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Ethical Management

  • Chapter 1

    General Rules

    Article 1 [ Purpose ]

    These regulations are to clearly stipulate details and standards that are necessary for employees to practice the ethics code.

    Article 2 [ Definition of Terms ]

    1. Money and Valuables: Cash, check, cards, gift cards, tickets for a show, vouchers, goods, repayment of a debt, borrowing money, purchase of property for a bargain price and joint investments.
    2. Gifts/souvenirs: Goods exchanged to celebrate or commemorate an event or thank a person.
    3. Entertainment: Meals, parties, golf, recreation, shows or casinos.
    4. Convenience: Special benefits such as transportation, accommodations, tourism or sponsoring events.
    5. Special Occasions: An act of notifying the persons in relations of any personal or material exchange with regard to an event that warrants a congratulations or condolences and receiving a gift or money.
    6. Flowers/wreath: ornamental plants or an assortment of artificial or fresh flowers offered on occasions of promotion or transference.
    7. Lecture Fee: money in return for lectures given to other companies, institutions, or organizations.
    8. Stakeholders: individual employees, subsidiaries, associates, government officials in and out of the country or institutions, that can be directly affected in terms of their rights or interests by one’s performance of duties.
    9. Usual Level: degrees at which recipients can fairly perform their duties without feeling any pressure from what they received because it is considered reasonable and acceptable by other employees or ordinary people from a commonsense point of view.
    10. Return Center: a center under the control of the Ethics Management Team that politely sends gifts, souvenirs, flowers, etc., back to a stakeholder or donate them to a charity rummage sale or a social welfare institution.

  • Chapter 2

    Practice Standards

    Article 3 [ Money and Valuables ]

    1. One should not ask for money and valuables from a concerned party for any reason or offer any bribe to a stakeholder for an unfair request or implementation of a business affairs.
    2. If one receives money and valuables for an unknown reason, they should be immediately returned. In particularly difficult circumstances, he/she should immediately notify his/her team leader or department chief of such fact or report it to the Ethics Management Team.
    3. The team leader or department chief who is notified of such fact should immediately report it to the Ethics Management Team.

    Article 4 [ Gifts and Souvenirs ]

    1. One should not take any gift and souvenir from a stakeholder. If he/she had no choice but to accept it, it should be immediately returned. In some difficult circumstances, he/she should send it to the Return Center (the Ethics Management Team).
    2. The gifts and souvenirs sent to the Return Center (the Ethics Management Team) should be donated to a charity auction or a non-profit organizations. If it is difficult to do so, other options should be considered.

    Article 5 [ Entertainment ]

    1. One can treat or be treated by a stakeholder with food or drink worth less than KRW 30,000. However, it is recommended to allow the other party to pay for the meal.
    2. One should not receive any entertainment that exceeds appropriate levels from members of the opposite sex.
    3. When one needs to treat a stakeholder at an out of the usual level at the expense of the company or participate in an event, including treatments exceeding the usual level, he/she should get a prior approval from his/her team leader or department chief.

    Article 6 [ Criteria for Participation in Events and Convenience ]

    1. One can participate in an event hosted or sponsored in part or in full by a stakeholder after getting prior approval from his/her team leader or department chief.
    2. The team leader or department chief should decide on the participation in such event by taking in consideration the relevance with work, interest and expense.
    3. One can be offered convenience for all participants in an event such as transportation or accommodation.
    4. In case of an individual business trip, any convenience provided by a stakeholder—such as transportation or accommodation—should not be accepted. However, convenience—such as a vehicle or dormitory belonging to a stakeholder’s company—can be received if one is in a position where it is difficult to use public transportation or does not know his/her way around the area.
    5. If one is offered convenience out of the allowable range during his/her participation in an event or business trip, he/she should notify his/her team leader or department chief of such fact.

    Article 7 [ Special Occasions ]

    1. A special occasion—both congratulatory and condolent—that occurs to you or your colleague, such event should not be notified to a stakeholder outside of the company. Notification through a third person or social media is also considered as a personal notification.
    2. Notification of a special occasion to colleagues can be made through the Intranet and special events subject to such notification are limited to those that occurred to yourself and your immediate families such as your spouse, you and your spouse’s parents and grandparents, and your children.

