March 2002, which has become a channel for corporate recommendations for improvement of the environment and discussions with the government.
KBCSD, established to facilitate businesses to contribute to sustainable development by doing their social duties to spur economic development and environmental preservation, has been making efforts to cooperate with WBCSD and the Presidential Commission on Sustainable Development (PCSD) to drum up concern for environmental preservation.
Last May 2, President Roh Moo-hyun appointed GS Caltex Hur as a PCSD member.
Chairman Hur, since his entry into the oil refinery in 1973, is an energy expert who has worked hard to make the energy industry an environment-friendly one. He made a great contribution to the growth of GS Caltex as a backbone of national economic development. He especially steered his company to expand into the petrochemical business, a basis of the national economy and people's lives, which is world-class in scale and competitiveness. nw