Guangxi Private Entrepreneurs donated 30 million Chinese Yuan to solve the future troubles of its staffs
Translated from the Source: www.GX.xinhuanet.com 2007-09- 07 ?08:10:01 reporter: Liang siqi
link: http://www.gx.xinhuanet.com/newscenter/2007-09/07/content_11075043.htm
Guangxi Private Entrepreneurs, Mr.Wangxianglin donated 2 million stocks of “China Minsheng Banking Corporation” and 2 million Original issue stocks of “Minsheng Life Insurance” to establish staff welfare fund to offer the protections of medical insurance, retirement and sending their children to school etc.
As the original capital of “Penshibao Xianlin Development foundation”, the market value of the donated stocks of “ Minsheng Banking Corporation” is over 30 million Chinese Yuan. According to the briefing of foundation leader, the foundation does not raise the capitals from the public, 70% of the stock appreciation is for preserving and increasing the value, rest for staff and social welfare. The foundation includes: staff retirement, staff emergency aid, giving financial aid to the children of staffs, moral courage of staff, devotion to work etc. The members of executive council in the first session of foundation were elected from over 100 staffs in Penshibao Company.
As the member of the 8th ,9th ,10TH sessions of CPPCC, the chairman of Penshibao Company, Mr.Wang Xianglin indicated, the personal wealth which has been donated to the staffs ,has been permitted by all his family, the family doesn’t manage the funds forever. Furthermore, the fund does not allowed to use for loan, mortage and others, which will be managed by the trade union congress and executive council as per the Charters of foundation.
The Penshibao Company was established in 1985,the foliar fertilizer of company has been extended for over 10 billion mu in total. The trademark of “Penshibao” is the only well-known trademark in the foliar fertilizer industry of China. Mr.Wang Xianglin said, I am the beneficiary of the policies of “permitting some people to become prosperous before others” which advocated by Mr.Xiaoping Deng. People that become prosperous before others shall help the poor. My wealth originating from the public and staffs, shall return to them. As the private enterprise, the Penshibao Company hopes the fund will benefit their children, settle the future troubles of staffs and promote the social harmony.
It is understood that, this is the first beginning that using private gain for public from the domestic private entrepreneurs to establish the staff welfare foundation by donating the private wealth.
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