 Chung Mong-koo |
Staff Reporter
South Korea’s Hyundai-Kia Automotive Group vowed Sunday that it will pursue ``Socially Responsible Management’’ business schemes based on trust, with shareholders, customers, employees and even regional communities.
``With a greater focus on the three big categories ― ``trust management’’ ``environmentally-friendly management’’ and ``social contribution’’ ― we will boost financial support to our affiliates and strengthen the competitiveness of environmentally-friendly products and expand practical programs to the regional underprivileged,’’ a group spokesperson said. Hyundai-Kia is the world’s No. 6 car manufacturer.
In order to back up such plans, the group created a new committee led by chairman Chung Mong-koo. The group’s new watchdog also consists of five key affiliates including Hyundai Motor, Kia Motor and Hyundai Mobis, each worth over 2 trillion won, respectively.
``We will release results of proceedings on a yearly basis with evaluations from outside experts,’’ the official added.
The detailed announcement comes less than a month after local conglomerates and the Federation of Korean Industries agreed to rate how companies fulfill their social responsibility amid increasing calls for social contributions and transparent governance in South Korea, initially ignited by the current investigation into the alleged bribery scandal of Samsung Group.
In March, the nation’s largest lobby group said it will urge each of its members to set up a corporate social responsibility committee made of experts from both inside and outside the company to monitor the firm’s social contributions and corporate governance.
yckim@koreatimes.co.kr
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