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 to assist the Board of Commissioners in fulfilling their duties to supervise issues related to the adequacy of reporting and disclosure of financial statements as well as to ensure the effectiveness of the internal control system and compliance with the principles of Good Corporate Governance. 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 was established to assist the Board of Commissioners in nominating the succession and remuneration of the Board of Directors. The Nomination and Remuneration Committee is a sub-organ of the Board of Commissioners whose main task is to assist the effectiveness of the supervisory function carried out by the Board of Commissioners on the duties of the Board of Directors in managing the Company. The Nomination and Remuneration Committee were last amended through Decree of the Board of Commissioners No. 2020-XI/103/DIR dated November 18, 2020.
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.
Internal Audit Unit is a part of the Company’s internal control, which broadly aims to help management realizing its goals through adequate checking to the implementation of internal control, risk management and corporate governance processes. The Company has established an Internal Audit Unit in accordance with OJK Regulation No. 56/POJK.04/2015 concerning the Establishment and Guidelines for the Preparation of the Internal Audit Unit Charter and the Securities Exchange Registration Regulations.
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.
In order to carry out risk control effectively and optimally, the Company has established a Risk Management Committee and a Risk Management Unit which begin their duties in 2022.
The Risk Management Unit, which continues the duties of Risk Management Team, is responsible for carrying out operational functions throughout the Company's risk management processes. The Risk Management Unit is tasked to build a comprehensive process for identifying, measuring, monitoring and controlling risks as well as submit reports on risk levels and build a reliable internal control system. The Risk Management Unit, which is under the Compliance, Legal & Risk Department, is also tasked to build a risk management culture and disseminate this culture to all levels within the Company.
The Risk Management Committee, led by Vice President Directors, is responsible for reviewing the implementation of risk management as well as providing direction and approval of the work plan proposed by Risk Management Unit. Members of Risk Management Committee, including Internal Audit function, will report significant corporate risks to the Company's Board of Commissioners.
The Risk Management Committee members are appointed through Decree of the Board of Directors No. 2022-XII/136/DIR on December 1, 2022 for the period starting from January 1, 2023.
The Environmental Sustainability Team is expected to develop and evaluate the implementation of environmental sustainability initiatives in the Company as well as to improve the Company’s performance and compliance with the applicable laws and regulations, and to make efforts in minimizing and managing sustainability risks to achieve the Sustainable Development Goals.
The Environmental Sustainability Team were appointed through the Decree of the Board of Directors No. 2020-XI/085/DIR on November 16, 2020, for the period of November 9, 2019 until December 9, 2023.
The Corporate Social Responsibility Team is established to improve the Company’s role in building the quality of Indonesia’s communities and environment as well as achieve the balance between profit, people and planet.
The Corporate Sustainability Team were appointed through the Decree of the Board of Directors No. 2021-I/105/DIR on January 22, 2021, for the period of February 1,2021 until February 1, 2023.
General Meeting of Shareholders
May 09, 2023
Summary Minutes of Annual GMS
Apr 14, 2023
Annual GMS Invitation