November 26, 2024

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Kim Myung-ho (left), head of the legal department at Posco Future M; and Luis Cunha, APAC & MEA Certification Head at Lloyd's Register Quality Assurance, the ISO 37301 awarding body, pose for a photo with the certification plaque at a ceremony at Posco Future M's Seoul office on Tuesday. (Posco Future M)

South Korean chemical and battery materials manufacturer Posco Future M announced on Tuesday that it has obtained the ISO 37301 certification, a global standard for compliance management systems, potentially reinforcing the company’s global credibility as a supplier of battery materials.

It is the first company in the domestic battery materials sector to achieve this certification, which could give it a strategic advantage amid its recent expansions and partnerships with international battery producers and automobile manufacturers.

“As ESG (environmental, social and corporate governance) considerations become central, our commitment to compliance reinforces our leadership in battery materials innovation and responsible practices,” said Kim Myung-ho, head of the legal department at Posco Future M.

The ISO 37301 replaces the ISO 19600, which only served as a guidance tool. The ISO 37301 is a certifiable standard specifying the requirements for a comprehensive compliance management system.

The certification tests an organization's effort to align with laws, industry norms and internal standards. When awarded, it implies a third-party assessment has confirmed an entity's adherence to these benchmarks.

For Posco Future M, compliance could include aligning with laws concerning the chemical and battery materials sectors, such as regulations on chemical handling, waste management and product safety.

Since 2006, the company has consistently carried out compliance-related programs. It has maintained standards through its own compliance program, regularly executing companywide internal controls and risk assessments. In 2019, it appointed a designated compliance officer.

Posco Future M also organizes monthly compliance workshops for its employees, ensuring they are informed about recent legal and policy updates.

By Moon Joon-hyun  (mjh@heraldcorp.com)