Hyosung Advanced Materials responds to the needs of various stakeholders and fulfills its role as a member of the social community. We strive to fulfill our social, economic, and environmental responsibilities through our business activities. With a goal to contribute to the enhancement of the various stakeholders’ and corporate value, we carry out responsible management activities in various sectors.
In an effort to ensure more transparency in its business management, Hyosung Advanced Materials has adopted the ‘Code of Ethics’ so that all employees can refer to it as a set of guidelines to make decisions properly and ethically. Hyosung Advanced Materials will continue to facilitate healthy corporate culture and fulfill its social roles and responsibilities as a global corporate citizen.
- I.Scope of Applicability
The Hyosung Advanced Materials Code of Ethics applies to all affiliated companies including the holding company of Hyosung Advanced Materials and all employees.
- II.Monitoring the
Code of Ethics
Hyosung Advanced Materials regularly reviews on the Code of Ethics and may require advice from the Legal Compliance Team when encountering unclear or ambiguous application standards.
- III.Reporting Violations
of the Code of Ethics
All stakeholders subject to the Code of Ethics shall report violations to the Legal Compliance Team right after perceiving them without delay. Any decisions or actions against the Code of Ethics may be investigated and penalized according to the company regulations. Unethical behaviors or corruption can be reported through the Whistle Blowing Center or HR Center. We guarantee identity of the informer is kept secret, and any disadvantage or discrimination against the informer is prohibited.
- Ⅰ.Compliance with Laws and Regulations
- “We strictly comply with laws and company regulations."
We respect the national laws and comply with all regulations and socially defined norms of conduct.
We strictly comply with the company’s business policies and regulations and fulfill our responsibilities and duties.
We regularly create jobs by earning honest business profits and earnestly fulfilling our basic roles as members of our society.
We respect the market economy rules and trading practices not only in domestic regions but also overseas regions that the company is operating in and comply with the laws and regulations accordingly.
We never conduct or get involved with illegal insider trading or money laundering.
- Ⅱ.Customer-respecting Management
- "A company exists to offer the value that can satisfy customers."
Gaining the trust of our customers is our most important priority.
We provide distinguished quality and service that can satisfy the needs of our customers.
We strive to establish transparent and fair business practices with our customers and develop healthy partnerships.
- Ⅲ.Shareholder-oriented Management
- “A company belongs to its shareholders and it should absolutely gain their trust.”
We increase the profits for our shareholders and investors by creating value with better performance.
We conduct business logically and transparently to gain the trust of both our shareholders and investors.
We respect the rights of our shareholders and investors and offer them all the necessary information at the appropriate time to realize profits with integrity.
- Ⅳ.Employee-respecting Management
- "Each of the employees is the most important asset of the company."
We mutually respect the character of each of our fellow employees and establish a sensible corporate culture based on mutual trust and understanding.
We create a pleasant and safe workplace where individuals can openly express their creativity.
We do not discriminate based on unreasonable grounds, such as nationality, educational background, place of birth, gender, age, religion, disability, political inclination, or marital status.
- Ⅴ.Employees ethical management
- "All employees aim to perform their tasks in transparent and fair manner by complying with ethical management."
Employees do not force, impose or respond to unfair or unethical tasks within the organization.
Employees do not accept or promise bribes.
Employees try to avoid any conflict of interest between the company and customers as well as among customers and prioritize the interests of the company and customers if any conflict of interest occurs.
Employees strictly manage and protect corporate and customer information which is acquired to complete work-related tasks and do not use it for private purpose.
- Ⅵ.Suppliers Shared Growth Management
- "Suppliers are a source of competitive edge for the company, and we aim for shared growth based on transparent and fair trading with suppliers."
When selecting suppliers, it is considered whether they comply with Hyosung’s human rights, environmental and social values.
A business trade with a supplier is made in an equal position, and we do not engage in unfair trade practices, abusing our superior position.
We create a foundation for shared growth with suppliers by enhancing their sustainability through multi-faceted support activities.
- Ⅶ.Social Responsibility Management
- "A company is a member of society and must achieve harmony with society to grow."
We fulfill all the responsibilities and duties as a member of society as well as strive to achieve mutual prosperity and progress through social contribution efforts.
We aspire to be an environmentally friendly company and try to get appreciation and respect from the community.
We properly assess the sustainability of suppliers and their products, and rightfulness of them production processes in the procurement activities in order to create a sustainable supply chain.
Code of Ethics Guidelines for Practice
We aim to become a trusted company with the honest management activities.
- Ⅰ.Compliance with Laws and Regulations
- Compliance with national policies and regulations
We respect national policies and do not engage in illegal activities.
The company competes in good faith with its competitors based on products and services in business operation and does not engage in unfair competition.
We do not obtain information through unethical or illegal means violating related laws.
Employees who work abroad respect and comply with the local laws and social order so that their performance in the company is not interfered.
We do not only respect market economy order, trade customs and regulations of domestic territory but also overseas counterparts to ensure legitimate and fair business trades with our business partners.
As a member of the country and local communities, we comply with various laws and regulations concerning the prevention of corruption, bribery and money laundering, and report any suspicious transactions through due process and method
- Compliance with the corporate regulations
and basic corporate ethics
We share the company’s business philosophy and goals, comply with the corporate management policies and regulations, and focus capabilities to complete the imposed tasks in a timely and accurate manner based on responsibility at work.
In performing work-related tasks, the interests of the company are prioritized rather than those of individual person, and the work is carried out objectively and rationally.
We neither work for third party individuals or companies which have a conflict of interest with the company, nor form any special relationships with them.
The company’s confidential or sensitive information is strictly protected, and important information is communicated immediately to the relevant person for work. And we neither distort information nor disseminate nay false information.
- Ⅱ.Customer-respecting Management
- Business trades with customers
With customer satisfaction as a top priority, we strive to provide the highest-quality products and services and fully comply with our promises with customers.
