Uridamunhwa Scholarship Foundation Achieves Highest Rating in Public Interest Corporation Evaluation
The Only Financial Sector Public Foundation to Achieve a Perfect 3-Star Rating
[Asia Economy Reporter Kwangho Lee] Woori Financial Group's Woori Multicultural Scholarship Foundation announced on the 30th that it was selected as the 'Best Public Interest Corporation' by receiving the highest grade in the 2020 Comprehensive Evaluation of Public Interest Corporations conducted by Korea Guide Star.
The public interest corporation evaluation is conducted by Korea Guide Star to comprehensively assess transparency and financial stability of public interest corporations based on National Tax Service disclosure data, and to foster a sound donation culture through external disclosures.
The evaluation criteria include ▲ expenditure on purpose projects and fundraising efficiency over three years ▲ long-term financial stability ▲ organizational structure and board operation ▲ disclosure of major regulations and policies. Based on the evaluation results, excellent public interest corporations are awarded up to three stars as the highest rating.
This evaluation was conducted on 599 public interest corporations established for more than five years, which disclosed materials such as public interest corporation financial statements for three years, underwent external audits, and published the full results, out of 10,514 public interest corporations based on the 2020 National Tax Service disclosures. Only 30 corporations (5%) received the full three-star rating this time.
In particular, Woori Financial Group's Woori Multicultural Scholarship Foundation received the highest grade in both transparency and accountability, as well as financial stability and efficiency, achieving the highest overall evaluation grade. It was the only foundation established by a financial institution to be selected.
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Son Tae-seung, Chairman of the Woori Multicultural Scholarship Foundation, said, "We are proud that the Woori Multicultural Scholarship Foundation has been evaluated as a transparent and responsible public interest corporation," and added, "We will continue to strive to carry out sustainable social contribution activities through generous support for multicultural families."
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