{"id":13981,"date":"2023-03-30T15:22:07","date_gmt":"2023-03-30T06:22:07","guid":{"rendered":"https:\/\/askinno.com\/global\/?p=13981"},"modified":"2024-03-27T15:23:27","modified_gmt":"2024-03-27T06:23:27","slug":"sk-innovation-communicate-directly-with-shareholders-in-annual-general-meeting-of-shareholders-focus-all-management-activities-on-enhancing-corporate-value","status":"publish","type":"post","link":"https:\/\/askinno.com\/global\/archives\/13981","title":{"rendered":"SK Innovation says to “focus all management activities on enhancing corporate value” at The 16th Annual General Meeting of Shareholders"},"content":{"rendered":"

\u25a0 On March 30, SK Innovation held The 16th Annual General Meeting of Shareholders, approving agenda items, including the appointment of the directors, etc. <\/span><\/strong><\/p>\n

\u25a0 SK Innovation Vice Chairman & CEO Kim Jun and the management attended \u201cDialogue with Shareholders,\u201d which was held for the first time, and actively engaged in communication, including a Q&A session, with shareholders<\/span><\/strong><\/p>\n

\u25a0 Revealed the company\u2019s plan to improve SK On’s profitability, push forward with the plastic recycling business, and protect shareholders\u2019 rights through the shareholder return policy<\/span><\/strong><\/p>\n

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SK Innovation held its 16th Annual General Meeting of Shareholders on the March 30 at SUPEX Hall in SK Building, Jongno-gu, Seoul. At the meeting, attended by SK Innovation Vice Chairman & CEO Kim Jun and CEOs of major subsidiaries, SK Innovation held its first “Dialogue with Shareholders” and expressed a strong commitment to enhancing corporate value. The company actively engaged in communication, including a Q&A session, with shareholders on current issues.<\/span><\/p>\n

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In the meeting, shareholders approved the nominations of Kim Jun as Inside Director, Kim Joo-youn and Lee Bok-hee as Independent Directors, and Park Jin-Hei as the Audit and Corporation Compliance Committee Member by approval of shareholders. After serving as the CEO of SK Innovation, Vice Chairman & CEO Kim Jun was reappointed as the Inside Director for his successful leadership in the company’s Carbon to Green strategy and his contribution to the company’s transition to a green portfolio within the SK Innovation group and its subsidiaries.<\/span><\/p>\n

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To strengthen board-centered management, SK Innovation decided to appoint one more Independent Director this year. Accordingly, two new independent directors, Kim Joo-youn and Lee Bok-hee, were appointed. In addition, Park Jin-Hei, a Audit and Corporation Compliance Committee Member, is expected to provide management-level advice on the company’s performance audit, compliance, and risk management from the perspective of an ex-CEO of a financial company. Approvals of the financial statement and ceiling for total director\u2019s compensation were also passed as in their original bills.<\/span><\/p>\n

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After the conclusion of the Annual General Meeting of Shareholders, SK Innovation Vice Chairman & CEO Kim Jun, SK On CEO Jee Dong-seob, SK Geo Centric CEO Na Kyung-soo, and Head of Finance Division Group of SK Innovation Kim Yang-seob participated in the “Dialogue with Shareholders” session. This was the first time that SK Innovation set aside a separate time on the day of the meeting to explain the company\u2019s major management issues to shareholders.<\/span><\/p>\n

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During the session, SK Innovation Vice Chairman & CEO Kim Jun explained the key strategies for enhancing SK Innovation’s corporate value. The strategies include improving the profitability of SK On, achieving visible results in the Green Transformation (transforming existing carbon-emitting industries into green businesses), and implementing shareholder return policies to protect shareholders’ rights.<\/span><\/p>\n

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Regarding the improvement of SK On\u2019s profitability, Vice Chairman & CEO Kim Jun said, \u201cWe are focusing on leveraging the capabilities of not only SK On but all of SK Innovation\u2019s subsidiaries to improve yield, operation rates, price, and competitiveness in procurement.\u201d SK On CEO Jee Dong-seob added, \u201cThis year, SK On management is focusing on three areas: improving profitability, enhancing capital efficiency, and establishing a foundation for future growth. In particular, we plan to focus on visualizing profitability turnaround by actively pursuing our key tasks.”<\/span><\/p>\n

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In terms of the Green Transformation, SK Geo Centric CEO Na Kyung-soo, which is pursuing plastic recycling business, made the announcement. He said, \u201cWe are currently constructing the world\u2019s first recycling cluster that combines chemical recycling processes in one location, with the goal of starting operation by 2025.\u201d He added, \u201cWe aim to become global leader in recycled materials, contributing to SK Innovation\u2019s green transformation and increasing shareholder value.\u201d<\/span><\/p>\n

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Additionally, Head of Finance Division Group of SK Innovation Kim Yang-seob stated, \u201cSK Innovation is currently considering a stock swap with SK On when SK On goes public with an IPO.\u201d The stock swap will happen by SK Innovation acquiring its own shares through a public tender offer (to be retired later) and then providing SK On\u2019s shares in exchange. He added, \u201cThe size of the stock exchange is flexible, but we are considering a level around 10% of SK Innovations\u2019 market capitalization.\u201d In terms of dividend policy, SK Innovation has announced its intention to prioritize cash dividends at a minimum level of KRW 2,000 per share in the 2024 and 2025 business years.<\/span><\/p>\n

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Lastly, SK Innovation Vice Chairman & CEO Kim Jun said, \u201cThrough a transition of its management system, SK Innovation is implementing a management system, called \u2018Management System 2.0,\u2019 which connects corporate value and management activities in ways, including linking evaluation and compensation systems to stock prices,\u201d and he emphasized, \u201cIn the future, SK Innovation will execute all management activities that lead to enhancing corporate value.\u201d<\/span><\/p>\n

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[Photo]<\/strong><\/span><\/p>\n

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(Photo 1) SK Innovation Vice Chairman & CEO Kim Jun is presiding The 16th SK Innovation Annual General Meeting of Shareholders on March 30 at SUPEX Hall in SK Building, Jongno-gu, Seoul<\/span><\/p>\n

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(Photo 2,3) SK Innovation CEO and Leaders are having conversation with shareholders in the \u2018Dialog with Shareholders\u2019, which established first time this year. (From the left, Head of Finance Division Group of SK Innovation Kim Yang-seob, SK Innovation Vice Chairman & CEO Kim Jun, SK On CEO Jee Dong-seob, SK Geo Centric CEO Na Kyung-soo)<\/span><\/p>\n

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\u25a0 On March 30, SK Innovation held The 16th Annual General Meeting of Shareholders, approving agenda items, including the appointment of the directors, etc. \u25a0 SK Innovation Vice Chairman & CEO Kim Jun and the management attended \u201cDialogue with Shareholders,\u201d which was held for the first time, and actively engaged in communication, including a Q&A … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":13985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4,8,56],"tags":[957,154,956,208],"class_list":["post-13981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporates","category-press-room","category-press-release","category-sk-innovation","tag-annual-general-meeting-of-shareholders","tag-ceo","tag-shareholders","tag-skinnovation"],"acf":[],"_links":{"self":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/13981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/comments?post=13981"}],"version-history":[{"count":18,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/13981\/revisions"}],"predecessor-version":[{"id":17832,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/posts\/13981\/revisions\/17832"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/media\/13985"}],"wp:attachment":[{"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/media?parent=13981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/categories?post=13981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/askinno.com\/global\/wp-json\/wp\/v2\/tags?post=13981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}