AboitizPower is the Philippines’ leading provider of renewable energy, advancing business and communities towards A Better Future.
AboitizPower wins good governance award anew
September 29, 2023
Aboitiz Power Corporation (AboitizPower) was awarded a Golden Arrow Award for a second year in a row, reflecting the company’s consistent success in corporate governance, as well as its continued efforts in advancing businesses and communities in a sustainable manner.
The company received a 3-arrow recognition after garnering a score of 105.86 out of a possible 130 in the 2022 ASEAN Corporate Governance Scorecard (ACGS) assessment for publicly-listed companies. It marks AboitizPower’s compliance with the Philippine Code of Corporate Governance and a favorable standing with international best practices.
The ACGS takes into account the rights of shareholders, the equitable treatment of shareholders, the role of stakeholders, disclosure and transparency, and the responsibilities of the board.
“This award reaffirms the team’s adherence to the shared responsibility of sustainably managing the organization. This further motivates us to champion the highest corporate governance and ethical standards as we continue to grow the business,” said AboitizPower President and Chief Executive Officer Emmanuel Rubio. “Likewise, we also exert as much effort and diligence in upholding environmental preservation and the societal good within the areas we have the privilege to serve.”
Environmental, social, and corporate governance (ESG) strategies has long been a part of AboitizPower and the Aboitiz Group, which it is a part of, spanning decades of aspiring and being recognized as role models for environmental stewardship, social responsibility, good governance, and corporate citizenship.
This tradition only intensified when the Aboitiz Group launched its Great Transformation in 2022; gearing itself — comprising its investments in power, banking and financial services, food, infrastructure, land, construction, and data science and artificial intelligence — to thrive as the Philippines’ first techglomerate.
While already an established partner in Philippine development via its power generation and distribution assets, AboitizPower reaffirmed its mission of “Transforming Energy for a Better World” by focusing its transformation on the realms of decarbonization, digitalization, and decentralization or growing beyond its core business.
AboitizPower had previously indicated its goal of growing its renewable energy portfolio to 4,600 megawatts or 50% of its generation mix by the next decade to aid the country’s energy transition to a cleaner power mix. Furthermore, it began the modernization of its energy systems — from upgrading substations to be digital in distribution utilities to introducing “digital twin” technologies in thermal power plants — which will enable real-time monitoring and preventive or responsive measures to disruptions.
In 2021, AboitizPower received a 4 Golden Arrow Recognition with a score of 111.33, significantly improving from the previous year’s 93.31.
AboitizPower attributed the win to the rise in the volume of public disclosures published on its website, as well as its Board of Directors’ more earnest and active participation in overseeing and shaping the implementation of the company’s ESG strategies. This includes the strengthening of its anti-bribery and corruption guidelines and promotion of sustainable business practices within the company and across its whole value chain.
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