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Ethics Management

Woori Ethics Principles

Outlines the practical standards for transparent and fair business operations at Woori Bank

  • 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.

  • Compliance with Laws and Regulations
    • During the course of performing given duties, executives and employees shall fully understand and comply with applicable laws and regulations as well as bylaws of the bank, and shall exercise the due care of a good manager.
  • Sincerity and Diligence
    • Executives and employees shall accept honesty and trustworthiness as the highest values and perform given duties with sincerity and diligence based on the principle of good faith.
  • Sound Work Ethics with Integrity
    • Executives and employees shall maintain lifestyle of integrity and within given means at all times, and shall not engage in speculative property investment or draw excessive loans.
  • Maintenance of Credibility and Dignity
    • Executives and employees shall maintain their dignity through discreet manners and behaviors, and shall refrain themselves from becoming a subject of criticism or inflicting damages to credibility and reputation of the bank due to unethical behavior such as excessive drinking.
  • Self-Development and Mutual Cooperation
    • Executives and employees shall endeavor to elevate their personal characters and innovate themselves by learning work-related knowledge and to maximize job performances through cooperation and harmony based on mutual respect and seamless communication with each other.
  • Prohibition of Unjust Directive
    • Executives and employees shall not impose unjust directives or requests upon their subordinates or fellow workers during the course of performing duties, and anyone who receives such directives or requests shall not comply with them.
  • Accident Reports
    • When executives and employees discover unfair practices or become aware of the possibility for such practices, they shall immediately report the above according to proper procedures, shall make their best efforts to resolve such issues, and shall not conceal any wrongdoings.
  • Matters to Abide by during Outside Activities, such as Lecture and Contribution
    • When intending to engage in outside activities, such as lectures and article contributions, in relation to job duties, executives and employees shall attain approval from the head of affiliated department under the consideration of potential impacts on the bank.
  • Obligation to Prevent Conflict of Interests
    • Executives and employees shall make efforts to prevent conflicts of interests with the bank, shareholders and customers, and shall handle the situation in accordance with proper procedures when conflicts of interests are anticipated.
  • Obligations Following Expiration of Employment Agreement
    • Upon resignation or retirement from the bank, executives and employees shall take follow-up measures, such as return of work-related materials, and shall not engage in any acts violating interests of the bank and customers after resignation or retirement.
  • Prohibition of Workplace Harassment
    • Employees shall not engage in any form of workplace harassment that cause physical or mental suffering to other employees or deteriorate the working environment.

  • Speculative Acts, etc.
    • Executives and employees must faithfully perform their duties during working hours and shall not engage in activities beyond their financial competence, including speculative investments (such as virtual assets or stocks), gambling, or excessive recreational activities. Also, shall not use working hours for personal purpose, such as unauthorized absence from the office or work station without proper approval from authorized supervisor.
  • Acceptance of Money and Entertainment
    • Executives and employees shall not offer or accept money or entertainment or equivalent preferential assistance and unfair benefits for or from customers, business partners or employees.
  • Private Cash Loan, etc.
    • Executives and employees shall not, directly or indirectly, involve with monetary transactions with or offer cash loans for executives and employees of business partners or our bank, and shall not gain excessive borrowings or offer guarantees.
  • Organization of Private Group
    • Executives and employees shall not form a private group which may obstruct harmonious relationship amongst employees and further advancement of the bank.
  • Prohibition of Discriminative Treatment
    • Executives and employees shall not favor nor discriminate certain individuals or groups based on regionalism, kinship or school ties during the course of performing their duties.
  • Sexual Harassment and Gender Discrimination
    • Executives and employees shall pay mutual respect to each other, and shall not engage in any acts of sexual harassment and gender discrimination.
  • Profit-making Activities and Holding Concurrent Office
    • No one shall be allowed to engage in businesses for the purpose of profit-making or to hold the office of executive or employee of other enterprises without approval from the President of the bank.
  • Private Use of Bank Assets
    • Executives and employees shall not use bank assets, including corporate vehicles, real estate, IT equipment, or other supplies, for personal purposes, and must use such assets economically to prevent waste.
  • Transparent Execution of Expenses
    • All Bank expenses shall be used and executed in accordance with relevant applicable laws and internal regulations, and must not be used for personal purposes.
  • Prohibition of Improper Solicitations and Soliciting Services
    • Prohibition of Soliciting Services
      • Executives and employees shall not solicit services hindering other executives and employees from conducting fair job performances for the sakes of unfair benefits for themselves or others.
    • Prohibition of Soliciting Special Consideration for Job Positions
      • Executives and employees shall not make a request to personnel in charge of human resource management in order to inflict unjust influence on employment, promotion or job transfer concerning themselves or other executives and employees.

