SK president urges affiliates to rebuild management system










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SK president urges affiliates to rebuild management system

SK Group Chairman Chey Tae-won speaks at this year's expansion management meeting, which was held at the Grand Walkerhill Hotel in Seoul on Friday.  Courtesy of SK Group
SK Group Chairman Chey Tae-won speaks at this year’s expansion management meeting, which was held at the Grand Walkerhill Hotel in Seoul on Friday. Courtesy of SK Group


By Anna J. Park

SK Group chairman urged its group subsidiaries to maximize corporate values ​​by rebuilding the management system and rewriting their “financial histories”, in a bid to revise and improve the group’s core value systems .

The comment was made at the group’s annual strategy meeting held at the end of last week. Speaking at the “2022 Expansion Management Meeting” held at the Grand Walkerhill Hotel in Seoul on Friday, the SK Group chief called on the subsidiaries of the SK conglomerate to come up with real changes in their growth strategies. global management in a context of growing uncertainty in the global economy.

“Current financial stories being developed and implemented (by subsidiaries) seem to lack a connection to our corporate values. It is paramount to move to a new management system solidly based on corporate values, while rebuilding financial stories that are squarely grounded in enterprise value analysis models,” Chey said at the annual strategy meeting.

“Corporate values ​​include economic values, such as financial success and future growth potential, as well as social values ​​and customer values,” Chey continued, highlighting the restructuring of the group’s strategic focus on fundamental values.

This isn’t the first time Chey has mentioned the need for each subsidiary to have its own compelling “financial stories.” In 2020, he emphasized the importance of telling financial stories clearly, which reassure customers, investors and the market by effectively combining companies’ financial objectives and specific implementation objectives into a compelling and innovative narrative linked to the company values.

“What I meant by ‘restructuring financial stories’ is the need to gain greater trust, support, sustainable innovation and growth potential from our stakeholders by closely analyzing the factors that the group needs to prioritize and which ones to focus more on to elevate our corporate values,” he added, emphasizing the need to get out of the comfort zone of current business models.

The 2022 Expansion Management Meeting is the SK Group’s annual strategic event, with key group leaders meeting to set the group’s growth directions. Around 30 people, including CEOs and senior managers from SK Group subsidiaries, attended this year’s meeting.

































































































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