EDC named among top Phl firms in corporate governance

MANILA, Philippines - For the second year in a row, geothermal leader Energy Development Corp. made it to the ASEAN Corporate Governance Scorecard’s (ACGS) list of 50 top performing publicly- listed companies (PLCs) in the Philippines.

EDC’s performance, along with those of PLCs from the six participating ASEAN member countries, was evaluated based on international standards of corporate governance including the five principles of corporate governance of the Organization for Economic Cooperation and Development (OECD).

“We are honored by this recognition.  This demonstrates EDC’s integrity and proactive approach to practice openness and transparency.  We are committed to adhere to the tenets of good corporate governance and protect the interests of our shareholders,” John Arnaldo, EDC head of corporate affairs, said.

Based on the ACGS country reports and assessments 2013-2014, the average corporate governance scores of the top 94 Philippine PLCs by market capitalization rose from 48.91 points in 2012 to 58 points in 2013.

Average scores on the five corporate governance categories of the Philippine PLCs significantly improved on a year-on-year basis. 

The Role of the Stakeholders average scores rose from 2.80 points in 2012 to 4.85 points in 2013.   The average scores on Disclosure and Transparency also increased from 13.58 points in 2012 to 16.03 points in 2013.  Likewise, the average scores for Responsibilities of the Board jumped to 19.71 points in 2013 from 16.36 points in 2012.

The ACGS is a joint initiative of the ASEAN Capital Markets Forum and the Asian Development Bank.  The ASEAN member countries that take part in the ACGS are Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.