Geothermal leader Energy Development Corporation (EDC) was recently recognized for its outstanding corporate governance practices by the Institute of Corporate Directors (ICD). ICD is a non-stock, non-profit organization dedicated to the professionalizing corporate directorship by raising corporate governance standards. It assessed and ranked different publicly listed companies through the ASEAN Corporate Governance Scorecard (ACGS). Companies were ranked based on rights of shareholders, equitable treatment of shareholders, role of stakeholders in corporate governance, disclosure and transparency, and responsibilities of the board. The corporate governance scorecard is benchmarked against international best practices that encourage publicly listed companies to go beyond minimum compliance, further pushing for the improvement of corporate governance practices.
EDC’s corporate governance practices are primarily embodied in the Company’s Manual of Corporate Governance, Code of Conduct and Business Ethics and Code of Conduct and Discipline. EDC won additional points for developing policies on Conflict of Interest, Protected Disclosures, Giving and Receiving of Corporate Gifts, Fraud, and Related Party Transactions, as well as the manual on Enterprise Risk Management.
EDC is the world’s largest vertically integrated geothermal company and the largest renewable energy firm in the country, with an installed total capacity of 1,456.8 MW of purely renewable energy. It is a part of the Lopez Group of Companies.
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.