Operation of the Independent
directors’ Council
Governance Overview
The Board of Directors plays a central role in ensuring SK innovation’s responsible management business conduct.
SK innovation appoints directors with background in relevant industries based on the principle of independence, professionality and diversity. We will continue to pursue sustainable values for companies and the society based on BOD-driven management.
Establishing BOD-centered management system
Securing diversity and autonomy for a dynamic board to meet the needs of diversified stakeholders
We are securing expertise and diversity of the board and hoping to achieve board-centered management with reinforced autonomy by organizing the proportion of independent directors to 75% or higher,
Reinforcing the executive power of the board for ESG management
We are operating an ESG Committee under the board to lead/help/check the execution of company’s ESG policies and projects and are extending our Future Strategy Committee to plan the direction of future growth and manage performance.
Board-driven CEO evaluation and compensation
The HR Evaluation and Remuneration Committee participates in decision making regarding CEO evaluation, compensation, and succession and plays a role in discovering competent and certified CEOs that can contribute to increasing company value.
Upgrading the board evaluation and communication with stakeholders
We upgrade the board evaluation and compensation system every year upon the reinforced role of independent directors, and try to keep the trust of stakeholders by communicating with them, including shareholders, and expanding the channels.
Advancing the BOD-centered global compliance response system
Extending the actual function of the Audit and Corporate Compliance Committee
The Audit and Corporate Compliance Committee is pre-and post-managing the total risk as the company’s compliance and business risk control tower. The Internal Audit Office is directly under the audit committee so that the board can directly manage and supervise the auditing function.
Establishing a global compliance system
We established the compliance management system in accordance with global standards to establish and inspect the evaluation and program systems regarding various issues such as fair trade, anti-corruption, and industry security.
Reinforcing the autonomy of the board
Operating the Independent Directors Council
SK Innovation is operating the Independent Directors Council consisting of independent directors only, and this Council suggests independent directors’ initiative agendas, puts together their opinions on board’s agendas, discusses the operational method of the board, and shares main management issues.
