Choi Tae-won, SK Chairman, "We Will Rewrite the Social Role of Corporations"

Attended as a Guest Speaker at the 7th 21st Century Humanities Value Forum
Delivered the Message of 'Good Companies'

Choi Tae-won, Chairman of SK

[Asia Economy Reporter Hwang Yoon-joo] Chey Tae-won, Chairman of SK Group, expressed deep responsibility for some negative perceptions of corporations in society and pledged to take the lead in fulfilling the new roles that society demands from companies and business leaders.

Chairman Chey’s declaration reflects his intention to actively assume responsibility and roles not just as the 'Chairman of SK' but as 'one of the businesspeople,' aligning with his long-emphasized management philosophies such as social value, ESG (environment, social, governance), and the happiness of all stakeholders.

On the 30th, at the traditional resort 'Gureum-e' in Andong City, Gyeongbuk Province, where the 7th 21st Century Humanities Value Forum was held, Chairman Chey, invited as a keynote speaker, stated, "While there is a positive view that our companies have contributed to economic development by growing in size and pursuing profits, it is also true that negative perceptions have been significant. As a businessperson, I am facing reality with clear eyes and feel a great sense of responsibility."

Specifically, Chairman Chey cited a past example of a logging company to emphasize that companies must create not only values necessary for themselves but also values required by society to be sustainable.

He said, "In the past, the highest value was to cut as many trees as possible at low cost and sell them at high prices. However, if only the necessary values are pursued, social demands for forest protection increase, and government regulations tighten, which worsens the business environment and makes survival impossible."

He continued, "It has become an era where companies can survive only by creating values desired by society together, such as forest protection, carbon dioxide reduction, and the establishment of safe working environments that aid human convenience," urging a fundamental shift in business leaders’ awareness.

Chairman Chey’s remarks are interpreted as a message that Korean companies must move away from growth-only approaches and become 'good companies' and 'virtuous companies' to ensure corporate development. He further explained that when pursuing values desired by society, it is necessary to recognize and respect diversity arising from generations, regions, genders, countries, and races.

Recalling that an increase in endangered species in the Amazon rainforest leads to the collapse of the food chain and loss of ecosystem diversity, eventually turning the rainforest into a barren desert, Chairman Chey said, "For our society to remain healthy, all members must cultivate the ability of 'empathy,' which is the power to embrace diversity." He emphasized that empathy is the core element of diversity.

In fact, Chairman Chey has recently repeatedly stressed that "it is not a choice but a new rule for companies to have empathy and sensitivity beyond social responsibility." At the CEO seminar that concluded on the 23rd, he also emphasized, "CEOs must present each company’s growth story suitable for various stakeholders such as customers, investors, and markets, and by eliciting trust and empathy, they can achieve greater growth."

Finally, Chairman Chey said, "Companies must now perform new roles as members of society based on diversity and empathy. I, too, as a businessperson, will not only contemplate how to fulfill responsibilities and roles toward various stakeholders but also actively practice the new responsibilities and roles assigned to companies."

The forum was hosted by the Korea Foundation for the Advancement of Spirit and Culture under the theme "Social Value in the Era of Cultural Diversity," with about 100 attendees including Prime Minister Chung Sye-kyun, Gyeongbuk Governor Lee Cheol-woo, and Andong Mayor Kwon Young-se.

Meanwhile, after his keynote speech, Chairman Chey visited the SK Materials headquarters in Yeongju, Gyeongbuk. SK Materials, which succeeded in domestic production of ultra-high purity hydrogen fluoride, a core semiconductor material, has been growing over 20% annually since joining SK Group in 2016, and this year’s sales are expected to reach an all-time high.

After touring the SK Materials Integrated Analysis Center and the high-purity hydrogen fluoride plant, Chairman Chey said, "The success in producing ultra-high purity hydrogen fluoride this year is a great achievement not only for SK but also for the national economy," and urged, "Please contribute to the development of the domestic semiconductor material ecosystem and strive for mutual growth with partner companies by utilizing the analysis technology and infrastructure that SK Materials possesses."

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