For transparent and fair
For transparent and fair
Our ethical management focuses on correcting any wrong practices or unreasonable cost structure according to our code of conduct to pay due respect to stakeholders and improve our long term competitiveness.
All our employees are educated on the Fair Trade Act to help them be more aware of business ethics. Since 2002 we have run the Compliance Program (CP), a voluntary means to facilitate fair trade, to ensure full compliance with our principles of ethical management.
Organizational Chart: Management Board and Ethics Committee
The purpose of the Ethics Committee is to evaluate the transparency of internal transactions and the company’s progress in ethical management. The Ethics Committee assesses the transactions between affiliated persons as stipulated by the Monopoly Regulations and Fair Trade Law and the Capital Market and Financial Investment Business Act. It also monitors Kia Motors’ program for voluntary compliance with fair trade regulations, major policies related to ethical management and social outreach programs, and the enactment, revision and implementation of ethics codes and regulations.
CP is our internal system to ensure our compliance with regulations related to fair trade. We have designated the CP as standard business procedure and use internal supervision and education to ensure fair trade practices. More intensive education was offered to the members of departments relatively more prone to noncompliance, such as the sales and the purchasing departments. Opportunities were also offered to members concerned where they could learn about the latest developments in fair trade and apply them to their jobs. We always use open bidding to ensure that all our partners have equal opportunities.
Keep watching our efforts to ensure fair competition and transparent business dealings through prior inspection and preventive measures.
|Key elements||Activities under voluntary compliance programs|
|Communication of commitment to voluntary compliance by senior management||
|Appointment of a voluntary compliance supervisor||
|Production and distribution of a manual on voluntary compliance||
|CP training programs||
|Internal supervision system||
|Sanction and incentive system||
|Document control system||
ㆍRated by Fair Trade Mediation Agency (under Fair Trade Commission)
ㆍRated between June and November each year
ㆍProcess: Document review → Interview → Field survey → Check for any violation of law
ㆍIncentives: Differentiated according to CP ratings
- AAA: (Fine reduction by up to 20%, exemption from investigation for 2 years)
- AA: (Fine reduction by up to 15%, exemption from investigation for 1.6 years)
- A: (Fine reduction by up to 10%, exemption from investigation for 1 year)
ㆍWe will perform our jobs in accordance with fair and transparent standards and be committed to voluntary compliance with fair trade practices.
ㆍWe will fully comply with laws on fair trade and our voluntary compliance programs and address in advance any risk of violating them.
ㆍWe will fulfill our social responsibilities as a leader in fostering transparent business practices through continuous self-regulated checkups.
ㆍCP, which stands for Compliance Program, is an internal compliance system designed to ensure that our business dealings comply with laws and regulations governing fair trade.
ㆍCP clearly states how businesses should conduct operations to fully comply with relevant laws and it helps them mitigate the risk of a violation.
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