Meralco raises bar in transparency with 2024 report

For the first time, the Manila Electric Company (Meralco) has adopted the International Integrated Reporting (IR) Framework in its 2024 Integrated Report, a move that signals a deeper commitment to transparency and sustainability in corporate governance.

The International Integrated Reporting Framework emphasizes a principles-based approach to corporate reporting. It focuses on how an organization creates, preserves, or erodes value over time. By combining financial and non-financial data, Meralco’s IR provides a more holistic view of its strategy, governance, performance, and future outlook within the context of its external environment.

This development marks a bold step for Meralco, which is led by business tycoon Manuel V. Pangilinan. Through the One Meralco 2024 Integrated Report, the company raises the bar for integrated and sustainability reporting in the Philippines.

Beyond compliance, Meralco became one of the first local companies to align its report with the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standard S2 on climate-related disclosures, even before the Securities and Exchange Commission (SEC) mandated its use. This standard outlines best practices for climate governance, strategy, risk management, and performance metrics.

As part of its reporting transformation, Meralco conducted its first double materiality assessment in 2024. This process allowed the company to examine both how it affects the environment and society directly through operations and indirectly through supply chains, and how sustainability issues can impact its financial performance.

The assessment became the framework for the 2024 report, helping Meralco identify and report on the most relevant sustainability matters across its operations.

The 2024 Integrated Report also formally introduces Meralco and its subsidiaries under the unified identity of “One Meralco,” consolidating insights across all business units into a single, cohesive narrative.

“We recognize that what matters to our stakeholders goes beyond financial and operational figures. Climate risks, social impact, and governance are now key drivers of value and play an increasingly important role in decision-making,” said Meralco First Vice President and Chief Sustainability Officer Raymond B. Ravelo.

“By embedding these into our reporting framework ahead of regulatory timelines, we are preparing Meralco not just for tomorrow’s requirements, but for the challenges and opportunities of the years ahead.”