Compliance Program

The voluntary fair trade compliance program is a voluntary law-abiding system
for establishment and maintenance of fair trade order in the market.

Objective

Since initiating its Compliance Program in 2002,
the company has taken several steps to ensure adherence to fair trade regulations.
We have conformed to all seven measures suggested by the
Fair Trade Commission for establishing an effective compliance program.

7 Key factors

  • CEO's declaration of determination towards voluntary compliance
    The CEO declares strong determination to voluntarily practice fair trade
  • Appointment of voluntary compliance manager
    A voluntary fair trade compliance manager is appointed
  • Production/distribution and continuous improvements to a voluntary compliance manual
    A voluntary fair trade compliance manual is created and distributed to all employees
  • Operation of a voluntary compliance training program
    Regular training and monitoring is carried out on voluntary fair trade compliance
    - Emphasis is placed on prohibition of collusion and transparency in trade with partner companies
  • Establishment of an internal supervision system for voluntary compliance monitoring
    Regulations on gifts and entertainment, regulations on contacting competitors, and regulations on conduct that causes conflict of interests are enacted , and training and monitoring are conducted
  • Systematic management of relevant documents
    Document management and email management regulations are enacted for systematic document management
  • Sanctions system against Fair Trade Act violations
    Establish and apply internal policies on sanctioning regulation violators using measures corresponding with the severity of such violations

Declaration of Determination for Voluntary Fair Trade Compliance

The Monopoly Regulation and Fair Trade Law has continued to develop
and shape the competitive environment in which our business operates.
The Fair Trade System now represents a key policy in the drive to strengthen
competition and promote sound business structures and practices.

It is vital to our company's success and long-term survival that we embrace
the global standards of fairness and transparency embodied in this policy.
A strong commitment to these principles will only improve the quality of our management
and strengthen our ability to compete on a global scale. The long-term advantages
that flow from such a commitment easily outweigh any short-term
benefits of clinging to old ways of doing business.

Our voluntary commitment to The Monopoly and Fair Trade Law

  • Broken the law, we ought to bear loss of value for money because of financial penalties and reparations. Moreover, we lose the customers' trust and gain negative impacts on business images.
  • It is true that additional costs for observing occur in accordance with 'The Monopoly Regulation and Fair Trade Law'. However, prevention by establishing of compliance culture is more is more economical than counter plans after violating the law.

Today, I issued a declaration of our company's voluntary commitment to the observance
of fair trade regulations and our code of ethics. This voluntary commitment underscores our company's
determination to be a global leader in ethical management as well as in business performance.
All executives and staff members are asked to pledge themselves to
fulfilling our objectives of transparency and fairness in all business operations worldwide.

Vice Chairman, CEO of Hyundai Capital Services
Ted Chung Ted Chung sign