Fair Trade
Four-pillar plan of
action for fair trade
Establishment of
fair trade order
Hyosung fosters a culture of fair trade with its partners and implements and enforces the Fair Trade Commission-recommended company rules. The company regulations stipulate four fundamental procedures: contract signing, the selection and operation of partners, the establishment and operation of an internal deliberation committee, and the issuance and preservation of documents. By announcing guidelines for the prohibition of retaliatory acts, such as unilateral trade restrictions or suspensions, we hope to lay the groundwork for equitable partnerships and reasonable and transparent trade relationships.
Fair trade and social responsibility
Hyosung complies with the Fair Trade Commission's standard subcontract agreement and applies it to contracts. Clauses guaranteeing the physical and intellectual property rights of partners and the transfer of ownership of objects are included in standard subcontracting agreements, and we are committed to defending both types of property rights.
Compliance Program
Hyosung introduced the Compliance Program (CP), which is conducted by companies themselves to comply with fair trade laws, in September 2006 in an effort to foster a desirable fair trade culture. On June 1, 2018, the date of division, each business company inherited and introduced the plan. The Legal Compliance Team is responsible for the daily operation of the CP and strives to minimize fair trade-related risks through activities such as familiarizing all employees with the program's operating guidelines, fair trade training, and monitoring. The program's CP manager is a compliance officer appointed by the Board of Directors, and the Compliance Program Handbook, where employees can review program operation guidelines, is updated annually to assist employees in complying with fair trade laws and regulations despite changes in ethics-related laws and regulations and the environment.
Disclosure of fair trade principles to partners
Hyosung has enacted the "Partner Code of Conduct" so that Hyosung and its partners can pursue sustainable growth and earn the public's trust. This facilitates the formation of transparent and fair trade relationships and the promotion of social responsibility standards to all of our partners. In addition, by publishing this code on the website, we announce our intention to fulfill it as a social promise, not as a contract with our partners.