We make sure the trades with customers are carried out reasonably in an equal position based on mutual respect.
We do not abuse our superior position to ask customers for any kind of unreasonable demands.
We do not advertise and display false or exaggerated information. We do not conceal information and disclose information that customers need to know.
We practice process responsibility for the entire lifecycle of our products to ensure customer safety from the procurement stage of raw materials that do not contain hazardous materials to product development, manufacturing, logistics, reuse, and recycling.
- Partnership with suppliers
We maintain mutual trust and respect with our business partners to promote shared growth and increase benefits among both parties.
The company provides equal opportunities in the event of bidding and signing contracts and we sign reasonable contracts in an equal position for all transactions.
The company maintains constructive relationship with suppliers by finding and fostering excellent suppliers.
- Ⅲ.Shareholder-oriented Management
- Interest protection of shareholders and investors
We strive to make sound profits by efficient management activities and increase shareholders’ value by rational investment.
We manage and record financial status accurately and transparently in accordance with accounting standards.
We do not engage in unfair trade practices including stock trading by using internal corporate information for both private purposes and others.
- Protecting shareholders’ right to know
We provide reliable and useful information related to overall business status to stakeholders and investors in timely manner.
We try to ensure that our corporate value is evaluated properly through active advertisement and IR activities.
- Ⅳ.Employee-respecting Management
- Respect for employees
We respect individual characteristics of each employee, encourage their creative thinking and autonomy, and provide support for their capacity building as well as educational opportunities.
We provide equal opportunities to all employees and evaluate them fairly based on their performance and capabilities.
We do not discriminate on the grounds of nationality, educational background, region, gender, age, religion, political inclination and marital status when it comes to employment, work and promotion.
- Facilitating a sound corporate culture
Employees do not engage in unethical conducts such as gambling, taking improper money, borrowing money, or writing joint and several liability among each other.
Employees do not conduct defamatory behaviors as well as any verbal, physical, sexual or visual behaviors which may offend other employees, and we respect personal privacy of each individual.
We do not favor or discriminate against certain individuals or organizations for reasons of nepotism, academic relations, religion, or gender and do not ask to cause disadvantage against other employees.
The company and employees create a creative and proactive corporate culture in order to achieve shared goals and do not engage in acts that encourage departmental selfishness or conflicts.
- Ⅴ.Employees Compliance Management
- Transparent and fair work performance
A supervisor should not give his/her subordinates unfair work orders contrary to legal and corporate regulations. In case such an order is made, the subordinates can refuse to perform his/her duties after presenting rightful reason for the refusal.
An employee should neither engage in any kind of solicitation that undermines the fair working performance of other employees for the sake of his/her own or others’ interests, nor receive or promise any bribes.
Employees should strive to avoid any conflict of interest between the company and customers or between customers by using their superior status and personal interests. When a conflict of interest arises, they try to seek for resolutions to minimize damages to stakeholders.
Employees should strictly manage and protect corporate or customer data acquired during work, in accordance with relevant laws and corporate regulations, and should not leak it out or use it for personal purposes.
- Ⅵ.Suppliers Shared Growth Management
- Pursuit of shared growth
When selecting suppliers, signing contracts and renewing them, we consider whether they comply with human rights, environmental and social values which our company pursues.
We ensure that a business trade with a supplier is carried out fairly in an equal position, and we thoroughly discuss trade conditions and process with suppliers and do not commit unfair trade practices, abusing our superior position.
We create a foundation for shared growth with suppliers by enhancing their sustainability through multi-faceted support activities.
We protect the intellectual and actual property rights of our suppliers as well as all information acquired from them.
- Ⅶ.Social Responsibility Management
- Contribution to social development
We respect the values of the domestic and overseas local communities where the business operates and continue to create employment and fulfill our basic responsibilities as a member of society.
As an exemplary member of society, we actively respond to social demands imposed to the company such as CSR activities.
We strive for environment conservation and actively participate in environmental protection in the local communities.
We actively support our suppliers in the supply chain for sustainable management and consider whether they engage in sustainable management activities when selecting and evaluating our suppliers.
We actively encourage green procurement in accordance with the details of the Environment-friendly Procurement Policy.
We do not purchase any raw materials and materials that have problems in human rights violations, political disputes, and others in the production process, such as conflict minerals and other products in general. We also guide our suppliers within the lower supply chain to consistently apply this principle.
- Sound social life
We do not engage in any conduct which will undermine the company’s reputation, refrain from improper privacy, and take through self-management.
We do not engage in any political activity that benefit any specific party or nongovernmental organization, using the position in the company.
Hyosung Advanced Materials Code of Ethics :
Announced on June 01, 2018
Amended on August 30, 2019
Amended on June 30, 2020
Amended on April 1, 2021
Ethical Management Activities
Ethical Management Education
Hyosung Advanced Materials
Ethics Training (Domestic)
|No. of Attendees||Total Hours||No. of Attendees||Total Hours|
|Ethics and anti-corruption||
Preliminary Monitoring & Audit
The audit team monitors employees' misconducts through regular and special audits at the head office and domestic and overseas business sites.
The whistleblowing center at our website enables various stakeholders such as customers, partners, suppliers, and local community to freely make reporting(both in real name or anonymously) on a range of issues. The confidentiality of the whistleblowing contents are strictly kept in accordance with the internal reporter protection rules and the audit team directly investigates the issue and reports and notifies the results.
Employees can also report employees' unethical behaviors and discusses grievances and ethical standards through the HR Counseling Center. When any issue raised requires additional investigation due to unethical behaviors in the received contents, the audit team takes over and handles them.
Contents Eligible for Whistleblowing & Reporting
- Violation of Law or the Code of Ethics
- Human rights violations and harassment at workplaces
- Complaints on transactions or fair trade violations
- Lack of transparency in selecting suppliers
- Employees and suppliers grievance
- Information security breaches
- Child labor or forced labor
- Transaction complaints and fair trade violations
- Illegal and improper use of company assets
- Other illegal and unfair acts, etc.
