Good Corporate Governance (GCG) is a structure and mechanism that regulates
corporate management in order to generate sustainable, long-term economic value
for shareholders and stakeholders. Adherence to the principles of good corporate
governance contributes to improvements in company performance.
|IMPLEMENTATION OF GCG PRINCIPLES
Building on the basic principles of GCG and taking into account the Indonesia
GCG Basic Guidelines laid down by the National Committee on Governance (NCG),
the Company has established a corporate management system that covers the following
The Company has established a corporate management system that supports clarity in
functions, implementation and responsibility of the work performance of organizational
organs. The principle of accountability among others is assured through the Directors
report to the Board of Commissioners and joint evaluation of the Company's financial
performance; submission of financial statements to the Annual General Meeting of
Shareholders (GMS), establishment of an internal audit body and the appointment of an
external auditor, and adherence to business ethical standards and corporate code of conduct.
The principle of transparency is always applied by the Company in its business
through delivering material and relevant information, both easily accessible and
understood by stakeholders. The Company provides to public and shareholders with
information to the fullest extent possible, both in compliance with the Financial
Services Authority (FSA) regulations and on its own initiative.
Reports are published on a periodic basis and on time, consisting of audited quarterly,
half yearly, and annual financial reports. Information is also released through public
expose, print and electronic media, and investor forums.
To maintain long-term business sustainability and earn recognition as a good
corporate citizen, the Company always upholds compliance with existing laws and
regulations, and fulfills its obligations to the public and the environment.
Through Corporate Social Responsibility (CSR) program, the Company is directly
engaged in a wide range of social activities focused on education and community
The Company ensures that corporate management is implemented in an independent
manner where no organizational organ can dominate the other and neither can there
be intervention from others. For example, the Company's Board of Commissioners and
Directors hold independent views for each decision reached, but possible to get advice
from independent consultant, legal and human resource consultants, as well as relevant
committees to support the smooth implementation of duties. Furthermore, the Company's
Board of Commissioners currently consists of 2 (two) Independent Commissioners to guarantee
the independence of the Board of Commissioners in overseeing the Company.
|Fairness and Equality
The Company specifically pays attention to the interests of its shareholders and
other stakeholders. The Company also consistently ensures equal treatment of the public,
capital market authorities and communities, and stakeholders. Good relations with employees
are maintained by being heedful of their rights and obligations in a fairness and equal manner.
|GENERAL MEETING OF SHAREHOLDER (GMS)
GMS is an organ of the Company with highest authority. Through GMS, the
shareholders exercise their right, among others to appoint and dismiss the Commissioners
and the Directors of the Company, determine the compensation packages of the
Board of Commissioners and Directors and vote on important corporate matters
and actions that might materially affect the Company.