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President Commissioner
The Board of Commissioners views strategic monitoring as a core part of the Company’s management, ensuring that all policies and strategic directions agreed with the Board of Directors are consistently executed.
Throughout 2025, PT Industri Jamu Dan Farmasi Sido Muncul Tbk successfully maintained consistent performance and operational stability amid a challenging and dynamic industry environment. This achievement was supported by the active role of the Board of Commissioners and the Board of Directors in ensuring that the Company’s management remained aligned with its strategic direction and principles of prudence. The Board of Commissioners consistently performed its supervisory and advisory roles to the Board of Directors, with a focus on the quality of implementation of the Company’s Work Plan and Budget (RKAP). This included ensuring the effectiveness of follow-up on resolutions of the General Meeting of Shareholders (GMS), implementing Good Corporate Governance, strengthening internal control systems, internalizing the Company’s culture, and complying with prevailing laws and regulations.
As part of the implementation of supervisory function, the Board of Commissioners continuously monitored the Company’s performance dynamics and developments throughout 2025. Based on these observations, the Board of Commissioners believes that the Company successfully record improved performance. This is reflected in growth of sales and net profit, despite facing challenges from global geopolitical conditions and weakening consumer purchasing power.
This improvement was supported by the comprehensive enhancement across the Company’s, driven by a well-structured performance management system. This system includes careful planning, supervision of plan implementation, periodic performance reviews, and continuous feedback mechanism to ensure that achievement of established targets. Through this approach, the Company has been able to align individual performance with business objectives, enhance productivity, and strengthen the foundation for long-term growth.
From an external perspective, the Board of Commissioners observed that global and domestic economic conditions throughout 2025 were not entirely conducive. This was evident in Bank Indonesia’s Consumer Confidence Index, which declined at the beginning of the year before resuming growth towards year-end, resulting in a slowdown in household spending, particularly for non-essential products.
In response to these conditions, the Board of Commissioners expresses its appreciation for the various strategic initiatives undertaken by the Company. The initiatives include efforts to improve cost efficiency through the use of solar energy, the simplification and digitalization of business processes, and the partnership reinforcement with suppliers, particularly local farmers who have been supported sustainably over time. The Board of Commissioners acknowledges that these measures not only had a positive impact on operational performance but also reflect the integration of Sido Muncul’s Environmental, Social, and Governance (ESG) values into its business processes.
Accordingly, the Board of Commissioners will continue to carry out its supervisory and advisory functions to the Board of Directors to ensure that all of the Company’s strategies and initiatives are consistently implemented in accordance with the principles of Good Corporate Governance, while supporting the sustainability and growth of the Company in the future.
Since the beginning of the year, the Board of Commissioners has made strategic monitoring an integral part of the Company’s management process, ensuring that all policies and strategic directions agreed upon with the Board of Directors are implemented consistently. Performance evaluations are conducted periodically to assess the effectiveness of strategy implementation and to ensure alignment between plans and actual results.
The Board of Commissioners actively and continuously supervised the formulation and implementation of the Company’s 2025 strategies through intensive two-way communication with the Board of Directors, periodic evaluations, and the provision of strategic input. In preparing the Company’s work plans and strategic direction, the Board of Directors, together with the Board of Commissioners, first discussed and established strategic directives. These serve as the main guidelines to align the Company’s vision, mission, and business development direction.
These strategic directives were established based on a thorough analysis of economic, social, and political conditions, market dynamics, and the competitive landscape, while also taking into account potential risks and opportunities that could affect the Company’s sustainability and growth. Following this analysis, the Board of Directors formulated the Company’s 2025 strategies and work plans, which were later approved by the Board of Commissioners.
Once the strategies were established, the Board of Commissioners conducted its supervisory, guidance, and advisory functions over their implementation, including through annual performance assessments and ongoing development initiatives. The Board of Commissioners assessed that the process of formulating and implementing the Company’s strategy throughout 2025 were carried out seamlessly and effectively accommodated the Board of Commissioners’ input in supporting the achievement of the Company’s objectives and performance.
The Board of Commissioners observed that the improvement in domestic macro economi environment throughout 2025, supported by the decline in Bank Indonesia’s benchmark interest rates and the strengthening of the Rupiah exchange rate, has fostered a more conducive business climate for the industry. Higher consumer spending, particularly during festive seasons and national holidays, along with government stimulus measures aimed at sustaining purchasing power and inflation stability, has further contribute to maintain solid business performance. In this regard, the Board of Commissioners believes that the Board of Directors was able to address external opportunities in an adaptive and measured manner.
The Board of Commissioners considers that the Company’s commitment to meet the consumer needs while creating positive value for all stakeholders is reflected in the policies and strategic actions undertaken by the Board of Directors. The utilization of a strong and independent business model, supported by a proven track record in retail growth, strategy, has served as a solid foundation in optimizing growth momentum.
