Social Value
At SK, we are committed to more than financial growth. We work continuously to deliver meaningful social value which protects the environment and uplifts communities worldwide.
Traditionally, the success of a company has been largely based on its economic value, as determined by shareholders and investors. Today, the world is facing a purposeful and historic shift. Customers, business partners, employees, and the public increasingly look to companies to address societal challenges facing today’s world.
As an industry leader, we at SK build trust with our stakeholders by growing innovative businesses that support people, the planet, and shared prosperity. SK is passionate in its unwavering efforts to confront significant issues like climate change and inequality, by advancing long-term solutions and providing support for communities around the world.
Our Double Bottom Line Philosophy
SK is guided by our Double Bottom Line (DBL) management framework to create simultaneous growth in our companies’ economic and social value. Continuous innovation is essential for long-term sustainability, and the pursuit of social value is a major driving force for us at SK.
New business opportunities arise as we confront widespread issues. By measuring and managing social values, we advance socially desirable products and solutions that support the ongoing, positive evolution of SK’s businesses. We can accelerate both social and economic growth in alignment with SK’s DBL philosophy.
Sustainability Measurement & Reporting
Since 2018, SK has made its social value measurement methodology – and its annual results – available to the public. In order to foster an ongoing dialogue, we continue to expand our communication about performance in these areas, and our evolving social value measurement formulas.
As a founding member of the Value Balancing Alliance (VBA), SK is committed to standardizing the measurement of social value creation, and integrating sustainability measures in our business reporting. The VBA was formed in 2019 when 21 global companies and the four major accounting firms joined together to incrementally, and purposefully, make the world a better place.
Why
SK's Choice to Realize Social Values
Society today is undergoing profound change through technological advancements and scientific innovation. New paradigms are required to better conceptualize the relationship between business and society. As such, companies can no longer focus exclusively on their customers, employees, and shareholders, but must also consider their impact on affected communities and members of the wider public.
At SK, we recognize that companies are no longer solely accountable for the returns they generate for shareholders, and must also consider the social value created for the wider community.
How
Social Enterprise Ecosystem
SK views social enterprises as highly specialized and effective organizations for solving social problems. We believe that for-profit companies can play an integral role in supporting the social enterprise ecosystem to drive up the sustainability of these entities and to ensure they continue to maximize the generation of social value.
Double Bottom Line (DBL)
CSR is fast becoming an outdated, passive driver of value. SK believes that it must be superseded by a business model that is articulated around the joint generation of financial returns and social impact. The idea behind this forward-thinking model is that both of these objectives are mutually reinforcing and can be grown both simultaneously and steadily. SK's Double Bottom Line is the embodiment of this approach.
Shared Infrastructure
In an effort to maximize social value, SK is challenging the assumptions behind modern business models. We are experimenting with shared infrastructure models with a range of external stakeholders to generate innovative solutions that better address clearly identified social and business needs.
Social Value Community
SK recognizes the importance of making a collective impact and mobilizing the resources and competencies of its people and external stakeholders to address complex social needs. Recent efforts include the establishment of a fully fledged social value community to increase social awareness and maximize social value output.
SK Foundations
SK's non-profit organizations are dedicated to uplifting the common good of our shared communities. We endeavor to create a world that is improved by our activities, each and every day.
Learn more
Across the U.S., SK is investing in businesses and expanding our local operations.
