Annual Integrated Report 2019

including local product sourcing and sustainable business practices. The group continues to invest to ensure high product quality and rigorous compliance with food safety protocols. It has also committed to protecting the environment, including setting business unit targets for ghting climate change. Ambitious goals have been set across the supply chain to increase transparency and ensure practices re ect the highest standards of integrity, respect and safety for suppliers and other partners. In line with regulatory calls for regular audit rotation, we have changed the group’s external auditor from KPMG to PricewaterhouseCoopers. The board extends its appreciation to KPMG for its considerable input and guidance over many years and we look forward to a successful relationship with PwC. During August 2019, Bidcorp undertook an independent board appraisal to evaluate board functioning. Board members provided their con dential responses on subject areas which included governance, strategy review, leadership, nancial reporting, risk oversight, succession planning, ethics and stakeholder engagement. In addition, the review included appraisals of the ve board committees. No signi cant matters of concern arose. Bidcorp is a well-run, transparent company and will continue on its journey of meeting and beating its stakeholders’ expectations. The board is satis ed with enhanced governance measures and internal controls in place to alert leadership to emerging issues and to provide any corrective actions required. These include augmented risk management procedures around food safety, cyber and data security, corruption, reputational damage, product liability claims and other matters that could cause disruption to day-to-day operations. Appreciation My sincere appreciation is extended to our hundreds of thousands of customers and tens of thousands of suppliers for choosing Bidcorp. We continue to deepen these relationships as we strive to become their foodservice partner of choice. Our strong performance would not have been possible without Bernard Berson, his leadership team and the 25 858 people New heights scaled. Revenue up. Trading pro t up At the forefront of technological solutions Our people driving innovation and service excellence An organisation of this scale has responsibilities to society Gratitude to Doug Band, he has played a critical role DAC own brand ARCO, Italy. who work for Bidcorp. Thank you for your invaluable contributions. I would also like to thank my fellow board members for their counsel and support. In particular, my gratitude goes to Doug Band, who is retiring after having served as the lead independent director with distinction. He has played a critical role in the advancement of good governance at Bidcorp and before that at Bidvest. We recognise and appreciate his valued contribution over many years. Ensuring longevity As the business evolves, so too must the board, as such two new appointments have been made to strengthen diversity and skillset. We welcome Mrs Tasneem Abdool-Samad and Mr Clifford Rosenberg to the board, effective September 16 2019. The foodservice industry continues to grow worldwide. We intend to capitalise on increasing demand for out-of-home and healthy eating, quality produce, variety of choice and value for money. Bidcorp remains at the forefront of technological and data solutions in foodservice, while maintaining a strong nancial position. We continue to collaborate across geographies, sharing knowledge to deliver signi cant savings and improved services, and are well positioned to bene t from our sustained investment in people, systems and infrastructure. We are targeting growth in home currency earnings through a combination of organic and acquisitive expansion, cost containment and operating ef ciencies, while delivering service excellence, product quality and customer satisfaction. Despite geopolitical and economic challenges, there remain opportunities for nimble businesses closely aligned to market needs. I remain con dent that Bidcorp, with its strong entrepreneurial culture and resources, remains a resilient business that can sustain growth and continue to add value to stakeholders. Stephen Koseff Chairman Bid Corporation Limited Annual integrated report 2019 / 3 This is Bidcorp