● S-OIL is building a corporate culture of transparent management by practicing systematic compliance management.
● Its ESG management activity kicks into full gear.
S-OIL (CEO Hussain Al-Qahtani) obtained ISO 37301 compliance management system certification for the first time in the world.
ISO 37301 is an international standard for compliance management officially adopted in April this year by the International Organization for Standardization (ISO). Combining ISO standards with international agencies’ guidelines, including the rules of the International Chamber of Commerce, the OECD’s best practice guidelines for ethics and compliance, and the UN Convention against Corruption, the new standard is applicable to all organizations regardless of the type and size. There were entities that received ISO 37301 certification at the Draft International Standard (DIS) stage, but S-OIL is the first that won the certification after the official issuance of the standard.
S-OIL has put in place the Compliance Management System since the end of 2013, designating the Compliance Officer, as part of its effort to build a robust compliance system across the board. Its compliance management system has been recognized externally as a best practice and benchmarked by leading companies at home and abroad.
S-OIL has picked “integrity” as one of its core values based on the firm commitment of its top management, including CEO Hussain Al-Qahtani, and made compliance management and ethic management its top priority. To this end, the company runs systematic and advanced compliance and ethics management systems, and ensures all employees are well informed of and adhere to the company policies as well as relevant laws and regulations in their day-to-day business activities.
“Compliance management will lay the groundwork for the company’s sustainability and transparent management activity,” said Legal & Compliance HQ Head and Senior Vice President Park Sung-woo in charge of compliance management. “We’ll strive to achieve our Vision 2030 of becoming ‘the Most Competitive, Creative, and Clean Energy and Chemical Company’ by operating a compliance system that is aligned with the company’s business goals.”
S-OIL, which recently launched an environmental, social and governance (ESG) committee to fully engage in ESG management activity, is expecting its acquisition of ISO 37301 to further bolster its ESG activity.
