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Ethical Management

Recognizing that principles and corporate social responsibility are global competitiveness for leading the world market, all WARECO employees pursue transparent and ethical conduct. Based on our best-in-class technical capabilities, we practice responsible management for customers, shareholders, and investors through a mindset and actions faithful to fundamentals, and contribute to the market economy, the nation, and local communities as a partner that values good faith and trust.

Code of Ethics

We share WARECO's corporate philosophy and the management policy established by leadership, respect the order of the free market and the principles of fair competition, and increase corporate value through management activities that comply with the highest ethical standards and all applicable laws and regulations in every region and country where we operate. Through this, we pursue shared prosperity with all stakeholders. Accordingly, we establish and pledge to actively practice this Code of Ethics as the standard for sound value judgment and the principles of conduct that all employees must follow.

Explanation of the Code of Ethics

The Code of Ethics declares internally and externally our firm commitment to define the company philosophy, values, and goals, establish the basic spirit and principles of management activities to realize them, and ensure that all employees share and practice them.

“We share the company philosophy and the management policy established by leadership, respect the order of the free market and the principles of fair competition, and increase corporate value through management activities that comply with the highest ethical standards and all applicable laws and regulations in every region and country where we operate. Through this, we pursue shared prosperity with all stakeholders.”

Sharing the company philosophy and the management policy established by leadership means that the company must clearly define its purposes and goals and communicate the expectations that the company and leadership have for employees, thereby improving predictability in work. It also means that management must maintain procedural justice in business conduct and decision-making, secure transparency, and emphasize responsibility based on the value and purpose of the company as a social entity as well as responsibility for job-related decisions and work performance.

Respecting the order of the free market and the principles of fair competition means accepting the market principles of free competition based on fair and transparent competition pursued by the global economy, and making fair competition with competitors in domestic and international markets a core business principle.

Corporate activities that comply with all laws and regulations mean conducting business in a legitimate manner while observing the laws, regulations, ordinances, and international norms of every country and community where we operate, and respecting the spirit of those laws and accepted business practices.

Increasing corporate value means that, as a social entity, a company must operate its resources efficiently to enhance its value, which gives the company legitimacy and legality to exist in society.

Pursuing shared prosperity with stakeholders means performing the social function of improving the welfare of all stakeholders who make up the company, including customers, shareholders and investors, employees, partners, local communities, and government, while balancing their different expectations, needs, and interests through the wealth and value created by the company. When every employee's decisions and actions faithfully serve this role, the company gains ethical competitiveness and can prosper together with stakeholders based on mutual trust and cooperation, thereby maintaining the continuity of the company as a complex system of stakeholders.

“To this end, we pledge to establish and actively practice an ethical code that serves as the standard for sound value judgment and the principles of conduct for all employees.”

The standard for sound value judgment and principles of conduct means that the corporate philosophy and ethical standards established by the company must be shared by all employees, including top management, and maintained as the principles for all business-related decisions and actions. They represent noble values that must not be compromised or damaged under any circumstances.

Establishing an ethical code means defining standards for how to do the right thing and presenting the roles and responsibilities of the company and its employees toward stakeholders. This code serves as the principle for decisions and actions, and when every employee follows it in daily work, it forms corporate culture and builds a strong ethical reputation.

The pledge to actively practice means that the company's ethical standards must not end as slogans or declarations. They are commitments made by the company and its employees to stakeholders and society, and must be practiced as duties and responsibilities. To this end, the company establishes and operates an execution system, and employees understand that practicing these standards is a condition of continued employment.

Ethical Standards

  • 01.

    We place customer satisfaction and trust from customers as our highest values.

  • 02.

    We do our best to increase investment value for shareholders and investors.

  • 03.

    We respect the human dignity of every member of the company and strive to improve quality of life.

  • 04.

    We pursue mutual growth with partners based on mutual trust.

  • 05.

