KAIST said on Feb. 26 it awarded Lotte Group Chairman Shin Dong-bin (신동빈) an honorary doctorate in business administration at a degree ceremony held on Feb. 25 at its main campus in Daejeon.

KAIST cited Shin’s leadership in sustaining corporate growth amid a rapidly changing global business environment. It also pointed to his practice of responsible management by making environmental, social and governance (ESG) a core pillar of management.

Lotte Group donated a 14 billion won development fund to KAIST to establish the Lotte–KAIST Research and Development (R&D) Center and the Lotte–KAIST Design Center. Through the effort, it built a foundation for multidisciplinary convergence research in areas including carbon neutrality technology, bio sustainability, energy and materials, and healthcare.

KAIST assessed the cooperation as an action-oriented industry-academia collaboration model that links research infrastructure building, the setting of mid- to long-term research agendas, and the industrial and social spread of research results.

Shin said, "The convergence of technology and management through industry-academia cooperation is not an option but a survival strategy." He added, "As innovation partners that design the future together, I hope the partnership between Lotte and KAIST will lead to innovations that change the world for the better."

KAIST President Kwang Hyung Lee (이광형) said, "Chairman Shin has suggested a new role for companies through responsible management that connects science and technology, industry and social value." He added, "We awarded the honorary doctorate in business administration in high recognition of his contribution to expanding research infrastructure and building a foundation for convergence research through industry-academia cooperation with KAIST."