2014 Messages
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EDC <strong>2014</strong> Performance Report<br />
our employees updated through<br />
more regular townhall meetings,<br />
an expanded-Labor Management<br />
Council, and use our annual Leaders’<br />
Assembly to keep our leaders<br />
informed on the company’s business<br />
objectives and aspirations.<br />
In addition, as a key component of<br />
EDC’s transformation journey and<br />
to get 100% of the employees on<br />
board EDC’s strategic directions, we<br />
launched the PowerUp sessions in<br />
the second half of last year. PowerUp<br />
is a three-day event that provides<br />
employees with key information about<br />
our industry, where the company<br />
is going, and how we intend to get<br />
there through our growth strategies.<br />
We spend a whole day on our Lopez<br />
Values and end the third day with the<br />
Employee Value Proposition, which<br />
proposes a compelling employee<br />
total experience anchored on<br />
partnership, resilience, rewards, wellbeing,<br />
and higher intent. As of today,<br />
around 966 employees or 40% of<br />
EDC’s total employee population,<br />
have completed PowerUp. Based on<br />
the feedback we have gathered, this is<br />
most likely our most potent program<br />
for changing our culture, engaging our<br />
employees and gaining alignment.<br />
As a result of all this focus, in <strong>2014</strong>,<br />
our employee engagement score,<br />
measured using the Sustainable<br />
Engagement Model of Towers<br />
Watson, shot up to 88%, now a full 3%<br />
higher than the Philippine national<br />
norm, 9% higher than 41 energy and<br />
utility companies that make up global<br />
best benchmarks, and 4% higher than<br />
the 27 highest performing companies<br />
that make up global best benchmarks.<br />
Why is all this important? It is crucially<br />
important because engagement is<br />
ultimately the employee saying that<br />
they are willing to expend significant<br />
discretionary effort for the good<br />
of the company. It is the employee<br />
confirming that they have the support,<br />
tools, and information they need to<br />
succeed. It is the employee confirming<br />
that at EDC, while they are at work,<br />
they are energized and inspired. This<br />
phenomenal change over the past<br />
four years augurs well for our culture<br />
and our future.<br />
6<br />
BUSINESS UNITS: DRIVERS OF PERFORMANCE<br />
AND ACCOUNTABILITY<br />
The sixth building block is our<br />
decision to change our business<br />
model from being a functionally<br />
driven value chain, to a business unitdriven<br />
enterprise.<br />
This shifted decision-making from the<br />
Head Office to the business units where<br />
employees have a better visibility of<br />
the facts and a richer understanding<br />
of the context. This allowed business<br />
units to manage costs better, make the<br />
speed of decision-making responsive<br />
and make people accountable for the<br />
bottom line. Business units now also<br />
have control and accountability for<br />
their health, safety, and environmental<br />
performance.<br />
EDC’s senior management team sets<br />
the targets and objectives to help<br />
guide the different business units.<br />
These targets are monitored and<br />
reported on a regular basis.<br />
While we have made drastic changes<br />
in the organizational structure,<br />
particularly in the last three years,<br />
the transformation is still far from<br />
complete. We are now embarking<br />
on several process changes that will<br />
make the new business model more<br />
effective and efficient.<br />
7<br />
LED BY ABLE LEADERS<br />
The final building block I would<br />
like to mention is our management<br />
team. None of the positive results I<br />
mentioned above would have been<br />
possible without the leadership of<br />
EDC’s senior management team.<br />
While it is a bit unusual to delve into<br />
this in detail, I would like to describe<br />
each of them briefly.<br />
Ernie Pantangco, our energetic EVP,<br />
is a mechanical engineer, troubleshooter<br />
and spokesperson for and<br />
shaper of the electricity industry of the<br />
Philippines. Ernie is a member of our<br />
board of directors and has an MBA<br />
from AIM.<br />
Nestor Vasay, our SVP, CFO, and<br />
Treasurer, comes to EDC by way<br />
of First Gen and JPMorgan Chase.<br />
Nestor, my alter ego, is an accountant<br />
by training. He heads the crucial<br />
finance function as well as insurance<br />
and the supply chain. Nestor is known<br />
by many as the “enforcer” given how<br />
seriously he takes his comptrollership<br />
role to heart.<br />
Dom Camu, our SVP who worked<br />
internationally for GE O&M and<br />
Covanta, now heads our largest<br />
12