A switching converter includes a voltage conversion circuit providing an output voltage from an input voltage and a PWM voltage generated in response to first and second oscillating voltages. The input stage of a transconductor circuit provides an input reference current following a difference between a reference voltage and a voltage dependent on the output voltage and according to a transconductance, and an output stage for providing an output reference current from the input reference current. A phase shifter shifts an oscillating reference voltage according to the output reference current to obtain the first and second oscillating voltages. The transconductance is controlled in response to the input voltage resulting in a change of the input reference current. Compensation for that change is provided by subtracting a variable compensation current from the input reference current, where the variable compensation current is generated in response to the input voltage.