The Energy Development Corporation (EDC), the country’s biggest producer of geothermal power, was again recognized by the Institute of Corporate Directors (ICD) with a Gold Award for exemplary corporate governance practices. EDC, led by its President and COO Richard B. Tantoco, received the Gold Award in the 2010 Corporate Governance Scorecard for publicly-listed companies during the awarding ceremonies at the 8th ICD Annual Dinner last May 25, 2011 at the Manila Peninsula Hotel in Makati City.
With EDC’s improved corporate governance policies and activities, the company continued its gold streak for the second consecutive year. EDC’s higher CG Scorecard rating was attributed to its perfect scores in the following areas: Equitable Treatment of Shareholders, Role of Stakeholders and Disclosure and Transparency.
The 2010 CG Scorecard is a project of the Institute of Corporate Directors (ICD) in partnership with the Securities and Exchange Commission, Philippine Stock Exchange, Institute of Internal Auditors of the Philippines, Ateneo Law School, and the Center for International Private Enterprise.