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A company that fulfills its social responsibility for a fair market order

Lotte Rental introduces and operates Fair Trade Compliance Program for transparent and fair transactions throughout the industry

Compliance Program (CP)

The Fair Trade Compliance Program is a system that allows employees to voluntarily improve their compliance awareness and ethical awareness by providing concrete action standards to comply with relevant laws and compliance with ethical standards.

8 Elements of Fair Trade Compliance Program (CP)

Establish standards and procedures of Fair Trade Compliance Program

Clarify the willingness of CEO to follow the Fair Trade Compliance Program

Assign management of the Fair Trade Compliance Program

Establish a handbook for the Fair Trade Compliance

Conduct continuous education program

Establish an internal management system

Establish restrictions for violation

Evaluate and improve effectiveness

CEO declaration

Lotte Rental introduced the Fair Trade Compliance Program to establish a transparent and fair trading culture throughout the industry.

The 'Fair Trade Compliance Program' is a program that aims to improve the voluntary compliance awareness and ethical awareness of our employees by providing specific action standards for compliance with all laws and ethical rules related to the company's business. It is a comprehensive system for establishing a clean and fair corporate culture and trading practices by effectively preventing them in advance and protecting the brand value that has been built up through the years.

In order to establish a culture of self-compliance within Lotte Rental, we have appointed a compliance officer, who is in charge of CP operations. We have created a Fair Trade Compliance Handbook, and set up business partner selection criteria such as partner companies. We also carry out regular education to prevent corruption.

Employees should strive to prevent unnecessary risks related to their business by acquiring and observing business rules of conduct through fair trade training and manuals

In the past, behaviors that were considered lightly and neglected, such as business practices or personal deviations, now become social issues in a short period of time. Eventually, more and more companies are asked to assume legal responsibility not only for the company but also for the person in charge.

Therefore, in the future, we should not attempt to conduct unfair trade or unfair co-conduct that abuses our trading status or violate the law by imposing unreasonable contract conditions on partner companies or other parties. In the event of future misconduct, we will strictly ask for legal penalties as well as disadvantageous penalties in accordance with the procedures set by the company.

As the demand for social responsibility and role of companies has increased in recent years, it is necessary to reconsider that it is reflected in various legislative contents in accordance with the tendency of firm's domestic and foreign market standards for fair trade and anti-corruption.

Therefore, the establishment and implementation of a compliance program to establish a transparent and fair corporate culture should be recognized as an investment not only for cost but also for customer trust, effective risk management and fair profit generation. Otherwise, it is hard to expect the company's future value and sustainable growth to grow even further.

In order to establish a true corporate culture for Lotte Rental related to fair trade, active participation and support from all members and stakeholders including business partners are required.

In this regard, we have set out the following code of conduct, and all employees and executives, including the CEO, pledge to take the initiative.

  • First

    we do not force any partner to use unfair
    practices or exercise any influence by using
    the superior position of Lotte Rental.

  • Second

    we do not receive or receive unfair profits,
    such as money, using their job position.

  • Third

    we do not share or negotiate information on
    market transactions and terms and conditions
    with competitors.

  • Fourth

    we do not give preferential treatment or
    discrimination to unfair trade conditions, etc.

CP operating organization
  • CEO
  • Compliance Manager
    (Compliance Supporter)
  • Compliance Office
    (Legal & Compliance Team)
  • Department Compliance Personnel
    (Compliance Officer)
  • ·Fair Trade Hotline
  • ·Establish CP operational plan and regulations
    ·Prevention of violation of law
    ·Create and revise the manual
    ·Educational administration and document management
    ·Counselling and consulting
    ·CP operational status arrangement and report
    ·Preparation for CP evaluation
History of the Fair Trade Compliance Program (CP)

2016.

  • Oct Introduction of the CP
    Clarify the willingness of CEO to follow the CP
    Assign management of the CP
    Enact rules of the CP
    Establish the handbook for the CP

2018.

  • JanEstablish organization for the CP
  • JunConduct education for managements
  • JulConduct compliance pledge of employees
  • AugSelect cooperation and establish of management
  • DecConduct education for managements

2019.

  • MarEstablish a handbook for the CP
    Re-clarify the willingness of CEO to follow the CP
  • JunConduct education for managements
  • AugConduct compliance pledge of employees

2020.

  • MayConduct education for managements
  • AugConduct education for executives
    Conduct compliance pledge of employees
  • OctConduct education for branches
  • NovConduct education for managements
  • DecExternal evaluation of CP operation
    (Evaluation conducted by the Fair Trade Coordinator)

2021.

  • MarRevise rules of the CP
  • AprEstablish the consultative body for the CP
    Conduct education for executives
  • MayConduct education for managements
  • JulConduct compliance pledge of employees
    Revise the handbook for the CP
  • SepPublish and Distribute the handbook for the CP

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