Board of Directors

 

At EDC, the Board of Directors is comprised of a diverse and balanced mix of competent individuals, where each member contributes their considerable know-how, experience and independent judgment when formulating sound corporate strategies and policies for the company. 

Our Nomination and Compensation Committee reviews and evaluates the qualifications of each nominee, including Independent Directors. Each one is selected on the basis of their knowledge, experience and skills in various fields relevant to our business. 

Independent Directors are independent of Management with a 9 year term limit. He or she must be free from any business or other relationship with the Company which could interfere with the exercise of independent judgment in carrying out his responsibilities in the role. 

Currently, the Board has 27.3% independent directors. This is more than the minimum regulatory requirement of at least 2, or 20% of the board, whichever is higher. All EDC Directors are active participants during Board and Board Committee meetings, as well as in major corporate undertakings.

Mr. Oscar M. Lopez will continue as Chairman Emeritus of the Energy Development Corporation.

Regular Directors

Federico R. Lopez

Mr. Lopez, Filipino, has been a member of the board since November 29, 2007. He is also currently Chairman and Chief Executive Officer of EDC, and the publicly-listed companies FPH and First Gen. He is currently the Vice Chairman of Rockwell Land Corporation and also sits on the board of ABS-CBN Corporation, both of which are listed companies.

A staunch environmentalist, he is the Chairman of the Sikat Solar Car Challenge Society and is a member of the Board of Trustees of the Philippine Disaster Resilience Foundation and Forest Foundation Philippines.

Mr. Lopez is a member of the Asia Business Council, World Presidents Organization, New York Philharmonic International Advisory Board, Chief Executives Organization, ASEAN Business Club, Management Association of the Philippines (“MAP”), Philippine Chamber of Commerce and Industry, European Chamber of Commerce of the Philippines, and Makati Business Club.

Mr. Lopez is a graduate of the University of Pennsylvania with a Bachelor of Arts degree in Economics and International Relations, cum laude (1983).

Richard B. Tantoco

Mr. Tantoco, Filipino, sits as a director of the Company since November 29, 2007. He is currently President and Chief Operating Officer of EDC and several EDC subsidiaries, such as, but not limited to, BGI, GCGI and EBWPC. He also sits as a director and Executive Vice President of First Gen, a publicly-listed company, and several First Gen subsidiaries. He is currently the President and Trustee of the Oscar M. Lopez Center for Climate Change Adaptation and Disaster Risk Management Foundation, Inc. and a trustee in the board of several non-profit organizations, such as KEITECH Educational Foundation Inc., Business for Sustainable Development, Inc., The Lopez Museum, Stiftung Solarenergie Solar Energy Foundation and Messy Bessy. He has been a director of the International Geothermal Association since 2010. He previously worked with management consulting firm Booz, Allen and Hamilton, Inc. in New York and London where he specialized in mergers and acquisition advisory, turnaround strategy advisory, and growth strategy formulation for media and manufacturing companies.

Mr. Tantoco has an MBA in Finance from the Wharton School of Business of the University of Pennsylvania (1993) and a Bachelor of Science degree in Business Management from the Ateneo de Manila University where he graduated with honors (1988).

Francis Giles B. Puno

Mr. Puno, Filipino, has been a director of EDC since November 29, 2007. He also sits in the board of publicly-listed companies FPH, First Gen, and Rockwell Land. He is also the President and COO of FPH, First Gen, and several First Gen subsidiaries, such as Red Vulcan Holdings Corporation, First Gen Energy Solutions, FGP Corp., and First NatGas Power Corp. He previously worked with the Global Power and Environmental Group of The Chase Manhattan Bank in Singapore and Hong Kong where he originated and executed financial advisory and debt arrangement mandates for power and water projects in Asia.

Mr. Puno has a Master of Management degree from the Kellogg Graduate School of Management of Northwestern University (1990) and a Bachelor of Science degree in Business Management from the Ateneo de Manila University (1985).

Joaquin E. Quintos IV

Mr. Quintos, Filipino, has been a director of EDC since November 2015. He is currently Senior Vice President of FPH and sits as an independent director of iPeople, a publicly-listed company. He is a member of the board of Philippine American Life and General Insurance Company, Skycable, STI Education Services, Vicsal Investment, and AB Capital Investment. He is currently a Trustee of the Foundation for Adolescent Development, and Knowledge Channel Foundation.

Prior to joining FPH, Mr. Quintos was President and CEO of Prople Limited and was the Chairman and Country General Manager of IBM Philippines Inc. He also headed all of IBM’s wholly owned subsidiaries in the Philippines. He was President and CEO of IBM Daksh Philippines Inc., Chairman of IBM Solutions Delivery Inc., and Chairman of IBM Business Services Inc. IBM’s BPO operating subsidiaries, IBM Daksh and IBM Business Services, were set-up during his tenure.

He was formerly the Chairman of the ICT Panel of the Joint Congressional Committee on Science and Technology of the Republic of the Philippines. He was previously the Chairman of De La Salle University Manila and the Co-Chairman of the De La Salle Philippines board, which oversees the unified administration of the network of seventeen (17) La Sallian institutions in the Philippines. He was also the previous Vice Chairman of the Credit Information Corporation, the national credit registry of the Philippines.

Mr. Quintos is a graduate of the University of the Philippines with a Bachelor of Science degree in Industrial Engineering, cum laude.

