eva and bsc

Copyright 2006 by Stern Stewart & Co. All rights reserved

This document is strictly confidential and intended solely for the use by the client to whom it is addressed. No part of this presentation may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage and retrieval system without the express written consent of Stern Stewart & Co. EVA is a registered trademark of Stern Stewart & Co.

Printed: 1/26/2006 2:20 PM

EVA and Balanced ScorecardEVA and Balanced Scorecard

30 January 2006

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Copyright 2006 by Stern Stewart & Co. All rights reserved. EVA is a registered trademark of Stern Stewart & Co.

EVA and Balanced Scorecard Printed: 1/26/2006 2:20 PM

Agenda

EVA and EVA Governance System

Executing Strategy Using Balanced Scorecard

Integrating Balanced Scorecard with EVA

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Stern Stewart is the originator of EVA and EVA Governance System

Stern Stewart & Co. is founded in 1982 as a management development and consulting firm

Developed EVA as a measure of economic profit, which is now globally recognized to be the internal performance measure most closely aligned with shareholder value creation

Developed the EVA Governance Framework Focuses on behavioural & organisational change Operationalizes shareholder value and good internal governance

Objective, fact-based, value-anchored approach to advisory services is our hallmark.

We transfer the knowledge, technology & tools developed from 20 years of experience and hundreds of EVA implementations worldwide to our clients

Stern Stewart's principals have written three leading business books: "The Quest For Value", "EVA: The Real Key to Creating Wealth", and "The EVA Challenge"

EVA AND EVA GOVERNANCE SYSTEM

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Stern Stewart developed EVA as a measure of economic profit

Revenue 2,000- Operating Expenses 1,600- Economic Tax @ 30% 120= NOPAT 280

Invested Capital 2500Cost of Capital x 10%

- Capital Charge 250

= EVA 30

REVENUE

OPERATINGEXPENSES

ANDTAX

=

CAPITALCHARGE

EVA

NETOPERATING

PROFITAFTER

TAX(NOPAT)

2,000 1,720

280 250

30

Illustrative

Bars in graph are not to scale

Trading profits, as if all-equity financed, after

paying cash taxes

Trading profits, as if all-equity financed, after

paying cash taxes

A "rental charge" for using all the assets of

the business

A "rental charge" for using all the assets of

the business

Note: *Capital charge includes total cost of operating asset funding from both debt and equity. Interest expense is part of capital charge.

EVA measures economic profit - a real profit for shareholders. This is different from accounting profit because it charges revenues for the cost of all capital employed, including the cost of shareholders' funds.


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Stern Stewart believes that the primary focus of the firm is to create wealth for its shareholders by maximizing MVA

Total ValueCash out

InvestmentCash in

Wealth creation

Can shareholders get their money out more than they put in?Can shareholders get their money out more than they put in?

Market Value Added (MVA) measures

shareholder wealth created

MarketEnterprise

ValueInvestedCapital

MVA


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Net Operating

ProfitAfterTax

(NOPAT)

EVA (Economic Value Added) measures economic profit it is a single period measure of performance

EVAResidual income after all operating and capital costs

... and managing for EVA ensures the clear focus on wealth creation

CapitalCharge

Cost of Debt Capital

+

Cost of Equity Capital


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MarketValue

CapitalEmployed

MVAYears

EVA1

EVA2

EVA3EVA4

Discounting

MVA is equal to the present value of all future EVA this key identity is the basis of the EVA Governance System

Maximizing wealth creation means maximizing MVA

The operational way to do this is to focus on maximizing the present value of future EVA

This is very different to trying to maximize the current year's EVA


EVA improvements are the basis for sustainable wealth creation

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The economic relationship of risk and required return will dictate how to state enterprises invests or undertake initiatives to increase MVA

Return on Capital

1. Creating Value (MVA )

2. Neutral (MVA ~)

3. Destroying Value(MVA )

Assets/Projects

Cost of Capital

Risk

Required Return

RoA, RoE, RoIC, RoCE, IRR can mislead toward value destroying behaviorsRoA, RoE, RoIC, RoCE, IRR can mislead toward value destroying behaviors

Retail Developer

RiskFreeRate


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EVA

Costof Capital

Capital

X

Net Operating

Profit After Taxes

(NOPAT)

