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Ethics & Compliance Management

  • HDEC ESG Policies(Message from the CEO)

    We, Hyundai E&C, sincerely appreciate your interest and support for our company.

    The era of the 4th Industrial Revolution is truly upon us. With the stream of times, Hyundai E&C is gearing up to accelerate its effort to enter new markets and seek new businesses by using the extensive global network of Hyundai Motor Group. We are set to lead the next wave of industrial change by means of core future technologies and value chain expansion. In addition, Hyundai E&C is trying to enhance confidence in our company and secure the possibility of sustainable growth by reinforcing our responsibilities based on ESG (environmental, society and corporate governance) management, rather than focusing simply on short-term business performance.

    Sustainability is the foundation of Hyundai E&C’s corporate management. Hyundai E&C will continue to make efforts to maximize the added value of all stakeholders including shareholders, customers, cooperating partners, local communities and government. From that point of view, we endorse the UN Sustainable Development Goals (UN SDGs) and promote the corporate social responsibility for harmonious and sustainable growth of enterprises and all our stakeholders by faithfully fulfilling our sustainable management activities throughout the whole of our business areas.

    Through this opportunity, Hyundai E&C has enacted and revised the ethics charter & code of conduct, the human rights charter, and supplier code of conduct on this occasion.

    • First, Hyundai E&C has revised the Ethics Charter & Code of Conduct that our executives and employees should abide by applicable laws and regulations. In accordance with this Charter, we will provide our various stakeholders with a better satisfaction & customer value (『The Ethics Charter & Code of Conduct of Hyundai E&C』).
    • Second, Hyundai E&C has revised the Human Rights Charter to protect the human rights of our executives, employees and stakeholders, and to comply with relevant global standards including guidelines and global initiatives (『The Human Rights Charter of Hyundai E&C』).
    • Third, Hyundai E&C has enacted the Supplier Code of Conduct to provide opportunities for mutual growth of our partners (including suppliers and subcontractors) by establishing a sustainable supply chain of Hyundai E&C (『The Supplier Code of Conduct of Hyundai E&C』).

    We will continue to lead the qualitative growth of the construction industry by faithfully fulfilling our mission and role as a global leader in sustainability management through transparent corporate management, global human rights management, and win-win management with our partners.

    Thank you.

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.

Fair Transaction

  • 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

Concept

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

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

Ethics Charter & Code of Conduct

Download Ethics Charter & Code of Conduct

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

Human Rights Charter

Download Human Rights Charter

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.

Anti-Corruption Compliance Policies and Procedures

Download Anti-Corruption
Compliance Policies and Procedures

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.

Anti-Trust Policy

Download Anti-Trust Policy

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.
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