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Ethics Management

Woori Ethics Principles

Specifies the proper behaviors and attitudes that every Woori Bank employee must uphold

  • We, executives and employees of Woori Bank, representing the Woori Financial Group and leading the financial market, aim at sustainable advancement of the bank.
  • We aim to establish ourselves as a robust financial institution in order to bring a better tomorrow for customers, shareholders, executives and employees as well as our nation.
  • We dedicate to practice the code of conduct which all executives and employees ought to abide by as a Bank that creates tomorrow’s value through today’s innovation.
  • We strictly adhere to our code of conduct and enhance the bank’s value through our strong sense of ethics.

  • Focus on Customer
    • We shall listen and embrace insights and suggestions from customers as well as perceive and behave from the customers’ perspectives. We shall endeavor to understand customers’ needs and provide the highest-quality products and services fulfilling such needs at all times.
  • Protect Customers’ Interests
    • We shall take customers’ rightful interests as the foremost behavioral standards of ours, and we always exercise the due care of a good manager in order to protect customers’ properties, including assets, intellectual property rights and trade secrets of customers.
  • Protection and Confidentiality of Customers’ Information
    • We shall not collect, inquire, use or provide personal information of customers, such as financial transaction and credit information, without consent from the customer him/herself, and shall not disclose or use such information for personal use unless consent is given or proper procedures are taken under applicable statutes.
  • Utilization of digital technologies for customers
    • We strive to ensure that all customers have access to innovative, safe, and reliable financial services through newly emerging digital technologies.

  • Sound Management
    • We shall protect shareholders’ interests for a long term and in a stable manner by respecting shareholders’ just requests and suggestions, maintaining transparent and reasonable decision-making procedures and soundness of management, and creating profits through cost-saving and improvement of productivity.
  • Protection of Shareholders’ Rights and Interests
    • We shall endeavor to fairly reflect the corporate value of the bank through proper disclosure of business information and promotion efforts of the corporate, and we ensure that shareholders can exercise their lawful rights to the fullest.
    • We treat shareholders in a fair and equal manner, and we ensure that shareholders’ interests and rights shall not be unduly violated by considering the interests of all shareholders when making business decisions.
  • Availability of Information
    • We shall deliver shareholders credible and valuable information regarding current status and prospects of the bank in a timely, sufficient and fair manner in accordance with applicable statutes and bylaws of the bank, and shall not provide undisclosed information to limited shareholders.

  • Respect for Dignity of Executives and Employees
    • We shall respect each and every one of executives and employees as a human being with dignity, collect employees’ opinions through open and effective communication across the Bank, establish systems for them to perform their duties in just manners, and make best efforts to ensure that they feel proud and appreciated.
    • We shall pay respect to privacy of all executives and employees and accomplish mature organizational culture based on mutual trust and understanding.
  • Fair Treatments for All Executives and Employees
    • We shall not engage in any unfair discriminative acts against executives and employees during human resource management, such as employment and promotion, based on school ties, regionalism, age, gender, educational background, religion or physical disabilities, shall grant equal opportunities for self-development in order to help fully displaying personal competence according to individual capabilities and talents, and shall deliver reasonable compensation for performances.
  • Improvement on Quality of Life for Executives and Employees
    • We shall value our executives and employees as the most valuable assets, and shall vigorously develop and execute programs to improve quality of life, including health, education and welfare of executives, employees and their families.
    • We shall provide environments where work and personal life of all executives and employees maintain balances, and shall secure pleasant and safe working environment for them.
  • Mutual Respect between Affiliates under the Group
    • We shall build partnerships between affiliates of the group through mutual trust and business cooperation, shall not slander or compete against each other by recognizing and respecting each others’ role and responsibility, shall share visions and core values presented by the Woori Financial Group, and shall maximize the value of the group through generation of synergy between affiliates and efficient use of business resources.

  1. Section 1. Social Responsibility of the Bank
    • Social Responsibility
      • We shall make best efforts to represent ourselves as an exemplary business to other business enterprises by conducting lawful and fair business activities based on socially responsible business practices.
      • We shall maintain awareness of our responsibilities as a corporate citizen, make contributions to the national advancements through creation of jobs and diligent payments of taxes, and fulfill the role of enriching local communities through social contribution activities.
    • Environmental Management
      • We shall fully understand the significance of environmental issues, and shall make our best efforts to protect the environment and prevent environmental contamination.
      • We shall not engage in business activities violating environmental protection, shall abide by all applicable laws and regulations related to environmental protection, and shall endeavor to prevent air pollution and contamination.
    • Prohibition of Political Intervention
      • We shall neither unjustly intervene in politics nor commit acts violating political neutrality such as asking executives and employees to support a certain political party or candidate.
      • We shall pay respect to individual suffrage and political views of executives and employees: Provided that all executives and employees shall remain cautious not to have their personal political views to cause the bank being misrepresented.
    • Compliance with International Business Standards
      • We shall comply with all applicable laws and regulations in all regions and countries where we conduct business activities, and shall continue operating while respecting social values and commercial practices thereat.
      • We shall comply with international conventions and relevant regulations concerning investments and transactions, including the “Convention on Combating Bribery of Foreign Public Officials in International Business Transactions” of the Organization for Economic Cooperation and Development (OECD), the “Foreign Corrupt Practices Act” of the United States, the United Kingdom “Bribery Act”, and the “Act on Combating Bribery of Foreign Public Officials in International Business Transactions” and the “Improper Solicitation and Graft Act” of the Republic of Korea, and shall respect statutes and culture of each country.
    • Contribution to Local Community
      • We shall vigorously participate in social contribution activities that enhance the social and economic value of the community and its members as a member of local community.
  1. Section 2. Respect for Market Order
    • Respect for Market Order of Free Competition
      • We shall fulfill our role of being a leading bank by respecting the order of market economy based on free competitions and practicing fair competition in good faith.
    • Fair Competition
      • We shall pursue clean and fair financial orders firmly based on free competitions and endeavor to realize the above together with competitors.
      • We shall adamantly disapprove any collusion with other financial institutions and ensure that consumers have a right to choose among various options through fair competitions accommodating market principles.
      • We shall not slander competitors or unjustly violate interests of competitors.
  1. Section 3. Construction of Win-win Relations with Business Partners
    • Equal Opportunity
      • We shall grant equal opportunities to all individuals and groups with proper qualifications to participate in selection process for business partners, and shall select business partners through fair procedures.
    • Fair Trade
      • We shall ensure all trades to be completed in a fair manner from equal statures, transparently conduct trades at open and conventional sites, and engage in sufficient discussions concerning trade conditions and procedures.
      • We shall not solicit money and entertainment, coerce unfair trade conditions or engage in unjust acts of imputing expenses by abusing superior positions.
      • We shall provide information required for trading in a timely manner and evaluate the outcome of the trading in a fair manner.
    • Promotion of Mutual Advancement
      • We shall endeavor to make contributions to corporate advancements by generating fair mutual benefits through clean and transparent transactions.