Jonathan C. Russell

Mr. Russell, British, has been a director of EDC since November 29, 2007. He is also an Executive Vice President of First Gen and director of GCGI. He was previously Vice President of Generation Ventures Associates (“GVA”), an international developer of independent power projects based in Boston, USA, responsible for the development of 1,720 MW of IPP projects in Asia. Prior to joining GVA, he worked for BG plc based in London and Boston, responsible for the development of power and natural gas distribution projects.

Mr. Russell has an MBA with Distinction in International Business & Export Management from the City University Business School, London, England (1989) and a Bachelor of Science with Honours in Chemical & Administrative Sciences from the City University, London, England (1987).

David Andrew Baldwin

Mr. Baldwin, Australian, has been a director of EDC since October 3, 2017. He is also a Senior Managing Director at Macquarie Infrastructure and Real Assets (“MIRA”), where he is the head of power, renewable and utility businesses across Asia. MIRA is the world’s largest infrastructure asset manager and has approximately 11GW of renewable energy investments under management.

Mr. Baldwin’s industry experience includes renewable, utilities, resources and petrochemicals in both private and listed companies around the world.

Prior to joining MIRA in 2017, Mr. Baldwin was CEO, Integrated Gas at Origin Energy, where he successfully led the delivery of the $25 billion Australia Pacific LNG project. Prior to this, he was CEO of Contact Energy (“Contact”), one of New Zealand’s largest integrated energy companies with more than 2,000 MW of geothermal, hydroelectric, and gas-fired generation, and approximately 600,000 customers. Prior to his role at Contact, Mr. Baldwin was a senior executive at MidAmerican Energy (now Berkshire Hathaway Energy) in the Philippines and the United States, with responsibilities that included the delivery and operation of 650 MW of geothermal and hydroelectric power in the Philippines; and Project Director at SouthPac Corporation (AsiaPower Developments) with responsibility for the development of the Wayang Windu geothermal project in Indonesia. Mr. Baldwin started his career with Shell where he held project development and operational management roles in New Zealand and the Netherlands. He has been a director of private and listed companies including Contact Energy, Australia Pacific LNG, the Australian Petroleum Production & Exploration Association, Queensland Resources Council, and Energia Andina (Chile). He has thirty (30) years of experience developing and operating industrial, energy, and resource companies in Europe, Asia, Australia, and the US, as well as fifteen (15) years leading listed and private businesses.

Mr. Baldwin has an MBA from the Victoria University of Wellington (1994) and an undergraduate degree in Chemical Engineering from the University of Canterbury (1985).

Christopher Low Eu Sun

Mr. Low, Malaysian, has been a Director of EDC since October 3, 2017. He is also a Managing Director at MIRA, where he focuses on power and renewable investment opportunities across South East Asia. MIRA is the world’s largest infrastructure asset manager with over US$90bn of equity invested across over 150 businesses globally.

He has been with MIRA since 2006, initially based in MIRA’s London office, but subsequently moving to Hong Kong (2011) and Singapore (2013). He was a key member of the MIRA team responsible for the capital raising of MIRA’s Philippines focused infrastructure fund (PINAI), which raised approximately PHP26 billion of capital commitments in 2012. He also led a majority of the investments made by the PINAI, which achieved full deployment in a little over three (3) years.

Mr. Low has a Master’s degree in Management from Imperial College London and an undergraduate degree in Economics from the London School of Economics.

Nicole Goh Phaik Khim

Ms. Goh, Malaysian, is a director of EDC since December 5, 2018. She is a Senior Vice President at GIC’s infrastructure practice, where she has coverage responsibility for the Asia-Pacific region with prior experience investing in the US and Europe. GIC was established in 1981 as a private company, wholly-owned by the Government of Singapore, to manage the foreign reserves of Singapore. It is one of the world’s largest global investors, with well over US$100 billion of assets in more than forty (40) countries worldwide.

Ms. Goh has been a member of GIC’s infrastructure practice since 2008. She has an MSc in Management Science & Engineering from Stanford University and a BSc in Mathematics with Statistics for Finance from Imperial College London.

Regular Directors

Federico R. Lopez

 

Mr. Lopez, Filipino, has been a member of the board since November 29, 2007. He is also currently Chairman and Chief Executive Officer of EDC, and the publicly-listed companies FPH and First Gen. He is currently the Vice Chairman of Rockwell Land Corporation and also sits on the board of ABS-CBN Corporation, both of which are listed companies.

A staunch environmentalist, he is the Chairman of the Sikat Solar Car Challenge Society and is a member of the Board of Trustees of the Philippine Disaster Resilience Foundation and Forest Foundation Philippines.

Mr. Lopez is a member of the Asia Business Council, World Presidents Organization, New York Philharmonic International Advisory Board, Chief Executives Organization, ASEAN Business Club, Management Association of the Philippines (“MAP”), Philippine Chamber of Commerce and Industry, European Chamber of Commerce of the Philippines, and Makati Business Club.

Mr. Lopez is a graduate of the University of Pennsylvania with a Bachelor of Arts degree in Economics and International Relations, cum laude (1983).

