PSAB:JK

266

-6.00 (-2.21%)

GOLD

1,269.50

+3.60 (+0.28%)

Corporate Governance

The executive management is committed to applying and practicing Good Corporate Governance (GCG), based on transparency, accountability, responsibility, independence and fairness. The Company believes that sound implementation of GCG will exert a positive impact not only upon the Company itself, but also to its shareholders. The Company believes consistent implementation of GCG will support the leadership in the realization of its sustainable business goals and strategic objectives.

 

Shareholder Meetings

The Company conducts an Annual General Meeting of Shareholders (AGM) every year and holds an Extraordinary Meeting of Shareholders (EGM) as required often linked with a Public Expose event.

 

Meetings of the Board of Directors 

The Board of Directors meets routinely, formally and informally, in managing the Company’s business. The Board of Directors similarly meets with the Board of Commissioners as required in order to gain their insights and inputs for significant actions that are to be implemented. 

 

Independent Director 

The Independent Director is another aspect of Good Corporate Governance, in performing the duty of balance, in providing views and guidance. The Independent Director must possess sufficient experience in the Company’s business sector, namely, the gold mining and exploration industry. 

 

Nomination & Remuneration Committee 

Although the company has yet to form a Nomination and Remuneration Committee, the Board of Commissioners has conducted a remuneration study and considered various aspects, including:

 

•    Financial performance and achievements of the Company;
•    Individual work performance;
•    Fairness with peer companies;
•    Consideration of long-term Company goals and strategy. 

 

Audit Committee 

The Audit Committee is comprised of 1 (one) Committee Head, a post held by the Independent Commissioner, and 2 (two) members, coordinated with the Internal Audit division of the Company. The Audit Committee has the duty of supporting the Board of Commissioners’ in its supervisory duties, as follows:

 

•    Evaluation of the Company’s financial report and other financial information;
•    Ensuring Company compliance with all prevailing capital market regulations and Company business;
•    Evaluating financial reports to ensure that the Board of Directors has taken the necessary steps in minimizing risks faced by the Company;
•    Ensuring the effectiveness of internal control systems in order to minimize any chance of deviation in managing the Company. 

 

Corporate Secretary

The Corporate Secretary has the duty and responsibility to:


•    Ensure sharing of information has been carried out according to market regulations, capital regulations, and other related regulations;
•    Ensure smooth communication with OJK (Financial Services Authority), the Indonesia Stock Exchange, and other related institutions;
•    Carry out activities related to investor relations and the function of public relations;
•    Maintain and monitor compliance with laws, regulations and corporate governance in accordance with capital market regulations, and other regulations as set by the government; and
•    Coordinate the activities of The Board of Commissioners and The Board of Directors, both internally and externally.