Integrity Report 2018
Korea Electric Power Corporation (KEPCO)
The Korea Electric Power Corporation (KEPCO) was ranked 1st in Transparency International-Korea’s 2016 report on “Transparency in Corporate Reporting”, scoring high percentages in Anti-Corruption Programmes (ACP), Organisational Transparency (OT), and Country by Country (CBC) criteria. While most of the companies surveyed scored relatively well in the first two selections, KEPCO was one of two firms that scored the highest percentage in the CBC criterion. The importance that the CBC criterion holds is that it assesses how well, or poorly, the firm discloses financial accounts for its foreign subsidiaries or affiliate firms. It is, for this reason, TI-Korea has decided to feature KEPCO in this month’s “Integrity Report” due to its dedication to transparency and social responsibility that goes beyond not only saying it but putting it into practise.
As part of its mandate towards social responsibility, KEPCO aims to develop as a global energy company through a shared growth relationship with vulnerable groups, the community and the international society. This focus on forming strong stakeholder relations has been an impetus for the releasing of financial information, which in turn has positioned KEPCO as a global energy company that has in its portfolio several domestic power generation companies, ten group companies, as well as overseas investment companies and thirty overseas subsidiaries. This growth has caused KEPCO to obtain #1 ranking for the third consecutive year in the “Business Environment Survey” by the World Bank, in addition to receiving 1st place in the World Electric Utility category of the “2016 Forbes Global 2000”. These accolades serve as a testament to their continuous endeavours towards growth as a leading global player through continuous innovation and technological advancement.
For the rest of the coming year, the corporation’s CSR and compliance programmes aim to mirror the present government’s strong commitment to eradicating malpractice through the Reformative Action for Anti-Corruption and Implementation of Integrity Society. Externally, they would emphasise corporate responsibility towards public goods and guidelines for public service while in-house, they would foster responsible management and a company culture of trust and respect. Furthermore, to pre-empt risk, the corporation plans to execute regular monitoring of the performance audit pool, as well as encourage autonomous inspection by each department, and implement a responsible management system in the development of major business plans and policies.
Simultaneously, on behalf of public corporations, KEPCO will represent and actively participate in integrity policies initiated by the government and enact an eco-system of ethical management and integrity via a win-win policy with the community and suppliers. Moreover, the firm will reinforce their pre-control system through the continuous management of the vulnerable factors to prevent the occurrence of corrupt practices, practise proper time management, apply more stringent measures regarding their punishment criteria, and enhance the effectiveness of disciplinary action which will ensure compliance with the narrow disciplines of public officials.
Lastly, as their CSR activities progress, the corporation plans to carry out various programmes such as: supporting solar energy plant facilities in farming and fishing villages, providing electricity subsidies for low income households which are related to the Energy-Welfare Policy for vulnerable groups as well as the Lost Child Prevention campaign, scholarship support, eyesight recovery operation, and the Multi-cultural Family’s Homeland Visit programme. These ventures are related to voluntary community programmes for minority groups in the society. Additionally, they plan to deliver their CSR activities worldwide, with programmes such as dispatching overseas volunteers and providing eyesight recovery operation to those who are in danger of eyesight loss overseas.
In closing, KEPCO has a strong focus on maintaining and improving its high standards towards corporate social responsibility and compliance, in addition to growing together with their stakeholders. This firm’s dynamic nature will continue to ensure its continued success both domestically and abroad.