Korean Teachers’ Credit Union

Code of Ethics

• Preamble

  All employees of the Korea Teachers' Credit Union pledge to establish the Korea Teachers' Credit Union human figure, which promotes ethical principles to enhance the stability and welfare of faculty members nationwide based on transparent and fair working practices and an honest and professional attitude.
  
  Therefore, we renew our resolution and adopt it as a standard for all executives and employees to comply with.
  
  We pursue common prosperity by complying with laws and regulations, respecting the market order of the free economy, and building community relationships that encourage cooperation with all stakeholders.
  
  As a member of society, we actively participate in public interest activities and establish a climate that contributes to the development of the state and society by constantly creating new values.
  
  We contribute to the development of education by improving the stability and welfare of members through the continuous development of an advanced credit system and the internalization of the management system.
  
  We respect the rights of members and do our best to meet the needs and expectations of members.
  
  Based on the trust and harmony between labor and management, we pursue common prosperity and develop a new future-oriented partnership.
  
  We do our best to respect life, protect nature, and pass on a clean environment to posterity.

• Chapter 1 General Provisions

  Article 1 (Purpose)

  The Code of Ethics (hereinafter referred to as the "Code") aims to provide executives and employees of the Korea Teachers' Credit Association (hereinafter referred to as the "Credit Association") with the correct decision-making and ethical judgment standards in order to assist them in complying with matters prescribed in the text.

  Article 2 (Subject to Application)

  This Code shall apply to all executives and employees of the Credit Union.

• Chapter 2 Basic Ethics of Employees and Executives

  Article 3 (Basic Ethics of Employees)

  ① Executives and employees shall take pride in being members of the Korean Teachers' Credit Union (hereinafter referred to as "Credit Union") and always maintain an honest and sincere attitude.
  ② Executives and employees shall endeavor to maintain and develop the dignity of individuals and the honor of the Credit Union based on high ethical values and standards.
  ③ Executives and employees shall comply with all statutes and regulations in performing their duties and act in a conscientious manner at all times.
  ④ With the right mindset, executives and employees shall abide by the maxim "Clean mind, Honest mind, Active mind, Reliable mind, and Modest mind" as a means of determining all decisions and actions.

  Article 4 (Completion of Mission)

  Employees share the management ideology and vision of the Credit Union and share the goals and values pursued by the Credit Union to fulfill their responsibilities with an attitude of creativity and sincerity.

  Article 5 (Self-development)

  Executives and employees shall establish a desirable human resource conception on their own in the era of internationalization and openness and make steady efforts to achieve it through constant self-development.

  Article 6 (Fair Performance of Duties)

  ① Executives and employees shall perform their duties fairly in compliance with all relevant laws and regulations.
  ② No executive or employee shall engage in unethical or illegal acts that may be criticized by society, such as issuing unfair instructions, engaging in solicitation, or granting preferential treatment that may hinder the fair performance of his or her duties.

  Article 7 (Avoidance of Conflict of Interest)

  ① Executives and employees shall avoid acts or behavior that conflict with the interests of the Credit Union in the course of performing their duties.
  ② Executives and employees shall preferentially consider the interests of the Credit Union in the event of a conflict of interest between the Credit Union and individuals or departments.

  Article 8 (Prohibition of receipt of unjust enrichment, etc.)

  Executives and employees shall not provide money, entertainment, etc. that contravene principles of fairness beyond the scope permitted by social norms in relation to their duties or receive such from those related to their duties.

  Article 9 (Separation between public and private matters)

  ① Executives and employees shall clearly distinguish between public and private matters in performing their duties.
  ② Employees shall not cause damage to the Credit Union by using the property of the Credit Union privately or by using the budget of the Mutual Aid Association for purposes other than its intended purpose.
  ③ Employees shall not spend time on private matters during working hours that interfere with the performance of their duties, or use the in-house information and communication systems for inappropriate purposes other than business purposes, such as online games, gambling, and visiting pornographic sites.
  ④ No employee shall engage in any business for profit other than those directly related to his/her duties or concurrently hold any other positions or engage in other activities without the permission or approval of the chairperson.

  Article 9-2 (Prohibition of Payment of Meeting Allowance, etc.)

