He said this is the first time that an audit committee will report directly to the board and not only to the president as was the previous practice. "This internal audit committee will report directly to the board not to the president," Alcordo said.
He said new board member Carlos Alindada, previously with the SGV Group, will head the audit committee.
According to Alcordo, the Napocor’s controller will meet regularly with the internal audit committee.
Aside from the audit committee, Alcordo said they have also formed an oversight contract review committee to go over the projects that will need the approval of the board and the National Economic and Development Authority (NEDA).
President Arroyo has appointed three top business executives, a Napocor technical manager, and a lawyer to the Napocor board. A representative from the Department of Trade and Industry was also sworn in to complete the new appointees.
Alcordo said the new board would tackle in its future agenda a proposed alternative financing for the company’s maturing debts and expenditure requirements for this year.
He said they will also discuss the proposed long-term supply for Napocor’s coal requirements. – Donnabelle Gatdula