Electricity spot market's governance arm abolishes chief governance officer post

The governance arm of the country’s electricity spot market on Monday announced changes to its organizational structure approved during annual meeting last week, chief of which was the abolition of its chief governance officer position.

In a statement, the Philippine Electricity Market Corporation (PEMC) said its board of directors reviewed the corporate structure and determined that the firm’s president should oversee governance matters.

This led to the dissolution of the Office of the Chief Governance Officer, as a result of which, the PEMC president will now also hold the additional title of governance officer of the Wholesale Electricity Spot Market (WESM) which the firm controls.

PEMC president Nidea

More streamlined structure at the WESM operator will result in him having dual roles as president and governance chief.  

"The merger of the functions of both offices is a positive development because it will streamline the layer of governance.," PEMC president Elvin Hayes Nidea said, emphasizing his familiarity with the abolished role which he held upon joining the firm in 2021.

PEMC said its restructuring aims to enhance governance efficiency in managing WESM. The reorganization also included new committee assignments for board directors, reflecting a commitment to oversight and strategic management. 

PEMC remains dedicated to its role as the governing body of WESM, ensuring effective market operations and governance across the electricity sector in the Philippines.