Choi Tae-won: "Social safety net under threat... Efforts at a different level from before are needed"

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Chey Tae-won, Chairman of SK (photo), said, "The safety net that ensures the minimum well-being of individuals, regardless of companies or society, is under threat. A different perspective and a higher level of social effort are needed."

In a greeting message included in SK Inc.'s 29th Sustainability Management Report, Chairman Chey stated, "The global threat arising from the novel coronavirus infection (COVID-19) does not seem likely to be resolved in a short period."

He added, "Sustainable management of companies is only possible in a sustainable society," and pledged, "SK will strive for the sustainable happiness of companies, society, and all stakeholders."

Chairman Chey remarked, "Unlike previous years, the publication of the Sustainability Management Report this year carries special significance," noting, "Many companies are undergoing a difficult test of sustainability due to COVID-19, and SK is also navigating multiple challenges such as oil prices and global geopolitical issues."

Regarding SK Group's economic performance last year, with sales of 139 trillion won and operating profit of 9 trillion won, he said, "Given the difficult internal and external circumstances, the results are not very satisfactory," but evaluated, "Nevertheless, we continued to play a leading role in practicing social value, and various experiments have yielded expected outcomes."

Meanwhile, SK Inc. announced that last year it generated a total of about 1 trillion won, including 819.4 billion won in economic indirect contribution performance, 81.7 billion won in business social performance, and 8.2 billion won in social contribution social performance. 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% to 81.7 billion won compared to the previous year (55.9 billion won).

Digital innovation achievements of SK Inc. C&C, such as IT resource reduction through the expansion of cloud services and consumer rights protection through AI-based real estate rights analysis services, as well as SK Forestry's contributions to reducing environmental pollution, led the expansion of business social performance.

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