ACRC Spreads Ethics and Compliance Management with Six Major Public Corporations

- The ACRC signed an MoU for ‘spreading ethics and compliance management and introducing certification system’ on 12th of August -

- Six public corporations will actively promote in Ethics and Compliance Management Program and participate in pilot program for certification program -

(12th Aug. 2021, ACRC)

The Anti-Corruption & Civil Rights Commission and six public corporations, including Korean Electric Power Corporation (KEPCO), rolled their sleeves up to create a transparent management environment, so that Korea can be in the top 20s on 2022 CPI.

The Anti-Corruption & Civil Rights Commission (Chairperson: Jeon Hyun-Heui, ACRC) signed an MoU for ‘spreading ethics and compliance management and introducing certification system’ with Korean Electric Power Corporation (CEO: Cheong Seung-Il), Korea District Heating Corporation (CEO: Hwang Changhwa), Korea Land and Housing Corporation (CEO: Kim Hyun-jun), Korea Expressway Corporation (CEO: Kim Jin-sook), K-water (CEO: Park Jae-Hyeon), Korea Gas Corporation (Senior Executive Vice President of Management: Seung Lee) on 12th August at the Government Complex Sejong.

Ethics and compliance management is not just about introducing relevant systems to enable companies to comply with laws and regulations and run their business in an ethical manner. It is also a way of doing business to allow effective prevention, detection and improvement of corruption risks, such as corruptive behavior and irregularities.

This MoU was signed for the introduction of Ethics and Compliance Management Program as well as Certification Program. These programs are part of the “Anti-Corruption and Integrity Innovation Initiative” that was designed and revealed on April 1st to prevent moral hazard, including real estate speculation by using undisclosed information held by public organizations.

In the future, the six public corporations will actively promote  Compliance and Ethics Program and take part in the pilot program of ‘Certificate for Ethics and Compliance Management.’

The six public corporations agreed to cooperate mutually for 1) expanding Compliance and Ethics Program; 2) preventing, detecting and improving corruption risk factors which hamper ethics and compliance management; 3) improving systems pro-actively to introduce the Act on the Prevention of Conflict of Interest of Public Officials in a stable manner; 4) establishing reporter protection system for ethics and compliance management; and 5) doing education, communication, and promotion to establish ethics and compliance management culture.

Chairperson Jeon Hyun-Heui said, “by closely working with the six public corporations, the ACRC will establish ethics and compliance management culture across public corporations.”

She added, “this MoU will serve as an opportunity to expand ethics and compliance management program and promote certification system for public corporations, so that Korea can achieve its national goal of becoming one of the top 20s in CPI in 2022.”