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GCG Structure and Policy

GCG References and Guidelines

As a guidance for the best GCG implementation, the Company refers to Financial Services Authority Regulation (POJK) No. 21/POJK.04/2015 concerning Implementation of Guidelines for Corporate Governance for Public Companies and Financial Services Authority Circular (SEOJK) No. 32/ SEOJK.04/2015 concerning Guidelines for Corporate Governance for Public Companies.

In addition, the Company has guidelines and policies on GCG (GCG softstructure) for all the Company’s personnel in implementation of the best GCG practices in every business activity, including:

  • Code of Conduct;
  • BOC Manual;
  • BOD Manual;
  • Anti-Bribery and Anti-Corruption Policy;
  • Whistleblowing Mechanism;
  • Audit Committee Charter;
  • Internal Audit Charter;
  • Work Guidelines for Nomination and Remuneration Committee;
  • The Articles of Association;
  • Company’s Regulations and standard operating procedures (SOP) that are continuously evaluated and improved upon in line with the growing of the Company’s business.

In 2021 the Company reviewed and updated the Code of Ethics, Board Manual and Anti-Bribery and Anti-Corruption Policy to be adjusted to current condition.

The Company periodically conducts socialization and internalization of GCG guidelines and policies to all of its personnel – from Board of Commissioners and Board of Directors to the lowest level – to be understood and implemented consistently within the Company’s environment. Compliance with the applicable regulations and the agreed code of conduct is a joint responsibility of all stakeholders, both internal and external parties.

GCG AWARD

On May 31, 2021, the Company received the “Most Improved” award from The Indonesian Institute for Corporate Directorship (IICD) at The 12th IICD Corporate Governance Award 2021. The award was given to issuers who were considered consistent in implementing GCG practices in the midst of Covid-19 pandemic in 2020 and not related to serious cases that were against GCG principles. The assessment was carried out on 200 nominee issuers by 10 IICD assessors using an assessment method based on the Asean Corporate Governance Scorecard.

This award is an external acknowledgment for GCG implementation in the Company and encourages all of the Company’s personnel to further improve the quality of corporate governance.

Governance Structure

The structure of corporate governance broadly consists of principal organs, namely the General Meeting of Shareholders (GMS), the Board of Commissioners and the Board of Directors. Board of Directors is assisted by effective management structure including Internal Audit and Corporate Secretary. Whereas Board of Commissioners is assisted by Audit Committee and Nomination and Remuneration Committee to support the implementation of supervisory and advisory duties.