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SK bioscience reinforces responsible management and establishes ESG and Human Resources Committees

2021. 06. 24

ESG Committee will review major management strategies related to the environment, society, and governance 

Human Resources Committee will exercise the right to recommend CEO candidates and present agendas for evaluation

 

 

SK bioscience announced that it will implement a board of directors-centered management.

 

SK bioscience (CEO: Ahn Jae-yong) held a board meeting on the 24th and announced that the company will establish an “ESG Committee” and “HR Committee” and improve corporate governance, centering on the board of directors.

 

The new SK bioscience ESG Committee will play a role in strengthening the function of the board of directors in the company´s major decision-making process. SK bioscience is the first Korean vaccine company to establish an ESG committee under the board of directors.

 

ESG management applies non-financial factors such as environment, social, and governance to business activities. Unlike the past, where only financial performance was judged, corporate activities are now evolving and developing in the direction of increasing corporate value from a long-term perspective.

 

To actively respond to the growing importance of global ESG management, SK bioscience established the ESG committee to reflect changes in the corporate environment and counter-strategies related to the environment, society, and governance to achieve long-term sustainable growth.

 

In the future, SK bioscience´s management strategies and major investment-related matters will be reviewed by the ESG Committee.

 

The SK bioscience’s Human Resources Committee will play a role in evaluating the CEO, deciding whether the CEO should remain in office, reviewing the salaries of internal directors, and other duties. For an appointment of a new CEO, the HR committee first confirms the final CEO candidate, and then the appointment is finalized by the approval of the board of directors and the general meeting of stockholders. Also, the general meeting of stockholders will decide the limits on the total amount of director compensation and the HR committee will review individual salaries before the board of directors finalizes the salaries.

 

An SK bioscience personnel said, “The improvement of corporate governance centered on the board of directors reflects the company´s commitment to continuously engage in responsible management practices and enhance corporate value,” and “In particular, the ESG committee will review ways to address matters concerning the environment, society, and governance to ensure sustainable growth and development of the company.”

 

With this new committee, the SK bioscience’s board of directors will be strengthened and expanded to be newly composed of five specialized committees, including the Audit Committee and the Outside Director Candidate Recommendation Committee.