Asean CG Scorecard

LEVEL 1
A. RIGHTS OF SHAREHOLDERS
A.1 Basic Shareholder Rights

A.1.1
A.2 Right to participate in decisions concerning fundamental

corporate changes
A.2.1
A.2.2
A.2.3
A.3 Right to participate effectively in and vote in general shareholder

meetings
A.3.1 and should be informed of the rules, including voting procedures, that govern general shareholder m
A.3.2
A.3.3
A.3.4
A.3.5
A.3.6
A.3.7
A.3.8
A.3.9
A.3.10
A.3.11
A.3.12
A.3.13
A.3.14
A.3.15
A.4 Markets for corporate control should be allowed to function in

an efficient
A.4.1 and transparent manner.
A.5 The exercise of ownership rights by all shareholders, including

institutional
A.5.1 investors, should be facilitated.
B. EQUITABLE TREATMENT OF SHAREHOLDERS
B.1 Shares and Voting Rights

B.1.1
B.1.2
B.2 Notice of AGM

B.2.1
B.2.2
B.2.3
B.2.4
B.2.5
B.3 Insider trading and abusive self-dealing should be prohibited.

B.3.1
B.3.2
B.4 Related party transactions by directors and key executives.

B.4.1
B.4.2
B.4.3
B.4.4
B.5 Protecting minority shareholders from abusive actions

B.5.1
B.5.2
C. ROLE OF STAKEHOLDERS
C.1 The rights of stakeholders that are established by law or through

mutual agreements are to be respected.
C.1.1
C.1.2
C.1.3
C.1.4
C.1.5
C.1.6
C.1.7
C.2 Where stakeholder interests are protected by law, stakeholders

should
C.2.1 have the opportunity to obtain effective redress for violation of their rights.
ms for employee participation should be permitted to

develop.
C.3.1
C.3.2
C.3.3
C.4 Stakeholders including individual employee and their

representative
C.4.1 bodies, should be able to freely communicate their concerns about illegal or unethical practic
C.4.2
D. DISCLOSURE AND TRANSPARENCY
D.1.1
D.1.2
D.1.3
D.1.4
D.1.5
D.2 Quality of Annual Report
D.2.1
D.2.2
D.2.3
D.2.4
D.2.5
D.2.6
D.2.7
D.2.8
D.3 Disclosure of Related Party Transactions (RPTs)

D.3.1
D.3.2
D.4 Directors and Commissioners dealings in the shares of the

company
D.4.1
D.5 External Auditor and Auditor Report
D.5.1
D.5.2
D.6 Medium of Communications
D.6.1
D.6.2
D.6.3
D.6.4
D.7 Timely filing/release of annual/financial reports

D.7.1
D.7.2
D.7.3
D.8 Company Website
D.8.1
D.8.2
D.8.3
D.8.4
D.8.5
D.8.6
D.9 Investor Relations

D.9.1
E. RESPONSIBILITIES OF THE BOARD
E.1 Board Duties and Responsibilities
E.1.1
E.1.2
E.1.3
E.1.4
E.1.5
E.1.6
E.2 Board Structure
E.2.1
E.2.2
E.2.3
E.2.4
E.2.5
E.2.6
E.2.7
E.2.8
E.2.9
E.2.10
E.2.11
E.2.12
E.2.13
E.2.14
E.2.15
E.2.16
E.2.17
E.2.18
E.2.19
E.2.20
E.2.21
E.2.22
E.2.23
E.2.24
E.3 Board Processes
E.3.1
E.3.2
E.3.3
E.3.4
E.3.5
E.3.6
E.3.7
E.3.8
E.3.9
E.3.10
E.3.11
E.3.12
E.3.13
E.3.14
E.3.15
E.3.16
E.3.17
E.3.18
E.3.19
E.3.20
E.3.21
E.3.22
E.4 People on the Board
E.4.1
E.4.2
E.4.3
E.4.4
E.4.5
E.4.6
E.5 Board Performance
E.5.1
E.5.2
E.5.3
E.5.4
E.5.5
E.5.6
E.5.7
LEVEL 2 – BONUS ITEMS

(B)A. RIGHTS OF SHAREHOLDERS
(B)A.1 Right to participate effectively in and vote in general
shareholders
(B)A.1.1 meeting and should be informed of the rules, including voting procedures, that govern general sh
(B)B. EQUITABLE TREATMENT OF SHAREHOLDERS

(B)B.1 Notice of AGM
(B)B.1.1
(B)C. ROLE OF STAKEHOLDERS

(B)C.1
(B)C.1.1
(B)D. DISCLOSURE AND TRANSPARENCY

(B)D.1
(B)D.1.1
(B)D.1.2
(B)E. RESPONSIBILITIES OF THE BOARD

(B)E.1 Board Competencies and Diversity
(B)E.1.1
(B)E.1.2
(B)D. DISCLOSURE AND TRANSPARENCY

(B)E.2 Board Structure
(B)E.2.1
(B)E.2.2
(B)E.3 Board Appointments and Re-Election

(B)E.3.1
(B)E.4 Board Appointments and Re-Election

(B)E.4.1
(B)E.5 Risk Oversight

(B)E.5.1
(B)E.6 Board Performance

(B)E.6.1
LEVEL 2 – PENALTY ITEMS
(P)A. RIGHTS OF SHAREHOLDERS

(P)A.1 Basic Shareholder Rights
(P)A.1.1
(P)A.2 Shareholders, including institutional shareholders, should be

allowed to consult with each other on issues concerning their basic shareholder rights as defined in the Princip
(P)A.2.1
participate effectively in and vote in general

the rules, (P)A.3.1
including voting procedures, that govern general shareholders meeting.
(P)A.3.2
(P)A.4 Capital structures and arrangements that enable certain

shareholders
(P)A.4.1 to obtain a degree of control disproportionate to their equity ownership should be disclosed.
(P)A.4.2
(P)A.4.3
(P)A.5 Capital structures and arrangements that enable certain
shareholders to obtain a degree of control disproportionate to their equity ownership should be disclosed.
(P)A.5.1
(P)B. EQUITABLE TREATMENT OF SHAREHOLDERS

(P)B.1 Insider trading and abusive self-dealing should be prohibited.
(P)B.1.1
(P)B.2 Protecting minority shareholders from abusive action

(P)B.2.1
(P)B.2.2
(P)C. ROLE OF STAKEHOLDERS
(P)C.1 The rights of stakeholders that are established by law or through
mutual
(P)C.1.1 agreements are to be respected.
(P)C.2 Where stakeholders participate in the corporate governance

process,
(P)C.2.1 they should have access to relevant, sufficient and reliable information on a timely and regular basis.
(P)D. DISCLOSURE AND TRANSPARENCY

(P)D.1 Sanctions from regulator on financial reports
(P)D.1.1
(P)D.1.2
(P)D.1.3
(P)D.1.4
(P)E. RESPONSIBILITIES OF THE BOARD

(P)E.1 Compliance with listing rules, regulations and applicable laws
(P)E.1.1
(P)E.1.2
(P)E.2 Board Structure

(P)E.2.1
(P)E.2.2
(P)E.2.3
(P)E.3 External Audit

(P)E.3.1
(P)E.4 Board Structure and Composition
(P)E.4.1
(P)E.4.2
RIGHTS OF SHAREHOLDERS
1 Basic Shareholder Rights

Does the company pay (interim and final/annual) dividends in an equitable and timely manner; that is,
all shareholders are treated equally and paid within 30 days after being (i) declared for interim
dividends and (ii) approved by shareholders at general meetings for final dividends? In case the
company has offered Scrip dividend, did the company paid the dividend within 60 days?
2 Right to participate in decisions concerning fundamental

rporate changes
Do shareholders have the right to participate in:
Amendments to the company's constitution?
The authorisation of additional shares?
The transfer of all or substantially all assets, which in effect results

in the sale of the company?
3 Right to participate effectively in and vote in general shareholder

eetings andDo
should be informed
shareholders have of
thethe rules, including
opportunity, votingbyprocedures,
evidenced that govern
an agenda item, general
to approve shareholder
remuneration meetings.
(fees,
allowances, benefit-in-kind and other emoluments) or any increases in remuneration for the non-
executive directors/commissioners?
Does the company provide non-controlling shareholders a right to nominate candidates for board of
directors/commissioners?
Does the company allow shareholders to elect directors/commissioners individually?
Does the company disclose the voting procedures used before the start of meeting?
Do the minutes of the most recent AGM record that the shareholders were given the opportunity
to ask questions and the questions raised by shareholders and answers given recorded?
Does the company disclose the voting results including approving, dissenting, and abstaining votes for
all resolutions/each agenda item for the most recent AGM?
Does the company disclose the list of board members who attended the most recent AGM?
Does the company disclose that all board members and the CEO (if he is not a board member) attended
the most recent AGM?
Does the company allow voting in absentia?
Did the company vote by poll (as opposed to by show of hands) for all resolutions at the most recent
AGM?
Does the company disclose that it has appointed an independent party (scrutineers/inspectors) to count
and/or validate the votes at the AGM?
Does the company make publicly available by the next working day the result of the votes taken during
the most recent AGM/EGM for all resolutions?
Does the company provide at least 21 days notice for all AGMs and EGMs?
Does the company provide the rationale and explanation for each agenda item which require
shareholders’ approval in the notice of AGM/circulars and/or the accompanying statement?
Does the company give the opportunity for shareholder to place item/s on the agenda of AGM?
4 Markets for corporate control should be allowed to function in

n efficient and transparent
In cases manner.
of mergers, acquisitions and/or takeovers requiring shareholders' approval, does the board of
directors/commissioners of the company appoint an independent party to evaluate the fairness of the
transaction price?
5 The exercise of ownership rights by all shareholders, including

stitutional investors, should bedisclose
Does the company facilitated.
its practices to encourage shareholders to engage the company beyond
AGM?
EQUITABLE TREATMENT OF SHAREHOLDERS
1 Shares and Voting Rights

Does the company's ordinary or common shares have one vote for one share?
Where the company has more than one class of shares, does the
company publicise the voting rights attached to each class of shares (e.g. through the company
website / reports/ the stock exchange/ the regulator's website)?
2 Notice of AGM
Does each resolution in the most recent AGM deal with only one item, i.e., there is no bundling of
several
Are the items into the
company's same
notice ofresolution?
the most recent AGM/circulars fully
translated into English and published on the same date as the local- language version?
Does the notice of AGM/circulars have the following details:

Are the profiles of directors/commissioners (at least age, academic qualification, date of appointment,
experience, and directorships
Are the auditors in other listed companies)
seeking appointment/re-appointment in seeking election/re-election
clearly
included?
identified?
Were the proxy documents made easily available?
3 Insider trading and abusive self-dealing should be prohibited.

Does the company have policies and/or rules prohibiting directors/commissioners and employees to
benefit from knowledge which is not generally available to the market?
Are the directors / commissioners required to report their dealings
in company shares within 3 business days?
4 Related party transactions by directors and key executives.

Does the company have a policy requiring directors
/commissioners to disclose their interest in transactions and any other conflicts of interest?
Does the company have a policy requiring a committee of
independent directors/commissioners to review material RPTs to determine whether they are in the
best interests of the company and shareholders?
Does the company have a policy requiring board members
(directors/commissioners) to abstain from participating in the board discussion on a particular
agenda when they are conflicted?
Does the company have policies on loans to directors and
commissioners either forbidding this practice or ensuring that they are being conducted at arm's length
basis and at market rates?
5 Protecting minority shareholders from abusive actions

Does the company disclose that RPTs are conducted in such a way to ensure that they are fair and at
arms' length?
In case of related party transactions requiring shareholders' approval, is the decision made by
disinterested shareholders?
ROLE OF STAKEHOLDERS
1 The rights of stakeholders that are established by law or through

utual agreements
Does theare to be respected.
company disclose a policy and practices that address :
The existence and scope of the company's efforts to address customers' welfare?
Supplier/contractor selection procedures?
The company's efforts to ensure that its value chain is
environmentally friendly or is consistent with promoting sustainable development?
The company's efforts to interact with the communities in which
they operate?
The company's anti-corruption programmes and procedures?
How creditors' rights are safeguarded?
Does the company have a separate report/section that discusses
its efforts on environment/economy and social issues?
2 Where stakeholder interests are protected by law, stakeholders
ould have Does
the opportunity
the company to obtain
provide effective
contact redress
details via thefor violation website
company's of their or
rights.
Annual Report which
stakeholders (e.g. customers, suppliers, general public etc.) can use to voice their concerns and/or
complaints for possible violation of their rights?
yee participation should be permitted to

develop.
Does the company explicitly disclose the policies and practices on health, safety and welfare for its
employees?
Does the company explicitly disclose the policies and practices on

training and development programmes for its employees?
Does the company have a reward/compensation policy that

accounts for the performance of the company beyond short-term financial measures?
4 Stakeholders including individual employee and their

presentative bodies,
Does should be
the company able
have to freely
a whistle communicate
blowing theirincludes
policy which concerns about illegal
procedures or unethicalbypractices to the boa
for complaints
employees and other stakeholders concerning alleged illegal and unethical behaviour and provide
contact details via the company's website or annual report
Does the company have a policy or procedures to protect an

employee/person who reveals alleged illegal/unethical behaviour from retaliation?
DISCLOSURE AND TRANSPARENCY
Does the information on shareholdings reveal the identity of beneficial owners, holding 5%
shareholding or more?
Does the company disclose the direct and indirect (deemed)
shareholdings of major and/or substantial shareholders?
shareholdings of directors (commissioners)?
shareholdings of senior management?
Does the company disclose details of the parent/holding company,
subsidiaries, associates, joint ventures and special purpose enterprises/ vehicles (SPEs)/ (SPVs)?
2 Quality of Annual Report

Does the company's annual report disclose the following items:
Corporate Objectives
Financial Performance indicators
Non-Financial Performance indicators
Dividend Policy
Biographical details (at least age, academic qualifications, date of
first appointment, relevant experience, and any other directorships of listed companies) of all
directors/commissioners
Attendance details of each director/commissioner in all

directors/commissoners meetings held during the year
Total remuneration of each member of the board of

Corporate Governance Confirmation Statement

Does the Annual Report contain a statement confirming the company's full compliance with the
code of corporate governance and where there is non-compliance, identify and explain reasons for each
such issue?
3 Disclosure of Related Party Transactions (RPTs)

Does the company disclose its policy covering the review and approval of material RPTs?
Does the company disclose the name, relationship, nature and

value for each material RPTs?
4 Directors and Commissioners dealings in the shares of the

mpany Does the company disclose trading in the company's shares by insiders?
5 External Auditor and Auditor Report

Where the same audit firm is engaged for both audit and non-audit services
Are the audit and non-audit fees disclosed?
Does the non-audit fee exceed the audit fees?

