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Fair trade

Hyundai KEFICO conducts business in a transparent
and fair manner and adheres to the value of trust.

Compliance
Program

The Fair Trade Compliance Program is a compliance system that is internally operated by the company to voluntarily comply with laws related to fair trade. Hyundai KEFICO introduced the Fair Trade Compliance Program in 2003, and has been practicing trustworthy management by complying with laws and norms.

Compliance Declaration

In the 2023 major action plan, the Fair Trade Commission announced that it would intensively monitor the following: eradicating market irregularities such as collusion, guaranteeing fair compensation for SMEs, improving unfair practices in subcontracting, provision of technical data to third parties especially in sectors such as automobile parts, energy and machinery, unfair internal transaction (expedient succession and improper support for insolvent affiliates). The Commission also warned of severe sanctions for violations of the law.

Hyundai KEFICO believes that fair and transparent trade contributes to the sustainable growth of the company by strengthening competitiveness and achieving mutual prosperity with partner companies. Under this belief, the company introduced the fair trade compliance program in 2003 and has been striving to comply with fair trade laws.

In an era of global competition where fairness and transparency in corporate management are further strengthened, and mutual cooperation is ever more important, we must follow fair trade laws and pay more attention to coexistence with our partners. Unfair trade may seem beneficial to the company in the short term, but it must be recognized that in the long run it will deteriorate the company's competitiveness and eventually lead the company to crisis.

Compliance with the Fair Trade Act is a social request, but before that, please recognize that it is an obligation that we must voluntarily practice in order to strengthen our company's competitiveness and achieve sustainable growth with our partner companies through win-win strategies. I would like to make a few requests to all our staff members regarding compliance with the Fair Trade Act, so please be sure to read them and reflect them in your work.

First, we must avoid unfair subcontracting when dealing with our business partners. Please pay special attention to avoid violations of subcontracting laws in pricing and making payments when dealing with partners, and management of technical data of our partners.

Second, transactions with affiliates must be more transparent and fair than those with other companies. In principle, vendor selection must be done through competitive bidding, and our affiliates cannot be exempted from this rule. If you need to make a private contract with an affiliate, first check whether it satisfies the three requirements: efficiency, security, and urgency.

Third, recognizing that collusion (unfair joint action) has a great adverse effect on the development of the national economy, the government is regulations and punishments for collusion such as adding a clause to the Fair Trade Act so that even an act of exchanging information that restricts competition can be punishable as collusion. Therefore, please do your best to eradicate and prevent collusion.

Fourth, pay attention to the Fair Trade Compliance Program and voluntarily participate in fair trade compliance activities. In order to prevent violations of fair trade laws and regulations in advance, not only the specific departments in charge of the task, but everyone must participate and check themselves.

Dear Staff Members,
Please remember that a small mistake in a moment can become a serious problem, causing huge losses to the company. We seek to establish compliance management and achieve sustainable growth based on transparent, ethical and fair trade. We must keep in mind that our company's success depends on our attention and practice to grow.

Thank you.

Yoo Youngjong, CEO of Hyundai KEFICO

Compliance Council

※ Dedicated department: Management Planning Team (102, Gosan-ro, Gunpo-si, Gyeonggi-do)

  • Compliance Manager

    Doo Soon SongGroup Leader

    031-450-9111

  • Compliance Chief

    Jae Hoon ChoiTeam Leader

    031-450-9598

  • Compliance Official

    Hyun Kwan ChoiSenior Manager

    031-450-9257

Operating conditions

Fair trade compliance monitoring

We manage risks by checking if fair trade laws and internal regulations are being complied with every half year. The results of the inspections are reported to the Board of Directors, and any risks of violating relevant laws are immediately fixed.

Risk assessment cycle

  • Half year (June and December)

Key inspection details

  • Compliance with legal payment dates (within 60 days) for subcontractors

Training on fair trade

With regular training on fair trade, we are raising awareness on compliance among our executives and employees to prevent anti-competitive practices.

Training on fair trade - Educational period, Target, No. of students, Training content
Educational
period
Target No. of
students
Training content
June 2022 Management Support, Planning, Finance, Purchasing, Sales, Research Institute, Production, Quality and SCM 582
  • - Improper support is prohibited
  • - Unfair insider trading is prohibited
  • - Acquisition of personal gain by specially related persons is prohibited
October 2022 Purchasing, Sales, Research Institute, Quality, Planning 607
  • - Collusion (unfair joint action) is prohibited
  • - Stealing and misappropriation of technical data from subcontractors is prohibited
Four subcontracting practices
  • Rules for signing partner contracts

    Download
  • Rules for selecting partners

    Download
  • Deliberation Committee's rules for reviewing subcontract transactions

    Download
  • Issuing and preserving written subcontract transactions

    Download
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