- Anti-corruption and demand and acceptance of money and goods and entertainment
- Manipulation of documents and coefficients and negative reporting
Whistleblowing/Audit & Disciplinary Action Status of Hyosung Advanced Materials
|Number of Disciplinary Action through Whistleblowing||-||1||-||1||-||-|
|Number of Disciplinary Action through Investigations||-||1||-||1||-||-|
|Number of Disciplines||-||-||-||6||-||-|
The number of disciplines is the number people that received either reprimands, reductions, suspensions, and dismissals (written warnings have been excluded from the number of disciplinary actions)
Introduction of Compliance Program(CP) and its Objective
The Compliance Program (CP) is a series of activities and system operated internally by companies to monitor, educate, and supervise business activities to comply with fair trade-related laws. Hyosung Advanced Materials adopted Hyosung Corp.’s CP, which was introduced in September 2006, upon the spin off on June 1, 2018, in order to establish a desirable business culture for fair trade. Through CP operation, we will not only prevent risks from violations of laws, but also establish compliance and ethical management in the ways employees work and in our corporate culture. Hyosung Advanced Materials will faithfully fulfill our responsibilities in fair trade by tailoring our CP in accordance to the competition and our business situation to realize responsible management.
CP Organization & Fair Trade Compliance Program Manager
The Legal Compliance Team is responsible for the daily operation of the CP. We plan to minimize legal and other related risks by increasing awareness of the CP and its operation guidelines, fair trade & transaction training, and monitoring for all employees. The Fair Trade Compliance Program Manager, appointed by the CEO, is the key person in charge of running the CP, and has been empowered to report important issues directly to the Board of Directors and top management.
- Social Contribution Committee
- Board of Directors
- Fair Trade Compliance Program Manager
Legal Compliance TeamAudit, HR, Training
- Risk Management
- Compliance Program Training
- Periodic education and revision of Compliance Program Handbook
- Reward System
- Awards & discipline related to CP
- Establishment and Revision of CP Regulations
- Top Management's Commitment for Compliance
Open and Supportive Talent Attraction
Fair and Open Recruiting
Hyosung Advanced Materials offers a variety of employment opportunities, including regular and occasional employment. All applicants have equal opportunities in the recruitment process and are not discriminated against by nationality, age, academic background, gender, or religion. In order to enhance the transparency of the recruitment process, the restrictions on foreign language grades, grades, and application age are removed, and the attached photo of the job application and the description of family matters are deleted. To ensure fair interviews, all interviewers are trained in advance on how to conduct interviews and guidelines for questions. In addition, we are operating a preferential employment policy for the socially vulnerable, such as the national merit and the disabled.
Program to Support New Entrants Soft-landing
In order to help new employees well-adapt to the organization, we operate an in-house adaptation program that guides through company's core values, organizational systems,
and other various systems for new employees from entry-level to experienced and executives level.
In the case of newly scouted executives, we provide guidance on the management status, organizational system, and system through a 1:1 session.
Through the group’s introductory training of new employees, new employees are provided with the basic competencies necessary for company life by improving the understanding of company's philosophy & business, future tasks, products, customers, and markets.
New employees take part in 1:1 on-the-job-training programs for three months upon joining their team and the senior team member selected as a mentor provides practical job training to help new employees adapt quickly to the team.
of Excellent New Employee Award in 2019
Respect for Diversity
Hyosung Advanced Materials, which employs employees of various nationalities 35% manufacturing sites in 10 countries,
recognizes human resources as the company's most important asset.
We do not make discrimination on the basis of nationality, academic background, region, gender, age, religion, disability, political orientation, marital status, etc.
As a global company, we respect the characteristics of each region's culture, strive to recruit local talent and continue to provide training and support by level to help locally recruited employees to grow into managers.
In particular, to strengthen the capabilities of employees in overseas manufacturing subsidiaries, we established training programs to strengthen sales capabilities for new employees in China and Vietnam, and established a strategy to foster top management from local workforce. As a result, about 50% of the managers in China and Vietnam are locally recruited and trained managers. In accordance with the company's Code of Ethics and Guidelines for practice, discrimination against employees is prohibited in all aspects of talent management, including employment, work performance, evaluation, and promotion, and the company provides support to individuals to fully utilize their abilities to generate performance. Hyosung Advanced Materials recognizes the importance of fostering female talent and is also focusing on fostering female managers. Especially in China and Vietnam, the percentage of female managers has exceeded 30%.
11% Other nationalities
of Employee Nationality
Talent Development System
In addition to job training directly related to work competency, Hyosung Advanced Materials systematically fosters the talent through various education programs such as management philosophy, leadership education for each position, global education, and social/environmental responsibility practice education for all employees.
