Leading fiber broadband provider Converge ICT Solutions Inc. has been awarded a Three-Arrow rating in the latest ASEAN Corporate Governance Scorecard (ACGS) review as it improved its adherence to corporate governance best practices and aligned its business operations to global standards.
This Three-Arrow rating is a marked improvement over the initial One-Arrow awarded to Converge during the ACGS Golden Arrow Awards held last January, showing a substantial advancement in corporate governance compliance. The Philippine Securities and Exchange Commission (SEC) and the Institute of Corporate Directors (ICD) are the organizations designated to hold evaluation runs of the ACGS for publicly-listed companies (PLCs).
“This upgrade reflects the quick action of Converge to further align its corporate governance practice to locally and globally accepted standards, and puts it at par with the best PLCs in the Philippines,” noted Atty. Laurice Esteban-Tuason, Converge SVP and Corporate Compliance and Data Protection Officer.
For the period under review of 2021, Converge has become fully compliant with the Integrated Annual Corporate Governance Report (IACGR) of the Securities and Exchange Commission, thus earning the additional two stars. The company’s appointment of a female director has also contributed to its Gender and Diversity record, which forms part of the best practices for publicly-listed companies.
In 2012, the Philippines joined Indonesia, Malaysia, Singapore, Thailand and Vietnam in adopting the ACGS. It is an evaluation and assessment tool that measures measures the performance of publicly listed companies in the Association of Southeast Asian Nations (ASEAN) in the areas of facilitating the rights and the equitable treatment of shareholders, how they relate to their different stakeholders, ensuring transparency and accountability thru timely disclosure of material information, and how the board guides the company strategically, monitors the management, and ensures the board’s accountability to the company and the shareholders.
The main objectives of the ACGS is to rank ASEAN publicly-listed companies and raise their corporate governance standards.
“Our aim is, of course, to get five stars and we’re on our way there. We’ve just been reviewed for two periods so we have that opportunity to improve. Even as a young company, we want to prove that our reputation as a listed company is beyond reproach,” added Esteban-Tuason.
