As published on BusinessWorldOnline
FORMER ENERGY secretary Carlos Jericho L. Petilla has joined the board of MRC Allied, Inc. as independent director, adding more former government officials to the mining and property company that is diversifying into renewable energy.
Along with Mr. Petilla, who run and lost in the last senatorial race, former National Electrification Administration (NEA) Administrator Edita S. Bueno has gained a seat in MRC Allied, also as independent director.
The company’s president, Gladys N. Nalda, served as vice-president for legal and corporate affairs of state agency PNOC Renewables Corp. She was also legal counsel of the Department of Energy.
“With the entry of the new directors and pursuant to the company thrust to strengthen its structure and enhance good governance, the Board Committees have been re-organized. Petilla has been named chairperson of the Risk and Oversight Committee, while Bueno has been named chairperson of the Audit Committee,” the company said in a statement over the weekend.
“Petilla and Bueno, who both have a track record of invaluable experience in the energy sector, solidifies MRC Allied’s board and management team,” the company said.
“Their election to the board also bodes well for the company as it is now diversifying into the energy industry, with a focus on the renewable energy sector,” it added.
The company said Ms. Nalda was also a member of the risk and oversight committee. Messrs. Petilla and Bernard B. Rabanzo have been named members of the audit committee.
Based on the company’s corporate profile at the Philippine Stock Exchange, its chairman is Carlos Jose P. Gatmaitan, who is also its independent director. Its vice-chairman is Jimmy T. Yaokasin.
Celia Chao completes the seven-member board, along with Ms. Nalda and Mr. Rabanzo as regular directors. Ms. Bueno and Mr. Petilla are independent directors.
Mr. Petilla also served as governor of Leyte province for three straight terms before joining the Aquino cabinet in 2012.
Last month, MRC Allied announced its plan to enter the energy sector with an ambitious target of putting up at least 1,000 megawatts (MW) of renewable energy in the next five years.
Ms. Nalda said the move was perfectly timed because of the rising demand for electricity, increasing target of renewable energy capacity and the opportunity to buy existing power plants.
The company has a total of 160 MW of solar capacity in the pipeline this year, she said, identifying these as a 100-MW facility in Clark Green City, Pampanga and 60-MW in Naga City, Cebu.