SK Group Chairman Chey Tae-won on Friday referred to as on international economies to include social values into immediately’s framework of capitalism, stressing that synthetic intelligence (AI) can function a great tool for measuring and managing such values.
Chey made the remarks throughout his opening remarks for the Tokyo Discussion board 2025, collectively hosted by the College of Tokyo and Chey Institute for Superior Research, an financial institute named after the late former SK Group Chairman Chey Jong-hyon.
Since 2019, the annual discussion board has addressed points comparable to speedy expertise progress, geopolitical instability and different international points. This 12 months’s version explored concepts underneath the theme of “Rethinking Capitalism: Varieties, Contradictions, and Futures.”
“Typical capitalism has been concentrating solely on monetary elements, providing no rewards or incentives for creating social worth,” Chey mentioned in his speech.
“Measuring social worth has lengthy been troublesome because of excessive prices and inadequate knowledge, which hindered the correct allocation of sources. However with digital applied sciences and AI now serving as highly effective measurement instruments, these issues may be overcome.”
Chey has for years highlighted the significance of social worth in operating SK Group, with a perception that enterprises ought to transcend producing financial revenue to assist resolve social issues and enhance the well-being of stakeholders. In 2019, SK Group began quantifying social worth created by key associates and opened the outcomes to the general public.
For instance, SK hynix estimated that it generated practically 9.9 trillion gained ($6.7 billion) in oblique financial contributions in 2018, however reported a social efficiency lack of 450 billion gained. The corporate attributed the unfavourable determine to its environmental affect, comparable to emissions generated throughout manufacturing.
Chey mentioned SK evaluates social values created by every affiliate throughout numerous classes comparable to job creation, tax contributions, environmental affect and neighborhood engagement, including that “measurement modifications the best way corporations make selections.”
“As soon as social worth may be measured and evaluated systematically, we will allocate sources in another way and create incentives that may change how an enterprise operates,” Chey mentioned. He described this as a “new capitalism,” saying that if capitalism incorporates social worth, it could kind a much more sustainable construction for the long run.
Chey additionally participated in a panel dialogue of the discussion board, together with College of Tokyo President Teruo Fuji and different prime leaders from the Japanese enterprise neighborhood.
The 2-day discussion board, which kicked off Friday, featured keynote speeches and discussions from prime consultants, together with College of Chicago professor Marianne Bertrand, Seoul Nationwide College professor Kim Byung-yeon and Chey Institute for Superior Research President Kim Yoo-suk.
