SK Group chairman Chey Tae-won said he will establish “Global Action Hub,” a private, international network of social enterprises, as part of his efforts to reinvigorate those companies.

The business tycoon revealed the plan during his speech at the Rio Plus 20 Corporate Sustainability Forum in Brazil on Monday.

The establishment is aimed at enabling social enterprises to become self-sustainable.

“Social enterprise is the most efficient model for conglomerates like SK to support social values,” Chey said.

SK Group said on Tuesday that it has already sealed a co-investment partnership with the United Nations Global Compact, the United Nations’ strategic policy initiative for businesses.

Chey also met with president Judith Rodin of the Rockefeller Foundation, the world’s largest charity organization, to discuss a partnership regarding investment in social enterprise on Sunday.

The chairman also had separate meetings with Otavio Azevedo, the CEO of Brazilian conglomerate Andrade Gutierrez Group, and with Fu Chengyu, the chairman of China Petrochemical Corp. on Monday.

By Chung Joo-won (joowonc@heraldcorp.com)