Hyosung Advanced Materials’ education curriculum - Level education
- Management Philosophy (Executives)
- Introduction to Executives
- Responsible Management
- Management Philosophy (Senior Manager, Assistant Senior Manager, Manager, Assistant Manager)
- Introduction to Experienced Level
- Management Policy and Working Attitude
- Hyosung Way / Leadership / Humanities
- Management Philosophy (Associate)
- Entry Level Introduction
- Field Job Introduction
- Management Status and Philosophy
- Leadership (Executives)
- Executives MBA
- Summer Seminar
- Insight Forum
- Leadership (Senior Manager, Assistant Senior Manager)
- Leadership / Humanities / Trend
- New Team Leader
- Insight Forum
- Leadership (Manager, Assistant Manager)
- Leadership / Humanities / Trend
- Leadership (Associate)
- Class Leader Training
- Job Competency (Manager, Assistant Manager)
- Field-Focused Skill-Up Training
- Job Competency (Associate)
- Field-Focused Skill-Up Training
- Entry Level Job and Field OJT
Hyosung Advanced Materials’ education curriculum - General education
- Job Competency (Senior Manager, Assistant Senior Manager, Manager, Assistant Manager, Associate)
- Common Job: Finance, Accounting, Negotiation, Problem Solving, Communication, Product Knowledge
- Specific Job: Sales(Customer/Market/Credit/Stock), Manufacturing(Process/Facility/Quality/Innovation), R&D(Technology/Research/Management/Cost Accounting/Related regulations), IT/System
- Social and Environmental Responsibility Activity(Executives, Senior Manager, Assistant Senior Manager, Manager, Assistant Manager, Associate)
- Human Right: Preventing Sexual Harassment / Disability Awareness / Preventing workplace and others
- Ethics: Hazardous Chemicals / Handling Process / REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals
- Safety and Health: Industrial Health and Safety and others
- Global (Senior Manager, Assistant Senior Manager, Manager, Assistant Manager, Associate)
- Expatriate Training: Divergent Culture / Foreign Language
- Training in Headquarter for local employees
Strengthening Job Expertise
Hyosung Advanced Materials continuously and systematically trains employees to acquire the necessary knowledge and skills to strengthen their job performance expertise.
We are developing competency for each position regardless of their job through common job training such as accounting, problem solving, and communication. We also promote trainings in the areas of leadership, job competency, and many others that are suitable for each job position.
In addition, as a materials company, all employees take product knowledge and process training as a common training to cultivate knowledge of the company's products.
Training for each job consists of a variety of training from beginner to expert level. In particular, we provide training to acquire certificates necessary for job performance, such as industrial safety and harmful chemical substance.
In the sales field trainings about market trends, customers, and sales strategies are conducted in the form of regular learning, led by divisions and teams, regardless of class, so that employees can quickly and effectively acquire the latest business trends.
In order to strengthen product quality, we provide training to ensure that the skilled workers who are on-site practitioners such as quality index, work standard, and safety can properly learn necessary skills.
Social and Environmental
In order to strengthen corporate social and environmental responsibilities, we have strengthened human rights trainings, such as preventing from bullying in the workplace,
and raising awareness for persons with disabilities raising awareness of related fields and proactively responding to them.
In addition, we have strengthened education in various social and environmental fields such as ethics, anti-corruption, fair trade, environment, safety, and information security.
Since 2020, the training target has been expanded from team representatives to all domestic office workers and overseas expatriates. In terms of content, education has been expanded to cover more diverse topics.
We are also expanding training content support for business partners to fulfill their social and environmental responsibilities.
Support for Growth through Fair Evaluation
Hyosung Advanced Materials conducts periodic performance evaluations every year to enhance employee satisfaction and commitment. Differentiated rewards are provided to outstanding performers through performance evaluation with no discrimination in basic salary between men and women. Through clear feedback and coaching, we ensure that employees fully understand the evaluation results and strengthen their future work capabilities based on the feedbacks. Performance evaluation feedback is conducted face-to-face based on performance plans established by individuals at the beginning of the year and agreed with the team leader. In addition to achievements, two-way communication will be conducted on how to perform the work, desired work in the future, and training and support necessary to perform the work. At this time, the employees under evaluating can request a work assignment considering the CDP (Career Development Plan). The items discussed during the evaluation feedback are signed by the appraise and the evaluator before submission. In 2019, the existing evaluation system was supplemented so that individual KPIs can be changed at any time according to the work situation, and the evaluation system was reorganized to receive feedback on the progress of work throughout the year to create the performance of the respondents.
- Evaluate the work performed by the appraise directly according to the KPI
- Team Leader
- Evaluate with reference to the changed appearance after the first performance interview
- Evaluation confirmation
- Feedbacks for business performance and capacity building
- Request for future job/training
- Team Leader Evaluation ~ Executive Final Evaluation
- Review the opinions of the appraisee‘s desired job
- Feedback and advice on CDP
Providing Various CDP(Career Development Plan)
Hyosung Advanced Materials executes job rotation so that employees can experience various tasks and grow into experts within departments or through transfers between departments. Employees can consult with the evaluator about future jobs and its tasks during regular HR evaluation feedback. In addition, even if the changed job is different from the existing job, it can be carried out in consideration of various situations and proper support is provided to adapt to the new job. And employees can receive a CDP consultation based on job satisfaction with the HR team leader through the HR Consultation Center.
- Technical Marketing
- “I joined the company as an engineer of responsible for production lines. Later I shifted to the technical team and now I work at the sales team at the headquarters I was hoping for. I am growing as a sales expert through technical marketing that meets customers directly based on the product knowledge accumulated in the factory and delivers the value of our products.＂
- Green Management
- “After graduating from university, I joined the HAMC as a process management staff at the factory. But currently, I am working as a green management representative at the head office because I was given the opportunity to manage greenhouse gas and hazardous chemicals based on eco-friendly energy engineering, which I studied in university. There is a great sense of responsibility as the company's frontier contact point for environment, but it is fun because I feel I am growing through leanring.”
- Strategic Planning
- “I started my career as a researcher in the New Materials Research Team. I wanted to do something different from the previous job, so I applied for a job change as a planning manager who manages the company's business. Because the nature of the materials company, technical knowledge is necessary for work, and cooperation with R&D organizations is also necessary, so my previous job experience is very helpful for present position.”
- General Affairs
- “I was transferred to the planning management team of the head office from accounting manager in the plant through job counseling, and experienced various tasks for 8 years. Among them, I changed my affiliation to the General Affairs Team to perform the general affairs suited to the job aptitude. Recently, I have been working responsibly for the welfare of employees.”