  ① Employees of the Credit Union shall not be paid a nominal allowance for attending various meetings, such as those related to the Credit Union and the board of directors of the investment company, and deliberation and evaluation meetings.
  ② The Credit Union shall not pay a nominal allowance to executives and employees of the investment company on the grounds of attending various meetings, such as the board of directors of the Credit Union and deliberation and evaluation meetings.
  ③ Notwithstanding the provisions of paragraphs (1) and (2), travel expenses, such as transportation expenses, food expenses, accommodation expenses, etc. may be paid or paid for attending the meeting, but double payment of travel expenses shall be prohibited.

  Article 10 (Mutual Relationship between Executives and Employees)

  ① Executives and employees shall observe basic etiquette appropriate for their work life and shall not engage in acts such as uttering profanities or being disrespectful toother executives and employees.
  ② Executives and employees shall not promote factions or treat others disadvantageously according to academic background, gender, religion, blood ties, regions of origin, etc.
  ③ No unfair solicitation or excessive provision of gifts, money transactions, etc. shall be conducted between executives and employees.
  ④ A superior shall not give unfair instructions to a subordinate, and while the subordinate shall comply with the legitimate instructions of the superior, he/she should refuse to carry out unfair instructions.

  Article 10-2 (Prohibition of sexual harassment and sexual violence)

  ① Executives and employees shall not subject anyone to sexual harassment or embarrassment by making sexual remarks, or engaging in direct or indirect sexual behavior, etc.
  ② No executive or employee shall express his/her intention to penalize any member of staff for refusing sexual advances or offer incentives to accede to sexual requests.

  Article 11 (Sound Living)

  ① Executives and employees shall maintain an attitude of modesty and simplicity with regard to how they address other members, prepare food, and dress sound and healthy leisure activities should be engaged in so as to maintain the attitude and demeanor befitting a Credit Union.
  ② Executives and employees shall endeavor to establish a sound culture of celebrating congratulatory events, and prevent congratulatory money and valuables from becoming excessive in order not to infringe social norms.

  Article 12 (Transparent Information and Accounting Management)

  ① Executives and employees shall acquire and manage all information in a just and transparent manner, and shall accurately and honestly record and manage information such as accounting records.
  ② Employees shall not divulge to outside parties or unfairly use the acquisition of information related to their duties without prior permission or approval of the chairperson.
  ③ Executives and employees shall not make false or exaggerated reports for the benefit of a specific individual or department, and shall not conceal or monopolize important information.
  ④ The Credit Union shall increase the transparency and reliability of management by disclosing management information in accordance with related regulations.

• Chapter 3 Ethics for Members

  Article 13 (Respect for Members)

  Employees must always respect other members, think from the perspective of other members, and make members the top priority of all actions, recognizing that the welfare of members is the reason and purpose of the existence of the organization.

  Article 14 (Member Satisfaction)

  ① Executives and employees shall always endeavor to accurately identify the needs and expectations of members and provide the best products and best services to meet them.
  ② Executives and employees shall always listen to the opinions and suggestions of members and humbly accept and address complaints from members in a prompt and fair manner.

  Article 15 (Protection of Members' Interests)

  ① Employees shall protect a customer's assets, intellectual property rights, trade secrets, customer information, etc. in a manner more diligent than the property of the Credit Union, and shall not infringe on the customers' interests as a result of unethical behavior.
  ② Executives and employees shall provide accurate and prompt information that the member should know about or inform the member accordingly.

• Chapter 4 Ethics toward Competitors and Business Partners

  Article 16 (compliance with transaction laws)

  Executives and employees shall comply with all laws and regulations of the relevant country and region in conducting all business and business activities and respect domestic and foreign commercial customs.

  Article 17 (In pursuit of free competition)

  Employees respect the market economy order in accordance with the principle of free competition and pursue fair and in good-faith competition based on mutual respect with competitors.

  Article 18 (Fair Transaction)

  ① Employees shall give equal opportunities to all qualified individuals or organizations in bidding, signing contracts, etc. regarding construction, service, purchase activities, etc. conducted by the Credit Union.
  ② Executives and employees shall conduct all transactions in a fair and equitable manner, and shall ensure that they are carried out in an open and transparent manner in an ordinary place of business.
  ③ Executives and employees shall not request money, goods, etc. by using their superior position when engaging in transactions, or make unfair demands, such as imposing unfair transaction conditions or interfering in management, etc.
  ④ In all transactions, executives and employees shall conclude and comply with an integrity contract.

