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ETHICAL PRINCIPLES

Compliance Program

Amorepacific is committed to voluntary compliance with fair trade laws and regulations.

The Fair Trade Compliance Program(CP) was introduced in September 2004 with the approval of Amorepacific Board of Directors. In this system, companies are encouraged to voluntarily comply with fair trade regulations and provided with standards of ethical trading practices that conform to the competition law so that they can prevent or detect violations as early as possible and come up with effective countermeasures.

CEO’S MESSAGE ON COMPLIANCE

“We shall strive to secure customer trust and corporate value by respecting society’s laws and regulations based on our core value of ‘honesty.’”

Dear Amorepacific members
Our company has been making various efforts such as conducting ethical management, establishing an internal control system, and improving corporate governance to establish a clear and fair corporate culture that meets global standards. As part of these efforts, Compliance Program(CP) was introduced in September 2004. There was a process of trial and error in the beginning but now, the program has taken firm root in the company, being actively operated by many different units. I would like to thank all the employees for your hard work and support for this program and politely ask for a few more requests.

First, a company’s business competitiveness grows within fair market competition. Fair competition is the basic market order that supports the free-market economy and Fair Trade Act stands at the center of all the free market activities, promoting healthy and fair competition among businesses. In this sense, I would like to once again ask for your faithful compliance with the law.

Second, the climate for fair trade compliance should be further strengthened. There might be some cases in day-to-day business where you find fair competition increasingly important but, not sure what exactly the related regulations are. In that case, you can refer to the compliance program manual or consult with our legal advisory team. Please lend your support for fair trade practices to be firmly established across the board.

Third, your active participation in fair trade education provided by the company is necessary. Since the introduction of the compliance program, the company has provided regular online classes on fair trade plus, special sessions lectured by fair trade experts. As the company plans to provide more education on fair trade, I would like to ask you for active participation.

I encourage all Amorepacific members to abide by the laws and regulations of the society and act on our core values of honesty. That is the best way to win trust from our customers and increase our corporate value. I hope that the Fair Trade Compliance Program helps the company’s management system to become more transparent and fair thereby, preparing for the next big move into a global company.
Thank you.

Suh KyungbaeCEO and Chairman

CHIEF COMPLIANCE OFFICER’S MESSAGE

“I will put an end to any violations within the company by thoroughly managing and monitoring the operation of Compliance Program.”

Dear Amorepacific members,
First of all, I would like to thank all of you for helping the Compliance Program to successfully take root within our company. As the CEO reiterated his strong willingness to comply with fair trade laws and regulations, Amorepacific will do its best to make a fair and transparent management system that meets global standards.

As a Chief Compliance Officer, I will operate the program in a more systematic way so that fair trade practices can be actively exercised day-to-day business operations.

I will update the compliance program manual book and continuously provide relevant education programs so that you can have a clear understanding of what actions violate the fair trade law. I will put an end to violations within the company by thoroughly managing and monitoring the operation of the program.

I promise once again that I will fulfill my duties as a Chief Compliance Officer so that a transparent culture based on fair competition will be firmly rooted in the company.
I would like to ask for the active cooperation of everyone.
Thank you.

Shin HeechulChairman & CEO
Sr. Vice President

Amorepacific is committed to voluntary compliance with fair trade laws and regulations.

CP’s Seven Factors

  1. CEO’s strong commitment to voluntary compliance and declaration of that willingness
  2. Appointment of voluntary Chief Compliance Officer
  3. Creation and distribution of a voluntary compliance program manual book
  4. Management of education programs
  5. Establishment of internal monitoring system
  6. Disciplinary actions against violations
  7. Establishment of document-management system

Compliance Program Organization

Board of Directors
CEO Suh Kyungbae
Compliance Program Committee ABC Conference
Chief Compliance Officer Shin Heechul
Legal Team

Reporting Violations

If there are any violations of the Fair Trade Law or any relevant inquiries, you can contact us and we will send you a reply as quickly as possible. The information of the person who reports will be protected and the reported issue will be investigated thoroughly according to internal process.

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