Entergy 2006 Annual Report Download - page 4

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2
The theme of this year’s annual report is
“having it all.” Obviously, that phrase
means different things to different people.
To many of our customers it’s the dream
of home ownership, stable employment,
adequate healthcare and seeing their children
head off to college for the first time in their
family’s history. Unfortunately, to a great
many, it seems little more than a dream.
For some “having it all” means the
freedom to use the air and water or other
natural resources as if they’re free for
the taking or the sole property of this
generation. To others, it may mean
simply accumulating more of anything
than you can possibly use.
When I joined Entergy over eight years
ago we were on the brink. Having strained
our financial resources in order to seek
“growth,” we were rapidly losing touch
with what really mattered, moving away
from what we really did well. Every
decision seemed to come down to
either/or, and in hindsight many of the
choices seemed all wrong.
We vowed to dig out of that hole and
never make the same mistakes again – in
particular, as my mother would say, “having
eyes bigger than your stomach.” Through a
lot of good fortune and the incredible
efforts of 14,000 players, those dark times
are a distant memory. But the temptation
to get away from what got us here always
exists. Particularly when the market is
always looking for the next big thing.
Compared to many others, our stated
strategy sounds just too complicated or
too fluid. It doesn’t fit on a bumper sticker.
How do you describe a point-of-view
driven strategy when that point of view
constantly changes as the “herd” moves in
unison from one idea to the next? How do
you articulate your point of view when
doing so only attracts more of the herd
back to your side of the pasture?
How do you articulate the value of
sustainable growth or being a business
with a conscience without sounding like
you’ve forgotten investors bought the
stock for one reason – to make money?
How do you articulate what 34 years in
the business have taught you about the
importance of having dedicated employees
who know that the values of the company
align with their own? Or the boost it gives
employee spirit in knowing we have no
hesitation in telling investors or customers
that the safety of our employees always
comes before anything else; something we
prove in our actions every day?
You can count diversity in the
organization in any number of ways. But
how do you compute the real value of
To Our Stakeholders: