Woori Bank Mulls 'One-Strike' Policy for Transparency | Be Korea-savvy

Woori Bank Mulls ‘One-Strike’ Policy for Transparency

(image: Yonhap)

(image: Yonhap)

SEOUL, Nov. 27 (Korea Bizwire)Woori Bank, South Korea’s fourth-biggest lender by assets, said Sunday it is considering adopting a “one-strike” policy to prevent corruption.

The bank came up with 100 things to be overhauled or improved after discussions with 100 representing employees on Tuesday and Wednesday, Woori Bank said in a statement.

Among the proposed innovation ideas, Woori Bank underlined a one-strike principle, in which there is zero tolerance toward employees and executives involved in embezzlement, bribe-taking and other corruption activities.

The bank is also considering adopting an “absolute evaluation” system based on annual performances for all workers, not the existing “relative evaluation” system that is conducted twice a year. It also plans to increase the ratio of the underprivileged to 3 percent of its workforce from the current 1 percent, the statement said.

Woori Bank said it will hold a hearing next month to finalize the proposed innovation ideas.

In the January-September period, the bank posted a net profit of 1.392 trillion won (US$1.3 billion), up 25 percent from 1.117 trillion won a year earlier.


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