Ethics & Compliance Management
We will practice the principle of transparent management as a corporate citizen whose history is based on the understanding and support of our customers nationwide
Since 1947, Hyundai E&C has enjoyed the support and patronage of its customers for more than 70 years. In return, we have delivered honest and transparent management.
To celebrate the new Hyundai spirit, all our employees promise to fulfill the company’s corporate social responsibilities and take the lead in establishing a more open and honest management culture within the Korean construction industry. We introduced our ethical management program in 2004 to reflect our CEO’s insistence that we live up to our corporate social responsibilities. We are striving to incorporate the principle of ethical management as a core part of our corporate culture.
Digitalized internal control over Financial Reporting System
- Hyundai E&C is developing our decision making process more transparent by introducing computerized system. By digitalizing our internal control over financial reporting system, Hyundai E&C expects to achieve (i) more efficient business operations; (ii) more reliable financial statements; and (iii) more strengthened monitoring system.
WIN-WIN Cooperation with business partners
- Hyundai E&C has always been committed to establish a fair and transparent commercial relationship with our business partners. In order to achieve our goal of mutual growth with SMEs, Hyundai E&C carries out a nation-wide periodical survey to ensure proper benefits of our subcontractors and adopts joint operation system with subcontractor to calculate the performance and payments. In addition, Hyundai E&C provides ethical training program to our subcontractors on an annual basis.
- Hyundai E&C adopted internal fair competition compliance program specifically designed to prevent any violations of competition law of Korea (“the Monopoly Regulation and Fair Trade Act”). Annually, every workforce of Hyundai E&C including directors, executives, officers and employees shall take fair transaction training program.
Ethics and Transparent Management System
MORAL PRIDE IN HYUNDAI E&C: Hyundai E&C in which All of Customers, Employees, and Suppliers Take Pride
3 Practical Elements
Code of Conduct · Supervisory Body · Ethics Training
5 Areas of Implementation
01. Establish a transparent management system on a global scale
02. Carry out an in-depth training on “Clean Company”
03. Expand and improve management evaluation task
04. Build infrastructure for ethical management
05. Enhance the win-win cooperation system
Ethics Management Concepts and Polices
01 Put stakeholder relationships in place
/02 Adhere to tenets of fair trade and free market
/ 03 Fulfill corporate responsibilities for benefit of nation and society
/04 Encourage appropriate moral behavior among employees
- Relationship with Stakeholders
- Build customer trust
- Maximize shareholder value
- Respect employees and Promote equality
- Fair Competition in the market economy
- Prohibit any form of bribery
- Reject any form of cartel activities
- Pursue mutual growth with SMEs
- Corporate Social Responsibilities
- Comply with applicable laws
- Contribute to social development and local community
- Protect the environment by eco-friendly business
- Ethical Practice in doing Business
- Do not accept any improper payments
- Protect company property
- Respect social norm
- Make better working environment
Hyundai E&C pursues ethical values as a top priority to realize our vision as “Top-tier Global Company”.
As a global EPCM company, Hyundai E&C continues to make effort to strengthen the ethical corporate culture by sharing the ethical management vision with all stakeholders including all our executives and employees, all partners.
We will continue to develop ethical management that reflects industrial trends and various needs of our stakeholders by establishing a practical ethical management system focus on ethics of executives & employees, fair competition & trade, realization of customer's value and the pursuit of sustainability
As a responsible global leading construction company, Hyundai E&C leads to establish the standards for global human rights’ management.
For human rights management, Hyundai E&C is committed to complying with a wide range of recognized human rights/labor-related international standards and guidelines, such as the Universal Declaration of Human Rights, UN Guiding Principles on Business and Human Rights and International Labor Organization Constitution, and OECD Due Diligence Guidance for responsible business conduct, among others.
Hyundai E&C strives to build the highest level of respect and protection for human rights in all countries in the world where it leads to business. In addition, we are committed to prevent potential risks of human rights violations and to minimize negative human rights impacts.
Hyundai E&C does not tolerate any corrupt practice: our employees do not accept any improper requests or demands for bribery.
The top management of Hyundai E&C continuously highlights the principle of “zero tolerance for corruption” across the entire workforce. Since April 2017, Hyundai E&C has established the Anti-Corruption Compliance Policies and Procedures (“ACCPP”) and requires all employees to abide by it in business practices. The ACCPP is designed in light of anti-corruption laws and international standards such as the Act on Combating Bribery of Foreign Public Officials in International Business (Republic of Korea), Foreign Corrupt Practices Act (USA), Bribery Act (United Kingdom), and anti-bribery conventions of the OECD and United Nations. Hyundai E&C will continuously monitor the effectiveness of the compliance management system and continue to introduce further revisions in order to satisfy our clients and stakeholders.
Hyundai E&C complies with all applicable anti-trust laws.
As a global EPCM company, Hyundai E&C has been committed to devising and implementing anti-monopoly policies to ensure the fairness and transparency of our business transactions and practices. Hyundai E&C’s Anti-Trust Policy, which applies to all employees, executives, directors of Hyundai E&C and its subsidiaries, stipulates that it will not discuss, consider, participate in any anti-competitive behaviors such as price-fixing, bid-rigging, market assignment, and collective boycotting.
Ethics management activities
- 2019 Understanding of Domestic Contracts and Construction Disputes (Basic / Advanced)
Held two basic course lectures on construction disputes, contract disputes, contract development, complaint handling, and attachment in April and July for entry level employees and assistant managers to prevent and respond to potential legal disputes including domestic contracts that may arise in the construction industry.
Held two advanced course lectures on Act on Contracts to which the State is a Party, Act on the Improvement of Urban Areas and Residential Environments, Debtor Rehabilitation and Bankruptcy Act, and debt management in May and October for managers and deputy general managers to prevent legal disputes that may arise in the construction industry.
- 2019 Compliance Training on Construction Related Laws and Regulations
Conducted a total of 12 compliance training sessions for employees above deputy general manager from March to December in 2019 for the compliance of Monopoly Regulation and Fair Trade Act, Framework Act on the Construction Industry, Fair Transactions in Subcontracting Act, and anticorruption related regulations.
- 2019 Training for Newly Appointed Expatriates
Conducted a total of 4 training sessions on Foreign Corrupt Practices Act in March, June, September, and December of 2019 for employees newly appointed to be dispatched to overseas branches to improve compliance awareness and comply with overseas regulations.
- 2019 Training on Revised Regulations
Held a total of 11 training sessions on revised regulations for employees during February and March in 2019 to perform responsibilities and tasks without violating related regulations following an amendment to laws and regulations on construction industry.
- 2019 Ethical Management Training
Conducted ethical management training inviting an outside lecturer in May 2019 to enhance awareness around ethics in management for executives and staff members above titles ranking department heads.