Richard B. Tantoco

 

Mr. Tantoco, Filipino, sits as a director of the Company since November 29, 2007. He is currently President and Chief Operating Officer of EDC and several EDC subsidiaries, such as, but not limited to, BGI, GCGI and EBWPC. He also sits as a director and Executive Vice President of First Gen, a publicly-listed company, and several First Gen subsidiaries. He is currently the President and Trustee of the Oscar M. Lopez Center for Climate Change Adaptation and Disaster Risk Management Foundation, Inc. and a trustee in the board of several non-profit organizations, such as KEITECH Educational Foundation Inc., Business for Sustainable Development, Inc., The Lopez Museum, Stiftung Solarenergie Solar Energy Foundation and Messy Bessy. He has been a director of the International Geothermal Association since 2010. He previously worked with management consulting firm Booz, Allen and Hamilton, Inc. in New York and London where he specialized in mergers and acquisition advisory, turnaround strategy advisory, and growth strategy formulation for media and manufacturing companies.

Mr. Tantoco has an MBA in Finance from the Wharton School of Business of the University of Pennsylvania (1993) and a Bachelor of Science degree in Business Management from the Ateneo de Manila University where he graduated with honors (1988).

Francis Giles B. Puno

 

Mr. Puno, Filipino, has been a director of EDC since November 29, 2007. He also sits in the board of publicly-listed companies FPH, First Gen, and Rockwell Land. He is also the President and COO of FPH, First Gen, and several First Gen subsidiaries, such as Red Vulcan Holdings Corporation, First Gen Energy Solutions, FGP Corp., and First NatGas Power Corp. He previously worked with the Global Power and Environmental Group of The Chase Manhattan Bank in Singapore and Hong Kong where he originated and executed financial advisory and debt arrangement mandates for power and water projects in Asia.

Mr. Puno has a Master of Management degree from the Kellogg Graduate School of Management of Northwestern University (1990) and a Bachelor of Science degree in Business Management from the Ateneo de Manila University (1985).

Joaquin E. Quintos IV

 

Mr. Quintos, Filipino, has been a director of EDC since November 2015. He is currently Senior Vice President of FPH and sits as an independent director of iPeople, a publicly-listed company. He is a member of the board of Philippine American Life and General Insurance Company, Skycable, STI Education Services, Vicsal Investment, and AB Capital Investment. He is currently a Trustee of the Foundation for Adolescent Development, and Knowledge Channel Foundation.

Prior to joining FPH, Mr. Quintos was President and CEO of Prople Limited and was the Chairman and Country General Manager of IBM Philippines Inc. He also headed all of IBM’s wholly owned subsidiaries in the Philippines. He was President and CEO of IBM Daksh Philippines Inc., Chairman of IBM Solutions Delivery Inc., and Chairman of IBM Business Services Inc. IBM’s BPO operating subsidiaries, IBM Daksh and IBM Business Services, were set-up during his tenure.

He was formerly the Chairman of the ICT Panel of the Joint Congressional Committee on Science and Technology of the Republic of the Philippines. He was previously the Chairman of De La Salle University Manila and the Co-Chairman of the De La Salle Philippines board, which oversees the unified administration of the network of seventeen (17) La Sallian institutions in the Philippines. He was also the previous Vice Chairman of the Credit Information Corporation, the national credit registry of the Philippines.

Mr. Quintos is a graduate of the University of the Philippines with a Bachelor of Science degree in Industrial Engineering, cum laude.

Jonathan C. Russel

 

Mr. Russell, British, has been a director of EDC since November 29, 2007. He is also an Executive Vice President of First Gen and director of GCGI. He was previously Vice President of Generation Ventures Associates (“GVA”), an international developer of independent power projects based in Boston, USA, responsible for the development of 1,720 MW of IPP projects in Asia. Prior to joining GVA, he worked for BG plc based in London and Boston, responsible for the development of power and natural gas distribution projects.

Mr. Russell has an MBA with Distinction in International Business & Export Management from the City University Business School, London, England (1989) and a Bachelor of Science with Honours in Chemical & Administrative Sciences from the City University, London, England (1987).

David Andrew Baldwin

 

Mr. Baldwin, Australian, has been a director of EDC since October 3, 2017. He is also a Senior Managing Director at Macquarie Infrastructure and Real Assets (“MIRA”), where he is the head of power, renewable and utility businesses across Asia. MIRA is the world’s largest infrastructure asset manager and has approximately 11GW of renewable energy investments under management.

Mr. Baldwin’s industry experience includes renewable, utilities, resources and petrochemicals in both private and listed companies around the world.

Prior to joining MIRA in 2017, Mr. Baldwin was CEO, Integrated Gas at Origin Energy, where he successfully led the delivery of the $25 billion Australia Pacific LNG project. Prior to this, he was CEO of Contact Energy (“Contact”), one of New Zealand’s largest integrated energy companies with more than 2,000 MW of geothermal, hydroelectric, and gas-fired generation, and approximately 600,000 customers. Prior to his role at Contact, Mr. Baldwin was a senior executive at MidAmerican Energy (now Berkshire Hathaway Energy) in the Philippines and the United States, with responsibilities that included the delivery and operation of 650 MW of geothermal and hydroelectric power in the Philippines; and Project Director at SouthPac Corporation (AsiaPower Developments) with responsibility for the development of the Wayang Windu geothermal project in Indonesia. Mr. Baldwin started his career with Shell where he held project development and operational management roles in New Zealand and the Netherlands. He has been a director of private and listed companies including Contact Energy, Australia Pacific LNG, the Australian Petroleum Production & Exploration Association, Queensland Resources Council, and Energia Andina (Chile). He has thirty (30) years of experience developing and operating industrial, energy, and resource companies in Europe, Asia, Australia, and the US, as well as fifteen (15) years leading listed and private businesses.