6 Medium of Communications
Does the company use the following modes of communication?
Quarterly Reporting
Company Website
Analyst’s briefing
Media briefings/press conferences
7 Timely filing/release of annual/financial reports

Are the audited annual financial report / statement released within
120 days from the financial year end?
Is the annual report released within 120 days from the financial year end?
Is the true and fairness/fair representation of the annual financial

statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the
company?
8 Company Website
Does the company have a website disclosing up-to-date information on the following:
Financial statements/reports (latest quarterly)
Materials provided in briefings to analysts and media

Downloadable Annual Report
Notice of AGM and/or EGM
Minutes of AGM and/or EGM
Company's constitution (company's by-laws, memorandum and
articles of association)
9 Investor Relations
Does the company disclose the contact details (e.g. telephone, fax, and email) of the officer / office
responsible for investor relations?
RESPONSIBILITIES OF THE BOARD
1 Board Duties and Responsibilities

Clearly defined board responsibilities and corporate governance policy
Does the company disclose its corporate governance policy / board charter?
Are the types of decisions requiring board of
directors/commissioners' approval disclosed ?
Are the roles and responsibilities of the board of

directors/commissioners clearly stated ?
Corporate Vision/Mission
Does the company have an updated vision and mission statement?
Does the board of directors play a leading role in the process of developing and reviewing the
company's strategy at least annually?
Does the board of directors have a process to review, monitor and
oversee the implementation of the corporate strategy?
2 Board Structure
Code of Ethics or Conduct
Are the details of the code of ethics or conduct disclosed?
Are all directors/commissioners, senior management and

employees required to comply with the code/s?
Does the company have a process to implement and monitor

compliance with the code/s of ethics or conduct?
Board Structure & Composition

Do independent directors/commissioners make up at least 50% of the board of
Does the company have a term limit of nine years or less or 2 terms of five years 1 each for its
independent directors/ commissioners?
1The five years term must be required by legislation which pre-existed the introduction of the ASEAN Corporate
Governance Scorecard in 2011
Has the company set a limit of five board seats that an individual
independent/non-executive director/commissioner may hold simultaneously?
Does the company have any executive directors who serve on

more than two boards of listed companies outside of the group?
Nomination Committee (NC)

Does the company have a Nominating Committee?
Is the Nominating Committee comprised of a majority of
independent directors/commissioners?
Is the chairman of the Nominating Committee an independent director/commissioner?
Does the company disclose the terms of reference/ governance

structure/charter of the Nominating Committee?
Is the meeting attendance of the Nominating Committee disclosed
and if so, did the Nominating Committee meet at least twice during the year?
Remuneration Committee (RC)/Compensation Committee

Does the company have a Remuneration Committee?
Is the Remuneration Committee comprised of a majority of

independent directors/commissioners?
Is the chairman of the Remuneration Committee an independent director/commissioner?

Does the company disclose the terms of reference/ governance structure/ charter of the Remuneration
Committee?
Is the meeting attendance of the Remuneration Committee disclosed and, if so, did the Remuneration
Committee meet at least twice during the year?
Audit Committee (AC)

Does the company have an Audit Committee?
Is the Audit Committee comprised entirely of non-executive

directors/commissioners with a majority of independent directors/commissioners?
Is the chairman of the Audit Committee an independent

director/commissioner?
Does the company disclose the terms of reference/governance

structure/charter of the Audit Committee?
Does at least one of the independent directors/commissioners of
the committee have accounting expertise (accounting qualification or experience)?
Is the meeting attendance of the Audit Committee disclosed and,

if so, did the Audit Committee meet at least four times during the year?
Does the Audit Committee have primary responsibility for

recommendation on the appointment, and removal of the external auditor?
3 Board Processes
Board Meetings and Attendance
Are the board of directors meeting scheduled before the start of financial year?
Does the board of directors/commissioners meet at least six times

during the year?
Has each of the directors/commissioners attended at least 75% of

all the board meetings held during the year?
Does the company require a minimum quorum of at least 2/3 for
board decisions?
Did the non-executive directors/commissioners of the company meet separately at least once during
the year without any executives present?
Access to Information
Are board papers for board of directors/commissioners meetings provided to the board at least five
business days in advance of the board meeting?
Does the company secretary play a significant role in supporting

the board in discharging its responsibilities?
Is the company secretary trained in legal, accountancy or company

secretarial practices and has kept abreast on relevant developments?
Board Appointment and Re-Election
Does the company disclose the criteria used in selecting new directors/commissioners?
Did the company describe the process followed in appointing new

Are all directors/commissioners subject to re-election every 3

years; or 5 years for listed companies in countries whose legislation prescribes a term of 5 years 2 each?
2The five years term must be required by legislation which pre-existed the introduction of the ASEAN Corporate Governance
Scorecard in 2011
Remuneration Matters
Does the company disclose its remuneration (fees, allowances, benefit-in-kind and other emoluments)
policy/practices (i.e. the use of short term and long term incentives and performance measures) for its
executive directors and CEO?
Is there disclosure of the fee structure for non-executive

Do the shareholders or the Board of Directors approve the
remuneration of the executive directors and/or the senior executives?
Does the company have measurable standards to align the

performance-based remuneration of the executive directors and senior executived with long-term
interests of the company, such as claw back provision and deferred bonuses?
Internal Audit
Does the company have a separate internal audit function?
Is the head of internal audit identified or, if outsourced, is the

name of the external firm disclosed?
Does the appointment and removal of the internal auditor require the approval of the Audit
Committee?
Risk Oversight
Does the company establish a sound internal control procedures/risk management framework and
periodically review the effectiveness of that framework?
Does the Annual Report/Annual CG Report disclose that the board
of directors/commissioners has conducted a review of the company's material controls (including
operational, financial and compliance controls) and risk management systems?
Does the company disclose the key risks to which the company is
materially exposed to (i.e. financial, operational including IT, environmental, social, economic)?
Does the Annual Report/Annual CG Report contain a statement

from the board of directors/commissioners or Audit Committee commenting on the adequacy of the
company's internal controls/risk management systems?
4 People on the Board

Board Chairman
Do different persons assume the roles of chairman and CEO?
Is the chairman an independent director/commissioner?
Is any of the directors a former CEO of the company in the past 2
years?
Are the roles and responsibilities of the chairman disclosed?
Lead Independent Director
If the Chairman is not independent, has the Board appointed a Lead/Senior Independent Director and
has his/her role been defined?
Skills and Competencies

Does at least one non-executive director/commissioner have prior working experience in the major
sector that the company is operating in?
5 Board Performance
Directors Development
Does the company have orientation programmes for new directors/commissioners?
Does the company have a policy that encourages
directors/commissioners to attend on-going or continuous professional education programmes?
CEO/Executive Management Appointments and Performance

Does the company disclose the process on how the board of directors/commissioners plans for the
succession of the CEO/Managing Director/President and key management?
Does the board of directors/commissioners conduct an annual performance assessment of the
CEO/Managing Director/President?
Board Appraisal
Did the company conduct an annual performance assessment of the board of directors/commissioners
and disclose the criteria and process followed for the assessment?
Director Appraisal
Did the company conduct an annual performance assessment of the individual directors/commissioners
and disclose the criteria and process followed for the assessment?
Committee Appraisal
Did the company conduct an annual performance assessment of the board committees and disclose the
criteria and process followed for the assessment?
VEL 2 – BONUS ITEMS

)A. RIGHTS OF SHAREHOLDERS
)A.1 Right to participate effectively in and vote in general
areholdersDoes
meeting and should
the company be informed
practice secure of the rules,
electronic including
voting votingatprocedures,
in absentia the generalthat governofgeneral shareholders m
meetings
shareholders?
)B. EQUITABLE TREATMENT OF SHAREHOLDERS

)B.1 Notice of AGM
Does the company release its notice of AGM (with detailed agendas and explanatory circulars), as
announced to the Exchange, at least 28 days before the date of the meeting?
)C. ROLE OF STAKEHOLDERS
Does the company adopt an internationally recognized reporting framework for sustainability (i.e. GRI,
Integrated Reporting, SASB)?
)D. DISCLOSURE AND TRANSPARENCY
Are the audited annual financial report /statement released within

60 days from the financial year end?
Does the company disclose details of remuneration of the CEO?
)E. RESPONSIBILITIES OF THE BOARD

)E.1 Board Competencies and Diversity
Does the company have at least one female independent director/commissioner?
Does the company have a policy and disclose measurable

objectives for implementing its board diversity and report on progress in achieving its objectives?

)E.2 Board Structure
Is the Nominating Committee comprise entirely of independent directors/commissioners?
Does the Nominating Committee undertake the process of

identifying the quality of directors aligned with the company's strategic directions?
)E.3 Board Appointments and Re-Election

Does the company use professional search firms or other external sources of candidates (such as
director databases set up by
director or shareholder bodies) when searching for candidates to
the board of directors/commissioners?
)E.4 Board Appointments and Re-Election

Do independent non-executive directors/commissioners make up more than 50% of the board of
directors/commissioners for a company with independent chairman?
)E.5 Risk Oversight

Does the board describe its governance process around IT issues including disruption, cyber security,
disaster recovery, to ensure that all key risks are identified, managed and reported to the board?
)E.6 Board Performance

Does the company have a separate board level Risk Committee?
VEL 2 – PENALTY ITEMS
)A. RIGHTS OF SHAREHOLDERS

)A.1 Basic Shareholder Rights
)A.2 Shareholders, including institutional shareholders, should be

lowed to consult with each other on issues concerning their basic shareholder rights as defined in the Principles, subject t
Is there evidence of barriers that prevent shareholders from communicating or consulting with
other shareholders?
effectively in and vote in general

cluding voting
Did procedures,
the companythat govern
include anygeneral shareholders
additional meeting.agenda item into the notice of AGM/EGM?
and unannounced
Did the Chairman of the Board, Audit Committee Chairman and

CEO attend the most recent AGM?
)A.4 Capital structures and arrangements that enable certain

areholdersShareholders
to obtain a degree of control disproportionate to their equity ownership should be disclosed.
Agreement?
Voting Cap?
Mutiple Voting Rights?
)A.5 Capital structures and arrangements that enable certain
areholders to obtain a degree of control disproportionate to their equity ownership should be disclosed.
Is a pyramid ownership structure and/ or cross holding structure apparent?
)B. EQUITABLE TREATMENT OF SHAREHOLDERS

)B.1 Insider trading and abusive self-dealing should be prohibited.
Has there been any conviction of insider trading involving directors/commissioners, management and
employees in the past three years?
)B.2 Protecting minority shareholders from abusive action

Has there been any cases of non compliance with the laws, rules and regulations pertaining to material
related party transactions in the past three years?
Were there any RPTs that can be classified as financial assistance

(i.e not conducted at arms length) to entities other than wholly- owned subsidiary companies?
)C. ROLE OF STAKEHOLDERS
)C.1 The rights of stakeholders that are established by law or through
utual agreements are to
Have there be any
been respected.
violations of any laws pertaining to
labour/employment/consumer/insolvency/commercial/competition or environmental issues?
)C.2 Where stakeholders participate in the corporate governance

ocess, theyHas
should have access
the company to relevant,
faced sufficient
any sanctions and reliable
by regulators information
for failure onannouncements
to make a timely and regular
withinbasis.
the
requisite time period for material events?

)D.1 Sanctions from regulator on financial reports
Did the company receive a "qualified opinion" in its external audit report?
Did the company receive an "adverse opinion" in its external audit

report?
Did the company receive a "disclaimer opinion" in its external audit

report?
Has the company in the past year revised its financial statements for
reasons other than changes in accounting policies?
)E. RESPONSIBILITIES OF THE BOARD

)E.1 Compliance with listing rules, regulations and applicable laws
Is there any evidence that the company has not complied with any listing rules and regulations over the
past year apart from disclosure rules?
Have there been any instances where non-executive

directors/commissioner have resigned and raised any issues of governance-related concerns?
)E.2 Board Structure

Does the Company have any independent directors/commissioners who have served for more than nine
years or two terms of five years1 each (which ever is higher) in the same capacity?
1 The five years term must be required by legislation which pre-existed before the introduction of the ASEAN Corporate
Did the company fail to identify who are the independent director(s)
/ commissioner(s)?
Does the company have any independent directors/non-
executive/commissioners who serve on a total of more than five boards of publicly-listed companies?
)E.3 External Audit

Is any of the directors or senior management a former employee or partner of the current external
auditor (in the past 2 years)?
)E.4 Board Structure and Composition
Has the chairman been the company CEO in the last three years?
Do independent non-executive directors/commissioners receive

options, performance shares or bonuses?
Guiding Reference
G20/OECD (2015) Principle II: The rights and equitable treatment of shareholders and key ownership fu
(A) Basic shareholder rights should include the right to: (6) share in the profit of the corporation.
Guiding Reference
G20/OECD (2015) Principle II

(B) Shareholders should be sufficiently informed about, and have the right to approve or participate in, decisions
such as: (1) amendments to the statutes, or articles of incorporation or similar governing documents of the comp
G20/OECD (2015) Principle II (B):
(2) the authorisation of additional shares.
G20/OECD (2015) Principle II (B):
(3) extraordinary transactions, including the
transfer of all or substantially all assets, that in effect result in the sale of the company
Guiding Reference
G20/OECD (2015) Principle II (C):
(4) Effective shareholder participation in key corporate governance decisions, such as the nomination and electio
Shareholders should be able to make their views known, including through votes at shareholder meetings, on the
key executives, as applicable. The equity component of compensation schemes for board members and employe
approval.

