🌐 ASEAN Corporate Governance Scorecard (ACGS)

The ASEAN Corporate Governance Scorecard (ACGS) is one of the initiatives of the ASEAN Capital Market Forum (ACMF) designed to support the integration of capital markets among member states of the Association of Southeast Asian Nations (ASEAN), and has been implemented since 2011. The participating countries in the ACGS are: Indonesia, Singapore, Thailand, Malaysia, the Philippines, and Vietnam.

The objectives of the ACGS include:

1. To improve the standards and practices of corporate governance among publicly listed companies in ASEAN.
2. To enhance the global standing of ASEAN publicly listed companies through the adoption of sound corporate governance practices, and to build the confidence of global investors that publicly listed companies in the ASEAN region represent viable and attractive investment opportunities.
3. To complement other ASEAN Capital Market Forum (ACMF) initiatives and to promote ASEAN as a distinct asset class.

This initiative not only encourages participating ASEAN member states to strengthen their regulatory frameworks governing good corporate governance (GCG) practices, but also calls upon publicly listed companies across ASEAN, including those in Indonesia, to continuously strengthen their governance systems by adopting the GCG principles set out in the ACGS. The ASEAN Corporate Governance Scorecard (ACGS) serves as a quantitative measurement tool used to assess the level of compliance of ASEAN publicly listed companies with sound governance guidelines, based on international standards — in particular, the governance principles established by the Organisation for Economic Co-operation and Development (OECD).

The following is the results of Pupuk Kaltim's ACGS assessment for the year 2025: