On March 6, Hyundai Steel established the Compliance Management Committee comprised of the company’s CEO and the heads of several business divisions.
The Compliance Management Committee, led by President & CEO An Tong-il as the chairman, was established as part of efforts to improve the company’s compliance control system. Other members of the Compliance Management Committee, which is tasked with making decisions on compliance management policies and activities, include the company’s Procurement & Logistics manager and the heads of the: Blast Furnace Business Division; Electric Arc Furnace Business Division; Mobility Materials Business Division; R&D Division; Financial Management Division; Business Management Division; and Strategy Planning Division.
The committee was created out of a commitment to prevent compliance-related legal violations and to build a compliance system that will become an integral part of the company’s regulations, organizational structure, and IT systems.
Accordingly, a strong compliance culture will be promoted within the company and regulations will be updated, thereby establishing a firm foundation for compliance control activities. The committee aims to establish a company-wide organization that reflects the direction of management on compliance-related issues to achieve daily compliance. A compliance support system will also be developed to carry out IT-based compliance control activities.
Additionally, the company will actively seek to nurture capabilities that will allow staff to constantly check, discover, and improve risks to “make compliance a part of everyone’s daily routines.”
The Compliance Management Committee will also partner with the CP Council, comprised of the heads of major departments, to focus on managing key risks, such as those related to fair trade and trade secrets.
Along with the establishment of the new committee, the decision was made to designate team leaders around the company as compliance support officers to systematically identify and improve compliance-related issues on a team basis.
“Compliance is a part of our daily routine and one of the most basic things we can do to enhance the value of the company,” stated CEO An Tong-il. “Let’s all work together to grow Hyundai Steel into an organization that everyone can trust.”