Hyundai Heavy Industries Establishes Relief Fund For Shipyard Accidents

• HD Hyundai, a South Korean shipbuilding giant, announced the establishment of a foundation to support bereaved families affected by industrial accidents at shipyards.
• HD Hyundai Chairman and co-CEO Kwon Oh-gap proposed the idea and donated 100 million won ($75,477) from his funds.
• A foundation board with five directors will be established, with most members coming from outside the group to enhance transparency in management.
• HD Hyundai commits to creating accident-free workplaces by strengthening safety education, and facilities, and increasing manpower.
• Chairman Kwon has been instrumental in boosting HD Hyundai’s social responsibility activities and fostering a corporate-wide giving culture. He previously led the establishment of the HD Hyundai Oilbank 1% Sharing Foundation in 2011, extending the initiative to other affiliates in 2020.

HD Hyundai’s Initiative

South Korea’s shipbuilding powerhouse, HD Hyundai, announced its plans to establish a foundation dedicated to assisting families who have lost loved ones in industrial accidents at shipyards. This initiative marks the first of its kind within the industry.

According to the group, the idea was proposed by HD Hyundai Chairman and co-CEO Kwon Oh-gap who also donated 100 million won ($75,477) out of his pocket. The group’s three shipbuilding affiliates – HD Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries – are also joining for funding.

“Thinking about the hearts of families who have lost parents or children due to unforeseen accidents makes my heart ache,” Kwon said in a statement. “Although it’s late, we must console the pain and sorrow of these individuals, and HD Hyundai must take the lead.”

Mission And Governance Of The HD Hyundai Heemang Foundation

The tentatively called “HD Hyundai Heemang Foundation” aims primarily to support the educational expenses of college students among families affected by major accidents. Heemang means “hope” in Korean. The group added plans to extend assistance in stabilizing the livelihoods of bereaved families.

A foundation board, consisting of five directors, will be set up and most of the board members will come from outside the group to enhance transparency in management.

Commitment To Safety And Social Responsibility

“We will do our best to create accident-free workplaces by gathering efforts between labor and management through strengthening safety education, safety facilities, and increasing manpower,” an HD Hyundai official said.

In the meantime, Chairman Kwon has played a key role in boosting HD Hyundai’s social responsibility activities and spreading a corporate-wide giving culture since he led the establishment of the HD Hyundai Oilbank 1% Sharing Foundation, the refiner’s charity fund for employees to donate 1 percent of their salaries founded back in 2011. The initiative was extended to other affiliates in 2020.

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Source: koreaherald

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