Global Dispute Response Complete Compliance Monitoring Establishment
[투데이에너지 조대인 기자] SK Innovation’s board of directors (Chairman Kim Jong-hoon) has recently taken steps to clear the board-level position in relation to the final decision of the US ITC.
The board of directors of SK Innovation held an expanded audit committee on the afternoon of the 10th, attended by all outside directors to review this issue in depth.
At this meeting, outside directors received reports from the executives in charge regarding the final decision of the US ITC and gave review opinions.
This is because the board of directors of SK Innovation, which has the authority to make final decisions on major management issues, has begun to come up with fundamental supplementary measures to prevent the recurrence of similar situations.
In a U.S. ITC lawsuit against LG Energy Solutions, SK Innovation was banned from imports without even arguing about the infringement of trade secrets due to the deletion of documents.
On this day, the Audit Committee strongly rebuked SK Innovation for its inadequate handling of US judicial procedures due to lack of experience in global disputes.
Next, he ordered to reorganize the global lawsuit response system internally as a teacher for this work, and to appoint an external global expert to establish a two- and three-fold compliance monitoring system.
Accordingly, SK Innovation decided to proceed with the process of appointing external experts in the field of global compliance in the United States in order to improve the compliance monitoring system as soon as possible.
SK Innovation’s Board of Directors Chief Audit Committee Woo-Seok Choi said, “It is very unfortunate that we lost because we did not have an opportunity to defend against the infringement of trade secrets, which is the essence of the lawsuit, and that we did not respond to US judicial proceedings.” It is very urgent and critical to strengthen the compliance system beyond global standards at the time of expansion.”
On that day, the Audit Committee received a report on the progress of negotiations so far, such as SK Innovation’s newly proposed negotiation conditions and LG Energy Solutions’ reaction to them. Although it will be reviewed, in fact, SK Innovation has no meaning to continue its battery business in the United States, or it will be unacceptable for the requirements of a level that significantly lowers its business competitiveness.”
In addition, the board of directors of SK Innovation decided to visit sites such as Daedeok Battery Research Institute as soon as possible, as it determined that additional review on major issues was necessary to organize the position and prepare fundamental improvement measures for the U.S. ITC litigation-related response.
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