Ethical Management
- Sustainability
- Governance
- Ethical Management
Hyosung Heavy Industries has enacted the "Code of Ethics" for transparent business practices that uphold integrity, and it provides all employees with guidelines for
making ethical decisions. Through ongoing efforts, we will establish an ethical corporate culture and become a global corporate citizen who
continues to fulfill its social roles and responsibilities.
Ethical Management
- Compliance with Laws and Regulations
- Customer-respecting Management
- Shareholder-oriented Management
- Employee-respecting Management
- Employees' Ethical Management
- Suppliers' Shared Growth Management
- Social Responsibility Management
Ethical management reinforcement process
Code of Ethics
and guidelines for practice
- Ethical management practice system
- Organizational structure
- Communication
network operation
- Ethics management process
- Input
- Output
- Results
- Ethical Management Organization System
- Ethical Management Communication Channels
- Compliance Program
- Ethical Management Activities
Ethical Management Organization System
Hyosung Heavy Industries has established an ethical management framework where the Compliance Team works with the Audit and ESG Management Teams to promote transparent and responsible business practices. Since 2020, the CEO has joined the “Ethical Management CEO Pledge Ceremony” hosted by the Ethical Management & ESG Forum, reaffirming top management’s strong commitment to ethical conduct. A Compliance Officer in charge of anti-corruption has also been appointed, with the role formally defined in the Code of Ethics Guidelines. This officer reports key activities and outcomes to the Board of Directors at least once a year, strengthening a CEO-led governance structure for ethical management.
- Governing Body
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- Dedicated Body
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- Responsible Department
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Ethical Management Communication Channels
Hyosung Heavy Industries operates an HR counseling center and grievance handling room where employees can report unethical behavior and grievances, such as sexual harassment, corruption, and workplace bullying, and receive ethics counseling. In addition to basic in-person counseling, we also provide anonymous online counseling to protect our employees' identities. We also operate a variety of communication channels, including e-mail and postal mail. We have also established a reporting channel on our website where we receive reports of unethical supply-chain related behavior, such as providing money or valuables, improper solicitation, or unfair trade.
Ethical Management Communication Channels
- Grievance handling
- HR Counseling Center
- Report
Compliance Program
Description and goal
The Compliance Program (CP) is a series of internally administered programs and systems, such as monitoring, training, and supervisory sanctions, for the company to voluntarily comply with fair trade laws and regulations. We aim to realize responsible management by preventing losses resulting from law violations in advance, fostering a desirable culture of competition and fair trade, and adhering to our responsibilities in the area of business ethics. Hyosung Heavy Industries inherited and implemented the CP introduced by Hyosung in September 2006 at the time of the spin-off in June 2018, and the Compliance Program Handbook, which enables employees to review the program's operation guidelines, is updated and distributed every year. By instilling compliance and ethical management among employees, we operate the CP with the goal of preventing risks associated with legal violations in advance and becoming a model business that complies with fair trade.
CP organization and CP manager
The Legal Compliance Team is responsible for the daily operation of the CP and strives to minimize related risks through activities such as familiarizing all employees with the program's operating guidelines, fair trade training, and monitoring. The compliance assistants appointed by the Board of Directors operates the CP, directly reports significant issues to the board and top management, and reports on a regular basis to the board and top management.
ESG 경영 추진위원회, 대표 이사, 이사회
- 자율 compliance 관리자
- 준법지원팀
- 감사, 인사, 교육
- Risk Management
- Monitoring
- Internal/external whistleblowing
- CP training
- Periodic training and revision of the Compliance Program Handbook
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- Reward and punishment system
- Enactment and revision of CP regulations
- Top management's commitment for compliance
Ethical Management Activities
Increasing awareness of ethical management
Employees familiarize themselves with the ethical management philosophy, the Code of Ethics, and the guidelines for applying the Code of Ethics upon joining Hyosung Heavy Industries. We also sign a pledge to practice ethical management and prohibit improper solicitation and bribery. In addition, Hyosung Heavy Industries produces and distributes promotional videos and materials resembling magazines via internal groupware in an effort to effectively raise ethics awareness. We receive the "Pledge of Compliance with the Hyosung Partner Code of Conduct" from our partners in order to ensure the practice of ethical management, such as anti-corruption. We increase awareness of supply chain-related ethical management through support in the way of ESG management consulting
Ethical management training
Employees receive ethical management training on an annual basis for the purpose of promoting ethical management practices and awareness. Ethical management training is mandatory for newly hired and promoted employees, and high-risk departments in direct relationships with partners are selected for regular training on the Fair Transactions in Subcontracting Act and contract violations. By conducting training on trade secret protection and infringement cases, embezzlement, bribery, and document forgery, as well as the Monopoly Regulation and Fair Trade Act and the Fair Agency Transactions Act, we provide business departments with information on the procedures and standards required by law. Hyosung Heavy Industries also provides ethics training materials and training venues for partner employees.
Enhancing internal monitoring and follow-up management
From fieldwork to various information investigations and business diagnosis, Hyosung Heavy Industries conducts audits for management as a whole. In particular, we carry out audits together in the areas of technology and quality. We ensure that audit activities are independent, that auditees and informants are not treated unfairly, and that disadvantages are minimized. Regular audits are conducted in accordance with internal audit regulations, and special audits take place when particular issues or topics arise. Depending on the severity of incidents uncovered through audits, actions such as cautions, disciplinary action, and compensation are taken. The results of conducted audits are reported to the CEO, and the personnel subject to audit who are notified of the audit results are immediately instructed to correct the issues identified. In addition, the Audit Team conducts periodic re-inspections to prevent future occurrences of similar problems.
