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POSCO Carries Out the “POSCO Compliance Program”

2021/01/20

l POSCO introduces “POSCO Compliance Program (PosCP)” for equipment and material suppliers
l The company is to support legal service for the acquisition of the “fair trade CP grade” conducted by the Fair Trade Commission
l The program is in line with practicing the values of “Corporate Citizen” that lead to social changes under “Change Up Together”

POSCO became the first Korean company to implement its own “POSCO Compliance Program (PosCP)” for partner companies as a measure to uphold the principle of fair trade in the industry and raise awareness on regulations.

PosCP enables partner companies, including equipment and material suppliers, to establish internal standards and procedures for compliance with the Fair Trade Act. The program offers incentives to outstanding companies.

POSCO opens a briefing session for companies wishing to be certified and selects the participating companies. Then, the fair trade compliance program of each selected company is evaluated and certified. In this process, POSCO provides customized legal services to minimize the cost. Areas of evaluation include “Preparation of CP standards and internal procedures,” “determination and support of management,” and “inspection of whether employees violating the regulation receive penalty,” which are the CP certification standards set by the Fair Trade Commission.

The certified companies receive benefits as well. POSCO will continue to support compliance-related education services and provide consulting so that these companies can further acquire grades by participating in the “Evaluation of Fair Trade Compliance Program,” which is certified by the Fair Trade Commission. In addition, additional points will be granted in case the companies apply for POSCO suppliers, and will also be reflected to relieve penalty levels in case of unavoidable violations.

By introducing PosCP, POSCO hopes to take the lead in establishing a culture of fair trade and make sure that there would not be a case where competitive companies with outstanding products are excluded due to unfair trade practices. POSCO also aims to uphold the principle of fair trade within the steel industry ecosystem by supporting SMEs in the Fair Trade Commission’s “Evaluation of Fair Trade Compliance Program”.

In particular, the implementation of this program is meaningful in that POSCO and its equipment and material suppliers — partners in the industry — lead changes in society together and “Change Up Together” and create a strong industrial ecosystem.

POSCO is planning to provide preliminary legal training support required for certification from January and conduct diagnosis and certification of the fair trade compliance program. The first certification will be completed at the end of the year.

POSCO plans to expand the program sequentially to other suppliers in the future.

※ The “Compliance Program (CP)” refers to a company’s internal compliance system that includes education and supervision devised to comply with the Fair Trade Act. The Fair Trade Commission provides a certain incentive to outstanding companies following CP grade evaluation for desired companies.

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