Core Principles of Shared Growth
In our belief that shared growth with partners is vital to sustainable management, we operate a wide variety of shared growth programs that encompass financial support, support for technical development, and education and training. Our proactive implementation of these programs is founded on the principles of fairness, stability, and practicality.
- Maintain honest and beneficial relationship based on fairness and transparency
- Make cash payments and form long-term contracts to enable partner’s sustainable management
- Offer practical management support including technological cooperation, consulting, education and training.
Shared Growth Activities
- Financial Support
- We operate a variety of financial support programs for small- and medium-sized companies that do business with GS Caltex. We ensure 100% cash settlement and payment within seven days of receiving an invoice for our purchases. As a joint initiative with financial institutions, we also set up a shared growth fund for companies that signed the Code of Conduct for GS Caltex Partners. After increasing the fund's holdings to KRW 200 billion in 2018, we currently provide loans at prime rates to 81 partner companies. In addition, we implemented a program to make a 20% advance payment on the projected monthly expenses. The program, applicable to long-term contracts, has proved to be a source of significant support for major shipping companies and other partners.
- Support for Technical Development
- GS Caltex offers support to help small- and medium-sized companies overcome difficulties in developing manufacturing technology. This also helps us secure the technology we will need in the mid- to long-term. To that end, we connect our partners to talented professionals working in government-run research centers and provide research funding. Our support is not attached to any terms or conditions, and ownership of the resulting technology belongs wholly to the partner company. We also help connect small- and medium-sized companies with management consulting institutions and offer subsidies for on-site innovation activities.
- Establishment of Supply Chain Management System
- GS Caltex uses assessment standards and processes to evaluate partner companies as part of our initiative to establish a supply network management process. The process comprises 3 steps : 1) due diligence on-site inspection (assessment of technical competency, including production, management and quality control), 2) quality assessment of supplies and services, and 3) general assessment (ability to sustain delivery of supplies and services, operational and financial status, etc. converted to numerical score). We also created a task force to improve environment, society, governance (ESG) standards at partner companies, which commenced operations in early 2019.
- Download Code of Conduct for GS Caltex Partners
- Education and Training Support
- We offer training programs in safety, management, and other areas of job performance to partners involved in the maintenance of the Yeosu Complex. The programs help enhance partner companies’ expertise and contribute to safe operations at GS Caltex. We also conduct partner training for tank vessels (biannually) and coastal shipping vessels (quarterly) to emphasize transport safety. Additionally, we organize training programs for GS Caltex and partner company employees at distribution centers around the country to prevent accidents, raise safety awareness, and enhance customer satisfaction.