SK chief publishes book in jail

SK Group Chairman Chey Tae-won

By Park Si-soo

Imprisoned SK Group Chairman Chey Tae-won published a book Tuesday on how a company can help resolve social problems and how the government can support such enterprises.

Chey is serving a prison term after receiving a four-year sentence in January last year for embezzlement.

In the 229-page book titled “New Exploration, Social Enterprise,” the leader of the country’s third biggest conglomerate called for introducing a “Social Progress Credit” (SPC) program, under which companies fulfilling social objectives receive business favors from the government in compensation.

“What about giving financial incentive to companies, like mileage points given to airline passengers, when they are committed to social work?” he wrote in the book. “If SPC is introduced, more investors will invest in such companies. This will also encourage existing social enterprises to become more aggressive when it comes to social contribution.”

He added SPC will help resolve a variety of social problems without state intervention.

Chey wrote he came up with SPC while recollecting his childhood during which he received an allowance from his father in compensation for carrying out family chores.

“When I was young, my younger brother and I received 100 won from my father whenever we dusted off and polished his shoes. We were paid 200 won for cleaning the courtyard of our house, and 300 won for car washing,” he wrote. “I was happy and proud of myself because I felt I had done something productive for my family. The allowance was an extra benefit. These two benefits encouraged me to repeat the contribution again and again.”

SK said the chairman started writing the book in 2011. He finished the work in prison. SK officials said Chey’s ideas suggested through the book are in line with business philosophy of his father ㅡ the late SK Group Chairman Choi Jong-hyun ㅡ who emphasized the importance of corporate integrity and social responsibility.