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Basic Implementation of Corporate Governance
PT Indal Aluminum Industry Tbk has placed the principles of Good Corporate Governance (GCG) as a high priority and continues to improve by making the best effort to comply with all relevant regulations under the leadership of the Board of Directors and supervision of the Board of Commissioners. The Company maintains adequate internal controls by implementing appropriate structures and rules and monitoring initiatives at both operational and management levels. With the support of all company shareholders including the Maspion Group, the company believes that the implementation of Good Corporate Governance is believed to be able to strengthen the company's competitiveness on an ongoing basis, manage resources and risks more efficiently and effectively, increase company value and investor confidence. To achieve this requires a commitment to implementing the principles of Good Corporate Governance, including transparency, fairness, accountability, independence and responsibility in all operational activity practices.
Corporate Governance Structure
Based on Law No. 40 of 2007 concerning Limited Liability Companies, company organs consist of the General Meeting of Shareholders (GMS), Board of Commissioners and Directors. These three Company organs play a key role in the successful implementation of Good Corporate Governance. Company organs carry out their functions in accordance with statutory provisions, articles of association and other provisions based on the principle that each organ has independence in carrying out its duties, functions and responsibilities for the interests of the Company. The management system adopts a two-body system, namely the Board of Commissioners and Directors, where in accordance with applicable laws and regulations, the Board of Commissioners and Directors can form supporting organs for the successful management of the company.
The Company is committed to implementing good corporate governance practices as part of its efforts to achieve the Company's Vision and Mission. The Code of Ethics was prepared as a manifestation of this commitment and describes the values in the Company's work culture into an interpretation of behavior related to business ethics and code of conduct.
The Code of Ethics also applies as a reference for the Board of Commissioners and Directors in managing the company relating to all activities in the name of the Company. are expected to uphold the principles in this Code of Ethics.
The Code of Ethics is regularly socialized to all parts of the Company, and all new employees will sign this Code of Ethics and will be re-signed as a sign of approval every year.
The main Code of Ethics regulates behavior:
CORPORATE VALUES To create a better future for all stakeholders and develop together to serve society and the nation through business development.
Compliance with Laws, Regulations and Regulations It is expected that every employee will comply with state laws, rules and regulations and be a law-abiding citizen to ensure a law-abiding corporation.
Creating Clean and Green Businesses and Products The best companies must be responsible to society and the larger community. By creating clean and green businesses and products, the Company will be able to serve society in the long term with true goals.
Loyalty, Capability, Hard Work and Discipline From the pillars of success and achievement. Every member of the organization must maintain their integrity and be prepared to work hard and smartly for the mutual benefit of both the Company and the individual. Organizational behavior must be carried out in a military disciplined manner but with a humane approach.
In accordance with the Articles of Association, the honorarium for members of the Board of Directors is determined at the AGM. The decision of the AGM on 15 June 2023 regarding remuneration was to agree to authorize the Company's Board of Commissioners to determine the structure and amount of reasonable remuneration for the Board of Commissioners and Directors, as well as completing other requirements in this regard. The amount of remuneration for each member is determined according to the function and competence of each member, consisting of salary and allowances. The total remuneration received by the Board of Directors is IDR 4,101,263,000.00 for 2023. As for disclosing detailed information on the amount of remuneration received by each member of the Board of Directors, the Company is still unable to convey it for one reason or another. The Remuneration Policy for the Board of Commissioners is determined at the GMS by giving authority to the Board of Commissioners to determine the amount and distribution of the honorarium amount which consists of salary and allowances through indicators for determining remuneration. The total remuneration received by the Board of Commissioners is IDR 728,932,900.00 for 2023. As for disclosing detailed information on the amount of remuneration received by each member of the Board of Commissioners, the Company is still unable to convey it for one reason or another.
Risk management is a set of procedures and methodologies used to identify, measure, monitor and control risks arising from business activities. Effective risk management will allow the Company to have greater control in achieving the right balance between acceptable risk and estimated risk. Indications of risk inherent in the company's business and efforts to reduce the level of risk are as follows:
The Whistle Blowing System (WBS) is a communication tool for reporting actions related to violations or suspected violations, whether of the law, code of ethics and/or conflicts of interest committed by internal company parties. The implementation of WBS is expected to be able to overcome the limitations of the internal control system and provide guarantees of early detection of violations that occur.
Submission of Violation Reports Submission of violation reports is carried out in 2 ways, namely directly and indirectly. Directly by reporting directly to Personnel, Security, Supervisors and Plant Manager. Indirectly, namely reporting through other means such as suggestion boxes, email, telephone and mobile phones.
Protection for Reporters The Company will guarantee the safety of the reporter and the reporter will receive recognition and appreciation from the Company in the form of thanks from management as well as recording the condition of the employee concerned with a separate assessment.
Handling and the Party Managing Complaints Every complaint or disclosure report is carried out by a team of WBS administrators formed by the Board of Directors to carry out audits, record keeping and corrective action as well as impose sanctions on the reported party. It is also mandatory to communicate with the local police if things that are suspected of being serious or certain violations are found.
Complaints Incoming and Processed in 2023 In 2023, no complaints or reports will be received and handled by the Company.
Social and environmental responsibility (Corporate Social Responsibilty - CSR) is the Company's commitment to participate in sustainable economic development in order to improve the quality of life and a beneficial environment, both for the Company itself, the local community and society in general by taking into account the expectations of stakeholders, in line with established laws and norms of behavior and integrated with the organization as a whole. The cost of implementing CSR in the Company is carried out centrally by the Group amounting to IDR 1,717,564,606.00 with a Company contribution of IDR 198,510,558.00 for 2023.