CSR of Petron Essay

Petron Corporation (Petron) is a Philippines-based company. The Company is the refiner and marketer of petroleum products in the Philippines. As of December 31, 2010, Petron had seven subsidiaries: New Ventures Realty Corporation engaged in acquiring and developing land; Petrogen Insurance Corporation engaged in serving the insurance requirements of Petron and its allied business partners, such as contractors, suppliers and dealers; Overseas Insurance Corporation engaged in expediting the reinsurance of Petron’s insurable interests as covered by Petrogen Insurance Corporation; Petron Foundation, Inc. engaged in functioning and operating as a charitable and research foundation; Petron Freeport Corporation engaged in selling fuels, including gasoline, kerosene, diesel, lubricants and greases, as well as operate retail outlets, restaurants, and convenience stores; Petron Marketing Corporation is engaged in the fuel business, and Petron Singapore Trading Pte. Ltd. established in 2010. Petron Corporation’s over 75 years of existence in the Philippines is a further testament to its commitment to providing quality products and services. Petron’s colorful history dates back to September 7, 1933 whent he Socony Vacuum Oil Company of New York and the Standard Oil Company of New Jersey formed the Standard Vacuum Oil Company (Stanvac). The end of the venture in the early ’60s split the marketing and refining interests of the company between Esso and Mobil.In 1973, Esso sold its business to the government which became the Philippine National Oil Company orPNOC. Subsequently, Mobil also sold its share of the refinery to PNOC.The oil refining and marketing units in PNOC were eventually merged to form Petrophil, which was later renamed as Petron. As part of the government’s privatization program, PNOC sought a strategic partner that would give Petron a reliable supply of oil, plus access to state-of-the-art refining technology. The result was a partnership with the world’s largest oil producer, Saudi Aramco. On February 3, 1994, PNOC and Aramco Overseas Company BV signed a share purchase agreement thatgave both a 40% stake in Petron. The remaining 20% of Petron shares were sold to the public .In May 2008, the Ashmore Group acquired Aramco’s 40% stake in Petron. Following a mandatory tender offer, an additional 10.57% was acquired by the London-based fund. The PNOC likewise sold its share to another Ashmore subsidiary. Such divestment resulted in the Ashmore Group holding approximately 90.57 percent of the outstanding shares of the company. Mission-Vision and Values To be the leading provider of total customer solutions in the energy sector and itsderivative businesses. We will achieve thisby: Being an integral part of our customers’lives, delivering consistent customerexperience through innovative productsandservices; Developing strategic partnership inpursuit of growth and opportunity; Leveraging our refining assets to achievecompetitive advantage; Fostering an entrepreneurial culture thatencourages teamwork, innovation andexcellence; Caring for community and theenvironment; Conducting ourselves withprofessionalism, integrity and fairness; Promoting the best interest of all ourstakeholders. Leaders Behind The Success RAMON S. ANG- Filipino, 56 years old, is the Chairman/Chief Executive Officer and Executive Director of Petron since January 8, 2009. He is also the Chairman of the Board Executive Committee and Compensation Committee. He is currently the Vice Chairman of San Miguel Corporation (SMC) and President & Chief Operating Officer of SMC, Chairman of Liberty Telecom Holdings Inc. and Vice Chairman and Director of Manila Electric Company. He also holds executive and directorship positions in various SMC subsidiaries. ERIC O. RECTO- Filipino, 46 years old, is the President/Executive Director of the company since October 7, 2008.He became a director of Petron on July 31, 2008. He is a member of the Board Executive Committee and the Nomination and Compensation Committees. He is currently the Chief Executive Officer of Eastern Telecommunications Philippines, Inc. (ETPI) and Vice Chairman& President of ISM Communications Corporation, ETPIs parent company. He is also Vice Chairman of Philweb Corporation and Alphaland Corporation. He was previously Undersecretary of the Department of Finance, in charge of both the International Finance Group and the Privatization Office. BERNARDINO R. ABES-Filipino, 79 years old, has been a non-executive Director of the company since July 2001. He is currently the Chairman of the Government Service Insurance System, following a three-year term as Chairman of the Social Security Commission. EDUARDO M. COJUANGCO, JR.- Filipino, 74, is a non- executive Director of Petron since January 8, 2009.He is also the Chairman and Chief Executive Officer of San Miguel Corporation. He is also the Chairman and Chief Executive Officer of Ginebra San Miguel Inc.; Chairman of ECJ & Sons Agricultural EnterprisesInc., Eduardo Cojuangco Jr. Foundation Inc., and San Miguel Purefoods Company Inc.. RON W. HADDOCK- American, 69 years old, is a non-executive Director since December 2, 2008. He is amember of the Audit Committee and an alternate member of the Executive Committee. He sits as theChairman of the Board of Ashmore Energy International which he has occupied since September 2006.

