02:20 PM EDT, 05/16/2024 (MT Newswires) -- Loblaw Companies ( LBLCF ) on Thursday it now supports Canada's Grocery Code of Conduct following revisions to the standard.

A statement noted the announcement was made at the company's Supplier Summit with more than 1,300 suppliers, is part of Loblaw's ( LBLCF ) continued commitment to promoting a fair and transparent grocery industry in Canada.

"This decision follows a series of discussions the company held with the Code Interim Board and Working Group over the past six months. The final part of this process will be for all major industry participants to sign the Code," it said.

Meanwhile, The Globe and Mail has noted that Loblaw ( LBLCF ) has, after years of fractious negotiations over a grocery industry code of conduct, dropped its earlier opposition and agreed to sign on to the new rules "aimed at smoothing relations between retailers and their suppliers."

It said the support from Canada's largest grocer removes a major barrier to the code's implementation, but leaves another large retailer, Walmart Canada, still holding back on signing the agreement. In an interview on Thursday, Loblaw ( LBLCF ) chief executive officer Per Bank said the self-regulatory scheme cannot move forward without cross-industry support. "We are ready to sign, if all our competitors will sign as well," Bank said.

Loblaw ( LBLCF ) was at last look up $1.75 to $156.89 on the Toronto Stock Exchange.

Price: 156.89, Change: +1.75, Percent Change: +1.13