Obligation to follow the Code of Ethics
As a global company, the Company establishes an ethical corporate culture by complying with the laws and ethics through management activities that adhere strictly to the basics and principles.
1. Money and valuables
- - Money and valuables refer to money (cash, gift cards, vouchers) and goods that can bring economic benefit.
- You must not provide or accept money or valuables to/from stakeholders for any reason. However, exceptions are made in the following cases.
· Gifts for promotional purposes that cost KRW 50,000 or less. However, agricultural and fishery products and processed products (including flowers) that cost up to KRW 100,000 are allowed.
· Gifts displaying a stakeholder's company logo that do not exceed KRW 50,000, and gifts given to all attendees in general at events organized by stakeholders are allowed.
(Stakeholders: Individuals, such as executives and employees, who may benefit directly and indirectly by the duties you perform; customers, clients, partners, public officers in Korea and abroad, and other related organizations.)
· You must not request or receive gifts from overseas offices when traveling abroad for business purposes.
- - If you have received money or valuables without being aware of this, you must return them, and if it is difficult to do so, you must report the matter to the Righteous Management Office.
- - Entertainment refers to various activities for the purpose of business meetings and exchanges, such as meals, drinking, golf rounds, enjoying a performance, and other forms of amusement.
- - You must not provide or accept entertainment to/from stakeholders that exceeds KRW 100,000 per person. In the case that you are to do so, you need to seek approval from the department head in advance. If the expense exceeds KRW 100,000 per person due to inevitable circumstances, it must be reported to the Righteous Management Office.
For those subject to the Anti-Graft Act, such as public officers, journalists, and school personnel, you may provide meals that don’t exceed KRW 30,000 per person only for legitimate purposes that are recognized as they are for the smooth progress of a given task, social reasons or formality. You are prohibited from offering entertainment in bars that offer hostess or host services.
- - Hospitality refers to offering or accepting services including transportation, accommodation, tourism, and event support.
- - You must not provide or receive hospitality services including transportation and accommodation that exceed general standards. However, hospitality services provided in general to all participants in events are excluded.
- - If the expense exceeds the permitted amount due to inevitable circumstances, it must be reported to the Righteous Management Office.
4. Congratulations and condolences allowance
- - You must not notify stakeholders of your own or of a colleague’s congratulatory or condolatory events; notifying them of these events through a third party is also considered as being a notification from you.
- - You must use a company forum to provide any notification of congratulatory or condolatory events; you must not provide information of these events by using your company mail or sending an invitation card (wedding invitations and obituaries). When providing information about congratulatory or condolatory events, the scope of relatives is limited to your immediate family: your parents, parents-in-law, grand parents, grand parents-in-law, and your children.
- - A general standard of KRW 50,000 is recommended for expenditure for congratulations or condolences. No more than KRW 100,000 can be provided to stakeholders as a congratulations or condolences allowance, which includes the price of standing sprays and flowers.
- - You must never receive a congratulations or condolences allowance from stakeholders outside the company under any circumstances. If you have inevitably received a congratulations or condolences allowance from stakeholders outside the company, you must return the money or deposit the money to the Righteous Management Office.
- - When requested by the Righteous Management Office, executives and employees must submit relevant materials, such as a record of returned allowances received from stakeholders.
- - You must not accept congratulations or condolence flowers from stakeholders. If you have accepted them due to unavoidable circumstances, you must not display them.
- - Executives and employees must not hold extravagant weddings in luxury hotels, etc.
- Do not make any solicitations or recommendations related to the following through an acquaintance within the company or an outsider. If you receive any such solicitation or recommendation, you must report the case on the Company’s Clean POSCO M-Tech System.
· Any requests for preferential treatment for the purchase of equipment and/or materials, and for diverse contracts, etc.
· Any requests for preferential treatment for personnel matters including employment, promotions, rewards, penalties, and new appointments.
· Any requests for preferential treatment for excessive preferential treatment that go beyond normal practices.
