Korea’s family-controlled conglomerates like Samsung and Hyundai have been recognized for the bright side, swift decision making and prompt execution, and the dark side, nepotism and hierarchical system.
The country’s No. 3 player SK Group has tried to make a difference by stressing corporate social responsibility over the past few years. Such efforts appear to bear fruit as renowned U.S. institutes pay attention to them.
In its latest edition, Harvard Business Review published an article about the group’s social and environmental agendas, titled “SK Group” Social Progress Credits.”
Three professors of Harvard Business School worked on the bi-monthly magazine’s article, which dealt with the group’s so-called double bottom line.
The term includes a social bottom line on top of a financial bottom line. SK Group comes up with an annual sustainability report in addition to financial statements beginning in 2018.
In other words, the group calculates and unveils how much social value its subsidiaries generate every year.
Starting in 2015, SK Group also measured values created by social enterprises to pay $20 million to them through 2018.
Such social agendas have been spearheaded by Chairman Chey Tae-won, who have a great interest in the issues, SK official said.
Last September, Stanford Business School also took the SK way to make a case study, dubbed “SK’s Double Bottom Line: Challenges and Way Forward.”
This article is provided by UPI News Korea. _ ED.