LG Innotek Receives 'Anti-Corruption Excellence Award'

Selected as an 'Anti-Corruption Excellence Company' at the 2022 BIS Summit

LG Innotek CEO Jeong Cheol-dong

[Asia Economy Reporter Park Sun-mi] LG Innotek announced on the 25th that it received the ‘Anti-Corruption Excellence Award’ at the ‘2022 Business Integrity Society (BIS) Summit’ hosted by the UN Global Compact (UNGC) Korea Network and the Korea Socially Responsible Investment Forum.

BIS is a global anti-corruption project promoted by the World Bank and Siemens Integrity Initiative. It encourages capacity building and joint efforts to prevent corporate corruption and undertakes activities to create a related policy environment.

At the event, LG Innotek was recognized for its proactive transparent management activities and achievements, earning the title of ‘Anti-Corruption Excellent Company.’ The excellent companies are selected by analyzing the ESG (Environmental, Social, and Governance) performance and corruption risks over five years for about 280 UNGC member companies, evaluating whether anti-corruption activities have been embedded throughout management to practice compliance management.

LG Innotek has been striving to prevent corruption and enhance management transparency with the goal of achieving global-level ESG leadership. Last year, it established an independent internal audit department within the Audit Committee to strengthen the independence of the Audit Committee, and also created an internal transaction committee within the board to increase transparency in transactions among affiliates. Recently, a female outside director was newly appointed to strengthen the diversity of the board.

Additionally, based on ‘Jeongdo Management’ (Integrity Management), LG Innotek internalizes compliance spirit in fair trade, information security, tax policy, and conducts annual compliance inspections to focus on preventing risks in advance.

Along with this, LG Innotek has an integrity management organization directly under the CEO, systematically promoting monitoring to prevent corruption, employee education, and risk management. In the areas of fair trade, information protection, and tax policy, it continues employee education and inspection activities through specialized departments.

Kim Jong-ho, head of ESG, said, “We are pleased that LG Innotek’s efforts for fair and transparent management have been recognized through this award,” adding, “We will enhance customer value through balanced ESG management in governance (G), as well as environmental (E) and social (S) aspects.”

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