TeaM Energy gets top grade for good governance

MANILA, Philippines – TeaM Energy Corp., a partnership between Japanese firms Tokyo Electric Power Co. and Marubeni Corp., received the highest rating from Integrity Initiative (II), a private-led effort to promote good governance, transparent business transactions and implement strict integrity standard in the Philippines.

In a statement, TeaM Energy said it was given an Advanced rating after an external validation audit conducted by the II.

The audit covers the internal and external business processes of the power firm in dealing with employees and external stakeholders including government regulators and host communities.

“With the Advanced rating given by the Integrity Initiative, we are only one of 14 private firms in the Philippines to receive such a distinction from among over 2,600 signatories to the integrity pledge,” TeaM Energy chairman and CEO John Alcordo said.

Beginning in 2010, the II is a private sector organization formed by the Makati Business Club (MBC) and European Chamber of Commerce in the Philippines (ECCP) which reviews and validates the ethical business practices of private and public entities with the intention of uplifting ethical standards among private companies and government institutions.

Under the II audit, TeaM Energy scored a total of 270 points, well within the 223 to 296 points required in order to be recognized at the advanced level by the II.

The advanced rating shows that TeaM Energy is doing its share in promoting a culture of business integrity which helps the country improve its global competitiveness in order to attract new investments, Alcordo said.

“We wish to thank the Integrity Initiative for recognizing our efforts at further improving our corporate governance efforts. By participating in this, we are helping promote the Philippines as a desired venue for investments not only in the energy sector, but for various industries as well,” he said.

“As our company deals regularly with various stakeholders including partners in government both at the local and national levels, it is important that all our dealings are conducted with the highest of ethical standards in mind,” Alcordo said.

TeaM Energy is one of the largest independent power producers in the country, with more than 2,000 megawatts (MW) of installed generating capacity nationwide, namely the 735-MW Pagbilao Power Station in Quezon and the 1,218-MW Sual Power Station in Pangasinan.

It also has a 20 percent stake in the 1,200 MW natural gas-fired plant in Ilijan, Batangas.