Hanwha Vision is committed to becoming a recognized company in business conduct. For this, we work on compliance program for our employees to comply with laws and ethics.
It is to monitor the activities of the officers and employees of the company ensuring their compliance with the laws and regulations
To prevent or minimize a serious risk by encouraging the officers and employees to observe the law in the course of performing their duties, and to carry out the activities based on the proactive, integrated and all-time operating system
It is a comprehensive and systematic support system for ensuring voluntary corporate law observance.
To prevent or minimize a serious risk by encouraging the officers and employees to observe the law in the course of performing their duties, and to carry out the activities based on the proactive, integrated and all-time operating system. To establish a compliance system ensuring the law observance in the course of performing the duties, and to operate and check this system
Key Measures Implementing the Corporate Law Observance
A comprehensive internal control system that includes law observance and risk management systems
- Factors Necessitating
Change in the external environment
The growing risk resulting from the legal requirements and prohibitions in respect of business administration The growing need for social monitoring and corporate social roles
Improper decisions and the corporate behavior resulting from the negligence of the legal risk will lead to both internal and external resistance causing heavy loss. Preparing for the compliance officer system stipulated in the revised commercial law (to be implemented in April, 2012).
The commercial law revised on March 11, 2011 requires that the listed companies, of which scale is prescribed in the law, appoint a compliance officer.
* Compliance Officer: A corporation is obligated by law to appoint a compliance officer to prevent disputes arising from corporate management by establishing an internal control system under which corporate decisions and management are monitored at all times for evaluating and managing the legal risk
Compliance Officer(Chief legal counsel, a vice president of Compliance Team appointed by Chair of the Board) has responsibility for implementing our company’s compliance and anti-corruption agenda. Compliance Officer has direct reporting line to the Board and Compliance Committee and shall directly report to Chief Executive Officer and Chair of the Board periodically.
Compliance Committee(Board level) monitors and reviews of the performance of our compliance and anti-corruption agenda twice a year and Chair of the Board also review that once a year.
- Key Factor and Stages
Establishing the law observance policy and basic principles, Establishing the compliance standards and procedures
Implementation and Operation
Creating an organization (department) for compliance monitoring,Preparing the compliance monitoring manual, Establishing the code of conduct for employees
Monitoring and Improvement
Checking the compliance in progress and punishment, Conducting the training and education, and revising the program and regulations
To prevent corporate loss and protect the employees by avoiding a violation of the law.
To construct a sustainable business management environment trusted by the customer by ensuring the voluntary corporate law observance program and regulations
- Areas Requiring
- Classification The Risk Controlled by the Compliance Program
- Fair Trade Abuse of market dominant position, Unfair Trade, Unfair Subcontracting joint activities, Bribery etc
- Product Liability Product liability law · observance of the standards prescribed in the Framework Act On Consumer, observance of the in-house quality standards
- Intellectual Property Intellectual property right protection, use of the competitor’s intellectual property right without permission, protection/nondisclosure of business secretes etc.
- Financial Accounting Transparent business management (public disclosure system, insider trading), Compliance with the procedures prescribed in the commercial law, cost appropriateness of the defense industry products etc.
- Environment Green management, Workplace environment, observance of safety regulations etc.
- Labor · Organizational Culture Jobs · discipline · dismissal · welfare, Equal employment opportunity, observance of labor standards, prohibition of sexual harassment, clean organizational culture etc.
- Anti-Corruption Prevention of giving and receiving bribes
- Anti-Corruption Policy
Zero tolerance for corruption and bribery
Hanwha Vision will never tolerate an employee or a partner company who are engaged in corrupt practices. We also expect our joint venture partners, suppliers, contractors,consultants, agents and other business partners to maintain a zero tolerance for bribery
Resources of Anti Corruption
We have well-publicised resources available to all emloyees where help and advice can be sought. Especially, in Korea we have a website called CPMS(Compliance Management System) managed by Compliance Team to provide all employees located in Korea with counseling relating matters of Compliance and Ethics through guidelines/manuals upload and Q&A. CPMS is a window to ask trained counselors(including legal counsel) for ethic dilemma questions and get answers. Also, employees in other areas can reach Compliance Team via various methods such as visit, phone, mail, fax and e-mail instead of CPMS. TEL 82-02-729-4820/4824 | FAX 82-02-729-5893 | E-mail firstname.lastname@example.org
Compliance and Ethics Training
Compliance and Ethics training programs aim to provide support in understanding the standards of business conduct that everyone is expected to follow, giving practical guidance to help deal with compliance and ethical issues and identify where to ask for help.
