[Hyosung News] Reinforce corporate transparency for greater shareholder value. Etc.

전하다/Webzine(English) 2017.10.20 15:13



Group News




 [Corporate General] Reinforce corporate transparency for greater shareholder value.





On September 25th, Hyosung launched the Transparency Committee, reports only to the Board of Directors, and appointed an outside director to the chairman of the Outside Director Recommendation Committee. The key notes of the corporate governance improvement plan are stronger transparency, stronger independence in outside directors and reinforcing internal monitoring. These actions follow Chairman CHO Hyunjoon’s inaugural statement ‘We need to find measures to increase corporate transparency to bring upon greater shareholder value through broader communication with the market,’ released in July. Furthermore, audits on the operation of ‘Internal Financial Management Policy’ will be doubled from once a year to twice each year. This audit will provide a full-front internal financial monitoring through a substantial evaluation procedure.




 [Corporate General] Open new course at KAIST to cultivate chemical specialists.





Hyosung holds a ‘Special Lecture on Polymer Chemistry’ for graduate school students at the Department of Chemistry at KAIST as an industry-academia collaboration lecture. Executives and experts of Hyosung R&C Center elaborates on the current status and outlook of the polymer chemical industry, and describes Hyosung’s top-notch technology in Hyosung’s Global No.1 products of spandex and tire cords, and other products including TAC films, the new high-tech material anticipated to be the future growth engine, membranes and carbon fibers.




 [Corporate General] Compliance Training on the Fair Trade Act (Anti-collusion)





On September 19th, Hyosung held a compliance training on the Monopoly Regulation and Fair Trade Act. The Fair Trade Commission has implemented institutional measures to prevent forming of cartels and is now enforcing such measures, where a non-compliance can be punished with a fine up to 10% of the total revenue related to such non-compliance. Thus, Hyosung prepared this training to prevent any illegal conduct related to the new measures. Participants reviewed various cases to get familiar with the law and learn how to determine between legal and illegal conducts in practical operation. Hyosung hereby emphasizes all employees and directors to pursue compliance management.




 [Corporate General] Students of UCLA MBA program visit Corporate HQ at Mapo





On September 12th, students from UCLA’s MBA school visited Corporate HQ at Mapo. The visit was requested by UCLA, where the students were welcomed to explore Hyosung, and comprehend the economic and social changes of Korea and the corporate’s global management environment. Students showed great interest in Hyosung’s competitiveness which lead its growth in the global trading environment, and ESS business which is leading the new renewable energy market.




 [Textile PG] Participate Première Vision Paris 18/19 F/W, the global event for fashion professionals





On September 19th, Hyosung participated in Première Vision Paris. Première Vision Paris is the world’s largest event for fashion professionals presenting 6 fields of fashion including yarn, fabrics, leather, design, accessories, and manufacturing. Hyosung boasted its high-performing products for sportswear, outdoor activities, and underwear to draw the attention of spectators. Hyosung is planning to expand its differentiated competence through varieties of global platforms. 




 [Textile PG] Gumi Plant, Win Minster of Employment and Labor Award for Vocational Contributor 





On September 4th, Gumi Plant received the Minister of Employment and Labor Award for the 2017 Vocational Contributor in the Business Division from the regional labor office in Gumi. As part of celebrating the Vocational Competence Month, this award is granted to contributors in developing vocational competence, and is considered as an underlying encouragement to Gumi Plant to continue its efforts in expanding its work-n-learn programs and vocational competence development in the local labor force.




 [Industrial Materials PG] Carbon Material Project Team, Participate China Composites Expo 2017





The Carbon Material Project Team participated in China Composites Expo 2017 held on September 6th, in Shanghai China. Hyosung exhibited various products derived from TANSOME, and draw the attention from spectators.




 [Chemicals PG] Yongyeon Plant, Prevail at National Work-n-Learn Contest





On September 9th, Yongyeon Plant prevailed as a remarkable entry at the National Work-n-Learn Contest held by the Ministry of Employment and Labor. Amongst 3,800 entities throughout Korea, Yongyeon Plant’s efforts was recognized as one of the best practices. Yongyeon Plant is continuing its efforts and support in training its employees to enhance their competence. 




