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Ethical Management

Ethical Management

Introduction to Code of Ethics

Parnas Hotel Co., Ltd. shares the management philosophies of "creating value for customers" and "management based on respect for humans" and aspires to conduct its business independently based on autonomy and responsibilities. The free market economy that espouses free and fair competition We respect social order and seek to attain mutual interests with all stakeholders through mutual trust and cooperation so as to continuously develop as a top-tier global enterprise. Thus, we establish a code of ethics as the benchmark for moral behavior and judgment, which all executives and employees must comply by.
Chapter 1. Responsibilities and Obligations for Customers
Since consumers are the true foundation of any business, Parnas Hotel Co., Ltd. consistently pays attention to what customers have to say and earns their unwavering faith by continuing to produce useful values for them.
  1. Respect for Customers
    1. Customers are the best gauges of our judgment and actions, thus we always pay attention to what they have to say and respect their sincere wishes.
  2. Value Creation
    1. We constantly seek values that customers are looking for since we believe that the growth of our customers is also the growth of ourselves.
    2. We never stop developing genuine values that fundamentally benefit and satisfy our clients.
  3. Value Provision
    1. We will always be truthful to our customers and follow through on our commitments.
    2. We provide our customers with the highest-quality goods and services for reasonable prices, while satisfying their legitimate requests in a prompt and accurate manner.
Chapter 2. Fair Competition
Parnas Hotel Co., Ltd. conducts all of its global business activities in compliance with all applicable local laws and regulations and secures competitive advantages through fair means.
  1. Pursuit of Free Competition
    1. In accordance with the principle of free competition, we uphold the rules of the market economy everywhere around the globe, and we gain the trust of our customers through providing high-quality goods and services.
    2. We engage in competition in good faith based on our skills and abilities and do not unfairly interfere with our competitors' interests or take advantage of their weaknesses.
  2. Compliance of Laws
    1. We adhere to general laws and regulations of the relevant countries where we conduct our business both inside and outside Korea, and respect the transactional norms and customs.
Chapter 3. Fair Transactions
All transactions must be carried out in line with the principles of free competition and equal participation, and they must also build mutual trust and cooperation through transparent and equitable business practices in order to pursue long-term mutual development.
  1. Equal Opportunity
    1. All qualified businesses have an equal opportunity to participate in the registration process and selection of transaction partners of Parnas Hotel Co., Ltd.
    2. The registration and selection of the transaction partners will be handled in a reasonable manner by adhering to objective and impartial screening criteria.
  2. Fair Transaction Procedure
    1. All transactions will be conducted fairly, on an even playing field for both parties, with thorough consultation on the terms and procedures of the transaction.
    2. We must refrain from any unfair behavior that exploits our superior status.
    3. Any information necessary for the transaction should be mutually provided in a timely manner and the transaction results should be regularly assessed based on fair criteria for further complementing by both parties.
  3. Mutual Development as a Goal
    1. We actively encourage the long-term development of our transaction partners by providing technological assistance, management advice, and sharing profits created from innovation.
    2. We promote ethical transaction practices and work cooperatively with our transaction partners to uphold a just transaction order.
Chapter 4. Basic Ethics for Executives and Employees
All executives and workers should establish a moral code based on honesty and fairness, and they should carry out their assigned missions by consistently improving themselves and doing their jobs.
  1. Basic Ethics
    1. All executives and workers must preserve pride and dignity and always maintain an honest and unbiased attitude.
    2. They should always strive to uphold the company's reputation as well as their personal dignity and high ethical standards.
  2. Completion of Missions
    1. All executives and workers are expected to diligently carry out their assigned tasks in accordance with the company's vision and policies.
    2. They must carry out their assignments fairly and in accordance with all applicable rules and regulations.
    3. They should take good care of the company's assets and safeguard any trade secrets that they may have learned while doing their tasks.
    4. They should increase work efficiency with proactive collaboration and open communication between coworkers and the relevant departments.
  3. Self-Development
    1. They should create their own ideal leadership model and continue to work toward being the model by consistently developing themselves.
  4. Fair Implementation of Duties
    1. They should perform all their duties in an honest and fair manner and always make an effort to foster a sound corporate culture.
    2. They must refrain from accepting financial incentives of any kind that would taint the impartiality of the interested party's assessment of the work.
    3. In their daily lives and at work, they must refrain from engaging in any immoral or unethical action that might be condemned by society.
  5. Avoid Any Conflict of Interest with the Company
    1. Any actions or connections that might give rise to a conflict of interest between the person and the company should be avoided.
    2. They shouldn't unlawfully use the company's assets for their own benefit.
Chapter 5. Responsibilities for Executives and Workers
All executives and workers should be treated with respect as fellow humans, treated fairly based on their skills and performance, and given the opportunity to work in an environment that allows them to express their creativity to the fullest.
  1. Respect for Humans
    1. We shall have faith in equality and genuine affection for every individual and regard each person as an autonomous person.
    2. It is necessary to use every effort to ensure that all executives and workers feel a sense of pride and reward for their efforts, which are motivated by a sense of ownership.
    3. We shall take necessary measures to ensure that executives and employees carry out their tasks in a proper manner, including the creation of institutions, education, and supervision.
  2. Fair Treatment
    1. We must provide equal opportunity for all executives and workers based on their skills and talents.
    2. We must fairly assess the skills and performance of its employees and executives and reward them accordingly.
  3. Promotion of Creativity
    1. We shall strive to foster an environment where its executives and employees may come up with fresh ideas and take initiative.
    2. We shall proactively support its executives and employees as they enhance their skills and develop talent over the long term.
    3. We respect individuals’ privacy and establish a mature organizational culture based on mutual trust and understanding.
Chapter 6. Responsibilities for the Nation and Society
We safeguard the interests of our shareholders by growing into a sound corporation with reasonable business operations and contributing to the prosperous life of people and social development.
  1. Reasonable Business Operation
    1. When conducting business both inside and outside of Korea, we respect the social values of the regions where we operate our business.
    2. We seek to expand our business based on the stable growth of the company.
  2. Protection of Shareholders’ Interests
    1. We sincerely safeguard the investment returns of our shareholders by fulfilling sound interests through efficient management.
  3. Contribution to Social Development
    1. We contribute to the development of the country with job creation and earnest tax payment as well as to social development through cultural and welfare initiatives.
  4. Protection of Environment
    1. We do our utmost best to prevent environmental pollution and to protect nature so as to preserve a clean environment.