The market has increasingly valued corporate governance and compliance, essential for companies to deliver ethical and legal conduct, in the search for sustainable profitability, with economic development and socio-environmental.
But do you know what the difference between the terms is? In this guide, you will discover how they relate to each other and what their importance is, in addition to understanding how corporate governance and compliance work within the iFood business ecosystem.
Compliance and corporate governance: understand the differences
Compliance and corporate governance are two fundamental areas in companies and have different responsibilities. However, its objective is the same: to ensure the sustainability of a business.
Both areas work together to promote the company's financial health, development, values, ethics and integrity, in different but complementary ways.
The role of corporate governance is to ensure an ethical, transparent, responsible and free environment interest conflicts.
Compliance, on the other hand, acts to comply with and monitor the rules and laws to which the business is subject, helping to strengthen a brand, organization and/or business.
Compliance has to do with strategic issues, reputation, coherence and uniformity in actions and decisions and the adaptation of new employees to company policies.
What is corporate governance?
Corporate governance is the system that guides the direction, monitoring and investments of companies or organizations, meeting the interests of different parties.
The involved parties of a corporation are the executive board, administrative board, management, shareholders, investors, stakeholders, governments and other organizations.
Also related to corporate governance is the power structure present in organizations, such as role definitions, business strategies and high-impact decisions.
What is compliance?
Compliance deals with the mechanisms and controls that guarantee the compliance of a business with legal standards and internal and external rules of conduct and ethics.
The term compliance comes from the English verb “to comply”, which means “to act in accordance with a rule, an instruction, an internal law, a command or a request”.
The objective of compliance is to avoid and mitigate risks and crises linked to legal issues and regulatory frameworks, such as cases of corruption, fraud, illicit acts and misconduct.
The compliance sector is also responsible for developing a code of ethics and conduct that guides the behavior of everyone who has a relationship with the company.
How important is compliance and corporate governance for organizations?
Compliance and corporate governance are extremely important for organizations as they transform principles into objective practices that align everyone's interests.
The purpose of these practices is to maintain and enhance long-term economic value, facilitate access to resources and contribute to the quality and longevity of management. ]
The principles that govern corporate governance and compliance are transparency, equity, accountability (accountability) and corporate responsibility.
Among the benefits of corporate governance and compliance are corporate and civil integrity, competitive advantage, greater productivity and reduced operating costs.
Is there any relationship between corporate governance and compliance?
The relationship between corporate governance and compliance is complementary. Compliance, or corporate responsibility, is one of the pillars of corporate governance.
There are 8 dimensions of corporate governance, the 8 Ps: property, principles, purposes, power, processes, practices, perpetuity It is people.
Compliance is involved in at least three of these eight dimensions: processes, longevity and people.
In this sense, compliance can be defined as one of the pillars of good corporate governance practices, especially with regard to Anti-Corruption Law.
A law 12846, of 2013, provides for the administrative and civil liability of legal entities for carrying out acts against the public administration, national or foreign.
How do these concepts work on iFood?
At iFood, corporate governance and compliance work together so that the company's main public purpose can be achieved: feed the future of the world.
Corporate governance is present in ESG strategies (acronym in English for environment, Social and governance), one of the company's priority areas of activity.
The culture of corporate governance and compliance is present in several iFood programs and initiatives, such as iFood Includes, which promotes diversity and inclusion.
Corporate governance at iFood
Corporate governance at iFood works through transparency in the disclosure of results, equity, accountability and corporate responsibility.
An example of transparency is the publication of the first ESG report, the Impact Report 2021 – with data, balance sheets and results of actions from the areas of education, environment It is inclusion from the company;
In relation to equity, iFood has the iFood Includes program, which aims to promote equity, diversity and inclusion in the job vacancies offered by the company.
In the sphere of corporate responsibility, iFood constantly innovates, creating solutions that benefit customers, delivery men It is establishments.
Among them are the data protection and security of personal information in the iFood application, which are priorities for the company.
Compliance at iFood
Compliance is a fundamental part of the iFood business ecosystem. Ethic, social responsability, respect and diversity are topics that have gained increasing attention in the company.
Examples of this are the Code of Ethics and Conduct for FoodLovers and the Third Party Code of Ethics and Conduct, launched in 2022.
Another important milestone for iFood compliance was the launch of the booklet “Cultivating Respect and Equality: Action Guide against Harassment”.
The document is a powerful tool for affirming iFood's commitment to respect and diversity.
The booklet aims to help FoodLovers, especially women, to identify situations of harassment and/or prejudice who suffered when interacting, in their daily lives, with external actors.