Shareholders should have the opportunity to participate effectively and vote in general shareholder meetings an
voting procedures, that govern general shareholder meetings
(3) Shareholders should have the opportunity to ask questions to the board, including questions relating to the a
agenda of general meetings, and to propose resolutions, subject to reasonable limitations.
G20/OECD (2015) Principle II (C); and
ICGN (2014) 1.4:

The board of directors should meet regularly to discharge its duties and directors should allocate adequate time
Board members should know the business, its operations and senior management well enough
to contribute effectively to board discussions and decisions.
(5) Shareholders should be able to vote in person or in absentia, and equal effect should be given to votes wheth

(1) Shareholders should be furnished with sufficient and timely information concerning the date, location and ag
timely information regarding the issues to be decided at the meeting.
(3) Shareholders should have the opportunity to ask questions to the board, including questions relating to the a
agenda of general meetings, and to propose resolutions, subject to reasonable limitations.
Guiding Reference
G20/OECD (2015) Principle II (H):
Markets for corporate control should be allowed to function in an efficient and transparent manner.
(1) The rules and procedures governing the acquisition of corporate control in the capital markets, and extraordin
mergers, and sales of substantial portions of corporate assets, should be clearly articulated and disclosed so that
rights and recourse. Transactions should occur at transparent prices and under fair conditions that protect the rig
class.
Guiding Reference
G20/OECD (2015) Principle II (D):
Shareholders, including institutional shareholders, should be allowed to consult with each other on issues conc
defined in the Principles, subject to exceptions to prevent abuse.
Guiding Reference
OECD Principle II
E. All shareholders of the same series of a class should be treated equally. Capital structures and arrangemen
obtain a degree of influence or control disproportionate to their equity ownership should be disclosed.
1. Within any series of a class, all shares should carry the same rights. All investors should be able to obtain infor
and classes of shares before they purchase. Any changes in economic or voting rights should be subject to appro
negatively affected.
ICGN Principle 9.1 Share classes

Sufficient information about the material attributes of all of the company’s classes and series of shares should be
common shares should feature one vote for each share. Divergence from a ‘one-share, one-vote’ standard which
disproportionate to their economic interests should be disclosed and explained. Dual class share structures shou
accompanied by commensurate extra protections for minority shareholders, particularly in the event of a takeov
OECD Principle II
E. All shareholders of the same series of a class should be treated equally. Capital structures and arrangemen
obtain a degree of influence or control disproportionate to their equity ownership should be disclosed.
1. Within any series of a class, all shares should carry the same rights. All investors should be able to obtain infor
and classes of shares before they purchase. Any changes in economic or voting rights should be subject to appro
negatively affected.
ICGN Principle 9.1 Share classes

Sufficient information about the material attributes of all of the company’s classes and series of shares should be
common shares should feature one vote for each share. Divergence from a ‘one-share, one-vote’ standard which
disproportionate to their economic interests should be disclosed and explained. Dual class share structures shou
accompanied by commensurate extra protections for minority shareholders, particularly in the event of a takeov
Guiding Reference
OECD Principle II
C. Shareholders should have the opportunity to participate effectively and vote in general shareholder meeting
including voting procedures, that govern shareholder meetings:
1. Shareholders should be furnished with sufficient and timely information concerning the date, location and age
2. Processes and procedures for general shareholder meetings should allow for equitable treatment of all shareh
make it unduly difficult or expensive to cast votes.
4. Effective shareholder participation in key corporate
governance decisions, such as the nomination and election of board members, should be facilitated.
5. Shareholders should be able to vote in person or in absentia,
ICGN Principle
3.1 Composition (Board)
There should be a sufficient mix of individuals with relevant knowledge, independence, competence, industry e
generate effective challenge, discussion and objective decision- making.
3.4 Appointment process

The process for director nomination and election/reelection should be disclosed, along with information about b
a) board member identities and rationale for appointment;
b) core competencies, qualifications, and professional background;
c) recent and current board and management mandates at other companies, as well as significant roles on non
d) factors affecting independence, including relationship(s) with controlling shareholders;
e) length of tenure;
9.2 Major decisions
Shareholders should have the right to vote on major decisions which may change the nature of the company in w
Guiding Reference
OECD Principle III
E. Insider trading and market manipulation should be prohibited and the applicable rules enforced.
ICGN Principle 4. Corporate Culture

4.5 Employee share dealing
There should be clear rules regarding any trading by directors and employees in the company’s own securities. In
indirectly from knowledge which is not generally available to the market.
OECD Principle III
E. Insider trading and market manipulation should be prohibited and the applicable rules enforced.
ICGN Principle 4. Corporate Culture

4.5 Employee share dealing
There should be clear rules regarding any trading by directors and employees in the company’s own securities. In
indirectly from knowledge which is not generally available to the market.
Guiding Reference
OECD Principle II
F. Related-party transactions should be approved and conducted in a manner that ensures proper managemen
interest of the company and its shareholders.
1. Conflicts of interest inherent in related-party transactions should be addressed.
2. Members of the board and key executives should be
required to disclose to the board whether they, directly, indirectly or on behalf of third parties, have a material in
affecting the corporation.
ICGN Principle
9.3 Conflicts of interest
Policies and procedures on conflicts of interest should be established, understood and implemented by directors
relevant parties. If a director has an interest in a matter under consideration by the board, then the director shou
precluded from voting on the subject or exerting influence.
9.4 Related party transactions
The process for reviewing and monitoring related party transactions should be disclosed. For significant transacti
should be established to vet and approve the transaction.
Guiding Reference
OECD Principle II
E. All shareholders of the same series of a class should be treated equally.
F. Related-party transactions should be approved and conducted in a manner that ensures proper management o
interest of the company and its shareholders.
G. Minority shareholders should be protected from abusive actions by, or in the interest of, controlling sharehold
should have effective means of redress. Abusive self-dealing should be prohibited.
ICGN Principle
9.3 Conflicts of interest
Policies and procedures on conflicts of interest should be established, understood and implemented by directors
relevant parties. If a director has an interest in a matter under consideration by the board, then the director shou
precluded from voting on the subject or exerting influence.
9.4 Related party transactions
The process for reviewing and monitoring related party transactions should be disclosed. For significant transacti
should be established to vet and approve the transaction.
ICGN Principle 9.5 Shareholder approval
Shareholders should have the right to approve significant related party transactions and this should be based on
shareholders.
ICGN Principle 9.10 Equality and redress

Minority shareholders should be protected from abusive actions by, or in the interest of, controlling shareholders
should have effective means of redress.
OECD Principle II
G. Minority shareholders should be protected from abusive actions by, or in the interest of, controlling sharehold
ICGN Principle 9.5 Shareholder approval

Shareholders should have the right to approve significant related party transactions and this should be based on
shareholders.
ICGN Principle 9.10 Equality and redress

should have effective means of redress.
Guiding Reference
OECD Principle IV (A):

The rights of stakeholders that are established by law or through mutual agreements are to be respected. In all O
established by law (e.g. labour, business, commercial and insolvency laws) or by contractual relations. Even in are
legislated, many firms make additional commitments to stakeholders, and concern over corporate reputation and
recognition of broader interests.
Guiding Reference
OECD Principle IV (B):
The legal framework and process should be transparent and not impede the ability of stakeholders to communic
rights.
Guiding Reference
OECD Principle IV (C):
The degree to which employees participate in corporate governance depends on national laws and practices, and
well. In the context of corporate governance, mechanisms for participation may benefit companies directly as we
employees to invest in firm specific skills. Examples of mechanisms for employee participation include: employee
processes such as work councils that consider employee viewpoints in certain key decisions. International conven
rights of employees to information, consultation and negotiation. With respect to performance enhancing mecha
other profit sharing mechanisms are to be found in many countries. Pension commitments are also often an elem
company and its past and present employees. Where such commitments involve establishing an independent fun
company’s management and manage the fund for all beneficiaries.
Guiding Reference
OECD Principle IV (E):
Unethical and illegal practices by corporate officers may not only violate the rights of stakeholders but also be to
shareholders in terms of reputation effects and an increasing risk of future financial liabilities. It is therefore to th
shareholders to establish procedures and safe-harbours for complaints by employees, either personally or throug
outside the company, concerning illegal and unethical behaviour.
OECD Principle V: Disclosure and Transparency

(A) Disclosure should include, but not limited to, material information on:
(3) Major share ownership and voting rights, including group structures, intra-group relations, ownership data, an
ICGN 7.6 Disclosure of ownership

... the disclosure should include a description of the relationship of the company to other companies in the corpo
any other information necessary for a proper understanding of the company's relationship with its public shareho
Guiding Reference
OECD Principle V (A):

(1) The financial and operating results of the company;
(2) Company objectives, including ethics, environment, and other public policy commitments;
(3) Major share ownership and voting rights, including group structures, intra-group relations, ownership data, be
(4) Remuneration policy for members of the board and key executives, including their qualifications, the selection
whether they are regarded as independent by the board;
(6) Foreseeable risk factors, including risk management
system;
(7) Issues regarding employees and other stakeholders;
(8) Governance structure and policies, in particular, the content of any corporate governance code or policy and t
OECD Principle V (E):

Channels for disseminating information should provide for equal, timely and cost-efficient access to relevant info
ICGN 2.4 Composition and structure of the board

ICGN 2.4.1 Skills and experience
(4) Remuneration policy for members of the board and key executives, including their qualifications, the selection
whether they are regarded as independent by the board;
(6) Foreseeable risk factors, including risk management
system;
(7) Issues regarding employees and other stakeholders;
(8) Governance structure and policies, in particular, the content of any corporate governance code or policy and t

ICGN 2.4 Composition and structure of the board

ICGN 2.4.1 Skills and experience
ICGN 2.4.3 Independence
ICGN 5.0 Remuneration

ICGN 5.4 Transparency
UK Corporate Governance Code (2010)

A.1.2 - the number of meetings of the board and those committees and individual attendance by directors.
CLSA-ACGA (2010) CG Watch 2010 - Appendix 2

(I) CG rules and practices
(19) Disclose the exact remuneration of individual directors.
OECD PRINCIPLE V (A) (8)
UK CODE (JUNE 2010): Listing Rules
9.8.6 R (for UK incorporated companies) and 9.8.7 R (for overseas incorporated companies) state that in the case
equity shares, the following items must be included in its Annual Report and accounts: a statement of how the lis
Principles set out in the UK CG Code, in a manner that would enable shareholders to evaluate how the principles
whether the listed company has complied throughout the accounting period with all relevant provisions set out i
throughout the accounting period with all relevant provisions set out in the UK CG Code, and if so, setting out:
(i) those provisions, if any, it has not complied with;
(ii) in the case of provisions whose requirements are of a continuing nature, the period within which, if any, it did
comply with some or all of those provisions; and
(iii) the company’s reasons for non-compliance.
ASX CODE:
Under ASX Listing Rule 4.10.3, companies are required to provide a statement in their Annual Report disclosing t
Recommendations in the reporting period. Where companies have not followed all the Recommendations, they
have not been followed and give reasons for not following them. Annual Reporting does not diminish the compa
ASX Listing Rule 3.1.
Guiding Reference
(A) Disclosure should include, but not limited to, material information on:
(5) Related party transactions
ICGN 2.11.1 Related party transactions

The company should disclose details of all material related party transactions in its Annual Report.
Guiding Reference
OECD Principle V (A):
(3) Major share ownership and voting rights
ICGN 3.5 Employee share dealing

Companies should have clear rules regarding any trading by directors and employees in the company's own secu
ICGN 5.5 Share ownership

Every company should have and disclose a policy concerning ownership of shares of the company by senior man
objective of aligning the interests of these key executives with those of shareholders.
Guiding Reference
OECD Principle V (C):

An annual audit should be conducted by an independent,
competent and qualified, auditor in order to provide an external and objective assurance to the board and share
represent the financial position and performance of the company in all material respects.
OECD Principle V (D):

External auditors should be accountable to the shareholders and owe a duty to the company to exercise due prof
ICGN 6.5 Ethical standards (Audit)

The auditors should observe high-quality auditing and ethical standards. To limit the possible risk of possible con
paid to auditors for non- audit services should be both approved in advance by the audit committee and disclose
Guiding Reference

ICGN 7.1 Transparent and open communication

Every company should aspire to transparent and open communication about its aims, its challenges, its achievem
ICGN 7.2 Timely disclosure

Companies should disclose relevant and material information concerning themselves on a timely basis, in particu
exist, so as to allow investors to make informed decisions about the acquisition, ownership obligations and rights

Every company should aspire to transparent and open communication about its aims, its challenges, its achievem

Companies should disclose relevant and material information concerning themselves on a timely basis, in particu
exist, so as to allow investors to make informed decisions about the acquisition, ownership obligations and rights
Guiding Reference
OECD Principle V (C)
OECD Principle V (E) OECD Principle V-(A). ICGN 7.2 Timely disclosure
ICGN 7.3 Affirmation of financial statements
The board of directors and the corporate officers of the company should affirm at least annually the accuracy of t
financial accounts.
Guiding Reference
OECD Principle V (A)

OECD Principle V (E)
Guiding Reference
Guiding Reference
G20/OECD PRINCIPLE V: Disclosure and Transparency

(A) Disclosure should include, but not be limited to, material information on:
9. Governance structures and policies, in particular, the content
of any corporate governance code or policy and the process by which it is implemented.
G20/OECD PRINCIPLE VI: Responsibilities of the Board
(D) The board should fulfil certain key functions, including:
1. Reviewing and guiding corporate strategy, major plans of action, risk policy, annual budgets and business plans
monitoring implementation and corporate performance; and overseeing major capital expenditures, acquisitions
2. Monitoring the effectiveness of the company’s
governance practices and making changes as needed.
3. Selecting, compensating, monitoring and, when necessary, replacing key executives and overseeing succession
4. Aligning key executive and board remuneration with the longer term interests of the company and its shareho
5. Ensuring a formal and transparent board nomination and election process.
6. Monitoring and managing potential conflicts of interest of

management, board members and shareholders, including misuse of corporate assets and abuse in related party
7. Ensuring the integrity of the corporation’s accounting and
financial reporting systems, including the independent audit, and that appropriate systems of control are in place
financial and operational control, and compliance with the law and relevant standards.
8. Overseeing the process of disclosure and communications.

ICGN (2014): 4.1 Codes of Conduct/Ethics
The board should adopt high standards of business ethics through codes of conduct/ethics (or similar instrument
notwithstanding differing ethical norms and legal standards in various countries. This should permeate all aspec
that its vision, mission and objectives are ethically sound and demonstrative of its values. Codes should be effecti
company’s strategy and operations, including risk management systems and remuneration structures.
D. The board should fulfil certain key functions, including: Reviewing and guiding corporate strategy, major plan
procedures, annual budgets and
business plans; setting performance objectives; monitoring

implementation and corporate performance; and overseeing major capital expenditures, acquisitions and divesti
ICGN (2014): 4.1 Codes of Conduct/Ethics
The board should adopt high standards of business ethics through codes of conduct/
ethics (or similar instrument) and oversee
a culture of integrity, notwithstanding differing ethical norms and legal standards in various countries. This shoul
operations, ensuring that its vision, mission and objectives are ethically sound and demonstrative of its values. C
and integrated into the company’s strategy and operations, including risk management systems and remuneratio
ICGN (2014): 1.2 Responsibilities

The board is accountable to shareholders and relevant stakeholders and is responsible for protecting and generati
fulfilling their role effectively, board members should:
a) guide, review and approve corporate strategy and financial planning, including major capital expenditures, acq
Guiding Reference

(C) The board should apply high ethical standards. It should take into account the interests of stakeholders.
The board has a key role in setting the ethical tone of a

company, not only by its own actions, but also in appointing and overseeing key executives and consequently the
standards are in the long term interests of the company as a means to make it credible and trustworthy, not only
respect to longer term commitments. To make the objectives of the board clear and operational, many companie
codes of conduct based on, inter alia, professional standards and sometimes broader codes of behaviour. The latt
by the company (including its subsidiaries) to comply with the OECD Guidelines for Multinational Enterprises
the ILO Declaration on Fundamental Labour Rights. Company-wide codes serve as a standard for conduct by both
framework for the exercise of judgement in dealing with varying and often conflicting constituencies. At a minim
on the pursuit of private interests, including dealings in the shares of the company. An overall framework for ethi
the law, which should always be a fundamental requirement.

