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The purpose of the Special Ethics Guideline is to help follow the sound and fair trade principles and solidify the ethical corporate culture. To that end, POSCO E&C and its trading partners are required to follow ethical guidelines in all trades and contracts, encouraging the parties concerned to comply with the rules. |
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The trading partners ethical violations specified in the Special Ethical Guidelines are as follows : |
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| 1) |
Taking or sharing financial or material profit through illicit solicitation. |
| 2) |
Offering excessive gifts (money or goods) that go beyond the conventional category of goodwill gift. |
| 3) |
Offering expensive meals, parties, gambling, or golf. |
| 4) |
Offering transportation, lodging, sightseeing, event operation support that go beyond the customary level. |
| 5) |
Transactions of money or real estate including borrowing and lending, loan guarantee and real estate sales or rent that impede legitimate business operations. |
| 6) |
Additionally, No. 1 or No. 5 equivalents that employees or those who work on behalf of the company commit, thereby imped ing fair executions of business operations. |
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POSCO E&C has established rules that can take punitive measures against partners who violate the ethical guidelines as described in the following table. |
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| 1. |
A person or company is indicted for taking illegal profits through solicitation, violating the Construc tion Industry Basic Law. |
| 2. |
Less than 500,000 won of illegal profit is taken by an employee through violations. |
| 3. |
Illegal profit worth 500,000 won-1 million won is
taken through an act that violates the guideline. |
| 4. |
More than 1 million won of illegal profit is taken
through an act that violates the guideline. |
| 5. |
Aside from the amount of illegal profits taken, an
act violates any of the six guideline points. |
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| 1. |
All trades are suspended, and a lawsuit seeking damages will be filed. |
| 2. |
Trade volume or scale will be limited, or trade or contract for the year will be canceled. |
| 3. |
The trade for the year or similar transactions will be canceled. |
| 4. |
All trades and contracts will be canceled. |
| 5. |
The company in question will be blocked from entering a bid or signing a business contract with POSCO E&C. |
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Unethical case report and compensation system: |
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The system offers a reward of up to 50 million won when one reports a case in which a POSCO E&C employee receives cash or entertainment from interested parties in connection with his or her position, or exacts damage through his or her position, or blocks fair execution of business tasks in order to take his or her own profit.
* Categories to be reported: The following acts done by POSCO E&C employees |
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| 1) |
Receiving cash or entertainment in connection with business tasks from outside parties |
| 2) |
Taking illegal profits or exacting damage through his or her business position |
| 3) |
Other unethical acts with outside parties |
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Ethics forum for partner companies |
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Upholding corporate ethics cannot be done alone. POSCO E&C is holding a variety of ethical guideline forums and presentations for partner companies and their employees in order to enhance the awareness about the importance of ethical behaviors and preventing unethical acts in business transactions and practices. In addition, POSCO E&C is actively encouraging partner companies to adopt ethical guidelines in an effort to strengthen cooperative business relationships. |
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