POSCO’s outside directors join donation campaign

By Kang Seung-woo

POSCO’s outside directors have joined the company’s donation campaign, the steelmaker said Sunday.

According to the world’s third-largest steel producer, all seven of the company’s non-executive directors, headed by Yoo Jang-hee, a professor Emeritus of Ewha Women’s University, have decided to donate 1 percent of their monthly salaries, starting from this month.

The donations come as the firm’s executives and high ranking employees and its affiliates began the sharing movement last month and they are expected to reach 870 million won (about $759,510) per year. Since the firm’s board of directors also decided to donate the same amount of money on a matching scheme, the donations are estimated to annually total over 1.1 billion won.

“The outside directors decided to join the charity activity after the board of directors reached an agreement to make a donation,” said a POSCO official.

The donations will be sent to the Community Chest of Korea for social welfare activities at the end of each month to support children from multicultural families and to construct steel houses for public and welfare facilities.

“Sharing activities will contribute to fostering a donation culture in Korea and in becoming a role model for cooperation between companies and underprivileged people,” POSCO Chairman Chung Joon-yang said.