Hyundai Transys bolsters ESG fair trade compliance program

Hyundai Transys, an auto parts unit of Hyundai Motor Group, announced on Wednesday that it is enhancing its voluntary fair trade compliance program to become an ESG-compliant company.

The compliance program, which was introduced by the Korean Fair Trade Commission in 2001, encourages companies to voluntarily follow fair trade laws and promote win-win cooperation.

Following its merger with Hyundai Dymos in 2019, Hyundai Transys introduced the program and in 2021 received an anti-bribery management system (ISO37001) certification to prevent corruption within the organization. The company provides regular training to its staff members on the Fair Trade Act and Subcontracting Act every year.

This year, the company aims to strengthen its fair trade self-compliance program, with a focus on five key areas: enhancing employees' compliance awareness, establishing an internal control system, inspecting subcontract transactions, preventing collusion and disclosing fair trade pacts.

To oversee the implementation, Hyundai Transys will establish a "fair trade self-compliance council" with participation from relevant functional departments, including legal, purchasing, finance and quality control.

"Fair trade self-compliance and ethical and compliance management have become essential elements for a company's sustainable management," said Yeo Su-dong, CEO of Hyundai Transys. "I will ensure that all employees are familiar with the laws and regulations related to fair trade and understand their relevance to their work."

Write to Hyung-Kyu Kim at khk@hankyung.com