Value CreationValue Creation

Market Value

InvestedCapital

MVA

Wealth CreationWealth Creation

Shareholders and MVAThe shareholders objective is to increase wealth. Wealth equates

to MVA, which is the present value of all future EVAs

EVA measure managers like owners. If managers are rewarded for improving

long-term EVA, their interests will be aligned with those of the shareholders

Managers and EVA

EVA is a measure of period-by-period value created by managers


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EVA System is an integrated and value-aligned system of internal corporate governance

2. Redesign the Management Systems so that strategic planning, capital budgeting, resource allocation and performance management focus on creating value, i.e. make decisions based on whether the resultant present value of future EVA is positive

4. Reshape the corporate Mindset through training, coaching and communication to make managers more entrepreneurial, capital conscious, and value-focused

3. Motivate managers to create value by tying their rewards to value creation, i.e. reward managers for increasing the present value of future EVA

1. Focus Performance Measurement on the underlying economics of value and wealth creation, i.e. measure performance in terms of economic profit (EVA), because NPV (wealth) = Present Value of future EVA.

See the Value

UnderstandValue Creation

EncourageValue Creation

Manage for Value


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Many state enterprises around the world have adopted EVA to improve their economic performance and internal governance

See the Value



Manage for Value

See the Value



Manage for Value

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In Thailand, these leading organizations have also used EVA in managing their organization

See the Value



Manage for Value

See the Value



Manage for Value

PTT Public Company Limited

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From our experience, EVA Implementation Project is typically divided into five modules: Mobilization, Measurement, Management, Motivation, and Mindset

To reshape the mindset of all stakeholders, including employees and investors, such that they understand why the EVA Framework is being applied, what it is and how it will lead to value creation within the organisation.

To mobilize the project team for implementation of EVA System and refine the work plan based on an assessment of current situation

To ensure that performance measurement focuses on the underlying economics of value and wealth creation, and provides insights into where and how value is being created

To redesign strategic planning, capital budgeting, resource allocation, and performance management systems to drive and support long-term value creation

To motivate senior managers to change mindset, make decisions and take actions that improve overall long term performance, and to retain high caliber employees

Mobilization Module

Mobilization Module

Measurement Module

Measurement Module

Motivation Module

Motivation Module

Management Module

Management Module

Mindset ModuleMindset Module1

2 3 4

5

See the Value



Manage for Value

See the Value



Manage for Value

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The first step in implementing EVA Governance is to identify sources of value creation and destruction

See the Value



Manage for Value

See the Value



Manage for Value

257

138

7335 8 4 1 -40

-5 -4

100

200

300

400

500

600

BU A

BU B

BU C

BU D

BU E

BU F

BU G

BU H

Corp

orate

Cente

r*

Inves

tmen

t A

Inves

tmen

t BGr

oup

Million Baht

-32438

EVA Performance by EVA Center in FY2002 Illustrative

Note: * Corporate Center includes corporate function units such as planning, finance & accounting, human resource and IT

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The next step is to plan strategies and allocate resources to improveEVA in future

EVA = NOPAT - CoC x Capital

100 = 200 - 10% x 1,000

(1) Improve Operating Efficiencies

+5

105 = - 10% x 1,000205

See the Value



Manage for Value

See the Value



Manage for Value

+5

(3) Increase Profitable Growth

10% x +100

105 = 215 - 10% x 1,100

+5

10% x -100

(2) Enhance Asset Management

105 = 195 - 10% x 900

+5

Negative

Positive

ImproveOperating Efficiency

Econ

omic

Pro

fitab

ility

1

% of Invested CapitalLow High

Enhance Asset Management

Increase Profitable Growth

2

3

EVA VALUE CREATION MATRIX

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Value-enhancement strategies are mapped to performance targets through the Integrated EVA Scorecard

See the Value



Manage for Value

See the Value



Manage for Value

EVAEVA

NOPATNOPAT

Capital ChargeCapital Charge

RevenueRevenue

X

Cost of CapitalCost of Capital

Invested CapitalInvested Capital

-

-

Operating ExpenseOperating Expense

Fixed AssetsFixed Assets

Net Working CapitalNet Working Capital

PassengerPassenger

Cargo BusinessCargo Business

Other revenueOther revenue

Cost of EquityCost of Equity

Cost of DebtCost of Debt

Debt to Equity RatioDebt to Equity Ratio

Fuel ExpenseFuel Expense

Labour CostLabour Cost

Maintenance ExpenseMaintenance Expense

Other Expense Other Expense

DepreciationDepreciation

Economic TaxEconomic Tax

-

Airline Illustrative

Operational Drivers

For example:

RPK

Share of route

RASK

Yield

Load factor

Customer satisfaction

CASK

Accident rates per 100,000 departures

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The performance targets are linked to rewards, such as EVA Bonus, to motivate managers to create shareholder wealth

Business &Financial Planning

ResourceAllocation

PerformanceMeasurement

RewardManagement

See the Value



Manage for Value

See the Value



Manage for Value

What gets rewarded, gets done! Straight line Tied to value creation,

decoupled from budgets Unlimited upside, but

with downside risk Bonus banking Self-financing Multi-year targets.

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TrainingTraining

Formal Training Program Workshops Know Why Workshops Know How Train the Trainer Sessions

"Role Play" Exercises and Games

Web-based training program Library of Case Studies Layered Problem

Solving Workbooks

Intranet Website Resources

Formal Training Program Workshops Know Why Workshops Know How Train the Trainer Sessions

"Role Play" Exercises and Games

Web-based training program Library of Case Studies Layered Problem

Solving Workbooks

Intranet Website Resources

The implementation is supported by a tailored program for mindset changes, consisting of training and internal/external communications

CommunicationsCommunications

Internal Communication CEO Messages Awareness building program Internal newsletters

External Communication Financial reports Public relations Analyst meeting Investor road-shows

Internal Communication CEO Messages Awareness building program Internal newsletters

External Communication Financial reports Public relations Analyst meeting Investor road-shows

See the Value



Manage for Value

See the Value



Manage for Value

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The EVA Governance System integrates the key management processes with clear accountability for improving EVA and maximising shareholder value

3. PerformanceManagement Process

Assign decision rights Define accountabilities Monitor and report

performance Adjust strategies or

management to achieve outcomes

3. PerformanceManagement Process

Assign decision rights Define accountabilities Monitor and report

performance Adjust strategies or

management to achieve outcomes

4.Rewards Management Process

Link rewards to performance outcomes

Base rewards on cumulative performance to balanceshort- and long-term performance

4.Rewards Management Process

Link rewards to performance outcomes

Base rewards on cumulative performance to balanceshort- and long-term performance

1. Strategic Planning Process1. Strategic Planning Process Set goals Develop and value alternative strategies Select best strategy

Set goals Develop and value alternative strategies Select best strategy

Year 1Year 1 Year 2Year 2 Year 3Year 3 Year 4Year 4 Year 5Year 5

Develop Strategies

Set Targets, Milestones and

KPIs

2. Resource Allocation Process2. Resource Allocation ProcessYear 1Year 1 Year 2Year 2 Year 3Year 3 Year 4Year 4 Year 5Year 5

Prepare budgets & fund projects to achieve strategy

Prepare budgets & fund projects to achieve strategy

Allocate Resources

Performance MandatePerformance Mandate

Define Desired OutcomesDefine Desired Outcomes

Define Mission and Measures of

Success

Inputs Outputs

Execute Strategy

EVA-based Management Platform Enterprise Value

EVA Improvement

2002 2003 2004 2005 2006 2007

BU 1 BU 2 BU 3 Others Total

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Organizations that have fully adopted Stern Stewarts EVA System have realized very high returns

58.0%

20.2%

18.5%

64.5%

16.1%

7.2%

- EVACompensation

- EVAMeasurement

- S&P Peers

Total Return from Market Peak(March 2000 June 2002)

5-Year Total Shareholder Return(July 1997 June 2002)

Source: Stern Stewarts Empirical Research, October 2002 Source: Stern Stewarts Empirical Research, October 2002

- EVA Compensation

- EVA Measurement

- S&P Peers

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PSA Corporation is one of the good examples of organization which adopted EVA as a platform for transformation

PSA is the worlds single largest container terminal, handling about 10% of the worlds container throughput. In 1996 PSA produced operating income of S$2.048 billion and surplus after tax of S$994 million on net assets of S$8.077 billion. PSA employs about 7,000 people, of which about 1,000 are in senior and middle management

PSA has four main business units: Container Terminals, Warehousing and Logistics, Properties, and International Business

The Port of Singapore Authority was corporatized on 1 October 1997, and became PSA Corporation. The corporatization process transformed PSA from a statutory board into a commercially-run organization.

