GCG POLICY

1. Vision and Mission

Vision

Delivering sustainable, quality and affordable energy products and services.

Mission

2. Beliefs and Values

Beliefs

We aim to attain operational excellence through :

Values

We aim to foster the following values in such a way that ITM Personnel feel proud being part of the Company and in such a way that external parties recognize such values as characteristic of ITM Personnel:

Innovation

Integrity

Care

Synergy

 

3. Good Corporate Governance Principles and Policies

The Board of Commissioners and the Board of Directors are committed to the Good Corporate Governance principles of Transparency, Accountability, Responsibility, Independency, and Fairness in compliance with the recommended best practices for the listed Company and relevant rules, regulations and guidelines of the Regulator. In addition, the Company aims to attain the highest international standards and best practices in the adoption and implementation of sound principles of Corporate Governance.

 

3.1 Duties and Responsibilities of the Board of Commissioners and Board of Directors to the Shareholders : Setting Strategic Directions and Corporate Governance Policy

The Board of Commissioners is accountable for the Corporate Governance and Board of Directors is accountable to shareholders for both business operations and Corporate Governance in achieving the set goals and in directions that will lead to optimal benefits for shareholders and for the best interests of the Company.

The Board of Commissioners and Board of Directors are bound to comply with relevant laws, regulations, the Company’s articles of

associations and resolutions of the Shareholders, with honesty, integrity and due care for the long and short term interests of the Company.

For the best interests of the Company, the Board of Directors formulate strategies reflecting the vision and mission of the Company and sets policies in the execution of those strategies, they prepares long-term plans and annual operating plans and budgets pursuant to those policies and presents them to the Board of Commissioners for considerations, modifications as appropriate and approval.

The Board of Commissioners and Board of Directors are bound to ensure that, in pursuit of its vision, the Company operates in accordance with the principles of Corporate Governance which are stated in this document.

3.2 Policy related to Shareholders: Rights and Equality of Shareholders and Shareholders’ Meeting

The Company’s shareholders shall have the same basic rights as follows:

  1. Rights to receive share certificate and rights to transfer the shares.
  2. Rights to receive adequate information in a timely fashion and in a form appropriate for making decisions.
  3. Rights to attend, express an opinion and vote in the General Meeting of Shareholders.
  4. Rights to elect and remove commissioners and directors.
  5. Rights to approve the appointment of external auditor
  6. Rights to share in profits of the Company

The Board of Commissioners and Board of Directors values the importance of General Meeting of Shareholders and shall facilitate all shareholders to attend meetings, obtain access to information, pose questions and exercise voting rights at the meeting in an equitable manner.

The Board of Directors shall present important matters, even beyond those required by law to shareholders so that they can participate in the decision-making while ensuring that shareholders receive full, adequate and timely information for decision-making purposes. In addition, it shall support and facilitate appropriate voting procedures including voting by proxy by providing at least one Independent Commissioner to vote on shareholder’s behalf.

The Board of Directors encourages shareholders to express their views and opinions to seek explanations or to pose questions. Board of Commissioners and Board of Directors are required to attend General Meeting of Shareholders to answer shareholder’s questions.

The Board of Directors shall prepare the minutes of General Meeting of Shareholders and distribute them to Shareholders via the Company’s Website within 30 days from the meeting date.

3.3 Policy on Conflict of Interest

The Board of Commissioners shall not allow Commissioners, Directors, and employees to seek personal gains from or to engage in business in direct competition with the Company or transactions that may lead to a conflict of interest with the Company. If such a transaction is unavoidable, the Board of Commissioners and or Board of Directors shall ensure that the transaction shall be carried out with transparency and fairness similar to transactions carried out with unrelated parties. Commissioners, Directors and employees having an interest in any transaction must not take part in its approval process.

If a transaction is considered a connected transaction according to the Regulator’s rule, the Board of Commissioners and Board of Directors must make sure that the relevant rules and procedures for disclosure regarding connected transactions by listed Company is strictly complied with.

3.4 Policy on Stakeholders

The Board of Commissioners and Board of Directors recognizes the rights of stakeholders and therefore encourages cooperation between the Company and the stakeholders as well as other concerned parties including employees, customers, trading partners, creditors, government agencies, communities where the Company operates and the society at large. Commissioners, Directors and employees must comply with the Code of Conduct to ensure a fair and balance dealings with stakeholders.

