Financial Crime World

Korea’s MEMC Korea Emphasizes Regulatory Compliance Training for Employees

Ethical Management at MEMC Korea

MEMC Korea, part of the GlobalWafers group, has underscored the importance of regulatory compliance training for its employees. The company aims to become a trusted partner in the industry by adhering to the highest ethical standards.

Commitment to Ethics and Compliance

MEMC Korea’s commitment to ethics and compliance management is reflected in its Code of Business Conduct (COBD), a comprehensive guide that outlines principles for decision-making on ethics and legal compliance. The COBD consists of 28 items, covering various aspects of business operations, including:

  • Labor laws
  • Fair trade practices
  • Anti-corruption measures

Responsible Business Alliance Code

MEMC Korea has also adopted the Responsible Business Alliance (RBA) Code of Conduct, which outlines standards for managing corporate social responsibilities in the global supply chain. The code covers five key areas:

  • Labor
  • Ethics
  • Management system
  • Environment
  • Health and safety

Key Prohibited Acts

The company has designated seven core codes of practice that executives and employees must observe at all times, including:

  • Disrupting a healthy working atmosphere
  • Manipulating documents and factors
  • Using company assets for personal use
  • Unauthorized leakage of company data or information without prior approval
  • Requesting, suggesting, or receiving compensation from interested parties
  • Using internal information for personal gain
  • Engaging in acts that conflict with company interests

Cyber Audit Office

MEMC Korea has established a Cyber Audit Office to handle reports of unethical behavior and ensure transparency throughout its operations. The office can be reached through various channels:

  • Website
  • Phone
  • Fax
  • Email

Reporting Obligations and Protection of Informants

Employees and external stakeholders are encouraged to report any instances of unethical or illegal conduct. Reports will be handled confidentially, and the identity of the informant will be safeguarded in accordance with the Informant Protection Regulations.

In addition, executives and employees who self-report their own unethical acts may be exempt from punishment and disciplinary action, and may even receive rewards and bonus points in personnel evaluations.

Conclusion

MEMC Korea’s commitment to regulatory compliance training and ethics management is a significant step towards becoming a trusted partner in the industry. By fostering a culture of transparency and integrity, the company aims to create a healthy organizational culture that benefits both its employees and external stakeholders.