Taking the vow

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Taking the vow


CEOs of 55 Korean conglomerates and foreign companies operating in the country have signed an anti-corruption pledge as part of efforts to create a fair business environment in Korea at a ceremony in central Seoul on Thursday. The participants include KT, LG Electronics, Lotte Shopping, KB Kookmin Bank, NH Nonghyup Bank, Korea Exchange, Hyundai Glovis and Korea Aerospace Industries, some of which have faced employee corruption scandals in the past. The companies vowed they will reflect the principle of fair play throughout decision-making processes, ranging from contract making with domestic and overseas partners to employee management. The pledge is part of a worldwide anti-corruption project initiated by the World Bank and Siemens. UN Global Compact Korea will develop self-assessment guidelines for the participants to encourage compliance. Francois Vincke, an executive at the International Chamber of Commerce, attended the ceremony and said a company’s self-regulation is crucial if it hopes to become a global corporation. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]

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