Converge ICT gets ESG rating upgrade
MANILA -Fiber internet tycoon Dennis Anthony Uy’s Converge ICT Solutions scored big in a closely-followed global environment, social and governance (ESG) index, helping it gain exposure among investors.
In a statement on Thursday, Converge said it received a rating of “A” in the MSCI’s ESG ratings assessment review released last May 17. This was better than its previous rating of “BBB”.
Companies desire better ratings since this could open the door to more investors and potentially increase their share price.
“Since announcing our sustainability commitment in 2021, we have been laser focused on managing the ESG topics that matter most to our stakeholders, particularly our customers, our employees, and our investors,” Converge executive vice president and chief sustainability officer Benjamin Azada said in a statement.
“This rating upgrade provides external validation of our efforts. Our aim is to be an industry leader in addressing sustainability-related risks and opportunities,” he added.
Converge said it implemented environment-relevant programs with its switch to renewable energy and social impact with its cybersecurity measures guarding against data breaches, thus improving privacy and data security.
Converge has also made strides in improving its labor practices, the statement showed.
MSCI ESG Research provides in-depth research, ratings and analysis of the environmental, social and governance-related business practices of thousands of companies worldwide.
Meanwhile, Converge underscored its broader zero waste program as it aims for a “zero output to landfill goal by 2030”.
“To make headway on this goal, Converge started with the collection and recycling of electronic waste (which Converge, as an ICT company, generates in abundance), and now moving to reduce its consumption of single-use plastics through the ‘Bawal ang Plastik’ campaign,” it said in the statement.
“Through an information drive, employees are enjoined to use less plastic in the office premises and to donate whatever plastic bottle they may use to the company collection boxes. The plastic wastes will be handed over to accredited recycling companies,” it added.