Defining Roles and Responsibilities of Executives and Employees... Korea National Oil Corporation Senior Anti-Corruption Task Force Promotes Establishment of 'Internal Control Regulations'

The "High-Level Anti-Corruption Promotion Council" is holding a meeting to discuss the establishment of the "Korea National Oil Corporation Internal Control Regulations."

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Korea National Oil Corporation (KNOC) is creating its own regulations to address 'anti-corruption.' The aim is to clearly define the rules that members must follow to prevent inadvertent violations in advance.

On the 26th, KNOC held a meeting of the 'Senior Executive Anti-Corruption Promotion Council' at its Ulsan headquarters to discuss the establishment of the 'Korea National Oil Corporation Internal Control Regulations.'

The 'Senior Executive Anti-Corruption Promotion Council' is the general body that deliberates and decides on major anti-corruption policies. At this meeting, measures to ensure the effectiveness of internal controls within the organization were discussed.

The council consists of 11 senior executives, including the president, standing audit committee members, division heads, and heads of departments responsible for integrity and ethics policies. The council decided to promote the establishment of the 'Korea National Oil Corporation Internal Control Regulations' to secure efficient internal control at the organizational level.

The 'Internal Control Regulations' clearly define the roles and responsibilities of executives and each department to strengthen the corporation's internal control standards.

President Kim Dong-seop emphasized the necessity of establishing these regulations, stating, "With the enforcement of the 'Serious Accident Punishment Act' and the 'Conflict of Interest Prevention Act,' and the strengthening of sanctions due to negligence in internal control, it is essential to establish company-wide internal control principles."

President Kim added, "As an internal control principle, rather than supervision and monitoring by the internal audit body, all executives and employees will autonomously recognize vulnerabilities in internal control and devise alternatives, thereby implementing a proactive responsibility culture and supporting the internal control activities of the internal audit body."

Standing Audit Committee Member Choi Hyung-ju said, "It is meaningful that we have established principles where management, including the president, designs and operates internal controls, and the standing audit committee evaluates their appropriateness from an independent perspective, thereby laying the foundation for an advanced internal control system."

KNOC plans to finalize the 'Internal Control Regulations' through a resolution of the Audit Committee in the future.

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