S-Oil said Tuesday that it received the world‘s first compliance management system certification from the International Organization for Standardization.

The ISO 37301 is an international standard for compliance management officially adopted by the international rule-setting body last month. The new standard combines ISO standards with international agencies’ guidelines, including those from the International Chamber of Commerce, the OECD’s best practice guidelines for ethics and compliance and the UN Convention against Corruption.

“There were those who received the ISO 37301 certification at the draft stage, but S-Oil is the first to win the certification after the official issuance of the standard,” a company official said.

Since 2013, S-Oil has operated its own compliance management system and designated a compliance officer, putting “integrity” as its core philosophy.

By Kim Byung-wook (kbw@heraldcorp.com)