KEPCO Adopts Yellow Card System to Promote Ethical Management
April 20, 2003 8:17am
The Korea Electric Power Corp. (KEPCO) is seeking to shore up its corporate value and profits by implementing good business ethics in every aspect of its operations.
KEPCO chairman Kang Dong-suk on Tuesday urged employees to abide by the company's corporate ethics management program.
``We will publicize the employees that are found to have been involved in irrationalities and humiliate them,' Kang said.
In a message to KEPCO executives, Kang said the company will adopt a yellow card system, where the company makes public the names of employees involved in practices that tarnish its image.
``I will wage a campaign to root out any types of corruption in the company. From now on, any employee that accepts whatever types of bribes, regardless of the amount of the money, whether it is a 10 million won or 30,000 won, will be sanctioned. There is no difference in the amount. Employees are not supposed to pocket money,' Kang said.
``I will severely punish the people caught for such irregularities and dismiss those in the worst cases,' he added.
KEPCO is strengthening its business ethics after the electricity utility firm received a low mark in a recent incorruptibility rating announced by the Korea Independent Commission Against Corruption. The company ranked third from last among the 71 public companies surveyed.
It has installed an Internet hotline where company employees can report unethical practices to the CEO.
KEPCO has installed an ethical corporate management committee.
It believes business ethics is not confined only to fighting corruption but also promoting the rights of all stakeholders, including consumers, investors, creditors, employees, suppliers and the local government.
The company also seeks to improve its ethical management program by using an ethically exemplary company as a benchmark, while providing incentives to business divisions that keep to the company's business ethics program. |
