Turning ESG Priorities into Practice: Delivering MGEN’s First Materiality Assessment
Meralco PowerGen Corporation (MGEN) is a leading power generation company in the Philippines, with a diversified portfolio spanning thermal, natural gas and renewable energy assets. Committed to supporting the country’s growing energy needs, MGEN plays a critical role in delivering reliable, affordable and increasingly sustainable power, contributing to domestic energy security.
Conducting MGEN’s first double materiality assessment (DMA) required a structured approach to evaluate both financial and impact materiality across One MGEN. Central to this was identifying and prioritising relevant ESG topics, while aligning them with MGEN’s existing enterprise risk management (ERM) framework and translating them into clear Group-level actions.
At the same time, MGEN needed to align internal teams and senior leadership on material topics, risks and thresholds. This required an evidence-based approach that could integrate diverse stakeholder inputs, while remaining grounded in industry best practice and responsive to evolving regulatory and reporting expectations in the Philippines.
SR designed and delivered a three-phase DMA process. First, ESG topics were identified through desk research across internal and public sources, global standards and frameworks and peer benchmarking, then refined into a structured list with descriptions. A stakeholder survey was then deployed across MGEN’s parent company and subsidiaries to rank topic significance from both impact and financial materiality perspectives.
Second, SR validated the survey results through one-on-one interviews with MGEN’s C-suite, including the Group CEO, Group CFO and subsidiary presidents.
Finally, SR facilitated a scenario-based leadership workshop, where senior leaders assessed ESG topics through scenario-led SWOT analyses, validated materiality thresholds and defined priority actions, supported by both group-level and individual commitments.
Each stage informed the ESG Risk Register that SR designed for integration into MGEN’s existing ERM system.
The scenario-based workshop ensured alignment across leaders on the most significant ESG topics, moving beyond assessment into action, where they ideated and agreed on practical responses to key impacts, risks and opportunities.
SR then distilled these outcomes into a clear set of Group-level ESG priorities, with defined ownership and accountability across the business.
This resulted in a more cohesive, decision-ready framework for integrating sustainability into strategy, operations (including programme development) and risk management across One MGEN.
