Jeong-Do Management is an ethical management and code of conduct to enable capability development and fair competition.
Work done with utmost transparency according to principles and standards.
Provide equal opportunities and fair treatment in every transaction.
Improve capabilities through with which one can beat rivals in fair cometition.
LG Code of Ethics
We, at LG, share and believe in two key corporate philosophies “Creating value for customers” and “Respecting human dignity.” Based on these principles and in the spirit of our Management Charter, we strive to promote self-governing management and is accompanying responsibilities. It is our intention to uphold the principle of free market economy, which embodies the spirit of fair competition. We are committed to attaining our goal of becoming a global leader, and as such we will continuously pursue mutual benefits for our stakeholders on the basis of trust and cooperation. LG is committed to act uprightly and make value judgments in accordance to the code of ethics.
We highly regard the opinions of our customers in the belief that they form the very basics of our business. We seek to secure unconditional trust from our customers by continuously providing them practical values.
1. Respect for Customers
We value the opinions of our customers and validate their real needs at all times. Therefore we regard our customers as the primary standard for our decisions and conducts.
2. Creating Value
We work to create value for our customers for it is through customer satisfaction that we build the foundation of our prosperity.
We continuously create practical values that fully benefit and satisfy our customers.
3. Providing Value
We are always truthful to our customers, and are bound to keep our promises.
We offer top quality products and services to our customers at reasonable prices and respond to their requests with speed and accuracy.
Our global business activities conform to relevant laws and regulations of the host nations. At the same time, we employ only fair and just means in securing our competitive advantage in the global market.
1. Pursuit of Free Competition
We uphold the principle of the free market economic system. Therefore we pursue free competition and earn our customers' trust through top quality products and services.
We compete fairly and capably with our competitors, btn do not intrude upon their interests, or exploit their weaknesses.
2. Compliance with Laws and Regulations
We conduct our domestic and overseas business activities in strict accordance with local laws and regulations, and with respect for local business customs.
All business transactions will occur based on the principles of fair competition with equal opportunities for all entities to participate. We build trust and cooperative relationships through fair and transparent transactions. Such relationships are built with a long-term perspective for mutual growth.
1. Equal Opportunity
We offer equal opportunities to all qualified companies seeking to become our business partners.
All applicants are registered and selected in a rational manner following a fair and objective evaluation process.
2. Fair Transaction Procedures
All business transactions are conducted under equitable circumstances. The terms and procedures of the transaction are to be sufficiently discussed between parties involved.
The use of prominence in position to execute an unjust transaction is forbidden.
Information required for transaction is exchanged through appropriate procedures in timely manner. Transaction results are evaluated on a regular basis where complementary measures are mutually taken.
3. Support and Aid for Business Partners
We support the long-term growth of our dealers and vendors by enhancing their competitiveness through technological and managerial assistance. We share the profits derived from business innovations.
We pursue cooperation with our dealers and vendors in a mutual effort to promote a healthy trading environment and maintain a fair trading system.
Based on honesty and fairness, LG employees establish a correct values and fulfill the duties through continuous self-development and fairness in performance.
1. Basic Ethics
LG employees take pride in their company and always maintain an honest and fair attitude.
LG employees keep a high standard of morality and continuously strive to maintain their personal dignity and company's honor.
2. Completion of Duty
LG employees faithfully accomplish their duties in compliance to the visions and policies of the company.
Assigned duties are carried out in the best possible and fairest manner while observing relevant laws and regulations.
LGemployeesprotectandpreservecompanypropertyanddonotdivulge confidential information gained during employment.
LGemployeesexertthemselvesinenhancingworkefficiencythroughopen communication and cooperation with colleagues and related departments.
3. Self Development
LG employees formulate their respective ideal image of an exemplary employee and constantly strive to conform to the image through continuous self development.
4. Fairness in Performance
LG employees carry out their duties based on honesty and fairness, seeking to foster a sound business culture.
LG employees do not participate in any immoral and unethical behaviors as prescribed by social norms in performing their duties to the company or in their personal lives.
