PSC work together with the stakeholders in developing governance programs. It takes measures to preserve and protect their rights as mandated by relevant laws and internal policies.
PSC respects the rights of shareholders to vote, to inspect corporate books and records, to gain access to relevant information, right to dividends, pre-emptive right and appraisal rights, all in accordance with the Corporation Code.
In accordance with their right to vote and in compliance with applicable laws, notices were provided to shareholders at least 15 business days prior to the holding of the ASM. The notice contains the date, time, venue and agenda of the meeting. ASM was held in a venue that is accessible to shareholders as part of efforts to remove unnecessary costs and other administrative impediments to the stockholder’s participation in the conduct of the annual and special stockholder’s meetings. During the ASM, shareholders are given the opportunity to ask questions that are relevant to the corporation’ operations, performance, and prospects.
Shareholders are also given updates of the corporate events and operations of the Corporation through the PSC website. SEC and PSE structured and unstructured disclosures/reports are also uploaded in the website for shareholder’s’ perusal. Shareholder’s queries maybe coursed through email at firstname.lastname@example.org. Investor queries can be e-mailed email@example.com.
PSC considers the benefit of its shareholders as one of its priority management policies. It aims to sustain revenue stream and progressive growth to further enhance shareholder value. PSC shall continue to return capital to shareholders through a sustainable dividend policy. Effective 2015, the Company intends to pay at least 20% of annual net profits by way of cash dividends. This considers future capital requirements and potential growth opportunities. The Board regularly reviews the dividend policy, including the frequency of distribution, taking into account all of the above.
PSC remains committed in providing excellent customer service in all of its business endeavors. This commitment is embodied in one of PSC’s core values, which is to be “Customer-Focused”. Following this mandate, the Corporation strives to put its customers first. To support this policy, PSC constantly increases and improves the assortment and quality of its products. For 2014, PSC introduced Chef Creations Meal by Chef Claude Tayag, Japanese Rice Snacks and Soft Bites among others.
PSC also regularly takes part of the Guest Experience Monitoring (GEM), an initiative of Seven-Eleven, Inc. (SEI) where a third-party evaluates PSC and conducts a “mystery shopper” survey. PSC and other 711 stores are evaluated and receive ratings based on different criteria including Customer Service. For 2014, PSC received a 92.34 overall rating which is significantly higher than the overall score of 82.27 of its counterparts.
PSC’s efforts to improve its customer service did not go unnoticed. In 2010, 83 PSC Stores in the National Capital Region (NCR) became the recipient of the Department of Trade & Industry’s (DTI) Golden Seal “Bagwis” Awards. DTI Bagwis is a “Certified Establishment Program (Bagwis Awards) that aims to promote and foster the highest level of business ethics and uphold a fair and honest marketplace through voluntary self-regulation and service excellence.“
To attain customer satisfaction, the Corporation also improves its processes and customer service with the creation of different programs such as the 7-Eleven Everyday Reward Cards, variance of Breakfast Combo meals and collectible items upon reaching rewards points. This year, to enhance rewards cards experience for customers , PSC made available the 7-Eleven Rewards Smartphone Applications for android and IOS which customers may download for free and use to redeem their points and get their rewards. The Corporation also has an existing customer care hotline and a dedicated e-mail firstname.lastname@example.org for customer complaints, concerns and feedback. It also continues to monitor its social media accounts for any feedback regarding its products and services.
PSC works with various suppliers in accordance with PSC’s policies on accreditation of suppliers. PSC evaluates goods and services provided by its suppliers based on the quality, pricing and trading terms, payment conditions, and distribution channels to ensure that they are fit for the purpose they were procured with the best value available. Accreditation is valid for one (1) year from date of acceptance; thereafter supplier/s may file for re-accreditation.) PSC employs a third party procurement validator for its supplies. Suppliers are also subject to regular inspection for quality control and evaluated based on standard requirements and criteria such as good manufacturing practices, sanitation, and product quality control.
Consistent with the values espoused by the company, employees, directors and officers conduct themselves with integrity in dealing with business partners including its creditors. Recognizing their contribution in the expansion of its business, PSC respects the rights of its creditors. In accordance with its Code of Conduct and Business Ethics, PSC safeguards the rights of its creditor through striving to comply with all agreements and covenants with them and all applicable laws and regulations.
PSC maintains a credit line with banks and suppliers which we do not fully utilize as our Capital Expenditure (CAPEX) is supported mainly through internally generated funds.
To further protect its creditors, PSC also maintains transparency regarding its corporate acts through timely disclosures to regulatory bodies. Through its Reportorial Compliance Policy which took effect last January 1, 2014, PSC ensures that reportorial compliance reports required by the Securities and Exchange Commission, Philippine Stock Exchange (PSE) and other regulatory agencies are submitted on time for eventual disclosure for the benefit of the investing public. It establishes among others a mechanism for close coordination between concerned departments in the preparation, publication and submission of the said reports and other disclosures of vital corporate information.
