Loblaw CEO more optimistic than before on grocery code of conduct – National [Video]

Loblaw Cos. Ltd.’s new chief executive said he’s “cautiously optimistic” that the company will be able to come to an agreement on the grocery code of conduct.

“Where it’s going to land, I’m of course not sure, but I’m more optimistic now than before that we can land an agreement on the code,” Per Bank told a conference call discussing Loblaw’s first-quarter earnings Wednesday.

The grocer has been one of two major holdouts on the code, which is intended to promote fair dealings in the industry. Loblaw and Walmart Canada previously said they couldn’t sign the code as drafted because they were concerned it would raise prices for consumers.

Bank told analysts on the call that the company has been working in recent weeks with the committee creating the code.

The code is meant to be industry-led and voluntary, but the federal government has indicated it’s open to making it law instead …