Mirae Asset Financial Group founder and Chairman Park Hyeon-joo is donating 1.6 billion won ($1.2 million) he earned from dividends last year, marking the 14th straight year of his philanthropic tradition.

On Sunday, the company disclosed that Park will endow his entire dividend income from Mirae Asset Global Investments. Continuing the practice since 2010, Park's cumulative donations now reach 31.5 billion won.

The group traces Park's charitable journey back to 2008 when he penned a letter to his employees vowing to allocate all of his dividend income toward benefiting the younger generations of the country.

The contributions are to be channeled into nurturing future talent through the Mirae Asset Hope Foundation, an organization he established in 1998 to uphold his parents' wishes. Since its inception, the foundation has provided scholarships and welfare initiatives for domestic college students.

Meanwhile, Park has consistently dedicated himself to advancing science and technology and nurturing young talent, which he recognizes as the core of the Korean economy.

In December, Park pledged to donate up to 25 percent of his stake in Mirae Asset Consulting to the charity foundation. Inspired by his leadership, other family members, including his sister, joined in by contributing their shares to the consulting subsidiary. Park intends to fulfill this pledge once regulatory restrictions on stock holdings by public interest corporations are eased.

"Mirae Asset, embodying the principles of compassionate capitalism, engages in various social contribution activities through close collaboration among its affiliates," a Mirae Asset official said.

"The company will continue to commit itself to giving back to the customers and society and contribute to fostering a culture of sharing," the official added.