Choi Tae-won: "Need to Rethink Corporate Roles... ESG Should Become New Rule of Corporate Management"

[Asia Economy Reporter Hwang Yoon-joo] Chey Tae-won, Chairman of SK Group, emphasized that environmental, social, and governance (ESG) should be adopted as the new rule for corporate management.

On the 28th, at the 'VBA 2020 Korea' seminar held at the Korea Foundation for Advanced Studies in Yeoksam-dong, Seoul, Chairman Chey delivered a video congratulatory message, stating, "We are experiencing unpredictable changes in the business environment such as the pandemic and climate change," raising the issue of corporate sustainability.

VBA is a corporate alliance established last year with the purpose of creating an international ESG measurement standard applicable to all companies. BASF of Germany and SK serve as the chair and vice-chair companies, respectively. This is the first time VBA has held a seminar overseas in Korea.

In his congratulatory message, Chairman Chey said, "It is necessary to fundamentally reconsider the role of companies and new principles of management to preserve the global environment and leave a more prosperous world for future generations," adding, "Companies should move away from focusing solely on economic value and consider ESG in corporate management to grow together with society."

He continued, "ESG measurement and standardization require social consensus, and not only companies but various stakeholders must continuously discuss, deliberate, and develop it together," expressing hope that related discussions will spread domestically through this event.

Chairman Chey also added, "Socrates said, 'The beginning of wisdom is the definition of terms,'" and "Now is the time for a new definition of corporate activities."

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