LG Group on Thursday said it will refuse any monetary gifts from its vendor companies. It also will urge its executives to hold smaller wedding ceremonies as a part of the company’s ethics campaign.
LG said the rules regarding the money gifts ― money that Koreans give at weddings or funerals ― will be applied to all of LG’s affiliates starting this year.
Employees also will be banned from taking presents or money from vendors for promotions.
“We have outlined these new rules and passed them around to our vendors,” LG said in a statement.
LG Group said these changes reflect Chairman Koo Bon-moo’s determination to make ethical management take root at LG, while also giving more consideration for the vendor companies.
As for the smaller weddings, this is part of a nationwide campaign being led by the local media to urge people, especially politicians, government officials and company executives, to refrain from holding large, conspicuous weddings that are more often than not costly.
The guests also feel obligated to extend larger money gifts, which critics see as unnecessary expenses.
To help the new trends settle, LG said it has banned executives from announcing their children’s wedding plans within the company.
By Kim Ji-hyun (firstname.lastname@example.org