The independent directors of Lopez-led First Gen Corp. have affirmed that they properly discharged their duties in approving the company's hydropower deals with Prime Infrastructure Capital Inc., according to a report by Philstar Biz.
The directors stated that the transactions were conducted in a manner that would benefit First Gen and its shareholders, addressing any concerns about potential conflicts of interest. The deals involve hydropower assets that are part of Prime Infra's portfolio, which First Gen is acquiring or partnering on.
The endorsement from independent directors serves to reassure investors and regulators that the board's decision-making process was rigorous and aligned with corporate governance standards. The hydropower sector is a key focus for First Gen as it expands its renewable energy capacity in the Philippines.