Dongbanwi-Jeil Gicheok Sign 'Polarization Resolution Voluntary Agreement'

120 Billion Won Investment Plan Over 3 Years

The Win-Win Growth Committee and Cheil Worldwide announced on the 14th that they have signed a 'Polarization Resolution Voluntary Agreement' together with partner small and medium-sized enterprises (SMEs).

The Polarization Resolution Voluntary Agreement is a commitment by participating large corporations to autonomously select and implement win-win cooperation models that fit the size and industry characteristics of their companies in order to resolve the polarization issues between large and small-to-medium enterprises.

Through this agreement, Cheil Worldwide plans to comply with the three principles of proper payment in subcontracting, consignment, supply, and service transactions. In particular, it will operate a delivery price adjustment consultation system to mutually negotiate and adjust with partner companies to reflect any increases in delivery prices when factors causing price hikes arise.

Starting this year, Cheil Worldwide will introduce a win-win cooperation model tailored to the characteristics of the advertising industry with a budget of 12 billion KRW over three years. Programs such as wage and welfare support, overseas expansion assistance, sustainable management support, and the establishment of a Win-Win Growth Fund will be operated for partner SMEs to promote the resolution of polarization.

Partner SMEs will strive to strengthen innovation efforts such as productivity improvement, enhance product and service quality and price competitiveness, improve working conditions for employees, and expand new employment.

The Win-Win Growth Committee will actively cooperate to provide opportunities for technical and purchasing consultations to ensure smooth implementation of polarization resolution and win-win growth activities between Cheil Worldwide and partner SMEs, and will support the derivation and promotion of best practices.

Oh Young-gyo, Chairman of the Win-Win Growth Committee, said, “Through this agreement, we hope to establish a foundation to strengthen Cheil Worldwide’s win-win management system by operating various support programs that are practically helpful to partner companies,” and added, “The Win-Win Growth Committee will also spare no support to help Cheil Worldwide grow together with its partners.”