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The purpose and values of the business
Associated British Foods plc is an international food,
ingredients and retail group with annual sales of £6.8bn
and 85,000 employees.
The group is one of Europe’s largest food companies
with a wide range of successful brands and products in
the food sector, and an increasingly strong presence in
advanced research and technology, where we are turning
natural products into innovative ingredients for the
food, personal care and pharmaceutical industries.
A significant supplier of branded and non-branded grocery
products and a leading textile retailer, we have major
businesses around the world.
Our aim is to concentrate our energies and our expertise
to achieve strong, sustainable leadership positions in
markets that offer potential for profitable growth. As a
group, we are also constantly searching for better, more
efficient and more profitable ways to manufacture food
and ways to employ our technology in other related sectors.
As a responsible corporate citizen, we aim to act in
a socially responsible manner at all times. The group’s
organisational structure is highly decentralised and
as such our companies devise procedures appropriate
to and compliant with local laws, culture and operating
conditions but within the overall context of minimum
overriding principles.
Overriding principles
Following the introduction of new provisions concerning the duties of directors under the Companies Act 2006, directors must act in the way they consider, in good faith, would be most likely to promote the long-term success of the Company for the benefit of its members as a whole. In so doing, the directors should have regard to a number of factors listed in that Act. Those factors include having regard to the Company’s employees, the need to foster the Company’s business relationships with suppliers and others, the impact of the Company’s operations on the community and the environment and the desirability of the Company maintaining a reputation for high standards of business conduct.
With this in mind, we have reaffirmed our commitment to a number of overriding principles.
Employees
Our employees are our most crucial resource, and therefore we abide by the following principles:
- Equal opportunities – we are committed to offering
equal opportunities to all people in their recruitment,
training and career development, having regard for
their particular aptitudes and abilities. Full and fair
consideration is given to applicants with disabilities
and every effort is made to give employees who
become disabled whilst employed by the company
an opportunity for retraining.
- Health and safety – we consider health and safety as
equal in importance to that of any other function of the
company and its business objectives. The policy and
full global report is available on the company website
at www.abf.co.uk
- Harassment – we will not tolerate sexual, mental or
physical harassment in the workplace. We expect
incidents of harassment to be reported to the
appropriate human resources director.
- Human rights – managers must take account of the core
International Labour Organisation labour conventions
and strive to observe the UN Declaration on Human
Rights, by respecting the dignity and human rights
of our employees and in particular as stated below:
'Universal respect for an observance of human
rights and fundamental freedoms for all without
discrimination as to race, sex, language or religion.'
We remunerate fairly with respect to skills,
performance, our peers and local conditions.
- Communication – we will brief employees and their
representatives on all relevant matters on a regular basis.
- Security – the security of our staff and customers is
paramount and we will at all times take the necessary
steps to minimise risks to their safety.
Ethical business practices
- Competition – we are committed to free and fair
competition and we will compete strongly but honestly
complying with all local competition laws.
- Bribery – we will not condone the offering or receiving
of bribes or other such facilitating payments to any
person or entity for the purpose of obtaining or
retaining business or influencing political decisions.
- Political donations – financial donations are not
permitted to political parties within the European
Union. The consent of the Chief Executive is required
for any other donation to a political party.
- Confidentiality and accuracy of information – the
confidentiality of information received in the course
of business will be respected and never be used for
personal gain. False information will not be given in
the course of commercial negotiations.
- Conflict of interest – any personal interest, which may
prejudice or might reasonably be deemed by others
to prejudice, the impartiality of employees, must be
formally declared to a senior manager. Examples of
this include owning shares in business partners and
personal or family involvement in trading contracts.
- Business gifts and hospitality – gifts, other than
items of very small intrinsic value, are not accepted.
Employees who receive hospitality must not allow
themselves to reach a position whereby they might be
deemed by others to have been influenced in making
a business decision as a consequence. However, giving
and receiving reasonable business-related products,
marketing materials and entertainment are permitted.
- Insider trading – employees are prohibited from buying
or selling shares or other securities (such as bonds,
derivatives or spreadbets) on the basis of inside
information. Inside information is defined as information
that is not available to the public, and includes
financial data, plans for mergers, acquisitions or
divestitures, changes in dividends, new products
or major management changes. Trading in shares
in Associated British Foods plc or any other publicly
traded company on the basis of inside information is
prohibited, as is the passing on of insider information
to anyone who uses it to purchase or sell securities.
Insider trading is illegal and may result in prosecution.
Food safety
We recognise and acknowledge that consumer confidence
in the quality and safety of our food products is essential.
To this end a high priority is placed on all aspects of
food safety.
To manage food safety risks, our sites operate food safety
systems which are regularly reviewed to ensure they
remain effective, including compliance with all regulatory
requirements for hygiene and food safety. Our food
products are made to high standards regardless of where
they are manufactured. We will always put food safety
before economic considerations.
Stakeholder relationships
Customers
We seek to be honest and fair in our relationships with
our customers and above all to provide the standards of
product and service that have been agreed whilst at the
same time offering value for money. At all times we take
all reasonable steps to ensure the safety and quality of
the goods or services that we produce.
Shareholders
Associated British Foods plc is committed to increasing
shareholder value, and we will communicate our
achievements and prospects to our shareholders in
an accurate and timely manner. Apart from the annual
general meeting the company communicates with its
shareholders by way of the annual report and accounts
and the half yearly interim report. Significant matters
relating to the trading or development of the business are
disseminated to the market by way of Stock Exchange
announcements. The company also holds meetings
with its major institutional shareholders to discuss the
company’s operations.
Suppliers
We will carry out our business honestly, ethically and
with respect for the rights and interests of our suppliers.
We will settle our bills promptly being a signatory to the
Better Payment Practice Code and we will co-operate
with suppliers to improve quality and efficiency. We
seek to develop relationships with supplier companies
consistent with these basic principles, and specifically
with respect to human rights and conditions of
employment. Where supplier audits show shortcomings
in any of these areas, we will strive to encourage a
programme of improvement leading to compliance.
Responsibility for specific supply codes and agreements
rests with individual companies.
The wider community
We recognise our responsibilities as a member of the
communities in which we operate and encourage our
operating companies to engage with the local community
in their areas of operation. Examples of this include
cultural and community sponsorship in Australia through
George Weston Foods and the community activities
of British Sugar in the UK.
The Garfield Weston Foundation was set up by the late
W. Garfield Weston in 1958. It is one of the UK’s foremost
philanthropic organisations and derives a substantial
proportion of its funds from its interests in Associated
British Foods plc’s ultimate holding company, Wittington
Investments Limited. Further information can be found
on www.garfieldweston.org
Applying our principles
These business principles apply to all our employees
and are a minimum standard for their behaviour;
operating companies may have additional standards.
Failure to comply with our principles may result in
disciplinary action.
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