- Personnel Affairs
- “After majoring in pedagogy at the Graduate School, I joined the holding company as a new member of the Human Resources Development Center to perform global education planning and execution. After that, I changed my affiliation to the human resources team of the operating company, and am in charge of evaluation, promotion, and rewards. I am delighted to have the opportunity to experience whether the new HR work is suitable for the job aptitude.＂
- Production Managing
- “In the past, only employees at a senior manager or higher position was possible to transfer to overseas subsidiaries. However, as overseas production bases have been intensively developed, it is possible for associates and assistant managers to transfer to overseas subsidiaries. I had worked for the Quality Assurance Team at the factory in Korea, and now I am collaborating with local employees to implement global standards in the Vietnam Tire cord Support Office."
Responsible Talent Management
Human Rights Policy and Human Rights Principles
Hyosung Advanced Materials respects the human rights of all stakeholders and includes the Universal Declaration of Human Rights adopted by the United Nations General Assembly, the ten principles of UNGC, core agreements proposed by the International Labor Organization (ILO), and OECD guidelines. And we comply with international standards.
Enhancing Human Rights Awareness
Hyosung Advanced Materials conducts sexual harassment prevention education, disability awareness education, and harassment prevention education for all employees in Korea to strengthen employees' awareness of human rights protection. Vietnam and Quang Nam subsidiaries offer sexual harassment prevention education. In the future, we will strive to strengthen human rights awareness by expanding human rights-related education in overseas regions, including China.
Human Rights Policy
All stakeholders including Hyosung Advanced Materials employees, customers, and local communities have the right to dignity and happiness that can not be transferred as human beings. We promise to grow together with all stakeholders through Hyosung Way, a value system of Hyosung that leads the better life of mankind based on the best technology and management capability. Hyosung Advanced Materials supports the UNGC principles, the OECD Guidelines for Multinational Enterprises, and the labor standards laid down by the ILO, as well as the Universal Declaration of Human Rights adopted at the UN General Assembly. In addition, we promise to comply with the standards of labor rights and working conditions of all the countries in which we operate, as well as our head office in Korea. This commitment is equally applicable to all stakeholders, including employees of Hyosung Advanced Materials Corporation, customers, local communities, and employees of partner companies.
Announced on June 01, 2018
Amended on August 30, 2019
Human Rights Principles
One is entitled to have the right and freedom in all fields of political, economic, social and cultural life without unfair discrimination based on race, nationality, gender, language, religion, ethnicity, disability, political opinion, social background, academic background and age.
- Equal Opportunities and Compensation
Fair compensation is given according to individual ability and performance under fair working condition, and opportunities for self-development are provided.
- Freedom of Assembly and Association
Employees have the right to enjoy freedom of association for assembly without threat of retaliation or intimidation.
- Safe Working Environment
Employees have the right to work in a healthy and safe manner in a pleasant working environment.
- Personal Privacy Protection
No one can interfere with an employee’s personal information and privacy related to his/her family, housing and communication.
- Compliance with Working Conditions
We guarantee working hours determined by the country where our business is operating and comply with the regulations of regular paid leave.
- Forced or Child Labor Banned
We observe the minimum age for employment set by the country where our business is operating, and employees are not arrested mentally or physically or forced to work against their free will, such as slavery or human trafficking.
- Fair Business Practices
Recognizing a supplier company as a partner in an equal position, Hyosung Advanced Materials does not abuse its superior position and further contributes to improving human rights of supplier companies.
- Commitment for Local Community Development
Hyosung Advanced Materials recognizes its responsibility for the development of the local community and actively invests in the community development.
- Information Transparency
We provide the required information to shareholders and investors in timely manner and maintain accuracy of accounting data to ensure transparency.
- Customer Information
We recognize customer’s information as a valuable asset requesting minimal level of disclosure. For the information that we receive, we take technical and physical measures to protect the customer information.
Announced on June 01, 2018
Amended on August 30, 2019
Handling Employee Suggestions and Grievances
In order to protect the human rights of employees and create a good working environment,
we have established communication channels that every stakeholders can make suggestions that are necessary to create a good working environment such as support necessary for work,
improvement of work environment, and workplace relations. And they can freely report any discomfort and grievance cases.
Employees can freely present their opinions about the company and their duties, regardless of whether they are online or offline, and anonymously report matters such as corruption or unfair treatment. According to the principle of protection of informants, the confidentiality of the identity and contents is strictly guaranteed and retaliation is prohibited.
|Type of Reporting||Report Method and Content||Respondent||Processing Procedure|
-HR Counseling Center
|Receipt of grievances, such as job-related grievances, sexual harassment, embezzlement, and personnel corruption, by email or telephone||HR Team Leader||Process after consulting the HR team leader|
|Receipt of violation of company-related laws, employee corruption, unfair treatment, sexual harassment, etc.||Person in charge of the Whistleblowing Center||Process after receiving the report, request the related department to be processed or the audit team directly handled|
|Reporting to Audit Team||Audit team|
|In-house real-name bulletin||Submitting a proposal/suggestion/complaint on the blindness board||Board operator person in charge||Immediately communicates to relevant departments to respond to improvement proposals and informs the reason if improvement is not possible|
|In-house anonymous bulletin||Submitting a suggestion/suggestion/complaint to an anonymous board|
Hyosung Advanced Materials guarantees the legitimate labor union activities of its employees,
and employees can join local labor unions and industry labor unions as well as the company-specific labor unions.
Each business site transparently discloses the company's management status to on-site employees through regular business status briefing sessions and shift workers meetings.
Meanwhile, the Labor-Management Committee at each business site holds quarterly regular meetings to discuss welfare, grievances, and health & safety.
Complaints received are managed on a company-wide level whose improvements are continuously checked. In Vietnam and China, over 90% of employees are subject to collective agreements.
Support for Employee Value Creation
Hyosung Advanced Materials conducts various systems and support activities to help employees create performance and value. Work & life balance greatly affects not only the life satisfaction of employees, but also work satisfaction, so we are striving to create a healthy workplace where work-life balancing is realized.