    We respect the principles of free competition and lead sound industrial development.

  • 06.

    We actively contribute to the sound development of the nation and society and to environmental preservation.

  • 07.

    We share the company philosophy and fulfill our roles and responsibilities accordingly.

The Ethical Standards present practical requirements for achieving the corporate philosophy expressed in the preamble to the Code of Ethics. They explain how to do the right thing and list concrete standards of conduct based on the basic spirit and principles that the company and employees must follow for each stakeholder group.

  • Nation / Society

    Pursue sincere growth
    Contribute to national and social development

  • Customers

    Provide value
    Build customer trust

  • Partners

    Fair competition and reasonable procedures
    Provide fair opportunities

  • Employees

    Respect human rights and fair treatment
    Maintain honor and dignity, fulfill responsibilities

Chapter 1. Roles and Responsibilities to Customers

We place customer satisfaction and trust from customers as our highest values.
  1. We respect the human dignity of all people, regardless of whether they do business with us. Human dignity means that each person is an end in themselves, not a means for the rights of the majority or the goals of others. It means each individual has value and sanctity. We must consider human dignity in decisions and actions toward all people, including customers. We must always consider human dignity in our decisions and actions toward the public.
  2. Our principle is that a company exists to provide value that satisfies customers. We must do our best to provide the best products and services that customers want and can be satisfied with. Doing so must be the value and goal we pursue.
  3. We must give customers confidence that we exist for them, and through that earn their trust. Our future depends on this trust. We also serve diverse customers in the market. Therefore, we must understand and respect customers’ cultures, customs, traditions, and values.
  4. The company complies with laws related to customer information protection and conducts prior impact assessments during product development. We continuously review and improve business processes for protecting customer information.
  5. Except with customer consent or where permitted by law, the company will not use customer information for purposes other than those for which it was provided or disclose it to third parties.

Chapter 2. Roles and Responsibilities to Shareholders and Investors

We do our best to increase investment value for shareholders and investors.
  1. A core premise of shareholder capitalism is that shareholders are the owners of the company. The company was born from shareholder investment and can grow through shareholder support. Securing shareholder trust is essential. Investors include general stock market investors, institutional investors, foreign investors, and indirect investors through investment companies. This is what it means.
  2. To secure investor trust, the company must establish governance that enables transparent and responsible management. It should appoint expert outside directors, form a board of directors and audit committee, support, supervise, and monitor management execution, and respect the opinions of independent external auditors. Through this, we will increase transparency and accountability in decision-making and business execution.
  3. We protect investor interests by operating company assets formed from investor resources efficiently, respect investors’ legitimate rights, and strive to provide fair and economically sound returns on investment. Through professional and ethical management, we do our best to increase investment value. This is what it means.

Chapter 3. Company Responsibilities to Employees

We respect the human dignity of every member of the company and strive to improve quality of life.
  1. Each employee has dignity as a human being, and employees are the company’s most important asset. The global market is a borderless arena of intense competition, and the world is our business field. Therefore, we respect employee dignity and do not discriminate in hiring talent based on gender, education, region of origin, religion, race, nationality, or disability.
  2. We create a workplace where employees can work autonomously and freely exercise creativity, provide a safe and pleasant working environment, and actively support talent development. We establish training and HR systems that treat and reward employees fairly according to ability and performance. These systems must be established and operated.
  3. The wealth created by the company is the product of employees’ joint efforts. Employees’ comfortable and fulfilling family lives are directly connected to work competitiveness. Therefore, the company must do its best to operate welfare programs that support dignified cultural lives for employees and their families.

Chapter 4. Roles and Responsibilities to Partners

We pursue mutual growth with partners based on mutual trust.
  1. The competitiveness of partners is our competitiveness. Finding and developing competitive partners directly strengthens our competitiveness. Therefore, when selecting partners, we must provide fair opportunities and support selected partners so they can become competitive. This is what it means.
  2. We see partners not simply as vendors of products or services, but as companions who work together and grow together for mutual benefit, forming cooperative relationships based on mutual trust. This means we must do our best.
  3. In transactions with partners, the company establishes and operates fair and transparent procedures, maintains stable long-term relationships, and accepts and respects legitimate requests and opinions from partners.

