Corporate Governance

Cikarang Listrindo is fully committed to the implementation of the best practice of Good Corporate Governance (GCG) principles in the entire company’s operational, consistently and continuously.

The Company believes that the implementation of the best practice of GCG principles will enhance confidence and provide added value to all stakeholders, which will ultimately ensure long-term sustainable business growth.

In order to improve the quality of GCG implementation, the Company have completed all necessary basic institutions, including: Code of Conduct, Code of GCG, Charter of the Board of Directors and Board of Commissioners, Communication Policy with Shareholders and Investors, Committees of the Board of Commissioners (BOC) and Directors (BOD) charter or guidelines as well as other policies to support GCG practices.

The Company also complete the overall GCG implementation guidelines with a governance structure.

Supporting Organ of BOC

In performing its oversight duties, the Board of Commissioners is assisted by the following two Committees:

The Audit Committee was established in 2015, under a resolution of the Board of Commissioners of the Company to assist the Board professionally and independently, in conducting supervision function such as periodic review on consolidated financial statements aimed at assuring the Board of Commissioners that the contents and composition of the Company’s consolidated financial statements have fulfilled the Financial Accounting Standards and OJK regulations, including that all information has been completely and accurately reported before the publication of the consolidated financial statements. The Audit Committee also reviews the external audit’s work scope and assignment, including but not limited to the reasonability of audit expenses, experience, independence, and objectivity. The Audit Committee were last amended through Decree of the Board of Commissioners No. 2020-XI/104/DIR dated November 18, 2020.

The Nomination and Remuneration Committee was established in 2015, under a resolution of the Board of Commissioners of the Company to carry out the functions and duties of the Board of Commissioners in relation to the nomination and remuneration of the Board of Directors and the Board of Commissioners.

Supporting Organ of BOD

The Corporate Secretary possesses an important role in carrying out the Company’s mission to support the creation of a good corporate image by managing an effective communication program to all stakeholders. The Corporate Secretary directly reports to the President Director to maintain a smooth relationship between the Company and its stakeholders, i.e. government, shareholders and the surrounding communities.

The Company, being listed in Indonesia Stock Exchange and issued bonds on the Singapore Exchange, since 2016 and 2010 respectively, has an obligation to disclose open, full and fair information to shareholders and other stakeholders openly and fairly. The Investor Relations function is responsible to the Corporate Secretary and Finance Director in building a positive public image and ensuring transparency of the Company’s information to the public.

The Company has established an Internal Audit Unit in accordance with OJK Regulation No. 56/POJK.04/2015 on the Establishment and Guidelines of the Internal Audit Unit Charter and the Listing Rules of the Securities Exchange according to the Decree of the Board of Directors No. 2015-X/001/DIR on November 18, 2015 on the Establishment of the Internal Audit Unit.

Internal Audit Unit directly reports to the President Director in accordance to Internal Audit Unit Charter to perform and execute its duties and responsibilities. The Internal Audit Unit Charter has been legally authorized by the BOD and approved by the BOC.

The Internal Audit Unit is led by Andriyono Adi Nugroho based on the Decree of the Board of Directors No. 2018-IV/007/DIR on July 1, 2018.

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