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Social Sustainability

Transparent management activities that sustain
a clean corporate culture and moral integrity

Social Sustainability

Hyosung Advanced Materials practices social sustainability through a sound and transparent corporate culture and proper and ethical business activities. Through the thorough practice of social sustainability by all employees, we will make every effort to attain value enhancement of all stakeholders including our customers.

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.

Ethics management - Compliance with Laws and Regulations, Customer-respecting Management, Shareholder-oriented Management,
						Employee-respecting Management, Employees Compliance Management, Suppliers Shared Growth Management, Social Responsibility Management

General Principles

  • 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

    The Hyosung Advanced Materials Corporation, can regularly review on the Code of Ethics and may require advice from the Compliance Officer 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 Compliance Officer right after perceiving them without delay. Any decisions or actions contrary to the Code of Ethics may be investigated and penalized according to the company regulations. Unethical behaviors or corruption can be reported through the Reporting 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
    Compliance with national policies and regulations
    01

    We respect national policies and do not engage in illegal activities.

    02

    The company competes in good faith with its competitors based on products and services in business operation and does not engage in unfair competition.

    03

    We do not obtain information in an unethical or illegal way violating related laws.

    04

    Employees who work abroad respect and comply with the laws and social order of the host country so that their performance in the company is not interfered.

    05

    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.

    06

    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
    01

    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 ownership and responsibility at work.

    02

    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.

    03

    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.

    04

    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
    01

    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.

    02

    We make sure the trades with customers are carried out reasonably in an equal position based on mutual respect.

    03

    We do not abuse our superior position to ask customers for any kind of unreasonable demands.

    04

    We do not advertise and display false or exaggerated information. We do not conceal information and disclose information that customers need to know.

    05

    We are responsible for the entire lifecycle of our products in consideration of consumer safety from the procurement stage of purchasing raw materials, parts, and packaging materials that do not contain hazardous materials to product development, manufacturing, logistics, reuse, and recycling.

    Partnership with suppliers
    01

    We maintain mutual trust and respect with our business partners to promote shared growth and increase benefits among both parties.

    02

    The company provides equal opportunities in the event of bidding and signing contracts and carries out business trades reasonably by signing a contract in an equal position.

    03

    The company maintains constructive relationship with suppliers by finding and fostering excellent suppliers.

  • Ⅲ.Shareholder-oriented Management
    Protecting interests of shareholders and investors
    01

    We strive to make sound profits by efficient management activities and increase shareholders’ value by rational investment.

    02

    We manage and record financial status accurately and transparently in accordance with accounting standards.

    03

    We do not engage in unfair trade practices by using internal corporate information for the private benefit of one’s own or others.

    Protecting shareholders’ right to know
    01

    We provide reliable and useful information related to overall business status to stakeholders and investors in timely manner.

    02

    We try to ensure that our corporate value is evaluated properly through active advertisement and IR activities.

  • Ⅳ.Employee-respecting Management
    "Each of the employees is the most important asset of the company."
    01

    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.

    02

    We provide equal opportunities to all employees and evaluate them fairly based on their performance and capabilities.

    03

    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
    01

    Employees do not engage in unethical conducts such as gambling, taking improper money, borrowing money, or writing joint and several liability among each other.

    02

    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.

    03

    We do not favor or discriminate against certain individuals or organizations for reasons of nepotism, academic relations, religion, or gender and do not ask for favors to cause disadvantage against other employees.

    04

    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 ethical management
    Transparent and fair work performance
    01

    A supervisor may not give his/her subordinates unfair work orders contrary to legal and corporate regulations. In response, the subordinates can refuse to perform his/her duties by clarifing proper reasons.

    02

    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.

    03

    Employees 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.

    04

    Employees strictly manage and protect corporate or customer data acquired during work, in accordance with relevant laws and corporate regulations, and do not leak it out or use it for personal purposes.

  • Ⅵ.Suppliers Shared Growth Management
    Pursuit of shared growth
    01

    When selecting suppliers, starting and continuing contracts with them, we consider whether they comply with human rights, environmental and social values which the company pursues.

