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Roles and Responsibilities of the Board of Directors

Board of Directors

At SK bioscience, we believe survival and sustainable development are only possible by pursuing the happiness of both employees and stakeholders. With that in mind, we are improving the governance structure and decision-making process of the Board of Directors by reinforcing Board-centered responsible management and the Board’s special committees that investigate and review major issues.

<Composition of the Committees under the Board>

Roles and Responsibilities of the Board of Directors

We are practicing Board-centered management by detailing key roles and authorities of the Board of Directors in the Corporate Governance Charter. Using its authority, the Board of Directors supervises overall decision-making and business management. In addition, the Board of Directors develops SK’s unique management philosophy, as expressed in the Social Value Measurement System (SVMS) and the Double Bottom Line (DBL). The Board also explores specific implementation plans.

Role of the Board of Directors

  • Establish management strategies and objectives
  • Review accounting transparency and sustainability
  • Supervise appointment and dismissal of the Representative Director and senior management
  • Determine management performance evaluation and remuneration
  • Monitor and improve ESG policy
  • Review any other decision-making that will have a significant impact on the company or that involves trust in business relationships

We specify the duties and responsibilities of directors of the Board of Directors as he/she performs his/her role and tasks as defined in Rules and Regulations of the Board of Directors and in the Corporate Governance Charter. In accordance with the Commercial Act, we do not allow outside directors to hold more than one concurrent position in order to strengthen engagement in our activities and restrict employment in companies with conflicting interests. We further assume all costs for director and officer (D&O) liability insurance to protect directors against any liability claims, whether against the company, from third parties or as a result of a director’s participation in company business, economic, environmental or social events.