Taqa completes first phase of internal review

ABU DHABI — Abu Dhabi National Energy Company (Taqa) has reported the successful completion of the first phase of its internal improvement review — Project Genesis,— a programme designed to speed up acquisition value creation and ensure that Taqa culture is based on innovation, meritocracy, and diversity.

By A Staff Reporter

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Published: Sun 15 Jul 2007, 11:57 AM

Last updated: Sat 4 Apr 2015, 10:20 PM

According to Fredric Lesage, Taqa's group vice-president of integration and optimisation, the purpose of the eight-month project is to align the corporate centre and group's subsidiaries along structure, roles and responsibilities, controls, capabilities, and processes. It is scheduled for completion by December 1, 2007.

"Taqa's inorganic growth is substantial in size, compared with other

similarly-positioned companies in our industry," said Lesage. "So our integration method — the way we quickly bring newly acquired companies into the group — has got to be process- and policy-driven to ensure optimisation. And that's what the Genesis Project will accomplish."

Project Genesis will design and deploy an integrated performance management system using key performance indicators (KPIs) to identify the best value creation opportunities and structure performance dialogue throughout the organisation.

This system, Taqa management believes, will provide financial and operational transparency.

"The Genesis Project will allow us to better integrate newly-acquired businesses that have different organisational structures and systems, to identify and capture value from these acquisitions much faster, and to create a strong and consistent Taqa culture based on innovation, meritocracy, and diversity," concluded Lesage.

The review is being supported by international management consulting firm McKinsey & Company.

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