POSCO: 210 bn KRW Contributed to Shared Growth Investment Funds
OREANDA-NEWS. June 07, 2013. POSCO signed a `Voluntary Execution of Results Sharing and Shared Growth Investment Fund Contribution Agreement` with the Ministry of Trade, Industry & Energy and the Large & Medium Company Cooperation Foundation on May 23rd. The event was attended by 25 personnel including CEO Chung Joonyang, Vice Minister Kim Jaehong of the Ministry of Trade, Industry & Energy, Shared Growth Committee head Yoo Changhee, and POSCO family and partner company representatives.
With the agreement, the number of companies participating in the voluntary execution of results sharing increased from 7 POSCO family companies to 15, and large-medium company shared growth investment funds increased from the existing 160 billion KRW to 210 billion KRW, expanding opportunities to support technology capability development and compensate results of cooperating companies.
CEO Chung Joonyang said, ``By continuously developing shared growth examples, I would like to spread the warmth of shared growth and realize a society where everyone is happy and offer warm companionship.``
Vice Minister Kim Jaehong of the Ministry of Trade, Industry & Energy requested that POSCO continue to serve its role as a leading company in results sharing, while Shared Growth Committee head Yoo Changhee said he expected that the purpose of this agreement and investment would be continued so that the efforts for embodying community values can spread to other large companies.
POSCO first introduced the results sharing system in Korea in 2004, carrying out 2,351 tasks up until last year, compensating 132.8 billion KRW in funds, and set up a team specifically focused on the results sharing system within the Shared Growth Office directly under the CEO, establishing the POSCO customized results sharing model `FOCUS,` and contributing to increasing the technology capabilities of cooperating companies.