GS Caltex Goes in High Gear
with Society Contribution Activities

To contributes 100 billion by 2015 for a newly established foundation

GS Caltex's motto for the cause of contributing to society may be summed up as "A Beautiful Korea Sharing Energy."True to the cause, the executives and staff members of the oil refining company came to the aid to the victims of downpours that hit Gangwon Province during the monsoon season. The volunteering activity was not a transient one, but it was owed to efforts by the company, which has institutionalized social contributions by forming a volunteer service corps and setting up a team responsible for making contributions to society last February.
GS Caltex has classified its social contribution activities into three categories - social welfare, district fellowship and environmental protection. For example, the oil refining company organized the "We Become One Together,"an activity designed to share the love for the physically handicapped in Yeosu and Daejeon on the occasion of the anniversary of its founding, which falls on May 19th, every year. It operates the "One Heart Fund."a matching grant in which the company contributes the same amount of money its executives and staff members chip in for the cause of helping needy neighbors. GS Caltex has conducted brisk regional fellowship activities in the district community of Yeosu where its plant is located. In particular, the company has been provided support for selling indigenous products and attracting tourists in a bid to raise the income of residents in the remote areas. Its social activities in the environment protection field are also brisk. The company has been sponsoring children's painting and writing contests on the environment for the purpose of raising awareness toward environment protection among children. In addition, GS Caltex carries out such environmental protection projects as the one designed to cultivate afforested areas in Seoul and conduct research on the protection of the environment.
GS Caltex also has educational support projects as diverse scholarship programs designed to foster excellent manpower of the future. A case in point is a regional manpower cultivation program under which secondary school and university students from Yeosu City are granted 300 million won in scholarships. GS Clatex has contributed 3.3 billion won through the scholarship program for 11 years from 1996.
In order to perform social activities in a systematic and continuous way, the company has founded a foundation this past August.
Gs Caltex is set to contribute 100 billion won by 2015, equivalent to 10 billion won each year in a bid to fulfill its role as a responsible corporation.
The 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 would increase contributions to the foundation if 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.
GS Caltex Chairman Hur Dong-soo, which will head the foundation, said earlier, "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. nw

GS Caltex Chairman Hur Dong-soo