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Ethical Management

Ethical Management Policy and Strategy

Hyundai Insurance has put in place a company philosophy that ensures customer satisfaction and has established a foundation for sustainable management by instilling belief and trust in customers through transparent management and the fair handling of work. With the start of the compliance officer system, Hyundai Insurance has systemized its internal ethical management by introducing and implementing various programs and systems, including the internal, external announcement of ethical management practices, the establishment of a code of ethics, the introduction of an internal control self-regulation evaluation system and the implementation of an individual credit information management protection system.
As such, Hyundai Insurance has realized the genuine meaning of ethical management that entails fulfilling its responsibilities and obligations to all stakeholders, including customers, employees, shareholders, partner companies, the nation and society. Furthermore, in regards to political lobbying and sponsorship, we have included a clause to prevent any political involvement in our code of ethics in order to ensure political neutrality. According to the code of ethics, Hyundai Insurance respects an individual's political rights, with an individual able to express his or her political opinion.
However, the code of ethics prohibits any employee supporting or opposing a specific party, organization or candidate in the company name or in a way that can be misunderstood as involving the company name that would impair the political neutrality of the company. Hyundai Insurance is also implementing “Hi-Compliance Day,” a company-wide education and self-check system regarding ethics, compliance, corruption and incident prevention, etc., as well as implementing a new permanent Compliance Department CMS system (Compliance Management System) for the more efficient company-wide management of ethics and compliance.

Ethical Management Organization

The Compliance Department oversees the overall ethical management of Hyundai Insurance.
The Compliance Officer, according to Article 17 of the Insurance Business Act, is in overall charge of all ethical management operations. In each department, 1 employee working under the head of the department is appointed as being in charge of compliance and takes charge of self-regulated internal controls.
As of the end of March 2011, 135 compliance managers were in charge of internal control and ethical management activities.

Fair Trade Self-Compliance

To efficiently operate a fair trade self-compliance system, the Board of Directors appointed a Compliance Officer as a self compliance officer.
In addition, Hyundai Insurance established regulations (and a manual) to regulate and operate general fair trade self-compliance. We continuously offer education (or operation of company-wide sharing channel regarding internally and externally collected related information) to employees for over two hours every six months who are in areas that carry a high risk of misconduct, such as sales, etc. In the meantime, it is specified in related company regulations, such as the regulations on the Fair Trade Act and personnel regulations, etc., that an employee who violates the Fair Trade Act can be subject to corresponding sanctions or penalties.
The company had no cases of fair trade law violation in 2010 and 2011, and as a preventive measure against any possible future incidences, Hyundai Insurance held discussions with a supervisory organization and related industries, provided education for related departments, and newly established a monitoring system.