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Ethics & Compliance Management

We will practice the principle of transparent management as a corporate citizen whose history is based on the understanding and support of our customers nationwide

Since 1947, Hyundai E&C has enjoyed the support and patronage of its customers for more than 70 years. In return, we have delivered honest and transparent management.

To celebrate the new Hyundai spirit, all our employees promise to fulfill the company’s corporate social responsibilities and take the lead in establishing a more open and honest management culture within the Korean construction industry. We introduced our ethical management program in 2004 to reflect our CEO’s insistence that we live up to our corporate social responsibilities. We are striving to incorporate the principle of ethical management as a core part of our corporate culture.

  • HDEC ESG Policies(Message from the CEO)

    We, Hyundai E&C, sincerely appreciate your interest and support for our company.

    The era of the 4th Industrial Revolution is truly upon us. With the stream of times, Hyundai E&C is gearing up to accelerate its effort to enter new markets and seek new businesses by using the extensive global network of Hyundai Motor Group. We are set to lead the next wave of industrial change by means of core future technologies and value chain expansion. In addition, Hyundai E&C is trying to enhance confidence in our company and secure the possibility of sustainable growth by reinforcing our responsibilities based on ESG (environmental, society and corporate governance) management, rather than focusing simply on short-term business performance.

    Sustainability is the foundation of Hyundai E&C’s corporate management. Hyundai E&C will continue to make efforts to maximize the added value of all stakeholders including shareholders, customers, cooperating partners, local communities and government. From that point of view, we endorse the UN Sustainable Development Goals (UN SDGs) and promote the corporate social responsibility for harmonious and sustainable growth of enterprises and all our stakeholders by faithfully fulfilling our sustainable management activities throughout the whole of our business areas.

    Through this opportunity, Hyundai E&C has enacted and revised the ethics charter & code of conduct, the human rights charter, and supplier code of conduct on this occasion.

    • First, Hyundai E&C has revised the Ethics Charter & Code of Conduct that our executives and employees should abide by applicable laws and regulations. In accordance with this Charter, we will provide our various stakeholders with a better satisfaction & customer value (『The Ethics Charter & Code of Conduct of Hyundai E&C』).
    • Second, Hyundai E&C has revised the Human Rights Charter to protect the human rights of our executives, employees and stakeholders, and to comply with relevant global standards including guidelines and global initiatives (『The Human Rights Charter of Hyundai E&C』).
    • Third, Hyundai E&C has enacted the Supplier Code of Conduct to provide opportunities for mutual growth of our partners (including suppliers and subcontractors) by establishing a sustainable supply chain of Hyundai E&C (『The Supplier Code of Conduct of Hyundai E&C』).

    We will continue to lead the qualitative growth of the construction industry by faithfully fulfilling our mission and role as a global leader in sustainability management through transparent corporate management, global human rights management, and win-win management with our partners.

    Thank you.

  • Zero Tolerance (Message from the CEO)

    Enhancement of Compliance and Transparency Policy

    We, Hyundai E&C, have a proud history as one of the world’s pre-eminent construction and engineering companies with over 70 years of success behind us. We pride ourselves on the quality of our work and the integrity of our people. At Hyundai E&C, we are committed to maintaining the highest standards of ethics and compliance with local laws wherever we do business, ethical integrity is as vital to us as the engineering integrity of our projects.

    As part of our commitment, the company does not tolerate any form of bribery or corruption. All directors and staff are required to follow Hyundai E&C’s Anti-bribery and Corruption Policy at all times and in all countries. No member of staff shall take any action which breaches the policy. It is the responsibility of each director and member of staff to read and follow the requirements of the policy. In order to ensure that all relevant employees are fully aware of their obligations, regular training is undertaken both with regard to the policy and the law in the jurisdiction to which a staff member may be allocated in connection with particular projects.

    Hyundai E&C has dedicated Compliance officers whose job is to support our people and verify the adequacy of our procedures to prevent corruption. Any weaknesses they may identify are investigated and corrected on an ongoing basis.

    The reputation of the company requires all of our employees, at all levels of seniority, to work together to ensure comprehensive adherence to our standards.

    Yoon Young-Joon
    President & CEO, Hyundai E&C

Digitalized internal control over Financial Reporting System

  • Hyundai E&C is developing our decision making process more transparent by introducing computerized system. By digitalizing our internal control over financial reporting system, Hyundai E&C expects to achieve (i) more efficient business operations; (ii) more reliable financial statements; and (iii) more strengthened monitoring system.

