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Poongsan Business Partner Code of Conduct For Integrity
and Compliance with Laws -
Procurement
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Third Party Due Diligence Questionnaire
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Joint Ventures
Poongsan Business Partner Code of Conduct For Integrity and Compliance with Laws
This Poongsan Business Partner Code of Conduct defines the minimum requirements that our business partners shall respect and comply with when conducting business with Poongsan. We include these minimum requirements in our contracts with business partner.
We encourage our business partners to go beyond these standards, particularly where local laws and regulations are either weak or seldom enforced.
We reserve the right to reasonably modify requirements should changes arise in the Compliance Program.
Poongsan Business Partner Code of Conduct For Integrity and Compliance with Laws
Third Party Due Diligence Questionnaire
The purpose of this Questionnaire is to obtain important background information necessary for appropriate compliance approval in connection with you or your company’s relationship with Poongsan.
Please complete this form and submit it together with all related documents to your contact department of Poongsan. Your cooperation in completing this form is important to us and is greatly appreciated.
Establishment of new supplier relationships
The procurement department of the Company is responsible for establishing all new supplier relationships, and for providing oversight of the Company’s supplier base.
The procurement is made through an electronic procurement system managed by the procurement department for efficiency, transparency and compliance of work(Quotation, Bidding, Contract, etc). The procurement department evaluates the suppliers every year according to the evaluation criteria disclosed in the electronic procurement system.
- Electronic Procurement System website: http://epro.poongsan.co.kr
- Details of SuppliersDue Diligence
Poongsan conducts risk-based anti-bribery and corruption due diligence prior to entering into a joint venture in accordance with the Third Party Due Diligence Questionnaire.
Anti Corruption Policies for Joint Ventures
Poongsan requires to establish and implement anti-bribery and corruption policies and procedures in all joint ventures.
Poongsan explicitly commits that it will only enter into joint ventures if anti-bribery and corruption clauses are included in the contract, at minimum prohibiting foreign and domestic bribery and facilitation payments.
Joint Ventures Code of Conduct
Joint Ventures must comply with all applicable international anti-corruption laws and regulations, including the Improper Solicitation and Graft Act of Korea, the U.S. Foreign Corrupt Practices Act and U.K. Bribery Act, as applicable.
Joint Ventures shall strive to maintain a program or system related to the code of conduct. Such a program and system should be designed to ensure conformity with the Poongsan Business Partner Code of Conduct.
Poongsan may audit compliance with the Poongsan Business Partner Code of Conduct.
