We are committed to working closely with our third parties to ensure good ethical practices and business integrity, while managing potential environmental and social risks to our business.
Corporate social responsibility (CSR) – what we refer to as responsible management – is fundamental to the way we, and our group of companies, do business, and reflects our commitment to conduct our business in a legal, ethical, and responsible manner. Our responsible management philosophy not only applies to our own conduct as a holding company, but also to the behaviour of third parties with whom we conduct business, including suppliers, consultants, advisors and other business partners.
As set out in our Third Party Code of Conduct, third parties are expected to conduct their activities in accordance with the highest legal, ethical, and professional standards, and in a manner consistent with our values and responsible management philosophy, which align with the ten principles of the United Nations Global Compact.
Our Responsible Procurement Policy Statement
As part of our responsible procurement approach, and in accordance with our CSR commitments, we strive to:
Work with third parties that deliver quality, cost-effective and responsible products/services that help us achieve value for money while enabling positive environmental and social impacts;
Ensure that the minimum business standards in our Third Party Code of Conduct are communicated to our third parties and that they attest their compliance;
Ensure third-party risks are identified and mitigation measures established during the selection process, taking into consideration reputational, financial, governance, economic, social, and environmental risks;
Work with third parties to encourage sustainable products, including environmentally friendly technologies;
Monitor performance of higher-risk third parties, where relevant; and,
Report our progress on the implementation of our responsible procurement commitments.
Formal responsibility for our responsible procurement commitments has been assigned to the Vice-President and General Counsel, who provides oversight on the implementation of our Responsible Procurement Policy Statement and Third Party Code of Conduct.