To Share with Others

Hyundai's Chung Family sets up foundation to share with others by giving to various social projects

The Hyundai family except Hyundai Motor and Hyundai Group will set up a charity foundation with 500 billion won in fund with Hyundai Heavy Industries, KCC, Hyundai Merchant Marine, Hyundai Department Store and Hyundai Development, among others, chipping in with funds. Rep. Chung Mong-joon gives 200 billion won personally to the cause.
The companies affiliated with the Hyundai family will pay 276 billion won while Hyundai family members will share 224 billion won in contributions to the social welfare fund, which is named Asan Sharing Foundation, which was announced at Hyundai Cultural Center on Aug. 16.
Chairman Chung Jin-hong, of the foundation launch preparation committee, said the foundation will try to close the gap between rich and poor by practicing sharing and welfare for the poor and at the same time encourage youths to have creative spirit.
Business owners gave their own private funds to the foundation, which will be seen rarely in Korea's corporate history, and will give pressure on other large business firms, many CEOs of the companies participating in the initiation meeting said.
During a media meeting to announce the creation of the foundation, CEOs said society should take notice of the fact that business owners gave funds from out of their own pockets, a very significant move. What they meant was that they paid for the funds with their own money, not company money.
Up until now, business owners only made social contributions after they created problems for society with their actions to atone for them, but the Hyundai family members are different. They voluntarily initiated to set up the foundation and give money out of their own pockets, which will be a move to pressure other big business owners to do the same, they said.
At the same time, President Lee Myung-bak's speech on the Aug. 15 Liberation Day, is expected to attract big business owners or tycoons to voluntarily do something for the good of society, especially conglomerates like Samsung and LG, among others, as the Chief Executive called for mutual development in his speech meaning big and small firms growing together helping each other.
Samsung, for one, among the large conglomerates, has been considering with an idea that its chairman Lee Kun-hee would donate 1 trillion won from his own pocket and be of help in such areas as education, and social welfare. Hyundai Motor Group already has been managing the Haebichi Foundation and provided 150 billion won o the foundation and will continue to give funds to the foundation.
The culture of giving by business tycoons is likely to take roots in Korea, too, like in the United States to follow the samples set by such U.S. business tycoons as Warren Buffets, George Soros and Bill Gates, not to mention Rockefellers, Carnegies and Vanderbilts.
Late founder of Hyundai Group Chung Ju-yung founded the Asan foundation with 150 billion won from his own funds in July, 1977 and 34 years later, the Hyundai family set up the Hyundai Sharing Foundation to pursue its forebear's will. Chairman Chung said the family wanted to commemorate the late founder's 10 anniversary of death by setting up the foundation to inherit his spirit of giving to others and close the gap between the have and have-nots through welfare and support youths to find jobs. nw

Chung Mong-joon, owner of Hyundai Heavy Industries and defacto founder of the Asan Sharing Foundation

Key initiators of the Asan Sharing Foundation are most CEOs of Hyundai business firms whose major stake holders are Hyundai family members. Among those on hand at a ceremony for inaugurating the foundation at a hotel in downtown Seoul on Aug. 16 are President Kwon Oh-gab of Hyundai Oilbank, President Lee Jae-seong of Hyundai Heavy Industries, Chairman Chung Jin-hong of the Preparation Committee of the Foundation, President Park Chang-min of Hyundai Development, and President Suh Tae-chang of Hyundai Marine and Fire, among others.

Photo on Courtesy of Asan Sharing Foundation