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The Beautiful World of Suh Sung-whan

Company 2003-06-30

In pursuing the legacy of the late Suh Sung-whan, the founder of Amore Pacific who passed away last January, a grant supporting low-income households of single mothers was set up under the name of 'The Beautiful World of Suh Sung-whan. 1. The Beautiful Foundation (Chaired by Park Sang Jeung) held the grant dedication ceremony of 'The Beautiful World of Suh Sung-whan', a fund set up to support the livelihood of low-income families comprised of single mothers. The ceremony was held on June 30 at 10:30 AM at the head office of Amore Pacific (Hangang-no, Yongsan-gu). The grant, organized by the family of the late Chairman to uphold his wishes and to practice the love of sharing, totals some 5 billion won including 74,000 shares in Amore Pacific owned by the late Chairman Suh Sung-whan as well as all dividends from the stocks from 2002. At the grant dedication ceremony attended by the entire surviving family of the late Chairman Suh, his wife, Mrs. Byeon Geum-Joo, handed over the fund to the Beautiful Foundation. 2. Through the grant of 'The Beautiful World of Suh Sung-whan', the Beautiful Foundation supports low-income single mothers to start businesses, supports the proceedings of the business and their livelihood to help them to overcome poverty and to prevent poverty from being passed down to the following generation. The Foundation also plans to organize a network of experts to support the starting of business as well as for strengthening the role of families and offering moral support in order to foster a new model of the social welfare program. At this point when the Ministry of Health and Welfare is engaged in systematic research for the establishment of welfare policies for women to escape poverty, the grant of 'The Beautiful World of Suh Sung-whan' will become an alternative for social security for the low-income single mother households. In pursuance of the honorable intentions of late Chairman Suh and his remaining family, there will be one more source of hope for the less fortunate women and children in our society to make their lives to become healthier and more beautiful. The Beautiful Foundation is the first community foundation in Korea that has adapted the model of US foundations. Its activities include fundraising, operating the funds according to their designated purpose and performing the support programs. Over 30 funds set up by individuals, organizations and companies are currently organized and operated by the Beautiful Foundation.