Following the launch of the corporate compliance monitoring committee, Samsung Electronics concluded an enterprise-wide law-abiding pledge to enforce its law-abiding management will.
Samsung Electronics Vice Chairman Kim Ki-nam, Samsung Electronics CEO Kim Hyun-suk and Samsung Electronics CEO Koh Dong-jin held a ceremony to pledge compliance at Samsung Digital City in Suwon, Gyeonggi Province on Jan. 13 and signed the pledge themselves.
The company plans to follow all domestic and international laws and company regulations through a pledge of compliance, and to take the initiative in establishing a culture of compliance within the company without condoning or ignoring any illegal acts.
Samsung Electronics said it has signed the pledge to help all staff "follow laws and principles" and create such an organizational culture.
In addition to Samsung Electronics, Samsung Electro-Mechanics, Samsung SDS and Samsung C&T also held a pledge ceremony for each company. In the future, Samsung SDI, Samsung Life Insurance and Samsung Fire & Marine Insurance will also join the pledge sequentially.
The independent outside watchdog Samsung Compliance Monitoring Committee, which was launched on Jan. 9 by former Supreme Court justice Kim Ji-hyung, will begin full-scale activities from next month.
Samsung Electronics and seven other affiliates plan to sign an agreement on the establishment and operation of the compliance watchdog after a board meeting this month.
The seven affiliates that have signed the agreement will be supervised by the compliance watchdog to ensure that compliance monitoring and control work can be carried out effectively.
The law-abiding committee will present its opinions to the board of directors of each company by identifying the risks of violation of the law obligations by the top management, and by reviewing issues of high risk of violation of the compliance obligations, such as spending to support external bodies and internal transactions.