Chey Tae-won, the chairman of SK group, gave a lecture on the new topic of "A New Mandate for Business in a Time of Transformation" at the Boao Forum in Hainan Dao, China on April 9th.
Chairman Chey revealed that “In addition to economic value for our direct stakeholders such as shareholders and customers, we need to create social values for various stakeholders such as the general public, civic groups, and governments, in order to achieve a stable growth in a rapidly changing business environment.”
In particular, Chairman Chey pointed out that social value creation is not a zero sum game between the existing market and customers, but an innovative management strategy that can grow with various market players and thus create new markets.
As a result, global leaders who attended the panel agreed that the social value management proposed by Chey will not only lead to business performance, but will also become a methodology of innovation for the future.
Chairman Chey said, “I have been thinking about the necessity of changing corporate philanthropic activities for 10 years.” He also introduced SK’s practices that focused on social value to incorporate them into direct management.
Chairman Chey proposed three different methodologies based on the new business strategy buttressed by social values: DBL (Double Bottom Line) and social value measurement that simultaneously pursues economic and social values ▲ A shared infrastructure that leverages corporate presence and property to create social value ▲creation of a social enterprise ecosystem in which social values are created by working with experts.
After the forum, Chairman Chey discussed economic cooperation measures with the Governor of Hebei, Xu Qin, Alibaba’s CEO Jack Ma, iFLYTEK’s CEO Liu Qingfeng, and Inspur Group’s CEO Sun Junshu.