We value our employees and their contribution to achieving the corporate objectives. We respect their rights to self-organization, safe working conditions and work-life balance. Compensation and incentives are determined on the basis of annual performance and achievement of targets. Training and development programs are regularly provided across all levels. Employee satisfaction survey for all position levels are being conducted annually.
The company had a manpower complement of 6,115 personnel, 1,298 of whom are regular employees, 261 contractual/probationary and 4,556 cooperative members to augment temporary needs during peak hours or season in the stores and the support services units. There is no existing labor union in the company and collective bargaining agreement. There is a PSC Employees Council which communicates to management the employees concerns. There has been no strike or threat to strike from the employees for the past three years.
The Company has a Retirement Benefit Plan which aims to provide, through a retirement fund, for the payment of retirement, disability, death or separation benefits to its employees or their beneficiaries as the case may be. Further, in accordance with employees’ benefits program, the Company provides health and life insurance coverage, wellness program, and work leaves under the law and company policies. The company provides all regular employees with Health Insurance where they are eligible for in-patient care, out-patient care, emergency care, dental care, surgical procedures and other sophisticated procedures and maternity benefits. This is in addition to mandated SSS and PhilHealth benefits. The company also provides subsidized vaccinations. Employees are also covered with Group Life and Accident Insurance Plan which serves as protection in case of death, whether natural cause or accident, and dismemberment. Wellness program are also provided to the employees to further improve health and fitness among them thereby increasing productivity in the workplace such as gym/exercise programs for qualified employees and zumba classes. Employee programs are also provided such as Family Day, Team Building Programs and, Annual Sports Fest. The company also provides Sodexho Meal & 7-Eleven Gift Cerficates as additional company benefits and has tie-ups with local banks for loan assistance to regular employees. To further promote employees’ excellence, productivity as well as growth, Top Performing Employees of the Year are chosen and recognized annually. Service award is given to employees as recognition of their unselfish dedication, hard work and loyalty over the years (5 yrs., 10 yrs., 15 yrs., 20 yrs., 25 yrs.) and a monetary award is also given to those employees depending on their length of service.
Recognizing the need of employees for growth, training and development programs are regularly provided by PSC across all levels. For Senior Management and Officers, the company conducts a Leadership Academy & Mentor’s Leadership Training Program with the objective in line with the Company’s succession planning program. In-house trainings on skills, products, basic negotiation, change management, retailer initiative and standard operating procedure are also provided by the Company to employees with specialist and execution level. These are offered quarterly, every two months or at least twice a year. In-house trainings are designed to augment and develop the employee skills and competencies. Below is the list, schedule and the number of participants of 2015 trainings.
|TRAININGS CONDUCTED||SCHEDULE||# OF PARTICIPANTS|
|A. Execution Level|
|1. Skills Training for Operations Management Trainee Program (OMTP)||Monthly||1,307 1|
|2. Product Training||As requested||327|
|B. Specialist Level|
|1. Area Manager Training Program||Quarterly||87|
|2. Leadership Training||3 courses / As scheduled||415|
|3. Basic Negotiation Skills||Quarterly||70|
|4. Training the Trainers||Every 2 months||59|
|5. Change Management||Annual||20|
|6. Retailer Initiative||Quarterly||119|
|7. Standard Operating Procedure Refresher||As scheduled||45|
|8. New Employee Training Program (NETP)||As necessary||10|
|9. Trade Show||Twice a year||96|
To know more about our in-house trainings and wellness programs for employees, visit the following links:
PSC initiated the establishment of PhilSeven Foundation, Inc. (PFI) in October 2, 2007 to support its corporate social responsibility programs. PFI was granted a certificate of registration by DSWD on August 6, 2010, after completing the 2-year operations requirement. BIR issued a certificate of registration to PFI dated December 21, 2011 recognizing PFI as a donee institution. In May 10, 2013, BIR renewed for another 3 years PFI’s certification as donee institution in accordance with RR No. 13-98. In October 10, 2013, PFI became a member of the League of Corporate Foundations, Inc. PFI shall continue with its CSR projects mainly for the benefit of communities where the 7-Eleven stores operate.
To know more about PFI’s activities, please refer to their website http://www.philseven.com/ .
With the aim to provide information to and engage its stakeholders, PSC maintains and updates its website www.7-eleven.com.ph where separate links are dedicated to Corporate Governance, Company Disclosures and Investor Relations. The links contains information required under SEC Memorandum Circular 11-2014 and includes all disclosures submitted to PSE and SEC and other information that investors, shareholders and stakeholder may require. PSC also maintains social media accounts athttps://www.facebook.com/711philippines, https://www.twitter.com/711philippines & https://plus.google.com/115262523459191281494.