SK Group extends green TF to refine business direction

[Photo by Han Joo-hyung]

SK Group decided to expand its task force (TF) for “green” business in a bid to fine-tune the group‘s business direction.

According to industry sources on Sunday, the Green TF, which was launched by SK Inc. in February 2024, will extend its activities until the second half of the year, modifying the original plan to announce a roadmap and complete activities by the year’s first half.

The Green TF, consisting of 50 members from various affiliates, was formed to conduct a thorough review of its various “green” businesses, including eco-friendly energy and electric vehicle (EV) batteries, and draw up new plans. The TF is led by SK President Jang Yong-ho, who is also the head of the Environmental Business Committee within the SUPEX Council, the group’s highest advisory body.

SK Group has formed four TFs Since the beginning of 2024, including the Green TF, to analyze the performance and investment results of core businesses including semiconductors, information and communication technology (ICT) platforms, and green energy. Additional TFs have also been established for each affiliate to develop management strategies and investment projects, with dozens of TFs currently active across the group. Among these, the Green TF is the core TF that is responsible for the entire green portfolio that SK has identified as future growth businesses.

Initially, the Green planned to complete its activities in the first half of 2024 before the top management meeting scheduled for the end of June, but the plan was modified to extend the timeline of the TF‘s activities.

“TFs do not usually set specific deadlines when they start,” a SK Group official explained, adding that schedules are likely to shift as several TFs operate simultaneously, with some activities possibly extending into the second half of 2024.

The decision to extend the TF activities stems from the recognition that it is more important to set the right direction with sufficient deliberation than rush to produce results at a specific point in time, as the recent downturn in the EV and battery industry significantly impacts SK’s overall green portfolio strategy and prioritization.

SK Supex Council Chairman Chey Chang-won emphasized at the Council meeting in April 2024 that the company must “set clear goals and concrete plans” to have better opportunities.