Choi Tae-won's Aggressive Moves... Following the Expanded Management Meeting, Swift Steps Toward Hosting the Busan Expo (Comprehensive)

Attended Expansion Management Meeting... Departed to Attend International Exhibition Organization General Assembly
Ordered Reconstruction of Financial Story 'SK Management System 2.0'
Scheduled to Serve as Co-Chairman of 2030 Busan World Expo Next Month

On the 24th, at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, is giving a lecture at the New Entrepreneurship Declaration Ceremony. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Oh Hyung-gil] Choi Tae-won, Chairman of SK Group, who is wearing 'three hats,' is showing a broad range of activities. As SK Chairman, he declared the 'SK Management System 2.0' and called for organizational reform. He has also intensified overseas promotional activities as Chairman of the Korea Chamber of Commerce and Industry and as the Private Committee Chairman supporting the bid for the 2030 Busan World Expo.

According to SK Group on the 19th, Chairman Choi emphasized at the '2022 Expanded Management Meeting' held on the 17th at the Grand Walkerhill Seoul in Gwangjin-gu, Seoul, that "the current financial story being created and executed lacked linkage to corporate value," adding, "From now on, we need to reorganize the financial story based on a corporate value analysis model and promote an upgrade to a new management system based on corporate value."

He explained, "Corporate value consists of various elements such as economic value (EV) like financial performance and future growth potential, social value (SV), tangible and intangible assets, and customer value," and added, "We should analyze which elements to enhance and focus on to increase corporate value, and reorganize the financial story to secure greater trust and support from stakeholders, as well as continuous innovation and growth direction."

The SK financial story is a strategy to accelerate growth by eliciting trust and empathy from stakeholders such as customers, investors, and the market, based on a story that includes not only traditional financial performance like sales and operating profit but also attractive goals and concrete execution plans. Chairman Choi mentioned the need to promote this at the Expanded Management Meeting in June 2020, and affiliated companies declared last year as the inaugural year for execution.

[Image source=Yonhap News]

Additionally, Chairman Choi, who serves as the Private Committee Chairman supporting the bid for the 2030 Busan World Expo, will visit Paris, France, for four days starting from this day to actively promote the bid. This is his first official diplomatic stage since assuming the private committee chairmanship.

He will attend the 170th General Assembly of the International Bureau of Expositions (BIE) held over two days from the 21st to the 22nd to support South Korea's second competitive presentation (PT). This is the first face-to-face competitive PT for the World Expo bid, as the first PT held in December last year was conducted virtually due to COVID-19.

Chairman Choi will also engage in negotiations by meeting with the BIE Secretary-General and ambassadors from various countries. He will attend the Busan Expo resolution rally involving Korean residents in France.

The Korea Chamber of Commerce and Industry stated, "In addition to being the private committee chairman, Chairman Choi is scheduled to serve as co-chairman alongside Prime Minister Han Duck-soo in the government committee launching next month," adding, "During this schedule, he plans to meet with as many ambassadors as possible to urge support for Busan's bid."

The World Expo is considered one of the world's three major international events alongside the World Cup and the Olympics. The economic effect is estimated at 61 trillion won, and the current 2030 Expo bid competition is a three-way race among Busan, Riyadh (Saudi Arabia), and Rome (Italy). The final host country will be decided by a secret ballot of 170 BIE member countries in November next year. In addition to this PT, BIE will hold three more competitive PTs going forward.

Meanwhile, Chairman Choi previously mentioned, "Wearing two hats (SK Chairman, Korea Chamber of Commerce Chairman) was already challenging, but for the next year, I will be wearing three hats (Busan Expo Bid Committee Chairman)."

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