SK Inc. Created Social Value of 909.3 Billion KRW Last Year: "Creating Social Value from the Perspective of Stakeholder Happiness"

SK Corp. Releases 'Sustainability Management Report' Detailing Social Value Creation Results for 2019

[Asia Economy Reporter Hwang Yoon-joo] SK Inc. generated 909.3 billion KRW in social value (SV) last year. In particular, the scale of social value creation related to business increased by 46% compared to the previous year.

On the 29th, SK Inc. published the sustainability management report "Happiness with SK," which contains the results of SV creation measurement, on its company website.

Specifically, SK Inc. created SV worth 819.4 billion KRW, 81.7 billion KRW, and 8.2 billion KRW in three areas: ▲economic indirect contribution performance ▲business social performance ▲social contribution social performance, respectively.

In particular, as the DBL (Double Bottom Line) management performance pursuing both economic and social values became visible, business social performance increased by about 46% from 55.9 billion KRW last year to 81.7 billion KRW. The expansion of cloud services leading to IT resource savings, consumer rights protection through AI-based real estate rights analysis services, digital innovation achievements of SK Inc. C&C, and SK Forestry's contribution to reducing environmental pollution drove the expansion of business social performance.

SK Inc. applies SV measurement and management systems throughout its investment activities. It selects investment targets through ESG (Environment, Social and Governance) checklists and reviews of SV creation effects, and even after investments are made, it measures and manages the SV created by investee companies according to the characteristics of each business area.

Along with this, SK Inc. also invests in startups that innovatively solve social problems. In February, SK Inc. invested in the edutech company "Enuma," which contributes to reducing educational gaps among marginalized groups.

This year, SK Inc. plans to establish and implement an SV creation system based on the happiness of stakeholders as a new task for sustainable management. To this end, SK Inc. will gradually strengthen the SV-based management system, including ESG implementation, to the level suggested by global guidelines and transparently disclose the implementation results to stakeholders.

In particular, SK Inc. C&C has selected environmental issues such as greenhouse gas reduction, social safety net infrastructure innovation, and co-growth with business partners as major innovation areas, and plans to contribute to solving social problems by utilizing digital technology and data.

An SK Inc. official said, "Even in a situation where management uncertainty has increased, we will strive to create stakeholder happiness through differentiated value creation based on unwavering SV and data-driven digital innovation, and build strong trust."

This content was produced with the assistance of AI translation services.