AMOREPACIFIC and integrity
We aim to transform the world by adding technology to truth originating
from nature,creating genuine beauty that harmonizes inner and outer beauty.
Integrity, our principal value, is the main criterion when making
decisions aimed at achieving the mission of Asian Beauty Creator and at
fulfilling our vision of being the great global brand company, along with our
other core values of Openness, Innovation, Proximity, and Challenge. Integrity
is the only driving force that can connect the trust of our stakeholders to the
future, and has been upheld as the company’s principal value since its
foundation.
We should act with integrity for our own benefit and for the benefit of
AMOREPACIFIC. This Code of Ethics is intended to provide information and
guidance on how employees are required to behave as representatives of
AMOREPACIFIC. It addresses company etiquette concerning how we should
treat our fellow employees and other stakeholders including customers,
partners, suppliers and government officials.
As members of AMOREPACIFIC, a company that creates beauty, we have to
strive to make the right decisions at all times by adhering to the laws and Code
of Ethics. Furthermore, we always have to be faithful to our own decisions and
actions.
“Some people dream of making gold out of other metals. But alchemy does not
exist. Whatever metals you pour in, they will remain metals and will never turn into gold. You cannot succeed overnight without integrity.
An organization may develop or grow only when its members make concerted efforts, as if growing tea leaves with their sweat.
Strong products are born only when good materials and in-depth research meet based on the principle of integrity. This is exactly the way we can
please our customers and surprise the world.”
Suh Kyung-Bae, AMOREPACIFIC Chairman
General Principles
1. Subject of the Code
This Code of Ethics applies to all employees of AMOREPACIFIC,
its subsidiary and sub-subsidiary companies, overseas branches and companies,
and joint ventures (the “AMOREPACIFIC and others”).
The terms “company” and “employees” used in these Guidelines refer to
such corporations and their officers and employees.
2. Ethics Organization
Business Ethics Office:
The Business Ethics Office provides education and communication as well as
analyzes and monitors the outcomes of the provided education and
communication to ensure that employees make decisions based on the
Business Conduct.
Corporate Audit Office:
The Corporate Audit Office determines whether employees are complying
with the Company’s applicable laws, policies, rules and regulations; inspects
the appropriateness and efficiency of management status; and makes
decisions on the imposition of punishments or penalties for respective
violations
AMOREPACIFIC HR Committee:
that the HR Committee reviews and decides on matters of rewards or prizes
and penalties. The absence of regulations in any subsidiary may be replaced
by the policy of AMOREPACIFIC HR Committee.
3. Regulation & Laws
Employees should comply with the law (statutes, orders and regulations)
of the country in which we operate, as a matter of the utmost priority.
The Code of Ethics supersedes the law of the country that we operate in if the
Code of Ethics is more stringent than the prevailing law of the country.
Question: Should we always adhere to the limit on congratulatory or condolence money or gift received from stakeholders even when it is not specified in the law?
Answer: Yes. You should adhere to it as specified in the Business Conduct
even if not specified in the law. You should comply with the Business
Conduct if it requires a more stringent standard (e.g. the limit, such as lowest
acceptable amount etc.) than the law.
The Business Conduct does not cover all the circumstances that may arise
during the performance of one’s work. The company also applies the
following additional policies and Guidelines in relation to business ethics:
- AMOREPACIFIC Code of Ethics
- AMOREPACIFIC Audit Policy
- AMOREPACIFIC and others’ HR and HR Committee Regulations
- All Other AMOREPACIFIC and others’ Rules and Regulations (including your local employee handbook)
You may obtain advice from any of the persons listed below if you experience
difficulties in making decisions due to a conflict between the provisions in
Code of Ethics and any other Company’s rules and regulations, or because of
any other reasons.
- Immediate supervisor / leader of the team (managers, officers, CEO)
- Representatives of the AMOREPACIFIC Corporate Audit Office
The money value described the Business Conduct can vary by the
cultural customs of the countries in which we operate. You may refer to the Code of Ethics *Global Edition.
