First Gen has adopted a Manual on Corporate Governance to institutionalize the principles of good governance. We recognize that it is our Board’s duty and responsibility to foster the long-term success of the company and secure its sustained competitiveness in a manner consistent with its fiduciary responsibility. To maintain its high standards of corporate governance, First Gen continues to implement its Enterprise Risk Management (ERM) system across all departments and all levels of the organization and in every phase of First Gen’s business activities. The objective of the ERM system is to establish a corporate risk management system that provides the Board of directors, management and all employees with a clear roadmap for identifying risks, avoiding pitfalls, and seizing opportunities to grow stakeholder value. With the ERM system, risk management in the First Gen group would evolve from being individual-based to a system that is more reliant on formal and well-defined policies, processes, and standards implemented on an enterprise-wide basis. will discharge its duties, functions and responsibilities with utmost honesty, integrity and responsible corporate governance to ensure the best interests of the company, and its stakeholders.
Two out of the nine directors comprising the Board were elected as independent directors of First Gen. They are Mr. Tony Tan Caktiong and Mr. Jaime I. Ayala. These independent directors neither have interests nor relationships with First Gen that may hinder their independence from the Company or its management, or which would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.