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Corporate Governance Report
In order to guarantee conformity of the established
procedures, the group’s main internal control systems
are periodically evaluated.
Internal control and accompaniment of the internal
control systems are carried out by the Executive Com-
mittee. For specific business aspects there are risk
areas whose management has been assigned to func-
tional departments, standing out:
Food Quality and Safety
In the foodservice business the risk associated to hy-
giene and food safety is of major importance.
Management of this risk area is coordinated by the
Quality Division. Its main concerns imply responsible
and proactive action, following the principles of preven-
tion, training, monitoring of indicators and the search
for continual improvement in order to minimize food-
related risks that impact consumers’ health.
This risk area’s main management aspects are:
- Qualification and Selection of Suppliers and Products
in the food quality/safety area and the Periodic Control
Programme for Suppliers/Products and Services;
- to ensure effectiveness of the implemented Tracing
System;
- the control of the units’ Productive Process by means
of HACCP Systems;
- the system to Develop Food Safety Skills;
- Maintenance and Monitoring of measurement devices;
- Food Crisis Management System, which allows existing
food warning systems to be monitored at all times and
ensures immediate action when necessary;
- System for Continual Improvement, supported among
other instruments by the External Audits Programme
in all Group units; programme for micro-biological
analyses of end products carried out per sample by
the accredited external entity; Complaint Handling
System, Mystery Customer Programme and Internal
Audits Programme with respect to the indicators as-
sociated to Food Safety;
- Live Well Programme, by which the Group informs
consumers about its Food Safety system and the op-
portunity to have healthy food habits, providing them
transparently with the information needed to make
the most correct choices.
- Certification process-management system for food
safety in the framework of ISO 22000, demanding in-
ternational standard in food safety.
Workplace Safety and Hygiene
Coordination of this risk area’s management process
is the responsibility of the Human Resources Division,
which coordinates the Training Plans and monitors ap-
plication of the standards and procedures set out in the
SHT Manual in effect at Ibersol.
Financial
Risk management in the financial area is carried out by
the Financial Division and it concentrates in monitor-
ing the volatility of financial markets, especially interest
rates. The current market situation has conduced to a
major relevance of the liquidity risk. The main sources
of risk exposure are:
a) Exchange rate risk
The exchange rate risk is very small because Ibersol
Group is mainly present in the iberian market, the bank
loans are denominated in euros, and the purchase vol-
ume outside Eurozone does not assume significant
proportions. In the same way, the purchases and the
external financing of the Angolan subsidiaries (here
taking in account that one substantial part of the as-
sets are granted by it´s own founds) have still a small
expression.
Regarding future financing outside Eurozone, Ibersol
Group shall proceed a policy of a natural coverage, us-
ing local funding whenever the conditions of interest
rates recommend so.
The increase of the angolan activity shall revel an in-
creased exchange risk, that will affect the value of assets
and liabilities.