Chapter 5. Fair Competition with Competitors

We respect the principles of free competition and lead sound industrial development.
  1. Fair and transparent competition is the direction of the global economy. Honest competition improves product and service quality, delivers the highest customer satisfaction, and increases national wealth overall.
  2. The company must do its best to establish a competitive order that improves market efficiency and economic value, and must seek competitive advantage through lawful methods.
  3. We support international anti-corruption initiatives and comply with the OECD Anti-Bribery Convention, Guidelines for Multinational Enterprises, international anti-bribery laws, anti-corruption laws, and fair trade regulations, pursuing trust both domestically and internationally.

Chapter 6. Roles and Responsibilities to the Nation and Society

We actively contribute to the sound development of the nation and society and to environmental preservation.
  1. As an important organization within society, a company must grow in harmony with society. Therefore, as a corporate citizen in every region where it operates, the company must comply with all laws and fulfill its social duties and responsibilities.
  2. The company must efficiently operate its technology, information, knowledge, talent, and resources to grow as a sound enterprise and contribute to healthy development and welfare in the nation and all regions where it operates.
  3. Environmental issues are a shared concern in the international community. Companies use resources from the global environment and affect it through production and consumption. Companies must now be environmentally friendly to earn the support of citizens and consumers. Therefore, the company must do its best to reduce wasteful resource use and contribute to environmental preservation and improvement.

Chapter 7. Employee Responsibilities to the Company

We share the company philosophy and fulfill our roles and responsibilities for it.
  1. When all employees share the company philosophy and actively work to realize it, it becomes the corporate spirit, forms an ethical corporate culture, and gives the company strong competitiveness.
  2. We must remember that the company’s reputation and future are shaped by the decisions and actions each of us makes every day. Therefore, every employee must clearly understand their role, authority, responsibility, and duty, and act properly based on sound judgment rooted in honesty, sincerity, fairness, and transparency.
  3. We must recognize change from a global perspective and build the ability to respond. Therefore, every employee must follow all laws, including international norms, and company rules and systems as principles, while also understanding, respecting, and complying with the laws, ethical standards, and control systems of domestic and overseas counterparties.
  4. Detailed implementation provisions are as follows.
  1. 1. Faithful Performance of Duties
    1. i. Members must clearly understand their authority and responsibilities and perform their duties based on honesty and trust.
    2. ii. Members should not hold concurrent jobs, side businesses, or side work that interferes with their duties, except where prior company approval is granted considering relevance to company work.
  2. 2. Maintenance of Dignity

    Members must remember that their words and actions are directly tied to the company’s trust and reputation, and must fulfill their responsibilities and duties as members of society.

  3. 3. Building a Sound Corporate Culture

    Members must not engage in any conduct that harms sound relationships, such as sexual harassment or forcing private burdens on superiors, subordinates, or colleagues. They must recognize one another as partners, respect one another personally, and create a sound organizational atmosphere.

  4. 4. Fair Performance of Duties
    1. i. Members must strictly separate public and private matters and perform duties fairly and transparently.
    2. ii. Members must not give or receive money, entertainment, favors, or conveniences from stakeholders in relation to work.
    3. iii. Giving or receiving money or goods is exceptionally permitted in the following cases.
      1. 1) Promotional and event souvenirs: items bearing the company logo or name and valued at a socially acceptable level.
      2. 2) Congratulatory or condolence money: money or goods given in the spirit of mutual aid at a socially acceptable level.
    4. iv. Members must not engage in acts that conflict with the company’s interests or create conflicts of interest.
    5. v. The following are examples of conflicts of interest where a member can exercise work influence or where judgment or conduct may be affected.
      1. 1) A member directly transacting with the company or doing so through family, relatives, or other third parties.
      2. 2) A member transacting with the company or competitors through companies, organizations, or individuals with which the member has an interest.
      3. 3) Holding a position in an interested company or organization without company approval, or receiving compensation from an interested individual or party.
      4. 4) Holding stocks or bonds of an interested company, except where approved by the company.
      5. 5) Taking employment with an interested company within two years after leaving the company.

