KEPCO to Operate Fair Trade Compliance Program Starting Year-End

Declaration of Introduction of Fair Trade Compliance Program (CP)
Electricity Bill Dispute System Specified in Standard Terms
Amendment of Detailed Rules by Year-End to Allow Installment Payment of Facility Charges
Inclusion of Subcontractor Expenses in Contract Amount Adjustment Targets

Kim Jong-gap, President of Korea Electric Power Corporation, attending the '2nd Ethics and Compliance Committee Meeting of 2020'. (Photo by Korea Electric Power Corporation)

[Asia Economy Reporter Moon Chaeseok] Korea Electric Power Corporation (KEPCO) has announced the introduction of a compliance program (CP) specialized for KEPCO in fair trade.

On the 3rd, KEPCO held the '2020 2nd Ethics and Compliance Committee' meeting to report this year's fair trade model promotion plan and achievements, and declared the introduction of the CP. The CP is an internal compliance system led by the Fair Trade Commission.

According to KEPCO, under the will of President Kim Jong-gap this year, a task force (TF) was formed to inspect unfair elements across all operations and to derive improvement tasks for the entire company, promoting a model transaction system.

The core of the model transaction system is to further strengthen the protection of customer rights and to ease the burden on partner companies, forming an equal relationship with contracting parties.

KEPCO selected a total of 45 tasks across three areas and has currently implemented 15 tasks. The remaining 30 tasks are planned to be completed by the end of the year.

A representative example is the inclusion of an electricity bill objection system in the basic supply terms and conditions. The enforcement rules of the basic supply terms and conditions will be revised by the end of the year to allow installment payments when additional facility charges are billed.

Additionally, the general conditions of construction contracts were revised to include subcontractor expenses in the contract amount adjustment targets, ensuring reimbursement of legitimate costs incurred by subcontractors.

Meanwhile, KEPCO declared the introduction of a KEPCO-specialized CP to establish a continuous and autonomous fair trade compliance system. The CP is a system designed to prevent illegal acts and enhance fairness and transparency throughout transactions.

KEPCO expressed its commitment to CP introduction and autonomous compliance through the Fair Trade Compliance Practice Declaration. Full-scale operation is scheduled to begin at the end of this year.

Kim Jong-gap, President of KEPCO, emphasized, "Compliance, ethics, and fair trade are fundamental prerequisites for sustainable development," adding, "We will continuously strive to realize social value through mutual growth with customers, local communities, and partner companies."

This content was produced with the assistance of AI translation services.