Board of Directors

Prior to election, the Nomination and Compensation Committee reviews and evaluates the qualifications of all persons nominated to the Board to ensure a diverse yet balanced mix of competent Directors, each of whom can add value and contribute independent judgment to the formulation of sound corporate strategies and policies. To ensure the healthy balance of knowledge, reputation, experience and know-how in the Board and in the roster of officers, the Nomination and Compensation Committee scrutinizes and discusses the curriculum vitae, the background, experience and relevant information of a nominee for election as a Director of EDC. Furthermore, the nominees are screened and evaluated without discrimination as to gender, race or religion. Lastly, the Board members are selected on the basis of their knowledge, experience and skills in diverse fields relevant to our business, such as power and energy, business and finance and the environment.

The Board now comprises of 27.30 % independent directors, which is more than the minimum regulatory requirement of at least 2, or 20% of the board, whichever is higher.

For the election of independent directors of EDC, the Nomination and Compensation Committee was principally guided by the definition of an “Independent Director”, to wit:

An Independent Director is one who is independent of Management and who is free from any business or other relationship with the Company which could, or could reasonably be perceived to, materially interfere with the exercise of his independent judgment in carrying out his responsibilities as a director of the Company. An Independent Director is also one who possesses all the qualifications and none of the disqualifications for an independent director under existing laws, government issuances, rules or regulations. More importantly, an independent director should provide indispensable independent judgment and objectivity on all issues presented to the Board.

Furthermore, all Independent Directors are compliant with the nine-year term limit required under SEC Memorandum Circular No. 4, series of 2017. Messrs. Chua and Lim have served 7 years each, reckoned from 2012, and Mr. Ayala having served for 3 years since he became an Independent Director in 2016.

All EDC Directors, most specially its Independent Directors, are active participants during Board and Board Committee meetings, as well as in major corporate undertakings.

Mr. Oscar M. Lopez will continue as Chairman Emeritus of the Energy Development Corporation. To see the disclosure: https://www.energy.com.ph/wp-content/uploads/2019/05/20190515-Results-of-ASM-and-Organizational-Board-Meeting.pdf

Regular Directors

Mr. Lopez, Filipino, is Chairman and Chief Executive Officer (CEO) of EDC and has been a member of its Board of Directors since the company’s full privatization in 2007. He is the Chairman and CEO of EDC since his election to the position in July 2010. He is also the Chairman and CEO of all of EDC’s domestic subsidiaries. He is also the Chairman and CEO of First Philippine Holdings Corporation, First Gen Corporation, FG Hydro Corporation, First Gas Power Corporation, FGP Corp., First Gen Energy Solutions, Green Core Geothermal Inc., First Gen Renewable Inc., and FG Bukidnon Power Corp. He is Chairman of First Philippine Industrial Corp., First Philippine Electric Corp., First Philippine Realty Corp., and First Balfour Inc., and is Treasurer of Lopez Holdings, Inc. He also sits on the board of ABS-CBN Corporation. A staunch environmentalist, he is the Chairman of the Philippine Solar Car Challenge Society and is a member of the Board of Trustees of the Philippine Business for Social Progress and the Philippine Tropical Forest Conservation Foundation. He is also a member of the World Presidents’ Organization.

Mr. Lopez is a graduate of the University of Pennsylvania with a bachelor of arts degree in economics and international relations, cum laude (1983)

