SK Ecoplant earns AA grade for FTC's voluntary compliance program

South Korea's construction engineering company SK Ecoplant Co., Ltd. is accelerating its environmental, social, and governance (ESG) management efforts, including being selected as an excellent company in recognition of its contribution to strengthening internal compliance management.

The company said on Wednesday that it has secured the AA grade in the 2022 compliance program evaluation organized by the Fair Trade Commission.

The program is an internal compliance system that companies independently introduce and operate to comply with fair trading rules and regulations introduced by the regulator back in 2001.

The commission evaluates companies every year and provides differential incentives according to the operational status and performance of those that have introduced the scheme.

SK Ecoplant introduced the program in 2008 to put compliance management into practice, the core value of ESG management.

Last year, the company expanded the compliance organization by transferring all the tasks including overseas compliance programs, ethical management, and win-win cooperation to the Voluntary Compliance Bureau.

In addition, it established clear compliance program operational standards and procedures, strengthened the internal monitoring system to check breaches of laws through examination before and after the fact, and makes quarterly reports on performances and future plans to the board of directors.

"It is more meaningful that our fair trade compliance program has been recognized by the Fair Trade Commission itself for the systematic operation of the program since 2008," SK Ecoplant CEO Park Kyung-il said.

Write to Jong-Pil Park at jp@hankyung.com