Geothermal leader Energy Development Corporation (EDC) is the lone platinum awardee in corporate governance as adjudged by the Institute of Corporate Directors (ICD) for the 2011 Corporate Governance (CG) scorecard. The platinum award is bestowed on publicly-listed companies that have obtained a gold rating or 95 percent and above in the ICD’s CG scorecard for three consecutive years. ICD chair Jesus Estanislao said that “EDC is very well disposed to move beyond compliance into higher levels of CG standards and practices observed globally.” The CG scorecard is an annual exercise by the ICD with the Securities and Exchange Commission (SEC), Philippine Stock Exchange (PSE), the Ateneo de Manila University School of Law, and the Institute of Internal Auditors of the Philippines to evaluate publicly-listed companies in terms of shareholders’ rights, equitable treatment of shareholders, role of stakeholders, disclosure and transparency, and board responsibilities. EDC chairman and CEO Federico Lopez (second from left) received the award together with EDC director Peter Garruccho Jr. (third from left). Photo shows (from left) ICD president Rex Drilon II, Lopez, Garrucho, SEC Chair Teresita Herbosa, and PSE president and CEO Hans Sicat.
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.