Message from the President

Corporate Governance message from President & COO Richard B. Tantoco

  

As the new President and COO of EDC, I want to inform you, our employees, shareholders and stakeholders of the emphasis I place on Corporate Governance.

Corporate Governance principles espouse a close working relationship between management and the Board of Directors, particularly in the areas of strategy formulation, setting of values and standards and in ensuring that all decisions made and actions taken are transparent and objectively decided in the clear best interests of the company.

Towards this end, last August, I held a two-day Board Planning Session to discuss the directions of the company over the next 3 to 5 years and my deliverables to the Board over the next year.  These include (1) setting a clear direction and strategy for the company, (2) breaking this down to distinct, measurable, actionable and time – bound goals, (3) delivering growth as well as process improvements that will generate cost savings and revenue enhancements and (4) completing my Senior Management Team.

Corporate Governance does not rest with the Board of Directors and Senior Management alone — it is the duty of each and every employee.  All my co-employees have to keep in mind that they should do their share and be one with the Board and Management in acting with utmost integrity as we execute the strategic directions of the company. 

In the last 2 years, EDC has received outstanding ratings based on the Corporate Governance Scorecard Process established by the Institute of Corporate Directors in collaboration with the Philippine Stock Exchange, the Philippine Securities and Exchange Commission and the Ateneo de Manila School of Law.  While this proves our commitment and ability to raise our performance levels, I sincerely believe that we have some way to go to achieve best in class corporate governance performance.  I would like to assure you of my commitment and resolve to move decisively up the path of corporate governance excellence.

The power industry is characterized by fierce competition, strong local and international players with formidable organizations, enviable balance sheets and low cost of capital.  Within this context exists the renewable, cost effective and environmentally benign geothermal technology.  At EDC, we are fortunate to be the world leaders in our field, with 33 years of experience managing 7 reservoirs and generating clean, reliable and affordable energy for our consumers. We have a solid head start.

These are exciting times given the global awakening towards the necessity and many benefits of clean, renewable and reliable energy.  With the help of a well- governed management and supportive shareholders, partners, communities and governments, there is much we can accomplish.  I thank you for your continued trust.

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