Mr. Tantoco, Filipino, is the President and Chief Operating Officer (COO) of EDC and has been a Director of the Company since November 2007. He is also a Director and Executive Vice President of First Gen Corp., First Gen Luzon Power Corp., First Gen Hydro Power Corp., First Gen Geothermal Power Corporation, First Gen Visayas Hydro Power Corporation, First Gen Mindanao Hydro Power Corporation, First Gen Energy Solutions, Inc., First Gen Premier Energy Corp., Red Vulcan Holdings Corp., First Gen Visayas Energy Inc., First Gen Prime Energy Corporation, and Executive Vice President of FGRI, First Gen Bukidnon Power Corporation, Unified Holdings Corp., and First Philippine Holdings. He is the Chief Operating Officer and Executive Vice President of First Gen Northern Energy Corp. He is the Director, President and COO of First Gas Holdings Corporation, First Gas Power Corp., FGP Corp., First Gas Pipeline Corp., First NatGas Power Corp., and FGLand Corp. He has been Director of the International Geothermal Association since 2010. He worked previously with management consulting firm Booz, Allen and Hamilton, Inc. in New York and London where he specialized in mergers and acquisition advisory, turnaround strategy advisory, and growth strategy formulation for media and manufacturing companies.

Mr. Tantoco has an MBA in finance from the Wharton School of Business of the University of Pennsylvania (1993) and a bachelor of science degree in business management from the Ateneo de Manila University where he graduated with honors (1988).

Mr. Puno, Filipino, has been a Director of EDC since November 2007. He is the President and Chief Operating Officer (COO) of First Gen Corp., First Gen Renewables Inc, FG Bukidnon Power Corp., First Gen Energy Solutions, Inc., Red Vulcan Holdings Corp., First Gen Luzon Power Corp., First Gen Geothermal Power Corp., First Gen Northern Energy Corp., First Gen Visayas Hydro Power Corp and First Gen Mindanao Hydro Power Corp. He is also the Executive Vice President and Chief Financial Officer (CFO) of First Philippine Holdings Corp., First Gas Holdings Corp., First Gas Power Corp., FGP Corp., Unified Holdings Corp., First Gas Pipeline Corp., First NatGas Power Corp., and FGLand Corp. He sits in the boards of First Gen Hydro Power Corporation, and Bauang Private Power Corp.

He worked previously with the Global Power and Environmental Group of The Chase Manhattan Bank in Singapore and Hong Kong where he originated and executed financial advisory and debt arrangement mandates for power and water projects in Asia.

Mr. Puno has a master of management degree from the Kellogg Graduate School of Management of Northwestern University (1990) and a bachelor of science degree in business management from the Ateneo de Manila University (1985).

Mr. Russell, British, has been a Director of EDC since November 2007. He is also an Executive Vice President of First Gen and director of GCGI. He was previously Vice President of Generation Ventures Associates (GVA), an international developer of independent power projects based in Boston, USA, responsible for the development of 1,720MW of IPP projects in Asia. Prior to joining GVA, he worked for BG plc based in London and Boston, responsible for the development of power and natural gas distribution projects.

Mr. Russell has an MBA with distinction in international business and export management from the City University Business School, London, England (1989) and a bachelor of science degree with honours in chemical & administrative sciences from the City University, London, England (1987).

Mr. Joaquin E. Quintos IV joined EDC as a Director last November 2015. He is the Senior Vice President of First Philippine Holdings. He is currently a member of the board of Philippine American Life and General Insurance Company, Skycable, Vicsal Investment, and AB Capital Investment. He is a board trustee of Knowledge Channel Foundation and was formerly the Chairman of Operation Smile Philippines.

Previously, he was the Vice Chairman of the Credit Information Corporation, the national credit registry of the Philippines.

Prior to joining First Philippine Holdings, Mr. Quintos was President and CEO of Prople Limited and was the Chairman and Country General Manager of IBM Philippines Inc. He also headed all of IBM’s wholly owned subsidiaries in the Philippines. He was President and CEO of IBM Daksh Philippines Inc., Chairman of IBM Solutions Delivery Inc., and Chairman of IBM Business Services Inc. IBM’s BPO operating subsidiaries, IBM Daksh and IBM Business Services, were set-up during his tenure.

He was formerly the Chairman of the ICT Panel of the Joint Congressional Committee on Science and Technology of the Republic of the Philippines. He was previously the Chairman of De La Salle University Manila and the Co-Chairman of the De La Salle Philippines board which oversees the unified administration of the network of 17 La Sallian institutions in the Philippines. He was also a former independent director of STI Education Services and iPeople.