Mr. Baldwin has an MBA from the Victoria University of Wellington (1994) and an undergraduate degree in Chemical Engineering from the University of Canterbury (1985).

Christopher Low Eu Sun

 

Mr. Low, Malaysian, has been a Director of EDC since October 3, 2017. He is also a Managing Director at MIRA, where he focuses on power and renewable investment opportunities across South East Asia. MIRA is the world’s largest infrastructure asset manager with over US$90bn of equity invested across over 150 businesses globally.

He has been with MIRA since 2006, initially based in MIRA’s London office, but subsequently moving to Hong Kong (2011) and Singapore (2013). He was a key member of the MIRA team responsible for the capital raising of MIRA’s Philippines focused infrastructure fund (PINAI), which raised approximately PHP26 billion of capital commitments in 2012. He also led a majority of the investments made by the PINAI, which achieved full deployment in a little over three (3) years.

Mr. Low has a Master’s degree in Management from Imperial College London and an undergraduate degree in Economics from the London School of Economics.

Nicole Goh Phaik Khim

 

Ms. Goh, Malaysian, is a director of EDC since December 5, 2018. She is a Senior Vice President at GIC’s infrastructure practice, where she has coverage responsibility for the Asia-Pacific region with prior experience investing in the US and Europe. GIC was established in 1981 as a private company, wholly-owned by the Government of Singapore, to manage the foreign reserves of Singapore. It is one of the world’s largest global investors, with well over US$100 billion of assets in more than forty (40) countries worldwide.

Ms. Goh has been a member of GIC’s infrastructure practice since 2008. She has an MSc in Management Science & Engineering from Stanford University and a BSc in Mathematics with Statistics for Finance from Imperial College London.

Independent Directors

Edgar O. Chua

Mr. Chua, Filipino, has been an Independent Director of EDC since July 29, 2010 and he sits as the Chairman of the Audit and Governance Committee since July 13, 2011. He was the Country Chairman of the Shell Companies in the Philippines from September 2003 to October 2016. He had corporate responsibility for the various Shell companies in the exploration, manufacturing, and marketing sector of the petroleum business. Likewise, he oversaw the chemicals businesses and shared services. He is currently an independent director of the Integrated MicroElectronics Inc. (“IMI”) and Metrobank. He is also currently on the Advisory Board of Mitsubishi Motors Philippines Corporation.

His career spanned more than thirty eight (38) years of experience in the business fields of chemicals, auditing, supply planning and trading, marketing and sales, lubricants, corporate affairs and general management. Outside the Philippines, he held senior positions as Transport Analyst in Group Planning in the UK and as General Manager of the Shell Company of Cambodia. From July 1999 to August 2003, he served in various regional roles in Shell Oil Products East, including as GM for Consumer Lubricants for Asia Pacific covering all countries East of Suez Canal including Saudi
Arabia, China, India, Korea, ASEAN, Australia, New Zealand, and the Pacific Islands. He also headed Shell’s Global Marketing for Commercial Fuels.

Mr. Chua earned his Bachelor of Science degree in Chemical Engineering from De La Salle University (1978) and attended various international seminars and courses including the senior management course in INSEAD in Fontainebleau, France. He is a recipient of numerous local and international recognitions, including CEO EXCEL for Excellence in Communication in Organisations (2005); Asia People of the Year (2013); MAP’s Management Man of the Year (2013); CEO of the Year in the Asia Pacific SABRE (Superior Achievement in Branding Reputation and Engagement) Awards in China in 2014. In 2015, he was conferred the Lifetime Achievement Award by the Golden Wheel Awards Foundation. In 2016, he was awarded by the Asia CEO as Global Filipino Executive of the Year. He was also conferred Doctor of Humanities Honoris Causa by De La Salle Araneta University in 2018.

Francisco Ed. Lim

Atty. Lim, Filipino, has been an Independent Director of EDC since July 29, 2010. He is a Senior Partner and a member of the Executive and Special Committees of the Angara Abello Concepcion Regala & Cruz Law Offices (“ACCRALAW”).

Atty. Lim is the incumbent President of the Shareholders’ Association of the Philippines (“SharePHIL”). He is a member of the Board of Governors, and is the Vice-President of the Management Association of the Philippines (“MAP”). Atty. Lim is also a trustee of the Financial Executives Institute of the Philippines (“FINEX”), CIBI Foundation, Inc., and the Judicial Reform Initiative, Inc., and a Fellow of the Institute of Corporate Directors (“ICD”).

Atty. Lim is a law professor in the Ateneo de Manila University, San Beda Graduate School of Law, and a professorial lecturer and Vice-Chair of the Commercial Law Department at the Philippine Judicial Academy. Atty. Lim isHe is a member of the American Bar Association, International Insolvency Institute (“III”), and Advisory Committee for the Asian Principles of Business Restructuring Project of the III and Asian Business Law Institute.

Atty. Lim is a director of The Insular Life Assurance Co., Ltd., Producers Savings Bank Corporation, and Camerton Holdings.

