Statement of Principles

The Energy Development Corporation’s is governed by the following principles and rationale of good corporate governance:

Fundamental Principles 

1. Transparency – the board should ensure that the company has a properly functioning system of disclosure, in line with generally accepted standards of reporting financial and other material information to the public;  
2. Accountability – the board should ensure a regime of checks and balances to maintain the integrity of all aspects of corporate operations, and keep everyone in the organization aware of his duty to answer to another for what is done or not done within an area of responsibility;
3. Fairness/Equity – the board should observe fairness in the dealings of the corporation with all other parties with stakes in or  claims on it. Thus, the corporation must deal fairly and equitably  towards all stakeholders, including, but not limited to, employees, shareholders, creditors, suppliers, community, government, the environment and society as a whole

Rationale

1. To promote the sustainable growth of the enterprise by ensuring a productive alignment of interests among the various stakeholders of the enterprise and between the enterprise and the community as a whole; and
2. To promote a level-playing field within and without the enterprise – a fundamental assumption of a free-market economy