New HD Hyundai foundation to support families of workers killed in industrial accidents

HD Hyundai announced on Monday that it established a foundation dedicated to supporting the families of workers killed in industrial accidents at its shipyards.

HD Hyundai Chairman Kwon Oh-gap, far left, poses for the photo with former Labor Minister Lee Ki-kwon, fourth from left, HD Hyundai Heavy Industries (HD HHI) Noh Jin-yul, far right, at the first board of directors' meeting for the HD Hyundai HeeMang Foundation at the HD HHI's Ulsan headquarters on Monday. [HD HYUNDAI]

HD Hyundai announced on Monday that it established a foundation dedicated to supporting the families of workers killed in industrial accidents at shipyards.

It is the first foundation of its kind for the bereaved families of shipyard accident victims. The initiative was proposed by HD Hyundai Chairman Kwon Oh-gap in February as part of his notion of strengthening the conglomerate’s fulfillment of its social responsibilities.

Named the HD Hyundai HeeMang Foundation, the organization was recently approved by the Ministry of Employment and Labor to become registered as a legal entity, and finalized the composition of its board of directors. Lee Ki-kwon, a former labor minister, has been appointed as the inaugural chairman. Kwon, who pushed forward with the initiative and donated 100 million won ($74,687) to the foundation, is the honorary chairman.

The HD Hyundai HeeMang Foundation — a name that includes the Korean word for "hope" — will start off its support program by providing scholarships for the children of victims this year, and will expand its charity work to supplement the bereaved families’ living expenses as well as medical and legal costs.

“We will make every effort and provide full support to help alleviate even a small portion of the grief experienced by the families of the deceased,” Lee said in a statement.

HD Hyundai became the first conglomerate in Korea to establish a charity fund back in 2011 that operates through contributions from employees, who donate one percent of their salaries to support those in need. Named the HD Hyundai 1% Nanum Foundation, it also runs various programs to support the elderly and those that face financial difficulties.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]