EDC commits to measure more than just profit
Energy Development Corp. (EDC) is turning to “integrated reporting” in the reckoning of corporate performance, to include factors other than financial such as social relationship and natural capital, as they rev up the push for renewable energy.
The Lopez-led power firm started this with the launch of their integrated report that covers their 2019 financial and nonfinancial performance, to measure the value that the company contributes to the ecosystem and to society.
“This shift toward an integrated reporting practice reflects EDC’s proactive approach to the long-term growth of the company,” the report said.
“Today, we understand that sustainability was only the first step in our journey,” it added. “Now, we shift our focus to regeneration, in the hopes that we can restore the environment we share and create a better future for all Filipinos.”
For the past nine years, EDC has reported on its sustainability performance using the Global Reporting Initiative (GRI) Standards, which primarily covers the “triple bottom line” or impact on people, planet and profit.
EDC’s new report enhances the discussion and presentation of material issues and disclosures guided by GRI standards with the framework set forth by the International Integrated Reporting Council (IIRC).
The IIRC framework measures the performance and value that businesses have created based on six forms of capital, including financial capital and social and relationship capital.
EDC chair and chief executive Federico R. Lopez said the move articulates a renewed mission for the company “to forge collaborative pathways for a decarbonized and regenerative future.” —RONNEL W. DOMINGO INQ
