Hyundai Steel practices transparent management and builds customer trust through its Compliance Program (CP) for fair trade
Hello, valued employees.
This is President Seok Kang-hyeon.
The time to wrap up the year 2024 is upon us. I would like to express my
sincere gratitude and offer words of encouragement to all employees who are diligently fulfilling their roles, despite the challenging business environment
both internally and externally.
This year, the company has carried out significant activities related to compliance management, including
inspections and training. As a result, we achieved a positive outcome of ‘AA (Excellent)’ in the “Compliance Program Evaluation” conducted by the Fair Trade
Commission.
I believe this success is a result of the correct mindset and behaviors instilled in our employees, and I take great pride in the spirit
of compliance that has stood out, even in a challenging business environment.
However, we must not become complacent with this achievement. We
must continue our efforts to become a truly trusted company for all stakeholders, including our customers.
As you all know, the steel industry is
currently navigating a long tunnel, facing challenges due to reduced investments in demand industries and the rapidly changing global landscape.
In
these challenging circumstances, we must reflect on ourselves and actively develop and produce our products and services in the right way, adopting a more
proactive mindset.
We must strengthen our capabilities by embracing fair competition.
I would like to emphasize the following three points to foster a healthy organizational culture based on ethical values, where all employees support and
encourage one another.
First, we must neither give nor follow unjust directives.
While you may be tempted to take shortcuts or engage in unethical practices to achieve business goals, please remember that such actions ultimately pose
significant risks to both the organization and individuals.
While setting challenging goals, the process must always be conducted within legal boundaries, without exception.
Second, we must all share the same mindset and work together to follow the ‘right path.’
An ethical organization cannot be built by the efforts of just one individual; it requires the collective commitment of everyone. When we all strive to move
just a little further in the right direction, our collective efforts will enable Hyundai Steel to grow into a more transparent and trusted “sustainable
company.”
Third, results achieved through violations of the law cannot be considered legitimate achievements.
Any attempts or activities that violate the law will not be recognized as achievements, and strict accountability will be enforced on the employees
involved.
I urge you to assess legal violation risks in all decision-making processes and ensure that operations are conducted in a fair and compliant manner.
Dear employees, we must embody the values of maintaining ‘right thoughts and actions’ and consistently choosing ‘ethical standards and processes’ in every
situation.
Although we expect challenging business conditions to persist in the coming year, I am confident that if we all uphold the right values and
ethical behavior, we will be able to overcome the crisis and lay the foundation for growth.
As the year comes to a close, I hope you fill the remaining days with good health and rewarding experiences.
12/13/2024
Gang-hyeon Seo, CEO and President of Hyundai Steel
In order to reflect the strong commitment of the management to ethical compliance management and to achieve daily compliance, we have established and operate an organization across the company.
Responsible for overseeing compliance control and the operation of the Fair Trade Compliance Program.
Hyundai Steel aims to be a global company that contributes to humanity’s dreams with creative thinking and a relentless dive to overcome challenges. As the practice of ethical management is the keystone of such a goal, Hyundai Steel has amended its Ethics Charter and Code of Conduct to become a reliable partner for diverse stakeholders and increase value for our customers. All members of Hyundai Steel should comply with this Ethics Charter and Code of Conduct.
This Ethics Charter and Code of Conduct applies to Hyundai Steel, including production and sales corporate bodies at home and abroad, subsidiaries, and the executives and employees of Hyundai Steel should act in accordance with this Ethics Charter and Code of Conduct when dealing with suppliers and sales/service organizations. Executives and employees who work for organizations covered under the scope of this Ethics Charter and Code of Conduct should comply with local laws and perform their duties in accordance with the Ethics Charter and Code of Conduct. Moreover, all stakeholders holding contractual relationships with Hyundai Steel, hereinafter referred to as the “Company”, should respect the content and spirit of this Ethics Charter and Code of Conduct. All persons and organizations who fall under the scope of this document shall perform their duties in accordance with the regulations, policies and rules that guide this Ethics Charter and Code of Conduct. Where this Ethics Charter and Code of Conduct, and related regulations, policies and rules contradict local laws, the local laws shall prevail. In such cases, the Company may amend this document to reflect local legal and industrial obligations, and if necessary, may specifically establish detailed policies in response.
We shall perform our duties based on clear and transparent standards, and do our utmost to fulfill our responsibilities with integrity.
We shall compete in the market fairly and conduct business ethically with parties that engage in contractual relationships with us.
We shall provide safe products, exceptional services and accurate information, and we rigorously protect personal information to increase customer value.
We shall respect our members as independent individuals, and to this end, we provide fair working conditions and safe working environments.
We shall contribute to sustainable development by fulfilling our social & environmental responsibilities as a member of society, so that diverse stakeholders may prosper together in harmony.
Monitors potential violations of fair trade regulations through a proactive review and reporting process.
Annual audits by a dedicated compliance team, with findings reported to the board at least twice a year.
Regular establishment and revision of policies such as Compliance Control Standards, Compliance Support Regulations, and Fair Trade Compliance Guidelines.
To emphasize the importance of ethics and compliance management, various training sessions are conducted that include topics such as workplace ethics, fair trade, subcontracting, and trade secrets.
Providing various ethics and compliance guides through IT systems (newsletters, fair trade compliance manuals, text message services, checklists, etc.)
Promoting a culture of ethics and compliance through the creation of ethics and compliance pledges by all employees (regular and non-regular) and various compliance campaigns
Establishing preventive measures to avoid recurrence, along with disciplinary actions and training, in accordance with internal standards.
Evaluating the effectiveness of the ethics and compliance program and reporting the results to the Board of Directors at least once a year.
Categorizing major legal violations such as fair trade, subcontracting, and prevention of unfair competition, and analyzing their likelihood and impact to reflect them in the operation of the ethics and compliance program.
Hyundai Steel operates a consultation and reporting channel for ethical issues to establish a culture of ethics and compliance management. Submitted matters can only be viewed by the submitter and the responsible personnel, and the company protects the whistleblower through confidentiality, identity protection, and liability exemption.