[News Article] SK Innovation board chief stresses governance innovation
SK Innovation board chief stresses governance innovation
By Yu Ji-soo, The Korea Herald - Kim Jong-hoon, chairman of
the board of directors at South Korea’s largest energy company SK Innovation,
asserted that the company will continue to set a global example on governance
structure. In an interview Wednesday with the firm’s official news
channel SKinno News, Kim cited the independence and expertise of the board of
directors as key to innovating the company’s corporate business structure. “The cultivation of our company value and environmental,
social, and governance management must begin internally with the establishment
and improvement of our governance system. This is a necessary step for
receiving recognition as a prestigious company from stakeholders,” he said. The chairman emphasized the significant role that the board
plays in the process of the energy giant's ongoing transition into net-zero
businesses. He also mentioned the company’s various endeavors throughout
the last 20 years since 2004 when it first instituted a management structure
centered around the board. “The board of directors has raised the percentage of
independent directors to over 70 percent, and is exercising voting rights
related to CEO evaluation, remuneration and succession,” he explained. “This is unprecedented in the financial sphere of Korea.” Regarding responsibilities, he added, “The board’s
performance will determine the fulfillment of our All Time Net Zero promise.” All Time Net Zero is SK Innovation’s pledge to offset the
company’s entire 480 million-metric ton carbon footprint by its 100th
anniversary in 2062. It was announced last year at the 60th anniversary
ceremony. Kim also predicted that this year would be particularly
tough for the firm, but took a confident stance: “The board will work hard to
get our company through any hardships that may arise with continuous reform and
improvement.” Source: www.koreaherald.com/view.php?ud=20230208000654&np=1&mp=1
2023.02.10