Code of Ethics

Chapter 1. Standards for Thinking and Behavior of Executives and Employees

• 1-1 Basic Ethical Principles

  • ① With pride as executives and employees of Hyundai Corporation Group, we always protect the honor and credibility of individuals and the company with neat clothes, polite behavior, dignified language and self-management.
  • ② Employees shall always work honestly and fairly, keep promises, and uphold high ethical values.
  • ③ Employees shall observe the company regulations and the legitimate instructions of the superiors, and the superiors shall always maintain a fair attitude toward their employees so that the united power of the organization can be exerted.
  • ④ All employees must understand and comply with the Code of Ethics, and if they violate it or become aware of a violation, report it immediately to the company and take responsibility for the violation. Leaders at each level shall do their best to prevent violations of the Code of Ethics and raise the ethical awareness of employees.

• 1-2 Mission Fulfillment

  • ① Employees shall comply with all laws and regulations, company regulations and policies, and basic principles based on a consensus on the company’s goals and values. Employees shall clearly recognize our respective missions and carry out our duties faithfully. With awareness of and responsibility for our duties and roles, employees shall autonomously, carefully, promptly, and accurately perform assigned tasks within the scope of our authority.
  • ② Employees shall set business goals with progressive and aggressive thinking, make our best efforts to achieve business goals, and take responsibility for the results.
  • ③ Employees shall handle our work thoroughly and perfectly in a fair manner with a professional attitude and craftsmanship, prevent insolvent transactions in advance, and take responsibility for the results in case of insolvency.
  • ④ Employees shall respect creative ideas and suggestions, and express and listen to opinions with confidence.
  • ⑤ Employees shall increase work efficiency through active cooperation and communication between colleagues and related departments.
  • ⑥ Employees shall to improve the quality of work by cultivating abilities through continuous self-improvement.

• 1-3 Transparency in Management

  • ① In all business activities, employees must accurately process the sequence or count, report the facts as they are, and share important information.
  • ② Employees shall always perform their duties transparently and in accordance with the principles, and make every effort to reduce costs.

• 1-4 Separation between Public and Private Interests

  • ① Employees shall thoroughly protect the company’s physical, intellectual properties, information, and trade secrets. They shall not seek personal gain by using their duties under any circumstances, or use the company’s business information or assets for personal purposes or for work unrelated to the company.
  • ② Employees shall not engage in any illegal acts such as giving or receiving money or valuables that are contrary to the company’s regulations. They shall not receive or receive entertainment beyond the level recognized by social norms.
  • ③ Employees shall observe working hours and manage them densely to increase work efficiency, and refrain from handling personal work during work hours, playing games unrelated to work, PC communication, Internet access, and private phone calls for long periods of time.
  • ④ Employees shall not lend money, provide collateral or guarantee, or solicit improper solicitation between employees or with customers. They shall not conduct business with relatives or business partners with whom they have personal relationships.
  • ⑤ Employees shall not discriminate based on regionalism or academic affiliation, or exchange gifts or other valuables with each other except for congratulations and condolences.
  • ⑥ Employees shall not engage in a business under their own name or engage in other business without the permission of the company.
  • ⑦ Employees shall avoid any acts or relationships in which their personal interests conflict with the company’s, including embezzlement or breach of trust.

• 1-5 Constructive Lifestyle

  • ① With a sense of ownership, employee shall save the company’s money as if it were theirs.
  • ② Employees shall avoid extravagance, waste, and overconsumption, and live a thrifty life.
  • ③ Employees shall not engage in unethical and illegal acts inside or outside the company, or gamble with employees or customers.
  • ④ Employees shall not engage in any verbal or physical acts that cause sexual shame to anyone in the company.

• 1-6 Creating a Pleasant Work Environment

  • ① Employees shall create a safe and pleasant working environment by practicing cleanliness and tidying up a daily routine.
  • ② All executives and employees shall remain committed to safety in the company, comply with relevant laws and regulations, and do their best to prevent disaster risks such as safety-threatening accidents, theft, and fire.
  • ③ Employees shall not slander each other, respect personality, and maintain courtesy and friendship.

• 1-7 Protection of Trade Secrets and Intellectual Properties

  • ① Mindful that the company’s information and intellectual properties are valuable assets that determine the future of the company, employees shall send all information that requires security, such as sales/business information and confidential matters, to outside the company or leak them to a third party without prior permission or approval from the company.
  • ② Employees shall not infringe or illegally use other people’s intellectual properties, such as patents, designs, and trademarks, without permission.

Chapter 2. Responsibilities and Obligations of the Company

• 2-1 Responsibilities and Obligations to Customers

  • ① Employees shall keep in mind that customers are the reason for the company’s existence and the top priority for its decision-making, and always strive to provide the best services and products that customers may need in the shortest possible time.
  • ② Employees shall pursue and practice the values of mutual development that achieve the success of the company through the success of customers by constantly exploring and discovering the values that customers want.
  • ③ Employees shall consider and respect customers’ opinions as the best, and respond promptly by humbly accepting customer complaints and suggestions.
  • ④ Employees shall provide products and services to customers in a lawful and fair manner and make every effort to earn their trust by fulfilling their promises to customers.
  • ⑤ Employees shall protect customers’ assets, intellectual property rights, and trade secrets just like the company’s properties.