5. Avoidance of Conflict with Company Interests
LG employees avoid any individual behaviors or relationships that are in conflict with company interests.
LG employees do not use company property to pursue their personal interests without prior permission.
LG endeavors to respect the human dignity of its employees and provides fair treatment based on their abilities and performances. LG also strives to foster creativity among its employees.
1. Respect for Human Dignity
LG treats each employee with trust and affection and places a high value onindividual human dignity.
LG takes great efforts to help employees attain pride and personal fulfillment by instilling a sense of ownership in their jobs.
LG establishes fair regulations and educational guidelines necessary for employees to perform their duties.
2. Fair Treatment
LG offers equal opportunities to all its employees based on their abilities and talents.
LG applies fair measures to evaluate abilities and performances of its employees and rewards them accordingly.
3. Promoting Creativity
LG makes utmost efforts to promote a working environment conducive to creative thinking and autonomous behaviors.
LG develops and manages its human resources on a long-term basis and gives active support to cultivating employees’ abilities.
LGcreatesamatureorganizationalculturethathighlightsmutualtrust, understanding and respect for personal lifestyle.
LG Contribute to national welfare and social development through rational business expansion providing stable growth as a corporation and protecting stockholder’s interests.
1. Rational Business Development
LG conducts its business with respect to the social values at home and abroad.
LG promotes its business expansions based on stable corporate growth.
2. Protection of Stockholder Interest
LG protects its stockholders' interests by earning healthy profits through effective management.
3. Contribtnion to Social Development
LGcontribtnestonationalandsocialdevelopmentthroughjobcreation,tax payment, and promotion of cultural and welfare programs.
4. Environmental Conservation
LG strives to prevent environmental pollution and employs all measures necessary to conserve precious natural resources.
Operation of Management by Principle
LG Chem operates the Ethics Bureau, an organization dedicated to Management by Principle, directly under the chief executive officer to execute the activities for Management by Principle systematically. LG Chem's Korea and overseas business sites also have their own Ethics Bureaus.
Portal for Management by Principle
LG Chem operates an intranet site containing the detailed information about Management by Principle such as the LG codes of conduct, Q&A on Management by Principle, etc. Through this website, LG Chem prevents any act of violation caused by the failure to accurately understand the LG codes of conduct and answers all the questions that might arise while carrying out Management by Principle.
LG Chem operates the Ethics Hotline to report any Management by Principle violations or wrongdoings. Executives, employees or any party concerned can submit a report via online, postal mail or fax. LG Chem makes a constant effort to prevent corruption and fraud by its employees while improving irrational systems and work processes.
Education/Promotion of Management by Principle
LG Chem provides training programs for its employees by their duties, including purchase, sales, production, R&D, etc. and also by their titles, including new recruits, managers, seniors, etc. The company also provides online training programs so that all the employees can take the training courses for Management by Principle on a regular basis. Moreover, the company has expanded the scope of its training programs, covering overseas employees and partner companies. Alongside the training programs, LG Chem does its best to firmly establish the organizational culture of Management by Principle by promoting the relevant activities and sharing specific cases of violation.
Reports on Act of Bribery
LG Chem strictly prohibits its employees from taking any monetary rewards or treats from the parties concerned under any circumstances. Notably, it prevents taking any personal gifts, including those for congratulations and condolences. If any of the employees had to take the money or gift for unavoidable reasons, they are required to return them after submitting a report to the company. If this is not possible, they are required to donate them directly to charitable organizations. If this is also impossible, the company holds an internal auction with the gifts its employees received and supports charitable organizations with the profits obtained from the auction.
Management by Principle Pledge
LG Chem performs the Management by Principle Pledge for its entire employees online. In this pledge, LG Chem's employees and partner companies vow to comply with the LG codes of conduct and practice Management by Principle every year.
Survey on Management by Principle
LG Chem performs Management by Principle survey every year targeting its employees and partner companies, and the survey results are used to improve the training programs/systems.