 [Power & Industrial Systems PG] Power Systems PU, Complete Korea’s largest photovoltaic linked ESS Plant





On September 27th, Power Systems PU completed and commissioned operation of Korea’s largest photovoltaic linked ESS (Energy Storage System) facility at Yeungheung division of KOEN (Korea South-east Power Co.) Photovoltaic linked ESS store photovoltaic electricity generated during daytime and supplements stable power supply during the night. The newly commissioned ESS features technology concentrated components including PMS (Power Management System), 7MW PCS (Power Converting System), and an 18MWh Lithium-ion battery manufactured by Samsung SDI.




 [Power & Industrial Systems PG] Power Systems PU, Participate Energy Plus 2017





Power Systems PU participated in ‘Energy Plus 2017’ held at Seoul COEX on September 27th. Energy Plus 2017 is the largest energy industrial exhibition presenting every aspect of making production, supply, storage, transmission and use of energy more efficient. Hyosung exhibited transmission and distribution products, ICT interfaced ESS products, boasting its advanced technology. As a response, Minister PAIK Ungyu of the Ministry of Trade, Industry and Energy visited Hyosun’gs booth to review Hyosung’s differentiated advanced technology and listened to the voice of the industry.




 [Power & Industrial Systems PG] Hyosung Goodsprings PU, Execute MOU to support small-to-middle size businesses entering overseas markets with K-Water.





Hyosung Goodsprings PU is entering an MOU to support 39 small-to-middle size businesses in entering overseas markets with K-Water. The soon to be executed MOU includes joint efforts to help small-to-middle size businesses in entering the international market through joint-tender in overseas water industry projects, and purchasing products of domestic small-to-middle size businesses for Hyosung’s international posts in China, Vietnam and other markets. With these efforts, Hyosung will secure sourcing of high-quality products, and the small-to-middles size businesses will benefit from the increased revenue from exported goods and earn the reference of overseas business.




 [Power & Industrial Systems PG] Changwon Plant, 2017 Leadership Training for part leaders.





Changwon Plant’s 2017 Leadership Training for part leaders where held in 4 separate installments at Changnyeong Training Center. Part leaders from Changwon Plant went through a two day training course including sessions of discussion and presentation to learn leadership traits, communication skills to enhance organizational performance, and behavioral coaching approaches. Department Leader YOO Jaeseok of the Procurement Team 1 says “By learning leadership, feedback, coaching and analysis of character types for a part leader who is the bridge between officers and subordinates, I had the chance to look back at myself, and set forth goals for the future.”




 [Information & Communication PG] Hyosung Capital PU, ‘Time to Change Hyosung Capital’ Lecture





On September 5th, Hyosung Capital PU held its inaugural ‘Time to Change Hyosung Capital’. This event is a GWP program inviting internal and external speakers once or twice a month to help employees in establishing their identities and derive their positive mindset through stories touching various aspects. In the inaugural event, LEE Gang-tae, honorary professor of Myungji University and former CEO of Hana SK Card and BC Card, spoke about the 4th industrial revolution and the future of finance. PU Leader KIM Yong-deok said “The following installments of Time to Change Hyosung Capital’ will consume the stories related to the fields of our business.”




Social Contribution




 Taking care of tombs at National Cemetery to Honor Armed Forces Day





On September 20th, as part of celebrating the 69th Armed Forces Day, Hyosung visited Seoul National Cemetery, and paid its respect to heroes of the country and cleaned the scenery of tombs. 20 employees from corporate HQ and the textile PG visited the site and honored the noble sacrifice, and cleaned around 9 tombs hosting the souls of 627 fallen soldiers and police officers. Members from the Choongcheong region (Saejong, Oksan, Daejeon Plant) also visited Daejeon National Cemetery on September 26th, do show their respect to the fallen heroes. 




 Hyosung, Donate dental bus to Pureume Nexon Kids Rehabilitation Hospital





On September 25th, Hyosung donated a dental bus to Pureume Nexon Kids Rehabilitation Hospital for pro bono dental care of physically challenged. Including a 15 million KRW (approx. 13,000 USD) fund for purchasing dental supplies, Hyosung donated a dental bus and the fund summed up to approx. 100 million KRW (approx. 87,000 USD) to the hospital. Pureume Nexon Kids Rehabilitation Hospital will operate the dental bus to provide dental care to those who are instituted in facilities for the severely challenged. The dental bus will commence its operation on October 17th, by visiting Seungmin Disabled Children Day School located at Gwanak-gu Seoul.




