SK Group records $12.3 bn in social value

[Courtesy of SK Group]

South Korea’s SK Group generated approximately 16.8 trillion won ($12.3 billion) in social value in 2023, the country’s second-largest conglomerate announced on Wednesday.

The figure is a 15 percent decrease from the previous year, but the cumulative amount since 2018, when the company first started recording the metric, is currently around 93 trillion won.

Social value refers to the value a company contributes to solving and alleviating the social issues faced by its stakeholders.

SK Group measures its social value in three areas: indirect contribution to the economy (employment, dividends, and tax payment), environmental performance (environmental impact during production processes of eco-friendly products and services), and social performance.

By category, indirect contribution to the economy was 16.6 trillion won, environmental performance was minus 2.7 trillion won, and social performance was 2.9 trillion won, according to the company.