Sydney Markets Limited owns and operates Australia's largest markets, and is recognised as a world leader in fresh produce and community market management.
The company provides an environment that supports competitive trade and effective distribution. It aims to achieve operational excellence; innovation and business development, together with strong leadership, management and teamwork.
It operates wholesale and community markets - and offers an extensive range of services that add value for shareholders, tenants, their suppliers and customers.
CORPORATE GOVERNANCE STATEMENT:Board composition
The composition of the Board is in accordance with the criteria laid down in Sydney Markets Limited’s Constitution.Directors’ shareholdings
No Director holds or is able to hold any share in Sydney Markets Limited except where he has a share entitlement as a holder of tradeable space in accordance with Sydney Markets Limited’s Constitution.Directors’ committees
Directors’ Committees encompassing Finance, Audit & Risk, Environment Management, Remuneration, Strategic Plan and Director Nominations Committee operated during the year and these committees meet on a regular basis.Ethical standards
Directors, staff and contractors are required to abide by Sydney Markets Limited’s Code of Conduct.Insurance of officers
During the financial year, Sydney Markets Limited paid insurance premiums for Directors and Officers Liability Insurance in respect of any person who is or has been a Director or Officer of Sydney Markets Limited. The terms of the policy do not allow the amount of the premium to be disclosed.
More than property management:
Sydney Markets Limited is more than just a property management company that collects rents and fees from its tenants. Market operations are complex, with huge tonnages of highly perishable fresh produce from all over Australia moving through them each day. The community markets attract very large crowds seeking the many bargains on offer. This brings operational pressures which are managed effectively through excellent systems put in place by the company.
A commitment to excellence:
The Chairman, Directors, Chief Executive Officer, Management and staff of Sydney Markets Limited are strongly committed to operational excellence, and to the delivery of a high standard of customer service to tenants at all times. Within that framework they are focused on the continuing commercial viability of the company and the markets as a whole.
Ensuring best practice:
A team of over 80 employees, supported by numerous contractors, strive to ensure that best practice is achieved in financial management and corporate services, marketing and promotions, operations, property management, facilities maintenance and development.
Supporting trade and distribution
Sydney Markets Limited is constantly focused on delivering the best environment that supports competitive trade and effective distribution. This is achieved through a program of operational improvements, facilities upgrades and innovative marketing initiatives. This philosophy includes a commitment to technological innovations, the provision of safe and efficient trading conditions and a concerted effort to protect the environment by effective waste management strategies.
Our Mission Statement
“Providing a safe and innovative environment that supports competitive trade, effective distribution and growth.”
Our values are…
- To place the safety of all, above all
- To treat everyone with respect, fairness, integrity, and honesty
- To encourage and reward teamwork
- To embrace accountability and strive for excellence
- To recognise achievement
- To be open in our communication with all stakeholders
Visions and Goals
Our vision describes the manner in which we see our mission unfolding. It represents an image of what we want to create for our people, shareholders and other stakeholders over time.
Our Vision is ...
“To be the World’s leading produce, flower and retail market, by applying commercial and innovative leadership.”
Our Vision is characterised and supported by six goals:
COUNCIL OF MARKET REPRESENTATIVES
The Board of Sydney Markets Limited (SML) were of the view that there should be continuous and meaningful dialogue between SML and people who:
- conduct business activities at the Markets or regularly use the facilities of the Markets: and are members of an industry group specified in accordance with the articles of association
- In this way, SML’s management is able to understand first-hand the goals, objectives and priorities of the people most directly involved in day to day business at the Markets. In order to ensure that dialogue is created and maintained, the articles of association provide for the establishment of the Council of Market Representatives. The Council acts as an advisory panel to the Directors. The Council is chaired by SML’s Chairman.
Specific issues on which the Council may deliberate and report to the Directors are:
- the operation and efficiency of the Markets;
- the development of initiatives to ensure optimal operation of the Markets is achieved and maintained;
- the interaction between the Tenants and other users of the Markets and the concerns of both groups;
- ensuring all users have proper and reasonable access to the facilities of the Markets;
- the promotion of the Markets and all its activities;
- the degree of customer satisfactions with the wholesale and retail activities of the Markets; and
- recommendations in respect of the industry groups specified in SML’s articles of association.
SML Chairman convenes meetings at such times as he and other members of the Council consider fit provided that meetings of the Council will be comprised of Market Participants nominated by their respective Industry Groups and confirmed by the Directors
The Council has no authority to bind Sydney Markets Limited.
BENEFITS OF SYDNEY MARKETS AND THE CENTRAL MARKETS SYSTEM
Creating the best environment:
The facilities at Sydney Markets were specifically designed to create the best environment to receive, store, trade and distribute highly perishable fresh fruit, vegetables and cut flowers. Sydney Markets is constantly evolving to ensure modern, efficient and technologically advanced facilities and services are available to meet demand.
Servicing Australia’s consumers:
Each day thousands of buyers – greengrocers, supermarkets, florists, food processors, restaurants and other food service outlets, to name but a few, purchase fresh produce through the Sydney Markets. The fresh produce these businesses sell is consumed by people from all over NSW and the ACT who together constitute almost one-third of Australia’s population.
Choice and competition:
True market forces of supply, demand and competition determine the prices at Sydney Markets. In this highly competitive environment, there is no intervention, quotas, minimum or maximum selling prices or quantities. This allows buyers the freedom of choice and the opportunity to make a personal assessment of quality and availability. By providing continuity of supply, Sydney Markets reduces the risk of non-supply as well as the uncertainties of buying highly perishable goods direct from producers. The community markets offer great choice, with an extensive range of product variety, quality and price.
Operations are constantly being reviewed with the aim of improving cool chain systems and minimising disruptions to distribution channels. This assists in preserving the quality of fresh produce and helps to reduce food safety risks. It also ensures that all markets are able to operate efficiently, effectively and securely.
Building strong relationships:
Sydney Markets provides opportunities for suppliers, wholesalers and buyers to build strong business relationships by providing a unique environment of healthy and open competition.
Offering economies of scale:
Sydney Markets offers economies of scale that enable it to pass savings on to tenants. These savings are made through bulk purchases of items such as electricity, telephone communications and maintenance.
Promoting Sydney Markets:
The benefits of trading at Sydney Markets are actively promoted to retailers, industry and the wider community through marketing initiatives such as advertising, public relations, horticultural and professional scholarships, sponsorships and promotions.
Effective marketing campaigns:
The popularity of the community market can be attributed to comprehensive advertising campaigns, a dynamic range of promotions and the variety, quality and price of products for sale. A yearly calendar of events enhances the shoppers’ experience and makes their visits entertaining and “hassle-free”.
Encouraging consumption of fresh produce:
Sydney Markets Limited seeks to educate the community about the benefits of a healthy diet rich in fruit and vegetables, and also to encourage consumers to integrate fresh flowers into their lifestyles. Increasing consumption of fruit and vegetables and the use of fresh cut flowers ultimately benefits the entire industry.
Fresh for Kids:
A particularly valuable initiative is the Fresh for Kids Program that is specifically designed to educate and encourage children to consume greater quantities and varieties of fresh fruit and vegetables. This program is supported by a loveable group of life-size fruit and vegetable characters, a close relationship with New South Wales Department of Education and Communities’ Premier’s Sporting Challenge, and hundreds of promotions and events which are run in school canteens, retail stores and via the multi-award winning interactive website – www.freshforkids.com.au