Ahn Sung-ho, chief executive of Ace Bed (003800) and chairman of the Ace Kyungam Foundation, donated rice worth 210 million won ($151,000) ahead of Chuseok, the Korean autumn harvest holiday.
Ace Kyungam said on the 15th that it held a donation ceremony at Seongnam City Hall in Gyeonggi Province and delivered 7,500 bags of rice, each weighing 10 kilograms, to the city. The rice will be used to support vulnerable groups in Seongnam, including older adults living alone and children who head their own households.
The foundation has given rice at every major holiday since 1999, under the belief that no one should be left out during the holidays. Over 28 years, the cumulative total has reached 175,260 bags, worth about 4.44 billion won.
Ahn's activities follow the management philosophy of Ace Bed's founder, who held that corporate profits should be returned to society. Rather than one-off events, the foundation has continued to look after socially disadvantaged people and has widened the scope of its giving.
Ace Kyungam has carried out a range of social contribution programs. In March last year, it donated 500 million won to the Hope Bridge Korea Disaster Relief Association for recovery from large wildfires in the Gyeongsang region, the largest such contribution from the furniture industry. It has also donated a cumulative 1.5 billion won to programs improving working conditions for firefighters and 400 million won to the Seung-il Hope Foundation, helping build South Korea's first nursing hospital for patients with amyotrophic lateral sclerosis and improving medical and caregiving conditions for patients.
Through a winter briquette delivery program in which employees take part, the foundation has provided more than 340,000 coal briquettes to marginalized households. In Icheon, Gyeonggi Province, it directly operates the Ace Senior Center, providing free meals for up to 200 people a day along with leisure space for older residents. The company also sponsors a biathlon team and takes part in campaigns against illegal gambling among teenagers as part of its corporate social responsibility activities.
"I hope this rice donation brings warm comfort and an abundant Chuseok to neighbors going through difficult times," Ahn said. "Like the rice donations we have continued for 28 years, we will keep up giving that supports the daily lives of the local community and our neighbors."
