SK Networks Generates Social Value of 569 Billion Won Last Year
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2024-06-28
-2023 Sustainability Report Released: Boosting Dividends and Enhancing Environmental Impact
-Acknowledgement from External Organizations: Endorsed SBTi Greenhouse Gas Goals and Attained CDP Leadership Grade A
-“As an AI Company, We'll Amplify Stakeholder Happiness and Cement Sustainable Corporate Standing”
SK Networks (CEO: Hojeong Lee), which is committed to revolutionizing its business model with the goal of ‘advancing human civilization through the democratization of AI,’ has rolled out its seventh sustainability report. The company posted the ‘2023 Sustainability Report’ on its website and announced on June 28 that it had generated a substantial KRW 569 billion in social value last year.
According to the report, SK Networks and its major subsidiaries collectively contributed a total of KRW 569 billion in social value last year. This breaks down into KRW 542 billion from indirect economic contributions, KRW 16.7 billion from environmental performance, and KRW 10.3 billion from social initiatives. This figure represents a 9% year-on-year increase, attributed to the expansion of regular dividends to boost shareholder value and the bolstering of internal stability through comprehensive efforts in environmental management across the company.
SK Networks, which has been publishing sustainability reports since 2018, has intensified its efforts in identifying critical issues and their impacts through this latest report. A Focus Group Interview (FGI) was conducted to pinpoint detailed environmental, social, and financial impacts for each of the five major issues identified by the company. The outcomes, including segmented impacts, risks, and opportunities, were freshly organized into the ‘Material Issue Report.’ Furthermore, the ‘ESG Factbook,’ compiling various ESG data and performance metrics, has been regularly updated since its launch to ensure the report is thorough and complete.
Reviewing the ESG management performance of SK Networks and its subsidiaries, the company's short- and long-term greenhouse gas reduction goals for Net Zero 2040 were endorsed by the SBTi (Science-Based Targets Initiative) in September last year. By year-end, SK Networks also obtained the 'ISO 45001' certification for its safety and health management system established by the ISO (International Organization for Standardization). Earlier this year, SK Networks earned a 'Leadership A' grade in the climate change sector from the CDP (Carbon Disclosure Project) and was honored with the ‘Carbon Management Sector Honors Award’ in the industrial materials category at the ‘2023 CDP Korea Awards.’ This underscores the genuine and ongoing external recognition of SK Networks' ESG management efforts.
SK Networks is gearing up to pave the way for a sustainable future by ramping up its ESG management practices and fast-tracking its transition into an AI powerhouse down the road.
An SK Networks official commented, "Looking ahead, we will continue to enhance both economic and universal value for humanity through cutting-edge technology, introducing products and services that reflect our status as an AI company, and expanding access to AI-related benefits." He emphasized, "Through these efforts, we aim to solidify our position as an ESG company that consistently enhances stakeholder happiness and improves their overall well-being."
[Photo] Cover of SK Networks' 2023 Sustainability Report