Compliance Management System
LG Chem’s compliance management system is managed by the Compliance Officer appointed by the BOD. Evaluation on the efficiency of the compliance management system is reported to the BOD annually. To support the Compliance Officer, the Compliance Team has been established under the Legal Department.
LG Chem obtained international certifications for compliance management systems (ISO 37301) and anti-bribery management systems (ISO 37001) from Lloyd's Register’s Quality Assurance (LRQA) in September 2023. By obtaining certifications, we have confirmed, once again, that we are operating strengthened compliance and anti-corruption programs in accordance with global standards.
Prevention of Compliance Risk
LG Chem seeks to minimize risks and fulfill corporate social responsibilities by establishing a compliance culture. Therefore, we strive not only to comply with global standards, but also to manage the compliance of overseas subsidiaries.
In particular, we constantly research and analyze domestic and foreign regulatory trends. Moreover, we conduct compliance monitoring on domestic and overseas business sites through risk evaluation with checklists to ensure the effectiveness of the compliance management system. In addition, when carrying out business activities with risks, the tasks must be discussed in advance with the Legal Department.
In particular, we constantly research and analyze domestic and foreign regulatory trends. Moreover, we conduct compliance monitoring on domestic and overseas business sites through risk evaluation with checklists to ensure the effectiveness of the compliance management system. In addition, when carrying out business activities with risks, the tasks must be discussed in advance with the Legal Department.
Corruption Risk Management
LG Chem does not tolerate any form of corruption or bribery. Our principles in this regard are firm, and LG Chem manages corruption risks by establishing an anti-corruption management system to protect customers’ trust in integrity and honesty.
LG Chem has established and implemented principles, regulations, practice guidelines, and checklists for anti-corruption. All employees are required to complete mandatory anti-corruption training as well as make anti-corruption pledges every year. In addition, LG Chem has established pre and post control procedures including anti-corruption inspection system to manage corruption risks of its internal organizations and business partners. Corruption risk management is designated as an important compliance control activity, and measures are continuously taken to identify and evaluate risks and prevent such risks from occurring.
