Mirae Asset Chair to donate Mirae Asset Consulting stocks

[Courtesy of Mirae Asset]

Mirae Asset Group Chairman Park Hyeon-joo has pledged to donate Mirae Asset Consulting Co. stocks to nurture and support young talent in South Korea.

Park signed a donation agreement with the Mirae Asset Hope Foundation in Seoul on December 26th, 2023, the group said on January 2nd, 2024. Under the agreement, he committed to donating up to 25 percent of Mirae Asset Consulting stocks to the foundation.

The Mirae Asset Hope Foundation was formed in 1998 to pursue various philanthropic activities, with a primary focus on providing support for youth education and development, including scholarship grants for Korean university students.

The commitment to donate stocks reflects Park’s determination to maintain professional management, distancing the group from family involvement. He clarified that corporate management will be entrusted to professionals, while his children may participate on the board based on their shareholdings.

Park also plans to donate Mirae Asset Capital Co. and Mirae Asset Global Investments Co. stocks after discussions with his family, in line with his belief in and commitment to social responsibilities.

Corporate leaders frequently found charitable organizations and foundations as vehicles to fulfill social responsibilities. Microsoft Corp. founder Bill Gates has donated billions of dollars in Microsoft stocks and profits through the Bill & Melinda Gates Foundation. Similarly, Investor AB, the holding company of the Swedish Wallenberg Group, has a foundation dedicated to social contributions as its largest shareholder. This enables profits from group affiliates to be used for various public purposes, including research in the fields of science, technology, and medicine.

Park hoped that the stocks donated to the foundation would contribute to the “development of science and technology as well as the nurturing of young talent.”

The donation will take place once the current regulations on non-profit legal entities’ stock ownership are eased.