WIN-WIN Cooperation with business partners

  • Hyundai E&C has always been committed to establish a fair and transparent commercial relationship with our business partners. In order to achieve our goal of mutual growth with SMEs, Hyundai E&C carries out a nation-wide periodical survey to ensure proper benefits of our subcontractors and adopts joint operation system with subcontractor to calculate the performance and payments. In addition, Hyundai E&C provides ethical training program to our subcontractors on an annual basis.

Fair Transaction

  • Hyundai E&C adopted internal fair competition compliance program specifically designed to prevent any violations of competition law of Korea (“the Monopoly Regulation and Fair Trade Act”). Annually, every workforce of Hyundai E&C including directors, executives, officers and employees shall take fair transaction training program.

Ethics and Transparent Management System

Concept

MORAL PRIDE IN HYUNDAI E&C: Hyundai E&C in which All of Customers, Employees, and Suppliers Take Pride

3 Practical Elements

Code of Conduct · Supervisory Body · Ethics Training

5 Areas of Implementation

01. Establish a transparent management system on a global scale
02. Carry out an in-depth training on “Clean Company”
03. Expand and improve management evaluation task
04. Build infrastructure for ethical management
05. Enhance the win-win cooperation system

Ethics Management Concepts and Polices

01 Put stakeholder relationships in place /02 Adhere to tenets of fair trade and free market / 03 Fulfill corporate responsibilities for benefit of nation and society /04 Encourage appropriate moral behavior among employees

Relationship with Stakeholders
  • Build customer trust
  • Maximize shareholder value
  • Respect employees and Promote equality
Fair Competition in the market economy
  • Prohibit any form of bribery
  • Reject any form of cartel activities
  • Pursue mutual growth with SMEs
Corporate Social Responsibilities
  • Comply with applicable laws
  • Contribute to social development and local community
  • Protect the environment by eco-friendly business
Ethical Practice in doing Business
  • Do not accept any improper payments
  • Protect company property
  • Respect social norm
  • Make better working environment

Hyundai E&C acknowledges that anti-bribery and compliance management is an integral part of corporate sustainability. Hyundai E&C’s achievement of ISO 37001 certification highlights the commitment to foster greater understanding and confidence in our anti-bribery management system.

As part of our corporate social responsibility, Hyundai E&C is committed to strengthening corporate culture of anti-corruption, and continually improving our anti-bribery management system focused on identifying, detecting, and addressing bribery risks in all functional areas of business.

Ethics Charter & Code of Conduct

Download Ethics Charter & Code of Conduct

Hyundai E&C pursues ethical values as a top priority to realize our vision as “Top-tier Global Company”.

As a global EPCM company, Hyundai E&C continues to make effort to strengthen the ethical corporate culture by sharing the ethical management vision with all stakeholders including all our executives and employees, all partners. We will continue to develop ethical management that reflects industrial trends and various needs of our stakeholders by establishing a practical ethical management system focus on ethics of executives & employees, fair competition & trade, realization of customer's value and the pursuit of sustainability

Human Rights Charter

Download Human Rights Charter

As a responsible global leading construction company, Hyundai E&C leads to establish the standards for global human rights’ management.

For human rights management, Hyundai E&C is committed to complying with a wide range of recognized human rights/labor-related international standards and guidelines, such as the Universal Declaration of Human Rights, UN Guiding Principles on Business and Human Rights and International Labor Organization Constitution, and OECD Due Diligence Guidance for responsible business conduct, among others. Hyundai E&C strives to build the highest level of respect and protection for human rights in all countries in the world where it leads to business. In addition, we are committed to prevent potential risks of human rights violations and to minimize negative human rights impacts.

