MANILA, Philippines — The Manila Electric Co. (Meralco) has been included in the 2023 Bloomberg Gender-Equality Index (GEI), joining 483 other companies globally as a member of the world’s only environmental, social and governance assessment that is focused on gender equality.
The GEI is a modified market capitalization-weighted index developed to gauge the performance of public companies dedicated to reporting gender-related data.
It measures gender equality across five pillars: leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, anti-sexual harassment policies and external brand.
Meralco is the first electric utility in the Philippines to be included in the GEI.
“As we continue powering the good life for all, we firmly believe that embracing women empowerment and promoting gender equality are key to building an inclusive and sustainable future,” Meralco president and chief executive officer Ray Espinosa said.
The 2023 GEI reaches globally to represent 45 countries and regions, including firms headquartered in Luxembourg, Ecuador and Kuwait for the first time.
Member companies represent a variety of sectors, including financials, technology and utilities, which continue to have the highest company representation in the index from 2022.
Meralco said it submitted a social survey created by Bloomberg in collaboration with subject matter experts globally.
The company said those included in this year’s index scored at or above a global threshold established by Bloomberg to reflect disclosure and the achievement or adoption of best-in-class statistics and policies.
While all public companies are encouraged to disclose supplemental gender data for their company’s investment profile on the Bloomberg Terminal, those that have a market capitalization of $1 billion are eligible for inclusion in the index.
Meralco, the largest electric power distribution company and the biggest private sector utility in the country, has been continuously intensifying its initiatives to champion diversity and inclusion in the workplace.
The power distributor is incorporating more women in its pool of skilled linecrew through its Meralco Linecrew Training Program (MLTP).
The MLTP is a comprehensive training course open to both men and women that involves a series of lectures, thorough physical conditioning, critical assessments and on-the-job training program geared toward Meralco’s efforts to continuously develop a pool of skilled linecrew.
In 2013, Meralco pioneered the training and hiring of female linecrew in Southeast Asia, which traditionally operated in a male-dominated industry.
The company has also recently awarded 18 female college students from different universities with scholarship grants that will help them pursue their dreams of becoming professional electrical engineers.
Meralco’s overarching diversity and inclusion program aims to promote a gender-balanced workplace by increasing women representation in the workforce to at least 40 percent by 2030.