SK Group Expands ESG Collaboration with US 'Clinton Foundation'

Meeting with ESG-related Nonprofit Foundations in Washington
Ilbeom Kim, Vice President of SK Supex Global Growth Committee, Departs for the U.S.

[Asia Economy Reporter Hwang Yoon-joo] SK Group is strengthening collaboration with ESG nonprofit foundations in the United States to expand its business related to Environmental, Social, and Governance (ESG). ESG is a key management theme recently emphasized by SK Chairman Chey Tae-won. This is interpreted as SK Group’s determination to discover business models that generate profit ethically, even amid the uncertain management environment caused by the COVID-19 pandemic.

According to the business community on the 16th, SK Group has been confirmed to be seeking collaboration with major U.S. nonprofit foundations interested in ESG activities, such as the Clinton Foundation. The Clinton Foundation, established in 2005 by former U.S. President Bill Clinton, actively engages in issues related to climate change and food self-sufficiency in Africa. SK Group has been in ESG-related discussions with the foundation over the past several years.

To this end, Kim Il-beom, Vice President of the SK Supex Council’s Global Growth Committee, departed for Washington D.C. The Global Growth Committee is responsible for reviewing SK Group’s global business status, examining recent changes in global technology and business trends, and discovering new business opportunities for the group.

An SK Group official explained, "The purpose is to confirm the direction of social value (SV) and ESG-related businesses locally and to explore what SK Group can do," adding, "Related businesses will be concretized by each affiliate independently."

SK Group plans to materialize its ESG business through strengthened collaboration with U.S. nonprofit foundations. Internally, SK Group refers to ESG as SV. Last summer, Chairman Chey sent an email titled 'In the Midst of 2020' to SK Group employees, stating that ESG should be adopted as a core philosophy to drive business forward. The group’s large-scale investment in the electric vehicle battery business is also widely regarded inside and outside the group as closely related to the transition toward an ESG business model.