Chairman of PSA Corp. has used EVA informally as a management principle since 1994

In 1998, PSA Corp. decided to adopted EVA formally throughout organization


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Stern Stewart helped PSA implementing EVA Governance System. The implementation program was divided to three phases

PHASE 1 - EVA DEFINITION

Information Gathering

EVA Calculation

EVA Reporting

Draft Phase 1 Report

PHASE 2 - DESIGN EVA TOOLS & INCENTIVES

EVA-Based Cash Incentive Design

Eva-Based Operating Decisions

EVA-Based Investment Decisions

EVA-Based Strategic Decisions

PHASE 3 - COMMUNICATION & TRAINING

Documentation

Strategy & Implementation Plan Development

Training

Communications

Feb MarSep Oct Nov DecJun Jul Aug Jan1998 1999


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EVA Governance System has transformed PSA to be a commercial-oriented company which being responsive to customers and the market

As a firm believer and champion of EVA, the former chairman, Dr Yeo Ning Hong, led Port of Singapore Authority transforming itself from a government agency into a world-class corporation through EVA Governance System during the last decade

(Dr. Yeo) championed a strong business-minded culture built on the Economic Value Add (EVA) concept, putting in place a focus on value-enhancement and cost consciousnessTestimony to Dr Yeo's highly effective leadership over the past eight years is the improving trend of Economic Value Add (EVA)...

PSA Corp.s PortView August 2002

PSA had to transform itself from a government agency into a value-focused corporation

"PSA focuses on Economic Value Added, or EVA. Our compensation system puts emphasis on the long-term EVA performance of the company thus giving consistent returns to the shareholder.

Grace Fu, Deputy Group PresidentPSA Corp.s PortView June 2002


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while creating value for Temasek Holdings, its only shareholder, from grassroots level to the top of organization


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Agenda




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In the past, manages have been challenged executing strategy

Less than 10% of strategies effectively formulated are effective executed.Why CEO Fail Fortune Magazine, June 1999

77% of executives believe their managers do more operations than strategy.Bain & Company, April 2000

Strategies most often fail because they arent executed well.Execution: The Discipline of Getting Thing Done

BALANCED SCORECARD

Source: Balanced Scorecard Collaborative

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Four barriers to strategy execution

The Vision Barrier

Only 5% of the workforce understand the strategy.

The People Barrier

Only 25% of managers have incentives linked to

overall strategy.

The Management Barrier

85% of executive team spendless than one hour a month

discussing strategy.

The Resource Barrier

60% of organizations do not link budgets to strategy.

9 of 10 companies fail to execute strategy.

BALANCED SCORECARD


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Translating Strategy Building the Balanced Scorecard

At the highest level, the Balanced Scorecard is a framework that help organization

translate strategy into operational objectives that drive both behavior and

performance

In Strategy-Focused Organization, Balanced Scorecard is Change Program, not

Measurement Program

BALANCED SCORECARD


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The Balanced Scorecard converts strategy into an integrated system defined across four business perspectives

The Strategy

FinancialTo satisfy our shareholders, what financial objectives must we accomplish?

Financial PerspectiveObjectives Measures Targets Initiatives

Profitability

Growth

Shareholder Value

CustomerTo achieve our financial objectives, what customer needs must we serve?

Customer PerspectiveObjectives Measures Targets Initiatives

Image

Service

Price/Cost

InternalTo satisfy our customers and shareholders, in which internal business processes must we excel?

Internal PerspectiveObjectives Measures Targets Initiatives

Cycle time

Quality

Productivity

Learning & GrowthTo achieve our goals, how must our organization learn and innovate?

Learning & Growth PerspectiveObjectives Measures Targets Initiatives

Market Innovation

Continuous Learning

Intellectual Assets

BALANCED SCORECARD


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The Balanced Scorecard (BSC) uses measurement in a unique way: measurement to communicate, not to control

Financial Customer

Internal Learning & Growth

Things that the organization delivers

Things that the organization does

BALANCED SCORECARD


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A good Balanced Scorecard contains themes that tell the story of your strategy

Vision/Destination

We will maximize profits through revenue growth and reducing our cost per customer for the bank, growing PBIT to $800MM in 2004.

