Compliance Program

Trust Management

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.

CEO Message

Greetings.

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 two years since HYUNDAI WIA first adopted the Fair Trade Compliance Program(CP). Since then, all staff members of HYUNDAI WIA have been making their best efforts to establish a culture of compliance while working to secure global competitiveness by upholding the spirit of mutual growth and co-prosperity of our business partners.
Recently, the Korea Fair Trade Commission(KFTC) announced that it plans to carry out its key initiatives, with a view to establishing a fair market economy that promotes consumers’ livelihood and innovation. To this end, the Commission put forth its efforts on carrying out key tasks: 1) implementing the subcontract price adjustment system, 2) monitoring technology misappropriation and 3) imposing stricter sanction on unfair intragroup transactions. In line with these changes, the focus of the Hyundai Wia’s Fair Trade Compliance Program is as follows,

First, we will continue to improve the fair trade business process. We will strengthen the pre-management of related tasks that may affect the company, such as the MONOPOLY REGULATION AND FAIR TRADE ACT and FAIR TRANSACTIONS IN SUBCONTRACTING ACT and improve the work process to thoroughly manage them to prevent violations of the law.
Second, we will contribute to the spread of CP culture at home and abroad. We will strive to establish an in-house CP culture through compliance training for employees, strengthening the evaluation of in-house fair trade KPIs, and various CP promotion activities, and based on this, we will ensure that our CP culture is shared with our suppliers and various stakeholders.
Third, HYUNDAI WIA will take initiative in creating a culture of mutual growth. Hyundai WIA has achieved the "Excellent" rating in the Shared Growth Index for the three consecutive years. Our efforts of creating a culture of mutual growth don’t just stop at building and maintaining solid relationship with our partners. We will make our utmost efforts that the culture of fostering mutual growth would spread to and embraced by every workplace, industry, and going beyond.

Since the current industrial system cannot survive only with our own growth and profits, it is more necessary than ever to establish a system of compliance with the Fair Trade Act and promote win-win management with partners.

February 2024
CEO, HYUNDAI WIA Jae-wook Jung

Message from Compliance Officer in Charge of Operation of the CP

Since the introduction of Fair Trade Compliance Programs in 2002, HYUNDAI WIA has been making continuous efforts to establish a fair and transparent culture of transaction, as well as engaging in various activities to operate better programs.

As laws on fair trade strengthen, more emphasis is being given to establishing fair trade rules for small, medium, and large companies, as well as the expansion of their mutual growth. In line with these changes, HYUNDAI WIA aims to strengthen its Fair Trade Compliance Program to preemptively prevent violation of fair trade-related statues risks, and drive down violations to zero, by making the following efforts

First, we are employing a more robust training system that mandates all staff members to participates in compliance session to understand why fair trade laws and compliance is importance, as well as to acquire the latest legal information to prevent potential violation risks.

Second, in order to operate the compliance program in a more efficient manner, Hyundai WIA operates organic organizations including Compliance Committee and Compliance Working Group that is composed of various personnel in charge of diverse areas. In addition, we have enforced preemptive monitoring system, tightened regulations on acts of violation, and expanded rewards for compliance efforts, in an attempt to operate the autonomous program in a more systematic manner.

Third, we work with the rapidly changing policy landscape to revise compliance guidelines regularly, as well as make an effort to distribute the latest information to internal and external organizations. In addition, by working to close the gap between the policy and practice, we are creating a practical culture of compliance.

All HYUNDAI WIA employees and executives must make their best efforts to establish a transparent management culture and an environment of future-oriented mutual growth with partner companies, so that HYUNDAI WIA can develop into a company that represents our local community.

February 2023

HYUNDAI WIA's Compliance Officer in Charge of Operation of the CP
Sha-Won Kim

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