NEWS

HD Hyundai CEO Kwon Oh-gap

HD Hyundai is establishing the nation’s first scholarship foundation for families bereaved in serious accidents at shipyards.

HD Hyundai announced its decision on February 7 to create the ‘HD Hyundai Hope Foundation’ to comfort the grieving families of workers who lost lives in unexpected accidents at shipbuilding sites, and fulfill its social responsibility as the world’s No. 1 shipbuilder.

HD Hyundai CEO Kwon Oh-gap proposed establishing the foundation, stating “It is heartbreaking to share empathy with the families who have lost their parents or children from unexpected fatal accidents,” and added, “Though it is late, we rightly need to comfort and alleviate their sorrows and pains, and HD Hyundai, as a leading shipbuilder, should take the initiative.”

CEO Kwon plans to contribute KRW 100 million of his personal fortune to the foundation. Three other shipbuilding companies within the group, HD Hyundai Heavy Industries (HHI), HD Hyundai Mipo (HMD), and HD Hyundai Samho (HSHI), will also donate funds together to join the initiative. 

HD Hyundai Hope Foundation aims to award scholarships to college students bereaved by serious accidents and expand its projects to support the stable living of low-income families with financial hardship.

The foundation will consist of about five directors, but to ensure fair and transparent operation, most board members, including the chairman, will be outsiders. It plans to appoint reputable and capable experts from various fields such as industry, social welfare, and academic circles as foundation executives to entrust them with the operation. 

An HD Hyundai official said, “HD Hyundai, the labor and the management together, will collectively do our best to create a zero-serious-accident workplace by strengthening safety education and expanding safety facilities and personnel,” and added, “At the same time, we will work together to console the bereaved who have lost their loved ones in serious accidents and suffered pain and sorrow.” 

Meanwhile, CEO Kwon led the establishment of the HD Hyundai Oilbank 1% Nanum (meaning sharing) Foundation in 2011, the first among large domestic companies, as employees and executives jointly decided to donate 1% of their salaries. In 2020, the scope of salary sharing was expanded to all affiliates to establish the HD Hyundai 1% Nanum Foundation which has been staging various social contribution programs. In particular, the ‘HD Hyundai Honor Award’ was established last year to promote the expansion of good influence over society. The Award recognized ‘Hidden Angel’ as its first grand prize winner who anonymously has donated every year to help the underprivileged in Jeonju.