LS (006260) has obtained international standard certifications for anti-bribery and compliance management at the same time. By extending the scope of certification from its major affiliates to LS, the group's holding company, it is strengthening ethics and compliance management across the group.
LS said on the 1st that it received integrated certification for the anti-bribery management system (ISO 37001) and the compliance management system (ISO 37301) from the Korea Compliance Standards Institute on the 30th of last month at LS Yongsan Tower in Seoul.
ISO 37001 is an international standard that assesses whether a company has a system in place to prevent and manage bribery risks such as the acceptance of money or other improper payments. ISO 37301 assesses whether a company has built a management system that allows it to continuously comply with domestic and overseas laws and internal rules.
LS spent several months overhauling its companywide compliance framework under the leadership of Vice Chairman Myung Noh-hyun. The company drew up new anti-bribery and compliance policies and established procedures to identify and address compliance risks that may arise in the course of business. It also put internal monitoring and audit procedures in place, while providing compliance training for employees and developing internal auditors.
Major affiliates including LS Cable & System, LS Electric and INVENI (015360) had already adopted the related international standards. With the group holding company now also receiving the integrated certification, the company said it has laid the groundwork to spread the compliance management framework across its affiliates.
LS said it plans to use the management framework aligned with international standards to respond to environmental, social and governance (ESG) assessments at home and abroad, and to build trust among stakeholders such as investors and customers.
"This is external recognition that we have built a compliance management framework at the level required by the global business environment," an LS official said. "We will continue to strengthen a compliance culture that observes the law and principles."