The Board of Commissioners evaluates that the Board of Directors has managed the Company effectively, and in full accordance with their respective duties, authorities, and responsibilities throughout 2025. This assessment is grounded in the implementation of a comprehensive performance management system, which places the leadership role of the Board of Directors and management team as the main drivers of the Company’s achievements. The improvement of Company’s significant performance, reflected in sales growth and other key performance indicators, is attributable to the effectiveness of the Board of Directors’ leadership, planning, control, and strategy implementation.
In a challenging economic and market environment, the Board of Directors has successfully maintained the Company’s positive growth through various strategic initiatives. These include both initiatives implemented in 2025 and those built sustainably in previous years, such as strengthening long-term partnerships with local farmers. These initiatives represent a tangible demonstration of the integration of ESG principles within the Company’s business processes, as reflected in the sustained quality of its product and the improvement in the welfare off its partner farmers. Based on these achievements, the Board of Commissionersexpresses its a positive assessment of the Board of Directors’ performance in managing the Company throughout 2025.
Within the governance framework aligned with applicable prevailing laws and regulations, the Board of Commissioners serves as a key element in ensuring the quality of supervision over the Company’s management by the Board of Directors. This role is executed through a constructive and aligned working relationship, based on a shared purpose to realize the Company’s vision and strategic direction.
Throughout 2025, the advisory function of the Board of Commissioners to the Board of Directors was carried out through continuous two-way communication, both in formal and informal forums, with an emphasis on evaluation processes, continuous development, and annual performance assessment. The main forum for providing advice was conducted through the regular meetings between the Board of Commissioners and the Board of Directors, which are held at least once a month, ensuring a minimum of 12 meetings each year. These meetings serve as a forum to evaluate performance, discuss strategy implementation, as well as provide inputs and guidances towards the Company’s development.
In addition to the formal monthly meetings, the Board of Commissioners also communicates and coordinates informally with the Board of Directors when necessary. This is particularly important for clarifying or discussing strategic matters that require immediate attention wich had not yet been addressed in formal meetings. Through this mechanism, the Board of Commissioners ensures that the advisory and supervisory functions operate effectively and in a timely manner, supporting the Board of Directors in decision-making for the management of the Company.
The Board of Commissioners has carefully reviewed and examined the business prospects prepared by the Board of Directors taking into account the anticipated dynamics of the global and domestic economy. The Board of Commissioners concurs with the Director’s assessment that the national economy is expected to remain on a positive growth path, despite facing relatively high level of global uncertainty. Indonesia’s economic growth is projected at around 4.7%–5.5%, as presented at the 2025 Bank Indonesia Annual Meeting under the theme “Tangguh dan Mandiri: Sinergi Mendorong Pertumbuhan Ekonomi Lebih Tinggi dan Berdaya Tahan” (“Resilient and Independent: Synergy Driving Higher and More Sustainable Economic Growth”). The projection reflects strong economic fundamentals, with domestic demand, especially household consumption and investment, serving as the key drivers. The inflations stability is projected to remain within the target range of 2.5% ±1%, providing room for the continuity of economic activity and business operations.
The Board of Commissioners observes that this macroeconomic stability creates a relatively conducive business environment for Sido Muncul. The Board of Commissioners views the Company’s business prospects for 2026 remain positive, with sustainable performance growth potential as reflected in the targets and projections prepared by the Board of Directors. These projections are grounded in the analysis of performance data, market trends, and the Company’s achievements in 2025, which demonstrated stable in revenue and net profit growth, driven by strong performance in the herbal and supplement segments. Consumer loyalty is a key factor. Business developments within the food and beverage as well as pharmaceutical sectors also contribute to the Company’s growth.
The Board of Commissioners assesses that the 2026 targets and projections are aligned with the Company’s vision, mission, and long-term strategy, which are deemed acceptable as they reflect a realistic and optimistic direction for business development. Growth prospects are also supported by planned market expansion for both domestically and internationally, product diversification and innovation, as well as a strong brand foundation.
At the same time, the Board of Commissioners also notes several potential challenges the Company may face in the future, including rising industry competition, cost pressures, and increasingly dynamic market conditions. Nonetheless, supported by the strategies developed by the Board of Directors, strong brand positioning, and solid operational performance, the Board of Commissioners remains optimistic that the Company has sufficient capacity to sustain revenue growth and positive performance in 2026.
All in all, the Board of Commissioners concludes that the Company’s future business prospects are remain constructive, supported by a strong national economic foundation and a stable financial system. Sido Muncul’s ability to respond adaptively to evolving business conditions, managing risks prudently, and delivering relevant product and service innovations will be the key factors in driving sustainable growth and creating long-term value for all stakeholders.
In performing its role, the Board of Commissioners placed the Company’s business sustainability as a primary priority by consistently monitoring the Board of Directors’ performance. This monitoring is conducted by emphasizing the importance of good corporate governance as the foundation for managing the business in a healthy, prudent, and ethical manner. Sido Muncul continuously internalizes the principles of Ethical Behavior, Accountability, Transparency, and Sustainability (ETAK) across all business activities. This is achieved through strengthening the governance structure and refining decision- making processes, enabling the Company to achieve optimal governance quality as mandated in the General Guidelines for Indonesian Corporate Governance (PUGKI).
The Board of Commissioners is confident that the implementation of GCG within the Company throughout 2025 has demonstrated further improvement compared to the previous year. This development reflects the Company’s growing commitment to consistently, systematically, and sustainably implementing GCG principle as a key foundation for corporate management.
The Board of Commissioners acknowledges that the Company has implemented GCG in accordance with applicable laws and regulations, including Law No. 40 of 2007 concerning Limited Liability Companies and its implementing regulations, Regulations of the Financial Services Authority (POJK) No. 3/ POJK.04/2021, No. 21/POJK.04/2015, and Circular Letter of the Financial Services Authority No. 32/SEOJK.04/2015, as well as adopting the principles outlined in the General Guidelines for Indonesian Corporate Governance (PUGKI) and the ASEAN Corporate Governance Scorecard (ACGS).
These positive developments are further reflected in the strengthening of GCG mechanisms, including the existence and utilization of the Whistleblowing System (WBS), the conduct of Audit Committee meetings, and regular joint meetings of the Board of Commissioners and the Board of Directors. These meetings are not merely formalities but serve as constructive forums for discussions and exchange of views. Audit Committee meetings are consistently attended by at least one Management in charge, while meetings of the Board of Commissioners and the Board of Directors are attended by all members. Recommendations and inputs from the Board of Commissioners are discussed in these forums, followed up by the Board of Directors, and subsequently reported back to the Board of Commissioners.
The Board of Commissioners appreciates the commitment of management and all GCG mechanisms in advancing stronger governance practices and acknowledges that the progress achieved in GCG implementation in 2025 is inseparable from the active involvement of all members of the Board of Commissioners in carrying out their supervisor, advisory, and evaluative functions on a continuous basis with respect to the implementation of governance principles across the Company.
All in all, the Board of Commissioners believes that Good Corporate Governance has been effectively integrated into the Company’s business and operational processes, and serve as an important foundation in supporting business sustainability and long-term value creation for all stakeholders.
The Board of Commissioners assesses that the committees under their supervision have performed their duties and responsibilities effectively throughout 2025. This assessment is based on the committee’s active role in addressing the various dynamics and changes faced by the Company, including a more proactive and adaptive approach to matters requiring improvement or adjustment.
In particular, the Audit Committee is considered to have performed effectively by providing constructive input to the Board of Commissioners and the Board of Directors, especially concerning risk management, planning, and the realization of the Company’s work programs. The Audit Committee has also contributed additional and broader perspectives in discussion of various strategic issues, thereby enhancing the quality of decision-making and strengthening the supervisory function of the Board of Commissioners.
Based on their roles, contributions, and the quality of recommendations provided, the Board of Commissioners concludes that the committees performed optimally throughout 2025 and has delivered added value by supporting the implementation of good corporate governance principle, as well as the achievements of the Company’s performance.
Throughout 2025, there were no changes in the composition of the Board of Commissioners of PT Industri Jamu Dan Farmasi Sido Muncul Tbk. Therefore, as of December 31, 2025, the Company’s Board of Commissioners consisted of 6 (six) members: 1 (one) President Commissioner, 3 (three) Commissioners, and 2 (two) Independent Commissioners.
| Name | Position |
| Jonatha Sofjan Hidajat | President Commissioner |
| Johan Hidayat | Commissioner |
| Sigit Hartojo Hadi Santoso | Commissioner |
| Venancia Sri Indrijati W | Commissioner |
| Lindawati Gani | Independent Commissioner |
| Dr. Mohammad Adib Khumaidi | Independent Commissioner |
The entire Board of Commissioners is committed to fulfilling this mandate while consistently upholding the principles of good corporate governance, in the best interests of shareholders and other stakeholders.
On behalf of the Board of Commissioners, we would like to express our sincere appreciation to the shareholders and all stakeholders for their trust and support shown to Sido Muncul. The Board of Commissioners also extends its gratitude to the Board of Directors, management, employees, and business partners for their dedication and ongoing collaboration in supporting the Company’s performance and development. Moving forward, the Board of Commissioners firmly believes that synergy, commitment, and implementation of GCG will serve as a strong foundation for the Company to navigate the challenges of 2026 while continuing to create long-term value for all stakeholders.