The Covenant.

Vol. I·Adopted IX · V · MMXXVI·Seoul

Adopted at the Bureau’s founding and binding upon all subsequent stewards. Held in four articles. Reviewed annually. Never revised silently.

1. On integrity.

   That the integrity, independence, and freedom from bias of the Bureau shall at all times be fully preserved. The Bureau accepts no compensation for coverage, no equity in subjects analyzed, and no editorial direction from any party other than the Editor. Conflicts, where they exist, are disclosed in the relevant Concordance entry.

2. On diagnosis, not recommendation.

   That the Bureau publishes generalized diagnostic research — never personalized advice, recommendations, solicitations, or offers. The Bureau’s vocabulary is deliberately limited to five posture verbs: improving, stable, pressured, compressing, deteriorating. No buy. No sell. No add. No hold. No trim. No exit. The reader interprets; the Bureau diagnoses.

   The Bureau publishes as discussed in Lowe v. SEC, 472 U.S. 181 (1985), and related publisher-exclusion analysis under §202(a)(11)(D) of the Investment Advisers Act of 1940. Research is bona fide, regular, and impersonal.

3. On memory.

   That all Bulletins shall stand as originally published. Corrections are appended in the Corrections Register; no Bulletin shall ever be rewritten in place. Methodological revisions appear in the Concordance under Method Evolution; the corpus is cumulative, not replaceable.

   URI Permanence. Every URL of the form dividendforensics.com/b/NNNN published by this Bureau shall remain resolvable for as long as the dividendforensics.com domain remains under the Bureau’s stewardship. Old links work. This is constitutional.

4. On discipline.

   That every figure cited derives from primary source — 10-K, 10-Q, 8-K, or company press release. Reference numbers from third-party aggregators are excluded unless explicitly attributed. The Bureau does not invent figures, and it does not round silently.

   That outward publication is in English. Korean is reserved for internal documents, communications with Korean counsel, and the Editor’s working notes. The Bureau does not merely translate; it composes natively in each register.

   That no effort shall be spared to expand, develop, and adapt the research methods of the Bureau so as to maintain its leading position as a generalized publisher of dividend forensics.