Responsibilities and Duties toward Customers

LS ELECTRIC shall secure the unconditional trust of its customers by incessantly creating and providing values that are helpful to them, while always respecting their opinion in the belief that they are the true basis of our business.

Provision of faithful information

• LS ELECTRIC shall provide only truthful information to its customers. It shall not circulate or provide any false information.
• LS ELECTRIC shall faithfully provide its customers with information concerning matters for which care should be exercised when responding to the customers, and shall provide clear and precise information on the use of its products to ensure they are fully intelligible to the customers.

Responding to customers

• All promises made to customers shall be kept without fail.
• LS ELECTRIC shall provide only products and services of the highest quality to our customers, and shall ensure we do not incur the customers’ dissatisfaction by the sale or provision of defective products or poor services.
• Prompt and accurate responsive actions shall be taken to resolve customers’ legitimate return of a defective product or request for services.

Protection of customers’ interests

• The customers’ assets shall be protected in a manner identical to that established and implemented for the company’s own assets, and they shall not be used without obtaining their approval in advance.
• The customers’ confidential information shall be protected and shall not be disclosed or used for unauthorized purposes without obtaining their approval in advance.
• No unethical acts that may cause harm to the customers’ interests shall be committed.

Fair Competition

LS ELECTRIC shall comply with the pertinent local statutes in all of its business operations around the world.

Provision of faithful information

• Legitimate collection and utilization of information
  • Information related to competition shall be collected via legitimate methods free from social denunciation.
  • Information collected concerning competition shall be utilized for legitimate purposes.
• Legitimate securing of competitive advantages
  • Stealing or infringing tangible or intangible assets belonging to the competition shall be prohibited.
  • No organization shall be organized with vendors belonging to the same industries or business lines for the purposes of forging an illegitimate alliance or engaging in collusion.
    LS ELECTRIC shall not participate in any such organization.
• Prohibition of illegitimate collusion
  • No damages shall be inflicted on the customers through illegitimate collusion with competitors over selling prices, conditions and market allocation.
  • No organization shall be organized with vendors belonging to the same industries or business lines for the purposes of forging an illegitimate alliance or engaging in collusion.
    LS ELECTRIC shall not participate in ant such organization.

Responding to customers

• LS ELECTRIC shall compete using legitimate methods while respecting the pertinent statutes and business practices in the relevant territories.
• Compliance with the law regarding the prevention of bribing overseas (Foreign Corrupt Practice Act)

  Public Officials in International Business Transactions; the Act on the Prevention of Bribery of Foreign Government Officers in Connection with International Business Transactions; and the Act on the Prevention of Bribery of Foreign Government Officers in Connection with International Business Transactions, each of which prohibits promising or providing or expressing the intention to bribe foreign government officials directly or indirectly in order to obtain illegitimate gains in connection with international business transactions.

Fair Transactions

All transactions shall be conducted based on the principle of free competition in an environment where equal opportunities are ensured for participation. Win-win development shall be pursued on a long-term basis by promoting mutual trust and cooperative relations through transparent and fair trading.

Selection of business partners through a fair procedure

• Regulations and systems concerning the “procedure for selecting business partners” shall be established and implemented so that our business partners may be selected and registered according to fair assessment criteria.
• The “procedure for selecting business partners” shall include specific items and methods of assessment that are set up in consideration of the characteristics of business transactions.
• Pressure or illegitimate requests shall be entirely excluded from the procedure for selecting business partners.

Fair transactions and assessment

• The fairly assessed results of transactions shall be notified to the customer and shall be reflected in all subsequent transactions.
• Sound opinions presented with the aim of improving transactions shall be duly reflected in business processes.
• The approval of vendors shall always be obtained before using technologies or other assets belonging to an account.
• Fair compensation shall be awarded for damages inflicted on an account as a result of a mistake made by the company.
• The company shall not commit any of the following unfair acts as prohibited under the statutes related to fair trade.
  • Acts of forcing an account that is unwilling to buy a product.
  • Acts of unfairly prohibiting an account from conducting a transaction with a competitor or limiting the range or targets of its transactions.
  • Acts of rejecting a legitimate return or unfairly rejecting or delaying the acceptance of goods that have been ordered.
  • Acts of neglecting legal obligations concerning payment terms.
  • Acts of discontinuing business relations or remarkably reducing the volume of business with an account without legitimate reasons.
  • Acts of determining unfair business terms by discriminating against a specific account.
  • Other unfair acts that are prohibited under other pertinent statutes.

Maintenance of clean trading order

• LS ELECTRIC shall not accept or request unfair financial gains, including articles of monetary value, entertainment or other conveniences from its accounts.
• LS ELECTRIC shall not make any illegitimate request based on such special relations as those of blood and/or school ties, and shall not exercise external pressure by abusing a business-related position in connection with business deals.
• Information or technologies belonging to a business partner that have been acquired in the course of transactions shall not be used to obstruct that partner’s business operations.

Support for partners

• Standards for supporting or fostering business partners shall be established and implemented.
• The standards for fostering business partners shall specify the qualifications required of business partners who are eligible for support by the company, and shall include specific operational criteria for technical support or managerial guidance.
• Earnings generated through technical support or managerial guidance shall be shared in a fair manner.

