SK Innovation Upgraded to 'AA' Rating in MSCI ESG Assessment

SK Innovation has been recognized for its leading ESG (Environmental, Social, and Governance) management performance in the global capital market.

SK Innovation announced on the 7th that it received an AA rating in the '2024 MSCI ESG Ratings' released by the global ESG rating agency Morgan Stanley Capital International (MSCI). The AA rating and above are considered the leader group in ESG management, representing the highest level in the domestic refining and petrochemical industry.

After being upgraded from a BBB rating to an A rating in 2021 and maintaining an A rating for three consecutive years, SK Innovation’s overall rating has risen one step further this time by achieving balanced performance across all areas of Environmental and Governance.

The MSCI ESG Ratings evaluate the ESG management status of over 8,500 publicly listed companies worldwide annually and classify them into seven grades (AAA-AA-A-BBB-BB-B-CCC). It is widely used as a benchmark for investment decisions by global institutional investors, thus having significant influence in the financial market. In particular, companies with an AA rating or higher may be newly included or have increased weight in various investment portfolios managed by MSCI.

In this year’s evaluation, SK Innovation received positive assessments for ▲ efforts to reduce carbon emissions ▲ management of hazardous substances and waste ▲ environmental management systems ▲ corporate ethics, among others.

All SK Innovation affiliates’ domestic production sites (Ulsan, Daejeon, Incheon, Seosan, Jeungpyeong) have acquired the international environmental management system certification ISO 14001, and corporate ethics and anti-corruption policies are managed at the board level.

Furthermore, the clear goals set for reducing greenhouse gases and managing hazardous chemicals by 2050, along with continuous implementation, significantly influenced the rating upgrade. In fact, SK Innovation has been systematically managing and transparently disclosing related data since 2022 by establishing an ESG data platform.

Kim Yong-su, Head of ESG Promotion at SK Innovation, said, "Achieving the MSCI ESG AA rating is not just a simple upgrade in evaluation but signifies that the company has established a solid foundation in all areas of environment, society, and governance, recognized in the global capital market." He added, "We will continue to strive to enhance corporate value through ESG activities."