    02

    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.

    03

    We create a foundation for shared growth with suppliers by enhancing their sustainability through multi-faceted support activities.

    04

    We protect the intellectual property rights of our business partners and protect all information of our subcontractors.

  • Ⅶ.Social Responsibility Management
    Contribution to social development
    01

    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.

    02

    As an exemplary member of society, we actively respond to social demands imposed to the company such as CSR activities.

    03

    We strive for environment conservation and actively participate in environmental protection in the local communities.

    Sound social life
    01

    We do not engage in any conducts which will undermine the company’s reputation, refrain from improper privacy, and take through self-management.

    02

    We do not engage in any political activities that benefit any specific party or social group, using the position in the company.

Hyosung Advanced Materials Code of Ethics :
Announced on June 01, 2018.
Amended on August 30, 2019.

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
    01

    We respect national policies and do not engage in illegal activities.

    02

    The company competes in good faith with its competitors based on products and services in business operation and does not engage in unfair competition.

    03

    We do not obtain information through unethical or illegal means violating related laws.

    04

    Employees who work abroad respect and comply with the local laws and social order so that their performance in the company is not interfered.

    05

    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.

    06

    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
    01

    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 ownership and responsibility at work.

    02

    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.

    03

    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.

    04

    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
    01

    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.

    02

    We make sure the trades with customers are carried out reasonably in an equal position based on mutual respect.

    03

    We do not abuse our superior position to ask customers for any kind of unreasonable demands.

    04

    We do not advertise and display false or exaggerated information. We do not conceal information and disclose information that customers need to know.

    Partnership with suppliers
    01

    We maintain mutual trust and respect with our business partners to promote shared growth and increase benefits among both parties.

    02

    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.

    03

    The company maintains constructive relationship with suppliers by finding and fostering excellent suppliers.

  • Ⅲ.Shareholder-oriented Management
    Interest protection of shareholders and investors
    01

    We strive to make sound profits by efficient management activities and increase shareholders’ value by rational investment.

    02

    We manage and record financial status accurately and transparently in accordance with accounting standards.

    03

    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
    01

    We provide reliable and useful information related to overall business status to stakeholders and investors in timely manner.

    02

    We try to ensure that our corporate value is evaluated properly through active advertisement and IR activities.

  • Ⅳ.Employee-respecting Management
    Respect for employees
    01

    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.

    02

    We provide equal opportunities to all employees and evaluate them fairly based on their performance and capabilities.

    03

    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
    01

    Employees do not engage in unethical conducts such as gambling, taking improper money, borrowing money, or writing joint and several liability among each other.

    02

    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.

    03

    We do not favor or discriminate against certain individuals or organizations for reasons of nepotism, academic relations, religion, or gender and do not ask for favors to cause disadvantage against other employees.

    04

    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
    01

    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.

    02

    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.

    03

    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.

    04

    Employees should strictly manage and protect corporate or customer data acquired during work, in accordance with relevant laws and corporate regulations, and do not leak it out or use it for personal purposes.

  • Ⅵ.Suppliers Shared Growth Management
    Pursuit of shared growth
    01

    When selecting suppliers, signing contracts and renewing them, we consider whether they comply with human rights, environmental and social values which our company pursues.

    02

    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.

    03

    We create a foundation for shared growth with suppliers by enhancing their sustainability through multi-faceted support activities.

  • Ⅶ.Social Responsibility Management
    Contribution to social development
    01

    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.

    02

    As an exemplary member of society, we actively respond to social demands imposed to the company such as CSR activities.

    03

    We strive for environment conservation and actively participate in environmental protection in the local communities.

    Sound social life
    01

    We do not engage in any conduct which will undermine the company’s reputation, refrain from improper privacy, and take through self-management.

    02

    We do not engage in any political activity that benefit any specific party or nongovernmental organization, using the position in the company.

Safety, Health and Environment 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.

Human Rights Principles

  • Non-discrimination

    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.

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