In addition, the Board of Commissioners requires Board of Directors that operational information be reported to stakeholders and related parties through annual report, Company’s website and other relevant channels. Two-way communication channels have been established to ensure stakeholders and other parties to express their views or file grievance.

3.5 Policy on Information Disclosures, Transparency, Financial Report and Report on Operations

Board of Directors shall disclose accurate, complete, adequate, regular and timely financial information and other information related to the Company’s business and performance. The disclosed-information will reflect the Company’s actual financial conditions and operational results as well as its prospects.

The Board of Commissioners and Board of Directors shall ensure strict adherence to all relevant laws, rules and regulations relating to the disclosure of information and transparency. The Company has established the function of Corporate Secretary to disseminate information to stakeholders and the function of Investor Relations shall assist investors and securities analysts to understand the Company and its business. Information posted in the Company’s website are in Bahasa Indonesia and English. In addition, the Corporate Communication Department has been assigned to widely publicize timely corporate information and performance data via various media.

3.6 Policy on Risks Management

Board of Directors has adopted the risk management system for all material and controllable risks which may affect the Company’s operations. This includes risks relating to the achievement of the Company’s vision and implementation of its strategies as well as risks in relation to the financial condition of the Company, its operation and other relevant areas.

Risk management is carried out on the basis of probability that an identified risk may materialize and the likely impact of such a risk may have on the business. In addition, clear preventive and mitigation measures have been established. Systems to assess, monitor and report on risks have been set up.

A Risk Management Committee has been set up to report to the Board of Directors on its operation plans and performance and shall also regularly report to the Audit & Risk Oversight Committee. A periodical review ensures an adequate system and effectiveness of the risk management.

3.7 Policy on Internal Audit

Board of Directors shall ensure an effective and efficient Internal Control System that covers every aspect of its operation and compliance with related laws, rules and regulations. Effective and adequate check and balance mechanisms are in place to protect shareholders investments in the Company and its assets. The Company shall clearly set procedure for delegation of authority and responsibility for management and staff.

An independent Internal Audit function is established to ensure that all operation units of the Company are in compliance with set operating procedures. Thus, the Internal Audit function shall:

  1. report directly to the President Director
  2. prepare and submit auditing report to President Director and Board of Commissioners
  3. provide administration services to Audit & Risk Oversight Committee

3.8 Policy on Monitoring and Evaluation of Performance

To ensure that operation is in line with set goals, the Board of Commissioners requires that the management reports the results

of actual operation in comparison with set targets on a regular basis. In the event that operation fails to perform as planned, Board of Commissioners together with management shall resolve the situation and prepare corrective strategic directions.

The Board of Commissioners shall regularly evaluate the performance of the Board of Directors. The criteria for such evaluation shall be related to the strategic plan and the annual business plan and shall be used in the determination of remuneration and incentives.

3.9 Policy on Succession Plan

The Board of Commissioners shall ensure that a succession plan for the position of Commissioners and Directors is in place to ensure that the Company is managed at all time by executives with appropriate competence and skills.

3.10 Corporate Culture and Organizational Attitude

It is the duty of both the Board of Commissioners and Board of Directors to foster an appropriate corporate culture by assigning the management to design a desired corporate culture and to ensure that this is effectively communicated to all employees for common understanding. The Board of Commissioners and Board of Directors shall strive to set a good example for such culture.

3.11 Policy on Sustainable Development

Our values provide the foundation for our approach to sustainable long term growth– management of economic, environmental and social risks and opportunities.

We believe that an industry will be strong only when it is developed in tandem with social and environmental responsibility, which in turn creates shareholder value at each stage of our development. This sentiment underlies our Sustainable Development Policy and commitment to be a good citizen, being committed to social responsibility, high degree of fairness, integrity and ethical standards to all parties.

In every location, we are dedicated to conducting our business responsibly, ethically and lawfully in all matters and to comply with our Company standards. We put Sustainable Development into practice through the effective implementation of quality, safety and environmental management standards which identify, assess and manage risks to our people, contractors, the environment and

our host communities, arising from all activities that we control or can influence.

