MERALCO RECOGNIZED FOR GOOD CORPORATE GOVERNANCE
Award a testament to Meralco’s transparency

May 30, 2008

The Manila Electric Company (Meralco) expressed its gratitude to the organizations and groups for recognizing Meralco as one of the Top 20 companies in the 2007 ICD Corporate Governance (CG) Scorecard for Publicly Listed Companies in the Philippines.

The award was given at the Makati Shangri-La in Makati by the Institute of Corporate Directors (ICD), in collaboration with the Securities and Exchange Commission (SEC), the Philippine Stock Exchange (PSE), and the Ateneo Law School.

Awarded was a plaque of recognition signed by: Dr. Jesus P. Estanislao, Chairman of ICD; Atty. Fe B. Barin, Chairperson of the SEC; Atty. Francis Ed. Lim, President of PSE, and Atty. Cesar L. Villanueva, Dean of the Ateneo Law School.

The corporate governance scorecard rates all publicly listed corporation’s on compliance with and actual practice of corporate governance compared with national, regional and international standards. It was a “person-on-the-street” test: it relies on public disclosure.

The more best practices a company has, the higher its score. “For as long as an ordinary person on the street with access to generally available information can get a specific information on a CG practice, a positive score results.”

Meralco rated high in the corporate governance scorecard that measures public disclosure through the regulators, the exchange and its corporate website and corporate reports.

The ICD is an independent and autonomous institute that champions corporate governance reforms in the country. It is made up mainly of individual corporate directors and agents committed to the professional practice of corporate directorship in the Philippines following global principles of modern corporate governance.

Meralco Vice President for Corporate Communication Elpi Cuna said, “This recognition is certainly a testament to the management capability of Meralco officials, whose competence and integrity are beyond question. We would like to dedicate this honor to our customers, shareholders, creditors, the communities we serve and other stakeholders for their unwavering trust in us. They can rest assured that we are continuously exploring ways to further improve the quality of our service and meet their expectations.”

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