"SK's ESG (Environmental, Social, and Governance) is an essential element of the company and an essential element for change," said SK Group Chairman Chey Tae-won.
"Now it is the time when we need to think fundamentally about the role of new businesses more than ever," Chairman Chey said in a greeting for SK's sustainable management report published on July 20. "SK will also be a reliable partner in solving various social problems and opening a sustainable future through new entrepreneurship such as ESG management."
In the report, SK presented its ESG-based business portfolio change goals in investment and business sectors.
The company plans to reorganize its business portfolio into ESG-based core areas such as high-tech materials, bio, green, and digital in the investment sector and evolve into a comprehensive digital transformation partner based on capabilities of artificial intelligence, blockchain, cloud, data area technology and industrial knowledge in the business sector.
SK also presented three directions for ESG-centered management system. It is establishing a world-class transparent governance structure. As SK group's top decision-making body, the company has decided to increase the professionalism and independence of the board.
In addition, the company said it would prioritize the happiness of stakeholders based on determining important management activities in all decision-making processes.
SK is also planning to upgrade its ESG management practice system. In order to realize this, it is measuring social values based on the Social Value Management System established last year.
The company will also strengthen its key indicators of ESG management. It is planning to present policies, implementability, and road map by ESG's key indicators that apply Morgan Stanley Capital International (MSCI) and Dow Jones Sustainable Management Index (DJSI), which are used as global standards in ESG.
"This report contains the company's thoughts on ESG and details of ESG-based sustainable management strategies based on a storytelling format," said an official of SK. "SK will firmly establish a sustainable management system and communicate with stakeholders sincerely with the direction and will of change."
