The International Business Awards (IBA), the world’s premier business awards program, recognized Meralco for its 2019 Sustainability Report (SR) entitled “Sustaining the Future” – a groundbreaking report which highlights the company’s commitment to place sustainability at the forefront while addressing the energy needs of a thriving nation, today and for generations to come. It is a comprehensive discussion of Meralco’s sustainability agenda promoting the United Nations Sustainable Development Goals (UN SDGs). IBA awarded Meralco a Bronze Stevie for its maiden SR under the Best Annual Report category, along with entries from Turkey, Indonesia, and Spain.
As the Philippines’ largest electric distribution utility, Meralco is distinctively positioned to contribute to UN SDG 7 – Affordable and Clean Energy. Under the leadership of President and CEO Atty. Ray C. Espinosa, Meralco also promotes and supports 10 other SDGs through its other businesses and initiatives. This holistic approach is reflected in Meralco’s sustainability agenda focused on four areas – Power, Planet, People, and Prosperity.
“‘Sustaining the Future’ provides bases for transparent reporting and lends credence to Meralco’s sustainability practices. It articulates how sustainability is core to corporate strategy and operations and how Meralco addresses governance, social, and environmental imperatives”, Atty. Espinosa said.
To achieve robust, material, and credible sustainability reporting, Meralco fulfilled Global Reporting Initiative’s Materiality Disclosures Service. Meralco also received third-party assurance that its Sustainability Report contained reasonable and balanced accounts of the company’s sustainability performance and that all disclosures made were in accordance with best practices.
“We are very happy that ‘Sustaining the Future’ has resonated with and has been well-received by our stakeholders—from our employees and investors to the customers and communities we serve,” added Meralco’s Chief Sustainability Officer Raymond B. Ravelo. “This milestone report is our primary platform for communicating Meralco’s overarching sustainability program, ‘Powering the Good Life’. Beyond providing information about our practices and projects, our aim is to influence and inspire as many as we can to join us on this sustainability journey.”
According to Atty. Espinosa, the award is a recognition of Meralco’s earnest efforts. “We are very honored that Meralco’s first-ever SR and our initiatives towards our sustainability agenda have been recognized on the global stage. This achievement pushes the company to further focus our strategic direction towards sustainability, allowing us to provide affordable, accessible, reliable, and clean power, while protecting and preserving Mother Earth, cultivating a culture of excellence and stewardship in our organization, and fostering inclusive growth for a prosperous nation – truly powering the good life for all.”
The International Business Awards is the world’s premier business awards program. All individuals and organizations worldwide are eligible to submit nominations. The 2020 IBA received entries from organizations in 63 nations and territories.
More than 3,800 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories. Stevie Award winners were determined by the average scores of more than 250 executives worldwide who participated in the judging process from July through early September.
“Despite the unprecedented impact the COVID-19 pandemic has had on organizations and working people worldwide, the number and quality of nominations we received in this year’s International Business Awards attest to the continued outstanding performance of many organizations. The commitment we’ve seen through these nominations to maintaining the success, health, and safety of employees, customers, and communities is truly impressive,” said Stevie Awards president Maggie Gallagher.
As the ongoing COVID-19 crisis will prevent winners from receiving their awards on stage during a traditional gala IBA banquet, winners will be celebrated instead during a virtual ceremony on Tuesday, 1 December.