Mr. Quintos is a graduate of the University of the Philippines with a Bachelor of Science degree in Industrial Engineering, cum laude.

Mr. Low, 34, Malaysian, has been a Director of EDC since October 2017. He is also an Associate Director at Macquarie Infrastructure and Real Assets, where he focuses on power and renewable investment opportunities across South East Asia. MIRA is the world’s largest infrastructure asset manager and has approximately 11GW of renewable energy investments under management.

He has been with MIRA since 2006, initially based in MIRA’s London office, but subsequently moving to Hong Kong (2011) and Singapore (2013). He was a key member of the MIRA team responsible for the capital raising of MIRA’s Philippines focused infrastructure fund (PINAI) which raised approximately PHP26 billion of capital commitments in 2012. He also led a majority of the investments made by the PINAI, which achieved full deployment in little over 3 years.

Mr. Low has a master’s degree in Management from Imperial College London and an undergraduate degree in Economics from the London School of Economics.

Ms. Goh, 34, Malaysian, is a Director of EDC since December 5, 2018. She is a Senior Vice President at GIC’s Infrastructure practice, where she has coverage responsibility for the Asia-Pacific region with prior experience investing in the US and Europe. GIC was established in 1981 as a private company, wholly-owned by the Government of Singapore, to manage the foreign reserves of Singapore. It is one of the world’s largest global investors, with well over US$100 billion of assets in more than 40 countries worldwide.

Ms Goh has been a member of GIC’s Infrastructure practice since 2008. She has an MSc in Management Science & Engineering from Stanford University and a BSc in Mathematics with Statistics for Finance from Imperial College London.

Mr. Baldwin, 53, Australian, has been a Director of EDC since October 2017. He is also a Senior Managing Director at Macquarie Infrastructure and Real Assets, where he is the Head of power, renewable and utility businesses across Asia. MIRA is the world’s largest infrastructure asset manager and has approximately 11GW of renewable energy investments under management.

Prior to joining MIRA, Mr Baldwin was CEO, Integrated Gas at Origin Energy, where he successfully led the delivery of the $25 billion Australia Pacific LNG project. Prior to this, he was CEO of Contact Energy, one of New Zealand’s largest integrated energy companies with more than 2,000MW of geothermal, hydroelectric and gas-fired generation, and approximately 600,000 customers. Prior to his role at Contact, Mr Baldwin was a senior executive at MidAmerican Energy (now Berkshire Hathaway Energy) in the Philippines and the United States, with responsibilities that included the delivery and operation of 650MW of geothermal and hydroelectric power in the Philippines; and Project Director at SouthPac Corporation (AsiaPower Developments) with responsibility for the development of the Wayang Windu geothermal project in Indonesia. Mr Baldwin started his career with Shell where he held project development and operational management roles in New Zealand and the Netherlands. He has been a director of private and listed companies including Contact Energy, Australia Pacific LNG, the Australian Petroleum Production & Exploration Association, Queensland Resources Council, and Energia Andina (Chile). He has 30 years of experience developing and operating industrial, energy and resource companies in Europe, Asia, Australaisa, and the US, as well as 15 years leading listed and private businesses.

Mr. Baldwin has an MBA from the Victoria University of Wellington (1994) and an undergraduate degree in Chemical Engineering from the University of Canterbury (1985).

Independent Directors

Atty. Francisco Ed. Lim is an Independent Director of the Energy Development Corporation since July 2010 and a current member of the Corporation’s Audit and Governance Committee. He is the Co-Managing Partner and a Senior Partner of Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW) and is the Head of its Corporate and Special Projects Department. He is a member of the Financial Executives of the Philippines (FINEX). He is a law professor at the College of Law of the Ateneo de Manila University and the Graduate School of Law of San Beda College, and Professorial Lecturer of the Philippine Judicial Academy. He is a member of both the Philippine Bar and New York State Bar.

