Leading fiber broadband and technology provider Converge ICT Solutions Inc. has achieved the country’s highest distinction in corporate governance under the ASEAN Corporate Governance Scorecard (ACGS), as it received the top Five Golden Arrow rating on the latest review conducted by the Institute of Corporate Directors (ICD).
In the awarding ceremonies held Thursday, Converge Chairman Jose de Jesus said: “Converge is marking its fifth anniversary as a publicly listed company (PLC) on October 26 and this award gives us more reason to celebrate.”
“As our company evolves from being a telco to a technology company, we’ll remain steadfast in taking good care of the trust of our shareholders, our customers, our employees, our business partners, and the communities we serve. We believe that it is this trust that enables innovation to flourish and sustains our growth as a technology company,” De Jesus noted.
The latest ICD evaluation conducted last year showed that Converge exemplified excellent adherence to the principles and practices enshrined in the ACGS, which underscores accountability, fairness and transparency, among others, as key pillars of strong corporate governance.
The Five Golden Arrow rating is a leap from the Company’s Three-Arrow standing in 2023 and represents a significant milestone attained within just five years of its public listing – among the youngest PLCs that have achieved this advanced rating.
“Corporate governance has been front and center of how we do business. Over the past few years, we have strived to align our practices with the global benchmarks. We are honored to have received the top rating, a recognition we deeply value as a young company growing in this journey, and as we continue our commitment to upholding the highest ethical standards,” said Converge Co-Founder and President Maria Grace Uy.
“This recognition reflects our relentless pursuit of best practices in corporate governance, guided by the strong oversight and active engagement of our Board of Directors and the vision of our CEO. This speaks of our strong leadership commitment and our position as a top company that operates with integrity and responsibility,” said Converge Corporate Compliance and Data Protection Officer, and Corporate Sustainability Officer Atty. Laurice Esteban-Tuason.
Converge Co-Founder and CEO Dennis Anthony Uy noted that the Company from the very start was dedicated to bridging the digital divide so that the latest technologies, especially in the age of intelligence, will benefit all and that no one is left behind in this digital age.
Annually, the ICD assesses the compliance of PLCs to the international standards upheld by ACGS. Based on their scores, the firms receive corresponding Golden Arrow distinctions, from One-Arrow to the highest Five-Arrow recognition.
For the 2024 Corporate Governance Performance Review, the ICD evaluated 276 PLCs using the revised ASEAN Corporate Governance Scorecard, aligned with the latest OECD Principles of Corporate Governance, which place greater emphasis on sustainability and resilience.
The revised ACGS scorecard is structured into two levels, with items concerning shareholder rights, sustainability and resilience, disclosure and transparency, board responsibilities, and bonus and penalty items.
Despite these changes, Converge immediately adapted its practices which has driven gains in its Environment, Social, and Governance (ESG) performance, earning recognition not just in the Philippines but across ASEAN.
Recently, Converge also attained an upgraded ESG rating of ‘AA’ for 2023 from global investment research firm MSCI with its stronger board-level oversight and enhanced auditing of ethics practices.
Earlier this year, Converge was also counted among the Top 5 PLCs in the Philippines, and secured a place among the Top 50 PLCs in ASEAN according to the evaluation of the Minority Shareholders Watch Group (MSWG) based in Malaysia, which undertook the regional-level assessment for the ACGS.
Converge has shown steady improvement in its sustainability and governance standing since its first assessment by ICD in 2021. In its first year, the Company was already awarded as one of the Philippines’ top-performing PLCs with a One-Arrow recognition. It rose to a Three Golden Arrow rating in 2022 then sustained this achievement in 2023.
Converge was listed on the Philippine Stock Exchange on October 26, 2020 under the stock symbol CNVRG.
