Mirae Asset chair to donate 25% of Mirae Asset Consulting shares to foster young Koreans

Mirae Asset Group Chairman Park Hyeon -joo, left, holds a signed stock donation agreement at Mirae Asset CENTER1 in Seoul, Dec. 26, 2023. Courtesy of Mirae Asset Group

Mirae Asset Group Chairman Park Hyeon-joo will donate 25 percent of Mirae Asset Consulting shares to Mirae Asset Hope Foundation to nurture promising young Koreans, the group said Wednesday.

Mirae Asset Hope Foundation was established in 1998 by the chairman to honor the wishes of his parents.

The foundation organizes a variety of social contribution projects, including scholarships for local university students.

The donation will start an exemplary tradition for local business and finance leaders, the group said, in line with a global wave of similar initiatives.

Bill & Melinda Gates Foundation was established in 2000, and tens of trillions of won in stocks and corporate profits have since been donated for charitable projects.

Many other global entities are reorienting their profits to advance public interests including research in science, technology and medicine.

The promise of Park’s donation is an expression of his previous commitment to have qualified professional business figures handle corporate management instead of handing it over to his children, which is a common practice of family-owned businesses here.

Park said his children will sit on the board of directors as shareholders.

He will donate his shares of Mirae Asset Capital and Mirae Asset Global Investments with the blessing of his family who he said would understand the purpose of establishing the foundation — making a greater contribution to better fulfill social responsibilities as a business leader.

“We hope the Mirae Asset Consulting shares contribute to the advancement of science and technology and fostering of young local students — the foundation for the strong growth of the Korean economy,” Park said.