POSCO operates many types of systems for fundamental solutions to and prevention of corruption. In addition, regulations and systems are steadily being supplemented so that efforts do not stop at mere ethical standards announcement and effective and realistic implementation is realized instead.
According to the special provisions on ethics practice, unethical acts may be converted into monetary amounts. If the amount is less than KRW 500,000, the trading volume may be restricted, or the related agreement may be canceled. If the amount exceeds KRW 500,000 but is less than KRW 1,000,000, the relevant agreement and/or similar agreement will be terminated; if the amount exceeds KRW 1,000,000, all agreements will be terminated. A customer involved in any of these acts will be subject to restrictions in all transactions or biddings.
If required by new POSCO customers, corporate ethics presentation meetings are given individually at the places and dates preferred by the new customers in Pohang, Gwangyang, or Seoul.
management, constituents of ethical standards, and practice of corporate ethics" and introduction of related systems such as the "special provisions on ethics practice", the "whistleblowing compensation system."
Since new customers can share the philosophy of POSCO's ethical management within a short period of time through such presentation meetings, POSCO can ultimately prevent unethical acts; thus providing itself with an opportunity to solidify the win-win partnerships with interested parties.
As one of the typical cases disseminated widely to domestic enterprises, the gift return center has created a sensation after being introduced for the first time by POSCO.
The gift return center was introduced at the suggestion of an employee. When gifts are received from interested parties on festive days, they are returned at the company expense to the interested p2015-07-23arties with a sticker explaining politely the intention of the gift returning. POSCO started operating the center after Chuseok (Thanksgiving day) 2003 when the ethical standards were proclaimed. Even when gifts are received from interested parties on normal days, those whose values exceed customarily acceptable levels are returned to interested parties at any time by the gift return center or may be donated to social organizations.
Among the gifts received by the gift return center, gifts whose senders are uncertain or those that cannot be donated to social organizations are gathered and placed on the in-house online auction. The proceeds obtained from the auction are used as social service funds.
POSCO has been operating the "Standard for giving outside lectures" since July 2005. The standard stipulates that the money received by a director or an employee giving a lecture outside the company using the knowledge acquired in the line of duty be used as social service funds.
This is the practice of the principle of "Distinguishing between public and private," wherein the money received for giving outside lectures using the knowledge acquired in the line of duty is regarded as a company asset. In addition, the company operates external lectures based on a specified procedure to ensure positive impacts on information security.
As per the standard for giving outside lectures, remuneration for lectures is not received from public institutions or interested parties considering public value or mutual growth. If the institutions requesting lectures are profit-making institution or other ordinary enterprises without any relation with the company, however, lecture fees are collected. Even in such case, the lecture fees are returned to POSCO.
If the lecturer designates the place of donation, the lectures fees shall be donated to the designated institution; otherwise, the money shall be deposited as social service funds through the social service department and periodically donated by the company.
If you are aware of or have experienced any unethical act or corruption of Posco Family employee, You can contact us via e-mail or Fax.
We guarantee that all information about whistle blower will be totally classfied and anyone who try to unveil whistle blower's identity will be purnished.