• Chapter 5 Ethics toward Employees and Executives

  Article 19 (Respect for Employees)

  The Credit Union treats each employee with dignity based on trust in and affection for executives and employees, and respects the religious and political affiliations and privacy of each employee.

  Article 20 (Fair Treatment)

  The Credit Union shall grant equal opportunities according to individual abilities and qualifications of employees with regard to education, promotion, fair evaluation and compensation for achievements, and shall not discriminate on the grounds of gender, educational background, age, religion, region, physical disability, etc.

  Article 21 (Promotion of Human Resources and Creativity)

  ① The Credit Union shall actively support the development of the abilities of executives and employees and foster them as professional and creative human resources.
  ② The Credit Union shall create conditions in which all executives and employees can freely propose and express their opinions in order to promote the creative and autonomous thinking and behavior of executives and employees.

  Article 22 (Improvement of Quality of Life)

  ① The Credit Union shall establish a system for executives and employees to perform their duties in a legitimate manner and shall do its best to promote pride in and rewards for the performance of their duties.
  ② The Credit Union will actively develop and implement programs that can create a working environment where executives and employees can work comfortably and safely, and improve the quality of life such as in terms of the health, education, and welfare of employees and their families.

• Chapter 6 Ethics toward the Country and Society

  Article 23 (Contributions to the development of the state and society)

  ① Executives and employees shall contribute to the development of the state and society by creating social wealth by growing and developing into a sound enterprise through rational and responsible management.
  ② As members of the local community, executives and employees shall humbly accept the legitimate demands of each sector of society and local residents and do their best to resolve such demands.
  ③ The Credit Union shall actively support the participation of executives and employees in social activities and endeavor to promote the cultural and economic development of the local community.

  Article 24 (Prohibition of Unfair Political Activities)

  ① The Credit Union shall not unfairly engage in politics and shall not provide illegal donations or expenses to political parties, politicians, election candidates, etc.
  ② The Credit Union respects the individual political views of its employees. However, executives and employees should be careful not to be misunderstood that individual’s political views are the political positions of the Credit Union.

  Article 25 (Safety and Risk Prevention)

  Executives and employees shall do their best to manage safety accidents and disasters in compliance with all laws and standards on safety.

  Article 26 (Environmental Protection)

  Executives and employees shall fully recognize the importance of environmental problems and endeavor to comply with domestic and foreign environmental laws and regulations and to protect the environment and prevent pollution.

  Article 27 (Labor-management harmony)

  Employees shall keep in mind that both labor and management are equal owners and strive for the coexistence and prosperity of labor and management based on trust and harmony.

  Article 28 (Compliance with international management norms)

  In international transactions, executives and employees shall comply with international agreements and regulations on investment and transactions, respect the laws and cultures of local countries, and contribute to the economic development of local countries.

• Chapter 7 Supplementary Provisions

  Article 29 (Obligation of Compliance and Responsibility)

  ① Executives and employees shall be familiar with and comply with the Code, and shall be held responsible for violations thereof.
  ② The chairman, executives, and department heads are responsible for managing and supervising the compliance of their employees with the Code.

  Article 30 (Award and Disciplinary Action)

  ① The chairperson may implement corresponding rewards for executives and employees who have complied with the Code and contributed to the establishment of ethical management, such as reflecting such efforts in personnel evaluations.
  ② The chairperson of the board of directors may take necessary measures, such as disciplinary action, against executives and employees who have committed acts contrary to the Code. However, specific violations subject to disciplinary action are separately determined in the Code of Conduct.
  ③ The types, procedures, effects, etc. of disciplinary action under paragraph (2) shall be governed by the regulations related to disciplinary action of the Credit Union.

  Article 31 (Establishment, etc. of the Ethics Management Committee)

  ① The chairperson may establish and operate the Ethics Management Committee, if necessary for the smooth promotion and settlement of ethical management and the smooth implementation of the Code.
  ② Ethical management practice leaders may be formed to support the work of the Ethics Management Committee and to disseminate and spread ethical management promotion work.
  ③ Matters concerning the establishment and operation of the Ethics Management Committee and the composition of implementation leaders shall be prescribed by established guidelines.

  Article 32 (Operation of the Code)

  ① The chairperson shall continuously supplement and develop the contents of the Code in accordance with the development status of the organization and changes in the environment.
  ② The Chairperson shall separately determine the specific criteria for judgment, processing procedures, and details necessary for the operation thereof necessary for complying with the Code of Conduct and maintaining the integrity of executives and employees.