Aboitiz Power Corp.’s Environmental, Social, and Governance (ESG) strategies and efforts hit the mark in the ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Award, owing to its time-tested values and refreshed purpose of transforming energy for a better world.
In its 2021 ACGS assessment, the 4-arrow recognition AboitizPower received reflected the importance it placed on sustainably managing the organization, attaining the targets it has set for itself, and realizing its strategic growth ambitions. Moreover, it showed their willingness to go beyond national legislative requirements in corporate governance. Beyond complying with the Philippine Code of Corporate Governance, publicly-listed companies are also benchmarked against international best practices.
“I am incredibly proud of our team for this success. This recognition affirms our dedication to upholding the highest corporate governance and ethical standards. It inspires us to continue pushing the boundaries of excellence in all we do,” said AboitizPower President and Chief Executive Officer Emmanuel “Manny” Rubio.
“We will strive for the highest standards of excellence in every aspect of our business as we seek to deliver long-term value to our stakeholders.”
Overall, AboitizPower improved its total score to 111.33 in 2021 from 93.31 the previous year, as it saw marked improvements in metrics that measured the rights of shareholders, the role of stakeholders, disclosure and transparency, and responsibilities of the Board. Year on year, it also maintained its perfect score for the equitable treatment of shareholders.
AboitizPower attributes these developments to its doubling down on its vision of building a sustainable enterprise that generates long-term equitable value for people, planet, and prosperity. It views corporate governance as a two-way street; being an important aspect of how it is sustainably managed and how it manages to build and maintain a relationship of trust with external stakeholders.
The company believes that business growth balanced with a strong social component and healthy environmental practices are key elements to building a sustainable business for its team members, shareholders, and communities now and for generations to come.
While ESG has always been a part of its planning and operations, AboitizPower has become more vocal and active in its advocacies, especially amidst a Great Transformation along with the rest of the Aboitiz Group. As a transformed organization, AboitizPower will focus on decarbonization, digitalization and innovation, and growth beyond the core. To this end, the people of AboitizPower continue to live out the organization’s core values of Integrity, Teamwork, Innovation, Responsibility, and Service Excellence, and are flourishing alongside the accomplishment of the organization’s goals.
In recent years, AboitizPower has improved the volume of public disclosures on its website. This is evidenced by the publishing not just of its standard financial performance, but also of its non-financial performance indicators like its social and environmental impacts.
The AboitizPower Board of Directors has also been more earnest in overseeing and shaping the implementation of the company’s ESG strategies, including the strengthening of its anti-bribery and corruption guidelines, and promotion of sustainable business practices within the company and across its whole value chain.
At the same time, AboitizPower pursues its 10- year growth strategy where it will expand its renewable energy portfolio, called Cleanergy, to 4,600 megawatts (MW) or 50% of its total generating capacity by 2030. AboitizPower will help advance business and communities through the supply of reliable and responsibly-sourced energy from run-of-river, large hydro, solar, geothermal, and wind sources.
AboitizPower’s Great Transformation journey serves to strengthen its role in fueling the country’s economic growth and empowering communities while managing climate-related risks. As it harnesses opportunities brought forth by new technologies and innovations, AboitizPower will continue to elevate the value and scalability of its ESG framework for a better and brighter Philippines.
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