LG Electronics Obtains International Standard Certification for Compliance Management System
Obtained 'ISO37301' Certification from BSI
All Domestic Sites Established Compliance Management System in 11 Areas Including Governance and Fair Trade
[Asia Economy Reporter Han Yeju] LG Electronics announced on the 20th that it has obtained the 'ISO37301' certification for its compliance management system from the global certification body BSI.
ISO37301 is an international standard established by ISO (International Organization for Standardization) in April last year to evaluate whether compliance management policies and risk management systems, key items of governance in ESG, meet global standards.
LG Electronics was recognized for having a compliance management system covering 11 areas at all its domestic business sites, including corporate governance, fair trade, anti-corruption, labor and personnel, product liability, safety and health, environment and energy, information security and privacy, capital market law, export regulations, and intellectual property rights.
LG Electronics particularly demonstrated the consistency and expertise of compliance management, the cornerstone of ESG management. This is the result of LG Electronics proactively responding since 2008 by establishing a dedicated compliance risk team, the 'Compliance Team' (currently Compliance Office).
Additionally, LG Electronics has advanced its compliance management system in line with global laws, regulations, and standards, expanded and reorganized its dedicated team, and further strengthened expertise by subdividing functions.
Currently, the headquarters, each business division, and overseas subsidiaries operate their own 'Compliance Committees.' These committees analyze trends in laws, regulations, and standards by country and discuss risk improvement measures.
Furthermore, LG Electronics makes efforts to internalize compliance management by conducting differentiated compliance training annually for employees by rank and job function.
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Seungcheol Lee, Executive Director of LG Electronics Compliance Office, said, "The cornerstone of corporate ESG management is compliance management," adding, "We will continue to practice compliance management throughout all corporate activities."
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