SK Group headquarters in central Seoul (SK Supex Council)

SK Group, the country’s second-largest conglomerate in terms of assets, will hold its biannual business management strategy meeting June 28-29 to comprehensively review the group’s plans and renew commitment to "go back to basics," according to industry sources Wednesday.

SK Group Chairman Chey Tae-won and other members of the founding family, including SK Innovation Vice Chairman Chey Jae-won and SK Supex Council Chairman Chey Chang-won are expected to join the meeting, along with other heads of SK companies.

The SK CEOs will renew their commitment to Sunkyong Management System or SKMS, which is the group's business philosophy and strategy developed throughout the mid-1970s and finalized in March 1979.

At the core of SKMS is talent management, as the late former chairman Chey Jong-hyun recognized the importance of personnel management and using the right talents to gain a competitive edge against Western rivals, according to SK.

"In the business management strategy meeting, the chiefs discuss the overall strategy and direction of the group, and specific decisions are not made there. Each affiliate chief would discuss the overall direction of the group with their respective boards and make their decisions there," an SK official said.