The Korea Times
Hanwha Group Chairman Kim Seung-youn and SK Networks Honorary Chairman Choi Shin-won have joined the trend of Korean conglomerate leaders serving without compensation. These moves come in the wake of harsh criticism of themselves and their companies, though both conglomerates described the renouncement as an expression of willingness to fulfill social responsibilities. Starting this month, Kim stopped receiving his salary from Hanwha Solutions, the group's energy unit, where he earned 5 billion won ($3.4 million) in salary last year. The group's other affiliates paid him a combined 20 billion won last year. His decision comes as Hanwha Solutions has drawn mounting criticism from minority shareholders and politicians after announcing in March a plan to raise 2.4 trillion won through a rights offering. The Financial Supervisory Service's (FSS) rejection of the plan forced the company last month to reduce the size of the capital increase to 1.8 trillion won. "This demonstrates the chief executive's responsible leadership by contributing to technology investment for future growth and improve
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