 Supporting Job creating projects for women in less-privileged communities





On September 7th, Hyosung donated 70 million KRW (approx. 61.7 thousand USD) to Jongno Women Resources Development Center for a program creating jobs for women in less-privileged communities. Since 2013, Hyosung has provided opportunities for women providers, women on welfare programs, and middle to elder aged women to receive proper vocational competency training and enter the workforce, with joint efforts with Jongno Women Resources Development Center. Since 2013, 159 women received training and 139 of those women has earned a job. Hyosung is planning to continue its efforts in supporting new jobs for women in less-privileged communities.




 Ulsan Plant, Jjajang with Love at Ulsan Orphanage





On September 16th, 20 members of the Hyosung Saetbyeol Volunteer Corps from Ulsan Plant visited Ulsan Orphanage, located at Eonyang, Ulsan, and held a Jjajang with Love event. Members of the corps cleaned and organized the facility and its surroundings, and served Jjajangmyeon to the children. Looking at the big smiles on every child’s face in six month was a heart-touching moment for the members.




 Ulsan Plant, Industrial-Academia Scholarship Ceremony





On September 22nd, Ulsan Plant provided scholarship to KIM Gi-beon and GWON Soon-beom, both undergraduates at Ulsan University. With the intent to support future talent in the region, Ulsan Plant has provided scholarship to students at Ulsan University who show excellent grades despite their difficult situations. Both students, majoring in electric engineering and chemical engineering, expressed their ambition to lead the future industry by fulfilling their academic expectations.




 Yongyeon Plant, Donate to Community Chest of Korea, Ulsan Office





As part of sharing the spirit of Chuseok, Yongyeon Plant donated 10 million KRW (approx. 8,800 USD) to the Community Chest of Korea, Ulsan Office to support less-privileged. President JANG Gwang-su of the Community Chest of Korea, Ulsan Office expressed his gratitude to the members of Yongyeon Plant for their warm heart for the less-privileged during the Chuseok holiday. Yongyeon Plant will continue its efforts to make the society a better place through sharing their love.




 Changwon Plant, Sponsor “Chuseok Holiday Culinary Support”





On September 26th, Changwon plant sponsored the ‘Chuseok Holiday Culinary Support’ event held by the Gyeongsangnam-do Disabled Assist Center upon celebrating Chuseok. Members from the Changwon Plant donated 9 million KRW (approx. 8,000 USD) worth of goods for rituals with funds raised through a one-employee one-account movement, and matching grant. These goods were provided households with physically or mentally challenged family members. (20 households each in Changwon, Haman and Sancheong). The fulfill its role of social contribution, Changwon plant has sponsored the ‘Holidays with the Challenged’ project for every Seol and Chuseok since 2012 to help those in difficult circumstances enjoy their holidays.




 Changwon Plant, Sponsor KNN’s 22nd Anniversary Concert <The Classic Gyeongnam>





As part of its efforts of mecenat, supporting the revitalization of the local art & culture, Changwon Plant sponsored <The Classic Gyeonganm>, a concert celebrating the 22nd anniversary KNN held at Changwon Seongsan Art Hall on September 20th. Changwon Plant gave out 110 tickets to members who wanted to enjoy the concert. Following the lead of Maestro OH Choong-geun, world class vocalists, and double basis sung and played beautiful pieces.




 Hyosung Goodsprings PU Angel Corps, Sharing warmth throughout the holidays





On September 23rd, Hyosung Goodsprings PU Angel Corps visited 100 households in Changwon, living on welfare benefits, and provided holiday gift boxes filled with daily supplies. This event came to life with the participation of members from Hyosung Goodsprings PU and Seongsan Elderly Welfare Center. President JEONG Yeon-jin from Hyosung Goodsprings PU Angel Corps said “We will widen our efforts to shine light to those living in the blind spots of sharing and loving.” Since its founding in 2013, Hyosung Goodsprings PU Angel Corps has continued its efforts in community activities including sponsoring local children youth centers, and delivering briquettes.

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