Flexible Working Hours System
We comply with the statutory working hours of 52 hours per week and implement a flexible working hours system to increase work productivity. Employees are free to choose between the selective working-hour system and the flexible working-hour system, and overtime work allowances are paid for work outside the specified working hours. Through the flexible work system, employees are realizing a work balance by appropriately allocating working hours according to each individual's workload.
Systems of Refresh Vacation
and Designated Holidays
We operate a vacation system that allows employees to have time to recharge and increase work immersion. In the ‘Refresh Vacation System', a total of 5 days of annual leave can be used at one time. In addition through the “Designated Holiday System”, long consecutive holidays are assured by the company through bridging weekends and weekday holidays by adding annual paid leave in between.
RPA (Robotic Process Automation) to increase Work Efficiency
For simple tasks, RPA is used to make employees focused on high value-added tasks.
We have begun applying it to repetitive tasks such as notification of industry trends and inventory management at the headquarters and business sites, and we plan to increase the work efficiency of our employees by gradually expanding the scope of RPA application.
A healthy and open organizational culture is an essential element of a good workplace. Hyosung Advanced Materials listens to employees' opinions
through employee satisfaction surveys, and raises their will to work through recognition and compensation for their performance.
In addition, various communication channels are operated so that all employees can better understand the management philosophy of the top management.
Through transparent and open communication, we actively listen to the voices of our employees and continue to create a good workplace.
Employee Satisfaction Survey
Through regular employee satisfaction surveys, we are striving to create a good company to work for. In order to deeply understand the sense of belonging and trust that employees feel about the company, we invited external experts in the field of organizational management in 2019 to conduct a survey of employee opinions. To understand the current organization and set the direction of organizational innovation to go forward, Group employees were surveyed and 1:1 in-depth interviews were conducted.
Recognition and Reward for Performance
Hyosung Advanced Materials inspires employees' willingness to work through recognition and compensation for performance. Each business site presents awards in the name of the plant manager to employees who have contributed to the company's performance, and an company-wide awards ceremony is held every December. This year's Hyosung Advanced Materials Awards presents not only outstanding performers by job category, but also teams that have created results through collaboration, and awards are presented in domestic and overseas sectors. Regarding the creation of outstanding results, it is recommended as a nomination for the proud Hyosung Person of the Year Award at the group level.
Operation of Internal Communication Channels
On the intranet of the company, employees share business information and workplace news, and operate a in-house board to exchange opinions. Communicators at each business site post the status of the business site with photos, so that employees can freely share on-site news. In addition, the company actively provides feedback on suggestions and proposals posted by executives and employees, providing an active place for interactive communication.
Conversation with Management
The CEO provides a meeting for executives and team leaders to directly discuss and share the company's major performance,
issues, and management policies four time a year. At the same time, company-wide communication is promoted through question-and-answer sessions between
CEO and employees in order to reinforce transparent management activities.
Business status briefings are held twice a year at each plant for shift workers to share the company's management policy and business performance. Overseas subsidiary heads and expatriates have time to understand management issues and directly communicate with management through leader meetings held twice a year during the Global Consensus Meeting.
Overseas Subsidiary Heads and Expatriates
and Maternity Protection System
Hyosung Advanced Materials operates a variety of systems related to providing a work environment with a balance between work and life to enhance employee engagement and job satisfaction. In addition to Family Day when employees can interact with their families, the maternity protection system relieves the burden of female employees who are pregnant, giving birth, and raising children. We are also contributing to alleviating the burden of raising children of employees through the operation of in-house daycare centers at our major business sites.
Hyosung Advanced Materials is striving to become a company that pursues a happy life through direct communication between employees and their families.
We are operating various programs and maternity protection systems for employees and their families.
Headquarters and business sites operate Family Day, which invites the children of employees to visit the work environment and enhance understanding of their parents.
In recognition of these activities, we obtained family-friendly certification from the Ministry of Gender Equality and Family in 2018.
Maternity Protection System
We are implementing various maternity protection systems for female employees who are pregnant, giving birth or raising children. We provide 90 days maternity leave, leave for prenatal diagnosis, and reduction of working hours by 2 hours a day during pregnancy. We provide support for vacation and medical expenses even in case of miscarriage or stillbirth. In addition, we are implementing systems such as maternity leave for spouses, family care leave that can be used when the family is sick, and restrictions on night and holiday work for pregnant women.
Childcare Support System
Employees can take parental leave within one year after childbirth, or take advantage of the reduced work hours for child caring,
which reduces working hours from 52 hours a week to 15-30 hours.
In addition, we are guaranteed a feeding time of 30 minutes or more twice a day for employees who need nursing, and a nursing room is in operation. Also, we operate daycare centers at workplaces in Mapo and Ulsan to provide quality childcare through daycare centers and support employees to focus on their work.
In order to provide a safe and comfortable workplace for its employees, we established a safety & health policy, and provides training continuously to comply with the policy. We also operate safety & health management system which focuses on the safety & health of the workplace and its employees. Each business site at Hyosung Advanced Materials established a safety and health management system based on the safety and health work manual. Moreover, under the management of Safety & Environment Team at each business site, we promote safety and health, practice accident prevention activities, and conduct regular safety checks led by the top management. In addition, we execute regular monitoring, training support and activities to raise the self-safety management capability and safety-related awareness of the employees from partner companies. Not only excellence in Korea, in case of overseas safety management activities, Jiaxing subsidiary was awarded with the Excellent Safety Management Award by the Jiaxing Economic Development Zone in February 2019.
Safety and Health Management System
At the business sites where the possibility of safety accidents always exists, we have established a safety & health management system based on the manual managed by the Safety & Environment Team at each business site, and operate various programs to promote the health of employees.
