LG Display has earned the global compliance management system certification (ISO 37301) for the first time in the display industry.
While it’s no surprise that LG Display – a company known for its dedicated ESG efforts – has been recognized for its exceptional management standards, let’s dive deep into the backstory of how the company came to obtain this world-renowned certificate!
What is ISO 37301?
The ISO 37301 is a set of global standards for compliance management systems (CMS) that was developed and implemented by the International Organization for Standardization (ISO) back in April, 2021. The certification signifies that a company has a proper system to protect its organization and employees from potential risk factors through legal compliance and ethical management practices.
Since being developed, ISO 37301 has been adopted by numerous companies around the world to verify corporate credibility.
A breakthrough achievement in the industry
Having been operating based on its very own compliance management system for more than a decade, LG Display was able to obtain ISO 37301 certification. It’s by closely working with more than 30 departments to polish and refine its standards to ultimately obtain the certificate of registration after passing a document and field review conducted by the BSI (British Standard Institution). LG Display was able to obtain the certification for its entire portfolio of company complexes – from Magok, Paju, and Gumi.
The company received particularly high evaluation marks in the areas of: (I) executive commitment to operating and improving compliance management systems, (II) systematic communication to enhance compliance culture, (III) compliance and expertise, and (IV) compliance with fair trade regulations.
Paving the pathway for ESG management
LG Display has been committed in its efforts to obtain the ISO 37301. By regularly checking compliance risks and establishing a ‘compliance portal,’ an effective system to integrate and operate compliance management systems across its operations. LG Display has additionally conducted compliance training and self-compliance checks for all employees (both local and global), promoting company compliance activities through CEO messages and newsletters.
The company also aims to strengthen its position in the global business ecosystem by regularly monitoring its local and global regulations and taking proactive action against labor issues.
LG Display strives to even further expand its compliance risk management infrastructure then establish local and global compliance system.
Stay tuned for the company’s many more endeavors to come – and watch us as we take our next steps in operating a more fair and transparent company!