The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Disgraced ex-minister's daughter says she feels proud, qualified as a doctor

  • 3

    Coupang reveals Asia's largest fulfillment center in Daegu

  • 5

    'Celebrity forests' emerge as new K-pop trend in Seoul

  • 7

    Ex-gov't employee summarily indicted for alleged attempt to sell Jungkook's lost hat

  • 9

    Netflix survival show 'Physical 100' attracts viewers with sweat, muscle and human story

  • 11

    Peak Time: Survival show for lesser-known K-pop boy bands to hit air

  • 13

    INTERVIEW'Korea, US can create synergy in space industry': NASA ambassador

  • 15

    Seoul narrows in on new slogan

  • 17

    Chainsaw Fest set to rip apart Club SHARP

  • 19

    Korea opens metaverse platform for Korean-language learning

  • 2

    Singer Lee Seung-gi to marry actor Lee Da-in in April

  • 4

    SM in internal feud over founder's exit from producing

  • 6

    Tiger endures 3 years of solitary confinement in closed zoo

  • 8

    Seoul city zeroes in on foreign residents' unpaid taxes

  • 10

    Rescuers race against time as Turkey-Syria quake death toll passes 5,000

  • 12

    Ex-justice minister, daughter blamed for unrepentant attitude over academic fraud

  • 14

    Korean Peninsula may face fallout from balloon saga

  • 16

    Apple confirms launch of Apple Pay in Korea

  • 18

    Korea to allow currency trading by offshore firms, extend market hours

  • 20

    Korea could resume issuing short-term visas to Chinese visitors soon

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
Thu, February 9, 2023 | 02:40
Companies
Korean Tycoons Reluctant to Donate
Posted : 2010-01-18 20:00
Updated : 2010-01-18 20:00
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link


By Kim Tae-gyu
Staff Reporter

Korean tycoons, who lead the country's unique conglomerates dubbed chaebol, are seemingly reluctant to donate despite their huge wealth, according to the Community Chest of Korea (CCK).

The Seoul-based charity, which draws the largest donations of any organization here, amounting to some 300 billion won a year, said Monday that it would hold a meeting late this month for those who have contributed more than 100 million won thus far.

A total of 17 are eligible for the gathering such as football player-turned-coach Hong Myung-bo and TV personality Hyun Young. But none of the tycoons heading the nation's 10 largest chaebol are members of the exclusive fraternity.

``In developed nations, including the United States, the lists of the wealthiest people are almost identical to those of the biggest donators. But things are different in Korea,'' a CCK spokesman said.

``Rich Koreans may have contributed to other organizations anonymously or established charity foundations titled after their own name. Their companies donate briskly but they hardly donate directly.''

The country's top 10 conglomerates like Samsung, Hyundai-Kia Automotive, LG, SK and Lotte groups have subscribed to CCK programs. Corporate contributions account for about two-thirds of its yearly collections.

Some experts point out that the company-oriented donation culture is not desirable.

``The time-honored conventions that tycoons do not separate their own wealth from that of companies may lurk in the nation's unique donation culture,'' professor Kim Sang-jo at Hansung University said.

``It is proper that donations are carried out by individuals rather than companies. In addition, shareholders must keep a tab on firms to check whether or not they make donations in appropriate manners ― for the sake of stakeholders not for tycoons.''

Kim also took issue with the charity foundations, which are occasionally set up with company money rather than that of an individual.

``Our conglomerates are suspected to take advantage of their chest foundations for the father-to-son wealth transfer since taxes are exempted under certain conditions,'' Kim said.

``Otherwise, they create press foundations to make good relationships with journalists. Both are not about giving helping hands to society but about serving the benefits of the tycoons.''

In response, chaebol cited the famous remarks of U.S. economist Milton Friedman ― the social responsibility of business is to increase its profits.

``The corporate activities themselves are significant contributions to society since they create jobs and boost the economy,'' said a spokesman at one of the country's top five chaebol.

``Plus, chaebol tycoons contribute much of their assets to foundations, which have nothing to do with power transfer. We need to see such activities without biases.''

Former Samsung Chairman Lee Kun-hee, Hyundai Automotive Chairman Chung Mong-koo, Lotte Chairman Shin Kyuk-ho and LG Chairman Koo Bon-moo created charities or scholarship foundations on their own, while SK Chairman Chey Tae-won takes charge of operating one established by his father.

voc200@koreatimes.co.kr
 
Top 10 Stories
1Korean Peninsula may face fallout from balloon sagaKorean Peninsula may face fallout from balloon saga
2Turkey-Syria earthquake Turkey-Syria earthquake
3[INTERVIEW] 'Growth slowdown can accelerate depletion of retirement pension fund' INTERVIEW'Growth slowdown can accelerate depletion of retirement pension fund'
4SM6 Feel attracts customers with popular options, low price SM6 Feel attracts customers with popular options, low price
5[INTERVIEW] Veteran US photographer gives environment 'visual voice' to chronicle climate change INTERVIEWVeteran US photographer gives environment 'visual voice' to chronicle climate change
6SM's management dispute to benefit KakaoSM's management dispute to benefit Kakao
7Daughter-centered photos, title of honor reinforce speculation over North Korea succession Daughter-centered photos, title of honor reinforce speculation over North Korea succession
8National Assembly votes to impeach interior minister for Itaewon tragedyNational Assembly votes to impeach interior minister for Itaewon tragedy
9Philip Morris seeks to surpass KT&G in e-cigarette market Philip Morris seeks to surpass KT&G in e-cigarette market
10Korean companies move to support victims in earthquake-hit Turkey, SyriaKorean companies move to support victims in earthquake-hit Turkey, Syria
Top 5 Entertainment News
1Decoding success factors of NewJeans: How is it different? Decoding success factors of NewJeans: How is it different?
2SM in internal feud over founder's exit from producing SM in internal feud over founder's exit from producing
3The Boyz member Hyunjae apologizes for wearing hat with Rising Sun flag design The Boyz member Hyunjae apologizes for wearing hat with Rising Sun flag design
4Peak Time: Survival show for lesser-known K-pop boy bands to hit air Peak Time: Survival show for lesser-known K-pop boy bands to hit air
5K-pop stars and dating K-pop stars and dating
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group