To accomplish those goals, we:

  1. Minimize and responsibly manage environmental impacts, arising from our activities across the value chain.
  2. Set and achieve targets that promote efficient use of resources and include reducing and preventing pollution by assessing and considering ecological value and land use aspects in investment, operational and closure activities.
  3. Establish and maintain greenhouse gas inventory data and publicly report our emissions.
  4. Care for occupational health and safety of our employees and contractors by taking all practical and reasonable measures eliminate fatalities, injuries and occupational illnesses.
  5. Take pride in fundamental human rights and respect people of all races, nationalities, cultures and religions. We shall ensure that our employees are provided with fair remuneration, fair management and opportunities for learning and professional development.
  6. Bring sustainable benefits to our host communities and society, we seek to understand their needs, engage in open dialogue to build trust and take their views and concerns into account in our decision making.
  7. Operate efficiently and profitably by maximizing revenue, minimizing costs and investing to achieve long-term growth and value creation.
  8. Conduct or support research and innovation that promotes the use of our products and technologies that are safe, environmentally sound and efficient in their use.

In implementing the policy we establish measurable indicators to monitor and review our environmental, health, safety and social responsibility performance and use these to set goals for continuous improvement. That commitment will be achieved through environmental, health, safety and social responsibility accountabilities and leadership in all levels of management.

3.12 Policy on Anti-Bribery and Corruption

It is ITM policy to conduct business with the highest ethical standards and will not tolerate the act of bribery and corruption in any form.

3.13 Policy on Whistle Blowing

The Whistle Blowing Policy and System is established to encourage employees and other stakeholders to bring ethical and legal violations they are aware of to light to an internal authority via a system managed independently in a confidential manner without fear of retaliation. ITM’s Whistle Blowing Policy rooted to the Company’s core values and in accordance with the Good Corporate Governance Principles and Practices. The Whistle Blowing Policy applies to all of ITM’s Personnel including Commissioners and Directors.

4. Qualification, Structure and Composition of the Board of Commissioners and Board of Directors

4.1 Independency and Impartiality of the Board of Commissioners and Board of Directors

Board of Commissioners as an organ of the Company shall function and be responsible collectively for overseeing and providing advices to the Board of Directors and ensuring that the Company implements the Good Corporate Governance and the Board of Commissioners is prohibited from participating in making any operational decisions.

Board of Directors as a Company organ shall function and be responsible collegially for the management of the Company. Each Director can carry out its duty and take decisions in  accordance with their respective assignments and authorities, however, the execution of tasks by each Director remains to be a collective responsibility. Board of Directors shall perform its duty and exercise its discretion independently for the best interest of Company.

4.2 Qualification of the Board of Commissioners and Board of Directors

The Board of Commissioners and Board of Directors shall consist of persons of high professional and ethical standards with qualifications, experience, skill, competency and expertise relevant to the business of the Company. Commissioners and Directors are expected to bring fresh perspectives to the board and must be prepared to give their utmost performance to their duties and accountabilities.

During its selection of new members, the Sustainable Development, Good Corporate Governance, Nomination and Compensation Committee shall review qualifications, skills, knowledge and expertise of all candidates to determine the appropriate qualifications profiles for the new members with an aim of ensuring that the Company gains the benefit of a board comprising appropriately qualified and skilled Commissioners and Directors with a diversity of experience.

4.3 Qualification of Independent Commissioner and Un-affiliated Director

  1. Independent Commissioner

The Board of Commissioners shall require that the qualifications of Independent Commissioner reflect the Regulator’s requirements on qualifications of independent Commissioners listed below

  1. Does not have any affiliate relation with the controlling shareholders of the Company.
  2. Does not have any affiliate relation with any Director and/ or Commissioner of the Company.
  3. Does not have any position as a member of Board of Directors in other Company which is affiliated to the Company.
  4. Understand the laws and regulations of the capital market.
  5. Does not act as an agent to protect the interests of the Company’s Director or Commissioners, major shareholders or shareholders relating to the Company’s major shareholders.
  6. Able to perform duty, express opinions or report on performance as designated by the Board of Commissioners independently without being controlled by the Company or major shareholders as well as related persons or closed relatives.
  1. Un-affiliated Director
    1. Does not have any affiliate relation with the controlling shareholder of the Company at least 6 months prior to the appointment as the Un-affiliated Director.
    2. Does not have any affiliate relation with any Commissioners or Directors of the Company.
    3. Does not have any position as a member of Board of Directors in other Company.
    4. Has not been an insider in the supporting institution or profession of the capital market whose service is utilized by the Company for 6 months prior to the appointment as the Director.