· Any requests to neglect management and supervision tasks, such as inspections and examinations.
- - You must not make any illicit solicitation directly or through a third party regarding tasks subject to the Anti-Graft Act.
6. Pecuniary transactions
- - You must not be involved in any pecuniary transactions with stakeholders, such as lending money, offering loan guarantees, and/or leasing real estate.
- - If you engage in pecuniary transactions with a stakeholder due to unavoidable reasons, you must report the case to the Righteous Management Office.
7. Event contributions
- - You must not accept any event contributions or donations from stakeholders in events sponsored by the Company, such as department events or club activities.
- - If you use a vehicle / venue / service provided by a stakeholder for your convenience, you are deemed as having accepted donations or contributions.
- - If you receive these donations or contributions in inevitable circumstances, you must report it to the Righteous Management Office.
8. Unfair use of company budget
- - You must not use the Company budget, such as budget allocated to meetings and project implementation, for personal purposes.
- - For business expenses, you must use a corporate card; the card must be used only to serve the purpose, pursuant to relevant laws.
9. Fair Trade
- - You must strictly safeguard confidential or other important information.
- - If you find out important information, you must inform a person in charge of it.
- - You must not manipulate information or disseminate false information.
- - You must not use any of Company’s equipment or facilities for purposes that are not directly related to work.
10. Money and valuables
- - You must comply with international standards, laws and regulations related to fair trade in order to not engage in unfair trade practices, including collusion related to production, price, bidding and market sharing, etc; you must compete in the market in a fair manner.
- - You must not take advantage of a superior position to demand any form of rewards or other unreasonable gains from customers or companies you are trading with.
- - You must respect the rights and properties of others, including intellectual properties, and not violate them to win in a trade or gain profit.
- - Corporate information including that of competitors must be acquired and used by fair means.
The Company seeks the development of both individuals and the Company through work-life balance. The Company creates a happy workplace by establishing a corporate culture of respect towards one another.
1. Pursuit of work-life balance
- - We promote improved quality of life by offering welfare benefits that help stabilize the living conditions of employees.
- - We support employees to achieve their goals and assist them to work flexibly in terms of time, place, and way of working.
2. Provision of opportunities for education and growth
- - We create a work environment and system that promote creative thinking.
- - We support employees with training programs to improve their capabilities and foster self-development.
3. Fair assessment and compensation
- - The Company conducts fair assessment based on the capabilities and performance of each employee and reflects this systematically to ensure the provision of appropriate compensation.
- - Executives and employees lift barriers between organizational bodies and encourage a climate of cooperation.
Creating customer value and securing trust
고Recognizing that customer trust and success is our future, we respect customer opinions at all times, understand customers, and create value that promotes their development.
1. Realization of customer satisfaction
- - We listen carefully to the voice of the customers and conduct our duties in a customer-centric fashion.
- - We readily accept legitimate customer requests and reasonable suggestions.
2. Creation of customer values
- - We meet customer needs by providing the best products through continuous technological development.
- - Our employees understand the market trend in Korea and abroad, and develop a service mindset that respects each customer’s culture and customs.
3. Securing customer trust
- - We certainly consider customer safety and health, and don’t provide products or services that threaten it.
- - We protect each customer’s information and comply with the laws and regulations regarding information protection.
- - We provide accurate information to customers in a timely manner.
Duty of good faith to investors
We maximize investor value by making profit on the basis of transparent decision making and efficient management activities.
1. Pursuit of increased shareholder values
- - We make profit on the basis of transparent decision making and efficient management activities and enhance both corporate and shareholder value.
2. Fair provision of investor information
- - We do not provide information that may affect the investment decisions of shareholders to only some shareholders, or offer select information.
- - We do not directly trade stocks or securities using inside information acquired at work, or solicit trade to others.
3. Calculation and provision of transparent financial information
- - Financial information must be calculated using an appropriate process or control based on precise trade facts.
- - Financial reports must be made according to generally recognized accounting standards.
