SK Chairman Chey Tae-won delivers a speech at the 2022 extended management meeting held Friday in Seoul. (Yonhap)
At an extended management meeting on Friday, Chey highlighted how the new corporate assessment tool – designed to incorporate non-financial elements into measuring financial performance – can reflect a subsidiary’s business status. SK group with higher accuracy. The valuation tool would take greater account of social value, customer value, as well as tangible and intangible assets.
Additionally, the new assessment tool can lead to better management decisions regarding resource allocation, such as investment and compensation, according to South Korea’s second-largest conglomerate. The reframed tool can also help improve the measurement of an employee’s performance against an expected result.
The event was held at Grand Walkerhill Seoul in Gwangjin-gu, Seoul and was attended by over 30 SK leaders, including Chey.
This is in line with SK Group-wide efforts to better communicate with stakeholders. In 2020, the SK Group unveiled plans for the first time to integrate non-financial elements into the measurement of financial performance as part of its “Financial Story” initiatives.
SK has also sought to refine its social value assessment tools. Earlier in May, SK estimated the result of the social impact created within the group at 18.4 trillion won ($14.2 billion) through 2021, up 60% from 2020.
Chey left for Paris on Sunday morning to support Busan’s Expo 2030 bid presentation on Tuesday at the 170th general assembly of the Bureau International des Expositions. The presentation will be made by Prime Minister Han Duck-soo.
SK, dedicated to semiconductor chips, chemicals and telecommunications, has some 190 subsidiaries within the group.