4.4. Composition of the Board of Commissioners and Directors

  1. The Board of Commissioners

The Board of Commissioners shall consist of a President and Commissioners in a number considered appropriate for the Company’s size of business and efficient operation. And no less than one third shall be independent and have no business relationship or any other relationship with the Company which may affect the Commissioners’ Independent exercise of discretion.

  1. Board of Directors

Board of Directors shall consist of a President and Directors in a number considered appropriate for the Company’s size of business and efficient operation and at least one of them is an Un-affiliated Director

4.5 Chairman of the Board of Commissioners and President Director

Each of the members of the Board of Commissioners including Chairman has equal position. The duty of the Chairman of the Board of Commissioners as primus inter pares  is to coordinate the activities of the Board of Commissioners. The position of each  respective member of the Board of Directors including President Director is equal. The duty of the President Director as primus inter pares is to coordinate the activities of the Board of Directors.

4.6 Terms of Commissionership and Directorship

The Commissioner and Director shall serve a term of office of three years. A Commissioner or Director who has completed his / her term is eligible for re-election by the General Meeting of Shareholders.

4.7 Maximum Age of Commissioners and Directors

Commissioner shall retire at the age of 72 years and Director at 60 years and such retirement shall be effective on the date of the following Annual General Meeting of Shareholders.

4.8 Nomination of Commissioners and Directors

The Sustainable Development, Good Corporate Governance, Nomination and Compensation Committee shall recommend to the Board of Commissioners candidates to replace retiring Commissioners/ Directors or to fill any other vacancy. The Sustainable Development, Good Corporate Governance, Nomination and Compensation Committee shall review the structure and composition of the Board of Commissioners or Board of Directors, set nomination criteria and search for candidates with qualifications appropriate for the Company’s situation and needs.

4.9 Commissioners and Directors’ Remunerations

The Board of Commissioners shall designate Compensation Committee to recommend guidelines for setting Commissioner / Directors remunerations. The levels of remunerations shall be comparable to those of companies in the same industry taking into consideration the duties and responsibilities of the Commissioners /Directors concerned. Commissioners’ and Directors’ remuneration are approved at a Shareholder’s Meeting.

4.10 Committees of the Board of Commissioners

The Board of Commissioners shall appoint Commissioners from their number to serve on committees of the board. The  qualifications of selected Commissioners shall be appropriate for the duties of each committee. Members of such committees shall serve a three year term and shall be eligible for reappointment. Each board committee shall perform its duties as assigned by the Board of Commissioners. Management shall attend the board committee meetings on invitation of such committee, to submit reports or to provide information. Board committees shall have the right to commission external consultant at Company’s expense. Each  board Committee shall submit an annual report to the Board of Commissioners.

At present, the Board of Commissioners has appointed two board committees, namely, the Audit & Risk Oversight Committee and the Sustainable Development, Good Corporate Governance, Nomination and Compensation Committee.

  1. Audit & Risk Oversight Committee

The Audit & Risk Oversight Committee shall consist of at  least three members with an independent commissioner as chairman and responsible to the Board of Commissioners. The Audit & Risk Oversight Committee is responsible for reviewing the Company’s financial reports, assessing the adequacy of the internal control and risk management compliance, ensuring that conflict of interest is dealt with in accordance with the Company’s policy and proposing the Company’s external auditor and its fees. The Audit& Risk Oversight Committee also monitors and reviews compliance with risk management policy as reported by the Risk Management Committee. The Audit & Risk Oversight Committee is also responsible for expressing its opinion with regard to operation plan and budgets as well as the appointment and termination of Staff of the Internal Audit Office.

  1. Sustainable Development, Good Corporate Governance, Nomination and Compensation Committee

Sustainable Development, Good Corporate Governance, Nomination and Compensation Committee shall consists of at least three members and chaired by an Independent Commissioner and responsible to the Board of Commissioners with main duties:

  1. To review and monitor Good Corporate Governance policies and Code of Conduct policies and guidelines.
  2. To monitor compliance with Good Corporate Governance policies and the Code of Conduct.
  3. Responsible for screening candidates for appointment as the Company’s Commissioners and Directors as well as securing appropriate succession plan for them.
  4. To suggest compensation policy, guidelines and procedures and other benefits in relation to Commissioners and Directors.
  5. To determine performance measurement criteria for Commissioners and Directors.