– Understanding of Compliance and anti-corruption
– Hanwha Vision‘s Ethical standards and anti-corruption policy
– Main contents of relevant Acts (ex. FCPA, UK Bribery Act and etc) and relevant cases of sanctions
– mandatory training for all employees including expatriate employees, executives/managers, new hires, and etc.
Practicing compliance management
Corporate management today faces diverse factors that impact the business environment. Among these factors are heightened domestic and foreign legal regulations with an increasing demand for social vigilance and corporate social responsibilities. In light of this, Hanwha Vision has announced its company-wide “Compliance Management Principles” and has also instituted the compliance program (CP) for sustainable and fair management activities. Hanwha Vision has established comprehensive and methodical compliance support systems and formed independent organizations to ensure autonomous observance of the applicable laws and regulations.
These initiatives include appointing compliance officers, implementing compliance control guidelines, and commissioning a compliance committee. Hanwha Vision also engages in regular diagnosis, education, publicity, and assessment of its business practices. These efforts include offering compliance education for all employees, custom-tailored education, and compliance consulting. As a result of these initiatives and efforts, our employees have developed a culture of compliance, thereby collectively fulfilling our responsibility as a global company that is trusted by its customers, shareholders, and society.
Hanwha Vision constantly develops the various experience programs for employees every year, such as Compliance week, Compliance executor’s day etc which helps to every employees could approach the compliance activities easily, also accept it need for work and daily life, and learn it to natural culture.
Compliance committee is be made up with top executives as CEO, Business Unit Manager, Director, etc. Every half year, reported current condition of operation through periodical conference, and Compliance committee is the top of legislative organization which decides the regulation enactment of law observance, rewards to outstanding executor and also restrains violator.
Compliance education for the employees
Hanwha Vision improved all compliance consciousness to all employees, and also performing diverse prevention activities beforehand for to do not infringe. Especially, Hanwha Vision providing the opportunity for all employees to acquire knowledge of law from various hierarchical and sectoral education such as executive compliance education, all employee basic education, new/career employee orientation education, preferment education, eye level education, etc.
- Related regulations for Compliance management
Hanwha Vision is one of the affiliates of Hanwha Group and we believe our success depends on our reputation for ethical business performance. Our company has adopted global standards of Compliance Program to help ensure that we conduct business fairly and honestly and interact ethically with each of our stakeholders. As to this, Code of Conduct and relevant regulations describe our global standards and help us understand the roles and principals governing the way we do business.
Our global Code of Conduct and relevant regulations set expectations for our ethical standards and help us embed a culture of responsible behavior throughout the company. Code of Conduct and relevant regulations are applicable to all employees, whatever their role or location, and include those in majority held entities. These also apply to those engaged to act on behalf of the company, such as consultants. Code of Conduct and relevant regulations include practical guidance to help employees deal with important ethical issues and indicate where to ask for help. Any concerns that employees do not feel comfortable talking to their managers or relevant function about can be reported via our Compliance Hotline. All employees, including Executive Committee and Board Members, are required to complete regular refresher training aimed at understanding and applying the standards, with all new employees undergoing training as part of the induction program. We actively encourage minority held entities and suppliers to apply standards similar to our own.
- Code of conduct
Based upon Hanwha’s philosophy, values, and business principles and utilizing Hanwha Vision’s Compliance Program Regulations, we establish Code of Conduct using defined guidelines and standards in dealing with customers and dealers in order to maintain ethical business practices. Hanwha Vision provides an organizational culture where both employees and executives respect the order of a free market economy and comply with the applicable laws, based on the shared values of challenge, trust and communication.
- Compliance Guidelines
Hanwha Vision has established this Compliance Guidelines to facilitate compliance with the relevant laws and regulations and the implementation of business ethics with the ultimate aim of Hanwha Vision ’s wholesome growth and strong, enduring customer relationship.ased on the shared values of challenge, trust and communication.
- Regulation for Compliance with Anti-Corrution Acts
· Hanwha Vision values the lawful management of the Company and wishes to comply with the highest level of legal and ethical standards wherever it conducts business in the world.
· To provide the standard for correct decision-making and proper ethical judgment that can promote all of its management and employees to comply with domestic and foreign anti-corruption acts and all relevant laws and regulations, the Company enacts the following rules for its anti-corruption prevention act.