HD Hyundai Chairman Kwon Oh-gap, left, and HD Hyundai HeeMang Foundation Chairman Lee Ki-kwon, center, pose with the foundation's board of directors at HD Hyundai Heavy Industries' shipyard in Ulsan, Monday. Courtesy of HD Hyundai

The HD Hyundai HeeMang Foundation has started supporting the bereaved families of shipyard workers who were killed in fatal industrial accidents, following the completion of its establishment procedures. "HeeMang," which means "hope" in Korean, reflects the foundation's mission.

On Monday, the charitable foundation held a board meeting at HD Hyundai Heavy Industries' shipyard in Ulsan to decide on how to help the bereaved families.

During the second half of this year, the foundation will begin awarding scholarships to the children of victims of shipyard accidents. Additionally, starting in the first half of next year, it will start covering living and medical expenses for the bereaved families and help them access legal services.

According to HD Hyundai, the foundation is the nation's first scholarship foundation established for bereaved families of shipyard workers who died while on duty.

After HD Hyundai Chairman Kwon Oh-gap proposed its establishment to fulfill the company's duty as the world's leading shipbuilder, the business group started making efforts to establish the foundation.

The foundation recently convened its board of directors following the government's approval and the official registration of its establishment.

The chairmanship was assigned to former Employment and Labor Minister Lee Ki-kwon, who served in the ministry for 35 years. The HD Hyundai chairman, who contributed 100 million won ($75,000) to the foundation, was named as the honorary chairman.

“We will do our best to alleviate the sorrow of the bereaved, who lost their families, due to fatal industrial accidents,” Lee said

Since 2011, HD Hyundai has also carried out various social contribution activities through the HD Hyundai 1 Percent Sharing Foundation, which was established after the company encouraged its employees to donate 1 percent of their base wage to important causes.

Last year, the conglomerate established the HD Hyundai Honor Award to recognize individuals who have made exceptional philanthropic contributions.