• 2-2 Responsibilities and Obligations to Shareholders

  • ① The company shall do its best to protect the rights and interests of its shareholders who have invested in the company and increase investment value by realizing sound profits through efficient management activities and business processing.
  • ② The company shall pursue the realization of long-term and stable profits and shall not engage in any act that goes against the interests of the shareholders, such as speculative business expansion.
  • ③ The company shall build mutual trust by providing reliable information on overall management required by the shareholders and the investors in a timely manner to help make investment decisions.
  • ④ In order to respect the shareholders’ right to know and improve investment returns, the company shall strive to ensure that the corporate value is properly assessed through disclosure of corporate information, publicity, and IR.
  • ⑤ The company shall record and manage its financial position in accordance with generally accepted accounting standards to make accounting transparent.
  • ⑥ The company shall reasonably execute all expenses according to the prescribed use, and do its best to reduce costs.
  • ⑦ Employees shall not engage in unfair practices such as securities trading using the company’s internal information.

• 2-3 Responsibilities and Obligations to Employees

  • ① Hyundai Corporation Group shall treat all its employees as independent individuals based on the spirit of human dignity and respect, and do its best to ensure that employees feel proud and rewarded through work based on a sense of ownership and fulfill their missions fairly.
  • ② The company shall establish a system from a long-term perspective so that employees can be nurtured as autonomous and creative talents through their own ability development, and shall actively support opportunities, education, and guidance.
  • ③ The company shall grant equal opportunities to employees according to their abilities and qualities, evaluate them by applying fair standards according to their abilities and achievements, and provide fair personnel and compensation.
  • ④ The company shall provide employees with equal opportunities to improve their abilities and shall not discriminate based on race, nationality, educational background, gender, religion, age, place of birth, disability, marital status, etc.
  • ⑤ The company shall support all employees in their pursuit of work-life balance, respect their privacy and protects their personal information, to build a mature organizational culture on mutual trust and understanding.
  • ⑥ The company shall establish the necessary systems and create an atmosphere so that employees can think creatively, act autonomously, make suggestions, make suggestions, and express their difficulties.
  • ⑦ The company shall do its best to create a working environment where employees can work in a healthy and safe environment and improve their quality of life.

• 2-4 Responsibilities and Obligations to Suppliers

  • ① The company shall keep transactions with suppliers transparent and fair based on clear evaluation criteria and the quality and price of the products and services that they provide.
  • ② The company shall not consider anything other than the honor and profit of the company in dealings with suppliers, or receive any illegal money or entertainment.
  • ③ The company shall not engage in any form of unfair action using its superior position and shall maintain a fair and equal contracting order through sufficient consultation.
  • ④ The company shall provide information necessary for transactions in a timely manner, and in particular, support the management activities of small and medium-sized suppliers in various ways such as technical support and management guidance to promote joint development.
  • ⑤ The company shall respect the tangible and intangible assets, intellectual property rights, trade secrets, etc. of suppliers and provide maximum support for mutual development through innovation and growth based on this.

• 2-5 Responsibilities and Obligations to Competitors

  • ① The company shall respect the market mechanism in accordance with the principle of free competition, at home or abroad, and practice competition in good faith with fair methods and competence by using competitive relationships as opportunities for mutual development.
  • ② The company shall pursue competitive activities based on mutual respect with competitors, but shall not unfairly exploit the weaknesses of competitors or infringe on their legitimate interests.
  • ③ The company shall not use illegal or improper means or unfair competition methods and unfairly determine the price of goods or services.

• 2-6 Responsibilities and Obligations to the State and Community

  • ① The company shall comply with all local and international laws and regulations that the company must abide by in conducting business and sales activities.
  • ② The company shall not engage in acts that go beyond the customs and morals of international commerce, and shall comply with domestic and foreign anti-corruption regulations, such as the Organization for International Economic Cooperation and Development (OECD)’s “International Trade Bribery Prevention Convention”.
  • ③ The company shall respect the culture, customs, traditions and social values of the relevant countries and regions, and maintain etiquette and dignity of businesspeople.
  • ④ The company shall faithfully fulfill various obligations such as taxes imposed by all countries and local communities at home and abroad.
  • ⑤ The company shall actively communicate with the local community, contribute to job creation in the local community, provide equal employment opportunities without discrimination based on race, nationality, educational background, gender, religion, age, place of birth, disability, marital status, etc., and contribute to social development by actively participating in welfare projects.
  • ⑥ The company shall actively participate in voluntary service to society, disaster relief, and social enlightenment.
  • ⑦ The company shall not intervene in politics or allow any political activities within the company, and shall resolutely cut off any ties between politics and business.
  • ⑧ The company shall not provide direct or indirect illegal donations or expenses involved in politics in any form.
  • ⑨ The company shall do its best to protect the health and safety of the people by saving and using resources efficiently, preventing environmental pollution, and striving to preserve and improve the global environment.
  • ⑩ The company shall faithfully comply with local and international environmental standards and laws, and actively participate in environmental protection to fulfill its responsibilities and obligations as an environment-friendly organization.

Supplemental Provisions

• 1. Enforcement Date: The Code of Ethics shall come into effect from January 1, 2004.
• 2. Ethical Practice Guidelines (Employee Code of Conduct): In order for employees to thoroughly practice the Code of Ethics, a separate code of conduct for employees to be followed is established and operated.
• 3. Relationship with Other Regulations: The Code of Ethics, which is the basis of ethical management practice, takes precedence over the other regulations within the company.
• 4. Interpretation: In the event that the Code of Ethics and the Employee Code of Conduct do not include relevant provisions or there is a dispute over their interpretation with regard to the practice of ethical management, the interpretation and decision by the Ethics Management Secretariat shall prevail.