GCG Structure and Policy

As a Company that is a subsidiary of a State-Owned Enterprise (SOE) as well as a public company whose shares are listed on the Indonesia Stock Exchange (IDX), the determination of the Company's GCG structure is guided by the Ministry of SOE Regulation No. PER- 01/ MBU/2011 dated August 1, 2011 and Amendment No. PER09/MBU/2012 on the Implementation of Good Corporate Governance in State-Owned Enterprises and SEOJK No. 32/ SEOJK.04/2015 on Public Company Governance Guidelines.

In addition, based on these regulations, the Company determines the GCG structure of the Company, which consists of three main organs, namely the General Meeting of Shareholders, the Board of Commissioners and the Board of Directors, and their respective functions, duties and responsibilities as set forth in the Articles of Association and the Corporate Governance Guidelines.

The corporate governance structure of the Company is shown in the following chart:

GCG Structure

The Board of Commissioners has the right to form committees to assist it in carrying out its duties, as set forth in the Corporate Governance Guidelines. These committees are responsible for assisting the Board of Commissioners in the performance of its duties and obligations, as well as for assisting in the formulation of policies of the Board of Commissioners in accordance with the scope of each committee’s responsibilities. The committees formed by the Board of Commissioners are the Audit & Risk Committee and the Nomination, Remuneration & GCG Committee. In addition to these committees, the Board of Commissioners is assisted by the Secretary of the Board of Commissioners in the performance of its supervisory function.

Meanwhile, the Board of Directors is assisted in the performance of its management functions by the Internal Audit Unit, Company Secretary, Bureau Manager and Division Manager.

In order to strengthen the functions of various supporting bodies under the Board of Commissioners and Directors, the Company has prepared a set of policies and procedures based on the regulations of the Financial Services Authority and SOE Ministry, as well as applicable laws and regulations. The preparation of these policies and procedures is balanced with their direct socialization or publication in media that are easily accessible to all employees.