Ethical Management

POSCO Group’s
ethical management is based on our corporate philosophy of
“doing the right thing in the right way.”

POSCO Group has achieved remarkable growth with the mission to assist national advancement.
In the process, we have engaged in a relentless search to identify what is right for our country and business.

We must charge ourselves with the trust of the people and a stronger belief in ourselves to drive us forward and navigate the future.
At this juncture, I would like to share with you the new way forward in our ethical management.

POSCO Group will step up our efforts to being a trusted leader in the global market through ethical management.

Core Values

First, ‘my’ actions and decisions should always represent ‘Integrity’.
We shall not seek personal interests at work and all decisions shall be made with the highest standard of justice and righteousness.
Second, we shall practice the value of ‘Respect’ for ‘others’.
We shall protect the human rights of our co-workers and everyone with whom we interact in our business activities, embrace diversity, and treat each other with fairness.
Third, let us exercise ‘Mutual Empathy’ as a means to extend the boundaries that frame ‘we/us’.
We can develop and grow together through mutual trust by paying attention to the voices of our stakeholders and by respecting the perspectives and rights of diverse populations.

Code of Conduct

1. Compliance with basic ethics and relevant laws

We do not seek personal gain.

· We do not put work-related pressure, issue instructions, or solicit favors that conflict with company interests in order to seek personal gain or undue gain for another person.
· All company funds and assets must only be used for work-related purposes and cannot be used to promote personal interests in any manner.
· We respect the political rights and preferences of individuals while maintaining the political neutrality of the workplace. We do not use company funds, personnel, facilities, etc. for political purposes.

We protect company information and assets.

· We understand the importance of the company’s confidential information and intellectual property and keep them well protected.
· We do not distort information or distribute false information.

We practice fair competition and trading.

· We establish fair and transparent trading procedures in accordance with international standards and national fair trade laws. To maintain a fair trading system, we comply with domestic and foreign anti-corruption laws and standards including the UN Convention Against Corruption, the FCPA, the Act on Combating Bribery of Foreign Public Officials in International Business Transactions, and the Improper Solicitation and Graft Act.
· We do not force business partners or suppliers to agree to unreasonable working conditions or engage in disadvantageous activities.

2. Developing a culture of trust and human respect

We foster a wholesome organizational culture.

· We pursue both personal growth and company success by achieving a work-life balance.
· Employees create an organizational atmosphere of mutual cooperation through open communication based on trust.

We provide equal opportunities.

· We provide equal employment opportunities to all individuals with the required skills and qualifications.
· We provide equal opportunities for skill development and self-improvement. Individuals are remunerated in an appropriate manner based on fair evaluations of their skills and achievements.
· We foster a wholesome organizational atmosphere that celebrates employees who create meaningful outcomes regardless of their regional, academic, or other background.

We protect and respect human rights.

· We support the Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights, the UN Global Compact, the OECD Guidelines for Multinational Enterprises, and other internationally recognized human rights standards. We endeavor to avoid infringing human rights in the process of conducting business activities.
· We respect each employee as an individual. We do not engage in acts that may defame an employee or undermine human dignity such as verbal or physical abuse, bullying, and intimidation.
· We ensure proper working conditions by maintaining reasonable working hours and ensuring that no work is performed involuntarily by emotional or physical force.
· We do not discriminate against individuals on the grounds of ethnicity, nationality, gender, age, academic background, religion, regional background, disability, marital status, or sexual identity.

3. Realizing customer value

We commit to customer satisfaction.

· We listen to and respect customer voice.
· We welcome our customer’s valid requests and thoughtful suggestions, and prioritize to incorporate them to our business activities.

We create customer value.

· We fulfill customer needs and expectations by providing the best products through technological advancement.
· We respect our customer’s culture and customs.

We build customer trust.

· Customer safety and well-being are given utmost consideration in our business activities. Products or services that may pose a threat to safety and health are not offered.
· We protect customer information and provide customers with accurate and timely information.

4. Good faith towards investors

We fulfill our obligations to investors.

· We strive to increase corporate value and shareholder value at the same time by creating profit through transparent decision making and efficient business activities.
· We respect shareholder’s fair suggestions and endeavor to build mutual trust.

We communicate transparently with investors.

· We provide key business information in a timely, fair, and faithful manner to facilitate investor decision making.
· Our financial information is calculated through suitable processes and controls based on accurate transaction figures. All financial documents are prepared in accordance with “Generally Accepted Accounting Principles.”

5. Co-prosperity with suppliers

We build mutual trust with suppliers.

· We ensure fairness in our dealings with our suppliers through mutual respect and equal partnerships.
· Vendors are required to demonstrate a sense of responsibility before they are chosen as a supplier. We support our suppliers to maintain compliance with laws and regulations associated with workplace safety, employee human rights, and fair trade.

We pursue co-prosperity with suppliers.

· We seek mutual gains by sharing our outcomes with our suppliers.
· We support our suppliers to provide high quality products and services through effective communication and mutual cooperation.
· We aim to develop partnerships with our suppliers by providing fair opportunities and ensuring equitable terms of trade.

6. Social and environmental responsibility

We contribute to the development of the nation and society.

· We strive to create and maintain stable jobs and to fulfill tax obligations.
· We actively participate in volunteering, disaster relief, and other activities to serve the community. We contribute to the sound development of society through our pro bono involvement in such fields as culture, arts, sports, and academia.
· We endeavor to build community trust in our company by providing support to improve the quality of life of local residents and strengthen the joys of life.

We commit to environmental protection and ecosystem conservation.

· We are deeply aware of the importance of environmental issues. We comply with domestic and foreign environment-related laws and strive to improve the environmental impact at all stages of the product life cycle including development, production, and use.
· We do our best to minimize pollutant emissions by introducing environmentally friendly production processes and by adopting the best available technologies to prevent environmental pollution.
· We endeavor to restore natural ecosystems and conserve biodiversity by making efficient use of natural resources and byproducts.