    Article 8 [ Solicitation for Personnel Affairs ]

    1. One should not solicit for special consideration in personnel matters such as promotion, position assignment or overseas assignment through his/her acquaintance in the company or outsiders.
    2. One should not ask for any special consideration in favor of his/her relatives or acquaintances for their employment, promotion or position assignment.

    Article 9 [ Flowers/Wreath ]

    1. Any flower/wreath offered by a stakeholder from in and out of the company to commemorate an individual’s personnel appointments such as promotion or transference should be immediately returned along with a letter.
    2.If a stakeholder reveals his/her intention to send flowers/wreath, you should try to actively turn it down.
    3. If it is difficult to send it back, one should notify his/her team leader or department chief of such fact so that the matter is transferred to the Return Center (the Ethics Management Team) for further processing.
    4. The Ethics Management Team to which the flowers/wreath were transferred should take a proper measure depending on the situation such as donation, placement for common use or auction and send a letter to the sender.
    5. Flowers/wreath sent from those whom one has personal relations with and not a stakeholder can be accepted.

    Article 10 [ Lecture Fee ]

    1. If one utilizes his/her knowledge acquired from work or gives a lecture outside of the company during working hours, he/she should acquire prior approval from the concerned department.
    2. Giving a lecture related to work outside of the company is like utilizing the properties of the company. Therefore, when a lecture is given to a subsidiary, an associate, a public organization, or a company that has a stake in the company, a lecture fee should not be received. If an unavoidable circumstance occurs, the team leader or department chief should be notified and the fee should be sent to the Ethics Management Team.
    3. If the inviting organization is a profit-making organization, an ordinary company, a school or a group that has no stake in our company, one can receive a lecture fee. However, he/she should notify his/her team leader or department chief of such fact and send the fee to the Ethics Management Team.
    4. The lecture fee forwarded to the Ethics Management Team should be donated to a non-profit under the name of the lecturer.

    Article 11 [ Money Business ]

    1. Any money business, including cash loans, loan securities, real estate leases, etc. should not be made with a stakeholder.
    2. If any money business is made with a stakeholder because of a personal relationship, it should be notified to the team leader or department chief.

    Article 12 [ Sponsorship of Events ]

    1. In case of any event at a departmental level or club activities, any sponsorship money or valuables should not be accepted from a stakeholder.
    2. Receiving support necessary for an event—such as transportation, space, or labor—is also considered as accepting patronage.
    3. If one can not reject the support, such should be communicated to the team leader or department chief.

    Article 13 [ Improper Use of Budget ]

    1. Any company budget financing for conference or carrying out business, should not be utilized for personal use.
    2. One should make it a rule to use a company credit card to pay the necessary expenses in accordance with the purpose of the budget and standards defined by the law.

    Article 14 [ Notification ]

    1. if one needs to notify his/her team leader or department chief, they are required do so within three days after the occurrence of the event. Also, the team leader or department chief should notify the Ethics Management Team of the issue within two days.
    2. The Ethics Management Team can confirm the validity of the notified issue, if required. In addition, the concerned employees should be fully cooperative.

    Article 15 [ Punishment for Unethical Acts ]

    1. The company will punish a person who exhibited unethical behavior in accordance with the Personnel Policies.
    2. Punishment for unethical behaviors will be applied to every person involved.
    3. If the unethical behavior violates the law, the company should report the concerned person and others involved to the authority concerned.

  • Chapter 3


    Article 16 [ Responsibilities of a Team Leader or Department Chief ]

    1. Team leaders and department chiefs should carry out education and training as frequently as needed in order to enable their employees to sufficiently understand these regulations.
    2. Team leaders and department chiefs should take proper precautions to prevent their employees from violating these regulations.
    3. Team leaders and department chiefs are obliged to swiftly notify the Ethics Management Team of matters to be reported as prescribed in these regulations.

  • Chapter 4


    Article 17 [ Interpretation ]

    1. Any violation made by families, relatives or acquaintances while using an employee’s identity will be considered an act of the employee him/herself.
    2. Should one have any question on things not clearly defined in the ethics code and these regulations, he/she can contact the Ethics Management Team for clarification.

  • Chapter 5

    Additional Rules

    These regulations came into effect from January 1, 2014.