Enhancing Safety Capabilities for SMEs... Hyundai Motor Group Establishes Korea's First Non-Profit Foundation

At the inaugural general meeting and board of directors meeting of the Industrial Safety Win-Win Foundation held on the 23rd of last month, Hyundai Construction President Yoon Young-jun (fourth from the left in the front row), Industrial Safety Win-Win Foundation Chairman Ahn Kyung-duk, and Hyundai Motor Group Planning and Coordination Office President Kim Geol are taking a commemorative photo.

[Asia Economy Reporter Choi Dae-yeol] Hyundai Motor Group has decided to establish a nonprofit public interest corporation in the form of an industrial safety foundation. This is the first time a specialized public interest corporation has been established to ensure safe working environments and strengthen safety management capabilities for domestic small and medium-sized enterprises (SMEs). The CEOs of six major Hyundai Motor Group affiliates participated as founding members of the foundation, and they have agreed to provide 5 billion KRW annually for operating expenses.

On the 6th, Hyundai Motor Group announced that the Industrial Safety Coexistence Foundation received establishment approval from the Ministry of Employment and Labor. After completing corporate registration, the foundation will proceed with the process to be designated as a public interest corporation by the Ministry of Economy and Finance. Former Minister of Employment and Labor Ahn Kyung-duk will serve as the chairman of the foundation, and former head of Hyundai Motor Safety and Environment Center Jeon In-sik was elected as secretary-general. Including the chairman and secretary-general, 11 industrial safety experts will manage the foundation’s operations.

Earlier, on the 23rd of last month, Hyundai Motor Group held the foundation’s inaugural general meeting and board meeting. Founding members included Lee Dong-seok, Chief Safety Officer (CSO) of Hyundai Motor, Choi Jun-young, CSO of Kia, Cho Sung-hwan, President of Hyundai Mobis, Ahn Dong-il, President of Hyundai Steel, Yoon Young-joon, President of Hyundai Construction, and Hong Hyun-sung, Vice President of Hyundai Engineering?representatives from six Hyundai Motor Group affiliates. These six companies contributed 2 billion KRW as the foundation’s initial capital and will support 5 billion KRW annually for operating expenses.

The Industrial Safety Coexistence Foundation plans to implement multifaceted support programs to help SMEs establish independent safety management systems and secure safety management capabilities. The support targets include Hyundai Motor Group’s partner companies in automobile parts manufacturing, steel, and construction industries, as well as SMEs across all domestic sectors. The foundation will provide safety management consulting, workforce training and benchmarking support, information provision, seminars and forums, and technology adoption support. It will also conduct contributor awards, credit insurance premium support, and scholarship programs for families of workers who died in major industrial accidents.

Chairman Ahn Kyung-duk stated, "We will faithfully fulfill our role to ensure that the vision of ‘Safety as a core corporate value’ is established throughout the industrial sector." Hyundai Construction President and founding member Yoon Young-joon said, "We will do our best to provide comprehensive support and improve conditions to contribute to raising safety levels across the domestic industrial sector, including small and medium-sized partner companies, and to establish a culture of coexistence and safety."

Hyundai Motor Group Chairman Kim Geol said, "We will actively support the spread and establishment of Hyundai Motor Group’s safety-first management commitment not only within the group companies but also across partner companies and domestic SMEs."

This content was produced with the assistance of AI translation services.