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NEWS
Oct/Nov 2011 www.esb.ie/em
ESB Employee Code of Business Ethics Policy
ESB HAS ALWAYS had a reputation for integrity and equality in the way in which we operate our business transactions. This reputation has been built up over many years but as we have all seen from some recent high profile corporate scandals a company’s reputation and business can be destroyed over a very short period of time.
ESB operates an Employee Code of Business Ethics which is mandatory for all employees. This is there to ensure that we continue to maintain our reputation by operating to the highest standards of ethical behaviour. Put simply, business ethics are the moral standards that apply to the way we carry out our business. It is published on our staff intranet and indeed is also published on our public internet site. It is important that the public can see that we have high standards and the checks and balances that are in place to ensure we meet them. Details of where the Code can be found are included below.
The ESB Employee Code of Business Ethics policy contains a set of agreed ethical principles and gives staff clear advice and practical guidance on best behaviour in how we carry out our business transactions. The Code applies to all employees of ESB.
ESB has an obligation to ensure that the Code is implemented by providing proper awareness training to employees and by facilitating resolution of practical problems faced by employees. Many staff have already completed an e-learning web based training module on the fundamental principles of the Code and this will be rolled-out again during November 2011. A number of other initiatives will also take place during November and details of the Code will be widely communicated.
Please note that since 2005 ESB has made available a confidential helpline service which staff can use to report cases of suspected fraud or unethical behaviour within the organisation. This facility operates 24 hours a day, seven days a week and offers a safe, confidential and, if necessary, an anonymous means for staff who would otherwise feel uncomfortable coming forward to their manager to report illegal or unethical behaviours.
There are two ways that staff can use to report their concerns: Using the traditional phone method calling 1800-481-098 (International calls: 00 353 1 703 7201) at any time or Typing the details of their concerns into a website https://esb.alertline.com. This helpline facility is managed and operated by an independent company completely separate from ESB. The full ESB Employee Code of Business Ethics policy is available on both the ESB intranet and internet at the following web addresses: Intranet: http://esbnet/BusinessEthics/ethics.pdf Internet: http://www.esb.ie/main/downloads/about_esb/ethics.pdf
The Future Finance Project has a new name!
THE FUTURE FINANCE Project is now at the detailed implementation planning stage and it is now timely to rename the project to reflect the significant changes that implementation will bring to the organisation of ESB Group Finance.
Looking at all the initiatives involved, it was decided to rename the project as ‘the Finance Transformation Programme’ (FiTP). This name better describes the full extent of the undertaking, which comprises a whole series of discrete, but interdependent, projects involving all aspects of finance activity, project management, transition management and the implementation of new technology.
A lot of hard work was completed during the Design Phase. We set out the Finance Operating Model, the high level end to end finance process blueprints, a high level organisation structure and the high level implementation roadmap. Now that the detailed planning stage of Implementation has commenced, not only do we have a new name but we have new additions to the team and a change in some member’s roles.
Niall Dineen has taken over as Programme Manager; Gavan Walsh as Transition Manager; Brian O’Brien as Performance Manager; Ide Monahan is now full time on the FiTP working in Change Management; Emer Walsh and Bernadette Behan are two of the process leads and Zorana Waters has recently joined as the new Project Management Officer. We will be finalising the full team in the coming weeks which we will then communicate via our soon to be launched Intranet site.
The intranet site is in the final stages of development and once launched it will act as a central hub of information on the FiTP. FAQs, EM articles, programme updates and presentations will become available to access online. We aim to have the site up and running by the beginning of October.
The Change & Communications Team are in the process of developing a detailed Stakeholder and Communications plan. Once the plan has been approved we will outline the expected frequency of communications in terms of presentations, FAQs, updates and meetings.
Due to the name change of the programme a new communications email address has been set up. We would really appreciate it if you could contact FITP.communications@esbelectricireland.ie with any feedback you may have.
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Team Ireland has a new energy
Photographs: Fennell Photography
Statement from Minister Pat Rabbitte in relation to possible sale of certain State assets
Statement given in Dail in reply to Parliamentary Question on September 14th 2011
The EU/IMF Programme of December 2010 involves a commitment that the Government will outline methods to raise funds through asset disposals.
The 2011 Budget included a similar commitment.
The Programme for Government includes an intention to finance investment in the State from the proceeds of the sale of certain State assets. The Government has also considered the report of the McCarthy Review Group on the sale of state assets and the recommendations of that Group.
I accept that the fiscal path to which the Government is committed under the EU/IMF Agreement demands that the option of realising value from State assets be fully explored.
I also accept that there is significant value in energy commercial state companies which could be realised at an appropriate time after necessary further analysis of all the complex factors relating to the disposal of commercial assets in the energy sector.
The sale of a minority stake in the ESB as an integrated utility has this morning been agreed by Government. This decision is an early demonstration of the commitment by the Government to the Programme for Government objectives and to its obligations under the EU/IMF Memorandum of Understanding.
This sale will be advanced by means of a defined process involving a full evaluation of the best approach to be taken, including consideration of the size of the minority stake to be sold. The process will be progressed by a group co-chaired by the Department of Communications, Energy and Natural Resources and the Department of Public Expenditure and Reform, also including officials from the Department of Finance and availing of expertise from the National Treasury Management Agency/New ERA. Full consideration will be taken of the energy policy and regulatory framework in this evaluation and appropriate consultation will be engaged in. The group will report back to government with a recommendation by end-November.
The decision by Government today recognises the strategic importance of the energy sector to the economic and social functioning of the State, and that the State must continue to have a strong and direct presence in electricity, particularly in the regulated transmission and distribution networks. This presence must be maintained in a way that protects overall economic competitiveness and does not deter private investment. The process to analyse options for the minority stake sale in ESB will fully reflect these principles.
