Ethics and Corporate Governance
In recent years, Hyundai has enhanced corporate governance at the highest levels of the organization through the addition of outside directors, the formation of an Ethics Committee including five external directors and two independent advisors, the establishment of an Ethics Charter and Employee Code of Conduct, and the adoption of Ethical Business Practice Guidelines – all of which governs our people and operations globally, including in the U.S. We are training all Hyundai employees in ethical business conduct and have established a Cyber Audit Office to monitor our compliance worldwide. Additionally, beginning in 2011, Hyundai is basing our earnings on the International Financial Reporting Standards (IFRS), replacing K-GAAP.
With our parent company headquartered in South Korea, Hyundai has implemented a voluntary fair trade compliance initiative to ensure we are meeting or exceeding all trade-related government regulations, including U.S. requirements. As part of this initiative, Hyundai has initiated a series of education programs to raise awareness of fair trade practices among our workforce and suppliers. Additionally, we have instituted a mechanism for reporting suspected unfair business transactions, corruption or other violations.