Choi Tae-won: "The Era When Corporate Value Was Determined by Financial Figures Is Over"

2022 Icheon Forum Closing Session Conversation with Executives
"Trust and Networks Must Be Cultivated to Influence Corporate Value"

SK Chairman Chey Tae-won is discussing ways to strengthen ESG management with employees during the closing session of the 'Icheon Forum 2022' held on the 25th.

[Asia Economy Reporter Oh Hyung-gil] Chey Tae-won, Chairman of SK Group, declared that "the era when corporate value is determined by financial figures such as operating profit is over."

On the last day of the 'Icheon Forum 2022' held on the 25th, Chairman Chey emphasized, "We must cultivate stakeholders who influence corporate value, trust, and the networks based on them."

Chey pointed out, "Simply using operating profit alone cannot explain the difference in corporate value between global top-tier companies and SK member companies," adding, "Corporate value is determined by how many people a company affects and whether they voluntarily follow."

He continued, "If a company has a sufficiently established network of customers and stakeholders who trust and support it, any business can be expanded," and explained, "Companies that build many external relationships are more likely to create greater happiness."

This year's final session of the Icheon Forum was conducted not by presenting a prepared manuscript by Chairman Chey, but by SK employees sharing their thoughts on issues they are curious about during the ESG (Environment, Social, Governance) implementation process.

In a session titled 'Heartfelt Conversation with the Chairman,' when asked, "What score would you give SK Group's ESG performance?" Chairman Chey responded, "At this stage, we can say we are progressing according to our goals, but considering the targets to be achieved by 2030, there is still a long way to go," and urged, "Therefore, SK Group needs a lot of technological capabilities and new business initiatives to achieve Net Zero."

SK Chairman Chey Tae-won is discussing ways to strengthen ESG management with employees during the closing session of the 'Icheon Forum 2022' held on the 25th.

In particular, Chairman Chey defined, "Among ESG, E (Environment) deals with the relationship between people and the Earth, G (Governance) deals with relationships between people, and S (Social) is about people themselves, such as human rights, dreams, and the right to be respected," and stated, "Companies must respect people themselves, and people must be enabled to work as agents who create happiness."

He added, "The Icheon Forum should be a place for honest discussion and debate on all measures such as ESG management, happiness, and Management 2.0, which are important keywords for SK Group," and said, "If the honest voices of members from the Icheon Forum are reflected in the CEO seminar in October, it means that members will ultimately create policies for each member company, so please continue to actively participate in the Icheon Forum."

Now in its 6th year, the Icheon Forum was held both online and offline at the Grand Walkerhill Seoul and the Icheon SKMS Research Institute, with participation from SK employees as well as global scholars, experts from various fields, and partners.

An SK Group official said, "The Icheon Forum is a platform for knowledge management where SK employees communicate with various external stakeholders about SK Group's core management issues and concretize practical measures," and added, "The various practical measures discussed at the Icheon Forum will be reflected in future management and will upgrade ESG management for each member company."

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