HD Hyundai to establish relief fund for shipyard accidents victims
HD Hyundai, a major player in South Korea's shipbuilding industry, announced plans to establish a foundation aimed at supporting families affected by industrial accidents at shipyards.
This initiative, proposed by HD Hyundai Chairman and co-CEO Kwon Oh-gap, will be the first of its kind in the industry.
To kickstart the fund, Chairman Kwon personally donated 100 million won ($75,477), with contributions also expected from the group's three shipbuilding affiliates: HD Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries.
The proposed "HD Hyundai Heemang Foundation," translating to "hope" in Korean, will primarily focus on providing financial assistance for the educational expenses of college students from families impacted by major accidents.
Additionally, plans are underway to offer support for the livelihoods of bereaved families. To ensure transparency, the foundation will establish a board consisting mostly of external directors.
Emphasizing the commitment to fostering accident-free workplaces, an HD Hyundai official stated intentions to enhance safety measures, including safety education, facilities, and manpower.
Chairman Kwon's involvement in social responsibility initiatives, notably the establishment of the HD Hyundai Oilbank 1% Sharing Foundation in 2011, underscores the company's dedication to giving back to the community, with the initiative extended to other affiliates in 2020.
