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SK networks (CEO Chang-kyu Lee) recently experienced outstanding growth by jointly pursuing to acquire the managerial rights of a coal developer in Australia, an advanced resources development country. Working together with an affiliate and intensifying the development of 6 growth engines including car-life and consumer goods SK networks held the 59th general shareholders’ meeting in the HQ located in Myeong-dong on March 23rd. 

During the general shareholders’ meeting, the following matters were introduced to be resolved as per the original plan. 

▲ The 59th balance sheet, income statements & profit appropriation statement
▲ Partial amendment to the articles of the corporation
▲ Selection of outside directors and auditors
▲ Approval on the ceiling on compensation for directors

In a greeting speech at the general shareholders’ meeting, CEO Chang-kyu Lee said, “Amid various unstable factors caused by the financial crisis in Europe, the company was able to produce the strongest results in its corporate history and enhance a growth base on the back of shareholder interest and support last year. The company will make further efforts to strengthen bases for a stronger growth in 2012, and all employees will be united to emerge as a global leading company by putting ‘Innovation for People and Culture’ into practice.”  

SK networks posted 27.5356 trillion won in sales on the strength of the excellent results both in main businesses and in new businesses in 2011, which is the strongest result ever by the company. It posted 346 billion won in operating profits, up 30.7% from the year previous to prove its solid capacity to respond to external environmental change and produce stabilized profits. 

In particular, IT and Energy& Car, respectively, made about 100 billion won in profits to continue to exhibit leadership in the existing markets. The resources development business focused on coal mining in Australia, and the fashion business have produced good results in the domestic and Chinese markets and such new businesses as IT distribution have also produced tangible results so our corporate growth base has been further strengthened.    

In the meantime, SK networks newly selected two directors Hah-zoong Song and Sung-min Kim to replace those who retired and had them act as auditors as well while amending the articles of association on a partial basis to add an international logistics brokering business and medical tourism to target businesses.

In the meantime, SK networks plans to intensively push to secure the world’s strongest competitiveness and accelerate growth under the following goals:

▲ Maximization of the results from existing businesses
     - Continuance and expansion of comparative advantages in the IT and energy sectors
     - Improvement of trading profits through the effective use of overseas investment assets

▲ Solid establishment of a base for comprehensive growth 
   - Continuous maintenance of the fine results in the fashion business in Korea and China
   - Creation of tangible results in resource development and auto sectors
   - Speedy growth of the new IT distribution business

▲ Development of member competence by putting ‘Innovation for People and Culture’ into practice 
   - Expansion of a bottom-up culture where members take the initiative in making changes 
   - Establishment of an organization to nurture manpower
   - Enhancement of globality by dispatching experts in overseas markets
   - Proactive introduction of talented outsiders required in new business