About the Report
The FPH Integrated Report covers our financial, operational, environmental, social, and governance performance in 2020. The report covers all the material disclosures in the major business segments covering energy, real estate, manufacturing, and construction where FPH has majority management and operational control. Highlighted in the report is the effective response of the conglomerate and our subsidiaries in addressing the global COVID-19 crisis that reached our shores in 2020. These initiatives minimized the impacts of the pandemic on business operations and allowed the continuation of the company’s services to our stakeholders. This is especially critical for FPH’s power segment which kept the lights on to enable the health sector to deliver the needed health services for fellow Filipinos.
This year, we adopted the reporting framework of the International Integrated Reporting Council (IIRC). Together with the multiple standards where we referenced our report, we were able to understand how we have meaningfully utilized our precious capitals and the role of our governance in facilitating positive outcomes from our operation. Specifically, the report connects our financial and operational performance with our non-financial actions for a more comprehensive analysis of our performance.
The financial section of the report was prepared in compliance with the Philippine Financial Reporting Standards (PFRS). The discussion of the non-financial aspects was guided by the Philippine Securities and Exchange Commission’s (SEC) regulations and has been referenced on multiple frameworks to better communicate the performance of the conglomerate with respect to diverse stakeholders. These include those from the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures (TCFD), and UN Guiding Principles on Business and Human Rights (UNGP-BHR). An index on the relevant disclosures and the sustainability standards used is presented here.
Internal assurance was provided by the Board with support from its Corporate Governance Committee. Likewise, as part of continuous internal quality control processes and compliance checks, we commissioned the University of Asia and the Pacific - Center for Social Responsibility (UA&P-CSR) as an external, independent third party to conduct an internal review of our integrated report. The review process has been tailored to the context of FPH and intended to inspire an added level of confidence over the quality of the reported material environmental, social, and governance (ESG) information and other non-financial risks. However, the internal review falls outside of existing assurance standards and does not result in an assurance agreement. As of 2019, the university is the sole entity that provides IR-certified training in the Philippines in partnership with CSRWorks International of Singapore, the licensed Foundation Partner of in the Southeast Asian region. Moreover, the chairperson of the UA&P-CSR review team is a certified practitioner and a global ambassador of the IIRC, the organization that released the Framework.
The report is uploaded on the company website (www.fphc.com).