[Public Voices] Support for Companies Engaged in 'Relay Donations'

Four Major Conglomerates Donate 10 Billion KRW for Heavy Rain Recovery
Providing Practical Support Such as Free Appliance Repairs
Hoping for Improved Public Perception of Corporations

Recently, a truck driver who saved three lives during the flooding of the underground passage in Osong, Chungbuk, has attracted public attention. Although he earned the honorable title of ‘hero,’ he had to worry about his livelihood as his truck, which was his means of making a living, was flooded. Hyundai Motor Company stepped forward to provide him with a truck worth 180 million KRW free of charge. While it may be just one vehicle from the perspective of a large corporation, for the truck driver and his family, it is equivalent to being given a ‘life’ guaranteed with tonight’s dinner and tomorrow’s hospital bills. Knowing this, I want to support Hyundai Motor Company’s decision even more.

The donations made by the four major conglomerates (Samsung, Hyundai Motor, SK, LG) for the recovery from the recent heavy rain damage have reached 10 billion KRW. Corporate donations are still ongoing. In addition to financial support, they are also providing ‘life-oriented’ assistance such as daily necessities to flood victims and free repair services for flooded home appliances. This shows that companies are not just making showy donations with large sums of money but are genuinely striving in various ways to help flood victims return to their daily lives and restore local communities.

Corporate ‘relay donations’ are by no means surprising. Whenever national crises such as natural disasters like wildfires and floods, incidents involving casualties, or economic crises occur, companies have voluntarily donated funds and quietly worked to normalize the local economy and society. The fact that large corporate groups donated a total of 1.3872 trillion KRW in 2022 alone reveals this reality. This figure represents an increase of more than 5% compared to the previous year. It is noteworthy that despite the unstable international situation and the lingering economic downturn caused by COVID-19 last year, donations from large corporate groups actually increased.

However, the regrettable point is that even though companies donate more than 1 trillion KRW annually, public perception of companies and entrepreneurs shows no sign of improvement. In a 2021 survey of 109 private companies, 93.6% responded that anti-corporate sentiment ‘exists.’ Almost all companies feel the presence of anti-corporate sentiment. Because such sentiment is widespread throughout the country, achievements such as job creation and fostering new industries, which companies have accomplished through growth, do not receive much attention. If anti-corporate sentiment does not disappear, companies will find it difficult to be supported even when they achieve results, and companies that are not supported inevitably lose the driving force to grow.

The fundamental purpose of a company is ‘profit pursuit.’ However, companies sometimes devote efforts to contributions and building social safety nets that are far from profit pursuit. This is because they understand that helping the public ultimately contributes to social development, even if it reduces corporate profits. Beyond donations, companies are tirelessly working today to fulfill social responsibilities such as employing people with disabilities, education and cultural welfare projects, and environmental protection.

Now, I think it is time for the public to recognize and accept the efforts of companies, even if just a little. I hope that the recent donations for the heavy rain damage recovery will be the first step toward positively restoring public sentiment toward companies.

Kiheon Lee, Executive Vice Chairman, Korea Listed Companies Association

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