MOSCOW (MRC) -- SK Innovation has revealed its 2022 ESG Report on its company website, said the company.
Since 2020, SK Innovation has expanded and published its existing sustainability reports into ESG Reports that incorporate the requirements suggested by key investors, ESG assessment agencies, civic groups, etc. This year’s report has been enhanced in aspect of the addition of annual goals and performance, the preemptive application of global disclosure standards, and the enhancement of ESG data tracking capabilities and transparency.
SK Innovation stated, “Recently, stakeholders are demanding specific goals and achievements in ESG management,” and added, “This year’s ESG Report has significantly expanded the scope of information disclosure, including annual road maps and detailed performance by key tasks, and has further strengthened internal and external verification on disclosure data, enhancing accuracy and transparency.”
SK Innovation has expanded the scope of information disclosed in this year’s report. While last year’s report unveiled the ESG management strategy “G.R.O.W.T.H system*” and mid-to-long-term key tasks, this year, it has added the annual performance and goals for each task, as well as execution plans. Therefore, the report enables stakeholders to verify the degree of the company’s fulfillment in ESG management.
It is also noteworthy that the company established a “Special Page” for each G.R.O.W.T.H area that genuinely conveys specific examples of major achievements through the voices of stakeholders, such as cooperative companies, members, and business partners.
It is the strategy that SK Innovation has established and has been promoting as a specific implementation methodology for its Financial Story. The strategy includes achieving Net Zero through “Carbon to Green” innovation (Green Innovation, Road to Net Zero), strengthening safety/health/environment (SHE), which is the foundation of sustainable growth, and winning stakeholders’ trust (Outstanding SHE Management, Winning the Trust) and the ultimate goal of shareholders’ happiness (Together with Society, Happiness for all). These are the company’s management directions reflected as core tasks.
This report by SK Innovation has been prepared in compliance with international sustainability reporting standards, such as the revised items of “GRI 2021”, TCFD*, SASB**, and other global ESG disclosure standards. In particular, the report preemptively applied newly suggested standards of industry-specific indicators (Oil & Gas Sector) and the double materiality test. The double materiality test is a method of analyzing both the impact external factors have on a company’s financial state and the effect of the company’s business activities on the outside to identify key issues in the report.
We remind, SK Innovation has become the first in the oil refining industry to complete a Life Cycle Assessment (hereafter, LCA) for its entire oil-petrochemical related products. The company aims to strengthen its response to domestic and international clients who are increasingly focused on ESG evaluation standards, and plans to utilize the findings for process improvement data.