Atty. Lim graduated magna cum laude in Bachelor of Philosophy and cum laude in Bachelor of Arts from the University of Santo Tomas. He completed his Bachelor of Laws degree (Second Honors) from the Ateneo de Manila University, and his Master of Laws degree from the University of Pennsylvania, USA.

Atty. Lim is a member of both the Philippine Bar and New York State Bar.

Manuel I. Ayala

Mr. Ayala has been an Independent Director since September 7, 2016 and currently sits as the Chairman of the Related Party Transactions Committee since May 8, 2017. He is also an Independent Director of Sky Cable and the Managing Director of the Philippine office of Endeavor, a global nonprofit organization focused on accelerating the growth of high impact entrepreneurs.

Prior to Endeavor, Mr. Ayala founded Hatchd, Inc, a technology incubator that has helped to create companies such as Rappler, PawnHero, Purple Click, AVA, Zipmatch, Ayannah, and GrowSari. He was also a co-founder of IRG Ltd, a Hong Kong-based M&A advisory firm focused on the telecoms, media and tech sectors across the Asia Pacific.

Mr. Ayala is a past President of Entrepreneurs Organization (Philippine Chapter) and has an MBA from Harvard Business School and a BA from Yale University.

Independent Directors

Edgar O. Chua

 

Mr. Chua, Filipino, has been an Independent Director of EDC since July 29, 2010 and he sits as the Chairman of the Audit and Governance Committee since July 13, 2011. He was the Country Chairman of the Shell Companies in the Philippines from September 2003 to October 2016. He had corporate responsibility for the various Shell companies in the exploration, manufacturing, and marketing sector of the petroleum business. Likewise, he oversaw the chemicals businesses and shared services. He is currently an independent director of the Integrated MicroElectronics Inc. (“IMI”) and Metrobank. He is also currently on the Advisory Board of Mitsubishi Motors Philippines Corporation.

His career spanned more than thirty eight (38) years of experience in the business fields of chemicals, auditing, supply planning and trading, marketing and sales, lubricants, corporate affairs and general management. Outside the Philippines, he held senior positions as Transport Analyst in Group Planning in the UK and as General Manager of the Shell Company of Cambodia. From July 1999 to August 2003, he served in various regional roles in Shell Oil Products East, including as GM for Consumer Lubricants for Asia Pacific covering all countries East of Suez Canal including Saudi
Arabia, China, India, Korea, ASEAN, Australia, New Zealand, and the Pacific Islands. He also headed Shell’s Global Marketing for Commercial Fuels.

Mr. Chua earned his Bachelor of Science degree in Chemical Engineering from De La Salle University (1978) and attended various international seminars and courses including the senior management course in INSEAD in Fontainebleau, France. He is a recipient of numerous local and international recognitions, including CEO EXCEL for Excellence in Communication in Organisations (2005); Asia People of the Year (2013); MAP’s Management Man of the Year (2013); CEO of the Year in the Asia Pacific SABRE (Superior Achievement in Branding Reputation and Engagement) Awards in China in 2014. In 2015, he was conferred the Lifetime Achievement Award by the Golden Wheel Awards Foundation. In 2016, he was awarded by the Asia CEO as Global Filipino Executive of the Year. He was also conferred Doctor of Humanities Honoris Causa by De La Salle Araneta University in 2018.

Francisco Ed. Lim

 

Atty. Lim, Filipino, has been an Independent Director of EDC since July 29, 2010. He is a Senior Partner and a member of the Executive and Special Committees of the Angara Abello Concepcion Regala & Cruz Law Offices (“ACCRALAW”).

Atty. Lim is the incumbent President of the Shareholders’ Association of the Philippines (“SharePHIL”). He is a member of the Board of Governors, and is the Vice-President of the Management Association of the Philippines (“MAP”). Atty. Lim is also a trustee of the Financial Executives Institute of the Philippines (“FINEX”), CIBI Foundation, Inc., and the Judicial Reform Initiative, Inc., and a Fellow of the Institute of Corporate Directors (“ICD”).

Atty. Lim is a law professor in the Ateneo de Manila University, San Beda Graduate School of Law, and a professorial lecturer and Vice-Chair of the Commercial Law Department at the Philippine Judicial Academy. Atty. Lim isHe is a member of the American Bar Association, International Insolvency Institute (“III”), and Advisory Committee for the Asian Principles of Business Restructuring Project of the III and Asian Business Law Institute.

Atty. Lim is a director of The Insular Life Assurance Co., Ltd., Producers Savings Bank Corporation, and Camerton Holdings.

Atty. Lim graduated magna cum laude in Bachelor of Philosophy and cum laude in Bachelor of Arts from the University of Santo Tomas. He completed his Bachelor of Laws degree (Second Honors) from the Ateneo de Manila University, and his Master of Laws degree from the University of Pennsylvania, USA.

Atty. Lim is a member of both the Philippine Bar and New York State Bar.

Manuel I. Ayala

 

Mr. Ayala has been an Independent Director since September 7, 2016 and currently sits as the Chairman of the Related Party Transactions Committee since May 8, 2017. He is also an Independent Director of Sky Cable and the Managing Director of the Philippine office of Endeavor, a global nonprofit organization focused on accelerating the growth of high impact entrepreneurs.

Prior to Endeavor, Mr. Ayala founded Hatchd, Inc, a technology incubator that has helped to create companies such as Rappler, PawnHero, Purple Click, AVA, Zipmatch, Ayannah, and GrowSari. He was also a co-founder of IRG Ltd, a Hong Kong-based M&A advisory firm focused on the telecoms, media and tech sectors across the Asia Pacific.