5. Functioning of the Board of Commissioners and Board of Directors

5.1 Specific Duties and Responsibilities of the Board of Commissioners and Board of Directors

  1. Board of Commissioners

In addition to any other action taken in compliance with the laws, objectives, articles of association and the resolutions of the General Meeting Shareholders’ of the Company, the Board of Commissioners in monitoring the business of the Company hereby stipulate that the consideration, acknowledgement and approval of the following matters shall be vested under the authority, duty and responsibility of the Board of Commissioners:

  1. The Company’s policies, business strategies, business plans and annual budget
  2. The Company’s monthly and quarterly performance and operation report compared to the plan, budget and outlook of the following period of the budget year
  3. The Company’s investment in a project worth more than IDR 150 billion
  4. Transaction or act which materially affects the Company’s financial status, liabilities, business strategy and reputation
  5. Entering into a contract not related to a normal course of business and a contract related to an important normal business
  6. Purchase and disposal of assets, acquisition of business and participation in a joint venture project which are not in conflict with the rules and regulations of the Regulator
  7. Investment which exceeds 10 percent of the total investment budget of an approved project and which exceeds 10 percent of the total non-project investment budget
  8. Parts of a connected transaction between the Company, its parent Company, subsidiaries, associated companies and related individuals in accordance with the capital market regulations
  9. Transaction which causes the ratio of Company’s debt-to-equity ratio to exceeds 2.5 : 1
  10. Distribution of interim dividend
  11. Net borrowing that exceeds a maximum amount of IDR 30 billion subject to annual review
  12. Changes in policy and practices with material implications to accounting, risk management and reserves
  13. Significant changes relating to management and financial control system
  14. Determination and review of approval authority granted to the executives and subsidiaries
  15. Recruitment of the board members, Committee members, approval of salary increment budget and bonus or bonus formula or annual remuneration package adjustment formula of the board and committee members, executives and employees
  16. Nomination, appointment and termination of directors and the secretary of the Board of Commissioners and its committees
  17. Appointment and determination of authority of the sub committees
  18. Establishing and supervising the management in accordance with the Good Corporate Governance policy and practices
  19. Appointment of Directors or executives to be Directors of subsidiaries and associated companies
  20. Registration of new companies and dissolution of companies
  21. Amendment to the scope of approval  authority of the Board of Commissioners as stated in item 1-20 above
  1. Board of Directors

In addition to any other action taken in compliance with the laws, objectives, articles of association and the resolutions of the General Meeting of Shareholders of the Company, in managing the business of the Company, the Board of Directors hereby stipulate that the consideration and approval of the following matters shall be vested under the authority, duty and responsibility of the Directors

  1. Adjustment of annual operation plan which total amount is less than 5% of the total approved administration
  2. Strategic plan of each business unit
  3. Calculate the interim dividend payment for the Board of Commissioners approval
  4. Use of capital investment
  5. Approve additional capital budget of new item up to IDR 4 billion
  6. Assets write off
  7. Fixed assets transfer among companies in Indonesia

5.2. Meetings of the Board of Commissioners and the Board of Directors

  1. Board of Commissioners

The Board of Commissioners shall discharge its duties through monthly meetings, either jointly with Board of Directors or independently.

Chairman of the board manages the functioning of the Board of Commissioners, determines the agenda for board meetings together with Directors and ensures smooth meeting procedures with clear decisions and resolutions. The Chairman of the board shall allocate appropriate time for free discussion and forge consensus or decision making by the board.

Any Commissioners having potential conflict of interest in relation to a matter which is under consideration by the board shall be required to leave the meeting while the matter is under deliberation.

When considering a particular matter, a Commissioner is entitled to have access to any relevant information or document, may seek additional explanations from the management and may commission external consultant for assistance at the Company’s expense.

A resolution shall be based on a majority of votes. Any opposition to a resolution shall be recorded in the minutes of   meeting. The Board of Commissioners shall appoint a secretary of the board to support the functioning of the Board of Commissioners.

  1. The Board of Directors

The Board of Directors shall discharge its duties through its monthly meetings. President Director determines the agenda for board meetings and ensures smooth meeting procedures with clear decisions and resolutions.

Any Director having potential conflict of interest in relation to a matter which is under consideration by the board shall be required to leave the meeting while the matter is under deliberation.  A resolution shall be based on a majority of votes.     Any opposition to a resolution shall be recorded in the minutes of meeting.