Ethics · Compliance Policy & Procedures

  • Anti-corruption Compliance Policy
    The top management of Hyundai E&C continuously highlights the principle of “zero tolerance for corruption” across the entire workforce. Since April 2017, Hyundai E&C has established the Anti-Corruption Compliance Policies and Procedures (“ACCPP”) and requires all employees to abide by it in business practices. The ACCPP is designed in light of anti-corruption laws and international standards such as the Act on Combating Bribery of Foreign Public Officials in International Business (Republic of Korea), Foreign Corrupt Practices Act (USA), Bribery Act (United Kingdom), and anti-bribery conventions of the OECD and United Nations.
  • Anti-trust Policy
    As a global EPCM company, Hyundai E&C has been committed to devising and implementing anti-monopoly policies to ensure the fairness and transparency of our business transactions and practices. Hyundai E&C’s Anti-Trust Policy, which applies to all employees, executives, directors of Hyundai E&C and its subsidiaries, stipulates that it will not discuss, consider, participate in any anti-competitive behaviors such as price-fixing, bid-rigging, market assignment, and collective boycotting.
  • Fair-Compensation Policy
    Hyundai E&C complies with the highest level of regulations in all kinds of business activities. Hyundai E&C will comply with the laws and regulations related to labor and wages in all our places of businesses around the world. Hyundai E&C practices the principle of fair compensation, that is, a compensation principle that provides employees with equal pay that they can live with.
  • Competition Compliance Policy
    Hyundai E&C has already established (i) Antitrust Policy, (ii) Fair Trade Compliance Program (CP), and (iii) Fair Trade Compliance Program (CP) Manual. These "Competition Compliance Policy", which will be applied across all operations of HDEC, are designed to provide employees with practical guidance.
  • Whistleblowing Policy and Procedure
    Hyundai E&C is committed to maintaining the highest standards of honesty, openness and accountability both within the organization and in all its business dealings. This document sets out a procedure for whistleblowing and explains the rights of individuals who make disclosures in accordance with this policy.
  • Anti-money laundering & Counter-terrorism Financing (AML/CTF) Policy
    This policy records Company's commitment to participate in international efforts to counter money laundering and terrorism financing. South Korea and other countries where we operate have rules prohibiting and preventing money laundering and the financing of terrorism. The Company is required to comply with these rules.
  • Sanctions Compliance Policy
    Hyundai E&C conducts business internationally and seeks to comply with all applicable economic sanctions laws, regulations, embargoes or restrictive measures to which it is subject. These include the laws and regulations issued by the United Nations Security Council and governments and government agencies in accordance with the foreign and security policies as well as economic objectives, and international treaties.
  • Anti-Slavery and Human Trafficking Policy
    Hyundai E&C has a zero-tolerance approach to modern slavery both within the Company and within its supply chain. Furthermore, Hyundai E&C respects fundamental human rights and commits to the principles set out in the 'United Nations Universal Declaration of Human Rights', the ‘OECD Guidelines for Multinational Enterprises’, and the ‘UN Guiding Principles on Business and Human Rights’.

Certificates

  • 부패방지경영 인증서
    ISO37001:2016
    Anti-Bribery Management System
    In November 2021, Hyundai E&C obtained ISO 37001:2016 Anti-Bribery Management System (ABMS) certification. It certifies that Hyundai E&C has successfully established an ABMS to prevent, detect, and address bribery risks in all functional areas of business.
    Certified by : Lloyd’s Register Quality Assurance (Korea) Ltd.

    · Acquisition date : 8 November 2021 · Expiration date : 7 November 2024

    Download

Ethics management activities

  • 2022 Ethics and Compliance Training for All Employees
    In June 2022, regular ethics and compliance training was conducted to enhance the ethics and compliance awareness of employees. The topics included: ① Major domestic and international anti-corruption laws and regulations(including FCPA and UKBA), ② Cases of legal violations, and ③ Hyundai E&C’s anti-bribery management system and in-house compliance policy.
  • 2022 1st Post-Audit of ISO 37001 Anti-Bribery Management System
    In October 2022, a regular post-audit was conducted through Lloyds Register Quality Assurance(LRQA), an external third-party certification body, to maintain ISO 37001 certification. LRQA confirmed that Hyundai E&C’s anti-bribery management system was maintained in compliance with the ISO 37001 standards.
  • 2022 Initial Requirement of Integrity Pact from Partner Company Site Representatives
    To enhance compliance and ethical awareness and establish a clean and fair corporate culture, Hyundai E&C began requiring all site representatives of partner companies to submit an “Integrity Pact” pledging their adherence to anti-corruption and compliance regulations.
  • 2022 Company-wide Ethical Management Pledge
    In March 2022, employees of Hyundai E&C pledged to comply with applicable laws and internal policies regulating various compliance issues such as (1) fair-trade and competition, (2) anti-corruption, (3) ethical behaviors in workplace, (4) protection of trade secret, and (5) protection of private information.
  • 2022 CEO’s Declaration of Commitment to Anti-Bribery Management System
    CEO of Hyundai E&C sent an e-mail to entire workforce on 25 February 2022, highlighting the Anti-Bribery Management System (“ABMS”) of the company.
    Through this active communication with employees of the company, the CEO (1) introduced the company’s ABMS and achievement of ISO 37001:2016 certification, (2) declared strict prohibition of any kind of bribery, and (3) emphasized the company’s zero-tolerance policy to all kind of corruption.
  • 2021 Ethics and Compliance Training
    Held ethics and compliance training for the entire workforce in order to foster a corporate culture of ethics and compliance management on an annual basis.
    Provided on-line ethics and compliance training for employees in May and for new hires in June.
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