Chairman Kim Jong-hoon: "Strengthening SK Innovation's Board Role... Laying the Foundation for a Top-Tier Company"

[Asia Economy Reporter Oh Hyung-gil] Kim Jong-hoon, Chairman of the Board of SK Innovation, announced on the 8th that SK Innovation will continue its efforts to be recognized as a company with exemplary global corporate governance.

Jong-hoon Kim, Chairman of the Board at SK Innovation

In an interview with SK Innovation’s news channel SKIno News, Chairman Kim said, "Establishing and improving the governance system is an important starting point internally to complete ESG (Environmental, Social, and Governance) management and enhance corporate value, and externally, it is an essential condition to be recognized as a top-tier company by stakeholders."

He added that one of the reasons Korean companies are undervalued in the market is their governance, but SK Innovation declared board-centered management in 2004 and has been making continuous efforts since then.

He emphasized, "SK Innovation’s board of directors has increased the proportion of outside directors to over 70%, and since 2021, it has exercised voting rights related to the evaluation, compensation, and succession of the CEO, and is implementing this. The scope of the board’s authority is expanding and its intensity is increasing, which is unprecedented in the domestic business community."

Furthermore, Chairman Kim stated, "Above all, what the board has never lost for 20 years is a sense of mission," and added, "The realization of SK Innovation’s 'All Time Net Zero' commitment depends on how the board acts, and we will strive with that sense of mission."

'All Time Net Zero' is SK Innovation’s strategy to reduce the amount of direct carbon emissions since its founding by the company’s 100th anniversary in 2062.

Chairman Kim noted that the international community is in an era of great transformation due to the US-China hegemonic competition and the importance of advanced technology, and he predicted that this year will be a difficult period for companies, a "Rainy day."

He said, "Companies must always prepare for a Rainy day, and when that time comes, it will become even clearer whose constitution is stronger," adding, "The board will spare no effort to ensure that SK Innovation can endure the Rainy day well through continuous structural improvements."