Add and RetainHigh ValueCustomers

IncreaseRevenue Per

Customer

ReduceCost Per

Customer

Add & Retain Theme Revenue Theme Cost Theme

BALANCED SCORECARD


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Strategic objectives form a theme through a set of cause and effect relationships

Add & Retain Theme

Financial Perspective

Customer Perspective

Internal Perspective

Learning & Growth Perspective

Attract andretain key players

Increase managerialand functional skills

Continue to develop culture

Developsuperior service

capability

Growrevenue

Maximizeprofit

Maximizereliability

Develop/executeeffective marketing

programs

Add and retain high value and highpotential customers

BALANCED SCORECARD


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Natural Cause-and-Effect logic

Knowledge, Skills, Systems and ToolsEquip our people

to build the strategiccapabilities

to deliver unique sets of benefits to customers

to drive financial success

And realize the Vision

Internal Capabilities

Customer Benefits

Financial Results

BALANCED SCORECARD


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A good Balanced Scorecard communicates not only expected outcomes, but also the specific performance and strategy requirements to drive those outcomes

Financial Perspective

Customer Perspective

Internal Perspective

Learning & Growth Perspective

Objectives Lead MeasuresLag MeasuresMaximize profitPBIT

Grow non-branded revenueRevenue by Product/Service

Reduce cost per customer% Active Online Customer

Add and retain high value customersCustomer Satisfaction Survey

Migrate customer onlineNumber of customers online

Increase efficiency Response time (on screen)% Weighted Internal Availability

Develop superior service capability

Telephone service factor(% customer service within 40 sec)Bill claim ratio

Attract and retain key players & staffs Top recruit hit rateKey job retention rate

Enhance bench strength and succession planning Hours training per employeeStrategic job coverage

Each objective require a lag measure. Not every objective requires a lead measure

BALANCED SCORECARD


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Linking initiatives is a critical final step in translating strategy into operational terms for the organization

Initiatives are defined to help close the Performance Gap

OBJECTIVE

Improve OrderFulfillment

Objectives articulate the components of our strategy

Measure

Target

MEASURE / TARGET INITIATIVE

Time from order to shipment

12 hours

Time(Hours) 18

12Performance Gap

Actual Target

Upgrade internet connectivity

Measures track our progress toward achieving and communicating the intent of the objectives

Initiatives help close the Gapbetween our current and desired performance

BALANCED SCORECARD


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A good Balanced Scorecard has

Executive Involvement Strategic decision makers must validate and own the strategy and related measures

Cause-and-Effect Relationships Every objective selected should be part of a chain of cause-and-effect that represents the

strategy

Performance Drivers A balance of outcome measures and leading measures facilitates anticipatory management

Linked to Financials Every objective can ultimately be related to financial results

Change Initiatives Aligned to strategic initiatives that change the behavior of the organization

A GOOD BALANCED SCORECARD WILL TELL THE STORY OF YOUR STRATEGY

BALANCED SCORECARD


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A good Balanced Scorecard connects the strategy map objectives to measures, targets, and initiatives

Strategic Theme:Revenue Growth

F1 Growfinancial base

& marginF2 Growtargeted

client base

C1 Providepersonalized

service

P2 Keepclient

informed

P1 Delivera personalexperience

L1 Understand& deliver on

strategy

Objectives Measurement Target Initiative

Keep clientinformed

Service levelspot checkrating

2004 3.5 2005 4.0 2006 4.3

Customer servicetraining

Strategy Map: Diagram of the causeand effect relationships between strategic objectives

Statement of what strategymust achieveand whats critical to itsSuccess

How successin achievingthe strategy will be measured and tracked

The level ofperformance or rate of improvementneeded

Key actionprograms required toachieveobjectives

BALANCED SCORECARD


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Agenda




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Balanced Scorecard and EVA Governance System have been frequently

misunderstood or misrepresented as two different systems

Myth Reality

EVA and BSC are two new management systems that are different from each other

EVA and BSC are two new management systems that are different from each other

EVA focuses on finance. BSC will help me balancebetween four different, equally important perspectives

EVA focuses on finance. BSC will help me balancebetween four different, equally important perspectives

EVA and Balanced Scorecard both focus on the same thing creating wealth through successful strategies

EVA and Balanced Scorecard both focus on the same thing creating wealth through successful strategies

BSC ultimately focuses on Financial Performance. Each perspective is hierarchically subordinate to the one above and is causally linked to it

BSC ultimately focuses on Financial Performance. Each perspective is hierarchically subordinate to the one above and is causally linked to it

INTEGRATING BALANCED SCORECARD WITH EVA

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How EVA can overcome some drawbacks of BSC?