Epistemology and Knowledge Essay

For centuries philosophers have questioned whether knowledge exists and if we know anything at all. This discipline is known as epistemology. Epistemology, or the theory of knowledge, is a branch of philosophy related to the scope and nature of knowing. The subject focuses on examining the nature of knowledge and how it relates to beliefs, justification and truth. It is actually quite hard to define knowledge. The dictionary defines it as a general awareness or possession of information, facts, ideas, truths, or principles, but philosophers on the other hand define it as a belief which is in agreement with the facts. So what are the facts, and what do we know exactly? Christopher Norris, the author of Epistemology: Key Concepts in Philosophy, states that whatever we believe now, is only an approximation of reality and that every new observation brings us closer to an understanding. Therefore, knowledge is forever changing/evolving and not pertaining to one’s beliefs. â€Å"†¦ ‘water’ was once defined vaguely as the kind of stuff that fell as rain, filled up lakes, was liquid under normal ambient conditions, boiled or froze at certain temperatures, †¦ etc† (Norris 44). Due to evolution, we now know  that liquid; water, is made up of the molecular structure H20. We no longer believe that the liquid once vaguely defined is anything other than water (H20); now we are knowledgeable. Norris believes science must be integrated with the natural world and the social world to truly understand knowledge. â€Å"When we try to explain all our knowledge of the world as Descartes does we try to understand how the things we believe in science and in everyday life are connected with and warranted by the bases or grounds on which we come to believe them† (Stroud 209). Beliefs are things people have. They aren’t things that can be picked up along the side of the road. Just because a person believes they can fly doesn’t make it true. For many philosophers, this is important. It implies that what someone thinks, could be wrong. In other words, it implies that what one thinks about the world may not match up with the way the world really is. â€Å"†¦ truth occurs when ideas in the mind agree with external conditions or objects †¦Ã¢â‚¬  (Soccio 322). Therefore, there is a distinction between belief and truth. Truth is not in your head. Truth is out there. Truth is factual. The molecular structure H2O is factual; therefore it is truth. Knowledge is a kind of interaction. It involves asking questions and inference. One can’t merely know because they believe. Although a person can believe that they know something, that isn’t legitimate knowledge. Knowledge is a belief which is in agreement with the facts. Works Cited Norris, Christopher. Epistemology: Key Concepts in Philosophy. New York: Continuum, 2005. Print. Soccio, Douglas J. Archetypes of Wisdom: An Introduction to Philosophy 8th ed. Boston: Wadsworth, 2013. Print. Stroud, Barry. The Significance of Philosophical Scepticism. New York: Oxford, 1984. Print.

