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Ethical management

Hyundai KEFICO is fulfilling its ethical responsibilities,
recognising transparency and reliability as core corporate management values.

Ethical management overview

Ethical management refers to a series of management activities that create an atmosphere where members of the organization make ethical decisions even for ethical dilemmas.
At the same time, it refers to management that not only recognizes the fulfillment of financial and legal responsibilities, but also ethical responsibilities expected by societal norms, as basic duties of a company, and independently accept compliance with corporate ethics as principles of action.

Ethical management system

윤리경영위원회에서는 윤리경영위원장이 윤리경영 실천사무국(인사팀소속)에게 다음과 같은 내용으로 윤리경영 정책수립 및 교육을 실시함. 첫째 윤리규범 및 실천지침 개정/폐지 발의. 둘째, 윤리경영교육 실시. 셋째, 위원회 운영 관련 제반업무. 또한 윤리경영위원장이 윤리 감사 및 평가(경영개선팀)에서 다음과 같은 내용으로 윤리 감사 또는 징계 관리함. 첫째, 윤리감사. 둘째, 윤리 의식수준 조사(협력사 포함). 셋째, 윤리위반자의 징계 발의

윤리경영위원회에서는 윤리경영위원장이 윤리경영 실천사무국(인사팀소속)에게 다음과 같은 내용으로 윤리경영 정책수립 및 교육을 실시함. 첫째 윤리규범 및 실천지침 개정/폐지 발의. 둘째, 윤리경영교육 실시. 셋째, 위원회 운영 관련 제반업무. 또한 윤리경영위원장이 윤리 감사 및 평가(경영개선팀)에서 다음과 같은 내용으로 윤리 감사 또는 징계 관리함. 첫째, 윤리감사. 둘째, 윤리 의식수준 조사(협력사 포함). 셋째, 윤리위반자의 징계 발의

Ethical management practice activities

Ethics auditing

Hyundai KEFICO conducts audits on business, transparency, and corruption to ensure transparency in our corporate activities.
If violations are discovered, they are referred to the Ethical Management Committee where disciplinary action is taken according to procedures and regulations. Cases such as bribery, embezzlement, and other violations of transparency are especially severely punished.

  • Regular audits

    Audits for corruption, such as discovering and preventing fraud, in business activities

  • Planned audits

    Audits for transparency after diagnosing weaknesses in ethical management
    (Transactions with stakeholders, protection of tangible and intangible assets)

  • Report audits

    Checks for violations of transparency in reports
    (Entertainment and bribery, unfair deals, unfair solicitation, etc.)

Ethics for partners

To maintain healthy partnerships, we use online and offline surveys to check for ethical management with our partners.
With this, we show that Hyundai KEFICO's will to practice ethical management and help improve on the difficulties that
our partners face.

  • Conduct ethical management surveys with partners and listen to their difficulties
  • Promote Hyundai KEFICO's ethics policies and reporting channels

Ethics training

In 2021, training on “Guide to Professional Conduct & Ethics” was conducted for all general employees.

Moral Code

Ethics Charter

We have established the Ethics Charter to fulfill our social responsibilities as members of a global corporation.

Download the Ethics Charter

Code of Ethics

The Code of Ethics is standards of behavior and judgements of values for Hyundai KEFICO executives and employees to act honestly according to ethical values and contribute to our countries and societies.

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.

Customers' respect We respect the opinions of our customers and will make the customers' happiness our top priority in all judgements and actions.
Provision of value to our customers We will continuously create true value that satisfy our customers, respond quickly and precisely to our customers' needs, and provide the best quality and services at reasonable prices.
Keeping promises with our customers We pursue trust with our customers as our greatest corporate value and will always keep our promises with our customers.
Protecting our customers' interests We will actively protect our customers' assets and not use them without prior approval. We will not divulge customer-related information or use it for other purposes without their prior consent.
 

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.

Protecting the interests of shareholders and investors We will increase our corporate value with continuous management innovation and new growth businesses, and we will operate with a sound financial structure and create reasonable profits with transparent decision-making and efficient management activities.
Disclosing management information We respect the rights and decisions of our shareholders, guarantee a transparent management system to build mutual trust, and will continuously practice lawful accounting.
 

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.

Respect for executives and employees We will do our best to treat each member of our organization as individuals and help them achieve a sense of pride and reward through their work.
Nurturing talent We will improve on our system and systematically support our executives and employees to nurture their creative talent.
Fair treatment We will evaluate our executives and employees with fair standards according to their abilities and achievements, and compensate them fairly. We will provide fair opportunities for them to enhance their abilities without discrimination.
Creating a safe workplace We will create a safe and hygienic work environment for our executives and employees.
 

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.

Equal opportunities Decisions to register and trade with partners will be made in reasonable ways according to objective and equal opportunities and evaluation standards.
Fair trade All trade will be conducted fairly and on mutually equal grounds, and we will not engage in any misconduct in any form from a superior position.
(Refer to the Code of Ethics and Practice Guidelines for prohibited acts under General principles of job performance)
Pursuit of mutual development We will actively support our partners' growth into competitive companies, and do our best to share our innovations and work together to maintain a fair trading order.
Active business If any dissatisfaction occurs while working with our partners, it will be handled reasonably with active and fair procedures.
 

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.

