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Governance report
How we govern our business
Bidcorp has a proven way of doing business. Our culture is proactive and entrepreneurial rather than reactive and corporate. At local level, our
people are empowered to use their initiative, are held accountable and rewarded accordingly. Our decentralised business model is underpinned by
our proven ability to attract, retain and develop self-reliant people who make optimum use of Bidcorp autonomy.
Bidcorp managers are independent-minded, thoroughly schooled in their market and business, and noted for their ability to maximise trading
opportunities. They do not require “hand-holding” from the centre.
Criteria for staff selection and development are atypical. Enthusiasm, the ability to deliver and aptitude take precedence over academic qualifications.
Bidcorp people and our business model are flexible and adaptable. Economic conditions change, so does the business cycle, while changing
customer tastes and preferences can impact demand. Bidcorp therefore expects all operations to be responsive and nimble.
Our competitive position has strengthened in numerous markets irrespective of market dynamics – positive or otherwise. Growth is driven by
independent decision making by autonomous teams, local knowledge, early identification of opportunities for expansion and our relentless quest for
quality service at pace.
Bidcorp embraces rigorous corporate governance as a way of life rather than a way of putting ticks in the compliance “box”. Stakeholders can only
derive full, sustained value if the business is founded on honesty, integrity, accountability and transparency. Bidcorp prizes simplicity. Clearer focus
facilitates both good management and good governance.
Ashley Biggs
Group company secretary
Structures that capture the talent and energy needed for continued growth provide a firm basis
for robust governance. The key features of this geographically diversified framework are four
divisions, supported by a South Africa-based corporate office and listing on South Africa’s JSE
Limited.
Each division is governed by an independently chaired divisional audit and risk committee.
These committees convene each quarter. They collate information and report into the group
structure, ensuring accountability within each division while providing Bidcorp’s board with timely
information. Reporting structures are flat.
How we integrate
Bidcorp recognises the value of an integrated approach to assurance and compliance.
Bidcorp manages the challenge of good governance in a decentralised environment by rigorous
application of a framework that integrates four basic pillars: governance, assurance, compliance
and risk management. This framework ensures respect for legislated requirements and
regulations yet is flexible enough to accommodate change and innovation.
Our autonomous teams habitually share best practice. This is not mandated. It is a function of
robust communication between managers in the same industry who face similar challenges. Our
people are pragmatists with the knowledge and experience to recognise scope for improvement
and implement necessary change – whether the concepts are independently developed or spring
from shared experience. These considerations apply in business and the sphere of corporate
governance.
Annual integrated report 2017
Bid Corporation Limited
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GOVERNANCE REVIEW