S-Oil Obtains International Certification for Compliance Management System

Sungwoo Park, Head of Legal and Compliance at S-Oil (left in the photo), and Eunju Hwang, President of the Korea Management Certification Institute, are posing for a commemorative photo after the ISO37301 certification award ceremony on the 17th. Photo by S-Oil

[Asia Economy Reporter Choi Dae-yeol] S-OIL announced on the 18th that it has received ISO 37301 certification, the international standard for compliance management systems. This certification is an international standard for compliance management systems officially adopted by the International Organization for Standardization last month, and S-OIL is said to be the first in the world to receive it.

This standard combines guidelines from international organizations such as the International Chamber of Commerce (ICC) rules for anti-corruption, the OECD Guidelines for Multinational Enterprises on ethics and compliance, the UN Convention against Corruption, and ISO standards, making it applicable across all industries regardless of scale. Although some entities received certification during the international standard review phase, this is the first time certification has been obtained after official publication.

S-OIL introduced the Compliance Officer system at the end of 2013 and established a company-wide compliance system. Based on the commitment of management, including CEO Hussein Al-Qahtani, the company has designated ‘Integrity’ as one of its core values, prioritizing compliance and ethical management, according to the company. Park Sung-woo, Head of Legal and Compliance Division, stated, "We will operate a compliance system aligned with the company's business goals to achieve ‘Vision 2030’ as an eco-friendly energy chemical company with the highest competitiveness and creativity."