Respect for Human Rights
“The basis of management
is that human dignity
cannot be ignored.”
From the Memoirs of the Founder of Hyosung Group, Hong-je Cho
“My standpoint is that the basis of management is that human dignity cannot be ignored.
There are the times when everyone argues that companies should respect people because they are what people do, but the details often don’t seem to be more generous with employees or a better welfare.
Not only are both absolutely necessary, but from my perspective, it should mean that real management that respects human dignity can be achieved when a more fundamental effort is made to foster people."
"Businesses must support and respect
global proclaimed human rights."
- UN Global Compact (UNGC) Principle No. 1
As the impact of businesses on society and the environment has grown, the responsibility of businesses to respect human rights, such as prohibiting forced labor and child labor, protecting the rights of local residents and consumers, ensuring environmental rights and industrial safety, and guaranteeing labor rights, has become an irreversible global trend.
Hyosung TNC, as a global company based on "respect for human dignity," one of the founding principles of the group, actively supports and respects international human rights and labor standards, as outlined in UNGC's Principle No. 1, as well as the core conventions set forth by The United Nations Universal Declaration of Human Rights, the International Labor Organization, OECD Guidelines for Multinational Enterprises, and other global human rights and labor standards.
Hyosung TNC recognizes the importance of human rights management, which prioritizes the well-being of individuals and ensures the protection and respect of their fundamental human rights, as a critical element for the sustainability of the company. For this reason, in order to establish internal human rights management, Hyosung TNC is making efforts to systematize it and incorporate it into its ongoing business activities through the formulation of human rights management policies, conducting human rights impact assessments*, identifying areas for improvement, and running a reporting center.
Hyosung TNC prioritizes compliance with the laws of the countries in which it operates and aims to create a human rights-friendly organizational culture in line with global international standards, expanding the application of this culture throughout the entire supply chain, including all partner companies, to promote a culture of respect for human rights. Through these efforts, we aim to become a responsible company that contributes to the spread of a culture that respects human rights in our society, in addition to achieving sustainable corporate growth.
Hyosung TNC Corp. conducts a company-wide human rights impact assessment once a year.
For the assessment, we utilize metrics derived from the human rights management guidelines and checklist distributed by
the National Human Rights Commission of Korea. In 2023, we enhance existing evaluation criteria such as
measures to institutionalize human rights management and remediation process, and add new evaluation items related to
human rights protection within the workplaces to advance the checklist. Through human rights impact assessments,
we aim to proactively identify potential risks to our stakeholders and implement activities to prevent the infringement of
human rights and mitigate negative human rights impacts. The results of the assessment including the risks and its improvement activity,
the progress and improvement results are reported to the ESG Management Promotion Committee twice a year.
[The process of Human Rights Impact Assessment]
Conduct risk assessment by sector → Identify risk → Mitigation and result reporting → Checking result and monitoring → Identification of Improvement Tasks and Development of Implementation Plan →
Reporting the results to the ESG Management Promotion Committee
Related Information
Hyosung TNC's
Human Rights
Management
9 Principles
Protection of
local residents'
human rights
Non-
discrimination
Humanitarianism
Information
protection
Ensuring
industrial
safety
Compliance
with labor laws
Prohibition of
forced labor
and child labor
Freedom of
association
Prevention of
workplace
harassment