Compliance with laws (G) Our company and our members will comply with all relevant laws and not damage our company and individual members' reputation and image by violating the laws.
Contribution to social development (S) With sustainable management, we will contribute to the social development of our countries and local communities by providing equal opportunities for employment, creating new jobs, and paying taxes honestly.
No involvement in politics We respect the rights of all members as guaranteed by constitutional law, and our company will not engage in any political activities. However, we may express our position on the establishment policies and laws related to our company's interests.
Social contribution activities (S) We ensure and encourage the constructive participation in social services by our executives and employees, and the company provides systematic support for social contribution activities.
Environmental protection We will do our best to protect nature and preserve a clean environment, comply with all laws related to environmental protection, not engage in activities that go against environmental protection, and prevent pollution and contamination.
 

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.

Basic attitude As Hyundai KEFICO-ans, we will always strive to hold on to our honesty and integrity with a sense of pride, and maintain our dignity and honor with high ethical values.
Completing assignments We will empathize with our company's goals and values, share our management principles, faithfully carry out our assignments, comply with our company's regulations, and double the effect of our work through active communication and collaboration.
Self-development In this age of globalization, we will continuously strive to establish desirable talent and become the talent that Hyundai KEFICO needs through continuous self-development.
Ethical and transparent job performance All duties will be performed ethically, transparently, and fairly, and will not violate the general principles of job performance (within the Practice Guidelines).
No offering gifts or money We will not engage in actions that violate the general principles of job performance.
Prevention of sexual harassment in the workplace We will comply with all relevant laws and do our best to prevent sexual harassment in the workplace.
Safety and risk management All executives and employees will actively cooperate, do their best to prevent fires and other risks, and do their best to deal with emergencies in order to create a safe workplace for the company.
Inappropriate information We will not use the company's information system to post gaming, gambling, pornography, or other anti-social content.
Prohibiting use of the system We will not use related internet websites.
Mutual respect between executives and employees Executives and employees will not engage in actions that constitute workplace harassment amongst each other, and we will not engage in abusive language, assault, derogatory remarks, or other demeaning actions.
Protection of company information When resigning, executives and employees must not leak the company's trade secrets or protected information to the outside. They must also maintain the confidentiality of our partners, avoid using company information related to their duties for unfair profits, and not distort, fabricate, damage, or spread false rumors about company-related information.
 

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.

Practice Guidelines

The Practice Guidelines are detailed standards and procedures for the Code of Ethics, and they apply to all executives and employees of Hyundai KEFICO as well as all partners, employees of partners that work directly with us, and all personnel that are given regular access to our company.

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)

Number Item Violation (Prohibition) Type
1 Unfair trades -Acts that constitute to abuse of power in the workplace, etc.
2 Collection of money or goods -Cash, gift certificates, vouchers, prepaid cards, gifts, misuse of public funds, etc.
3 Entertainment benefits -Meals, entertainment, sports (golf-related entertainment), leisure activities, performances, recreation, etc.
4 Provision of conveniences -Support for transportation, accommodation, tourism, events, etc.
5 Offering money for family events -Sending notices for family events, sending more than 100,000 KRW, etc. (50,000 KRW or less recommended)
6 Monetary transactions -Cash loans, debt repayments, demands for guarantees, etc.
7 Patronage for events -Departmental events, club activities, cars, etc.
8 Fraudulent solicitation -Recruitment of partners and job placement, input for part-time jobs in the company, etc.
9 Decay of public decency -Sexual harassment, drinking or gambling (including cyber gambling) during work, etc.
10 Character assassination -Harassment such as verbal abuse, assault, bullying, or derogatory remarks

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

 

2. Guide to actions in cases of violations

Collection of money or goods -If accepted without knowledge or due to unavoidable circumstances, return immediately and report it to the team leader or executive. If it cannot be returned, send it to the Office. (Excluding company souvenirs from stakeholders, souvenirs given to everyone at public events, etc.)
Entertainment benefits -Prior approval from a team leader or executive is required before participating in company-sponsored or stakeholder-sponsored activities that exceed normal levels.
Provision of conveniences -Report to a team leader or executive if receiving any conveniences that exceed an acceptable scope.
Offerings for family events -Notices of family events to stakeholders are prohibited (even actions by third parties are considered direct violations).
-Report to a team leader or executive if a refund of an amount exceeding 100,000 KRW (less than 50,000 KRW) or full refund is not possible, and send it to the Office (same applies to personnel appointments or wreaths).
Monetary transactions -Even if balance differences occur in property or real estate deals, they also correspond to monetary transactions.
-Report to a team leader or executive if transactions are unavoidable due to friendly relations.
Patronage for events -Vehicle service, locations, and services for events are also considered gifts.
-Report to a team leader, executive, or the Office if receiving was unavoidable.
Fraudulent solicitation -Guarantees for training, job placement, or transaction agreements with partners or business-related stakeholders are prohibited.
Other -Abuse of power, decay of public decency, or harassment are prohibited in the workplace.
 

Chapter 3 Reporting Procedures and Obligations

1. Procedures and methods

Category Internal (executives and employees of the company) External (partner or stakeholder)
Where to report -Team leader or executive
:Within 3 days of occurrence
-Team leader or executive reports to the Office within 2 days
-The Office can check the facts of the report
-Hyundai KEFICO's Management Improvement Team or HR Team
:As soon as possible after occurrence
How to report -Both oral or prescribed (attached) forms of reporting -Landline: 031-450-9600 (for reporting only)
-Fax: 031-450-9500
-Letter: Hyundai KEFICO Co., Ltd. Management Improvement Team or HR Team 102, Gosan-ro, Gunpo-si, Gyeonggi-do (15849)
-Website: www.hyundai-kefico.com
(Sustainable Management - Cyber Audit Office)
 

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.

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