Choi Tae-won's 10 Years of 'Social Performance Incentives'... "Let's Solve Social Issues Together"

"We Will Reflect Social Value in Our Society"

Chairman Chey Tae-won of SK urged social enterprises to unite in solidarity to solve social issues and encouraged their continuous efforts and dedication over the past decade. He emphasized that social enterprises can create greater change through collaboration and called for active participation in creating social value going forward.

SK Chairman Chey Tae-won is giving a speech at the 10th anniversary ceremony of the Social Performance Incentive (SPC) held on the 1st at the International Conference Hall of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Social Value Research Institute

On the 1st, Chairman Chey spoke at the 10th anniversary ceremony of the Social Performance Incentive (SPC) held at the Korea Chamber of Commerce and Industry International Conference Hall in Jung-gu, Seoul, stating, "To solve bigger social problems, we need to create cooperation and collective impact that reflects on society."

Chairman Chey said, "It may be difficult to leave a world without social problems to future generations, but if social enterprises work together, the speed of solving these issues will be faster than their occurrence," adding, "I believe that someday these problems will be resolved." He continued, "For this, no individual company should solve problems alone anymore; society must focus together," emphasizing, "We also need to create a market where social value is recognized and can receive investment."

Furthermore, Chairman Chey stated, "Over the past 10 years, we have proven that creating social value in practical ways, not just theory or words, can also generate economic value. I believe this demonstrates what an ideal society looks like," and added, "We have focused on the social value created by individual companies over the past decade, and reflecting this in society is the hope for the next 10 years."

The SPC is a project that measures the social problems solved by social enterprises in monetary value and provides cash incentives from SK proportional to their performance. It was first proposed by Chairman Chey at the 2013 Davos Forum (WEF) and has been actively implemented since 2015. So far, SK has supported 468 social enterprises with 71.5 billion KRW, creating social value worth 495.6 billion KRW, leading experiments on the effectiveness of performance-based incentive systems.

At the 10th anniversary event, congratulatory messages from key domestic and international figures were delivered. Hilde Schwab, Chairperson of the WEF Schwab Foundation, and Ban Ki-moon, former Secretary-General of the United Nations (UN), sent video congratulatory speeches. They celebrated the past decade and encouraged the efforts of entrepreneurs participating in the SPC.

An 'SPC Award' ceremony was also held to honor social enterprises and institutions that contributed to creating social value. In the merit award category, Kim Jung-yeol, Chairman of the Gyeonggi Research Institute for the Rights of the Disabled, received the SPC Founding Development Award, and Jeju Special Self-Governing Province was selected for the SPC Institutional Establishment Award. Additionally, in the performance creation category, Reman and Trashbusters received awards, while in the innovation and inclusion category, Nets Mobility, Superbin, Peach Market, and Dot were honored.