(E) The board should be able to exercise objective independent judgement on corporate affairs.
UK CODE (2016):
B.2.3 Non-executive directors should be appointed for specified terms subject to re-election and to statutory pro
Any term beyond six years for a
non-executive director should be subject to particularly rigorous
review, and should take into account the need for progressive refreshing of the board and to succession for appo
management, so as to maintain an appropriate balance of skills and experience within the company and on the b

3. Board members should be able to commit themselves effectively to their responsibilities.
Service on too many boards can interfere with the performance of board members. Some countries have limited
held. Specific limitations may be less important than ensuring that members of the board enjoy legitimacy and co
Disclosure about other board memberships to shareholders is therefore a key instrument to improve board nomi
facilitated by the publication of attendance records for individual board members (e.g. whether they have missed
other work undertaken on behalf of the board and the associated remuneration.
G20/OECD PRINCIPLE II: The Rights and Equitable Treatment of

Shareholders and Key Ownership Functions
( C ) Shareholders should have the opportunity to participateeffectively and vote in general shareholder meetin
including voting procedures,that govern general shareholder meetings:
With respect to nomination of candidates, boards in anycompanies have established Nominating Committees to
nomination procedures andto facilitate and coordinate the search for a balanced andqualified board. It is increas
countries for independent board members to have a key role on this committee. To further improve the selection
disclosure of the experience and background of candidates for the board and thenomination process, which will
and suitability of each candidate.
The recognition of Independent Party in the composition of the Nomination Committee can be counted as comm
Independent Party shouldmeet the independence requirement and has fiduciary duties. Moreover, their profile m
its board.
G20/OECD PRINCIPLE VI (E)

1. Boards should consider assigning a sufficient number ofnonexecutive board members capable of exercisingind
a potential forconflict of interest. Examples of such key responsibilities areensuring the integrity of financial and
the review of related party transactions, nomination of board

members and key executives, and board remuneration.
2. Boards should consider setting up specialised committees to support the full board in performing its functions
depending upon the company’s size and risk profile, also in respect to risk management and remuneration. When
their mandate, composition and working procedures should be well defined and disclosed by the board.
Where justified in terms of the size of the company and its board, the use of committees may improve the work
of board committees it is important that the market receives a full and clear picture of their purpose, duties and
particularly important in the many jurisdictions where boards have established independent audit committees w
the external auditor and to act in many cases independently. Audit committees should also be able to oversee th
control system.
Other such committees include those dealing with nomination, compensation, and risk. The establishment of ad
avoid audit committee overload and to allow more board time to be dedicated to those issues. Nevertheless, the
control system.
Other such committees include those dealing with nomination, compensation, and risk. The establishment of ad
avoid audit committee overload and to allow more board time to be dedicated to those issues. Nevertheless, the
and the board as a whole should be clear. Disclosure need not

extend to committees set up to deal with, for example, confidential commercial transactions.
Given the responsibilities of the NC spelt out in codes of
corporate governance, the NC is unlikely to be fulfilling these responsibilities effectively if it is only meeting on
companies would meet several times a year.


It is regarded as good practice for boards to develop and disclose a remuneration policy statement covering boar
statements specify the relationship between remuneration and performance, and include measurable standards
the company over short term considerations. Policy statements generally tend to set conditions for payments to
board members for extra-board activities, such as consulting.

They also often specify terms to be observed by board members and key executives about holding and trading th
to be followed in granting and re- pricing of options. In some countries, policy also covers the payments to be ma
contract of an executive.
In large companies, it is considered good practice that remuneration policy and contracts for board members and
committee of the board comprising either wholly or a majority of independent directors and excluding executive
committees, which could lead to conflicts of interest. The introduction of malus and claw-back provisions is consi
company the right to withhold and recover compensation from executives in cases of managerial fraud and othe
company is required to restate its financial statements due to material noncompliance with financial reporting re
The recognition of Independent Party in the composition of the Remuneration Committee can be counted as com
Independent Party should meet the independence requirement and has fiduciary duties. Moreover, their profile
its board
(E) The board should be able to exercise objective independent

judgement on corporate affairs.
control system. Other such committees include those dealing with nomination, compensation, and risk. The esta
sometimes help avoid audit committee overload and to allow more board time to be dedicated to those issues. N
of the board and the board as a whole should be clear.
Disclosure need not extend to committees set up to deal with,
for example, confidential commercial transactions.
Given the responsibilities of the Remuneration Committee (RC)

which are spelt out in codes of corporate governance, the RC is unlikely to be fulfilling these responsibilities effec
the RC of large companies would meet several times a year.

(1) Boards should consider assigning a sufficient number of non- executive board members capable of exercising
there is a potential for conflict of interest. Examples of such key responsibilities are ensuring the integrity of finan
of related party transactions, nomination of board members and key executives, and board remuneration.

of board committees it is
important that the market receives a full and clear picture of
their purpose, duties and composition. Such information is particularly important in the many jurisdictions where
committees with powers to oversee the relationship with the external auditor and to act in many cases independ
to oversee the effectiveness and integrity of the internal control system. Other such committees include those de
risk. The establishment of additional committees can sometimes help avoid audit committee overload and to allo
issues. Nevertheless, the accountability of the rest of the board and the board as a whole should be clear. Disclos
to deal with, for example, confidential commercial transactions.
The recognition of Independent Party in the composition of the Remuneration Committee can be counted as com
Independent Party should meet the independence requirement and has fiduciary duties. Moreover, their profile
its board
UK CODE (2016)
C.3.1 The board should satisfy itself that at least one member of the Audit Committee has recent and relevant fin
As many of the key responsibilities of the Audit Committee are accounting-related, such as oversight of financial
audits, it is important to have someone specifically with accounting expertise, not just general financial expe
UK CODE (2016)
C.3.6 The Audit Committee should have primary responsibility for making a recommendation on the appointmen
external auditor. If the board does not accept the Audit Committee’s recommendation, it should include in the A
recommending appointment or re-appointment, a statement from the Audit Committee explaining the recomme
board has taken a different position.
Guiding Reference
Scheduling board meetings before or at the beginning of the year would allow directors to plan ahead to attend s
participation, especially as non-executive directors often have other commitments. Additional ad hoc meetings c
necessary. It is common practice for boards in developed markets to schedule meetings in this way.
WORLDBANK PRINCIPLE 6
(VI.I.24) Does the board meet at least six times per year?

3. Board members should be able to commit themselves
effectively to their responsibilities
Specific limitations may be less important than ensuring that members of the board enjoy legitimacy and confide
legitimacy would also be facilitated by the publication of attendance records for individual board members (e.g. w
number of meetings) and any other work undertaken on behalf of the board and the associated remuneration.
(VI.I.28) Is there a minimum quorum of at least 2/3 for board decisions to be valid?
(VI.E.1.6) Does the corporate governance framework requires or encourages boards to conduct executive session

Independent board members can contribute significantly to the decision making of the board. They can bring an
performance of the board and management. In addition, they can play an important role in areas where the inte
shareholders may diverge such as executive remuneration, succession planning, changes of corporate control, tak
audit function. In order for them to play this key role, it is desirable that boards declare who they consider to be
judgement. Some jurisdictions also require separate meetings of independent directors on a periodic basis.

(F) In order to fulfil their responsibilities, board members should have access to accurate, relevant and timely info
Board members require relevant information on a timely basis in order to support their decision-making. Non-ex
have the same access to information as key managers within the company. The contributions of non- executive b
enhanced by providing access to certain key managers within the company such as, for example, the company se
risk management or chief risk officer, and recourse to independent external advice at the expense of the compan
board members should ensure that they obtain accurate, relevant and timely information. Where companies rely
board members should be made aware of the possible shortcomings of such models.
(VI.F.2) Does such information need to be provided to the board at least five business days in advance of the boa

(F) In order to fulfil their responsibilities, board members should have access to accurate, relevant and timely info
ICSA Guidance on the Corporate Governance Role of the

Company Secretary
(VI.D.2.12) Do company boards have a professional and qualified company secretary?
G20/OECD PRINCIPLE II (C) (4):
To further improve the selection process, the Principles also call for full disclosure of the experience and backgro
nomination process, which will allow an informed assessment of the abilities and suitability of each candidate.

5. Ensuring a formal and transparent board nomination and election process.
These Principles promote an active role for shareholders in the nomination and election of board members. The
ensuring that this and other aspects of the nominations and election process are respected. First, while actual pr
countries, the board or a nomination committee has a special responsibility to make sure that established proc
Second, the board has a key role in defining the general or individual profile of board members that the company
the appropriate knowledge, competencies and expertise to complement the existing skills of the board. Third, th
responsibility to identify potential candidates to meet desired profiles and propose them
to shareholders, and/or consider those candidates advanced by

shareholders with the right to make nominations. There are increasing calls for open search processes extending
CGN (2014): 3.6 Elections
Board members should be conscious of their accountability to shareholders. Accountability mechanisms may req
annual basis or to stand for election at least once every three years. Shareholders should have a separate vote on
candidate approved by a simple majority of shares voted.
(VI.I.18) Can the re-election of board members be staggered over time? (Staggered boards are those where only
election, e.g. only 1/3 of directors are re-elected every year.)

Such policy statements specify the relationship between remuneration and performance, and include measurabl
run interests of the
company over short term considerations. Policy statements

generally tend to set conditions for payments to board members for extra-board activities, such as consulting. Th
by board members and key executives about holding and trading the stock of the company, and the procedures t
options. In some countries, policy also covers the payments to be made when hiring and/or terminating the cont
UK CODE (2016)
D.1.3 Levels of remuneration for non-executive directors should reflect the time commitment and responsibilitie
Disclosure of fee structure for non-executive directors allows shareholders to assess if these directors are remune
example, whether they are paid for taking on additional responsibilities and contributions, such as chairing comm
ICGN (2014): 6.1 Alignment

Remuneration should be designed to effectively align the interests of the CEO and senior management with thos
Remuneration should be reasonable and equitable and the quantum should be determined within the context of
ASX CODE (2016)

Recommendation 8.2: A listed entity should separately disclose its policies and practices regarding the remunera
remuneration of executive directors and other senior executives.
The disclosures regarding the remuneration of executive directors and other senior executives should include a s
regarding the deferral of performance-based remuneration and the reduction, cancellation or clawback of perfor
serious misconduct or a material misstatement in the entity’s financial statements.
G20/OECD PRINCIPLE VI (D)

statements specify the relationship between remuneration and performance, and include measurable standards
the company over short term considerations.

7. Ensuring the integrity of the corporation’s accounting and financial reporting systems, including the independe
control are in place, in
particular, systems for risk management, financial and

operational control, and compliance with the law and relevant standards.
Companies often disclose that they have an internal audit but,
in practice, it is not uncommon for it to exist more in form than in substance. For example, the in-house internal
other operational responsibilities. As internal audit is unregulated, unlike external audit, there are firms providin
are not properly qualified to do so. Making the identity of the head of internal audit or the external service pro
safeguard that the internal audit is substantive.
control are in place, in particular, systems for risk management, financial and operational control, and complianc
In some jurisdictions it is considered good practice for the internal auditors to report to an independent Audit Co
which is also responsible for managing the relationship with the external auditor, thereby allowing a coordinated
(VI.D.7.9) Does the internal auditors have direct and unfettered access to the board of directors and its independ
ASX (2016)
Principle 4: Safeguard integrity in corporate reporting
Recommendation 4.1
Commentary: if the entity has an internal audit function:
• the appointment or removal of the head of internal audit;
• the scope and adequacy of the internal audit work plan; and
• the objectivity and performance of the internal audit function.

control are in place, in particular, systems for risk management, financial and operational control, and com
G20/OECD PRINCIPLE VI (D)

1. An area of increasing importance for boards and which is closely related to corporate strategy is oversight of th
management oversight will involve oversight of the accountabilities and responsibilities for managing risks, speci
company is willing to accept in pursuit of its goals, and how it
will manage the risks it creates through its operations and

relationships.

UK CODE (2016)
C.2.3 The board should monitor the company’s risk management and internal control systems and, at least annua
and report on that review in the annual report.14 The monitoring and review should cover all material controls, i
compliance controls.
G20/OECD PRINCIPLE V: Disclosure and Transparency

(A) Disclosure should include, but not be limited to, material information on:
7. Foreseeable risk factors
Disclosure of risk is most effective when it is tailored to the particular industry in question. Disclosure about the s
increasingly regarded as good practice.

In some jurisdictions it is considered good practice for the internal auditors to report to an independent audit co
which is also responsible for managing the relationship with the external auditor, thereby allowing a coordinated
regarded as good practice for this committee, or equivalent body, to review and report to the board the most criti
for financial reports.
However, the board should retain final responsibility for ensuring the integrity of the reporting systems. Some co
board to report on the internal control process.
Guiding Reference

In a number of countries with single tier board systems, the objectivity of the board and its independence from m
separation of the role of chief executive and chairman, or, if these roles are combined,
by designating a lead non-executive director to convene or chair

sessions of the outside directors. Separation of the two posts may be regarded as good practice, as it can help to
increase accountability and improve the board’s capacity for decision making independent of management.
UK Code (2016)
A.3.1 The chairman should on appointment meet the independence criteria set out in B.1.1 below. A chief execu
same company. If, exceptionally, a board decides that a chief executive should become chairman, the board shou
and should set out its reasons to shareholders at the time of the appointment and in the next Annual Report.
ASX (2016) Recommendation 2.5

The chair of the board of a listed entity should
be an independent director and, in particular, should not be the same person as the CEO of the entity.
ICGN (2014): Leadership and Independence
King Code 2009

2. Boards and directors
Role and function of the board - The board should elect a chairman of the board who is an independent non-
should not also fulfill the role of the chairman of the board
2.16.3 A lead independent director should be appointed in the

case where an executive chairman is appointed or where the chairman is not independent or conflicted.
ICGN (2014): 2.2 Lead independent director
The chair should be independent on the date of appointment. If the chair is not independent, the company shou
any potential challenges arising from this, such as the appointment of a lead independent director. The board sho
structure is appropriate and keep the structure under review. A lead independent director also provides shareho
of communication should they wish to discuss concerns relating to the chair.
ICGN (2014): 3.1 Composition

The board should comprise a majority of non-executive directors, the majority of whom are independent, noting
standard in controlled companies where a critical mass of the board is preferred to be independent. There shoul
relevant knowledge, independence, competence, industry experience and diversity of perspectives to generate e
decision-making.
Guiding Reference
This item is in most codes of corporate governance.

3. Board members should be able to commit themselves effectively to their responsibilities.
In order to improve board practices and the performance of its members, an increasing number of jurisdictions a
board training and voluntary self-evaluation that meets the needs of the individual company. This might include t
skills upon appointment, and thereafter remain abreast of relevant new laws, regulations, and changing comm
external courses.

