TransCo cited among top five GOCCs in corporate governance

The National Transmission Corp. (TransCo) has been cited as one of the top five firms in terms of governance among the country’s state-owned enterprises (SOE).

TransCo president Alan Ortiz said the decision of the Institute of Corporate Directors (ICD) to include TransCo in its list only goes to show the transmission firm’s readiness for privatization.

ICD is a non-profit organization promoting corporate governance reform and professional corporate directorship in the Philippines.

Ortiz said TransCo employees, from the rank and file up to the board members are honored and inspired by the recognition conferred by the ICD.

"This is a testament to our continuing efforts to institute and improve corporate governance mechanisms in the way we do things. The future concessionaire of TransCo will find that everything is already in place when it comes in," Ortiz said.

"We have always strived to be the best we can be. All our regional operation and maintenance groups as well as key functional groups have ISO 9001:2000-certified quality management systems. We want to turn over TransCo to the private concessionaire on a platinum platter," he added.

Results of ICD’s first-ever corporate governance scorecard for government-owned and controlled corporations and government financial institutions (GOCCs/GFIs) showed that TransCo was the highest-ranked GOCC as the top four placers (GFIs). There were 31 Philippine GOCCs/GFIs that participated in the survey. TransCo is the youngest corporation in the group at a mere five years old.

Supported by the British Embassy, the Capital Market Development Council (CMDC) and Governance Advisory Council of the President of the Philippines, the ICD survey covered five major concerns of corporate governance in SOEs: the state acting as an Owner, relations with stakeholders, transparency, disclosure, and responsibilities of the boards of state-owned enterprises.