Operation of Company-wide Safety Inspection Committee
In order to prevent safety accidents and improve the capability of safety management, we have established the Company-wide Safety Inspection Committee
which consist of the heads of the Safety Environment Teams at each business site to conduct regular safety inspection twice per year since 2018.
The issues that are identified from the regular safety inspections at all domestic and overseas business sites are discussed and shared amongst representatives, and they are finally reported to the CEO.
Then, we take appropriate actions for each case to improve the safety management quality by sharing the best practices across our business sites.
In addition, we hold a meeting with representatives of safety and health from suppliers to identify major safety and health issues based on the importance and urgency, and discuss solutions. The important issues are shared with the Safety Inspection Committee.
Executive-led Company-wide Safety and Health Inspection
HAMC conducts company-wide workplace safety and health inspections under the supervision of PU Presidents and Plant Managers in order to preemptively cope
with workplace accidents that may occur in the production lines.
Plant managers, department managers and supervisors carry out safety inspections for key assets within plants, and the status of response in the event of an accident. Also, staffs of the Safety Environment Team and members of the Safety and Health Committee from labor union also participate in the inspection to enhance effectiveness. After the inspection, identified issues and areas for improvements are reported to the CEO and Green Management Committee.
We also check the employees’ status of health during certain season such as the summer heat wave. As such, we actively encourage our employees to be aware of environmental safety, fire awareness, and health care so that they make efforts to prevent accidents and disasters.
Industrial Safety & Health Committee
HAMC continuously keeps track of safety and health issues that require decision-making through regular meetings of the Industrial Safety and Health Committee between labor and management. In particular, by operating the working-level safety and health committee between hourly workers and management to resolve related complaints at the working site in a timely manner, we are building trust between two sides and creating a safe workplace. In addition, we conduct regular labor-management joint inspection involving not only our employees but also supplier companies. In addition, we continue to invest in safety facilities and provide training and education to promote safety awareness.
Implementation of Continuous Safety Training
HAMC has established a safe workplace autonomically by improving employees’ awareness of safety. In addition to safety training, we are conducting various activities such as campaigns and improvement activities to prevent serious disasters preemptively through activities to spread safety culture. In accordance with the annual safety and health training plan, we provide regular safety and health training to all employees at each business site once a month. We also provide additional safety training to the supervisors as well as other necessary trainings such as cardiopulmonary resuscitation and hazardous chemicals trainings to employees working in the respective field. Employees of our suppliers especially those handling hazardous substances receive safety trainings as well.
Safety and Health Management Activities by Department
Health and safety management activities are carried out by all departments, not by designated department alone, for the spread of safety culture in the workplace. In cooperation with the Safety Environment Team, each operational department finds risk factors through self-control safety inspection and carries out improvement activities after selecting a safety and health inspection theme that is suitable for its condition and characteristics. In addition, when a safety accident occurs, the head of the corresponding department immediately reports the details of the accident in accordance with the manual, and the plant manager establishes fundamental safety measure. Furthermore, we prevent similar accidents by sharing details and safety measure about the accident with other plants and business sites.
Activities to Secure Safety of Employees
Based on the safety management regulations, HAMC provides safety equipment to all employees including suppliers regardless of their affiliation on production and construction activities, and are required to wear them. We guide about mandatory wearing areas where they require protective gears such as safety helmets, gas masks, dustproof masks, earplugs, protective goggles, safety glasses, and heat-resisting gloves are required to wear by each process. In case of violation of the regulations, we give warnings to the violators and request improvement measures from the violator’s head of the department, and if they violate more than two times, we refer them to the disciplinary committee of the workplace.
Activities of Hazardous Chemical Substances Management
HAMC conducts overall inspection on environmental and safety including facilities of hazardous chemical substances by designating an inspection day from each department and suppliers every week. In addition, we provide Material Safety Data Sheet(MSDS) training, which includes information on the hazard and risk of chemicals, to the managers working in the chemical handling department in advance. The training has been provided to the suppliers as well. As of 2019, a total of 1,001 workers have completed training on hazardous chemical workers at the Ulsan Plant. In case of loading chemical substances in the business site, staff members of the Safety & Environment Team, Production Team, and Quality Assurance Team are present to inspect the entire process from parking and stopping of chemical vehicles to connection and injection of piping for unloading materials.
Operation of Employees Health Promotion Program
HAMC conducts various activities to promote the health of our employees and the suppliers. In particular, we provide trainings on job-related stress, musculoskeletal disease prevention, hearing preservation, brain cardiovascular disease prevention, and operate health fund consisting of obesity, non-smoking, and musculoskeletal, and support improvement of health care facilities. To this end, Ulsan Plant was selected as “The Best Workplace for Promoting Workers’ Health” in 2018 for voluntary activities to promote workers’ health.
|Musculoskeletal Disease Prevention Program||
|Obesity, Hearing Impairment, Stress Management||
|Health Fund Program||
Operation of Health Care Facility
HAMC operates health promotion rooms, health care rooms, and exercise facilities at the workplace on a regular basis for employees’ health care. We improve and expand facilities for the convenience of all employees including suppliers.
with Musculoskeletal Exercise Equipment
|Musculoskeletal Disease Prevention Program||
HAMC Human Resource Management Performance
- Rate of Female Employees10%
- Returning Rate after Parental Leave100%
- Completion Hours for Safety Training6,991 person
- Training Hours per Person32 hours
- Health Examination Rate of Employees99%
- Accident Rate of Employees2.3%
Domestic standards in 2020
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 a risk prevention system that enables HAMC to tackle risks preemptively by drawing key risks in accordance with likelihood and impact of risk, in financial, business continuity and management areas. In addition, we operate a risk management process that is divided into pre- and post-mortem risks, and selectively respond to risks that have a large impact when they occur. In particular, the Risk Management Committee(RMC), which is established under the direct management of the CEO, consists of the Head of corporate strategy(CSO), the Head of corporate finance(CFO), and the Head of corporate administration(CAO). In the event of an enterprise-wide risk situation, the RMC supports, prepares and promptly executes countermeasures with key executives and team leaders in charge of the relevant issues enabling effective risk management. In addition, risk prevention planning and activities are regularly checked and monitored, and its results are reported to the Sustainability Steering Committee.
