Our Procurement Policy
Stansted is committed to competitively procuring from the marketplace to achieve the best value whilst minimising risk for the business. All Procurement activities will be guided by the following principles:
Procurement practices will be fair, open, transparent and professional.
All those involved in the Procurement process will abide by the company code of ethics and adhere to the Professional Conduct Policy and any other related policies, procedures and documents.
All individuals carrying out Procurement activities will raise any suspicions relating to unethical / unlawful practices in accordance with the Professional Conduct Policy.
In order to ensure that there is a robust segregation of duties, all Procurement activities and procedures will as far as is practically possible adopt the principle of having more than one approver for key controls, including systems and non-system approvals.
Focus on safety and sustainability
All those involved in Procurement activities must adhere to the company Health, Safety and Environment Policy.
All Procurement activities will follow the Sustainable Procurement Policy.
Effective sourcing and contract management to deliver value for money
All Procurement activities will adhere to company financial governance and all individuals carrying out Procurement activities will adhere to applicable law.
Sourcing activities leading to the award of a contract and/or a purchase order must follow the Sourcing and Supplier Approval Procedure.
All supplier contracts should be based on company contract templates or Purchase Order terms and conditions.
In order to maintain contract value over the term of the agreement, all contracts must include a clear and effective contract management methodology.
All company Procurement staff will receive appropriate training to support the successful achievement of this policy.
A Procurement Strategy will be maintained, being updated and approved by the company Board annually.
A Procurement Plan that supports the company and Procurement strategy will be maintained and regularly updated.
Effective Management of Risk
Procurement activities will ensure that risks to the company are recognised and mitigated within policies, procedures and day-to-day activities, including:
Financial, including authorisations, value for money and payments.
Supplier liabilities and insurances.
Segregation of duties.