Mintec, a leading provider of benchmark prices and analysis for the commodity markets, today announced the successful completion of an independent review of its proprietary food ingredient and agricultural commodity price assessment process. The audit, undertaken by professional services firm BDO, confirms that Mintec's governance and controls framework, policies and price reporting practices align with IOSCO's Principles for Price Reporting Agencies (PRAs).
Spencer Wicks, CEO of Mintec, said, "Mintec is proud to have successfully completed its IOSCO audit. This accreditation reflects our ongoing commitment to run our business with integrity and the highest standards of governance and establishes Mintec as the first, food-focused IOSCO compliant PRA."
Marcel Goldenberg, Head of Proprietary Pricing at Mintec, added, "Our Mintec Benchmark Prices bring a new level of rigour to commodity pricing. This audit enables us to support our customers who wish to extend their use of Mintec prices in physical contracts as well as for hedging through financial instruments for risk management purposes”.
The review encompassed 14 prices that received the Type 1 IOSCO accreditation across plant proteins, nuts, oils, spices, softs and dairy:
The BDO review was undertaken to meet IOSCO's recommendation that PRAs engage an external auditor to review and report on their adherence to its own stated methodology criteria and the requirements of the IOSCO PRA Principles. The review included a comprehensive evaluation of Mintec's documentation relating to its proprietary pricing processes for assessing market prices for food ingredients and agricultural commodities.
A copy of the assurance report can be downloaded here:
To view the methodology and specifications for Mintec Benchmark Prices please click here:
Mintec enables the world's largest food and CPG brands to implement more efficient and sustainable procurement strategies. We do this through our cutting-edge SaaS platform, Mintec Analytics, which delivers market prices and analysis for more than 14,000 food ingredients and associated materials. Our data and tools empower our customers to understand prices better, analyse their spend and negotiate with confidence.
For information on Mintec Analytics data, analytical tools, or market insight, contact David Bateman, Global Head of Marketing on +44 (0) 1628 642762 or email: firstname.lastname@example.org Website: www.mintecglobal.com UK: Sales +44(0) 1628 642 482 US: Sales +1(972) 897 7494 email@example.com
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