[사설] Kakao Kim Beom-soo opens a new donation culture in Korea

Kakao Chairman Kim Beom-soo said in an in-house group message on the 8th, “I will donate half of my property to solving social problems while I live.” Chairman Kim’s determination is worth assessing as opening a new chapter in Korean donation culture. If he counts the present value of his stock, it means he will donate more than 5 trillion won. It is the largest of all donations to Korean companies, and is the first practical case of nailing’solving social problems’. His determination to donate reminds me of a new model of donation 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 jumped directly into solving problems facing humanity, such as developing a corona19 vaccine and resolving global warming.

Until now, in Korea, when an entrepreneur announced a donation, neither the timing nor the form was desirable. It was either immediately after arising from social controversy, or because of the government’s compulsion, they had to pay money involuntarily. There were also many cases of mobilizing money from companies that are the largest shareholders rather than individuals. This type of donation is sometimes controversial that it violates the interests of shareholders. Some even look suspiciously at Kim’s decision. It is a decision that came out amid criticism that he was giving 100 billion won worth of stock to his wife, children, and relatives and taking profits through the holding company K Cube Holdings, which he owns 100% of. However, it should be kept in mind that he has always revealed his will for donation for a long time, and that this is an unprecedented donation of 5 trillion won, not for contempt.

Business scholars believe that Chairman Kim’s donation will be a turning point to improve not only the donation culture in Korea, but also the status of entrepreneurs. Western developed countries have taken that path early. After the Industrial Revolution, businessmen such as Carnegie, the king of steel, who made a lot of money after the Industrial Revolution, once heard the sound of’villain’, and then changed their perception through sincere donations. Now, the 21st century American digital entrepreneurs are jumping beyond social problems to solving global problems.

It is noteworthy that Chairman Kim will use donations to resolve any social problems facing Korea. According to Kakao, it takes time to find a specific object and method to solve the problem. Various voices have already emerged, such as that it should be used to nurture promising startups to raise the pie of the national wealth, or to use it to resolve the increasingly serious polarization of wealth.

The government should also actively step forward so that Chairman Kim’s donations can settle as a new culture in Korean society. The enforcement of a profit-sharing system such as’give it up because others made a lot of money when it was difficult’ could cut off the bud of a new donation culture. It is hoped that the unreasonable taxation and regulations related to donations should also be improved so that there is no such thing as “I made a large donation and I was beaten only by tax.”