To replace the annually published Sustainability Report, SK Innovation has released the ESG Report which includes the details of its business management.
The company published the Korean version of the report in July after the reporting and review at the ESG committee established under the Board of Directors (BOD). The English version of 2020 ESG Report has also been revealed in late August on SK Innovation’s homepage.
SK Innovation explained that it is to share the ESG management, which is being powerfully driven at the corporate level, with all stakeholders and execute it to promise improvement in each ESG area.
In the ESG Report, SK Innovation provides more detailed information on the current status and practical data in each field – environment (E), society (S), and governance (G) – in line with the heightened expectations of stakeholders.
Chairman of the ESG Committee Kim Jung-gwan explained, “The expansion and reorganization of the Sustainability Report into the ESG Report show the company and the BOD’s solid determination toward ESG management. We plan to develop it further to use it as the basic data for communication with the stakeholders from the ESG perspective.”
In this report, SK Innovation divided ESG management into three phases: (1) Attention & Declaration, (2) Implementation and Outcome, (3) Positioning as a leading company. SK Innovation evaluated itself that it is currently phase 2 – Implementation and Outcome.
It also established and announced the detailed action plan for each area of ESG. For the Environment, it proposed a plan of participating in the global response to climate change to achieve Net Zero target, and specifically, shifting to the eco-friendly, green business.
For the Society, it suggested an action plan to maximize employees’ happiness and build and strengthen the ESG ecosystem within the business value chain under the direction of promoting ESG with all stakeholders.
Lastly, regarding the Governance, the company decided to strengthen the leadership of the BOD and global compliance to establish a management system centering around the BOD that will lead the ESG management efforts.
In particular, SK Innovation explained in this report the details of how the company is responding to the three key issues of the company: ▲ strengthening response to climate change, ▲ response to a global pandemic, and ▲ governance innovation. SK Innovation said, “We included these because we decided that it was necessary to internally select the issues that stakeholders are most curious about and share them in detail and a transparent manner.”
In his greetings in the ESG Report, CEO of SK Innovation Kim Jun mentioned, “Social and economic paradigm shift led by is in full swing.” He emphasized, “SK Innovation intends to take a completely new step forward to be a Green Energy & Materials Company.”
