Samsung Education Fund Christened

The largest scholarship fund in South Korea which the Samsung Group funded with an 800 billion won donation in February has finally confirmed its official name: the Samsung Equal Opportunity Education Foundation.

Its executive board will include eight or nine members, including Park Cheol, advisor of the Bank of Korea (BOK), and Geum Dong-hwa, president of Korea Institute of Science and Technology (KIST), and its chairman is to be elected among the board members. The education foundation is set to inaugurate around this week after completing the personnel selection process.

This paper found out on October 8 that the preparation committee for establishing the foundation formed by the ministry of education was officially dissolved in late September after confirming articles of the foundation and recommending the board members.

The names on the list of board members other than Park from economic circle and Geum from science circle have been finalized: Lee Hye-sook, professor of natural science college at Ehwa Womans University, Kim Byeong-doo, former superintendent of Gangwon-do Office of Education, Lee Sang-gab, former principal of Gyeongbok High School (from education circle), Lee Ok-kyeong (from press circle), chairwoman of the Foundation for Broadcast Culture Board, and actress Sohn Sook (from culture circle). One or two members will be added on the board member list soon. Heavyweights from political sector and the Samsung Group are precluded from the candidacy.

The new board is to direct the education foundation. However, the board is highly expected to allocate its scholarship to give financial aid to children from underprivileged families to compensate their educational disadvantages including after-school activities, which President Roh has accentuated the importance.

Some education leaders argue that if the gigantic fund is confined to make up for education expenses of the indigent, its peripheral activities does not match the initial purpose of the foundation, which is fostering a group of future talents. Requiring anonymity, a professor pinpointed “ if private scholarship funds cling to support disadvantageous groups’ education that is supposed to be dealt by the public sector or government, the financial aid may fall into a ‘favoritism of scholarship’ in accordance with the government’s favor.

sunshade@donga.com