Hanwha Corporation Construction Division Signs Fair Trade Agreement with 210 Partner Companies

Hanwha Corporation's Construction Division announced on the 30th that it has completed the signing of the 2023 Fair Trade Agreement online with 210 partner companies.

Hanwha Corporation's Construction Division announced on the 30th that it has completed the signing of the 2023 Fair Trade Agreement online with 210 partner companies.

The Fair Trade Agreement is a system in which large corporations and partner companies voluntarily agree in advance on compliance with laws and regulations and win-win cooperation measures, aiming to establish a proper trading order and strengthen mutual competitiveness. The agreement includes compliance with subcontracting-related laws, adherence to the four key practices of the Fair Trade Commission, fair contract conclusion and execution, and win-win cooperation contents such as financial, technical, and management support.

Hanwha Corporation's Construction Division has established and operates an online fair trade agreement system so that partner companies located across the country can easily sign the agreement without having to visit the Seoul headquarters in person. Through this, following last year, they have completed the fair trade agreement with 210 partner companies this year as well and pledged mutual growth.

Since 2007, Hanwha Corporation's Construction Division has introduced the four key practices of fair trade and incorporated them into company regulations to foster a culture of fair trade. They have established a fair trade management system by applying standard subcontracting contracts to all construction types and prohibiting special clauses that unfairly restrict the rights of subcontractors.

Additionally, through intensive ethics education for employees and a strict internal audit system, they are achieving compliance management and ethical management at a global standard level. As a result of these efforts, Hanwha Corporation's Construction Division has maintained a cumulative penalty point score of zero related to the Subcontracting Act to date and has been selected as an ‘Excellent’ company for six consecutive years in the Win-Win Growth Index evaluation announced by the Win-Win Growth Committee.

They are also leading the establishment of a win-win growth culture. In 2011, they launched the Outsourcing Win-Win Innovation Team, a dedicated organization for win-win growth, and are strengthening practical support for partner companies. They operate a low-price review system for all subcontracting contracts to ensure the interests of partner companies and run various support programs for partner companies.

Representative financial support programs include operating a win-win fund and implementing financial support programs for partner companies, as well as expanding the exemption targets for contract performance bonds. They also operate programs such as joint execution of national projects, joint design development, technology development performance sharing systems, and education support for partner company employees.

Furthermore, they continuously strengthen win-win growth with partner companies through various systems such as excellent partner company meetings to enhance communication, the Management Doctor system which provides management consulting opportunities by experts, purchasing consultation meetings to discover new small and medium-sized partner companies, and support for excellent partner company job fairs.