HYUNDAI WIA respects laws and norms, and works to win customer trust to increase its corporate value.
With an approval from the board of directors, HYUNDAI WIA began employing Fair Trade Autonomous Compliance Program (CP) since 2002. The Fair Trade Autonomous Compliance Program is a system designed for give the staff a clear action guideline to comply with fair trade laws and improve their sense of compliance and ethics. The program works to prevent legal violations and discover such acts early to find responses.
All executives and employees at HYUNDAI WIA have been making their best efforts to
establish a culture of free trade while working to secure corporate transparency and global competitiveness.
It has been twenty years since HYUNDAI WIA first adopted the Fair Trade Autonomous Compliance Program. Since then, all staff members of HYUNDAI WIA have been making their best efforts to establish a culture of free trade while working to secure corporate transparency and competitiveness, which led our company to win Class A in the Fair Trade Autonomous Compliance Program for seven consecutive years from 2009 to 2023. As the global economy is mired by the curse of slower growth, the competitiveness within our industry is also intensifying, and the recent blow to the growth in the automobile market has caused our management environment, which generates the need to overcome the difficulties by continued innovation and establishment of fair trade system.
In recent years, to expand the economic democratization and establish a foundation for “Creative Economy,” the Korean government strengthened the enforcement of its fair trade laws and outsourcing laws to tighten the supervision over large conglomerates unfair activities such as favoritism while emphasizing better partnership with small and medium enterprises. As these revised laws come into effect, we must comply with fair trade laws ore actively and focus on expanding mutually beneficial relationships with our partners. Benefits gained by unfair trade activities may help the company in short term, but we must remember that such acts can drive us into threatening conditions by decreasing our competitiveness in the long term. As such, I ask the HYUNDAI WIA family to take interest and participate in the compliance program, as well as a company-wide support and practice.
In particular, HYUNDAI WIA engages in activities to prevent fair trade law violations by enhancing training programs, expanding autonomous inspections, and operating preemptive monitoring system to strictly respond to even the smallest violations. In addition, we will employ a reward-and-punishment system for all related laws and regulations to improve the fair trade autonomous compliance program. Our significant growth in the past was made possible by the efforts of our staff members, as well as by the mutual trust with our partners that compose HYUNDAI WIA business. I ask for a company-wide interest and effort, so that our culture of autonomous compliance will expand to our partners, so that both HYUNDAI WIA and its partners will be able to achieve growth together.
CEO, HYUNDAI WIA Jae-wook Jung
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