Shared Growth with Partners
Hyundai Electric supports the growth and development of our business
partners based on the core value of 'Justice, Fairness, and Legal Business Activities'.
It is our aim to establish a healthy corporate ecosystem in which we can all grow
together by establishing fair trade practices and providing support to our suppliers in order
to strengthen their competitiveness.
- Operation of an integrated evaluation system for partner companies
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We have introduced a system for business partners to evaluate ESG factors such as exploitation of child labor, non-compliance with environmental standards, and emission of pollutants.
According to the results of evaluation, we manage the supply chain by providing incentives to excellent suppliers and suspending transactions with non-compliant suppliers.
- Operation of partner company participation system
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We hold a New Year's party, business status briefing sessions, and send e-mail notifications on important issues, and we are implementing a system in which a portion of our profits are returned to our suppliers where profits are generated from improvements derived from ideas presented by them. Moving forward, we plan to focus on establishing a culture of rational communication and paving the way for win-win growth.
- Operation of financial support programs for business partners
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We provide financial and non-financial guarantees totaling KRW 19.5 billion to our partners through a treaty with the Credit Guarantee Fund, and we have set up a 20 billion won ‘Shared Growth Fund’ with three commercial banks, namely, IBK, Hana Bank, and Shinhan Bank, for the purpose of providing financial support to our partners. Based on this, we will continue to build a win-win model for financial support that enables our partners to grow together with us.
- Promoting a multi-network system for managing partner companies
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We are aiming to establish a multi-network system by 2022 for comprehensively managing not only our primary suppliers, but also our secondary and tertiary suppliers.
- Establishment of a material procurement
system that complies with relevant laws and regulations -
We strive to prevent violations of laws and regulations by incorporating regulatory action standards in our material procurement system in accordance with a wide range of enacted/amended regulations such as eco-friendly regulations.