On 28 December 2021, a signing ceremony was held upon the establishment of ‘Hyunwoo Kwak Soo-il Academic Award’ at the Dean’s office, Seoul National University Business School. The signing ceremony was attended by the chairman of the Hyunwoo Cultural Foundation Emeritus Professor Soo-il Kwak, Dean of Business School Youjae Yi, Associate Dean of Academic Student Affairs Kyoungmi Lee, Associate Dean of MBA Programs Jonghag Choi, and Director of the Institute of Management Research Inseong Song.

The Hyunwoo Cultural Foundation has decided to establish and support the ‘Hyunwoo Kwak Soo-il Academic Award’, which will be annually awarded to one professor for his or her outstanding academic achievements, honoring the business school both at home and abroad.

Emeritus Professor Soo-il Kwak, who retired after fostering junior scholars at Seoul National University Business School for a long time, established the Hyunwoo Cultural Foundation in 2006 at his own expense and has been supporting various cultural arts and academic activities since then. He delivered a message of support, saying that “I hope that the junior scholars study harder and make Seoul National University Business School the top-tier global business school.”