GENEVA, SWITZERLAND — Archer Daniels Midland Co., Bunge Ltd., Cargill, Cofco International, Louis Dreyfus Co. and Glencore Agriculture, founding members of an industry-wide initiative to modernize global trade operations, have announced a new project name: Covantis.
The initiative aims to bring efficiencies and cost savings to companies throughout the international supply chain.
The initiative also launched a new web site, www.covantis.io, which explains its vision to connect the agri-industry via an independent and trusted digital platform to enable post-trade efficiency for all participants.
Covantis also will be the name of the digital platform now in development and expected to launch in 2020 subject to regulatory approvals.
The Covantis initiative said Stefano Rettore will lead the project as an independent adviser during its development phase until governance is in place and a chief executive officer is appointed. His responsibilities will include overseeing the search for a c.e.o. The future entity, executive appointments and the platform itself remain subject to regulatory approvals.
Rettore has more than two decades of global experience in the agribusiness industry. He was president of ADM’s origination business and, prior to that, was the company’s chief risk officer. Before joining ADM, he held a series of leadership positions at agricultural co-op CHS Inc.
“I am delighted to help lead the Covantis initiative as we build toward the launch of a ground-breaking new technology platform,” Mr. Rettore said. “Covantis offers a path to improve agricultural trade, unlocking significant value for all players across the supply chain. By working collaboratively with the industry, we have an opportunity to build a more effective, more efficient digital future for global trade.”
Since announcing the project in October 2018, the group has held workshops and roundtable discussions with a broad range of industry stakeholders, including shippers, charterers, buyers, service providers, financial institutions, trade associations, industry standards and regulatory authorities.
By collaborating on critical issues such as security and data privacy, technology choices, business model, adoption strategy, and functionalities and capabilities, the group is ensuring that the new platform will meet the needs of the entire industry.