According to the Double Bottom Line(DBL), a core management principle of SK Group, SK Group measures Social Value(SV) created by contributing to the resolution of social issues and the pursuit of employee happiness since 2019. SK bioscience quantifies its social value performance using the same metrics utilized by SK Group. SK bioscience will actively promote SV through business expansion and ESG management in line with the business philosophy of the Group, which pursues both economic and social values.
ESG Values
<ESG Values>
Indirect Economic Contribution
SK bioscience contributes to the overall economy indirectly, and creates economic outcome through business activities.
Environmental Performance
SK bioscience makes an effort to minimize the environmental impact throughout the process of R&D, production, and distribution of our vaccines, We also plan to measure and monitor such performance regularly.
ESG Management system
SK bioscience believes ESG management goes beyond simply responding to risk or regulation and begins with the recognition of ESG as an opportunity to create social value through its business. As a vaccine and biotech company, our purpose lies in the protection of people from public health crises and the promotion of health through innovative technologies and production infrastructure. We also acknowledge our responsibility to become a sustainable company that practices good business ethics to pursue the happiness of its stakeholders including customers, employees, and the community.
Establishment of ESG Management System
SK bioscience began full-fledged ESG activities since its IPO in March 2021. It established the ESG governance structure led by the Board of Directors in June 2021 by forming the ESG Committee under the Board. Also, it developed a system to monitor the company’s ESG activities and follow-up plans by reviewing the ESG report and the ESG action plan for the following year.
In 2022, we assessed ESG materiality and level of ESG management to strengthen communication with and participation of stakeholders, Based on the assessment results, our newly organized ESG Team implements major decisions.
SK bioscience has improved its ESG management system to complete a virtuous cycle that encompasses establishing ESG management strategy, deriving performance of ESG management activities, disclosing information, and incorporating the results into the ESG assessment.
<ESG Management>
ESG Management Strategies
SK bioscience recognizes that integrated views covering ESG business strategies and business strategies are essential to sophisticate ESG management. Therefore, we have established an ESG management vision and strategic direction based on our corporate mission and vision.
As a global innovative partner in the vaccine/biotechnology sector, we will lead the socially and environmentally sustainable future in the value chain, from the first stage of basic research and development to the final stage of the global distribution of our product.
Under the ESG vision, we identified four ESG strategic directions and eight ESG strategic objectives. The four strategic directions are △Building eco-friendly management system △Being a reliable partner for society △Creating social value through business and △Implementing sustainable governance. In addition, we plan to implement eight strategic objectives considering environmental, governance, and social aspects.
<ESG Management Strategy Framework>
ESG Governance
SK bioscience has established an implementation system for ESG management. ESG Committee under the Board of Directors is the highest deliberation and decision-making body for ESG management. ESG agendas are discussed at management-level meetings, and the ESG Working level Council examines improvement tasks under the four ESG strategic directions.
ESG Committee reviews the mid- to long-term direction and goals for ESG management and monitors ESG activities and implementation tasks. It promotes the internalization of ESG management of our company by offering the Board advice for and review of major agendas. ESG Team serves as the ESG Committee Secretariat to support management meetings and decision-making. Meanwhile, the team handles overall ESG workflows across the company and responds to ESG information disclosure and external evaluation agencies. ESG Working-level Council is divided into divisions based on the four ESG strategic directions and is in charge of implementing short-term and mid- to long-term improvement tasks.
<ESG Management Implementation Structure>
ESG Information Disclosure
To make sure stakeholders learn about and share our sustainability status, we disclose the details and achievements of our sustainability activities across economic, social and environmental areas on our website.
Information Disclosure
The scope of this report encompasses the entire ESG performance of the domestic business sites of SK bioscience. Financial information is prepared based on separate financial statements under K-IFRS as there are no subsidiary companies. Non-financial information is also prepared in accordance with the fiscal year. Other scopes of reporting are noted additionally.
<Information Disclosure Practice>
| Category | Detail |
|---|---|
| Restatements of information (GRI 102-48) | Doesn’t exist |
| Changes in reporting (GRI 102-49) | Doesn’t exist |
| Reporting period (GRI 102-50) | The primary reporting period is from January 1, 2021 to December 31, 2021, and a number of qualitative performances, including those from the first half of 2022, are included. In addition, this report contains data for the previous three years — 2019, 2020, and 2021 — in order to identify the current status of increase and decrease as well as recent trends. |
| Date of most recent report (GRI 102-51) | March 16, 2022 |
| Reporting cycle (GRI 102-52) | 1 year |
| Reporting Guidelines (GRI 102-54) | This report was prepared in accordance with the GRI(Global Reporting Initiative) Standards Core option and reflected the SASB (Sustainability Accounting Standards Board) Standards to incorporate industry-specific major issues. In addition, the UN SDGs were considered in this report. |
| GRI content index (GRI 102-55) | GRI Index page |
| External assurance (GRI 102-56) | Appendix (Independent Assurance Statement) |
Contact Us
SK bioscience ESG Team(esg.bs@sk.com)
Social Performance
SK bioscience creates social performance by promoting customer health through vaccines, pursuing the happiness of stakeholders including employees, and participating in philanthropic activities.