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A Devoted Social Advocate

“Some pass through this world leaving wealth and fame, but the greatest of legacies is contribution to the world which survives us.”

Dr. New’s philanthropy went far beyond his support of education. In 1970, he donated shares of Yuhan Corporation stock to establish the Korean Social and Educational Assistance Trust Fund, an organization created to promote the general welfare of the nation and provide additional educational support.

“A company’s profits should return to the society in which it thrives.”

In 1971, in the last days of his life, Dr. New contributed 140,941 shares, his entire remaining ownership interest in Yuhan Corporation, to secure the financial future of the fund that in 1977 became the Yuhan Foundation. By the time of his death on March 11, 1971, Dr. New had donated 40% of all Yuhan stock, worth over 740 billion KRW (US $700 million), and the remainder of his personal estate, to the benefit of the Korean people.

Through these gifts of stock, Dr. New created a method by which the financial future of the Yuhan Foundation is guaranteed through the continuing success of Yuhan Corporation. Thus, Yuhan’s profits are continuously returned to society, which in turn helps the company thrive.

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