The AC Energy Philippines’ Board of Directors consists of 11 members, nominated in accordance with the By-Laws of the Company. In compliance with the requirement of the SEC for publiclylisted corporations, AC Energy Philippines’ Board of Directors includes four (4) independent directors. The independent directors are not officers nor substantial shareholders of the Company, and have no relationship with the Company that may hinder their
independence from the Company or management, nor would interfere with their exercise of independent judgment in carrying out their responsibilities.
To ensure that no director or small group of directors dominate the decision-making process, the Board is a combination of executive and non-executive directors.
In compliance with the principles of good corporate governance, the Board constitutes committees which directly report to the Board in accordance with duly approved procedures.