ILJIN Electric announced on the 15th that it will implement a Fair Trade Compliance Program (CP). This marks the first time ILJIN Electric is adopting a CP since its founding 17 years ago in 2008.

CP is an internal compliance system that corporations establish and operate voluntarily to comply with fair trade laws, introduced by the Fair Trade Commission in 2001. Corporations that implement a CP can apply for a grade assessment from the Fair Trade Commission, and if they receive a high rating, they can benefit from reductions in penalty surcharges and exemptions from official investigations.

President Hwang Soo of ILJIN Electric speaks at the declaration ceremony of the Fair Trade Compliance Program (CP) held on the 15th at the Iljin Electric Innovation Center in Magok-dong, Gangseo-gu, Seoul. /Courtesy of ILJIN Electric

President Hwang Soo of ILJIN Electric said, "Through the implementation of CP, we will establish a fair and transparent organizational culture" and added, "Based on this, we plan to focus on enhancing the competitiveness of the corporation."

At the 'CP Implementation Declaration Ceremony' held at the ILJIN Electric Innovation Center in Magok-dong, Gangseo-gu, Seoul, President Hwang stated, "To continue to grow as a trusted global corporation in an era of change, not only exceptional technological capabilities but also transparent and fair management must be supported."

ILJIN Electric decided to implement CP to enhance transparent management and ethical management through the autonomy of its employees. In the second half of this year, the company plans to obtain certifications for the anti-corruption management system (ISO 37001) and the compliance management system (ISO 37301).

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