Coles a corporate case study in taking one’s comeuppance

 In Australia, Coles, NewZealand
Corporate Australia would do well to study the way supermarket giant Coles handled explosive allegations of "unconscionable conduct" that will include a review of up to 220 suppliers with combined sales of $660 million.
After initially denying any wrongdoing when the allegations were lobbed by the Australian Competition & Consumer Commission (ACCC) in May, Coles has opted to kill the bad publicity by pre-empting the outcome of a court judgement.
In a statement, Coles boss John Durkin did a full-blown mea culpa and admitted it had behaved badly to some of its suppliers. "Coles sincerely regrets and apologises for its conduct in these dealings".
It was a big victory for the ACCC on many fronts. While the $10 million fine is inconsequential for the supermarket leviathan, it has sent a message to all companies that such behaviour will not be tolerated. Coles has changed its processes and entered an undertaking to set up a formal review process to be headed by Jeff Kennett.  Sydney Morning Herald – Read more…

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