AmorePacific Chairman Suh Makes Progress on 1 Tln Won Donation Pledge to Science Foundation
The chairman set up the foundation named after him in 2016 by donating 300 bln won of his private funds dedicated to research on life science
AmorePacific Chairman Suh kyung-bae, R, is seen with Professor Chung In-kyung of KAIST, who has been selected as the New Schientist by the Suh Kyun-bae Foundation, which he founded with his own funds to take charge of research on life science exclusively. (Photo: KAIST)
AmorePacific Group said Chairman Suh Kyung-bae donated 300,000 preferred stocks of AmorePacific to the Suh Kyung-bae Science Foundation on July 15. The market value of the shares amounted to around 8 billion won based on the closing price of the shares on July 15.
Suh promised to donate up to 1 trillion won out of his private wealth to the foundation, which he hopes to see continue to operate up to 100 years. He made the statement when the foundation was set up.
The chairman now holds 45,401,860 preferred and general shares of the cosmetics giant or 51.07 percent, now that 300,000 shares have been given to the science foundation.
The chairman set up the foundation in 2016 by donating 300 billion won to the foundation, the first such scientific foundation set up with a private donation in the country. The foundation has been donating 2.5 billion won annually since its launch in 2016 for research in such vital areas as brain science and dielectric and find the promising research scientists at home and abroad.
The Suh Kyung-bae Foundation, a public trust established in 2016 with a mission to contribute to humanity by supporting innovative scientists in making discoveries, said the five scientists were selected for “Young Investigator” awards on the basis of the innovative nature of the research they carried out.
Each scientist will be offered 300 million won to 500 million won in annual research grants over the next five years.
A total of 9.2 billion won has been spent on research grants through the program since last year’s five winners were similarly honored.
The foundation said this year’s winners included life sciences professor Kim Jin-hong from Seoul National University, who studied “the origin of regeneration signal(s) from damaged connective tissue that specifies endogenous stem cell differentiation.”
The professor was selected because his findings could be expected to contribute to the regenerative therapy field in Korea, the foundation said.
The chairman has been known for his love for science, deeper than anything else, as his late father often told him about the importance of science when he was young.
His late father Suh Sung-hwan set up and ran a number of foundations with his own funds, including the Pacific Scholarship Foundation in 1973 and the Pacific Academy in 1978 and the Pacific Welfare Foundation in 1983, among others, to train talented personnel.
AmorePacific has operated several foundations with personal assets from the late founding chairman Suh Sung-hwan in such areas as education and culture as well as low-income families and breast cancer patients Suh Kyung-bae, chairman of Korean cosmetic giant.
AmorePacific Co., said in 2016 he will donate 300 billion won to a science foundation he established to help foster new talent in the bioscience and health care sector.
In July, 2016, Suh established the foundation and named it after himself as part of efforts to support rising stars in the bio sector, separately from his company's investment in the research and development in the area.
“I will provide long-term support to help foster creative scientists to yield the best results in the world.” Suh said in a ceremony in Seoul. The 56-year-old business tycoon said he plans to sell some of his stocks in his company to kickstart the foundation, pledging continuous support to keep it afloat in the long term.
Suh is the nation’s second-richest businessman with his stock assets estimated at 8.94 trillion won.
AmorePacific has operated several foundations in such areas as education and culture as well as low-income families and breast cancer patients.