How we "ESG" our business
Solid growth is under-pinned by solid governance. Bidcorp has delivered both. Building investor trust through effective, transparent and relevant communications
Ashley Biggs
Group company secretary
Bidcorp, operating as Bidfood in most geographies, has a decentralised model which encourages the entrepreneurial spirit contained in each of its businesses. Each business is directly responsible for its product range, its buying and sales approach. The cultural differences are important to differentiate the regional locations. Customers should see each business as an autonomous, small, local business and be confident in Bidfood's ability to deliver quality and value at unsurpassed service levels. Our staff are passionate about the products they sell and the customers they service.
Corporate governance is embedded in Bidcorp's business processes to ensure that all stakeholders derive full, sustained value from a business founded on honesty, integrity, accountability and transparency. Bidcorp prizes simplicity to achieve clear focus and to facilitate both good management and good governance.
Each of Bidcorp's businesses are grouped into a geographically defined division. Each division is quarterly convened, under the lens of the independently chaired divisional audit and risk committee. These quarterly committees conduct a robust, in-depth financial review of business-by business results. In addition, governance updates, combined assurance reports, ESG information and a risk review makes up the agenda. Each management team, CE and FD, sign a quarterly management representation letter, providing an additional layer of assurance and comfort that policies are in place, well understood and implemented by all members of the group.
Bidcorp has a proven way of doing business. 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-motivated people.
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 agile.
How we integrate
Bidcorp recognises the value of an integrated governance approach incorporating risk management, assurance and compliance functions.
Bidcorp manages the challenge of good governance in a decentralised environment by rigorous integration of 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 embrace the opportunity to share best practice. This is not mandated but rather a function of robust communication, embracing social media tools to bring our geographically separated teams closer to learn and grow, navigating success through 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 the sphere of good governance and ultimately in business success.
1
2
Risk
management
Compliance
Australia,
New Zealand
Bidfood UK, Bidfresh
Netherlands,
Belgium, Czech,
Slovakia, Poland,
Italy, Baltics, Iberia,
Germany, Austria
Asia, Chile, Brazil,
Argentina, Africa,
Middle East, Turkey
Bidcorp Corporate,
BPC,
BidOne
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For further information refer to the Governance review on how we ESG our business governance; as well as the directors and committee reports, as included in the annual financial statements. |
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