3. Selecting, compensating, monitoring and, when necessary, replacing key executives and overseeing succession
In two tier board systems the supervisory board is also responsible for appointing the management board which
executives.
2. Monitoring the effectiveness of the company’s governance
practices and making changes as needed.
Monitoring of governance by the board also includes continuous review of the internal structure of the company
accountability for management throughout the organisation. In addition to requiring the monitoring and disclosu
regular basis, a number of countries have moved to recommend or indeed mandate self-assessment by boards o
reviews of individual board members and the CEO/Chairman.


4. Boards should regularly carry out evaluations to appraise their performance and assess whether they possess
competences.
In order to improve board practices and the performance of its members, an increasing number of jurisdictions n
board training and voluntary board evaluation that meet the needs of the individual company.

4. Boards should regularly carry out evaluations to appraise their performance and assess whether they possess
competences.
In order to improve board practices and the performance of its members, an increasing number of jurisdictions n
board training and voluntary board evaluation that meet the needs of the individual company.
UK CODE (2016)
B.6 Evaluation: The board should undertake a formal and rigorous annual evaluation of its own performance and
directors.
Guiding Reference
OECD Principle II (C)
(5)The objective of facilitating shareholder participation suggests that jurisdictions and/or companies promote th
voting, including secure electronic voting in all listed companies. The principles recommend that voting by proxy
important to the promotion and protection of shareholders rights that investors can place reliance upon directed
Guiding Reference
OECD Principle II (C)
(3) Effective shareholder participation in key corporate governance decisions, such as the nomination and electio
OECD Principle III (A)
ICGN 8.3.2 Shareholder participation in governance Shareholders should have the right to participate in key corp
right to nominate, appoint and remove directors on an individual basis and also the right to appoint external aud
ICGN 8.4.1 Shareholder ownership rights

The exercise of ownership rights by all shareholders should be facilitated, including giving shareholders timely an
for shareholder vote.
CLSA-ACGA (2010) CG Watch 2010 - Appendix 2.

(I) CG rules and practices
(25) Do company release their AGM notices (with detailed agendas and explanatory circulars) at least 28 days be
date of the meeting?
Guiding Reference
OECD - IV. The role of Stakeholders
Guiding Reference
(1) The financial and operating results of the company. Audited

financial statements showing the financial performance and the financial situation of the company (most typicall
loss statement, the cash flow statement and notes to the financial statements) are the most widely used source o
OECD Principle V (E)

The board of directors and the corporate officers of the company should affirm at least annually the accuracy of t
financial accounts.
(4) Disclosure on an individual basis (including termination and retirement provisions) is increasingly regarded as
countries. In these cases, some jurisdictions call for remuneration of a certain number of the highest paid executi
confined to specified positions.
Guiding Reference
OECD Principle VI (E)
(4) Countries may wish to consider measures such as voluntary targets, disclosure requirements, boardroom quo
gender diversity on boards and in senior management

(4) Countries may wish to consider measures such as voluntary targets, disclosure requirements, boardroom quo
gender diversity on boards and in senior management
ICGN 2.4.4 Composition of board committees

The members of these key board committees should be solely non-executive directors, and in the case of the aud
independent directors. All members of the nominations committee should be independent from management an
from dominant owners.
OECD Principle VI
(5) Ensuring a formal and transparent board nomination and election process. While actual procedures for nomin
board or a nomination committee has a special responsibility to make sure that established procedures are trans
nominating committee has a key role in (but not limited to): (i) Defining the general or individual profile of board
any given time; (ii) Considering the appropriate knowledge, competencies and expertise to complement the exis
potential candidates to meet desired profiles and proposing them to shareholders, and/or (iv) Considering those
the right to make nominations
OECD Principle VI (D)
(5) The board or nomination committee has the responsibility

to identify potential candidates to meet desired profiles and propose them to shareholders, and/or consider thos
the right to make nominations. There are increasing calls for open search processes extending to a broad range o
(VI.I.21) Are boards known to hire professional search firms when proposing candidates to the board?

(1) Boards should consider assigning a sufficient number of non- executive board members capable of exercising
there is a potential for conflict of interest.
King Code 2009
5. The governance of information technology
The board should be responsible for information technology (IT)
governance
5.1.1. The board should assume the responsibility for the governance of IT and place it on
the board agenda.
5.1.2. The board should ensure that an IT charter and policies are established and implemented.
ICGN 5.5 Risk Committee

While ultimate responsibility for a company's risk management approach rests with the full board, having a risk c
committee, a combined risk committee with nomination and governance, strategy, audit or other) can be an effe
focus and independent judgement needed to oversee the ompany's risk management approach.
Guiding Reference
OECD Principle II (A)
Guiding Reference
OECD Principle II (G)
Shareholders, including institutional shareholders, should be allowed to consult with each other on issues conce
defined in the Principles, subject to exceptions to prevent abuse.
Guiding Reference
OECD Principle II (C) 2
OECD Principle II (C )
ICGN 2.4.2 Time Commitment
All directors need to be able to allocate their time effectively and attendance at AGMs to meet and directly comm
responsibility of all directors and the CEO.
Guiding Reference
OECD Principle II (D)
Guiding Reference
OECD Principle II (D):
Capital structures and arrangements that enable certain shareholders to obtain a degree of control disproportion
disclosed.
Some capital structures allow a shareholder to exercise a degree of control over the corporation disproportionate
the company. Pyramid structures, cross shareholdings and shares with limited or multiple voting rights can be us
controlling shareholders to influence corporate policy.
Guiding Reference
OECD Principle III: The Equitable Treatment of Shareholders
(B) Insider trading and abusive dealing should be prohibited.
ICGN 3.5 Employee share dealing

Companies should have clear rules regarding any trading by directors and employees in the company's own s
Among other issues, these must seek to ensure individuals do

not benefit from knowledge which is not generally available to the market.
ICGN 8.5 Shareholder rights of action

... Minority shareholders should be afforded protection and remedies against abusive or oppressive conduct.
OECD Principle III

(B) Insider trading and abusive dealing should be prohibited
ICGN 2.11.1 Related party transactions

Companies should have a process for reviewing and monitoring any related party transaction. A committee of ind
significant related party transactions to determine whether they are in the best interests of the company and if s
ICGN 2.11.2 Director conflicts of interest

Companies should have a process for identifying and managing any conflicts of interest directors may have. If a d
consideration by the board, then the director should not participate in those discussions and the board should fo
Individual directors should be conscious of shareholder and public perceptions and seek to avoid situations wh
conflict of interest.
ICGN 8.5 Shareholder rights of action

Shareholders should be afforded rights of action and remedies which are readily accessible in order to redress co
inequitably. Minority shareholders should be afforded protection and remedies against abusive or oppressive con
OECD Principle III (G)

Guiding Reference
OECD Principle IV
(A) The rights of stakeholders that are established by law or through mutual agreements are to be respected.
OECD Principle IV (D)

(7) Companies are also well advised to establish and ensure the effectiveness of internal controls, ethics, and com
comply with applicable laws, regulations, and standards, including statues criminalizing the bribery of foreign pub
Anti-Bribery Convention, and other forms of bribery and corruption. Moreover, compliance must also relate to ot
covering securities, competition and work and safety conditions.
Guiding Reference
OECD Principle IV
(B) Where stakeholders participate in the corporate governance process, they should have access to relevant, su
and regular basis.
Guiding Reference
(B) Information should be prepared and disclosed in accordance with high quality standards of accounting and fin
(C) An annual audit should be conducted by an independent, competent and qualified, auditor in order to provid
board and shareholders that the financial statements fairly represent the financial position and performance of t
(D) External auditors should be accountable to the shareholders and owe a duty to the company to exercise due
ICGN 6.2 Annual audit

The annual audit carried out on behalf of shareholders is an essential part of the checks and balances required at
independent and objective
opinion that the financial statements fairly represent the financial position and performance of the company in a
of the affairs of the company and are in compliance with applicable laws and regulations.

The board of directors and the appropriate officers of the company should affirm at least annually the accuracy o
financial accounts.
International Auditing Standard (ISA) No. 705

"Modifications to the Opinion in the Independent Auditor's Report" (2009).
Paras. 7, 8 and 9 specify the three types of modifications to the auditor's opinion; that is, Qualified opinion, Adve
respectively.
Guiding Reference
OECD Principle VI (D)
(7) Ensuring the integrity of the corporation’s accounting and financial reporting systems, including the independ
Companies are also well advised to set up internal

programmes and procedures to promote compliance with applicable laws, regulations and standards, including s
officials that are required to be enacted by the OECD Anti-bribery Convention and measures designed to control
Moreover, compliance must also relate to other laws and regulations such as those covering securities, competiti
compliance programmes will also underpin the company’s ethical code.
UK CODE (JUNE 2010)

A.4.3 Where directors have concerns which cannot be resolved about the running of the company or a proposed
concerns are recorded in the board minutes. On resignation, a non-executive director should provide a written st
the board, if they have any such concerns.
Guiding Reference
ICGN 3.3 Tenure
Non-executive directors should serve for an appropriate length of time to properly serve the board without comp
The length of tenure of each director should be reviewed regularly by the nomination committee to allow for boa
ICGN 2.5 Independence
OECD PRINCIPLE VI (E)

(3) Board members should be able to commit themselves effectively to their responsibilities.
Service on too many boards can interfere with the

performance of board members. Companies may wish to consider whether multiple board memberships by the
board performance and disclose the information to shareholders.
Guiding Reference
OECD Principle V
(C) An annual audit should be conducted by an independent, competent and qualified, auditor in order to provid
board and shareholders that the financial statements fairly represent the financial position and performance of t
Examples of other provisions to underpin auditor independence include, a total ban or severe limitation on the n
undertaken by an auditor for their audit client, mandatory rotation of auditors (either partners or in some cases t
the employment of an ex-auditor by the audited company and prohibiting auditors or their dependents from hav
the companies they audit.
Guiding Reference
The board should be able to exercise objective independent judgement on corporate affairs. In countries with sin
board and its independence from management may be strengthened by the separation of the role of chief ex
Separation of the two posts is generally regarded as good

practice, as it can help to achieve an appropriate balance of power, increase accountability and improve the boar
independent management. The presence of a recent CEO as Chairman may unduly influence the views of the boa
UK CODE (JUNE 2010)

(D.1.3) Levels of remuneration for non-executive directors should reflect the time commitment and responsibiliti
executive directors should not include share options or other performance-related elements. If, by exception, op
should be sought in advance and any shares acquired by exercise of the options should be held until at least one
the board. Holding of share options could be relevant to the determination of a non-executive director’s indep
ASX CODE
Box 8.2: Guidelines for non-executive director remuneration Companies may find it useful to consider the followi
remuneration:
1. Non-executive directors should normally be remunerated by way of fees, in the form of cash, noncash benefits
sacrifice into equity; they should not normally participate in schemes designed for the remuneration of executive
PT Telkom Indonesia (Persero) Tbk
A. RIGHTS OF SHAREHOLDERS Yes No N/A

A.1.1 Does the company pay (interim
and final/annual) dividends in
an equitable and timely
manner; that is, all shareholders
are treated equally and paid
within 30 days after being (i)
declared for interim dividends
and (ii) approved by
shareholders at general
meetings for final dividends? In √
case the company has offered
Scrip dividend, did the company
paid the dividend within 60
days?

corporate
Dochanges
shareholders have the right to participate in:
A.2.1 Amendments to the company's
constitution?
√
A.2.2 The authorisation of additional
shares?
A.2.3 The transfer of all or

substantially all assets, which in
effect results
√
A.3 Right to participate effectively in and vote in general shareholder meetings and should be informed of the r
that govern general shareholder meetings.
A.3.1 Do shareholders have the
opportunity, evidenced by an
agenda item, to approve
remuneration (fees, allowances,
benefit-in-kind and other
emoluments) or any increases
in remuneration for the non- √
executive
A.3.2 Does the company provide non-

controlling shareholders a right
to nominate candidates for
board of
A.3.3 Does the company allow

shareholders to elect
directors/commissioners √
individually?
A.3.4 Does the company disclose the

voting procedures used before √
the start of meeting?
A.3.5 Do the minutes of the most
recent AGM record that the
shareholders were given the
opportunity to ask questions
and the questions raised by √
shareholders and answers given
recorded?
A.3.6 Does the company disclose the

voting results including
approving, dissenting, and
abstaining votes for all
resolutions/each agenda item √
for the most recent AGM?
A.3.7 Does the company disclose

the list of board members
who attended the most recent √
AGM?
A.3.8 Does the company disclose that

all board members and the CEO
(if he is not a board member)
attended the most recent AGM? √
A.3.9 Does the company allow voting

in absentia?
A.3.10 Did the company vote by poll

(as opposed to by show of
hands) for all resolutions at the
most recent AGM?
√
A.3.11 Does the company disclose that
it has appointed an
independent party N/A
(scrutineers/inspectors) to
count and/or validate the votes
at the AGM?
A.3.12 Does the company make
publicly available by the next
working day the result of the
votes taken during the most
recent AGM/EGM for all √
resolutions?
A.3.13 Does the company provide at

least 21 days notice for all
AGMs and EGMs?
√
A.3.14 Does the company provide the

rationale and explanation for
each agenda item which require
shareholders’ approval in the
notice of AGM/circulars and/or
the accompanying statement?
√
A.3.15 Does the company give the N/A

opportunity for shareholder to
place item/s on the agenda of
AGM?
an efficient and transparent
A.4.1 In cases manner.
of mergers, acquisitions
and/or takeovers requiring
shareholders' approval, does
the board of
directors/commissioners of the
company appoint an
independent party to evaluate
the fairness of the transaction
price?