5.3. Accountability Report of Board of Commissioners and Board of Directors

  1. Board of Commissioners
  1. Board of Commissioners in its oversight function shall submit an accountability report for overseeing the conduct of the management by the Directors in managing the Company. The supervision report of the Board of Commissioners is made part of the annual report submitted to the General Meeting of Shareholders for approval.
  2. Approval of the Annual Report and ratification of the financial report will signify that the General Meeting of Shareholders has given a release and discharge to the members of the Board of Commissioners as far as it is reflected in the annual report, without minimizing the responsibility of each member of the Board of Commissioners in the event that a crime, mistake or negligence occurs causing damage to any third parties which cannot be  indemnified by the Company’s assets.
  3. The accountability of the Board of Commissioners to the General Meeting of Shareholders is a manifestation of the oversight accountability on the Company’s management in light of GCG principles implementation.
  1. Board of Directors

The Board of Directors shall prepare a report on its management accountability which contains financial report, report on Company’s activities and report on the implementation of Good Corporate Governance. The Board of Directors shall responsible for the compilation of the Company’s Business and financial reports as well as the consolidated financial reports and financial information in its annual report. The financial reports shall be prepared on the basis of Indonesian Financial Accounting Standard and Regulator’s rule for public Company. In addition, all relevant information will be adequately disclosed in notes to financial statements. The Board of Commissioners shall designate the Audit & Risk Oversight Committee to supervise the quality of its financial report as well as to express its opinions on the financial report to the Directors through the Board of Commissioners.

5.4. Communications with the Management

The Board of Commissioners shall invite Directors and/ or executives to attend its meeting to present information in relation to the agenda covering areas which such executives are responsible for. The objective is to allow the Board of Commissioners to be informed directly by the responsible executives of their views and opinions towards a particular subject. In addition, the executives will also have a chance to understand the Board of Commissioners’ point of view.

The Board of Commissioners shall encourage meetings and change of ideas between itself and the management’s on the occasions aside from the Board of Commissioners Meeting to foster  better relationship and mutual understanding. Commissioners may directly communicate with individual executives without intruding or interfering with the management’s operation.

5.5. Assessment of Performance of the Board of Commissioners and the Board of Directors

The Board of Commissioners shall assess its operation annually. The assessment will include an evaluation of each Commissioners

Independence. The conduct of this assessment is the responsibility of the Sustainable Development, Good Corporate Governance, Nomination and  Compensation Committee which will prepare a report for the board’s consideration.

The Sustainable Development, Good Corporate Governance, Nomination and Compensation Committee shall recommend to the Board of Commissioners the  criteria for assessing the annual performance of the Board of Directors. The criteria are to reflect the Company’s short and long term goals.

5.6. Hiring External Expert Consultants

The Board of Commissioners and the Board Committee may hire external expert consultants to provide advice with regard to the functioning of the Board of Commissioners and the Committees at the Company’s expenses.

5.7. Orientation for All New Commissioners, Directors and Committee to Enhance the Business Knowledge

The Board of Commissioners shall provide an orientation session for all new members of Commissioners, Directors and Committee so as to inform them of the Company expectation regarding their roles, duties and responsibilities and compliance with the Company’s Corporate Governance Policy and practices. The orientation is also intended to help new commissioner to better understand the business and operations of the Company and to provide them with additional information in terms of industrial outlook, new technology and innovation as well as corporate governance to assist them in the effective performance of their duties.

5.8. Code of Conduct

To ensure maximum benefit to shareholders, Directors shall give equal weights to the achievement of goals and the measures

undertaken for the achievement. Directors established Code of Conduct and distributed it to Commissioners, Directors, Executives and all Employees to ensure they know and practice what the Company expects from them regarding conduct towards fellow Staff,Shareholders, Customers,Trading Partners, Competitors and society in general.

Directors shall establish mechanisms and procedures to ensure compliance with the Code of Conduct.

6. Good Corporate Governance Policy Revision

ITM has its policy to regularly update the Good Corporate Governance Policy to ensure they are appropriate and adequate to the international best practice.

7. Receiving Complaints regarding Corporate Governance and Code of Conduct

The Board of Directors provides a channel to receive complaints relating to Corporate Governance and the Code of Conduct from all stakeholders to the following address:

By Letter:

Secretariat of Sustainable Development, Good Corporate Governance, Nomination and Compensation Committee

PT Indo Tambangraya Megah Tbk

Pondok Indah Office Tower III, 3rd floor

Jl. Sultan Iskandar Muda Pondok Indah Kav. V-TA

Jakarta Selatan 12310

By email:

grievance@itmg.co.id

 

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