"In order for South Korea to advance to a more matured society, businessmen should first practice high levels of standards," the KCCI said. "The KCCI should lead with business ethics to gain the trust of the people.

The remarks came amid public discontent over conglomerates and their chiefs who are suspected of wrongdoings very similar to those of Samsung Group's de facto heir Lee Jae-yong, who is under arrest for alleged bribery.

The Federation of Korean Industries, another lobby for large conglomerates, has come under fire for arranging deals in which Samsung and a slew of other leading conglomerates donated to foundations controlled by Choi Soon-sil, a personal friend of President Park Geun-hye, in exchange for various corporate favors.

The KCCI also noted the importance of a draconian anti-graft law adopted last year that bans public servants, educators and journalists from receiving free meals valued over 30,000 won ($26.20), gifts worth more than 50,000 won and congratulatory or condolence money of more than 100,000 won.

Public officials -- including educators and journalists -- are also barred from receiving any financial or other advantage in connection to their duties, regardless of whether such an offer is given in exchange for favors.

Violators face a maximum sentence of three years in jail and a fine of up to 30 million won. The anti-corruption law, which aims to root out corruption and irregularities existing in South Korean society, affects some 4 million people.

The KCCI announced a set of 17 rules that its members should follow, including ethical guidance for the nation and society, as well as six specialized rules to follow for the anti-graft law.

"The six rules to follow are the result of KCCI Chairman Park Yong-maan's belief that a high level of ethics and law can only lead to a matured society," said Lee Dong-keun, a KCCI official. "A set of rules were adopted by KCCI members in the Seoul region and will be extended to the national level." (Yonhap)