SK Group Chairman Chey Tae-won speaks during this year's Expansion Management Meeting, held at the Grand Walkerhill Hotel in Seoul, Friday. Courtesy of SK Group
By Anna J. Park
SK Group Chairman has urged its group subsidiaries to maximize corporate values by re-constructing the management system and rewriting their "financial stories," aiming to overhaul and upgrade the group's core value systems.
The comment was made during the group's annual strategic 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 head of SK Group called on SK conglomerate subsidiaries to come up with real changes in their overall management strategies amid the growing uncertainty in the global economy.
"The current financial stories made up and implemented (by subsidiaries) seem to lack a linkage to our corporate values. It is paramount to upgrade to a new management system that is solidly based on corporate values, while reconstructing the financial stories that are squarely founded on corporate value analysis models," Chey said during the annual strategic meeting.
"Corporate values are comprised of economic values, such as financial achievement and future growth potential, as well as social values and customer values," Chey went on to stress the restructuring of the group's strategic focus on core values.
It's not the first time Chey mentioned the need for each subsidiary to have its own compelling "financial stories." Back in 2020, he stressed the importance of clearly telling financial stories, which assure customers, investors and the market by effectively combining the firms' financial objectives and specific implementation goals into a convincing and innovative narrative linked to corporate values.
"What I meant by 'restructuring financial stories' is the need to secure greater trust, support, sustainable innovation and growth potential from our interested parties by closely analyzing which factors the group need to prioritize and focus on more to elevate our corporate values," he added, stressing the need to break out of the comfort zone of current business models.
The 2022 Expansion Management Meeting is SK Group's annual strategic event, with the group's key officials gathering together to set the group's growth directions. Around 30 people, including CEOs and top leaders of SK Group subsidiaries, attended this year's meeting.
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