institutional
A.5.1 Doesinvestors, should
the company be facilitated.
disclose its
practices to encourage
shareholders to engage the
company beyond AGM?
TOTAL 18 1 2
Score 95%
Weightage Allocated (10%) 9.474
Keterangan
Pelaksanaan pembayaran dividen dilaksanakan dalam jangka waktu 30 hari sejak tanggal
pengumuman.
ndamental
Perusahaan menyelenggarakan RUPS Tahunan (RUPST) satu kali setiap tahun dengan agenda
pembahasan rutin sebagai berikut: (sumber : Laporan Tahunan 2017 PT Telkom Indonesia
(Persero) Tbk, hal. 161)
a) Persetujuan atas Laporan Tahunan Perseroan, termasuk Laporan Tugas Pengawasan Dewan
Komisaris.
b) Pengesahan atas Laporan Keuangan Perseroan dan Laporan Tahunan Program Kemitraan
dan Bina Lingkungan, serta Pembebasan Tanggung Jawab Anggota Direksi dan Dewan
Komisaris.
c) Penetapan Penggunaan Laba Bersih Perseroan, termasuk pembagian dividen, pada tahun
buku.
d) Penetapan Remunerasi bagi anggota Direksi dan Dewan Komisaris.
e) Penunjukan Kantor Akuntan Publik untuk memeriksa Laporan Keuangan Perseroan
termasuk Audit Pengendalian Internal atas Pelaporan Keuangan dan Penunjukan Kantor
Akuntan Publik yang akan memeriksa Laporan Keuangan Program Kemitraan dan Bina
Lingkungan.
Contoh yang terkait dengan amendments complany's constitution pada RUPS tanggal 21 April
2017 adalah Keputusan RUPS No. 7
Keterangan
Sesuai prinsip pengelolaan Perusahaan No. 1 Meningkatkan nilai penyelenggaraan RUPS:
Perseroan telah memiliki prosedur teknis pengumpulan suara yang terdapat dalam tata tertib
RUPS. Terkait saham merupakan bagian dari agenda rutin RUPST terkait dengan Penetapan
Penggunaan Laba Bersih Perseroan. Namun pada tahun 2017, Perusahaan tidak melakukan
aksi korporasi lain terkait saham seperti penjualan treasury stock, stock split, reverse stock,
pembagian saham dividen, pembagian saham bonus, Employee Stock Ownership Program
(ESOP) dan perubahan nilai nominal saham.
pembahasan rutin diantaranya Pengesahan atas Laporan Keuangan Perseroan dan Laporan
Tahunan Program Kemitraan dan Bina Lingkungan, serta Pembebasan Tanggung Jawab
Anggota Direksi dan Dewan Komisaris.
Dan berdasarkan CALK Tahun 2016, Ikhtisar Kebijakan Akuntansi yang Signifikan khususnya
huruf l. Aset Tetap, menjelaskan terkait hal dimaksud.
Keterangan
general shareholder meetings and should be informed of the rules, including voting procedures,
Remunerasi merupakan agenda No. 4 RUPST 2017. Seluruh keputusan RUPST telah sesuai
dengan agenda yang sudah ditetapkan dan tercantum dalam panggilan RUPST. (Catatan: hal
169)
KRITERIA PENENTUAN KOMISARI INDEPENDEN

Selain mengacu pada kriteria penentuan Dewan Komisaris, perusahaan memilih dan
mengangkat Komisaris Independen dengan kriteria tambahan, antara lain:
1. Bukan merupakan orang bekerja atau mempunyai wewenang dan tanggung jawab untuk
merencanakan, memimpin, mengendalikan, atau mengawasi kegiatan Perseroan dalam waktu
6 bulan terakhir, kecuali untuk pengangkatan kembali sebagai Komisaris Independen
Perseroan pada periode berikutnya;
2. Tidak mempunyai saham baik langsung maupun tidak langsung pada Perseroan;
3. Tidak mempunyai hubungan afiliasi dengan Perseroan, Anggota Dewan Komisaris, Anggota
Direksi, atau Pemegang Saham Utama Perseroan; dan
4. Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung yang berkaitan
dengan kegiatan usaha Perseroan.
Persyaratan tersebut wajib dipenuhi secara penuh oleh semua Komisaris Independen selama
menjabat.
Berdasarkan Anggaran Dasar Perseroan, jumlah dan syarat dari Komisaris Independen
ditentukan berdasarkan pada ketentuan yang berlaku dalam lingkungan pasar modal, dalam
hal ini OJK yang telah menerbitkan POJK No.33/POJK.04/2014 tentang Direksi dan Dewan
Komisaris Emiten atau Perusahaan Publik.
Pada Pasal 20 ayat (3) dinyatakan bahwa jika Dewan Komisaris terdiri lebih dari 2 orang
anggota, jumlah Komisaris Independen sedikitnya 30% dari jumlah seluruh anggota Dewan
Komisaris.
Berdasarkan Laporan Tahunan 2017 PT Telkom Indonesia (Persero) Tbk, berikut hal-hal yang
terkait dengan pelaksanaan RUPS Perseroan pada tahun 2017:(sumber : Laporan Tahunan
2017 PT Telkom Indonesia (Persero) Tbk, hal. 157)
Dalam rangka meningkatkan nilai penyelenggaraan Rapat Umum Pemegang Saham (RUPS)
yaitu :
Cara atau prosedur teknis pengumpulan suara(voting) baik secara terbuka maupun tertutup
yang mengedepankan independensi, dan kepentingan pemegang saham.
Rapat Umum Pemegang Saham.
Keterangan
1) Meningkatkan nilai penyelenggaraan Rapat Umum Pemegang Saham (RUPS):
a) Cara atau prosedur teknis pengumpulan suara (voting) baik secara terbuka maupun
tertutup yang mengedepankan independensi, dan kepentingan pemegang saham.
b) Seluruh anggota Direksi dan Dewan Komisaris hadirdalam RUPS Tahunan.
c) Ringkasan risalah RUPS tersedia dalam situs webpaling sedikit 1 tahun.
Perseroan menyediakan Ringkasan Risalah RUPS dalam website Perseroan dalam bagian
Investor Relation.
2) Pada tahun 2017 Perseroan telah melaksanakan RUPST tanggal 21 April 2017 untuk kinerja
tahun buku 2016.
Seluruh Agenda RUPS memiliki putusannya masing-masing sebagaimana risalah RUPST

(terlampir)
1) Meningkatkan nilai penyelenggaraan Rapat Umum Pemegang Saham (RUPS):
a) Cara atau prosedur teknis pengumpulan suara (voting) baik secara terbuka maupun
2) Pada tahun 2017 Perseroan telah melaksanakan RUPST tanggal 21 April 2017 untuk kinerja
tahun buku 2016 :
diantaranya menyatakan :
Dengan demikian persyaratan untuk kuorum Rapat telah dipenuhi dan telah sesuai dengan
ketentuan Pasal 25 ayat 1 huruf a, ayat 4 huruf a dan ayat 5 huruf a Anggaran Dasar Perseroan
karena ternyata telah hadir dalam Rapat pemegang saham Seri A Dwiwarna dan para
pemegang saham yang seluruhnya mewakili lebih dari 2/3 (dua per tiga) dari jumlah seluruh
saham dengan hak suara yang telah dikeluarkan oleh Perseroan.
Terlampir Risalah RUPST Perusahaan.
Keterangan
Tidak dijelaskan secara eksplisite dalam RUPST Perseroan.
Sesuai prinsip pengelolaan Perusahaan No. 1 Meningkatkan nilai penyelenggaraan RUPS:
RUPS.
Risalah RUPS Perseroan termuat dalam akta notaris, dan berdasarkan prinsip II GCG untuk
meningkatkan kualitas komunikasi Perusahaan Terbuka dengan Pemegang Saham atau
Investor, Perusahaan telah mengungkapkan kebijakan komunikasi Perusahaan Terbuka dalam
situs web : Kami telah menyediakan bahan dari setiap Earnings Call, Conference dan materi
presentasi dengan investor di website Perseroan untuk memberikan kesetaraan pada
Pemegang Saham atau Investor atas pelaksanaan Komunikasi dengan Perseroan.
Berdasarkan CALK Tahun 2016, Ikhtisar Kebijakan Akuntansi yang Signifikan khususnya huruf
d. Kombinasi Bisnis dan huruf f. Penyertaan pada entitas asosiasi, telah mencakup kebijakan
dimaksud.
Selain itu berdasarkan Prinsip Kesetaraan dan Kewajaran

Perusahaan telah menerapkan prinsip kesetaraan dan kewajaran dalam memenuhi hak-hak
stakeholder yang timbul berdasarkan perjanjian dan peraturan perundang-undangan yang
berlaku. Penerapan dilakukan dalam berbagai aspek operasional, meliputi penghormatan hak
pemegang saham minoritas, larangan insider trading, penerapan manajemen kinerja
berdasarkan balanced scorecard, pemberlakuan lelang terbuka dalam pengadaan
barang/jasa, dan implementasi e-procurement.
Informasi tidak diperoleh dalam Laporan Tahunan 2017 Perusahaan.

Keterangan
wed to function in
Berdasarkan CALK Tahun 2016, Ikhtisar Kebijakan Akuntansi yang Signifikan khususnya huruf
d. Kombinasi Bisnis dan huruf f. Penyertaan pada entitas asosiasi, telah mencakup kebijakan
dimaksud.
Selain itu berdasarkan Prinsip Kesetaraan dan Kewajaran

Perusahaan telah menerapkan prinsip kesetaraan dan kewajaran dalam memenuhi hak-hak
stakeholder yang timbul berdasarkan perjanjian dan peraturan perundang-undangan yang
berlaku. Penerapan dilakukan dalam berbagai aspek operasional, meliputi penghormatan hak
pemegang saham minoritas, larangan insider trading, penerapan manajemen kinerja
berdasarkan balanced scorecard, pemberlakuan lelang terbuka dalam pengadaan
barang/jasa, dan implementasi e-procurement.
olders, including
Berdasarkan prinsip 2 GCG Perusahaan : Meningkatkan kualitas komunikasi Perusahaan
Terbuka dengan Pemegang Saham atau Investor, terkait meningkatkan kualitas komunikasi
Perusahaan Terbuka dengan Pemegang Saham atau Investor, Perusahaan memiliki kebijakan
komunikasi kepada Investor melalui Non Deal Roadshow, One on One Meeting, Earnings Call,
Public Expose, Conference, dan Investor Summit.
Selain itu, sesuai dengan ketentuan Anggaran Dasar Perusahaan dan peraturan perundang-
undangan, kami melaksanakan RUPS sebagai organ tata kelola tertinggi yang memfasillitasi
para pemegang saham untuk membuat keputusan-keputusan penting dan strategi. Kami
menyelenggarakan RUPS Tahunan (RUPST) satu kali setiap tahun dengan agenda pembahasan
rutin.
PT Matahari Putra Prima Tbk

A.1.1 Does the company pay (interim and √
final/annual) dividends in an equitable
and timely manner; that is, all
shareholders are treated equally and
paid within 30 days after being (i)
declared for interim dividends and (ii)
approved by shareholders at general
meetings for final dividends? In case the
company has offered Scrip dividend, did
the company paid the dividend within 60
days?

corporate
Dochanges
shareholders have the right to participate in:
A.2.1 Amendments to the company's √
constitution?
A.2.2 The authorisation of additional shares? √
A.2.3 The transfer of all or substantially all √

assets, which in effect results
A.3 Right to participate effectively in and vote in general shareholder

meetings and should be informed of the rules, including voting procedures, that govern general shareholder meetin
A.3.1 Do shareholders have the opportunity, √
evidenced by an agenda item, to approve
remuneration (fees, allowances, benefit-
in-kind and other emoluments) or any
increases in remuneration for the non-
executive directors/commissioners?
A.3.2 Does the company provide non- √

controlling shareholders a right to
nominate candidates for board of
A.3.3 Does the company allow shareholders to √
elect directors/commissioners
individually?
A.3.4 Does the company disclose the voting √

procedures used before the start of
meeting?
A.3.5 Do the minutes of the most recent √

AGM record that the shareholders were
given the opportunity to ask questions
and the questions raised by shareholders
and answers given recorded?
A.3.6 Does the company disclose the voting √

results including approving, dissenting,
and abstaining votes for all
resolutions/each agenda item for the
most recent AGM?
A.3.7 Does the company disclose the list of √

board members who attended the most
recent AGM?
A.3.8 Does the company disclose that all board √
members and the CEO (if he is not a
board member) attended the most
recent AGM?
A.3.9 Does the company allow voting in √

absentia?
A.3.10 Did the company vote by poll (as √

opposed to by show of hands) for all
resolutions at the most recent AGM?
A.3.11 Does the company disclose that it has N/A
appointed an independent party
(scrutineers/inspectors) to count and/or
validate the votes at the AGM?
A.3.12 Does the company make publicly √

available by the next working day the
result of the votes taken during the most
recent AGM/EGM for all resolutions?
A.3.13 Does the company provide at least 21 √

days notice for all AGMs and EGMs?
A.3.14 Does the company provide the rationale √
and explanation for each agenda item
which require shareholders’ approval in
the notice of AGM/circulars and/or the
accompanying statement?
A.3.15 Does the company give the opportunity √

for shareholder to place item/s on the
agenda of AGM?

an efficient and transparent manner.
A.4.1 In cases of mergers, acquisitions and/or √
takeovers requiring shareholders'
approval, does the board of
directors/commissioners of the company
appoint an independent party to
evaluate the fairness of the transaction
price?

institutional
A.5.1 Doesinvestors, should
the company be facilitated.
disclose its practices √
to encourage shareholders to engage the
company beyond AGM?
TOTAL 18 2 1
Score 90%
Keterangan
Berdasarkan Laporan Keuangan Perseroan misalnya pada tahun 2016 : Dalam Rapat
Umum Tahunan Pemegang Saham Perusahaan yang diselenggarakan pada tanggal 13
April 2016, yang telah dinyatakan dalam akta No. 60 dari Ir. Nanette Cahyanie Handari Adi
Warsito, S.H., diputuskan untuk, antara lain, membagikan dividen tunai sebesar
Rp139.827 atau Rp26 per saham kepada pemegang saham yang tercatat pada daftar
pemegang saham pada tanggal 25 April 2016 dan membentuk dana cadangan wajib
sebesar Rp2.000 dari saldo laba. Pembayaran dividen tunai telah dilakukan pada tanggal
12 Mei 2016
Namun data tanggal pembayaran Dividen tidak eksplisit dijelaskan dalam risalah RUPS
dan Perseroan tidak membagikan dividen untuk tahun fiskal 2016.
Dijelaskan dalam penjelasan RUPS :

Rapat Umum Pemegang Saham digelar secara tahunan dalam Rapat Umum Pemegang
Saham Tahunan (RUPST) atau sewaktu-waktu dalam Rapat Umum Pemegang Saham Luar
Biasa (RUPSLB). Dalam rapat-rapat tersebut, pemegang saham memiliki hak-hak yang
dilindungi, antara lain mengangkat dan memberhentikan anggota Dewan Komisaris dan
Direksi, mengevaluasi kinerja Dewan Komisaris dan Direksi, menyetujui perubahan
Anggaran Dasar, menyetujui Laporan Tahunan, menyetujui Laporan Audit Keuangan,
penentuan remunerasi Dewan, dan persetujuan atas tindakan korporasi penting.
Keterangan
Pada tahun 2017, Perseroan telah :
1) Rapat Umum Pemegang Saham Luar Biasa I
Pada tanggal 8 Desember 2017, Perseroan menyelenggarakan Rapat Umum Pemegang
Saham Luar Biasa I (RUPLSB I) di Hotel Aryaduta, Lippo VillageTangerang, dalam rangka
untuk persetujuan Pemegang Saham atas rencana Perseroan untuk melaksanakan
Penambahan Modal Hak Memesan Efek Terlebih Dahulu (PMHMETD). RUPSLB I tersebut
tidak dapat dilaksanakan dikarenakan tidak terpenuhinya ketentuan kuorum kehadiran
RUPSLB I Perseroan sebagaimana diatur dalam Pasal 42 ayat (2) Undang Undang No.40
Tahun 2007 tentang Perseroan Terbatas (“UUPT”), Pasal 26 ayat (1) POJK
No.32/POJK.04/2014 dan Pasal 23 ayat (4) huruf a Anggaran Dasar Perseroan.
2) Rapat Umum Pemegang Saham Luar Biasa II
Pada tanggal 28 Desember 2017, Perseroan menyelenggarakan Rapat Umum Pemegang
Saham Luar Biasa II (RUPLSB II). RUPSLB II tersebut tidak dapat dilaksanakan dikarenakan
tidak terpenuhinya ketentuan kuorum kehadiran RUPSLB II Perseroan sebagaimana
diatur dalam Pasal 42 ayat (2) UndangUndang No.40 Tahun 2007 tentang Perseroan
Terbatas (“UUPT”), Pasal 26 ayat (1) POJK No.32/POJK.04/2014 dan Pasal 23 ayat (4)
huruf a Anggaran Dasar Perseroan.
RUPST Perseroan tanggal 26 April 2017 diantara memutuskan :

