SK Group announced on the 23rd that its CEOs agreed to be fully prepared, including establishing response strategies for various scenarios within the year to overcome the uncertain business environment due to the geopolitical crisis.
By accelerating the management system innovation that each company has been promoting, they decided to lay the foundation for sustainable growth and corporate value creation beyond survival.
According to the SK group, SK CEOs agreed to share awareness on the future management strategy direction based on this content and speed up the execution at the ‘2022 CEO Seminar’ held at Theanex Hotel in Jeju Island from the 19th to the 21st.
At this seminar, the CEOs reviewed geopolitical crises such as the Ukraine war, macroeconomic indicators such as inflation, interest rates, and exchange rates with external experts, and discussed the impact and countermeasures of each factor on the domestic and foreign economy.
They agree that “they are in a more severe business environment than ever before due to complex crises such as pandemic shock, geopolitical issues, climate change, and inflation” Let's spur the story reconstruction, etc."
'Management System 2.0' aims to innovate the existing management system in the direction of maximizing corporate value, which consists of various factors such as economic and social values, tangible and intangible assets, and customer value, including financial performance, which is a concept proposed by Chey Tae-won, chairman of SK Group, at an expanded management meeting in June.
In his closing speech on the 21st, Chairman Chey Tae-won said, "The business environment is difficult, but let's prepare for a bigger leap forward after the crisis by finding new solutions through business transitions."
He then suggested a specific methodology to the CEOs, saying, “We need to internalize the ESG (Environmental, Social, Governance) management elements into our business to secure sustainable growth and increase corporate value.”
Chairman Chey Tae-won said, “As the uncertainty of the business environment increases, the execution of data-based management strategies will become more important,” and emphasized the role of the chief financial officer (CFO) of each company handling data.
Chairman Choi said, “It is also necessary to take into consideration the possibility that macro-environmental crisis factors such as geopolitical tensions will further increase in the future.”
In an opening speech on the 19th, SK Supex Council Chairman Cho Dae-shik emphasized, “In order to increase corporate value, we must achieve results based on global No. 1 competitiveness, and expand future growth areas through portfolio upgrade.”
He continued, “Only a company with an ‘economic moat’ that makes it difficult for competitors to enter can secure high profits while maintaining a unique position for a long time. Let’s enhance the corporate value by supplementing the financial story so that we can do this.”
During the seminar, CEOs in-depth discussions on △Upgrading SKMS (Group’s unique management philosophy and methodology) in connection with the establishment of Management System 2.0 △Reinforcing the role and capacity of the Board of Directors for governance innovation △Realization of 2030 RE100.
Meanwhile, this CEO seminar was attended by about 30 key executives including Chairman Chey Tae-won, SK Senior Vice Chairman Choi Jae-won, SK Discovery Vice Chairman Choi Chang-won, and Chairman Cho Dae-shik.