- Approval of all five agenda at the March 29 AGM including approval of financial statement and appointment of an outside director to serve in the audit committee
- SK Inc.’s board of directors meet after the AGM to approve cancellation of all shares held in treasury
- Presentation of business performance and investment strategy by SK Inc.’s CEO and key members of the company’s leadership
SK Inc., a leading global investment company, held its 32nd Annual General Meeting (AGM) of Shareholders on Wednesday, March 29 at the company’s headquarters in Seoul, South Korea.
At the AGM, five agenda for resolution were proposed and approved. The agenda items included approval of financial statement, appointment of standing directors (Dong Hyun Jang and Sung Hyung Lee); appointment of an outside director who will serve as a member of the audit committee (Hyun Ju Park); and approval of maximum remuneration for directors.
In addition, SK Inc. announced cancellation of all the 951,000 common shares held in treasury as part of the company’s efforts to enhance shareholder value. The cancellation date of the treasury stock will be determined through a resolution by the board of directors. The retirement of the treasury stock is a move to uphold the shareholder return policy pledge by SK Inc. at the 31st AGM in March 2022.
SK Inc. recognizes that effective communication with shareholders is essential to realizing long-term value creation. The company is committed to delivering clear assessment of the business performance and strategy in a timely manner. As part of the company’s continued efforts to strengthen shareholder communication, SK Inc. held a roundtable with shareholders immediately after the AGM. The Chief Executive Officer (CEO), the Chief Financial Officer (CFO), and heads of each investment center provided a comprehensive overview of SK Inc.’s growth strategy for 2023 to shareholders. The presentation by the utives was followed by a Q&A session.
“The business environment is immensely complex this year with concerns about a prolonged global recession and expectations for market recovery coexisting. Our priority, as an investment company, is to remain disciplined during the expected market volatility while achieving stable operations,” said Dong Hyun Jang, the CEO of SK Inc. “Financial prudence will enable us to seize opportunities to further leverage our scale in a timely manner.”
“This year, we will respond to market changes by taking measures to ensure financial stability and security,” said Sung Hyung Lee, the CFO of SK Inc. “We will manage our mid-to long-term net debt position by exercising financial discipline, especially on the speed and scope of our investments. We will also secure profits by capitalizing on our assets available for sale in a timely manner.”
Heads of SK Inc.’s key investment centers also presented their respective strategic business growth trajectory.
“We plan to expand our semiconductor materials portfolio to include color materials for CMOS Image Sensors (CIS, semiconductor that converts optical signals to images), EUV (extreme ultraviolet) photo materials and advanced packaging materials,” said Yang Taek Kim, head of Advanced Materials Investment Center. “In regards to advanced materials, we will promote materials such as next-generation cathode and anode materials, lithium metal batteries, and carbon nanotubes. Furthermore, in the power semiconductor sector, we will develop and produce 200mm SiC (silicon carbide) wafers as well as expand our compound semiconductor business.”
“We will identify and invest in opportunities related to reducing and eliminating carbon emissions with the goal of becoming a global investor specializing in decarbonization,” said Moo Hwan Kim, head of the Green Investment Center. “Sustainability remains at our core. We will capture investment opportunities on assets that provide sustainable solutions and drive future growth. In particular, we plan to actively participate in global joint projects or new projects that are aligned with SK Group’s decarbonization businesses.”
“In the field of CDMO, we will promote steady growth of our existing small molecule pharmaceutical ingredients business. Concurrently, we will create synergies in marketing and production of the CGT (cell and gene therapy) between SK pharmteco - Yposkesi- Center for Breakthrough Medicines (CBM). SK Inc. will also selectively invest in promising new solutions such as anti-cancer drugs and CGT, which are expected see rapid growth,” said Yeontae Kim, head of Bio Investment Center.
Gyeong Sang Yoo, head of the Digital Investment Center, said his center would strengthen the competitiveness of the digital business that is being promoted within the company while investing in digital solutions that will transform future industries. “We aim to secure a leading position and competitiveness in the electric vehicle charging sector and in mobility. We will also actively invest in digital ecosystems such as AI and Web3.”
As a leading environmental, social and governance (ESG) management company, SK Inc. obtained the ‘AAA’ rating, the highest rating among ESG companies, from global ESG evaluation agency Morgan Stanley Capital International (MSCI) in December 2022. The “AAA” rating is the highest rating given to companies that are in the top 7% of the total 3,077 companies. SK Inc. has also been included in the S&P Global DJSI World Index for the 11th consecutive year.