Basic Ethics of Officers and Employees

LS ELECTRIC’s officers and employees shall establish a right sense of value with a fair creed and shall perform their given mission on the basis of continued self-development and the fair performance of their duties.

Maintenance of dignity as LS ELECTRIC officers and employees

• LS ELECTRIC officers and employees shall not commit any immoral or unethical acts that may damage their honor or integrity.
• LS ELECTRIC officers and employees shall not commit any acts that may generate distrust or damage the sound organizational atmosphere, including the fabrication or dissemination of rumors

Honest and fair reporting

• LS ELECTRIC officers and employees shall not mislead or frustrate their superiors’ or the relevant departments’ decision-making by manipulating documents or figures or by making false reports.
• LS ELECTRIC officers and employees shall make reports such as are necessary for performing company business fairly and honestly.

Protection of company assets

• LS ELECTRIC officers and employees shall immediately report and take appropriate actions regarding a serious event that they fear might, or are certain will, cause losses to the company’s assets.
• LS ELECTRIC officers and employees shall not use the company’s assets for illegal or illegitimate purposes.
• The company’s confidential information shall be kept secure pursuant to the pertinent regulations. The external disclosure of any company information shall be approved in advance.
• The company’s confidential information shall be disclosed only to duly authorized persons.

Evasion of conflicts of interest with the company

• LS ELECTRIC officers and employees shall not commit acts that may interfere with the fair performance of their duties, including the acceptance of gratuities.
• LS ELECTRIC officers and employees shall not directly operate or invest in an outside business whose interests may conflict with those of the company.
• LS ELECTRIC officers and employees shall not be employed concurrently by a business that has competing relations with the company, and shall not provide consulting or advice that may conflict with or affect the company’s profit.
• LS ELECTRIC officers and employees shall report to and obtain advance approval from the company when they are offered employment by another company or when they intend to practically perform duties similar to those they perform for LS ELECTRIC.
• LS ELECTRIC officers and employees shall not trade in or induce others to trade in the company’s stock using internal information.
• LS ELECTRIC officers and employees shall not select, or exercise influence on behalf of, businesses that are run by members of their immediate family or other relatives as the company’s vendor or (that) deal with the company.

Prevention of sexual harassment in the workplace

• LS ELECTRIC officers and employees shall always be prudent in their speech or actions, remembering that they may cause mental or physical harm or discomfort to others.
• LS ELECTRIC officers and employees shall abstain from causing any impediments to company life or personal integrity through acts of sexual harassment, regardless of their rank or position.

Responsibility toward Officers and Employees

LS ELECTRIC shall respect all of its officers and employees as human beings, treat them fairly based on their ability and performance, and endeavor to enable them to fully demonstrate their creativity

Development of human resources

• LS ELECTRIC shall establish a desirable image regarding its employees and implement policies aimed at developing their capabilities.
• LS ELECTRIC shall establish and actively support the institutions or systems needed to enable its officers and employees to develop into autonomous and creative human beings.
• LS ELECTRIC shall assign duties to its officers and employees in consideration of their desires, aptitudes and capacities and shall help them to develop their abilities throughout the performance of their duties.

Fair treatment

• LS ELECTRIC shall grant fair opportunities to all its officers and employees to advance their competences without discrimination based on their schooling, gender, age or place of origin.
• LS ELECTRIC shall ensure fair remuneration is awarded to its officers and employees by fairly evaluating their aptitudes, capacities and performance.

Health and safety

• LS ELECTRIC shall take all appropriate actions to ensure the health and safety of its officers and employees in performing their duties.
• In particular, LS ELECTRIC shall implement the necessary safety measures at workplaces that are exposed to specific hazards.

Respect of individuals’ opinions

• LS ELECTRIC shall protect the privacy of all individuals unless their behavior or acts otherwise impede the work atmosphere or public morals.
• LS ELECTRIC shall develop the systems and atmosphere required to enable its officers or employees to make constructive suggestions or recommendations or to freely express their distress.
• LS ELECTRIC shall not compel or oblige its officers or employees to participate in specific religious or political party activities and shall respect each individual’s religious or political opinions.

Responsibility toward Nation and Society

LS ELECTRIC shall protect its shareholders’ interests and contribute to public affluence and social development by growing into a sound business based on the pursuit of rational business operations.

Rational business stages

LS ELECTRIC shall respect society’s sense of ethical value, shall not commit any acts that may harm the national economy or provoke a sense of alienation, and shall undertake business activities that match the people’s sentiment

Protection of shareholders’ rights and interests

• LS ELECTRIC shall grant fair opportunities to all its officers and employees to advance their competences without discrimination based on their schooling, gender, age or place of origin.
• LS ELECTRIC shall ensure that fair remuneration is awarded to its officers and employees by fairly evaluating their aptitudes, capacities and performance.

Contribution to national and social development

• LS ELECTRIC shall fairly grant opportunities for employment to anyone without discrimination based on their schooling, gender or place of origin.
• LS ELECTRIC shall faithfully file its tax returns and pay all due taxes.
• LS ELECTRIC shall endeavor to accommodate and resolve legitimate demands made by the various tiers of society and local residents.

Protection of the environment

• LS ELECTRIC shall comply with all the statutes related to environmental protection, and shall endeavor to undertake environmentally-friendly business activities.
• LS ELECTRIC shall secure and operate pollution-prevention facilities and deploy the designated personnel to prevent environmental contamination.