(*Global Edition is the Code of Ethics that is customized to the particular region(s) or
country(ies), in which we operate, to avoid the potential conflict with cultural customs,
federal laws or government laws of the region)
4. Definition of Terms
‘Leaders’ means managers or those in higher positions who can exercise the
authority to make decisions in an organization. Employees who exercise the
authority to make decisions on behalf of such managers or those appointed
to higher positions for a given period because of personnel transfers may be
treated as leaders.
‘Stakeholders’ means employees, business accounts, partners, suppliers,
affiliated companies, organizations or institutions, whose benefits are
affected by actions or decisions taken by the company’s employees in
connection with their work.
‘Work’ includes not only work of an employee himself or herself, but also
includes work that is influenced by his or her work.
‘Ordinary levels’ means levels where work may be performed fairly
without affecting the beneficiaries among generally accepted levels that
average people can understand with common sense.
‘Social norms’ means common ideas or views that are widely accepted in society.
‘Entertainment / Hospitality’ means meals, Company activities or
Company sponsored events, golf, art performances, or sports games that are
provided as a form of reward or compensation in connection with one’s work.
‘Offering’ refers to cases where a stakeholder is appointed as the ultimate
beneficiary, irrespective of the delivery routes, including provision
or offering through family members, relatives, and acquaintances of
stakeholders.
‘Acceptance’ refers to cases where the subject person is appointed as the
ultimate recipient, irrespective of the delivery routes, including acceptance
through family members, relatives, and acquaintances of an employee.
‘Money and valuables’ includes money (cash, coupons, financial instruments, etc.), goods, or other economic or financial benefits.
‘Conveniences’ means provision of , demanding for or accepting
transportation, accommodation, sightseeing, or support from partner
company or suppliers other than money, gifts, entertainment or hospitality
‘Facilitating payments’ refers to an amount of money that is paid to
expedite or facilitate a non-discretionary act or service, such as the issuance
of an ordinary permit or license.
5. Obligation of Leaders
Leaders of AMOREPACIFIC should act in an exemplary manner so as to serve
as ethical role models for their direct subordinates and should fully
understand the Business Conduct. Leaders should repeatedly educate their
direct subordinates or employees on the Code of Ethics and communicate
with them by sincerely providing coaching and advice as requested by any
employee who has faced a dilemma. Leaders must report to their local
business ethics officer and the Corporate Audit Office upon discovering any
unethical behavior (including potential unethical behavior) within the
organization.
Leaders are primarily responsible for any unethical behavior committed by their direct subordinates.
Leader’s Checklist
- ① Do you fully understand the Business Conduct and act in an exemplary manner in accordance with it?
- ② Have you educated your direct subordinates and/or communicated with them on the Business Conduct once or more times in the past three months
- ③ Do you support your direct reports’ performance of their work based on the Business Conduct?
- ④ Do you sincerely provide coaching and advice to your direct reports when they ask you about Business Conduct?
- ⑤ Will you report to the Corporate Audit Office and your local business ethics officer and follow the audit procedure when you discover any current or potential unethical behaviors committed by your direct reports, colleagues, other members or employees?
6. Obligation of Employees
Employees should follow the standards specified in the Code of Ethics
when faced with ethical dilemmas. If they cannot make decisions based on
the Code of Ethics, they may seek advice from any of the following:
Leaders (managers, board members, CEO)
Representatives of AMOREPACIFIC Corporate Audit Office
In the event that you discover a current or potential unethical behavior that
has been committed within the organization by any employee thereof, you
should report it to the Corporate Audit Office and your local business ethics
officer and follow the audit procedure. You may refer to the Audit Policy for
more details.
For counseling or reporting, please contact:
- E-MAIL: audit@amorepacific.com
- Address: 100, Hangang-daero, Yongsan-gu, Seoul, Korea
- AMOREPACIFIC Group Audit Office