  • Use of Undisclosed Information
    • Executives and employees shall not engage in acts promoting profits for their own or third party by using or divulging undisclosed information obtained while conducting business, and shall restrict anyone other than those with proper rights from accessing such information. Especially, when conducting business of investments and financing for venture companies, executives and employees shall not perform investment practices, including the purchase of shares from relevant venture companies under their own name or third party’s name.
  • Market Manipulation of Valuable Securities
    • Executives and employees shall not engage in acts manipulating the price of valuable securities such as distributing false information or causing misunderstandings in order to gain unfair profits.
  • Violation of Fair Trade Order
    • Executives and employees shall not disturb sound financial orders by aggravating financial costs to customers or violating their rights and interests. In addition, they shall neither make false or forged entries to any ledgers or records nor involve with any acts incurring such outcomes.
  • Unfair Business Practice
    • Executives and employees shall neither unjustly infringe rights and interests of bank users by abusing their superior positions during transactions with bank users nor exercise unsound business practices through false or exaggerated advertisements.
  • Infringement on Secrecy
    • Executives and employees shall neither obtain confidential information unrelated to their given duties for other non-business uses nor commit infringement on secrecy to other executives and employees, shall not disclose the company’s information or documents to external parties without following proper procedures.
  • Compliance with Clean Agreement System
    • All executives and employees in charge of handling agreements shall comply with the Clean Agreement System during the course of execution and fulfillment of agreement with integrity, and shall not make unjust demands, such as coercion of unfair trading conditions.

  • Acts Causing Financial Accident
    • No executives and employees shall cause damages to the bank through financial accidents arising from the willfulness or gross negligence.
  • Violation of Real Name Financial Transactions and Confidentiality
    • No executives and employees shall violate the “Act on Real Name Financial Transactions and Confidentiality” and related enforcement decrees during all financial transactions.
  • Involvement in Money Laundering
    • No executives and employees shall, directly or indirectly, involve with money laundering through irregular or illegal business process or aid unfair trade practices of bank users, including tax evasion, fraudulent accounting and unfair inside trading.
  • Involvement in Fraudulent Payment for Share
    • Executives and employees shall neither knowingly aid or mediate the acts of fraudulent payment for share nor commit the acts of fraudulent payment for share by conspiring with related parties.
  • Illegal Foreign Exchange Transaction
    • Executives and employees shall not conduct illegal foreign exchange transactions, such as wire transfer and exchange of foreign currency without taking proper procedure of document verification or abnormal divided remittances of foreign currency.
  • Resource-free Transactions
    • Executives and employees shall not issue valuable securities, such as cashier’s check, in advance or commit deposit transactions without proper deposits.
  • Irregular Job Achievement
    • Executives and employees shall not bring in deposits and other achievements through peculiar means or excessive competitions, and shall not engage in transactions with customers which may deem unsound based on generally accepted social practices.