Questions Essay Example | Topics and Well Written Essays - 500 words - 13

Questions - Essay Example He also stated that the importance and allegation of myth depends on the investigation pertaining to a particular philosophy. In terms of philosophical investigations, Plato revealed that myths are considered to be full of errors. This is decided based on the type of myth and the philosophy in which it is being utilized. Phaedo, Plato’s innovative work describes about death and the myths that revolve around the concept of death. It also defines the opposites and their arguments which in turn emphasize on the fact that myths are considered to be a concept which relies on arguments and opposites. Acceptance of a philosophy or a theory and the knowledge of that theory depends on the reality. The theories must comply well with its existence even before it is perceived to become a reality. The special conditions and limits define the way in which a myth is understood and conceived. Metaphysics was named as Aristotle’s first philosophy and it described the universal principles and the existence of human beings. This theory emphasized on the wisdom and its nature and this was explained in a scientific manner. Aristotle aimed at rediscovering the scientific facts which is considered to be a turning point in the field of science. Even the existence of universe and humanity where explained in a different perspective. His opinion about was also different and he made it a point to explain them in each and every work of his. (Cohen, 2005). Myth donned a completely different role in Aristotle’s metaphysics. Though Aristotle was a follower of Plato, his opinion and judgment on myth was entirely different when compared to that of Plato’s. Aristotle’s idea of myth was considered to be harsh in most of his philosophies. But in certain situations, he appreciates the concept of myth and defines it in a cosmological and

International Business and Trade Essay Example | Topics and Well Written Essays - 3000 words

International Business and Trade - Essay Example The first part of the article revealed the ailing performance of Carphone's broadband brand TalkTalk. Carphone stocks plunged as news showed the service performance problems of TalkTalk subscribers. The poor performance, according to Carphone is partially due to British Telecom's (BT) Openreach division. The retail giant assumed that BT's progress in transferring of customers from the latter to the former "was slow." However this issue was overshadowed by the fact that Vodafone, UK's leading mobile service provider, signed an exclusive contract with Phones 4u, Carphone's main competitor. Carphone is UK's leader in mobile phones retail. Thanks to the innovative minds of Charles Dunstone and David Ross, the mobile retailer, which was initially a small store along Marylebone Road in London, became a 4 billion giant industry. Vodafone, the leader in mobile services, had been a close partner in Britain's mobile communications industry growth. Dunstone's aggressive dream to make Carphone a real mobile leader ushered him to integrate TalkTalk broadband service. The entrepreneur also partnered with Sir Richard Branson in launching Virgin Mobile in France. Another bold move, the 320 million impending acquisition of AOL UK would make Carphone a driving force in broadband and internet industry. Carphone's ambitious moves make it both a mobile retail an... To better grasp this, let us look at the history of UK's mobile industry. UK's mobile industry has transformed drastically from its introduction to the market. As expected, both mobile phone retailers and mobile service providers had a very harmonious mutual relationship in serving enthusiastic buyers of the recently supplied, sophisticated gadgets known as mobile phones. But as almost every British person has his own mobile phone, the rules of the mobile industry changed. At present, to improve performance, mobile service providers concentrate on how to woo subscribers of contract services away from competitors, prioritising on high paying contract customers more than the more transient pre pay customers. On the other hand, mobile retailers profit on the upgrades of devices, switches for a better deal and service for their customers, and other activities that require their service. With its source of profit coming from commission and service revenues, retailers are concerned more on the activities of their customers: the greater number of activities, the greater the profit. Proposed Marketing Strategies Given a brief background on milieu within which Carphone is involved in, the writer suggests that, to improve its overall performance in the mobile industry, it should first concentrate on solving the issues in its bread and butter service: mobile retail. Repositioning its mobile retail business will open a way to fix the problems it has with its broadband business. Carphone has to fix its core business first before it should move on to his later business ventures. Repositioning Carphone's retail service The first step that Carphone should take in boosting its weakening performance in the eyes of its