Menyetujui dan mengesahkan Laporan Tahunan dan Laporan Keuangan Perseroan untuk
tahun buku 2016 yang telah diaudit oleh Kantor Akuntan Publik dengan pendapat wajar.
Berdasarkan CALK Tahun 2016 kebijakan akuntansi huruf 2.j. Aset Tetap, menjelaskan
terkait hal dimaksud.
3
areholder
rocedures, that govern general shareholder meetings.
Agenda Keempat RUPST Perseroan tanggal 26 April 2017 :
Memberikan persetujuan atas sistem remunerasi termasuk gaji atau honorarium dan
tunjangan atau remunerasi lainnya bagi Dewan Komisaris dengan landasan perumusan
berdasarkan orientasi kinerja, persaingan pasar dan penyelarasan kapasitas finansial
Perseroan untuk memenuhinya, serta hal-hal lain yang diperlukan dengan batasan
jumlah kolektif sebesar 0,3% dari penjualan bersih Perseroan.
Tidak dijelaskan secara eksplisite dalam Laporan Tahunan Perseroan, tetapi

berdasarkan kriteria Komisaris Independen dijelaskan :
Komisaris Independen mendukung pelaksanaan pengawasan secara obyektif terhadap
aksi manajemen sebagai bentuk perlindungan tambahan bagi hak hak pemegang saham,
terutama pemegang saham minoritas.
Independensi Komisaris Independen didefinisikan sebagai tidak memiliki hubungan
keluarga sampai dengan derajat kedua, hubungan bisnis atau hubungan lain dengan
omisaris lainnya, Direksi atau pemegang saham mayoritas, serta tidak memiliki
kepemilikan saham di Perseroan.
Keterangan
Perseroan telah memiliki prosedur teknis pengumpulan suara yang terdapat dalam Tata
Tertib Rapat Umum Pemegang Saham Tahunan (RUPST), yaitu :
Cara atau prosedur teknis pengumpulan suara (voting) baik secara terbuka maupun
Untuk meningkatkan nilai penyelenggaraan Rapat Umum Pemegang Saham Tahunan

(RUPST), Perseroan telah menerapkan cara atau prosedur teknis pengumpulan suara
(voting) baik secara terbuka maupun tertutup yang mengedepankan independensi, dan
kepentingan pemegang saham berdasarkan prosedur teknis pengumpulan suara yang
terdapat dalam Tata Tertib Rapat Umum Pemegang Saham Tahunan (RUPST) yang dimiliki
Perseroan.
Misalnya berdasarkan Ringkasan Risalah RUPST Perseroan tanggal 28 Mei 2018

disampaikan hal-hal sbb :
Kepada pemegang saham dan/atau kuasanya yang hadir dalam Rapat diberikan
kesempatan untuk mengajukan pertanyaan, pendapat, usul dan/atau saran yang
berhubungan dengan Agenda Rapat yang dibicarakan, dengan mekanisme mengangkat
tangan dan menyerahkan formulir pertanyaan.
Jumlah pemegang saham dan/atau kuasanya yang mengajukan pertanyaan dan/atau
pendapat :
- 1 orang penanya yang mengajukan pertanyaan untuk agenda I
- 1 orang pemegang saham yang memberikan masukan atau saran untuk Agenda IV
Tingkat kehadiran anggota Direksi & Komisaris pada RUPST Perseroan tanggal 26 April
2017 kurang dari ketentuan hanya sebesar 38,5% yang disebabkan karena ada yang
berdomisili luar kota dan/atau sedang dalam menjalankan tugas dinas. Namun hal ini
telah dimitigasi oleh Perseroan bahwa setiap mata agenda RUPST telah dibahas &
disetujui sebelumnya dalam rapat BOC, BOD, BOC & BOD (baik langsung maupun
sirkuler).
Pasal 16 Anggaran Dasar Perusahaan mengatur perihal rincian prosedur rapat, kehadiran
dan mekanisme pengambilan keputusan, khususnya perihal bahwa setiap anggota
memiliki satu suara dan dapat mendelegasikan hak suaranya kepada anggota lain melalui
pemberian kuasa.
Misalnya berdasarkan Ringkasan Risalah RUPST Perseroan tanggal 28 Mei 2018

disampaikan hal-hal sbb :
Mekanisme pengambilan keputusan dilakukan secara lisan dengan meminta kepada
pemegang saham dan/atau kuasanya untuk mengangkat tangan bagi yang
memberikan suara tidak setuju dan abstain, sedangkan yang memberikan suara
setuju tidak diminta mengangkat tangan. Suara abstain dianggap mengeluarkan suara
yang sama dengan suara mayoritas para pemegang saham yang mengeluarkan suara.
Keterangan
Tidak dijelaskan secara eksplisite dalam Risalah RUPST Perseroan.
Berdasarkan prinsip pengelolaan No. 1: Meningkatkan nilai penyelenggaraan RUPST,
Perseroan telah memiliki prosedur teknis pengumpulan suara yang terdapat dalam Tata
Tertib Rapat Umum Pemegang Saham Tahunan (RUPST).
Cara atau prosedur teknis pengumpulan suara (voting) baik secara terbuka maupun
Selain itu, risalah RUPS Perseroan termuat dalam akta notaris
Seluruh Agenda RUPS memiliki putusannya masing-masing sebagaimana risalah RUPST

(terlampir).
Perseroan telah menyediakan Ringkasan Risalah RUPST dalam situs web Perseroan paling
sedikit 1 tahun.
Tercantum dalam pengumuman undangan RUPST 2017 : Setiap usulan Pemegang Saham
Perseroan akan dimasukkan dalam acara RUPST jika memenuhi persyaratan yang
tercantum dalam Pasal 12 Peraturan Otoritas Jasa Keuangan
15
Nomor 32/POJK.04/2014 tentang Rencana dan Penyelenggaraan Rapat Umum Pemegang
Saham Perusahaan Terbuka dan usul-usul tersebut harus diterima Direksi Perseroan
selambat-lambatnya 7 (tujuh) hari sebelum tanggal panggilan RUPST yaitu tanggal 19
April 2018.
tion in
Keterangan
RUPST Perseroan tanggal 26 April 2017 diantara memutuskan :
Menyetujui dan mengesahkan Laporan Tahunan dan Laporan Keuangan Perseroan
untuk tahun buku 2016 yang telah diaudit oleh Kantor Akuntan Publik dengan pendapat
wajar, Laporan Komite Audit, Laporan Tugas Pengawasan Dewan Komisaris, dengan
memberikan pembebasan dan pelunasan (Acquit et de Charge) sepenuhnya kepada
seluruh anggota Direksi dan Dewan Komisaris Perseroan dalam arti yang seluas-luasnya
dari tanggung jawab tindakan pengurusan serta pengawasan yang telah dijalankan
selama tahun buku 2016 dan sampai dengan tanggal ditutupnya Rapat sebagaimana
tercermin ataupun tidak tercermin dalam uraian Laporan Direksi dan Dewan Komisaris
Perseroan maupun dalam Laporan Keuangan Perseroan selama tahun buku 2016, antara
lain terkait: kerjasama diantaranya dengan berbagai institusi profesi penunjang maupun
relasi, pelaksanaan program kemitraan, pengadaan, pembelian dan
penjualan/perdagangan, sewa menyewa ruangan/gedung untuk gerai berikut
penyesuaiannya, pelaksanaan renovasi, pembukaan dan penutupan gerai, kebijakan
sistem administrasi laporan keuangan, perjanjian-perjanjian fasilitas kredit berikut
dengan perubahan/perpanjangannya, pelaksanaan pemenuhan kewajiban-kewajiban
kepada bank.
Dan berdasarkan CALK Tahun 2016, kebijakan akuntansi 2.f (Hal. 19) menyebutkan :
Nilai wajar aset dan liabillitas keuangan diestimasi untuk keperluan pengakuan dan
pengukuran atau untuk keperluan pengungkapan.
Nilai wajar dikategorikan dalam level yang berbeda dalam suatu hirarki nilai wajar
berdasarkan pada apakah input suatu pengukuran dapat diobservasi dan signifikansi
input terhadap keseluruhan pengukuran nilai wajar:
(i) Harga kuotasian (tanpa penyesuaian) di pasar aktif untuk aset atau liabilitas yang
identik yang dapat diakses pada tanggal pengukuran (Level 1)
(ii) Input selain harga kuotasian yang termasuk dalam Level 1 ang dapat diobservasi
untuk aset atau liabilitas, baik secara langsung maupun tidak langsung (Level 2)
(iii) Input yang tidak dapat diobservasi untuk aset atau liabilitas (Level 3)
1
luding
Berdasarkan prinsip 2 GCG Perusahaan : Meningkatkan kualitas komunikasi Perusahaan
Terbuka dengan Pemegang Saham atau Investor, terkait meningkatkan kualitas
komunikasi Perusahaan Terbuka dengan Pemegang Saham atau Investor, Perseroan
memiliki kebijakan komunikasi kepada Investor melalui divisi Investor Relation dalam
bentuk Non Deal Roadshow, siaran pers, rapat, ekspos publik dan konferensi.
1
21
E. RESPONSIBILITIES OF THE BOARD Yes No N/A

E.1.1 Does the company disclose its √
corporate governance policy /
board charter?
E.1.2 Are the types of √

decisions requiring board
of directors/commissioners'
approval disclosed ?
E.1.3 Are the roles and √
responsibilities of the board of
clearly stated ?
E.1.4 Does the company have an √
updated vision and mission
statement?
E.1.5 Does the board of directors √

play a leading role in the
process of developing and
reviewing the company's
strategy at least annually?

have a process to review,
monitor and oversee the
implementation of the
corporate strategy?
E.2 Board Structure

E.2.1 Are the details of the code of e √
E.2.2 Are all √

directors/commissioners,
senior management and
employees required to comply
with the code/s?
E.2.3 Does the company have a √
process to implement and
monitor
compliance with the code/s of
ethics or conduct?

E.2.4 Do independent √
directors/commissioners make
up at least 50% of the board of
E.2.5 Does the company have a term √

limit of nine years or less or 2
terms of five years1 each for its
independent directors/
commissioners?
1 The five years term must be

required by legislation which pre-
existed the introduction of the
E.2.6 Has
ASEANthe company
Corporate set a limit of
Governance √
Scorecard
five board in seats
2011 that an
individual independent/non-
executive
director/commissioner may
hold simultaneously?
E.2.7 Does the company have any √

executive directors who serve
on
more than two boards of listed
companies outside of the
group?
E.2.8 Does the company have a Nomi √
E.2.9 Is the Nominating √

Committee comprised of a
majority of independent
E.2.10 Is the chairman of the √

Nominating Committee an
independent
E.2.11 Does the company disclose the √

terms of reference/
governance
structure/charter of the
Nominating Committee?
E.2.12 Is the meeting attendance of √
the Nominating Committee
disclosed and if so, did the
Nominating Committee meet
at least twice during the year?

E.2.13 Does the company have a Remu √
E.2.14 Is the Remuneration √
majority of independent
Remuneration Committee an
independent

terms of reference/
governance structure/ charter
of the Remuneration
Committee?
the Remuneration Committee
disclosed and, if so, did the
Remuneration Committee
meet at least twice during the
year?
Audit Committee?
E.2.19 Is the Audit Committee √

comprised entirely of non-
executive
with a majority of
independent

Audit Committee an
independent

terms of reference/governance
structure/charter of the Audit
Committee?
E.2.22 Does at least one of the √
independent
committee have accounting
expertise (accounting
qualification or experience)?

the Audit Committee disclosed
and, if so, did the Audit
Committee meet at least four
times during the year?
E.2.24 Does the Audit Committee √
have primary responsibility
for recommendation on the
appointment, and removal of
the external auditor?
E.3 Board Processes

E.3.1 Are the board of directors √
meeting scheduled before the
start of financial year?
E.3.2 Does the board of √

directors/commissioners meet
at least six times during the
year?
E.3.3 Has each of the √

attended at least 75% of all the
board meetings held during
the year?
E.3.4 Does the company require a √
minimum quorum of at least
2/3 for board decisions?
E.3.5 Did the non-executive √
company meet separately at
least once during the year
without any executives
present?
E.3.6 Are board papers for board of √
meetings provided to the
board at least five business
days in advance of the board
meeting?
E.3.7 Does the company secretary √

play a significant role in
supporting
the board in discharging its
responsibilities?
E.3.8 Is the company secretary √
trained in legal, accountancy
or company secretarial
practices and has kept
abreast on relevant
developments?

E.3.9 Does the company disclose √
the criteria used in selecting
new directors/commissioners?
E.3.10 Did the company describe the √

process followed in appointing
E.3.11 Are all √

subject to re-election every
3 years; or 5 years for listed
companies in countries whose
legislation prescribes a term of
5 years2 each?
2The five years term must be

existed the introduction of the
ASEAN Corporate Governance
Scorecard in 2011
remuneration (fees,
allowances, benefit-in-kind
and other emoluments)
policy/practices (i.e. the use of
short term and long term
incentives and performance
measures) for its executive
directors and CEO?
E.3.13 Is there disclosure of the √

fee structure for non-
executive
E.3.14 Do the shareholders or the √

Board of Directors approve
the
remuneration of the
executive directors and/or
the senior executives?
E.3.15 Does the company have √
measurable standards to
align the
performance-based
remuneration of the executive
directors and senior
executived with long-term
interests of the company, such
as claw back provision and
deferred bonuses?
Internal Audit
E.3.16 Does the company have a separat √
E.3.17 Is the head of internal audit √

identified or, if outsourced, is
the name of the external firm
disclosed?
E.3.18 Does the appointment and √

removal of the internal auditor
require the approval of the
Audit Committee?
Risk Oversight
E.3.19 Does the company establish a √
sound internal control
procedures/risk management
framework and periodically
review the effectiveness of
that framework?
E.3.20 Does the Annual √

Report/Annual CG Report
disclose that the board of
directors/commissioners has
conducted a review of the
company's material controls
(including operational,
financial and compliance
controls) and risk management
systems?

key risks to which the company
is materially exposed to (i.e.
financial, operational
including IT, environmental,
social, economic)?
E.3.22 Does the Annual √
Report/Annual CG Report
contain a statement
from the board of
directors/commissioners or
Audit Committee commenting
on the adequacy of the
company's internal
controls/risk management
systems?

