EDC Chairman Federico R. Lopez (left) proudly shows off to Chairman Emeritus Oscar M. Lopez (center) and President and COO Richard B. Tantoco (right) the pages narrating the company’s environmental performance in VALUES @work: EDC’s 2010 integrated annual and sustainability report. Tantoco is seen holding his copy of their report.
Geothermal leader Energy Development Corporation (EDC) has officially put the Philippines on the global sustainability map with the launch of VALUES @ work, its 2010 integrated annual and sustainability report (IASR) that is also the first report of a Philippine company to be validated by the Global Reporting Initiative (GRI) organization in Amsterdam.
“Beyond the usual annual report, VALUES @ work describes how we can profit and still create a spectrum of difference in the lives of our stakeholders and the environment,” EDC President and COO Richard B. Tantoco said. “We are very proud of this integrated report that our sustainability team has painstakingly put together. It is a milestone not only for EDC but for any Philippine company because this is the first one that was checked by the GRI.”
The GRI is at the forefront of the mostly widely used sustainability reporting framework that companies around the world apply to measure and report not only its economic achievements but also its environmental, social and governance performance. Companies can report on a certain number of key performance indicators (KPIs) that correspond to an application level. Level C requires a report on 10 KPIs, level B on 20 KPIs and finally, level A for all relevant core KPIs. A plus (+) is added to a report that was externally assured by a panel of experts on the framework’s protocols.
Though this is already the 2nd year for EDC to release an integrated report, VALUES @ work is truly a breakthrough project for any Philippine company. It exceeded the minimum requirement of reporting for a B+ level report following the GRI’s G3 Protocols. In fact, the company is reporting on exactly 70 KPIs following the GRI’s electric utilities sector supplement, which is another first for any energy company in the Philippines. This is a big leap from the 13 G3 KPIs in EDC’s 2009 IASR, not to mention that this report integrates EDC’s annual and sustainability performance.
“We recognize that integrated reporting is an emerging global trend that allows us to give our shareholders and stakeholders a holistic view of our performance,” Tantoco explained.
EDC also subjected its report to an External Review Committee (ERC) to ensure its accuracy, balance, comparability, timeliness and clarity. The University of Asia and the Pacific’s Center for Social Responsibility (UAP-CSR) hosted and formed EDC’s panel of experts on economics, social and environment for its ERC. “We boldly went ahead and allowed our ERC to look into our sustainability framework. Being externally assured allowed us to get an objective assessment of our triple bottom line performance, which could help improve not only our manner of reporting but also our internal system,” added Tantoco. The ERC’s assurance statement is included in the report.
“The next challenge is for us to further synergize it with our risk management and balanced scorecards as we align our performance with more global standards. This we hope to accomplish on our way to producing our A + report,” Tantoco concluded.
Click link to Download a copy of VALUES @ work. EDC_IASR2010
The Energy Development Corporation (EDC) is a pioneer in generating 100% clean, renewable, and reliable power as an electricity supplier in the Philippines for over 40 years. With power plants all over Visayas and Mindanao, the company is one of the biggest producers of geothermal energy in Asia and is expanding its reach in the international market, allowing it to offer customers affordable energy rates. EDC also strives to provide the best customer service it can to all its clients by having helpful salespeople and easy to understand contracts. Because of all of this, it is poised to become the premier supplier of electricity for the Philippines’ Green Energy Option Program. EDC takes its mission as a renewable energy provider seriously and goes beyond sustainability by investing in programs that enhance the environment and empower its partner communities, thereby fostering regenerative development. The company has also been working toward being carbon-neutral by improving its energy efficiency, as well as implementing various greening projects to ensure that its mission to provide future generations with a better life remains intact.