How EVA can enhance BSC?Why using BSC alone does not work?

BSC does not prioritize importance and define magnitude of 4 aspects: financial, internal process, customer, and learning and growth perspectives

Some measures have weak linkages with shareholder value

Some non-financial measures can be subjective

EVA links non-financial and operational measures with financial measures and shareholder value

EVA provides strong linkages with Total Shareholder Return as it focuses on value creation Improve efficiency Enhance asset management Invest in profitable projects

EVA calculation is more objective and mathematically precise


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Kaplan and Norton recommend EVA as the overarching objective of the

balanced scorecard

We start with the destination. What are we trying to achieve? We feel that what for-profit companies should be delivering is great financial performance....we're certainly very comfortable with the newer financial metrics like EVA as the overarching objective. If you were just using earnings per share or net income, you'd run into problems of over investment--investing too much in capital to generate earnings or net income

Robert S. Kaplan - co-founder of Balanced Scorecard conceptCFO Magazine February 2001 (emphasis added)


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Clarity of purpose

Flexibility in altering strategy

and measures

Objectivity and transparency

required for incentive link

EVA

Vision and

Strategy

CUSTOMERGoals MeasuresDriversStrategies

FINANCIALGoals MeasuresDriversStrategies

INTERNAL BUSINESS PROCESSGoals MeasuresDriversStrategies

LEARNING AND GROWTHGoals MeasuresDriversStrategies

Making long term EVA growth the overarching objective can maximise the

effectiveness of the BSC


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Integrated with EVA

Frees managers to focus on the business, rather than the weightings

Helps implementation of Balanced Scorecard as reduced emphasis on weightings

Where relationships can be mapped, Du Pont style analysis can describe linkage between sectors & measures and long term EVA growth

Clarity of Purpose: Making long term EVA growth the overarching

objective reduces the importance of getting weightings 100% right

What weightings should be applied to balance the scorecard?

How can customer be weighted more highly than learning and growth and vice versa?

Why should one measure within a sector get a higher weighting? How much is appropriate?

EVA

Vision and

Strategy






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The combined EVA and Balanced Scorecard will make increasing EVA the overarching goal and measure of success

EVA = (Revenue - Cost) x CapabilitiesEVA = (Revenue EVA = (Revenue -- Cost) x CapabilitiesCost) x Capabilities

Drive revenue and/or customer premium margin

Drive total costs through process effectiveness &efficiency

Drive learning, change and growth

Value Added, EVA and financial value drivers

Balanced Scorecard Perspectives

FinancialFinancial CustomerCustomer ProcessProcess LearningLearning

Embed EVA into Balanced Scorecard

EVA will also help the managers focused on improving the EVA when there are some conflicting scorecards/KPIs


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Integrated with EVA

Scorecard can be fine tuned as required

Allows front-line managers to adapt quickly to changes in competitive position

No need for one size fits all across every business unit

Flexibility: Making long term EVA growth the overarching objective

increases flexibility

How frequently should scorecard be reset? What if poor strategy? Inflexibility exacerbated by any link to

compensation.

EVA

Vision and

Strategy






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One of our clients, Singapore Food Industries, has been success in integrating BSC, EVA, Six Sigma, and Learning Organization together

Source: Singapore Food Industries Website


- 46 -



In summary, integrating Balanced Scorecard into EVA Governance System will focus the organization toward shareholder value creation

EVA Governance and Balanced Scorecard both focus on creating shareholder wealth

You can develop an integrated EVA scorecard through the following steps: Develop valuation targets & strategies to achieve the targets Value each strategy by forecasting EVA drivers Embed drivers is scorecards Create accountability & track performance Link rewards to outcomes

The advantages of this integrated scorecard are: Explicit link with valuation Annual EVA the ultimate target/measure Clear link between valuation, strategy and operations No problems rolling up measures


- 47 -



Should you have any question ?

Anotai AdulbhanCountry ManagerStern Stewart & Co.11Flr CRC Tower, All Seasons Place, 87/2 Wireless Road, Lumpini, Phatumwan, Bangkok 10330, Thailand

Phone: (662) 685-3614Mobile: (661) 344-3314Fax: (662) 685-3618E-mail: [email protected]: www.eva.com

eva and bsc

Documents

originator of eva

eva challengeeva

pmagenda eva

pmstern stewart

eva governance framework

capital charge

balanced scorecard30

balanced scorecardeva