HDC Hyundai Industrial Development announced on the 13th that it has received an excellent rating of 'AA' in the Fair Trade Commission's evaluation of the 2024 fair trade compliance program (CP).

HDC Hyundai Development Company receives an AA grade and a grade evaluation certificate from the Fair Trade Commission at the ceremony held on Dec. 12 at the Korea Chamber of Commerce and Industry. Pictured from left are Han Gi-jung, Fair Trade Commission Chairman, and Yoo Wi-dong, head of ethical management at HDC Hyundai Development Company. /Courtesy of HDC Hyundai Development Company

On the 12th, HDC Hyundai Industrial Development received a certification for the Fair Trade Commission's evaluation of excellent companies in the 2024 fair trade CP at a ceremony held by the Korea Chamber of Commerce and Industry, marking its second consecutive year of receiving the AA rating.

The compliance program (CP) is a system introduced by the Fair Trade Commission in 2001 that enhances compliance willingness and ethical awareness to prevent legal violations in advance and promote the spread and internalization of a fair trade compliance culture. The CP rating evaluation is a system that selects excellent corporations through an assessment of the CP operation of companies and provides incentives. Companies selected as excellent are eligible for incentives such as a reduction in penalty surcharges.

HDC Hyundai Industrial Development explained that since 2017, it has been operating a fair trade CP to establish a fair and transparent transaction culture and has built a virtuous business cycle through the acquisition of excellent partners. To operate the fair trade CP, it has appointed compliance managers with independent authority and has continued various fair trade activities targeting employees and partners.

For instance, it issues a compliance manual that serves as behavioral guidelines for employees, operates a compliance council, monitors subcontractor payment status, incorporates amendments to fair trade-related laws, and operates various programs for fair trade such as awards for excellent sites and employees.

An official from HDC Hyundai Industrial Development noted, “It is particularly meaningful that the fair trade compliance program, which has been in operation for eight years since 2017, has become systematic and stable, raising awareness of fair trade among employees and expanding sustainability with partners.” He added, “We will continue to strive to spread the fair trade culture and increase examples of win-win cooperation with our partners.”