Our Governance Initiatives
- To maintain its high standards of corporate governance, First Gen continues to implement its Enterprise Risk Management (ERM) system across all departments and levels of the organization and in every phase of the company’s business activities. The objective of the ERM system is to establish a corporate risk management system that provides the Board of Directors, the management, and all employees with a clear roadmap for identifying risks, avoiding pitfalls, and seizing opportunities to grow stakeholder value.
- Recognizing the importance of both availability and accessibility of information, First Gen re-launched its website in the first quarter of 2016 to afford its stakeholders easier access to Company information. The new website provides a more user-friendly interface with the public, and through which Company disclosures, news, programs, and other information are readily available.
- To further strengthen its corporate governance practices, the Company has issued policies on Anti-Bribery and Corruption, Conflict of Interest, Corporate Social Responsibility, Insider Trading, and Whistleblowing. The policies aim to ensure stakeholder protection, as well as foster a culture of responsibility in the Company.
To further ensure compliance with the principles and policies of good corporate governance, Vice President and Corporate Secretary Rachel R. Hernandez serves as the Company’s Compliance Officer. Ms. Hernandez is responsible for monitoring the compliance of the Corporation with the Manual on Corporate Governance and the rules and regulations of regulatory agencies, including reporting the occurrence of any violation, reporting such violation to the Board, recommending the imposition of appropriate disciplinary actions on the responsible parties, and adopting measures to prevent a repetition of the violation; appearing before the Securities and Exchange Commission (SEC) when summoned on matters relating to the Manual on Corporate Governance; and, if any deviations are found, explaining the reasons for such deviation; and recommending to the Board the review of the Manual on Corporate Governance.
First Gen has long recognized corporate governance as a necessary component of sound business management. As such, the Company, through its Board of Directors and senior management, continues to search for ways and means to further improve its corporate governance structures. The Company regularly reviews its existing policies and programs, with the intention of further elevating the level of accountability of the Company’s Directors, officers, and employees. Efforts to enhance and develop the Company’s corporate governance structures have resulted in earlier amendments to the Company’s By-laws and Manual on Corporate Governance.
First Gen looks forward to playing an even greater role in the Philippine energy industry. As the Company grows, it will continuously improve its corporate governance initiatives in keeping with its commitment to excellence.
Attendance of the Directors in 2016 Board Meetings