SKIET practices transparent management through board-oriented management.
The outside directors of SK inc. declare to define and fulfill indicators, and to work toward them with pride and a sense of duty.
01 As independent directors, we recognize the importance of the functions and roles of the Board of Directors of SK inc. and affirm that the Board of Directors is the highest-level decision-making body.
02 We will exert our utmost effort to contribute to the sound development and increase of the corporate value of SK inc. by observing principles and ensuring transparent management.
03 We do not seek personal interests and will not be swayed by stakeholders while paying careful attention to prevent any event that might undermine the corporate value of SK inc.
04 We develop the operation of the Board of Directors, based on a full sense of responsibility and sincerity as well as mutual trust and cooperation, to create a vibrant culture in the Board of Directors of SK inc.
August 20, 2004 Outside Directors of SK inc. Jo Sun, Han Yeong-seok, Park Ho-seo, Nam Dae-u, O Se-jong, Kim Tae-yu, Seo Yun-seok
※ This "Outside Directors' Code of Ethics" was enacted in a meeting of outside directors of SK inc. in 2004 before the reorganization into a holdings system took place.
|Enactment of Employees’ Code of Ethics||adopt|
|Composition of the BOD
(a Majority of Independent Directors)
|adopt||Independent Directors’ Share of the BOD: 67%
(4 Independent Directors, 1 Executive Director, 1 Non-Executive Director)
|Holding regular meeting of the BOD||adopt||At lease once a quarter|
|Prior provision of information on the directors before holding a meeting of BOD||adopt||Provision of descriptions on agendas 5 days in advance|
|Introduction of regulations on roles and operation procedures of the BOD and sub-committees||adopt||Regulations for the Board of Directors, HR Evaluation and Remuneration Committee, Audit Committee, Strategy/ESG Committee|
|Committee operation for the fair recommendation of director candidates||adopt||
Operation of HR Evaluation and Remuneration Committee
[The committee shall include the role to recommend candidates for independent(outside) directors in accordance with Article 542-8 (4) of the Commercial Act]
|Establishing special committees under the BOD||adopt||Installation of 3 committees:
HR Evaluation and Remuneration Committee,
Audit Committee, Strategy/ESG Committee
|Announcement of the BOD activities, attendance rate, and pros and cons on major agendas||adopt|
|Subscription to liability insurance for directors at the company’s expense||adopt||Subscription to liability insurance for employees (annual renewal)|
|Operation of a meeting attended only by independent directors||adopt||Operation of the Independent Directors Council|
|Composition of Audit Committee (all outside directors)||adopt||3 Independent Directors including a financial and accounting expert|
|Audit Committee held at least once a quarter||adopt|
|Independence of external auditors||adopt||Review and approval of Audit Committee for external auditors|
|Verification of accuracy of business reports||adopt||Verification by CEO and responsible employees|