- - A sufficient amount of correct management information must be provided to help investors to make investment decisions based on free will and responsibility.
Building mutually beneficial relations with business partners
We must establish a fair business order based on mutual trust and build a corporate ecosystem in which we coexist and develop with our stakeholders.
Contribution to the country and the society
We fulfil our responsibility and duty as a corporate citizen to contribute to national and social development.
Preservation of the environment and the ecosystem
We build a sustainable management system, strengthen our capabilities to respond to risks and implement sustainable management through open communication.
1. Building a sustainable management system
- - We operate an efficient, sustainable management system to evaluate the impact and risk of our activities, and to manage and analyze our sustainable management performance systemically, in order to, ultimately, reach our sustainability goals.
- - We share accomplishments and issues with various stakeholders and engage in sustainability activities together.
- - We form a consensus with partners regarding environment protection as a social obligation, and support them to comply with environment laws and regulations.
- - We assist our business partners to safeguard public health and safety when producing products or services. At the same time, we help them minimize any negative impact on local environments and natural resources.
2. Compliance with environment laws and improvement in environmental impact
- - We abide by environment laws and try to improve the impact on the environment in all processes, including development, production, and use of products.
- - We minimize emissions of harmful substances by introducing environmentally friendly process and applying the optimum technology that prevents environmental pollution.
3. Response to climate change
- - We strive to reduce greenhouse gas emissions by using fewer fossil fuels or raw fossil materials and by improving energy efficiency.
- - We strengthen our competitiveness by developing innovative low-carbon technology.
4. Protection of the environment and the ecosystem
- - Through the efficient use of natural resources and by-products, we work to restore the natural ecosystem and preserve biodiversity.
Protection and respect for human rights
We uphold human rights, endorse international human rights standards, and establish human dignity of all stakeholders through enhancement of freedom, safety, and quality of life.
1) Respect for international human rights standards
- (1) We respect and support the internationally accepted human rights standards such as the Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights, the UN Global Compact, and the OECD Guidelines for Multinational Enterprises.
- (2) We have established clear human rights policies and systems and strive not to violate human rights in the course of our management activities.
- (3) We support our business partners to observe human rights-related regulations as required by international human rights standards. We help them protect the human rights of their employees, and treat them fairly.
- (4) We respect the International Labour Organization (ILO) conventions and conventions ratified by the Republic of Korea, especially the convention on the prohibition of child labor and forced labor, and the convention on the abolition of forced labor.
2)Obligation to perform due diligence to respect human rights
- (1) We may conduct due diligence as needed for management activities that violate human rights or cause complaints.
- (2) We seek reasonable solutions if, as a result of due diligence, the Company is considered to have violated human rights during the course of management activities.
- (3) We communicate with stakeholders regarding the results of human rights-related activities.
3) Protecting executives and employees
- (1) Company executives and employees do not engage in verbal, physical, or visual behavior that is offensive to others, including sexual harassment, which infringes on the human rights of an individual.
- (2) We respect privacy of our individual employees. We do not slander others nor leak personal data.
- (3) We prevent people from working involuntarily due to mental or physical coercion.
- (4) We observe the labor law of each country we operate in and international standards for employment standards and the minimum age of employment for minors.
- (5) We strictly follow safety rules and take appropriate measures for all risks identified.
4) Respect and equality
- (1) We do not discriminate or harass people on the basis of race, nationality, gender, age, academic background, religion, region, disabilities, marriage status, gender identity or any other reasons.
- (2) We provide equal employment opportunities to people who meet job qualifications.
- (3) We maintain the work environment by respecting various cultural differences.
5) Guarantee of legal and humane employment requirements
- (1) We take prompt action on human rights issues raised by our employees through our complaints support system.
- (2) We guarantee employment requirements, including appropriate working hours so our employees can live a life of dignity and a life that is worthy of a human being.
6) Efforts to respect human rights in the community
- (1) In case a human rights violation in the community is committed in the course of the Company’s management activities, we gather opinions and take measures to resolve any said human rights issues.