LOTTE CHEMICAL is building close, win-win cooperative relations with partner companies to ensure mutual benefits through fair and transparent trade, and is continuing its efforts to help SMEs secure greater competitiveness. through financial, technical, and educational assistance.
LOTTE CHEMICAL has established and is operating a secretariat office for mutual growth with the CEO as its chairman. With the appointment of an executive in charge of mutual growth, it is implementing a company-wide commitment to this vital issue. The secretariat office for mutual growth is responsible for establishing and implementing strategies, monitoring and improving results. Consisting of managers of planning, purchasing, research, education, legal affairs, and production departments, it is organized to ensure that mutual growth is implemented across the company. In addition, it ensures that mutual growth is tangibly achieved by reflecting the performance of the executive with regard to mutual growth on his/her performance appraisal, such as implementation records of mutual growth, compliance with fair trade, and communication with partner companies.
LOTTE CHEMICAL has been implementing financial, technical, educational, and human resources assistance support systems to strengthen partner companies’ sustainable competitiveness. By operating a mutual growth fund created to provide financial (funding) support, we are providing funds to our partner companies through financial assistance based on our loan programs for family companies. In addition, by arrangement with the Korea Credit Guarantee Fund, we are contributing special funds to assist our partner companies with credit guarantees. To help them with their fund management, we have been providing them with 100% cash settlement. For technical assistance, we are operating a technical cooperation program for SMEs through which funds and equipment for product development and production of new products are provided to selected companies having superior technologies. Other technical assistance activities are being conducted, such as assistance in product analysis, dispatch of professional technical workforce to the field, and performance of joint research tasks. We are providing diverse educational programs to the executives and employees of our partner companies concerning in-service training, management, and language courses through the mutual growth academy (education support program). Education suited to the characteristics of the individual company is provided through regular technical training and polymer school.
LOTTE CHEMICAL is making sustained efforts to establish fair and horizontal companion relations with partner companies. We are providing regular education to all executives and employees on ethical management/fair trade by building an ethical management website. We are also operating a report center (Sinmungo) within the site to prevent the occurrence of unfair practices and trade. By introducing the Fair Trading Voluntary Compliance Program (CP), we are preventing violations of the Fair Trade Act, establishing a fair trade culture, and raising the level of awareness. Field visits to our partner companies and regular meetings are carried out for continuous communication and listening to managerial difficulties, along with interaction activities that build trust as companions for mutual growth through the CEO meetings. LOTTE CHEMICAL has introduced 4 major guidelines proposed by the Fair Trade Commission for fair trade between large companies and SMEs.
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