  1. Section 1. Implementation Guideline for Sound Service Principles
    • Terms of Compliance for External Activities (Lecture, Article Contributions, etc.)
      • For all matters not representing official stance of the bank, they shall be clearly declared as personal views.
      • External activities shall not disturb anyone from fulfilling given duties.
      • When monetary compensations are obtained from external activities, such compensations shall be reported to the bank.
      • Unconfirmed matters shall not be expressed in a conclusive manner, and no criticism shall be delivered against competitors.
    • Report on Acceptance of Consideration for External Activities and Voluntary Donations
      • Subject to Report: Any consideration received by executives or employees in return for temporary offering of personal service regardless of employment relationship, including lecture fee, instructor fee, transportation expense and attendance at meetings;
      • Mandatory Reporting upon Receipt of Compensation
        • Executives: After-the-fact report to the compliance officer;
        • Employees: Register at the menu of “Report of Compensation from External Activities” under the Woori Portal within 10 business days from receipt of compensation;
      • Operation of Voluntary Donation System : When the compensation after required expenses are deducted exceeds ₩500,000 per month or ₩3 million per year;
        • Guidance shall be given to the relevant executive or employee to donate directly;
        • Guidance shall be given to the relevant executive or employee to donate to the statutory charity facilities recommended by the Brand Strategy Department under the name of the relevant executive or employee;
    • Compliance Guidelines for Interacting with External Media and Press
      • Do not disclose Company information without authorization.
      • Consult in advance with the respective department to ensure that accurate and verified information is provided, thereby safeguarding the bank’s brand value.
    • Compliance Guidelines for Using Social Media (SNS, etc.)
      • Do not create or post content that infringes on employees’ privacy or harm their reputation.
      • Do not use coarse, sexual, or vulgar language.
  1. Section 2. Implementation Guideline on Prevention of Disorderly Conduct against Workplace Discipline
    • Prohibition of Sexual Harassment and Gender Discrimination
      • Obscene language shall be restrained, and serving alcohol or dancing during company dinner meetings shall not be coerced.
      • Pornographic websites shall not be accessed through internet at the workplace.
      • Sexual comments or assessments upon follow employee’s bodies shall not be offered.
      • Unnecessary physical contacts shall be refrained, and any comments stressing conventional gender roles shall not be made.
    • Restriction on Money or Entertainment
      • No executives and employees shall accept money or entertainment from business-related customers, clients (hereinafter called the “interested person”) or other executives and employees: Provided that exceptions shall be made to the cases of entertainment when falling under any of the followings:
        • Food within the scope not exceeding ₩30,000 per person or convenience customarily offered, such as transportation and communication, ;
        • Souvenir, promotional goods, etc. distributed or offered to many and unspecified persons;
        • When a provider of money cannot be clearly identified or when it is extremely difficult to return the favor despite expressing intent of refusal as the provider continues insisting and expresses intense displeasure; Upon such occasion, an executive or employee who has accepted money shall report to his/her superior officer and take necessary measures in accordance with the protocol for ‘Report on Acceptance of Money and Goods’ prescribed in the detailed criteria of implementation programs under Woori Bank Code of Ethics.
      • Executives and employees shall not offer money or entertainment to interested persons or other executives and employees: Provided that exceptions shall be made when falling under any of the following:
        • Food within the scope not exceeding ₩30,000 per person or convenience customarily offered, such as transportation and communication;
        • Gifts distributed to many and unspecified persons;
        • When deemed unavoidable due to the nature of business or given duties;
      • Executives and employees shall not provide unfair benefits in return for money or entertainment.
      • When money or entertainments are exchanged through family members, relatives or friends of executives or employees, the exchange concerned shall be deemed to have been committed by the executive or employee concerned.
  1. Section 3. Implementation Guideline to Prevent Unfair Trade Practice
    • 1. Prohibition of Business Trip and Training to Overseas with Expenses Assumed by Business Partners

      Executives and employees shall be prohibited from any acts falling under the followings when whole or part of expenses for business trip, training and others are assumed by business partners(counterparty); and for other occasions, a notice shall be provided to the compliance officer for discussion prior to authorization from a person with delegated decision making authority:

      • Loan-related Credit Inquiry or Business Trip for Mortgage Appraisal
      • Purchase-related benchmarking, training and travel conducted before a business partner (counterparty of contract) and contract amount are finalized;
    • Prohibition of Offering of Personal Convenience from Sales of Bundling Products

