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The Company is fully committed to implement the highest standard of good corporate governance through a variety of improvement and enhancement, beyond the minimum standards and recommendations that must be met. In accordance with Regulation of the Minister of State Owned Enterprises No. PER-2/MBU/2023 on the Guidelines for Governance and Activities of Significant Corporations in State Owned Enterprises which stipulates that each state owned enterprise is obliged to measure the implementation of Good Corporate Governance, through assessment which is held every 2 years by an independent assessor and evaluation (review) conducted by the state-owned enterprises (self-assessment) that includes an evaluation of the results of the assessment carried out by an independent party and follow-up recommendations for improvement concluded from final judgments.

In 2023 the Company carried out an assessment on GCG implementation for the financial year of 2022 by independent assessor PT Cita Negeri Amanah. In such assessment, the Company achieved a score of 92,693 from maximum score of 100 or 92,693%, with the title “Very Good”.

Such score was the combination of 6 governance aspects which were assessed, namely:

I Commitment to the Implementation of Sustainable of Good Corporate Governance 7,000 6,810 97,283% Very Good
II Shareholders and Shareholders's General Meeting 9,000 8,459 93,990% Very Good
III Board of Commissioners 35,000 33,004 94,298% Very Good
IV Board of Directors 35,000 33,176 94,788% Very Good
V Information Disclosure and Transparency 9,000 8,744 97,161% Very Good
VI Other Aspects 5,000 2,500 50,000% Very Good
TOTAL 100,000 92,693 92,693% Very Good

Score assessment for the financial year of 2022 has increased if compared with a score of review in 2021. In 2021 the results of the review with the assistance of the PT Sinergi Daya Prima, the Company obtained a score of 87,080 with the predicate “Very Good”.

In an effort to improve corporate governance implementation standards in accordance with the corporate governance practices of companies in ASEAN, the Company also conducts governance assessments by referring to the ASEAN Corporate Governance Scorecard (ACGS) published by the ASEAN Capital Market Forum. In 2023, the assessment results show that the Company's overall weighted (overall score) is 97.16 and received the title "Very Good" or level 4 which means that the Company already has a strong commitment and has adopted international standards.

Principle Assessment Component 2022 Score 2023 Score
Principle A Rights and Equal Treatment of Shareholders 16 21,43
Principle C* Sustainability and Resilience - 8,64
Principle D Disclosure and Transparency 20,31 24,26
Principle E Board Responsibilities 36,25 36,83
  Bonuses and Penalties 2 6
Total Overall Score 88,41 97,16
Classification Good Very Good

*Principle C is the latest assessment criterion of the ACGS revised in October 2023. Principle B in previous versions of ACGS is incorporated in the current Principle A.

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