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Global Top-tier Shipping Group in Resources Transport

Code of Ethics

Home OverviewOverview Ethical Management Code of EthicsCode of Ethics
  • SK Shipping Co., Ltd (hereinafter referred to as the "Company") shares 'ethics and morality' as a corporate mission, respects the system of free market economy and endeavors to achieve corporate missions by complying with laws and the spirit of the law.
  • To this end, the Company strives to maintain all its management activities at the highest level of ethics by providing all Employees of the Company (the "Employees") with a set of standards that serve as a foundation for sound decision making
  • This Code of Ethics is applicable to the Employees (regular worker, contracted worker, dispatched worker, specialty worker) and Business Partners (BPs) .
Chapter 1 Responsibilities for customers

· The Company recognizes that customers are the fundamental reason for its existence and endeavors to achieve outstanding customer satisfaction by providing the highest quality of services.
· The Company always serves its customers based on the belief "What's good for customers is good for us."

1.1. The Company always listens to customers. The Company recognizes that requests from customers are always right, and the customer is a foundation for managerial decision making.
1.2. The Company must be honest and keep promises to customers

2. Customer value creation
Under the philosophy that "Customer satisfaction growth is our growth", the Company strives to provide information useful for customers.

3. Protection of customer's rights and interests

3.1. The Company actively provides information that customers should be informed of.
3.2. Should the Company obtain information relating to customers, it does not disclose and take advantage of the information without customer's consent.

Chapter 2 Responsibilities for Shareholders

· The Company endeavors to maximize shareholder value through long-term sustainable growth.
· The Company provides shareholders with accurate information in a timely manner in order to help investors and interested parties make sound investment decisions.

4. Protection of shareholder's rights and interests

4.1. The Company endeavors to maximize shareholder's interests through making rational investment decisions and securing stable profit.
4.2. Maximizing shareholder's value is the Company's No.1 priority in every single management activity.

5. Transparent accounting. The Company draws up and maintains financial statements according to generally acknowledged accounting standards.

Chapter 3 Compliance with laws and regulations and respect for fair competition

· The Company always respects local norms and complies with all laws and regulations applied all over the world.
· The Company respects free market economy and participates in competition in a fair and transparent manner.

7. Compliance with laws and regulations

7.1. The Company complies with all related laws and regulations and respects general business practices in the jurisdictions that the Company does business.
7.2. Expatriate Employees must be fully aware of local laws and business customs and comply with them.

7.3. The Company complies with 'Convention on Combating Bribery of Foreign Public Officials in International Business Transactions' of OECD and 'Law on Combating Bribery of International Business Transactions', 'Law on Combating Corruption', and 'Law on Anti-trust and Fair Trade', etc., in domestic law.

8. Respect for free market competition

8.1. The Company respects the principle of free competition wherever the Company operates.
8.2. The Company is committed to fair competition. The Company engages in competition based on mutual respect with competitors, and the Company does not invade competitor's interests, nor does it not take advantage of competitor's flaws in an improper way.

9. Acquisition and utilization of justifiable information

9.1. The Company obtains and utilizes information in a justifiable manner pursuant to laws and business customs.
9.2. The Company does not disclose competitor's information improperly even if it is gained in a proper manner.

9.3. The Company does not slander competitors and compare them to itself through improper means

Chapter 4 Fair transaction with BPs

· Every transaction with BPs should be done through a fair and transparent process.
· The Company does not engage in improper transactions or receive inappropriate treatment.

10. Fair transaction

10.1. The Company pursues mutual growth by providing fair opportunities and information to BPs
10.2. All transactions proceed on an equal and a fair basis. Transaction conditions and processes are fully negotiated.

10.3. The Company is not involved in management activities which are prohibited by laws related to fair transaction.

11. The Company actively helps BPs increase the level of competitiveness, grow sustainably and share the profits generated through cooperation. Thereby, the Company seeks mutual growth with its BPs.

12. The Company does not receive any special treatment and bribes. The Company does not request BPs to be involved in improper activities through abusing a prominent position

Chapter 5 Social responsibilities for the state and the community

· The Company faithfully fulfills the roles and responsibilities required of a good corporate citizen.
· The Company complies with regulations on environmental protection and strives to protect the marine environment.
· The Company is not engaged in any political activities and does not try to seek political favors in any way.

13. Execution of sound business activities

13.1. The Company performs its business respecting social values wherever the Company operates.
13.2. The Company does not engage in activities like real-estate speculation which damages the national economy and which gives a sense of incongruity to citizens
13.3. The Company stays away from wrongful practices which hamper sound corporate management.

14. Contribution to social development

14.1. The Company contributes to national development by creating jobs and faithfully paying taxes. The Company fully commits itself to the duties and responsibilities of a good corporate citizen.
14.2. The Company makes a contribution to sound development by encouraging the Employees to participate in CSR (Corporate Social Responsibility) activities.
14.3. The Company provides equal access for employment to everyone regardless of academic background, gender, religion, region of origin, age, handicap, marital status, nationality, and race.

