Good Corporate Governance
  • The Company views that the implementation of Good Corporate Governance (GCG) is an integral part of business practices to maintain the continuity of the Company’s business and maximize the value of the Company and can enhance the Company accountability in providing value added for shareholders while maintaining the interest of stakeholders.

    With this perspective, the Company is committed to placing GCG as a major foundation in the Company’s operations and attempts to apply the principles of GCG in the implementation of its business activities. The GCG implementation is based on the 2007 Limited Liability Company Law No. 40, the 1995 Capital Market Law No. 8, the Financial Services Authority (Otoritas Jasa Keuangan/OJK) and Indonesia Stock Exchange (IDX) Regulations, the Company’s articles of association, as well as the principles of GCG which includes transparency, accountability, responsibility, independency and fairness.

    The structure of the Company’s GCG was formed to ensure a systematic implementation of GCG with clear division of roles and responsibilities. Based on 2007 Limited Liability Company Law No. 40, the Company’s structure of GCG consists of: The General Shareholders Meeting (GSM), Board of Commissioners (BoC) and Directors. These three Company’s organs assisted and supported by Audit Committee, Corporate Secretary and Internal Audit Unit, which respectively plays an important role in theimplementation of GCG.

    The Company’s GCG structure


    GSM is the highest authority and management in the Company whereby the Shareholders may use their rights and authorities to the Company’s management. The GSM has the authority inter alia:

    • Appoint and to terminate the Company’s BoC as well as Directors;
    • Determine the remuneration of the Company’s BoC and Directors;
    • Evaluate the Company’s performance;
    • Approve Amendments to the Articles of Association of the Company;
    • Approve the annual report and financial statements of the Company;
    • Determine the utilization of the Company’s net profit;
    • Approve affiliation transaction and conflict of interest conducted by the Company;
    • Appoint the Company’s public accountant.

    The annual GSM is held once a year and should be held at least 6 (six) months after the book year end, whilst the Extraordinary GSM can be held anytime depending on the requirement. To protect the interest of Shareholders, the Company ensures that the GSM is held on a timely basis and prepared in accordance with the Company’s Articles of Association and the regulations of the Financial Services Authority and regulation of Indonesia Stock Exchange.

    The Resolution and Realization of Annual GSM in 2020
    On July 29, 2020, the Company held the 2019 Annual GSM, which the results have been stated in the Deed of Minutes of the Annual GSM No. 262 dated July 29, 2020 made by Notary Christina Dwi Utami, S.H., M.Hum., M.Kn. All resolutions in the Annual GSM have been realized in 2020 book year.

    General Shareholders Meeting held in 2021
    In 2021, the Company held Annual GSM for the year of 2020 and Extraordinary GSM for approval and restatement of the Company’s Articles of Association, both of the RUPS were held on:
    Day/Date         : Thursday/June 24, 2021
    Time               : Annual GSM :10.19 - 11.11 WIB
                            Extraordinary GSM : 11.17 - 11.25 WIB
    Venue              : Hotel Indonesia Kempinski
                            Heritage I Room, 16th Fl.
                            Jl. M.H. Thamrin No.1, Jakarta

    The resolutions of Annual GMS for book year 2020 has been stated in the Deed of Minutes of the Annual GMS No. 196 dated June 24, 2021, while the resolutions of the Extraordinary GMS have been stated in the Deed of Minutes of the Extraordinary GMS No. 197 dated 24 June 2021, both of which were made by Notary Christina Dwi Utami, S.H., M.Hum., M.Kn. The following are the decisions of the Annual GMS and Extraordinary GMS in the year 2021: