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
- 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.
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
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.