SK Group Chair Chey Tae-won on Friday urged the adoption of a “new capitalism” model that evaluates not only financial performance but also the social value created by companies in tackling global challenges such as climate change, inequality and demographic shifts.
Speaking at the Tokyo Forum 2025, a two-day event jointly hosted by the Chey Institute for Advanced Studies and the University of Tokyo, Chey said the shortcomings of traditional capitalism have become more pronounced as societies confront increasingly complex problems.
“The traditional capitalist model places overwhelming focus on financial outcomes, with almost no rewards or incentives for generating social value,” Chey said. He defined social value as contributions that help solve societal problems and improve the well-being of stakeholders.
“If we can measure and evaluate social value in a structured way, we can allocate resources differently and create incentives that drive change,” he said.
Chey described this as the foundation of what he calls “new capitalism,” a framework in which financial and social values are pursued simultaneously to build a more sustainable future. He also highlighted artificial intelligence as a critical tool for quantifying social impact in a systematic and scalable way.
To illustrate how metrics can reshape decision-making, Chey cited SK Group’s own efforts to measure social outcomes. The conglomerate evaluates subsidiaries on indicators such as job creation, tax contributions, environmental impact and community engagement, integrating these elements into management assessments.
“Corporate KPIs can no longer be confined to financial value,” Chey said. “The objective now is to ensure we do not diminish social value, and ideally, increase it every year.”
Chey also took part in the forum’s Business Leaders session, where he discussed “collaborative capitalism” — a model in which companies, governments and civil society jointly address social challenges. He was joined by University of Tokyo President Teruo Fujii, Japan Association of Corporate Executives acting chief Mutsuo Iwai, and Newberry Global Chair Lee Han-joo. The panel also explored how AI can support practical solutions to these challenges.
The Tokyo Forum, launched in 2019, brings together global scholars, policymakers and business leaders. This year’s theme was “Rethinking Capitalism: Varieties, Contradictions and Futures.”
