OUR REFLECTIONS ON THE KING IVTM OUTCOMES
Legitimacy denotes recognition and acknowledgement that can only be earned through the eyes and experiences of stakeholders.
When we are able to create authentic shared value, as per our sustainability pledge, we build our reputation as a good corporate citizen and strengthen the material relationships that enable value creation.
We take our responsibility as a corporate citizen seriously, which means that the board continuously evaluates the group’s impact on stakeholders and the environment. The Social and Ethics Committee is mandated to provide guidance on and oversight of SPAR’s activities regarding the environment, consumers, employees, communities and other stakeholders, and to monitor the company’s sustainability and governance performance in this regard. The committee also ensures that these activities take place in a compliant and ethical manner that contributes to the welfare of the business and our stakeholders.
To further expand on the group’s legitimacy, the SPAR Guilds also have Social and Ethics Committees:
- The SPAR Guild Social and Ethics Committee is a committee of the SPAR Guild board, comprising SPAR Guild distribution centre and retail members who focus on social and ethics matters relating to the guild. These include, for example, marketing activities and community projects.
- The Build it Guild Social and Ethics Committee is a committee of the Build it Guild board, comprising Build it Guild retail members, a Build it wholesale member and the Build it human resources manager.
These governance structures direct our focus on SPAR’s value creation for stakeholders and serve as a conduit for new and emerging risks as well as stakeholder feedback to other board committees.
Our report on material stakeholder relationships provides information on how we engage with and create authentic shared value for stakeholders, which, together, build the brand’s public legitimacy.
We have also started a process to link our values to the sustainable development goals (SDG), thereby articulating how we can support its aims to end poverty, protect the planet, and ensure prosperity in the next 15 years. This link ensures that we retain an external and holistic focus, and remain aware of our impact on society. More detail about our commitment to the SDGs is available here.