      When executives and employees engage in sales of affiliated products or services pursuant to a business cooperation agreement, regardless of its title or format, they shall not provide or accept personal conveniences, such as direct monetary compensation to or from an individual in relation to the above: Provided that the followings shall be exempted:

      • Where the bank acts as a principal agent to evaluate performances and distribute individual incentives in order to encourage businesses and motivate sales for the sales of bundling products;
      • Other personal conveniences within the scope allowed by the Implementation Guideline;
  1. Section 4. Implementation Guideline to Eradicate Empty Formalities and Vanity
    • Scope of Posting Congratulatory or Condolence Family Occasions / Congratulatory or Condolence Money
      • Congratulatory or condolence family occasions of executives and employees to be posted at the intranet shall be restricted within the scope deemed justifiable based on customarily accepted social practices as follows: Provided that other means, such as e-mail, may be employed for other situations:
        • Wedding: Executive/employee him/herself, and his/her children;
        • Deceased: Executive/employee him/herself, his/her spouse and children or parents of executive/employee him/herself and his/her spouse and maternal grandparents of executive/employee him/herself and siblings.
      • A person posting the occasions shall not use frivolous language for the purpose of preserving sound public morals and preventing confusion amongst employees.
      • Executives and employees shall not notify the interested person of their congratulatory or condolence family occasions: Provided that notices through newspapers or broadcasting shall be exempted.
      • With respect to congratulatory or condolence family occasions, executives and employees shall not receive congratulatory or condolence money exceeding ₩50,000 from the interested person or other executives and employees: Provided that exemptions shall be made when such contributions are made by an organization which the executive or employee is affiliated in accordance with the articles of association or regulations of the organization concerned.
      • With respect to congratulatory or condolence family occasions, executives and employees shall not offer congratulatory or condolence money exceeding ₩50,000 to the interested person or other executives and employees: Provided that exemptions shall be made when deemed unavoidable due to the nature of businessor given duties.
      • When an executive or employee accepts congratulatory or condolence money in excess of the reference amount, the excessive amount shall be returned to the provider in cash or through a reasonable means; and when such return cannot be made unavoidably, necessary measures shall be taken in accordance with the protocol for ‘Report on Acceptance of Money and Goods’ prescribed in the detailed criteria of implementation programs under the Code of Ethics for Woori Bank.
    • Congratulatory Wreath and Flowerpot
      • Executives and employees shall not exchange congratulatory wreath or flowerpot with other executives and employees in relation to job transfer, promotion or appointment to office: Provided that e-mail or telephone call may be given when congratulatory message is to be delivered.
      • Executives and employees shall not accept congratulatory wreath or flowerpot from the interested person: Provided that exemptions shall be made when falling under any of the following:
        • When it is deemed unavoidable due to the nature of business in relation to official events, such as new opening or relocation of branches;
        • When offered within the scope of customary practices;
      • When an executive or employee unavoidably accepts congratulatory wreath/flowerpot, the person concerned shall return the wreath/flowerpot above to the sender and then express appreciation and offer sincere apology for inability to accept.

  • Measures for Exemplary Execution
    • When a person is recognized to have exemplarily exercised the Code of Ethics and Code of Conduct, preferential measures may be taken for the person concerned pursuant to as prescribed separately.
  • Measures against Violations
    • For any person who violates the Code of Ethics and Code of Conduct, disciplinary measures shall be taken against the person concerned pursuant to as prescribed separately: Provided that when the case is deemed severe or material, a request for audit may be sent to the audit auxiliary body, or a request for disciplinary action may be forwarded to the human resource department.
  • Confidentiality of Whistle-blower
    • When a person becomes aware of unjust behavior violating the Code of Ethics and Code of Conduct and subsequently makes a report upon the above, the secrecy of the person concerned shall be strictly protected, and the person concerned shall be ensured not to suffer any disadvantages.