Responsible Procurement
We strive to constantly uphold high ethical standards, practices and business integrity, as well as manage potential environmental and social risks facing our business. As such, we are committed to working closely with our third parties to ensure that environmental, social and ethical considerations are taken into account in all our decisions. We also recognize the important role we can play in advancing more sustainable business practices through the influence we have on our suppliers and business partners.
Our commitment to managing our business in a responsible manner and acting as a good corporate citizen is fundamental to the way we, and our group companies, do business. We are determined to conduct our business in a legal, ethical, and responsible manner and expect the same level of commitment to this responsible management philosophy from 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 sustainability commitments, we strive to:
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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;
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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;
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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;
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Work with third parties to encourage sustainable products, including environmentally friendly technologies;
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Monitor performance of higher-risk third parties, where relevant; and,
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Report our progress on the implementation of our responsible procurement commitments.
Implementation
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.
Our Strategy
The decisions we make on the procurement of products and services are based on our sustainability commitments and are aligned with organizations which share our values on this topic. Our commitment to responsible procurement focuses on integrating ESG considerations into our decision-making processes in a way that creates long-term and sustainable benefits. We also support local small- and medium-sized businesses by purchasing their products and services. For example, our local food catering is encouraged to use only natural and pesticide-free ingredients, and to purchase local products.
As part of our Responsible Procurement Policy and Third Party Code of Conduct, we engage with our suppliers and contractors to influence the provision of environmentally friendly products and services for our business. By engaging with suppliers and contractors, we have been able to source more environmentally friendly products, including LED lighting and energy-efficient building equipment, among others, to reduce our energy consumption and related GHG emissions.