OREANDA-NEWS. January 30, 2014. The POSCO 1% Sharing Foundation held its first board of directors meeting on January 15th at the Seoul POSCO Center. CEO Chung Joonyang is foundation chair, and was in attendance along with Soongsil Cyber University Vice President Museong Jeong, Korean Community Chest Head Jinok Jeong, SESNET Executive Director Seonhee Jeong, Ace-M President Byeongpil Kim, Samil Price-Waterhouse Cooper Director Jaeyun Kim serving as foundation auditor.

The regular board of directors meeting was held on this day, and the POSCO 1% Sharing Foundation announced its vision of `Sharing 1% for a better world`. In addition, the foundation announced a mid- to long-term roadmap to promote social results as the country`s No. 1 employee funded foundation based on foundation stabilization and specialization, by strengthening external and internal communication to form a basis for projects, as well as strict project evaluation. The foundation embodies the strengthening of local community capabilities in Korea and worldwide, and supports projects for the unprivileged citizen and the Korean cultural heritage properties at risk of loss.

As part of its project to strengthen local community capabilities in regions where POSCO conducts business, the Saemaul New Community Project will be implemented in Ethiopia to help the impoverished become independent and self-reliant, and the POSCO Village project to build homes in poverty stricken areas will be formed in Vietnam. The POSCO Village project will be supported by the POSCO TJ Park Foundation while Vietnam scholarship recipients will also help along with employees of POSCO Specialty Steel, POSCO ICT, Daewoo International, and POSCO A&C which all have business in the region.

As part of its support project for the less fortunate, Steel House will be utilized to establish a shelter for teenagers in critical situations, while projects to aid with the emotional recovery of children from multi-cultural families who have experienced separations due to parental divorce will also be carried out along with emergency relief projects.

In line with the foundation`s background and image as a national POSCO corporation, the foundation decided to specialize in projects to preserve and carry forward Korean cultural inheritances. The foundation will support intangible cultural assets related to steel in particular, which are at risk of loss due to hardships. The foundation will also support efforts for Arirang, registered as a UNESCO Intangible Cultural Heritage Property in 2012, to be recognized.

The 1% Sharing Foundation created 4.5 billion KRW in funds through employee donations from POSCO and investment companies along with matching grants from the company itself,, and these funds will continue to be used this year. By 2015, operating funds are expected to reach 7 billion KRW.

CEO Chung Joonyang said at the Board of Directors meeting, ``It is my hope that the 1% Sharing Foundation will give hope to the less fortunate and become a model for sharing activities in Korea, so that it contributes to promoting a donation culture in Korea. The foundation is the fruit of POSCO`s sharing, and I hope that we can communicate with Korea through it, extend sympathy and support with the people, and grow together as part of the POSCO Family.``

Establishment of the 1% Sharing Foundation was authorized last November 12th by the Ministry of Culture, Sports, and Tourism with the goal of planning sustainable growth in Korea by supporting cultural prosperity and improving social welfare through the promotion of a 1% sharing culture. Later, on November 18th, the first general meeting was held and the first project selected was sending funds to help victims of Typhoon Haiyan in the Philippines. On December 31st, the foundation was appointed a Designated Donation Organization by the Ministry of Strategy and Finance.