EDC 2014 SR (UPDATED)

EDC 2014 Performance Report
•
We have taken steps to strengthen the governance framework such as: undertaking
negotiations and meetings for the AIM-EDC Corporate Governance Improvement
Project Part II, maintaining full compliance with new issuances by regulations such as
submission of the Annual Corporate Governance Report (ACGR), benchmarking on CG
practices with comparable ASEAN companies, improving CG evaluation system,
ensuring that all directors and senior executives comply with the corporate governance
training requirements; participation in the ASEAN Corporate Governance Scorecard
project w hich res ulted to a recognition as “A s ia’s M os t P romis ing Company in
Corporate Governance” and a citation in June 2013 and 2014 as one of the top 50 publiclylisted
Philippine companies on Corporate Governance based on the ASEAN Corporate
G overnance S corecard s tandards by garnering a rating higher than the country’s
average. Although EDC has never been a finalist in the PSE Bell Awards, it is consistently
cited among those PLCs with notable CG practices that have been shortlisted and qualified
to proceed to the second phase screening thereof.
Committee Meetings
• We conducted four meetings in 2014. Chairman E. O. Chua, Directors F. E Lim and A.
T. Valdez attended all the meetings while Directors F. B. Puno and E. B. Pantangco
attended two meetings.
Assessment of Performance
• We have assessed our performance for the year 2014 based on the guidelines and
parameters set in SEC Memorandum Circular No. 4 series of 2012 which specified the
required provis ions or contents of an audit committee charter and the as s es s ment o f the
audit committee’s compliance therewith. Based on the required provisions of the SEC,
the Audit and Governance Committee’s self assessment scores add up to 97.06% which
is equivalent to “Outstanding”.
February 24, 2015
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