Hyosung Advanced Materials strives to meet the demands of the various stakeholders as well as to continue business in a manner that fulfills our social, economic, and environmental responsibility as part of the social community. We conduct economically sustainable activities to contribute to the enhancement of both stake-holders’ value and enterprise value.
Hyosung Advanced Materials defines and manages potential uncertainties in the market as well as internal and external risks and opportunities within its risk management system. We established risk prevention system enables to tackle risks preemptively with drawing of key risk in accordance with likelihood and impact of risk, separated in financial, business continuity and management.
Hyosung Advanced Materials manages the ‘procurement, environment, safety, and quality’ of all its production partners(i.e. processing suppliers). We support the suppliers to tackle the issues raised through regular monitoring in accordance with IATF16949, ISO14001 standards and to make continuous improvements. In order to mutually grow as a win-win partner, we cooperate with our production partners and support their sustainable production, by managing the risks together as well as increasing their competitiveness in price and quality.
Sustainable Supply Chain
- Production Partner
- Hyosung Advanced Materials recognizes its suppliers as shared-growth partners rather than a mere stakeholder. Therefore we build shared growth system with our suppliers based on the perception that suppliers’ competitiveness is a driving force of our business growth. We retain the sustainability of our supply chain through supporting the growth of our suppliers’ and to strengthen their competitiveness. In addition, we strive to fulfill our social responsibility through encouraging our suppliers to comply with the ‘Hyosung’s Code of Conduct for Suppliers” .
- Material Suppliers
- Tire & Industrial Reinforcements PU manages its supply chain through an audit or on-site inspection of all its major raw materials and subsidiary processing materials suppliers each year in order to minimize supply risks and accomplish the goal of establishing a sustainable supply chain.
Code of Conduct for Suppliers
Hyosung Advanced Materials has established the Code of Conduct for suppliers in the areas of ethics, human rights, safety, and environment, and recommends that all suppliers comply with the detailed guidelines in the Code of Conduct.
- Key Areas Covered in the Code of Conduct for suppliers
- Ethics and Fair Trade : Facilitate transparent and fair business trade culture and to actively engage in ethical management.
- Human Rights & Labor : Respect the human rights of employees and do not treat them in an inhumane manner
- Safety & Health: Prevent workplace accidents and occupational diseases by proactively identifying risk factors in the workplace.
- Environment : Meet environmental standards required for all the products and services we offer and strive to minimize their environmental impact.