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our risks More online For more information, please refer to 'Our risks' in the online annual report. annualreport12.bakkavor.com OPERATIONAL RISKS GROUP TECHNICAL DIRECTOR LOSS OF KEY EMPLOYEES FOOD SAFETY & INTEGRITY COMMODITY PRICE INFLATION HEALTH AND SAFETY CHIEF EXECUTIVE OFFICER CONSUMER UNDERSTANDING COVENANT COMPLIANCE MARKET RISKS CUSTOMER RELATIONSHIPS INTEREST RATES, LIQUIDITY AND CREDIT CHIEF FINANCIAL OFFICER FINANCIAL RISKS management of all risks assigned to INDIVIDUAL MANAGEMENT BOARD MEMBERS Bakkavor Group has identified eight key risks to the business. The successful mitigation of these risks is paramount to the day-to-day running of the business and the achievement of our long-term vision. risk management Our decentralised model empowers our management to identify, evaluate and manage the risks they face proactively. The management of principal risks is assigned to key members of the Management Board. It is their responsibility to report to the Board on a monthly basis regarding the actions associated with each of those risks. page 19
corporate governance how we manage bakkavor how we operate We operate within a governance framework which we believe provides assurance to all our stakeholders that Bakkavor is a well-managed, responsible company and which allows us to ensure that the Group Board and the Management Board: • have assessed the necessary options and are taking the business in the right strategic direction • are leading and managing the business effectively and are accountable for their actions • have put in place appropriate controls which are used actively throughout the business • consider the interests of all our stakeholders in making executive decisions. STAKEHOLDERS GROUP board The Board retains ultimate responsibility for upholding corporate governance standards and determining the strategic objectives of the Group. MANAGEMENT BOARD GROUP BOARD GROUP OPERATIONS Management Board The Management Board implements the strategic objectives set by the Group Board and approves Group policies. It monitors achievement against objectives and compliance with policies. group operatIONS Within appropriate risk parameters managers at our business units are tasked with the detailed planning and implementation of strategic objectives set by the Management Board. our management stakeholders We address all stakeholder interests through the Bakkavor values (see page 21). Our values are fundamental to our ability to run our business with integrity. We recruit new people and reward all managers against their ability to demonstrate our values in the day-to-day running of the business. average number of years in the food industry leading industry experts in food technology total years of service at Bakkavor Our highly experienced Management Board is tasked with the successful operational running of our business within our corporate governance and risk management frameworks. board 20 2 114 1 Agust Gudmundsson Chief Executive Officer 2 Peter Gates Chief Financial Officer 3 Ann Savage Group Technical Director 4 John Gorman President – Bakkavor North America 5 Einar Gustafsson Managing Director – Bakkavor Asia 6 Mike Edwards Sector Managing Director 7 Ivan Clingan Sector Managing Director 8 Steve Broadbent Sector Managing Director 1 2 3 4 5 6 7 8 page 20
Page 1 and 2: Annual report AND accounts 2012
Page 3 and 4: BAKKAVOR ANNUAL REPORT AND ACCOUNTS
Page 5 and 6: welcome to our Bakkavor 'Fast Read'
Page 7 and 8: usiness segments united kingdom mar
Page 9 and 10: key performance indicators WE USE A
Page 11 and 12: 3 4 5 assets Our commitment to cont
Page 13 and 14: More online For more information, p
Page 15 and 16: leading customer service leading ma
Page 17 and 18: growing our product pipeline Within
Page 19: 2 6centres of excellence investing
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Page 45 and 46: BAKKAVOR ANNUAL REPORT AND 2012 ACC
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BAKKAVOR ANNUAL REPORT AND ACCOUNTS
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