Ethical Management Activities

  • Ethics and Compliance Training for New Employees

    PeriodJanuary to December

    We emphasize the importance of ethics and compliance management by providing new employees with training on anti-corruption, bid-rigging prevention, partner ethics, and related topics.

  • Employee Ethics and Compliance Pledge

    PeriodFebruary

    Every February, all employees make ethics and compliance pledges. The ethics pledge commits employees to following the Code of Ethics and practice guidelines in their duties, while the compliance pledge commits them to complying with laws related to company management.

  • Ethics and Compliance Practice Campaign

    PeriodFebruary, September

    Before the Lunar New Year and Chuseok holidays, we regularly run a no-gift exchange campaign for all employees and reinforce our commitment to ethics and compliance through internal groupware notices.

  • Ethics and Compliance Cooperation Letter to Partners

    PeriodFebruary, September

    Before the Lunar New Year and Chuseok holidays, we send partners a CEO-signed cooperation letter requesting transparent and fair business practices, prohibiting improper gifts, entertainment, favors, or benefits, and asking partners to report any such requests.

  • Partner Ethics and Compliance Pledge

    PeriodFebruary

    We sign ethics and compliance pledges with partners to establish fair and transparent transactions and mutual-growth management. The pledge prohibits unfair trade, corruption, requests for or acceptance of money, services, entertainment, or other benefits, and states that violations may result in contract cancellation or termination.

Ethical Management Practice

  • 01.

    This Code of Ethics applies to the company and its members. Stakeholders should also understand and be encouraged to practice this Code of Ethics.

  • 02.

    The HR department serves as the department responsible for ethical management.

  • 03.

    Members are obligated to comply with this Code of Ethics and pledge compliance. For questions about interpretation or application, they must consult and seek advice from the head of the department responsible for ethical management.

  • 04.

    Violations of this Code of Ethics are handled according to company rules.

  • 05.

    The head of the department responsible for ethical management may establish and implement Ethics Practice Guidelines when deemed necessary for implementing this Code of Ethics.

  • 06.

    The head of the ethical management department may recommend establishing and implementing Ethical Conduct Rules that reflect business characteristics through consultation with the relevant business division head.

  • 07.

    The company establishes and operates an Ethics Committee to deliberate and decide on matters related to ethical management. Detailed regulations are prescribed separately.

Ethical Management Practice Pledge

Employee Pledge to Comply with the Code of Ethics

This pledge is my commitment, as a member of WARECO Co., Ltd. (the "Company"), to establish sound ethical values, protect my honor and dignity, earn trust from society, and help the Company and its members grow together.

  1. I will act with the mindset that I represent the Company in my role, and will clearly separate public and private matters in performing my duties.
  2. I will help create an environment where the corporate philosophy and management goals can be achieved voluntarily and proactively, and will strive to develop my capabilities while contributing to company performance.
  3. I will practice customer-centered management by creating the value customers want and continuously satisfying them.
  4. I will provide business partners with fair opportunities, pursue mutual benefit and shared development, and never make improper demands by abusing a superior position.
  5. I will comply with ethical standards and social norms.


Accordingly, as a proud member of WARECO Co., Ltd., I pledge to faithfully comply with WARECO's Code of Ethics, including the Code of Ethics, Ethical Standards, and Ethics Practice Guidelines, in daily management activities. If I violate this pledge, I will accept any action taken under the Company's rules.

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