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Kakao President Kim Beom-soo said he would use half of his wealth to solve social problems. It is a new form of donation that has not been found in Korean society. In developed western countries, like Bill Gates, founder of Microsoft, this kind of new giving culture is already in full swing, centered on digital companies. [연합뉴스]
Kakao President Kim Beom-soo said in an internal group message on the 8th: “I will donate half of my property to solve social problems as long as I live.” President Kim’s determination is worth evaluating as opening a new chapter in Korean giving culture. It means that you will donate more than 5 trillion won in assets if you count the present value of your shares. It is the largest of all donations to Korean companies and is the first case study of “solving social problems”. Your determination to donate reminds me of a new model of giving that can only be found in western developed countries. A representative example is that Microsoft founder Bill Gates donated 90% of his fortune upon retirement and went straight to solving the problems facing humanity, such as developing a corona19 vaccine and solving global warming.
Donated 5 billion won for half of the property to solve social problems
Unreasonable taxes and regulations related to donation must be improved.
Until now, in Korea, when a businessman announced a donation, neither the timing nor the form was desirable. It was immediately after emerging from the social controversy, or due to the imposition of the regime, had to pay involuntarily. There were also many cases of money mobilization from companies that are the largest shareholders rather than individuals. This type of donation is often controversial because it violates the interests of shareholders. Some even look askance at Kim’s decision. It’s a decision that came amid criticism that he was giving 100 billion won of shares to his wife, children and relatives and making a profit through the K Cube Holdings holding company, of which he owns 100%. However, it is important to note that you have always revealed your willingness to donate for a long time, and that this is an unprecedented 5 trillion won donation, not out of contempt.
Business scholars believe that President Kim’s donation will be a turning point to improve not only Korea’s donation culture, but also the status of entrepreneurs. Western developed countries have taken that path early. After the Industrial Revolution, entrepreneurs like Carnegie, the King of Steel, who made a lot of money after the Industrial Revolution, once heard the sound of ‘villain’ and later changed their perception through heartfelt donations. Now, 21st century American digital entrepreneurs are leaping beyond social problems to solve global problems.
Notably, President Kim will use the donations to solve any social problems facing Korea. According to Kakao, it takes time to find a specific object and method to solve the problem. Several voices have already emerged, such as that it should be used to nurture promising startups to increase the national wealth pie, or to solve the deepening polarization of wealth.
The government should also actively step forward so that President Kim’s donations can establish themselves as a new culture in Korean society. Applying a profit-sharing system like “give it up because others made a lot of money when it was hard” could nip the sprout of a new giving culture. Taxes and unreasonable regulations related to donations are also expected to be improved so that there is no such thing as “ I made a big donation and only got hit by taxes. ”
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