Ethical ManagementNEXEN TIRE Co., Ltd. (hereinafter “NEXEN TIRE”), which thinks tomorrow, prepares for tomorrow and creates values from tomorrow, is achieving a clean and transparent corporate culture based on ethical management as the top priority.
NEXEN TIRE's ethical management philosophy, which has not changed in any difficult moment since its foundation, has been recognized both internally and externally through the Transparent Accounting Awards (Korean Accounting Association), the Model Taxpayer Minister Awards (Ministry of Economy and Finance), and the Presidential Citation for labor-management win-win cooperation (Ministry of Employment and Labor). In addition, based on trust from customers, shareholders, employees, and partners through the operation of the Wolseok Scholarship Foundation, sisterhood relationship in rural love, and implementation of clean factory and environment/safety policies, we are taking a strong step toward becoming a global top 10 in the industry.
NEXEN TIRE focuses on practicing ethical minds of all executives and employees. All executives and employees of NEXEN TIRE are responsible for correctly understanding and complying with this Code of Ethics, and we also recommend compliance to our partners who do business with NEXEN TIRE.
NEXEN TIRE intends to grow into a global top company by thinking tomorrow, preparing for tomorrow and creating values from tomorrow. We are aware that a fair and transparent corporate culture is essential for this and we establish and practice the code of ethics as a standard for correct behavior and value judgement that all employees must observe.
We give customers satisfaction and trust by providing safe and good quality tire.
We constantly strive for technology improvement and contribute to local communities through investment and growth.
We maintain an honest and sincere work attitude and disclose the company’s management information in a transparent manner.
We establish a trusted corporate image by breaking inefficient business practice.
We shall not seek our own benefit or abuse our position in relation to our duties.
We take pride in that both labor and management are the owners of the company and build a partnership based on trust and harmony.
Supplementary provision
1. This Code of Conduct is revised and effective as of June 1, 2019.
2. Separate code of conduct and detailed enforcement regulations should be operated so that employees can properly understand and implement the code of ethics.
2. Code of conduct
1) Compliance with legal regulation
A. NEXEN TIRE employees comply with relevant laws and regulations in conducting work and business. In particular, special attention should be paid to laws and regulations related to fair trade, employment and labor, industrial safety and environmental protection.
2) Basic ethics of employees
A. NEXEN TIRE employees must perform all duties given with pride, honestly and faithfully and act for the benefit of the company in a direction that contribute to organizational harmony.
B. Employees do not engage in any immoral or unethical behavior that may be blamed by society in relation to their daily life and duties and strive to maintain dignity and honor of individuals.
C. For the prosperity of a company where all employees are beneficiaries, company’s assets must be fully preserved. Therefore, employees shall protect these assets from damage, theft and embezzlement and do not use them for personal benefit.
D. Employees have the duty and responsibility to promote their own safety, comply with all safety regulations and create a clean and comfortable working environment by keeping their area neat and tidy.
E. Employees shall not engage in verbal or physical acts that offend others including sexual harassment that infringes on individual human rights.
F. Any paid work outside the company must not conflict with interest of the company. Therefore, all employees must consult with department manager in advance when they want to engage in paid activities outside the company.
G. Employees may engage in political activities only in their private capacity out of hours, outside the workplace and employees shall not engage in activities related to political parties or social interest groups under the name of the company.
3) Respect and protection of employees
A. The company does not discriminate against any reason in the employment relationship and treats each employee with dignity by respecting the lives of individual.
B. The company takes all necessary measures by prioritizing the protection of the health and safety of its employees and does not use any form of coercive or forced labor.
C. The company provides an environment and fair opportunities for employees to develop and strengthen individual abilities and skills.
4) Transparent management
A. The company’s accounting books and financial statements must be accurately recorded in conformity with facts and accounting principles.
B. Employees must provide accurate and precise information and data in performing their work and do not intentionally provide insufficient or manipulated information and documents.
C. Employees may not disclose important information of the company without prior consultation with related departments and approval from head of the department, and shall not pursue private benefits or provide them to others using disclosed information acquired from work.
D. The company’s funds must always be transparently executed in accordance with principles and budget execution that does not meet the regulations should not be performed.
5) A fair trade
A. NEXEN TIRE adheres to a sound and fair trade in dealing with customers.
B. All businesses should be done in an equal and fair position and we do not engage in any form of unfair behavior using superior status.
C. NEXEN TIRE provides equal opportunities for all qualified companies to participate in business with suppliers.
D. We endeavor to improve product quality by providing technical cooperation when suppliers perform work such as design, manufacture, construction and testing products to be delivered to the company.
E. NEXEN TIRE contributes to the increase of customers’ profit through fair competition in the market and does not engage in unethical acts that seek profits by exploiting weaknesses.
F. Business with companies that have illegal activities such as tax evasion, accounting corruption and environmental pollution is restricted.
6) Prohibition of money and goods and treat
A. NEXEN TIRE employees may not offer or receive bribes in any cases related to work and do not give or receive any kind of money or gifts other than ordinary souvenirs and gifts.
B. Employees do not receive special conveniences from business partners for themselves, their families or people around them.
C. Employees do not directly or indirectly have benefits in abnormal ways using information from business partners.
D. Employees do not cash loan, guarantees or solicitations that may interfere with fair business with business partners.
7) Environmental preservation
A. NEXEN TIRE employees recognize the importance of environmental issues and strive to minimize the impact of the company’s business activities on the environment.
B. We pursue environmental protection in all business activities of product development, production, distribution and disposal, endeavor to develop and distribute eco-friendly technologies such as resource saving and energy efficiency.
8) Labor management relations
A. Both labor and management take pride in being the owners of the company and build a partnership based on trust and harmony.
B. The company guarantees the activities of the trade union permitted by law and the trade union cooperates for the development of the company.
C. Labor and management make a concerted effort to improve employees work and balance through improvement of working conditions.
9) Contribution to the country and outside the company
A. We contribute to the development of the country and society by fulfilling our responsibilities and duties as a global citizen.
B. We endeavor to communicate through the participation of stakeholders in the process of management activities related to the national society.
C. The company fulfills its obligations in the community by creating and maintaining stable jobs and paying taxes sincerely.
D. We actively participate in community services such as volunteer work and disaster relief and conduct public interest activities in various fields such as culture, art, sports and academics.
10) Compliance with code of ethics
A. NEXEN TIRE employees must comply with code of ethics as a standard for behavior and value judgement.
B. When employees find out that they or others violated the code of ethics, they must report it to their superior or ethics management report center.
C. The company shall protect the person who reported the above facts and shall not penalize.
Supplementary provision
1. This code of conduct is revised and effective as of June1, 2019.
