Leading broadband and technology provider Converge ICT Solutions Inc. recently took home two major accolades in the ASEAN Corporate Governance Awards 2025 held in Kuala Lumpur, Malaysia, having ranked among the Top 5 Publicly Listed Companies (PLCs) in the Philippines, and securing a place among the Top 50 PLCs in ASEAN.
These wins demonstrate its continued commitment to high governance standards, transparency, and accountability.
These prestigious awards are based on the ASEAN Corporate Governance Scorecard (ACGS) conducted by the Minority Shareholders Watch Group (MSWG) in collaboration with the ASEAN Capital Markets Forum (ACMF) and the Asian Development Bank (ADB), and involves a highly selective evaluation process.
“This recognition as a top-performing publicly listed company in corporate governance is a remarkable achievement for us, considering we’ve gone public only in 2020. For us, corporate housekeeping is not just a matter of compliance – it is part and parcel of our approach to ethical business operations,” noted Chairman of the Converge Board of Directors Jose “Ping” de Jesus.
“This recognition exemplifies that the period of growth that Converge has been undergoing is underpinned by a strong commitment to integrity and accountability. We are not just growing, but we are growing responsibly. We know that the ACGS is an evolving document and standards have been raised since 2023; and yet amid these stricter metrics, Converge has exceeded expectations. May we add that among the Top 5 Philippine PLCs, we remain the only non-conglomerate entity to meet these stringent corporate governance standards. This achievement is a collaborative effort at Converge – it is a work of many hands,” noted Atty. Laurice Esteban-Tuason, Converge Corporate Sustainability Officer and Corporate Compliance and Data Protection Officer.
“The government, investors, shareholders, and even competition can attest to the leaps we’ve made in the area of corporate governance, and this is by design. We want to make it clear that, even as an upstart company, revenue growth is not the only target in our sights. That is why we firmed up our sustainability agenda early on,” noted Converge President and Co-Founder Grace Y. Uy.
The company’s overall Sustainability agenda is spearheaded by the Board Risk Oversight Committee who ensures that the Company’s impacts on the economy, environment (including climate), and people (including human rights) are managed. Under their guidance, the company’s Sustainability Policy was institutionalized; early wins include participation in global sustainability initiatives such as the UN Global Compact and swift compliance with international standards in sustainability reporting.
Converge made strides to strengthen its corporate governance policies and practices; the company reported zero incidents of customer data breaches for 2024 and zero confirmed corruption incidents, exhibiting the robust governance and data privacy measures.
The company implements a continuing education program for its Board of Directors ensuring they stay informed and updated on business and regulatory developments. The directors undertook the mandatory Corporate Governance Training, focusing on technology governance, cybersecurity, and socioeconomic trends.
Significantly, the Corporate Governance team of Converge strengthened its Whistleblowing Policy, by including human rights as one of its guiding principles. This policy empowers employees to report misconduct or wrongdoing without fear of retaliation through an accessible online platform, promoting transparency and integrity throughout the organization.
This ASEAN-level recognition is just the latest in a string of recognitions the company has received in the past twelve months as it continues to boost its corporate governance record; in September 2024, it received a Three Golden Arrow Award from the Institute of Corporate Directors, the Philippine domestic ranking body of the ACGS.
In that same year, Converge earned a ‘low-risk’ classification on the recent assessment by Environmental, Social, and Governance (ESG) and corporate governance analytics firm Sustainalytics, reflecting its improved score on its metrics. Still in 2024, Converge received another nod from global investment research firm MSCI whose rating of the company on ESG efforts in 2023 was upgraded to ‘AA’, signifying its higher rank as a ‘leader’ within its industry in managing risks.
The ASEAN Corporate Governance Scorecard
“The ACGS is more than a benchmarking tool, it is a regional commitment to excellence, a commitment that to ensure that as ASEAN grows, it grows with integrity at its core,” said Yang Berbahagia Datuk Mohd Nasir Ali, Chairman of the MSWG, the domestic ranking body for the ACGS.
All assessments for the ACGS are based solely on publicly available information, such as annual reports, company websites, governance policies, and disclosures, to ensure transparency and objectivity. The process begins with domestic assessments conducted by country-specific ranking bodies, followed by two rounds of peer review to ensure consistency and credibility across jurisdictions. This structure reinforces the Scorecard’s status as a reliable regional benchmark.
“The ACGS was updated in 2023 to align with G20 and Organisation for Economic Co-operation and Development principles. Sustainability, diversity, and strict engagement stand front and
center, raising the bar for all. Despite these heightened standards, ASEAN companies not only kept apace, but exceeded expectations. This reflects the growing awareness of the importance of corporate governance. As expectations rise, our standards must adapt. We must move forward together and ensure that no one gets left behind,” noted Atty. Francis Ed. Lim, Chairman of the Philippine Securities and Exchange Commission and Chairman of the ACMF Working Group on Corporate Governance in his welcome remarks.