Mr. Ayala is a past President of Entrepreneurs Organization (Philippine Chapter) and has an MBA from Harvard Business School and a BA from Yale University.

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One of the most powerful cartoons I’ve come across in a while is one by To New Yorker
Magazine which shows a man in a tattered business suit and around a campfire amidst a
future wasteland telling three children, “Yes they destroyed but for a beautiful moment in
time we created a lot of value for. Funny, but tragically so true of how the world works today.

We urgently need to overhaul how we relate with the Earth
if we want to keep it habitable for humans in the decades
to come. We don't have a choice.

The way we measure progress and success in our world is severely broken. Countries are
judged by how fast gross domestic product (GDP) grows, and corporate stocks are deemed
good investments also by how fast they can advance their net incomes regardless of how
it’s achieved. Most successful business models are racing to spur consumption of their
products beyond what consumers really need. As a result, carbon emission trajectories are
leading us toward a catastrophic world that’s 3-6 degrees warmer. Human activity is warming
the Earth 5,000 times faster than the most rapid natural warming occurrence in our planet’s
past, and species are going extinct faster than at any period in geologic history. Microplastics
are already being found in dwelling in the deepest reaches of the Marianas trench as well as
the pristine Pyrenees mountains of France and Spain. These are but a few examples of the
widescale destruction humans are wreaking on our only home. The international no
organization (NGO) Global Footprint Network estimates that we already use up 1.5 Earths
each year just feeding our current level of wants and needs; that’s 50% more than our planet’s
ability to replenish 3the resources used up!

Dear Stakeholders,

Message from the EDC
Chairman and CEO

With every passing year, it becomes increasingly tougher to deny that our climate
is changing faster than previously imagined due to human activity. A large and growing
number of the world’s largest corporations participating in the Carbon Disclosure Project,
more than 75% as opposed to only 10% in 2010, now incorporate climate change into
their business strategies. I believe that today, we are living through one of history's great
paradigm shifts. An age wherein we’re only just beginning to realize the immense impact
we’ve had on the planet and that we urgently need to overhaul how we relate with the
Earth if we want to keep it habitable for humans in the decades to come. We don't have
a choice. There is no Plan B or planet B, as some would say.

Real and lasting shareholder value can only be had when we place the
interests of all our stakeholders, our customers, the planet, and humanity
at the center of everything we do.

Of course paradigm shifts are never easy. They never have been throughout history. But
as the environmentalist and author Bill McKibben rightly puts it: “the math is hard to
argue with; business as usual and growth as usual spell an end to the world as usual.
This is the one overwhelming fact of our lifetimes.” PricewaterhouseCoopers or PWC
quantifies what the world needs to do to keep global temperature rise to less than 2
degrees Celsius. They emphasize that we must reduce the carbon intensity of the
economy—the amount of carbon emitted per dollar of GDP—by 6% each year until 2100.
Although this number looks modest, it is nine times the current rate of important
being experienced in the world today; this only underscores the magnitude of the
transformation needed. At Energy Development Corporation and parent company,
First Gen Corportion, we believe our platform of businesses and our way-to-play are all
geared toward this goal.

Message from the EDC
Chairman and CEO

Our Geothermal plants are today the only large scale 24/7 sources of renewable energy
The relatively fixed pricing we are able to offer our electricity customers is a massive
advantage and gives them certainty at a time when our coal-based competitors cannot. In
addition, the massive transformation taking place in the company is exciting and promises
to transform us into a leaner but more robust and resilient player and competitor.
Our Natural Gas plants at First Gen are key to bringing down the carbon intensity
of the economy as they emit less than half of the carbon and only a fraction of the other
pollutants per kilowatt-hour relative to an equivalent-sized coal plant. This is key to
keeping the economy humming and our lights on, even as we transition to a decarbonized
world. Today, these plants run on the country’s only indigenous gas field
Camago-Malampaya, but we are currently preparing for the day these fields no longer
have indigenous gas through the development of what could be the country's first
Liquefied Natural Gas (LNG) import terminal. In December 2018, First Gen signed a joint
Development Agreement (JDA) with Tokyo Gas Co., Ltd. to push this forward. It's an
exciting time to be doing this as LNG suppliers worldwide are only just beginning to
innovate and show flexibility on gas contracts never before seen in the world of LNG
contracting. Just this April 2019, Shell and Tokyo Gas signed the world’s first coal-indexed
LNG contract. This signals that gas producers are now willing to fight head against
coal plants in competitive power markets, if they aren’t cheaper already. Our decision
several years ago to slam the door on developing any coal-fired power for ourselves
was prescient. Even as more coal- fired capacity comes on line globally, their utilization
and capacity factors are falling. International Energy Agency (IEA) figures for 2017 show
the average capacity factor of coal plants globally has fallen even more to 52.8%, down
from 59.3% in 2013. This is alarming for a technology whose economics only makes sense
when run at baseload rates of 70-80%. The implication is that many coal plants today are
being run sub-optimally and expensively. The fact that they are required to ramp up and
down frequently causes thermal fatigue of components, of materials, and corrosion that
negatively impact efficiency and emissions even more. Aside from the fact that coal-fired
power no longer has a place in a world that needs to decarbonize rapidly, its economics
are being rendered uncompetitive in grids increasingly being penetrated by more
intermittent renewable energy sources. Its days are numbered.

