- Commitment to Net Zero 2040 and ISO certification scored positive in rating assessment
- “We will remain committed to ESG management practices to foster a virtuous circle of happiness between us and the stakeholders”
SK networks was recognized by one of the world’s most celebrated corporate ESG management assessors for its achievements in ESG (Environmental, Social, and Governance) management initiatives. SK networks announced on March 27 that the company moved up a notch to A from BBB in an ESG assessment conducted by Morgan Stanley Capital International (MSCI).
The MSCI’s ESG rating is an index of ESG management quality of major listed companies around the world, known to be the most reputable of its kind. SK networks’ rating upgraded to A in the recent assessment vouches for the sincerity with which the company has implemented ESG initiatives to date.
Reportedly, SK networks was rated positively in each assessment category for a variety of ESG initiatives pursued by it and subsidiaries until this March when the assessment was performed.
In the Environmental category, SK networks has sought its Net Zero 2040 vision to reduce net greenhouse gas (GHG) emissions to 0, and SK rent-a-car continues with campaigns to cut down fossil fuel consumption, planning to fully convert its fleet to EVs by 2030 and receiving third party approval of its GHG reduction demonstration program. Walkerhill is lifting up its water resource recycling ratio by deploying a grey water facility and SK magic has received the Gold ZWTL (Zero Waste to Landfill) grade. In addition, MINTIT, an ICT recycling subsidiary has developed an eco-friendly MINTIT Forest in Yeoui Riverside Park since 2020 to preserve biodiversity in the area.
In the Social category, SK networks has published a human rights declaration for its people and assessed its impacts on human rights preemptively, executing programs to ensure the health and safety of its people including health and safety training, CPR (cardiopulmonary resuscitation) training and expanded coverage of medical checkup for its people. The company also proposed a supply chain guideline and code of conduct for the health and safety of the employees of its business partners, with a program to fund interests payable by business partners for synergetic coexistence with them. Furthermore, SK rent-a-car and SK networks service was ISO 45001-certified for their health and safety management system.
In the Governance category, SK networks received the ISO 37001 certification on its anti-corruption management system in a bid to place the BoD (board of directors) in the center of management practices and beef up corporate transparency. In addition, the company expanded the scope of employee ethics training programs to cover the workers of business partners and linked the CEO compensation program with ESG management achievements to add more importance to social responsibilities of corporate citizens.
Investment-wise, SK networks is successfully investing in ESG-related industries ahead of others. The company has participated in the early-stage investment rounds of Mycoworks, a sustainable leather production company based in Silicon Valley, U.S.; Standard Cognition, an AI-based solution provider; and Sabanto, autonomous tractor solution startup. In Korea, SK networks invested 10 billion won in EverOn, a leve 2 EV charging platform operator, to become its second-largest shareholder, and launched SK electlink after acquiring SS Charger, the biggest private level 3 EV charging platform operator in Korea.
SK networks vows to continue with its endeavors to upgrade ESG practices across the entire gamut of corporate management. “Our sincerity in the pursuit of ESG values is being recognized by international assessment bodies such as MSCI,” said an official at SK networks. “We will continue to earnestly work harder to foster a virtuous circle of happiness among companies and stakeholders and further upgrade ESG practices across various domains of corporate management.”
[Photo caption 1] SK networks has earned A rating in the MSCI’s ESG assessment
[Photo caption 2] Samil Building of SK networks