He served as past President and CEO and Director of Philippine Stock Exchange, Inc. (PSE), President & CEO of Securities Clearing Corporation of the Philippines (SCCP), Chairman of the Philippine Stock Exchange Foundation, Inc., (PSEFI) and Capital Market Development Center, Inc. (CMDCI), Director of the Philippine Dealing & Exchange Corporation (PDEx), Trustee of the Securities Investors Protection Fund (SIPF), and member of Capital Market Development Council (CMDC) from September 15, 2004 to February 15, 2010. He successfully worked for the passage by Congress of several capital market development related laws, namely, Personal Equity Retirement Account Act (PERAA), Credit Investment System Act (CISA), Real Estate Investment Trust Act (REITA), Documentary Stamp Duty Exemption for secondary trading of listed stocks, and Financial Rehabilitation and Insolvency Act (FRIA). He was Chairman of the Technical Work Group on the Collective Investment Schemes Law (CISL) and Chairman of the Technical Work Group on Real Estate Investments Trusts (REITS) in the 14th Congress of the Senate of the Republic of the Philippines.

Mr. Lim graduated magna cum laude in bachelor of philosophy and cum laude in bachelor of arts from the University of Santo Tomas. He completed with honors his bachelor of laws degree (Second Honors) from the Ateneo de Manila University and his master of laws degree from the University of Pennsylvania, USA.

Edgar O. Chua, Filipino, is an Independent Director of the Energy Development Corporation since July 2010 and he is the incumbent Chairman of EDC’s Audit and Governance Committee (AGC) and a member of the Corporate Social Responsibility Committee (CSR Committee). He is also the Country Chairman of the Shell Companies in the Philippines. He has corporate responsibility for the various Shell companies in the exploration, manufacturing and marketing sector of the petroleum business. Likewise, he oversees the Chemicals businesses and Shared Services. He is currently the Chairman of the Philippine Business for Environment and President of Pilipinas Shell Foundation, Inc.

He has more than 30 years of experience in the business fields of chemicals, auditing, supply planning and trading, marketing and sales, lubricants, corporate affairs and general management. He held senior positions outside the Philippines as Transport analyst in Group Planning in the UK and as General Manager of the Shell Company of Cambodia. From July1999 to August 2003, he held various regional positions in Shell Oil Products East including GM for Consumer Lubricants covering all countries East of Suez Canal including Saudi Arabia, China, India, Korea, ASEAN, Australia, New Zealand and the Pacific Islands.

Mr. Chua earned his Bachelor of Science degree in Chemical Engineering from De La Salle University and attended various international seminars and courses including the senior management course in INSEAD in Fountainbleau, France.

Mr. Manuel I. Ayala is EDC’s newest member of the Board of Directors, having been elected as its third Independent Director, to serve the unexpired portion of the term of his predecessor, Mr. Arturo T. Valdez. Independent Director Ayala is also an Independent Director of Sky Cable and the Managing Director of the Philippine office of Endeavor, a global nonprofit organization focused on accelerating the growth of high impact entrepreneurs.   Such entrepreneurs 1) have the biggest ideas, 2) have the potential to scale their businesses and 3) multiply their success by mentoring and investing in other entrepreneurs. Endeavor is in 26 countries and has supported over 1,200 high impact entrepreneurs.

Prior to Endeavor, Manny founded Hatchd, Inc, a technology incubator that has helped to create companies such as Rappler, PawnHero, AVA, Purple Click, Zipmatch and Ayannah. Manny was also a co-founder of IRG Ltd, a Hong Kong based M&A advisory firm focused on the Telecoms, Media and Tech sectors across the Asia Pacific.

He sits on the Boards of Sky Cable and is a past president of the Philippine Chapter of Entrepreneurs Organization.

Manny has an MBA form Harvard Business School and a BA from Yale University