Chapter 1 General Provisions

 

1. Purpose

For Hyundai KEFICO to grow into a Global Top Tier by 2030, the company and all executives and employees must act honestly according to our ethical values internally and make efforts to contribute to our countries and societies externally. Therefore, we enact the ""Hyundai KEFICO Code of Ethics"" and implement it as the standard for all behaviors and judgements of value for all executives and employees."

 

2. Subjects of application

All executives and employees of Hyundai KEFICO must abide by this code, and all individuals or corporations with business relationships are subject to this code.

 

3. Principles of ethics

We will increase our corporate value by practicing ESG management activities that include sharing our "corporate philosophy" and "management policy," respecting the order of the free market economy and the principles of fair competition, and complying with the highest standards of ethics and laws of all the regions and countries in which we conduct business. Through this, we pursue joint prosperity with all stakeholders. Therefore, we vow to actively practice the Code of Ethics, which is the standard for correct judgements of value and principles of behavior that all executives and employees must follow.

 

Chapter 2 Code of Ethics

1. Our top priority is the pursuit of our customers' happiness and trust.
2. We will do our best to increase our shareholders' rights and future investment value.
3. We will do our best to respect the human rights of our executives and employees and nurture talent.
4. We will pursue joint prosperity based on mutual trust with our partners.
5. We will comply with laws, contribute to the development of our countries and societies, and actively contribute to environmental protection.
6. As Hyundai KEFICO, we will comply with all fundamental ethics and do our best to perform our duties in a fair and transparent manner.

 

Chapter 3 Guide to the Code of Ethics

 

1. Pursuit of customers' happiness and trust

Hyundai KEFICO's biggest goal is our customers' happiness. By always respecting the opinions of our customers and providing the best quality and services from the customers' perspectives, we will continuously create value that help our customers and earn firm trust from our customers.

 

2. Increase of shareholders' rights and future investment value

Hyundai KEFICO will protect and increase our shareholders' and the future investors' assets by maximizing our management efficiency and steadfastly improving our financial structure.

 

3. Respect for human rights and nurturing of talent

Hyundai KEFICO respects all executives and employees as individuals and treats them fairly according to their abilities and performance. And we will do our best to help them fully express their creativity.

 

4. Joint prosperity with partners

All trade with our partners will be conducted according to the principles of independent competition in an environment where equal opportunities to participate are guaranteed. We will promote long-term coexistence and shared growth with our partners by building mutual trust with fair and transparent trade.

 

5. Promotion of ESG management activities

Hyundai KEFICO is committed to complying with laws, contributing to the economic development of our countries and local communities through continuous job creation and honest tax payment, actively contributing to social services and environmental protection, and establishing and fulfilling mid- to long-term ESG goals.

 

6. Fundamental ethics of Hyundai KEFICO-ans

All executives and employees of Hyundai KEFICO will develop correct values with a conviction for honesty and integrity, and fulfill their assignments with continuous self-development and ethical, transparent, and fair job performance.

 

Supplementary Provisions

 

Article 1 (Effective Date)

This Code of Ethics is established on March 27, 2006, and revised on March 29, 2021.

 

Article 2 (Code of Ethics and Practice Guidelines)

For the efficient implementation of this Code of Ethics, the Practice Guidelines are separately established and implemented with details on the general principles of job performance, the operation of the Ethical Management Committee, and the evaluation and audit of ethical management.

 

Article 3 (Consultation and Advice)

If any executive or employee has any questions regarding the interpretation or implementation of the Code of Ethics or the Practice Guidelines, they must consult and seek advice from the Ethical Management Practices Office (in the HR Team).

 

Article 4 (Repeal of Overlapping Regulations)

With the implementation of this Code of Ethics, the Corporate Ethics Charter, the Purchasing Ethics Charter, and Moral Code shall cease to be in effect.

Chapter 1 General Provisions

 

1. Purpose

The purpose of the Practice Guidelines for the Code of Ethics is to set detailed standards and procedures related to the implementation of ""Hyundai KEFICO's Code of Ethics"" in order to ensure that all executives and employees comply with the Code of Ethics and promote ethical and transparent management."

 

2. Subjects of application

These Practice Guidelines apply to all executives and employees of Hyundai KEFICO, its partners, employees of partners that work directly with us, and all personnel that have been given regular access to our company. Also, even if family members, relatives, or acquaintances use the name of Hyundai KEFICO's executives or employees, it will be regarded as the executive or employee's own act.

 

3. Definition of terms

A. Stakeholders

: All individuals, corporations, and other organizations inside and outside the company whose rights and interests are affected by the actions or decisions of executives and employees related to business

B. Normal levels

: The universally reasonable degrees to which a person can handle assignments fairly without burdening the person, which most ordinary people can understand as sound common sense"

 

4. Organization

The "Ethical Management Committee" (hereinafter referred to as the "Committee") is established and operated to enforce the Code of Ethics and the Practice Guidelines.

 

5. Administering department

The "Ethical Management Practices Office" (hereinafter referred to as the "Office") supervises the implementation of these guidelines, and the Office is established by the Human Resources Team.

 

Chapter 2 General Principles of Job Performance

 

Hyundai KEFICO executives and employees will actively participate in ethical and transparent management, and will not request or accept the following violations from partners or stakeholders: (same applies to partners and stakeholders)

 

1. Types of ethical or transparent management violations (prohibitions)

Exclusions: Offering money for family events or entertainment that are sound and below socially normal levels

 

2. Guide to actions in cases of violations

 

Chapter 3 Reporting Procedures and Obligations

1. Procedures and methods

 

2. Department/team leader's responsibilities

The department/team leader or executive must regularly provide training and consultation so that their employees understand these guidelines, and take appropriate preventative measures against violations.

