To complement good ESG metrics, transparency is important to help our investors make decisions, and assess both risks and opportunities. We have been aligning our disclosures and policies with the different ESG frameworks and data providers.

We have established our baseline data and set our directions across our organization, our aim is to deliver our strategy and report on our progress.

Our environmental and social initiatives are embedded across our organization to drive forward initiatives that are important to us and our aspiration to be a Net Zero GHG emissions company by 2050. In parallel, our Corporate Governance System provides a clear organizational structure guided by an active Board of Directors, visionary management, strong core values and adequate policies and controls to ensure the integration of sustainability across the organization.

The Board approved the creation of a Sustainability Committee, which is responsible for the oversight of sustainability issues and climate-related risks and opportunities. The Sustainability Committee regularly reviews our sustainability strategy, culture and values, and performance. Dedicating a committee to sustainability reinforces the commitment of the Board towards climate governance and oversight over the business as we move towards a low carbon portfolio.

Read more about ACEN’s Corporate Governance
Read more about ACEN’s Sustainability Committee

At the executive level, the ESG Committee advises on ESG-related matters in policymaking as well as monitors our performance on key ESG and climate-related metrics. Furthermore, the Risk and Health & Safety Committee provides an oversight function towards operational safety and sustainability-related risks. We also facilitated capacity building and awareness campaigns on ESG for our senior leaders to further embed sustainability into decision-making.

At the corporate level, the Sustainability team performs sustainability and climate oversight functions. This is headed by the vice president for Corporate Communications and Sustainability who has oversight in terms of managing sustainability initiatives and the company’s climate-related risks and opportunities, as well as climate-related disclosures.

At the project level, project development leads proactively work to mitigate the physical effects of climate change in the planning and design of new projects. The Sustainability team works closely with the project development teams to ensure that any environmental issues are adequately addressed. For operating plants, plant managers, HSSE leads and pollution control officers work closely with the Sustainability team to address any environmental issues and manage physical risks of climate change.

New governance committees

Risk and Health & Safety

Diversity in leadership

ACEN is committed to having our Board comprised of qualified and dedicated Directors with a diverse mix of expertise, experience, skills and backgrounds. Diversity includes business experience, age, gender and ethnicity. Nominees shall be selected based on merit. With respect to gender, the Board shall commit to ensure appropriate representation of women in the Board to the greatest extent possible.

Our Board has a diverse group of highly qualified and experienced leaders in their respective fields. Among our 11 Board members, 45% are women, while 36% are independent directors.

As of 31 December 2022, more than 90% of the Board is composed of non-executive and/or independent directors. Independent directors do not have any interest or relationship with the Company that may hinder their independence, or which could reasonably be perceived to interfere with the exercise of their independent judgment while carrying out their responsibilities as Directors

Human rights andanti-corruption

Beyond the oversight of sustainability and climate issues, ACEN upholds good governance and ethics on every aspect of the business, and respect for human rights guides all our interactions with stakeholders, counterparties and communities.

Ethics, compliance and respect for human rights are at the core of our Code of Conduct and Ethics. We aspire to achieve our position of leadership by being values-driven and by committing to conduct our business with the highest ethical standards. We conduct annual trainings on anti-bribery, corruption, and cybersecurity, covering all employees of ACEN, whether regular or part-time. ACEN and its directors, officers and employees are fully committed to promote a culture of good corporate governance anchored on core values of integrity, long-term vision, empowering leadership and commitment to national development.

In 2022, ACEN had no reported incidents of corruption.

Policy on Political Influence

The Corporation, while respectful of the political beliefs and principles of each of its individual employees, adopts the principle of political neutrality in the conduct of its business and will not devote any of the Corporation’s funds or resources to support any political campaign, political party or policy lobbying groups.

Tax Transparency

As part of its commitment to transparency in its dealings with its stakeholders and ever mindful of the impact of taxes in its host communities, the Company is committed to managing its tax affairs in a transparent and responsible manner, applying good tax practices, paying the correct amount of taxes on time, maintaining a cooperative working relationship with the tax authorities and will not resort to the structuring of its business transactions for the sole purpose of evading its tax obligations.