Chairman Kim Bong-jin Becomes First Korean Donor to 'The Giving Pledge'

by Kim Chulhyun

Published 18 Feb.2021 09:05(KST)

The 219th Giving Pledge Donor in the World

[Asia Economy Reporter Kim Cheol-hyun] Kim Bong-jin, Chairman of Woowa Brothers, has decided to donate more than half of his wealth to society, drawing increased attention to 'The Giving Pledge' (hereafter Giving Pledge), which he declared.

According to Woowa Brothers on the 18th, Chairman Kim became the first Korean and the 219th person worldwide to join the Giving Pledge after several months of application procedures. With this, South Korea became the 25th country globally and the 7th in Asia to have a Giving Pledge signatory.

The Giving Pledge is a voluntary donation movement started in 2010 when Bill Gates, Chairman of Microsoft (MS), and Warren Buffett, Chairman of Berkshire Hathaway, pledged to give back their wealth to society. Currently, 218 people from 24 countries have declared donations through the Giving Pledge. Notable members include Facebook founder Mark Zuckerberg, Tesla CEO Elon Musk, Star Wars director George Lucas, Oracle Chairman Larry Ellison, and former New York Mayor Michael Bloomberg. About 75% of the members started with nothing and built their wealth.

Although it has no legal binding, it is a moral commitment among members and a declaration to the world. Members fulfill their pledge by freely donating to suitable domestic and international charities and non-profit organizations according to their interests and issues they want to address.

To participate in the Giving Pledge, applicants must undergo a rigorous qualification process, including due diligence on the formation of their wealth, in-depth interviews to verify the sincerity of their donation intentions, and reputation checks. Chairman Kim decided to donate his wealth in October last year and began exploring ways to join the Giving Pledge. He sought help from the Korea National Council on Social Welfare (Community Chest of Korea), a leading domestic donation organization, which connected him to the United Way Worldwide (UWW), a global donation alliance. Subsequently, Brian Gallagher, UWW Chairman and a close associate of Bill Gates, connected him with a representative from the Bill & Melinda Gates Foundation, which manages the Giving Pledge, enabling contact. After discussing with Chairman Kim via video call, Gallagher submitted Kim’s recommendation letter to the Giving Pledge officials in December last year.

The Giving Pledge reviews the formation process of the assets to be donated and conducts in-depth interviews to verify the donor’s sincerity, as well as reference checks through acquaintances. This is to accept only those who have clean assets and a strong will to share, recognized by both themselves and their associates, as pledgers. Kim’s reference checks were handled by Han Kim, CEO of Altos Ventures, and Lee Jae-hyun, head of Goldman Sachs PIA Korea division.

Chairman Kim promised a donation of 10 billion KRW in 2017 and has been fulfilling this promise by donating a total of 10.031 billion KRW from 2018 to 2020 to foundations and associations such as the Community Chest of Korea, Green Umbrella Children’s Foundation, and the Korean Association of Medical Social Workers, as well as NGOs and schools including World Together, Babper Sharing Movement Headquarters, and Seoul Institute of the Arts.