Korea's First Shipyard Major Accident Bereaved Families Scholarship Foundation Established... HD Hyundai Kwon Oh-gap Donates 100 Million Won

Chosun 3 Companies Join... 'HD Hyundai Hope Foundation' (Tentative)
Scholarships for Bereaved Families' Children and Living Support for Low-Income Groups

HD Hyundai will establish the first scholarship foundation in Korea for the bereaved families of serious industrial accident victims at shipyards.

On the 7th, HD Hyundai announced that it will establish the “HD Hyundai Hope Foundation” (tentative name) to comfort the families of workers who died in unexpected accidents at shipbuilding sites and to fulfill its social responsibilities as the world’s number one shipbuilder.

The foundation was proposed by Chairman Kwon Oh-gap. Chairman Kwon said, “My heart aches when I think of the families who have lost their parents or children in unexpected accidents,” adding, “Although it is late, it is our duty to offer some comfort for their pain and sorrow, and HD Hyundai, as a company engaged in shipbuilding, must take the lead.”

To establish the foundation, Chairman Kwon plans to personally donate 100 million KRW from his private funds. The three major shipbuilding companies within the group?HD Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries?will also contribute funds to participate in the foundation’s establishment.

Kwon Oh-gap, Chairman of HD Hyundai [Photo by HD Hyundai]

The tentatively named “HD Hyundai Hope Foundation” plans to provide tuition support for university students who are children of bereaved families affected by serious industrial accidents, and will expand its projects to include livelihood stabilization support for low-income families among the bereaved.

The foundation will be composed of about five directors, with most of the board members, including the chairman, being external experts to ensure fair and transparent management. Distinguished and capable individuals from various fields such as industry, social welfare, and academia will be invited as foundation executives to take full responsibility for its operation.

An HD Hyundai official stated, “We will do our best to create workplaces free of serious industrial accidents by strengthening safety education, expanding safety facilities, and increasing manpower through cooperation between labor and management,” adding, “At the same time, we will also work to comfort the pain and sorrow of families who have lost loved ones due to serious industrial accidents.”

In 2011, Chairman Kwon led the establishment of the HD Hyundai Oilbank 1% Sharing Foundation, the first among Korean large corporations where employees agreed to donate 1% of their salaries. In 2020, the scope of salary sharing was expanded to all affiliates, leading to the creation of the HD Hyundai 1% Sharing Foundation, which has been carrying out various social contribution activities. Last year, the “HD Hyundai Honor Award” was established to promote the social expansion of positive influence, with the first recipient being the “Faceless Angel,” who anonymously donates money every year to help marginalized groups in Jeonju City.