Discussthetraitsapproachtotheentrepreneurialpersonalityandthereasons Essay

Discussthetraitsapproachtotheentrepreneurialpersonalityandthereasons why it fails to properly predict the behaviour of entrepreneurs - Essay Example Traits can be defined as habitual behavioural and thought patterns of people. Traits have been measured to reflect how much of a particular trait does a specific category of people reflect. This also implies that individuals that behave in a similar fashion can be compared and norms for various categories of people can be identified based on trait patterns. The trait approach has set down these patterns for entrepreneurs (Okhomina, 2010). The trait approach has set down certain parameters based on this very measurable feature of behavioural pattern and the paper seeks to study this approach. It moves on to explore the drawbacks of the trait approach and discusses the reason behind the failures of the theory. Entrepreneurship can be narrowly defined as a person who establishes and runs his or her own business. An aspiring entrepreneur is a one that hopes to establish and run his or her own business at some point in time. Entrepreneurship can also be defined as creation of something that adds value with appropriate time and efforts going towards its development. This definition assumes that personal satisfaction and monetary gains are rewards for various risks (social, physical and financial) undertaken. Entrepreneurship and the entrepreneur have changed that path for markets and economies. They have contributed in developing new services and products and have given way to creativity and innovation that made economic development and prosperity possible. It is because of this importance that entrepreneurs hold in shaping the economic future of the country, that studies have been conducted to study entrepreneurial behaviour and define traits that would in turn help in developing entrepreneurial ability in the nations. There are many traits for an entrepreneur but the trait that has been identified as one of the critical ones is the ability to identify opportunity and making profits

Set of Economics Problems Essay Example | Topics and Well Written Essays - 500 words

Set of Economics Problems - Essay Example This phenomenon is explained with the help of a model. First of all Assume an economy composed of n citizens, with one of them serving the role of a self interested public official. This official is considering whether to implement a project. Here we take a situation where there is only one citizen i who derives positive utility from the project Ui > 0. All other citizens in the economy including the public official derive utility U-i ≠¤ 0. The public official may corrupt citizen i by proposing a bribe, which the citizen may accept or reject. For each unit of bribe b, we also assume citizen i suffers a cost (1+ÃŽ ¬), with ÃŽ ¬ ≠¥ 0. We assume Ui à · 1+ ÃŽ ¬ > U-i and complete information. Sub-game Nash Equilibrium is used in dynamic games. More informally, we can say that it means if the players used to play any smaller game that consisted of one part of the larger game then their behavior symbolizes Nash equilibrium of the smaller game. In any finite game like one mentioned above, we implement a common method of backward induction in which one considers the last actions and outcomes of the game first and determines which actions would be required to maximize utility in possible circumstances. For example the public official is proposing bribe and corrupt the citizen i keeping in mind his own benefits. However, the citizen may accept or reject the bribe. In case if the citizen accepts the bribe then it will include in corruption on the part of the public official as well as the citizen to maximize their own benefits. Furthermore, this corruption results in social inefficiency and harming the overall economic growth of the country. Now, suppose the project is a driving license for citizen i and citizen i is a dangerous driver. In such a case there would be negative externalities of the project for all other citizens. However, these negative externalities are small.

Media and Privacy - the Massacre That Shocked the World Essay

Media and Privacy - the Massacre That Shocked the World - Essay Example Was transparency maintained in reporting? These are the questions that need to be answered when analyzing the case, apart from these questions, What has been referred to as ‘Massacre at Langdale High’ transpired in Andersonville- a small town in the United States. The case of Langdale High involves two siblings named Jeffrey and Laura. Both of them had a pleasant childhood but soon things started to change. The case informs that the neighbours confirmed that both the siblings were friendly and warm during their childhood. However, in case of Laura, her disposition suddenly changed after her tenth birthday. She became quieter and withdrew herself from communications. The reason was, when she turned ten, she was subjected to sexual harassment by her father periodically. This led to the formation of negative feelings inside her such as embarrassment and resentment. She did not engage in any social activity and isolated herself. She was limited to a close clique, whom she called her friends. She tried opting for drugs, in an attempt to find some solace but to her surprise, Laura found jotting her thought in her diary as more therapeutic and satisfactory. In case of Jeffrey, he was a bright kid and celebrated his father as his superhero. He longed for his attention and wanted to share a close bond with him. He was aware of the fact that his sister was being sexually abused by the father every now and then Laura had complained to him several times, but he did not take any stance on his issue and chose to remain quiet. When Jeffrey turned 13, his family was abandoned by his father. This incident was a milestone in Jeffrey’s life and left him a changed person. He became bitter as a person and fell into glum depression. Weapons and ammunition started to lure him and. Many assumed that his rampage was because of the frustration that he felt. This case informs of Sharyn Lassiter, who was the police and a court reporter at Andersonville Tribune.