SOUTH KOREA. In a first for the Korean travel retail industry, Lotte Duty Free, South Korea’s leading duty free player, received Anti-Corruption Management System ISO 37001 certification for anti-corruption and ethical management.
The certification was bestowed by the International Organization for Standardization (ISO). It recognises Lotte Duty Free as a model company that meets global standards in eco-friendly and ethical management.
The certification award ceremony was held yesterday (7 December) at Lotte Duty Free headquarters in Jung-gu, Seoul, attended by Lotte Duty Free CEO Lee Kap and British Standards Association Korea (BSI KOREA) CEO Song Kyung-soo.
ISO 37001, established in 2016 by the International Organization for Standardization, is a global standard that prevents corruption and bribery risks that may occur in corporate business and stipulates that the awarded company can systematically manage them.
The International Organization for Standardization grants ISO 37001 certification through on-site audits, employee interviews, and written reviews. These focus on the establishment of an anti-corruption system, the robustness of an organisation’s internal operations to comply with laws, and practices to combat corruption.
During this process, driven by Kap Lee, Lotte Duty Free has created an in-house anti-corruption system. This designates at least one compliance officer in each of the company HQ’s 35 teams plus at least one person in charge of compliance at domestic branches to ensure continuous monitoring.
Lotte Duty Free said that it is creating a corporate culture of integrity by providing compliance education so that all executives and employees can empathise with and implement the company’s anti-corruption policy for ethical management. They are also encouraged to identify and evaluate possible corruption in the organisation.
Lee Kap said, “This ISO 37001 certification is even more meaningful as the result of Lotte Duty Free’s efforts to become a company that customers and stakeholders can trust. Together, we will create an ethical and transparent business environment.”
The latest certification follows other official recognition of the retailer’s Environmental, Social, and Corporate Governance policies.
In December 2019 Duty Free received an A grade for the first time in the Korean duty free industry in the CP rating evaluation of the Fair Trade Compliance Program (CP).
In March last year, the retailer created an ‘ESG Value Pursuit Committee’ to ensure sustainable growth in all business areas. It subsequently introduced photovoltaic power generation (solar powered) to its Incheon Yeongjong-do Integrated Logistics Centre, while the ‘LDF Starups’ social contribution project was stepped up to foster young businesses.
“In order to fulfil our ESG management vision of being ‘the most trusted travel partner’, we are continuing various activities in this area,” Lotte Duty Free said.
