The field of values in business has been growing in importance for some time and it is a genuine milestone that we can now welcome the UK’s first dedicated Chief Values Officer for a major business.
Pete Westall will take this executive team role at the independent co-operative Midcounties, a diversified retail business that employs 8,500 staff and is co-owned by 700,000 members.
Culture and values have long been seen as the soft side of business, but are now widely recognised as key to commercial success over time. The UK Corporate Governance Code for listed companies last year set out expectations that every Board should take action to set and monitor goals around organisational culture and values.
But who should lead on this? If it is HR, then how do you ensure that supply chains and external relations are covered? If it is risk and compliance, then how do values make their way into product and service innovation? If it is the CEO, then how do you avoid this being swamped by other demands on their time?
The idea of a Chief Values Officer was something we explored in a 2017 workshop of the UK Values Alliance, the member network that pioneered World Values Day – now held every October on the third Thursday of the month. I wrote this workshop up as a post – Introducing the Chief Values Officer – and one of those reading it was Pete himself.
Midcounties has a long track record of firsts. It was the first business, alongside a handful of other co-ops, to publish the details of their tax, under the Fair Tax Mark. It was first to offer consumers full traceability on their local food sales, through QR codes and a new app, Happerley. With member backing, plastics are on their way down and Midcounties is one of only a few businesses to be rated five star by Business in the Community. Through Co-operatives UK, Midcounties was named Leading Co-op of the Year in 2018.
Out of the global set of co-operative and ethical values, Midcounties under the leadership of CEO Phil Ponsonby and its elected Board, places a priority on four throughout its work – Democracy, Openness, Equality and Social Responsibility (DOES).
It is easy to see values as a constraint, as an attempt to keep institutions in train. It is a different approach to see values as a source of opportunity.
It’s coming. In today’s world of empowered consumers, concerned employees and instant social media, values and culture is the next frontier for business.