Business ethics improved

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2006-03-10 16:45

Seoul--(뉴스와이어)--According to a survey by the Ministry of Commerce, Industry and Energy (MOCIE), business ethics in Korea greatly improved in the public and private sectors in 2005, boosted by the government's efforts to encourage more transparent corporate management.

Forty-six public companies and 220 private businesses took part in the survey.

The survey found that business ethics at the public and private sectors improved by 14.7% and by 8% respectively, in 2005 from the previous year. In terms of the Korean Business Ethics Index, public corporations scored 7.86 points out of 10 points, up from 6.86 points in 2004, while private businesses got 6.65 points, up from 6.15 points.

State-owned corporations received better marks in the 2005 figures than the year before, in such categories as relationship with business partners (up 30.5%), corporate governance (up 13.6%) and CEOs (up 8.8%); while private businesses did better in contribution to communities (up 21.86%), CEOs (up 18.47%), and corporate governance (up 13.32%).

Companies which scored the highest in the survey included Korea East-West Power Co., Hyundai Oilbank, Woori Bank, and POSCO Engineering & Construction Co.

The survey has been conducted on a yearly basis since 2003 as a way to promote business ethics among companies nationwide.

웹사이트: http://www.mocie.go.kr

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