FEB 3, 2010

Awarded by nation’s five major economic organizations

Recognized for transparent business practices based on trust

On February 3, Handok Pharmaceuticals Co. (CEO: Young-Jin Kim) received an accolade for its transparent business activity awarded by the nation’s five major economic organizations, including Korea Employers Federation.

The award, which marks its sixth year, is given to businesses contributing to the nation’s economic development by implementing transparent practices such as legal compliance, business ethics and transparent finance.

It was jointly introduced by Korea Employers Federation, Federation of Korean Industries, Korean Chamber of Commerce, Korea International Trade Association and Korean Federation of Small and Medium Business. This year’s grand prize winner was LG Chem. Handok was the excellence award winner for its transparent business and harmonious labor-management relations based on sound business ethics, as well as continuous social contribution and efforts to reduce its environmental footprint.

The pharmaceutical company has paid consecutive annual dividends without incurring losses since its founding in 1954. The company listed its shares in 1976, disclosing its financial data to the public. In 1997, Handok Pharmaceuticals introduced ERP and it has appointed supervisory committee members since 2000 on a voluntary basis. In 2007, it implemented a company-wide code of conduct in a bid to ensure transparent business activities. There has been no labor dispute involving the company or its employees since 1975 when its labor union was formed.

Handok Pharmaceuticals has run a multiple of social contribution programs as a responsible corporate citizen. It built Medico-Pharma Museum, which is now being operated by Handok Jeseok Foundation established in 2006. The company also runs a program to provide a scholarship to students in pharmacology and support research activities. Last year, it launched an initiative to protect national artisans who are recognized as the possessor of important skills to create intangible cultural assets, and began a social contribution program to help diabetes patients. Other many programs including community voluntary activity attended by all employees served as a base for winning the award.

Handok Pharmaceuticals announced eco-friendly business operations in 1997 and it became the nation’s first pharmaceutical company that received environmental accreditation ISO14001. In addition, it runs an integrated management system that meets both government and worldwide standards in health, safety and environment regulations, and developed an HSE performance system on its own, all resulting in the award.