[Value Up Symposium] Dongseok Lee, Executive Director at Samjong KPMG, "Overcoming COVID-19 Through Sustainable Management"

Asia Economy '2020 Asia Value-Up Symposium' Held for the First Time
Discussion on Corporate Social Responsibility (CSR) Strategies in the New Normal Era Due to COVID-19

Dongseok Lee, Executive Director of Samjong KPMG Strategy Consulting Group, is delivering the keynote speech at the "2020 Asia Value-Up Symposium" held on the 22nd at the Chosun Hotel in Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Changhwan Lee] It has been diagnosed that in the new normal era caused by the novel coronavirus infection (COVID-19), companies must focus on sustainable management and devise survival and growth strategies.

Dongseok Lee, Strategy Consulting Leader (Executive Director) at Samjong KPMG, stated in his keynote speech at the '2020 Asia Value-Up Symposium' held on the 22nd at the Westin Chosun Hotel in Jung-gu, Seoul, "Unlike past financial crises, COVID-19 has caused a black swan event, delivering a great shock to our society."

The Asia Value-Up Symposium is an event newly hosted this year by Asia Economy to explore corporate social responsibility (CSR) management strategies after COVID-19.

The black swan mentioned by Executive Director Lee refers to an event that cannot be predicted based on past experience but causes tremendous shock and ripple effects once it occurs.

He said, "The so-called new normal era has arrived due to the black swan of COVID-19," adding, "During this period, even leading companies with over 100 years of history can go bankrupt overnight." Representative cases include the bankruptcy filings of the U.S. car rental company Hertz and department store JC Penney.

Executive Director Lee continued, "In the uncertain new normal era, sustainable management is emerging as an indispensable agenda for corporate survival and growth," emphasizing, "The core element of sustainable management for companies is ESG (Environmental, Social, Governance), and social interest in this will increase."

It is predicted that ESG-related regulations will be further strengthened after COVID-19. The U.S. is considering introducing ESG information disclosure regulations, and the U.K. will mandate climate change information disclosure in annual reports starting in 2022. Korea has also required companies above a certain size to submit corporate governance reports since last year.

Executive Director Lee analyzed, "Many global company CEOs have already redefined the purpose or value of their companies as creating social value and are working on related business and management infrastructure improvements," adding, "In the future, true corporate value will be assessed by adding social value to existing financial value."

Asia Economy CEO Ichul Lee analyzed in his opening remarks that "Taking COVID-19 as an opportunity, companies are expanding the scope of CSR activities as much as possible, exerting positive influence in public policy formulation including direct and indirect donation activities, and further advancing to the grand discourse of shared value creation."

He emphasized, "CSR has now established itself globally as a medium for sustainable corporate growth rather than a mere showy management tool," adding, "Especially beyond environmental preservation, consumer protection, and community development, corporate health activities have emerged as a core value of CSR in response to the COVID-19 variable."

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