FKI launches `One-Percent Club` to benefit charities

The Federation of Korean Industries (FKI) Wednesday inaugurated a`One-Percent Club,` a campaign to contribute one percent or more of ordinary profits at local businesses to corporate philanthropy. The club elected Kang Shin-Ho, chairman of the Dong-A Pharmaceutical, as its first chairman in an inaugural meeting attended by First Lady Lee Hee-Ho, FKI chairman Kim Kak-Choong, SK chairman Son Kil-Seng, Samsung Life chairman Lee Soo-Bin and other dignitaries.

A total of 109 companies joined the club and FKI continues to accept membership applications from any business operating in Korea. Members so far include Samsung, LG, SK, Pohang Iron and Steel Corporation (POSCO), Hanwha, Korea BASF and Yuhan Kimberly. The `One-Percent Club` is a campaign that began in Britain under with the aim of helping those in need. Such clubs are active in the United States, Japan and elsewhere.

Park Won-Jae parkwj@donga.com