 

3. Obligations of the executives and employees

If an executive and employee discovers a violation of these guidelines, they must report it to the relevant department/team leader, the executive in charge, the Committee, or the Office.

 

4. Confidentiality

-The Committee is in charge of protecting reporters, informants, and whistleblowers of ethical management issues.
-The specific roles of the Committee must not impose any disadvantages or divulge the identity of the reporter, informant, or whistleblower. If there is a risk of personal disadvantage, the reporter, informant, or whistleblower may change their department or position according to their wishes.
-In principle, matters received must be responded to immediately, and if an objective investigation of facts is required, the results must be included in the response after the investigation.
-Even if an executive or employee coincidentally becomes aware of a work-related report, they must maintain confidentiality, and may be subject to disciplinary action if the fact is leaked.

 

Chapter 4 Composition and Operation of the Committee

 

1. Operating principles

-The purpose of the Committee is to ensure that all executives and employees comply with the Code of Ethics and promote ethical management activities. Its duties not only include the smooth implementation of the Code of Ethics, but also duties as a monitoring body.
-Also, the identity of informants and whistleblowers related to ethical management must be kept confidential, and made sure that the informants or whistleblowers do not suffer any disadvantages. And the executives and employees of the company and each department must actively cooperate with the Committee in carrying out their duties.

 

2. Composition of the Committee

-The Committee must be composed of no more than 7 members, which include the chairperson, vice-chairperson, secretary, and members. The chairperson must be an HR executive, the secretary must be the Personnel Team leader, and the vice-chairperson and members must be nominated by the secretary and appointed by the chairperson.
-Each term is 2 years and members can be reappointed.

 

3. Operation of the Committee

-The Committee is convened at the decision of the chairperson or at the request of 3 or more members, and the chairperson may call for additional meetings if important issues occur.
-Decisions are made with more than 2/3 of the members present and agreement of more than 2/3 of the attending members. In the case of ties, the chairperson is the deciding vote.

 

4. Duties of the Committee

Duties of the Committee	Duties of the Office
1) Revise or repeal Hyundai KEFICO's Code of Ethics or Practice Guidelines	1) Move to revise or repeal the Code of Ethics or Practice Guidelines
2) Establish and promote action plans for ethical management	2) Promote and inspect action plans for ethical management
3) Conduct training and campaigns for ethical management	3) Organize ethical management training, promotion, and campaigns
4) Provide support for the ESG management work group in ethics	4) Award or discipline according to the Code of Ethics and Practice Guidelines
5) Enforce rewards or discipline according to the Code of Ethics and guidelines	5) Provide support for the ESG management work group in ethics-related activities
6) Receive, process and authoritatively interpret reports, files, and other information	6) Process and provide feedback for reports, files, and accusations
7) Assess and audit ethical management	7) All other duties related to the operation of the Committee

 

Chapter 5 Assessment and Audit of Ethical Management

 

1. Operating principles

In order to systemize the activities of the ESG management work group related to ethics, to promote the establishment of ethical management, and raise the efficiency of the Committee's operations, an Ethical Management Evaluation Group must be formed and operated to regularly conduct assessment and audit of ethical and transparent management.

 

2. Composition of the Evaluation Group

Considering the characteristics of assessments and audits, the Committee must discuss and decide the composition of the Evaluation Group. The chairperson is in charge of the Evaluation Group and organizes its members. However, in special circumstances, the composition may be decided separately through a meeting of the Committee.

 

3. Operation of the Evaluation Group

-In principle, the Ethical Management Evaluation Group must conduct an assessment and audit of ethical management at Hyundai KEFICO once a year. If important issues occur, other assessments and audits may be conducted at the discretion of the chairperson. -The results of the assessments and audits must be reported to the Committee, and suggestions for improvement must be reflected in ethical management promotion plans or ESG management related to ethics so that it can be systemized in the company's ESG management. -Apart from the operations of the Evaluation Group, the chairperson of the Committee may instruct its auditing team to conduct surveys on ethical awareness, audit ethics, and investigate ethical violations as planned audits, and the leader of the audit team can report the results to the Committee.

 

4. Duties of the Evaluation Group

1) Monitor the ethics of the executives, employees, and partners
2) Inspect and assess the action plans for ethical management and their results
3) Audit the violations (prohibited actions) of the Code of Ethics and Practice Guidelines by executives and employees
4) Audit the violations (prohibited actions) of the Code of Ethics and Practice Guidelines by partners
5) Audit the appropriateness of the handling of internal and external reports, files, and accusations of violations ethical and transparent management
6) Other activities deemed necessary to develop ethical and transparent management

 

Supplementary Provisions

 

Article 1 (Effective Date)

These Practice Guidelines for the Code of Ethics is established on March 27, 2006, and revised on March 29, 2021.

 

Article 2 (Exceptions for Partners Regarding Violations of these Practice Guidelines)

-Partners that violate these guidelines may suffer disadvantages such as suspension of transactions, suspension of new transactions or development for a certain period of time, or warnings, and disciplinary action may be requested against the executives or employees of these partners.
-The disadvantages to partners are decided by the Committee. However, such partners must be given an opportunity to explain their actions, and the Office must notify the partners and related departments of the decisions without delay.