Leading fiber broadband provider Converge ICT Solutions Inc. has been recognized as one of the country’s top-performing publicly-listed companies (PLCs) in terms of corporate governance, receiving a one-arrow recognition based on the ASEAN Corporate Governance Scorecard (ACGS) report.
During the 2022 Golden Arrow Awards, Converge was among the listed firms awarded by the Institute of Corporate Directors (ICD), receiving the 1-Arrow recognition for its conformance to the highest standards of corporate governance.
“This recognition is significant because it is a testament that despite being a relatively new publicly-listed company, we already espouse internationally-recommended corporate governance best practices and we advocate and act as champions of good corporate governance,” said Converge SVP and Corporate Compliance and Data Protection Officer Laurice Esteban-Tuason.
Based on the report of ICD, out of 260 local PLCs, 85 firms or 33 percent of the companies assessed scored at least 80 points, including Converge which had only been a year into the local stock market when the regional assessment was conducted.
Since becoming a publicly-listed company, Converge has completed significant efforts to align its corporate governance practices with international best standards. Its Board of Directors, led by Chairman Ping de Jesus, has been at the forefront of ensuring that Converge moves forward and incorporates corporate governance initiatives. In the coming months, Converge looks forward to improving further and joining other top ranking PLCs in being recognized for its corporate governance efforts.
“This award symbolizes our continuous and concerted efforts to raise the level of competitiveness of Converge in the corporate governance practice,” Esteban-Tuason added.
Local publicly traded companies are evaluated by ICD based on the categories of the ACGS, consistent with the G-20 / Organization for Economic Cooperation and Development Principles of Corporate Governance.
These include areas referring to the Rights of Shareholders, the Equitable Treatment of Shareholders, the Role of Stakeholders, Disclosure and Transparency, and the Responsibilities of the Board. Bonus points and deductions are also given for company practices that reflect either good or bad governance.
The local fiber network provider received the highest scores in the areas of the Role of Stakeholders, as well as Disclosure and Transparency.
“We will continue to benchmark ourselves with international publicly listed companies. We do not want to just align with the ACGS but also with the United Nations standards of good governance and anti-corruption. We will continue to be more transparent and accountable as a company that values integrity and always strives to put the best interest of its stakeholders,” Atty. Esteban-Tuason noted.
