Iwan Jae SKC President "Accelerating Phase 2 Innovation to Overcome Uncertainty"

[Asia Economy Reporter Park Soyeon] SKC announced that it will accelerate business model (BM) innovation to overcome increased uncertainties caused by the novel coronavirus disease (COVID-19) and other factors.

On the 30th, according to SKC, President Lee Wanjae said at the regular shareholders' meeting held at the Seoul headquarters in the morning, "Although economic uncertainties have greatly increased due to COVID-19 this year, we are determined to overcome any obstacles and make this a meaningful year."

President Lee emphasized, "Last year, we made a significant turning point through bold BM innovation," adding, "This year, we will establish a sustainable growth mid-to-long-term strategy, accelerate BM innovation, and generate results."

Previously, SKC completed the first phase of innovation by entering the mobility materials business through the acquisition of KCFT, a manufacturer of copper foil, a core material for secondary batteries, establishing a global joint venture in the chemical business, and selling shares of SKC Kolon PI.

The company plans to improve its financial structure with the 1 trillion won investment capacity secured during this process and to actively promote the second phase of innovation focused on high-growth areas such as mobility and semiconductor materials.

At the shareholders' meeting, agenda items including the appointment of Donghyun Jang as non-executive director, Jongseo Bae and Gwansub Lee as outside directors, and partial amendments to the articles of incorporation in line with the purpose of SKMS (SK Management System) were also approved as originally proposed.

To prevent the spread of COVID-19, SKC installed partitions between seats in the shareholders' meeting hall and implemented safety measures such as seating only one person per two-person table.