TeaM Energy Receives Highest Rating Level From Integrity Initiative (II)
April 4, 2016
MBC, ECCP formed group recognizes power firm
TeaM Energy Corporation (TEC) was given the highest possible rating (Advanced) after an external validation audit conducted by the Integrity Initiative (II) on the internal and external business processes of the power firm in dealing with employees and external stakeholders including government regulators and host communities.
“With the Advanced rating given by the Integrity Initiative, we are only one of 14 private firms in the Philippines to receive such a distinction from among over 2,600 signatories to the integrity pledge,” announced John Alcordo, Chairman & CEO of TEC.
The II is a private sector organization formed by the Makati Business Club (MBC) and European Chamber of Commerce in the Philippines (ECCP) that began in 2010. It reviews and validates the ethical business practices of private and public entities with the intention of uplifting ethical standards among private companies and government institutions.
TEC scored a total of 270 points in the audit, well within the 223 to 296 points required in order to be recognized at the advanced level by the II.
Alcordo explained that consistent with the power firm’s mandate as the nation’s growth partner, the advanced rating shows that TeaM Energy is doing its share in promoting a culture of business integrity which helps the country improve its global competitiveness in order to attract new investments.
“We wish to thank the Integrity Initiative for recognizing our efforts at further improving our corporate governance efforts. By participating in this, we are helping promote the Philippines as a desired venue for investments not only in the energy sector, but for various industries as well,” stressed Mr. Alcordo. “As our company deals regularly with various stakeholders including partners in government both at the local and national levels, it is important that all our dealings are conducted with the highest of ethical standards in mind,” he adds.
The II was formed in 2010 by the MBC and ECCP to create a culture of integrity where both private and public sectors commit to ethical business practices and good corporate governance and work together to achieve a level playing field that benefits both producers and consumers.
TeaM Energy, a partnership between Tokyo Electric Power Company and Marubeni Corporation, is one of the largest independent power producers in the country, with more than 2,000 MW if installed generating capacity nationwide. TeaM Energy operates two clean coal facilities. The 735 MW Pagbilao Power Station in Quezon and the 1,218 MW Sual Power Station in Pangasinan. It also has a 20% stake in the 1,200 MW natural gas-fired plant in Ilijan, Batangas.