17 December 2020
Napocor obtains the highest rating in corporate governance
The National Power Corporation (Napocor) was the top-performing agency among 80 Government-Owned and Controlled Corporations (GOCCs) in the 2019 Corporate Governance Scorecard, posting an assessment rating of 100.52%.
Napocor said that this is a huge leap from the previous year’s assessment score of 87.50% and the first time in Napocor's history that the corporation not only enters the top 10 but also obtains the highest rating among GOCCs. This is also the first time that the Corporation garners the top spot among 11 GOCCs in the Energy and Materials sector in the governance ranking.
Earlier this year, Napocor was also among the top 10 GOCCs with the biggest dividend contributions to the national treasury.
In response to Republic Act 7656 requiring GOCCs to remit at least half of their net earnings to the national government, Napocor contributed 4 billion pesos this year to also heed President Rodrigo R. Duterte’s Bayanihan to Heal as One Act of 2020. The funds were added to the government’s Covid-19 response including granting of assistance to the marginalized sector.
Napocor President& CEO Pio J. Benavidez expresses his appreciation to the National Power Board, NAPOCOR Management Committee and the entire Napocor team for their support, dedication and service to the country and people.
The Corporate Governance Scorecard is an annual assessment conducted by the Governance Commission for GOCCs (GCG) to ensure sound governance and standards of agencies. It measures the GOCCs’ policies and practices on stakeholder relationship, disclosure and transparency with information and relevant data, and the responsibilities of its Board.
Likewise, the Corporate Governance Scorecard also ensures that agencies enhance their corporate value. It closely monitors the GOCCs’ Performance Scorecard, a system of setting measures, targets and initiatives in facilitating accomplishments and meeting strategic objectives of the organization.
The GCG was created under the GOCC Governance Act of 2011 to ensure transparent operations of GOCCs. In 2015, it developed the Corporate Governance Scorecard modelled from the Principles of Corporate Governance of the Organization for Economic Cooperation and Development and the ASEAN Corporate Governance Scorecard. Aside from the mechanism helping GOCCs achieve and concur with highest standards of governance, it also puts the organizations at-par with our ASEAN counterparts. END