15. Environmental protection

15.1. The Company complies with laws concerning environmental protection in order to protect and preserve Nature.
15.2. The Company is not involved in any activities are against environmental protection, and the Company strives to protect the marine environment
15.3. The Company endeavors to avoid wasteful resources consumption.

16. No engagement in politics

16.1. The Company is not involved in politics and does not provide unlawful support for political favors. However, the Company can express its stance on policies and enactments of laws which affect its interests.
16.2. The Company respects the Employees' political views and political opinions, as long as their opinions are not misunderstood as opinions of the Company.

Chapter 6 Responsibilities to the Employees

· The Company recognizes that the Employees are the main driving force for the corporation's sustainable growth, endeavors to impartially evaluate the performance of the Employees and reward them fairy based on abilities and achievements and strives to create an environment that maximizes and fosters creativity.

17. Mutual growth between the Company and the Employees

17.1. Human Resources are the most important asset to the Company; therefore, the Company provides an environment for them to contribute fully to the organization.
17.2. The Company creates a proper environment to cultivate autonomous and creative talent.

18.1 The Company provides equal opportunities to the Employees for professional advancement and evaluates and rewards them based on a fair standard.

18.2 The Company provides equal opportunities to the Employees for enhancement of abilities regardless of academic background, gender, region of origin, age, handicap, marital status, nationality, etc.

19. Promotion of creativity

19.1 The Company strives to promote creativity and autonomy among its Employees.
19.2 The Company offers a favorable environment in which the Employees can openly express their opinions and complaints.

Chapter 7 Work ethics for the Employees

· The Employees should establish right values based on integrity and diligence and should complete one's assigned duties through fair execution of work and constant self-development.

20. Basic ethics

20.1. The Employees should be proud of being a member of SK Shipping and always maintain integrity and diligence.
20.2. The Employees should achieve the high level of work ethics and strive to maintain reputation and dignity as SK Shipping people.

21. Achieve Corporate Mission

21.1. Based on understanding of SKMS and constant challenges to SUPEX quest, the Employees shares the missions and values of the Company and faithfully complete one's assigned duties.
21.2. The Employees perform assigned duties in a justifiable manner and respect all related laws, policies, and rules and regulations of the organization.
21.3. The Employees recognizes assigned roles and responsibilities and makes a decision in accordance with the values that the Company pursues.
21.4. The Employees have to estimate and manage potential risks that could be caused by their decisions and possess a sense of responsibility.

22. Fair execution of work

22.1. All duties are to be done in a proper manner. If there is no related rule or no clear direction, the Employees should make the business process public and handle it in a rational way.
22.2. Under no circumstances are the Employees allowed to receive any type of monetary benefit from stakeholders which can affect business relationship.
22.3. Senior Employees shall not request junior Employees to engage in work against the rules of the Company. Junior Employees, on the other hand, have the right to refuse an improper order from senior Employees. Moreover, if junior Employees inform the organization of seniors Employees' improper behavior, they are immune to any form of repercussion.

23. Prohibition against sexual harassment

23.1. Obscene conversation and dirty talk are not allowed. Senior Employees shall not force junior Employees to drink alcohol or dance.
23.2. Visiting adult websites are prohibited in the work place.
23.3. The Employees shall not make sexual comments about colleagues' bodies.
23.4. The Employees shall keep away from unnecessary body contact and shall not make comments that emphasize gender roles. (e.g. "because you are female", "because you are male" etc.,)

24. Mutual respect among the Employees

24.1. The Employees are expected to keep basic manners and etiquette for harmonious work life.
24.2. The Employees shall not make impolite and slanderous comments about colleagues.
24.3. The Employees shall not engage in forming factions or discriminating specific colleagues based on academic background, gender, religion, blood relation, region of origin, age, handicap, marital status, nationality, race etc.
24.4. The Employees shall not make improper requests to colleagues.
24.5. Swearing, slandering, and insulting are strictly prohibited among personnel.

25. Protection of customer and corporate information

25.1. The Company shall not release customer information without customer's consent.
25.2. Confidential information of BPs shall be kept secret to unauthorized people.
25.3. The Employees shall not disclose inside information such as confidential information and new business plans without prior approval

Chapter 8 Supplementary provisions

1. Date of Enforcement.
The "Code of Ethics" will be effective June 29th, 2004.

2. Reward and punishment.
The Company shall reward Employees who comply with Code of Ethics and contribute significantly to ethical management performance. On the other hand, the Company may punish Employees who violate Code of Ethics, On the other hand, the Company may punish Employees who violate Code of Ethics, regardless of their status and rank.

3. Advising and consulting.
If the Employees have any questions on the interpretation and implementation of Code of Ethics, they are to receive consulting assistance and advice from SKMS team.

4. Interpretation.
If there are any disagreements or disputes on interpretation or no proper provisions exist, the Employees shall follow SKMS's interpretation and direction.

5. Relationship with the Company rules.
The Code of Ethics supersedes any other provisions in the Company Rules.

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