Lotte Group Chairman Shin Dong-bin, entrance row left, poses with KAIST President Lee Kwang-hyung after receiving an honorary doctorate in enterprise administration from the institute in Daejeon, Wednesday. Courtesy of Lotte Group
Shin Dong-bin, chairman of Lotte Group, acquired an honorary doctorate in enterprise administration from the Korea Advanced Institute of Science and Technology (KAIST) in recognition of his contributions to science and technology-based industrial innovation and the creation of sustainable social worth, the conglomerate mentioned Thursday.
“The convergence of technology and management through industry-academia cooperation is no longer an option but a survival strategy,” Shin mentioned on the conferment ceremony held Wednesday at KAIST in Daejeon.
“As innovation partners designing the future together, Lotte and KAIST hope that our journey will lead to innovations that make the world a better place.”
KAIST President Lee Kwang-hyung mentioned Shin has introduced a brand new position for companies by connecting science and expertise, trade and social worth by way of accountable administration.
“The honorary degree recognizes his contributions to expanding research infrastructure and establishing a foundation for interdisciplinary research through cooperation with KAIST,” Lee mentioned.
KAIST cited Shin’s emphasis on environmental, social and company governance (ESG) rules as a core pillar of group administration as a key purpose for the award, noting his efforts to follow accountable administration.
The institute additionally praised his position in selling sustainable company development by institutionalizing industrial transformation and social worth creation primarily based on science and expertise.
In 2022, Lotte donated 14 billion received ($10.5 million) to KAIST, which is getting used to construct the Lotte-KAIST R&D Center, centered on bio-sustainability and power analysis, and the Lotte-KAIST Design Center, devoted to synthetic intelligence-based design research.
The two facilities are scheduled for completion in May and September this yr, respectively.