Fair trade
POSCO FLOW complies with fair trade rules and policies that meet the market competition order.
I’d like to ask that you strive for voluntary compliance with fair trade rules.
Since POSCO FLOW has adopted a voluntary fair trade compliance program (CP) in 2013, we have carried out various policies to facilitate voluntary compliance and provided CPs to our employees, while setting up operation guidelines for CPs.
This year in particular, we have strived to enhance the CP by offering educational sessions on fair trade laws to our employees, CP training on hew hires, and by investigating how different divisions are collaborating with contractors.
It is never enough when it comes to ethics and compliance with laws.
So I’d like to ask all employees to do the following:
First, be fully aware of the CP operation rules and guidelines to ensure that you never violate fair trade laws and regulations in any case.
Second, actively take part in CP-related activities, such as education sessions or self-inspections.
Third, do not make unfair request to customers or partners and work with them as their business companion.
Remember that growth without fairness or transparency is like a house built on sand.
I’d like to ask all employees once again to take heed in complying with fair trade rules voluntarily.
Thank you.
This year in particular, we have strived to enhance the CP by offering educational sessions on fair trade laws to our employees, CP training on hew hires, and by investigating how different divisions are collaborating with contractors.
It is never enough when it comes to ethics and compliance with laws.
So I’d like to ask all employees to do the following:
First, be fully aware of the CP operation rules and guidelines to ensure that you never violate fair trade laws and regulations in any case.
Second, actively take part in CP-related activities, such as education sessions or self-inspections.
Third, do not make unfair request to customers or partners and work with them as their business companion.
Remember that growth without fairness or transparency is like a house built on sand.
I’d like to ask all employees once again to take heed in complying with fair trade rules voluntarily.
Thank you.
Seung-seob Lee, CP Officer
Fair trade compliance program
CP: Compliance Program
Fair trade CP is an in-house compliance system we established and have implemented to prevent violations of fair trade laws. The program includes, among others, the CEO’s determination to adopt fair trade practices, the officer who operates the programs, a monitoring system for acts that violate fair trade laws, education and training, a CP manual, penalties for violating laws, and document management.
Purpose of the program
- • To prevent unfair acts that undermine the fair trade market order and to set up a constant compliance management system by preventing reoccurrence.
- • To establish a business culture of fair trade and to raise employee awareness.
- • To recognize voluntary compliance of fair trade rules as an essential factor in management.
Goals of CP
- • To help employees recognize the importance of fair trade CP and present key factors and guidelines.
Vision and strategy
CP work process
8 key elements of CP
[Regulations on the operation of fair trade CP and granting incentives specify that]
for companies to be recognized as having introduced CP, they must have the eight key elements.
The eight key elements of CP act as the groundwork in establishing the culture of compliance and the fair trade order.
for companies to be recognized as having introduced CP, they must have the eight key elements.
The eight key elements of CP act as the groundwork in establishing the culture of compliance and the fair trade order.
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1CP standards, process, and executionEmployees must have a clear understanding of fair trade laws and regulations in relation to their work. The company must prepare standards and processes needed to carry out the CP and execute them.
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2CEO’s willingness to adopt and support CPThe CEO must publicly express his willingness and policies on CP and enthusiastically support the operation of CP.
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3Appointment of a CP Officer responsible for the operation of CPThe highest decision-making body including the BOD must appoint an in-house CP Officer and grant him/her the responsibility to effectively operate CP.
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4Development and distribution of a CP manualA CP manual is made under the responsibility of the CP Officer and includes fair trade laws and regulations, CP standards, and process.
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5Continuous and systematic CP educationEffective education on CP standards, process, and fair trade laws and regulations must be provided regularly to executives and employees working in fields with high potential to violate fair trade laws and regulations, including the CEO, and the purchase/sales divisions.
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6Internal monitoring systemThe company must set up a reasonably planned monitoring or audit system to prevent or detect illegal acts early on.
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7Penalties on employees who violate fair trade laws and regulationsThe company must set up and implement corporate policies that specify penalties for employees responsible for violating fair trade laws and regulations commensurate with the degree of violation. When an employee is discovered as having violated fair trade laws, the company must respond proactively and prevent reoccurrence of similar acts.
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8Effectiveness evaluation and improvement measuresFor continued operation of CP, the company must periodically inspect and evaluate CP standards, process, and operation and make due improvement measures accordingly.
Organization chart
Operational
status
(key progress)
status
(key progress)
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2022. 06Special educational sessions on ethics and compliance offered to new hires and divisions with high CP risks.
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2022. 05Special session by an invited lecturer on fair trade laws.
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2022. 03The first CP Council meeting held.
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2021. 12Evaluation of operational effectiveness of CP.
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2021. 11Employee survey on fair trade CP.
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2021. 10Made the fair trade index 2021.
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2021. 08Made the Fair Trade CP Manual.
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2021. 07Appointment of the CP Officer (Standing Auditor Seung-seob Lee).
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2021. 04CP운영체계Built a CP operation system.
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2013Introduced the fair trade CP.