Message from the EDC
Chairman and CEO

Our world today teems with change and disruption. At EDC, we’re all incessantly
and purposefully “sensing the wind” and “reading the tea leaves”. And in such a
world marked by so much complexity, we must also keep our organizations alert,
as well as agile. But let me just say that real and lasting shareholder value can only
be had when we place the interests of all our stakeholders, our customers, the
planet, and humanity at the center of everything we do. The world’s paradigms are
shifting yet again and, as a company, we intend to help that shift in the best way
we can. It is amongst these great challenges where we intend to build the many
great opportunities that will foster true shareholder value.

Thank you for your continued trust and unwavering support.

Federico R. Lopez
Chairman and CEO

Message from the EDC
Chairman and CEO

Due to climate change, only hell is hotter than summer.

We now live in a world that has increased its temperature by 1.5°C from pre-industrial times
and at these levels 14% of the world’s population will experience intense heat waves at least
once in five years. Should things deteriorate further by half a degree, at a 2°C increase from
pre-industrial times, the effect will be 2.7 times worse: 37% of the world’s population will
experience severe heat waves at least once in five years. In 2018, Australia revised their
temperature charts and increased the upper limit to 55 degrees Celsius, or over 135 degrees
Fahrenheit, given what was experienced for a sustained period in the south-central part of
the country in 2018.

Hotter temperatures mean hotter oceans, because water absorbs an estimated 90% of the
heat in the atmosphere and radiant heat from the sun. The “hydrogen bond" between water
molecules is what allows water to absorb a significant amount of energy in the form of heat
before turning to vapor. However, once in vapor form, water rises into the atmosphere, and
the very same life-sustaining water becomes fuel for deadly typhoons and hurricanes that
bring with them torrential rains.

If the earth did not have water and was dry like Mars, our average temperature would be
negative 16°C. Because of the presence of water, the year-round average temparature of
the Earth is now 14°C. Averages have a way of lulling us into complacency until we are shaken
or impacted by terrible horrors, like Typhoon Yolanda in the Philippines, Hurricane Sandy in
New York, Hurricane Maria in Puerto Rico, Harvey in Houston (the costliest hurricane on
earth at USD125B in damage). The common thread among these events? They are all the
worst in either the history of those areas or the worst in centuries. And they all occurred in the
last 6 years.

The diametric opposite of typhoons, drought, is the other side of the same coin. From
California to Cape Town in South Africa, to Greece and Australia, drought has affected millions
of people. Closer to home, Manila is experiencing drought in this summer of 2019.

Dear Stakeholders,

Message from the EDC
President and COO

Our 2018 cover follows the expressive and visceral nature of the images we have chosen in
the past two years. It shows a striking image of what the future holds for us, if we do not
heed the call of the planet to pivot. The harsh reality of climate change is already felt, and
sadly, it is the most vulnerable members of society who bear the brunt of it.

We know the pivot will not be easy, especially in the face of significant vested interests.

The Intergovernmental Panel on Climate Change’s findings say that we may only have
until 2030 to avert “catastrophic climate change.” Despite the warnings however, action
has been slow. And in 2018, carbon emissions increased by another 2% from the previous
year. Scientists remain optimistic and cite the growth of renewable energy as a reason to
believe that the world can achieve the necessary reductions.

This continues to motivate us to do things better, to make a difference toward turning the
tide. Over the past five years, the Energy Development Corporation (EDC) and the rest of
the Lopez group of companies have decided to be the leaders in the business sector of
the Philippines in sounding the warning about the worsening effects of climate change
and the need for decisive action and enlightened choices. We know the pivot will not be
easy, especially in the face of significant vested interests.

Our Performance Report tells the story of EDC’s work-in-progress this year: our efforts to
achieve our business objectives, hand-in-hand with our sustainability aspirations. As
always, we keep track of the metrics that matter most to our stakeholders in alignment
with the framework of the Global Reporting Initiative (GRI) Standards.

Message from the EDC
President and COO

Bouncing back from a tough year

We tempered our expectations for 2018, given that we began the year with damage to
our facilities as a result of Typhoon Urduja, in December of 2017. Despite this setback, the
concerted efforts of our operational units, and inspired action from our employees,
helped us return our assets to service ahead of schedule. As a result of this, we ended
the year with a recurring income attributable (RNIA) of PhP9 billion, slightly ahead of our
2017 numbers.

We continued to execute our strategy with excellent results. We ended the year above our
target for generation. Our Nasulo and Palinpinon II power plants were also re-certified
for the 40 megawatt (MW) (+10MW) Ancillary Services Procurement Agreement (ASPA),
while our BacMan geothermal facility was fully contracted.

We adopted new ways of working and better practices in our operations with promising
results. For instance, majority of our planned maintenance activities were completed in
60% of the time, versus the previous 5-year averages. Fundamental changes have taken
place, such as the safety and medical clearances of contractors prepared a full month
ahead of the start of the activities, versus the old practice of doing this just prior to day
zero. We have also enhanced our reinjection management strategies to support our
efforts to reduce wasted heat and to ensure the recharge of our geothermal reservoirs.

