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Large firms' social contributions dip 9% amid pandemic

The headquarters of Samsung Electronics Co. in southern Seoul (Yonhap)
The headquarters of Samsung Electronics Co. in southern Seoul (Yonhap)
Large South Korean companies' social contributions fell nearly 10 percent in the first nine months of the year amid a coronavirus-caused economic downturn, a corporate tracker said Wednesday.

Out of the country's top 500 firms by sales, 247 business concerns contributed a combined 1.13 trillion won ($1.02 billion) to social activities during the January-September period, down 9 percent from a year ago, according to CEO Score, which tracks corporate management.

The decrease was ascribed to greater uncertainty and worsening business conditions due to the coronavirus pandemic.

The 247 companies, excluding state-run corporations, cover those who have published their quarterly reports and detailed social contributions.

Top-cap Samsung Electronics Co., the world's leading smartphone and memory chip maker, was by far the largest contributor with 239.4 billion won, though the amount was off 16.7 percent from a year earlier.

LG Household & Healthcare Ltd. came next with 59.3 billion won, trailed by chip giant SK hynix Inc. with 56.9 billion won, KB Kookmin Bank with 56 billion won, Hana Bank with 49.9 billion won and Hyundai Motor Co. with 45.9 billion won.

LG Household & Healthcare, an affiliate of South Korea's fourth-largest conglomerate, LG Group, recorded the largest increase rate of 77.3 percent, according to CEO Score. (Yonhap)
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