As the Chief Information Security Officer (CISO), Hyosung Advanced Materials manages each organization under the guidance and supervision of all corporate information protection including personal information protection. The security officer, HR team, general affairs team, and compliance team work together to increase awareness of the Security Policy throughout the company. In addition, we carry out support activities such as monitoring compliance of information protection & personal information protection regulations. Our holding company's security team, which is comprised of specialized security personnels, is in charge of periodic monitoring, risk management and corrective action requests. The security officer performs security activities and management monitoring, and reports the results to the security team. The security team evaluates, corrects and manages this.
Strengthening Information Security System
HAMC's information security regulations are applied not only to its executives and employees, but also to visitors, daily workers, and contract-related specialists and lecturers who visit HAMC to prevent security accidents. In addition, there are 9 management disciplines are defined to support a thorough sense of security and the actual enforcement of information security regulations. The HAMC Information Security Regulations were enacted on June 1st, 2018.
|Security Management||Personnel Security|
|External personnel security|
|Data protection training and awareness building|
|Physical Security||Physical security plans and contro|
|Business Continuity||Establish and operate business continuity plans|
|Security Accident Response||Security accident response system|
|Personal Data Protection||Personal data protection principles|
|Personal data processing standards|
|Information Asset Management||Roles and responsibilities per each information asset|
|Management of internal information|
|Compliance Inspection||Regular inspection on security logs|
|Data protection compliance inspection|
|IT Infra Security Management|
|Authentication and access management|
|Internet and network security management|
|Server security management|
|Application security management|
|DB security management|
|Security equipment and security solution|
|PC security management|
|Mobile security management|
|Reward and Penalty Standards||Security discipline procedure and standards|
|Level of security discipline|
Information & Security Risk
HAMC has established and applied a systematic information security management system to protect all business-related trade secrets, core technologies, R&D information, customer information, and personal information. In order to respond to external infringements, we are implementing security management at all times or on a regular basis to the office area and process facility area through administrative/physical control. In addition, in order to prepare for external security attacks, including hacking, in real time, we regularly inspect security vulnerabilities, conduct mock hacking, and implement related trainings for employees to continuously improve our security level and response capabilities. HAMC provides information security education to employees at least once a year to raise the awareness among employees about security.
|Administrative Control||Security risk control through policy controls, documented controls, formalized procedures, standards and guidelines (i.e. risk assessment, security management regulations, privacy protection, security incident response guidelines, etc.)|
|Physical Control||Monitoring and control of workplaces or computer devices through controlled door system, locks, surveillance cameras, security guards, network separation, and etc.|
|Access Control||Access control using software and specific data, including passwords, firewalls, intrusion detection systems, access control and data encryption for monitoring and control of information systems|
|Environmental Control||Establishment of measures to prepare for and recover from environmental hazards (natural disasters, fires, power outages)|
|Network Security||Daily/weekly/monthly monitoring of network traffic using firewalls, filters, VPNs, IDS among means to detect malicious behavior such as denial of service attacks (DDoS attacks), port scans, computer cracks, hacking, etc|
|Host Control||Daily/weekly/monthly intra-system surveillance using intruder detection, virus protection, host-based security systems, security patches, etc.|
|Data Control||Protection of data information through monthly update of rights to access, checking of information export and import through the document security system|
Document Centralization System - ECM
HAMC established the Enterprise Content Management (ECM) system from 2019 and completed application of the system in all business sites at the end of 2020. Through ECM, document security policy is maintained consistently within the entire company, and a more clear visibility of document distribution process is possible. We are contributing to the increase of productivity during remote-based working by creating a convenient environment to access to ECM and utilize the document. The system has been recently updated so that a VPN (Virtual Private Network) request for access to the work system from outside of the company can be proceeded at the same time when registering for remote- based working(i.e. working at home due to COVID-19) and business travels.
We strengthen document security and reduce the possibility of information loss and leakage by establishing a robust control system over document export, storage to user PCs, and document distribution. The entire lifecycle of a document is managed through the system, and importing and sharing activities of documents are centrally controlled and monitored by the system.
Details of Information Security Activities
|Security logs management||CISO finally checks the details of external mails received, offsite download, and use of external storage media (USB, etc.) after confirmation of team leader.||52 times (Weekly)|
|Information leakage solution||Perform a regular inspection of mail/media sent outside the company that can leak information (E.g. Google Cloud)||Daily|
|IT vulnerability inspection||Inspect key websites and infrastructure equipment for information security vulnerabilities||1time/year|
|Business site vulnerability inspection||Visit each business site to check the status of information security||1time/year|
|Security control||Personnel from third-party security company is stationed to monitor external attacks such as hacking||Enforced at all times since March 2020|
|Spear-phishing detection||Set keywords related to spear-phishing and monitor mail history||Enforced at all times since March 2020|
Information Security Training
Every year, HAMC conducts information security training for employees both online and offline, including awareness training of information breaches, personal data protection, customer data protection, and sharing of data breach cases, to enhance security awareness. Online training is provided to all employees once a year, and additional offline training is conducted once a year for the designated information security staffs at all teams. In addition, we inform employees of relevant regulatory updates and notifications through e-mail and company bulletin boards. We also improve accessibility to related education sources by creating pop-up windows announcing information security notice so that employees read the notice at least once a day when they log on to the company's IT platform.
|Announcement via email/internal bulletin||All employees||Occasional|
|Pop-ups in Groupware platform||All employees||Daily|
|Offline training for security personnel||Persons in charge of information security in each department||Yearly|
|Online training for all employees||All employees||Yearly|