Message from the EDC
President and COO

Taking the long view on sustainability and profitability

We are aware that challenges to the business will arise from time to time, such as natural
calamities or extreme weather. In response to these threats, we made smart investments
in resilience projects. Rather than implement risk reduction and resilience in potentially
hazardous areas, such as the steepest slopes most prone to landslides, we looked instead
at this through the necessary lens of high hazard against the potential value at risk from
the infrastructure in the area. From there, we have now prioritized those works which
mitigate the value at risk (VAR) of our assets relative to the hazard present. This way, we
are sure that we are investing in the right places where we can have the greatest risk
reduction. Using this VAR strategy, we completed 31 landslide mitigation projects in
BacMan, Negros, and Leyte in 2018. This crucial investment in resiliency is being
accelerated in 2019.

We are also investing in the growth and development of our people. People seek
opportunities to work for us because they appreciate EDC’s strategy. We have found that
EDC’s renewable energy focus has made us an employer of choice. Improvements in our
ways of working have given our employees greater flexibility to participate in and
contribute to over 100 simultaneous special projects, resulting in disperse decision-making
and improved accountability.

Our business also faces systemic and market-driven challenges. For example, the energy
sector will have to confront regulatory shifts and changes in tax regimes. This is par for
the course. We will also experience market shifts, which can be disruptive, both from
operational and pricing standpoints. An example would be the influx of non-
conventional, non-base load (intermittent) energy, like solor and wind. These energy
sources have significant impact on the grid, but do not have to shoulder the cost of
ancillary services.

EDC is prepared to face these changes by maximazing the cash generation of our assets.
We upgraded the capability of our plants in order to provide services that support grid
stability. These plans have been implemented, with investments in ancillary services
capability completed. Expanding our services offering has generated economic returns:
revenue from the sale of electricity as contingency and dispatchable reserves increased
143.5% from 2017, to P970 million in 2018.

Message from the EDC
President and COO

Making the shift to low carbon energy

While renewable energy is often seen as an alternative, EDC believes it is necessary and
timely to mainstream clean energy. Renewable energy is not only the environmentally-
responsible choice, but a wise business decision as well. EDC’s experience demonstrates
this, and we hope to convince even the doubters that the future of energy is in renewable
This commitment to clean energy is growing. In the United States, the mood on low-
carbon energy is changing. So much so, that one of the major US energy utilities has
pledged to go carbon free by 2050, and 80% carbon-free by 2030. This is only one utility,
in a wave of energy providers that have announced carbon-reduction goals.

A common theme across those committing to renewable energy is that their customers
are demanding low-carbon energy. And the energy providers, even mining companies are
listening. Renewable energy is not only the environmentally-responsible choice, but a
wise business decision as well. EDC’s experience demonstrates this, and we
hope to convince even the doubters that the future of energy is in
renewable.

In the capital markets, many large financial institutions have announced they will no
longer finance coal fired power plants. It is their belief that the assets will neither have the
capability to compete nor “the right to operate” based on the preferences of their
customers and other stakeholders such as local communities. For this reason, providing
financing for such assets are seen to be a poor medium- to long-term risk.

Increasingly, our customers are looking for cleaner energy choices, and we are happy to
oblige. Our role is not only to advocate for, but to convert consumers to, renewable
energy. More customers are signing up with EDC, with some choosing us because they
want to be powered by a pure RE company. Companies that have chosen to make the
switch believe it is a critical advantage: in fact, one customer that makes industrial
building materials told us that they want to be known as the first company in their
industry to be 100% powered by RE. We are encouraged by the small, but growing,
population of enlightened consumers that are demanding that the businesses and brands
they support show greater climate responsibility.

Message from the EDC
President and COO

EDC is proud and happy to partner with businesses that want to make positive
environmental change. Together, we will be part of a virtuous cycle that will contribute to
positive climate action.

Staying committed to our sustainability journey

In the last quarter of 2018, EDC completed the process of its voluntary delisting from the
Philippine Stock Exchange. Our delisting was a considered decision and part of an overall
strategy to support EDC’s long-term growth. The move to delist allows us greater flexibilty
over factors like leverage and dividend policies, without the need to excessively focus on
short-term results.
Our shareholders share this long-term focus with us. There is less attention given to
quarterly earnings, in favor of deliberate growth. This gives us the latitude and support to
explore investments in new CAPEX, to test new technologies that alter our future
prospects, without the expectation of immediate results or instant returns.

While the Philippine Stock Exchange and the SEC have established guidelines for
mandatory sustainability reporting beginning in 2020, EDC voluntarily reported on
sustainability for the past nine years. We will continue this practice because we believe
that this is how we can best create and share value with society, and care for the
environment upon which we depend, and the we all share.

Message from the EDC
President and COO

Our clear path ahead

The strong beam from a beacon serves to shine a light on the way ahead, and while we
made some gains in 2018, our journey is far from over. One the business side, we are
confident in the path we are taking to grow and develop our portfolio, invest in our
facilities and our PEOPLE, and continue to support our host communities.

Strategy is fundamentally a choice that is executed well. EDC is committed to our choice
for renewable enrgy and we intend to deliver on our plans to optimuze our assets,
mitigate our risks and grow the business and our talent pool. It is our hope that we can
serve as a role model for the energy sector, our host communities, the local government,
energy are bright, and by all indications, are getting better with each passing day.

Richard B. Tantoco
President and COO

Message from the EDC
President and COO