Board Chairman
E.4.1 Do different persons assume √
the roles of chairman and
CEO?
E.4.2 Is the chairman an √
independent
E.4.3 Is any of the directors a former √

CEO of the company in the
past 2 years?
E.4.4 Are the roles and responsibiliti √

E.4.5 If the Chairman is not N/A
independent, has the Board
appointed a Lead/Senior
Independent Director and has
his/her role been defined?
E.4.6 Does at least one non- √
executive
director/commissioner have
prior working experience in
the major sector that the
company is operating in?

E.5.1 Does the company have N/A
orientation programmes for

a policy that
encourages
directors/commissioners to
attend on-going or
continuous professional
education programmes?

process on how the board of
directors/commissioners plans
for the succession of the
CEO/Managing
Director/President and key
management?
conduct an annual
performance assessment of
the CEO/Managing
Director/President?
Board Appraisal
E.5.5 Did the company conduct an √
annual performance
assessment of the board of
directors/commissioners and
disclose the criteria and
process followed for the
assessment?
Director Appraisal
annual performance
assessment of the individual
disclose the criteria and
process followed for the
assessment?
Committee Appraisal
annual performance
assessment of the board
committees and disclose the
criteria and process followed
for the assessment?
TOTAL 61 2 2
Score 97%
Keterangan
Guiding Referenc
porate governance policy
Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. 170
Keterangan
Keterangan
Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. 48 - 49

Tertuang dalam Tugas dan Tanggung jawab Direktur Utama :
Guiding Referenc
Keterangan
Tertuang dalam Board Charter (Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk
hal. 190)
Keterangan
Sesuai POJK No. 33/POJK.04/2014, Pasal 3 ayat (3) menyatakan : 1 (satu) periode masa jabatan anggota Direksi paling lama 5 (lima) tahun atau sampai dengan
penutupan RUPS tahunan pada akhir 1 (satu) periode masa jabatan dimaksud.
Sesuai POJK No. 33/POJK.04/2014, Pasal 20 ayat (2) : Dalam hal Dewan Komisaris terdiri dari 2 (dua) orang
anggota Dewan Komisaris, 1 (satu) di antaranya adalah Komisaris Independen.
Pasal 20 ayat (3) : Dalam hal Dewan Komisaris terdiri lebih dari 2 (dua) orang anggota Dewan Komisaris,
jumlah Komisaris Independen wajib paling kurang 30% (tiga puluh persen) dari jumlah seluruh anggota
Dewan Komisaris.
Sesuai POJK No. 33/POJK.04/2014, Pasal 2 ayat (1) : Direksi Emiten atau Perusahaan Publik paling kurang
terdiri dari 2 (dua) orang anggota Direksi.
Rinaldi Firmansyah selain menjadi Komisaris Independen Perusahaan juga menjadi Komisaris
di PT Elnusa Tbk dan Komisaris di PT Bluebird Tbk.
Keterangan
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Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk sa
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Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk e
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Keterangan
Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk

Committee
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Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. ie
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Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. 180 te
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Keterangan
1. Tjatur Purwadi (Anggota Independen), Pendidikan :S1 Bidang Akuntansi Universitas Gadjah Mada,
Yogyakarta; S2 Magister Manajemen bidang Finance Universitas Padjajaran, Bandung.
2. Sarimin Mietra Sardi (Anggota Independen), Pendidikan : D4 Akuntansi Sekolah Tinggi Akuntansi Negara
(STAN), Jakarta; S2 Magister Manajemen Universitas Pendidikan Indonesia, Jakarta.
Keterangan
Guiding Referenc
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Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. 171 g
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Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. 197 o
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Keterangan
idem E.3.2
Keterangan
Keterangan
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Keterangan
Berdasarkan Anggaran Dasar Perseroan, jumlah dan syarat dari Komisaris Independen ditentukan berdasarkan
pada ketentuan yang berlaku dalam lingkungan pasar modal, dalam hal ini OJK yang telah menerbitkan POJK
No.33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik. Pada Pasal 20 ayat
(3) dinyatakan bahwa jika Dewan Komisaris terdiri lebih dari 2 orang anggota, jumlah Komisaris Independen
sedikitnya 30% dari jumlah seluruh anggota Dewan Komisaris.
Sesuai POJK No. 33/POJK.04/2014, Pasal 3 ayat (3) menyatakan : 1 (satu) periode masa jabatan anggota
Direksi paling lama 5 (lima) tahun atau sampai dengan penutupan RUPS tahunan pada akhir 1 (satu) periode
masa jabatan dimaksud.
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Ip
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Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. 199 s
p
G
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Keterangan
Perusahaan memiliki Unit Audit Internal atau Internal Audit (IA) yang berfungsi memberikan pandangan
secara independen dan objektif mengenai kondisi pengendalian internal, pengelolaan risiko, dan proses Tata
Kelola Perusahaan dalam kegiatan bisnis kami. Tujuan dari fungsi ini yaitu untuk menjadi katalisator, melalui
penyampaian rekomendasi bagi Telkom dalam memperbaiki operasional usahanya.
Internal Audit kami dipimpin oleh seorang Senior Vice President Internal Audit yang diangkat dan
diberhentikan oleh Direktur Utama atas persetujuan Dewan Komisaris.
Keterangan
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2
0
/
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P
L
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V
I
:
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e
s
Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. 207 - 208 p
Komisaris melalui Komite Evaluasi dan Monitoring Perencanaan Risiko (KEMPR) melakukan Pemantauan atas o
pengkinian atas risk profile Perseroan merupakan salah satu pendekatan yang dilakukan KEMPR dalam n
melakukan evaluasi atas penerapan manajemen risiko Perseroan. Berdasarkan CSS 2018-2022, kelompok s
risiko yang perlu mendapatkan perhatian Perseroan diantaranya ketidakpastian pengembangan bisnis digital, i
dan ketidakpastian inisiatif inorganic. Mitigasi yang dilakukan untuk menekan risiko terkait pengembangan b
bisnis digital antara lain mengembangkan inisiatif smart government dan enterprise connected ecosystem, i
mengoptimalkan myIndiHome sebagai hub untuk meningkatkan pengalaman pelanggan dan loyalitas, serta l
menerapkan dynamic pricing untuk layanan Indihome. Adapun program mitigasi untuk menekan i
ketidakpastian inisiatif inorganik antara lain dikembangkan melalui penyusunan analisis yang komprehensif t
atas perubahan kondisi makro ekonomi, politik, sosial, keamanan, dan lingkungan. i
Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. 188 e
s
o
f
Sistem manajemen risiko membantu Telkom untuk mengidentifikasi risiko-risiko yang signifikan bagi t
keberlanjutan usaha. Telkom telah mengidentifikasi risiko-risiko di Indonesia secara spesifik, yaitu risiko sosial h
dan politik, makro ekonomi, bencana, dan risiko lainnya. Kemudian untuk risiko-risiko bisnis, Telkom telah e
mengidentifikasi risiko operasional, keuangan, hukum, dan kepatuhan, regulasi, risiko inherent bisnis
telekomunikasi tetap dan seluler. Selain risiko-risiko tersebut, Telkom juga melakukan pengungkapan B
kuantitatif dan kualitatif atas risiko pasar. o
Sumber : Laporan Tahunan 2017 PT Telekomunikasi Indonesia (Persero) Tbk hal. 202 a
r
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Keterangan
Komite Audit telah bekerja dengan baik diantaranya dalam mengawasi efektivitas pelaksanaan pengendalian
internal dalam penyusunan laporan keuangan (Internal Control Over Financial Reporting/ICOFR), melakukan
penelaahan atas informasi keuangan, melakukan penelaahan atas pemeriksaan Internal Auditor dan dan
memberikan rekomendasi terkait praktik terbaik penerapan good corporate governance (GCG). Sedangkan
Komite Nominasi dan Remunerasi telah membantu kami antara lain dalam memberikan rekomendasi terkait
kebijakan, kriteria dan seleksi jabatan strategis di lingkungan Perseroan dan anak usaha sesuai prinsip-prinsip
GCG. Adapun KEMPR telah berperan penting dalam melakukan evaluasi secara komprehensif atas usulan
Direksi terkait Rencana Kegiatan Anggaran Perseroan dan memantau pelaksanaannya sepanjang tahun 2017.
Guiding Referenc
Keterangan
Komisaris Utama, merupakan wakil Pemerintah RI (Saham Dwiwarna)
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Direksi : 6
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1. Alex J. Sinaga (Direktur Utama), latar Belakang Keahlian & Kecakapan : Teknik, Telekomunikasi dan .
Telematika 3
2
2. Mas’ud Khamid (Direktur CONS), latar Belakang Keahlian & Kecakapan : Teknik, Jaringan Telekomunikasi 0
dan Leadership in Retail Business A
0
3. David Bangun (Direktur DSP), latar Belakang Keahlian & Kecakapan : Teknik Telekomunikasi dan Elektro 9
4. Dian Rachmawan (Direktur EBIS), latar Belakang Keahlian & Kecakapan : Teknik Telekomunikasi l
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Keterangan
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Keterangan
nd Performance
Dalam hal pengawasan dan penilaian atas kinerja Direksi, Dewan Komisaris turut memastikan bahwa
pencapaian Perseroan sejalan dengan visi, misi, strategic objective dan program-program kerja yang telah
direncanakan.
Keterangan
Dalam hal pengawasan dan penilaian atas kinerja Direksi, Dewan Komisaris turut memastikan bahwa
pencapaian Perseroan sejalan dengan visi, misi, strategic objective dan program-program kerja yang telah
direncanakan.
Laporan dewan komisaris paling sedikit memuat : Penilaian terhadap kinerja direksi mengenai pengelolaan
emiten atau perusahaan publik.
idem E.5.4
Keterangan
U
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C
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B
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:
KINERJA DAN PELAKSANAAN KEGIATAN KOMITE NOMINASI DAN REMUNERASI : Sepanjang tahun 2017, T
Komite Nominasi dan Remunerasi telah membantu pelaksanaan tugas dari Dewan Komisaris dalam h
menghasilkan keputusan-keputusan strategis (hal. 194) e
b
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Keterangan
###
###

corporate governance policy /
board charter?
E.1.2 Are the types of √

decisions requiring board
of
directors/commissioners'
approval disclosed ?
E.1.3 Are the roles and √

responsibilities of the
board of
directors/commissioners clearly
stated ?
updated vision and mission
statement?
E.1.5 Does the board of directors play √

a leading role in the process of
developing and reviewing the
company's strategy at least
annually?
have a process to review,
monitor and
oversee the implementation of
the corporate strategy?
E.2 Board Structure

E.2.1 Are the details of the code of √
ethics or conduct disclosed?
E.2.2 Are all √

directors/commissioners,
senior management and
employees required to comply
with the code/s?

process to implement and
monitor
compliance with the code/s of
ethics or conduct?
E.2.4 Do independent √
directors/commissioners make
up at least 50% of the board of
E.2.5 Does the company have a term √

limit of nine years or less or 2
terms of five years1 each for its
independent directors/
commissioners?
1 The five years term must be

existed the introduction of the ASEAN
Corporate Governance Scorecard in
2011
E.2.6 Has the company set a limit of N/A

five board seats that an
individual
independent/non-executive
director/commissioner may
hold simultaneously?
E.2.7 Does the company have any √

executive directors who serve
on more than two boards of
listed companies outside of the
group?

E.2.9 Is the Nominating √
majority of
independent

Nominating Committee an
independent

terms of reference/ governance
structure/charter of the

the Nominating Committee
disclosed
and if so, did the Nominating
Committee meet at least twice
during the year?

Remuneration Committee?
E.2.14 Is the Remuneration √
majority of
independent

Remuneration Committee an
independent
terms of reference/ governance
structure/ charter of the
Remuneration Committee?

the Remuneration Committee
disclosed and, if so, did the
Remuneration Committee meet
at least twice during the year?

Audit Committee?
E.2.19 Is the Audit Committee √

comprised entirely of non-
executive
directors/commissioners with
a majority of independent

Audit Committee an
independent
terms of reference/governance
structure/charter of the Audit
Committee?
E.2.22 Does at least one of the √

independent
directors/commissioners of
the committee have accounting
expertise (accounting
qualification or experience)?

the Audit Committee disclosed
and,
if so, did the Audit Committee
meet at least four times during
the year?
E.2.24 Does the Audit Committee √

have primary responsibility
for recommendation on the
appointment, and removal of
the external auditor?
E.3 Board Processes

E.3.1 Are the board of directors √
meeting scheduled before the
start of financial year?

directors/commissioners meet
at least six times
during the year?
E.3.3 Has each of the √
attended at least 75% of
all the board meetings held
during the year?
E.3.4 Does the company require a √
minimum quorum of at least
2/3 for board decisions?
E.3.5 Did the non-executive √

company meet separately at
least once during the year
without any executives present?
E.3.6 Are board papers for board of √
meetings provided to the board
at least five business days in
advance of the board meeting?
E.3.7 Does the company secretary √

play a significant role in
supporting
the board in discharging its
responsibilities?
E.3.8 Is the company secretary N/A

trained in legal, accountancy or
company secretarial practices
and has kept abreast on
relevant developments?

E.3.9 Does the company disclose N/A
the criteria used in selecting
E.3.10 Did the company describe the N/A

process followed in appointing
new
E.3.11 Are all N/A
subject to re-election every 3
years; or 5 years for listed
companies in countries whose
legislation prescribes a term of
5 years2 each?
2The five years term must be required

by legislation which pre-existed the
introduction of the ASEAN Corporate
remuneration (fees, allowances,
benefit-in-kind and other
emoluments) policy/practices
(i.e. the use of short term and
long term incentives and
performance measures) for its
executive directors and CEO?
E.3.13 Is there disclosure of the N/A

fee structure for non-
executive
E.3.14 Do the shareholders or the √

Board of Directors approve
the remuneration of the
executive directors and/or
the senior executives?

measurable standards to align
the
performance-based
remuneration of the executive
directors and senior executived
with long-term interests of the
company, such as claw back
provision and deferred
bonuses?
Internal Audit
separate internal audit
function?
E.3.17 Is the head of internal audit √

identified or, if outsourced, is
the name of the external firm
disclosed?
E.3.18 Does the appointment and √
removal of the internal auditor
require the approval of the
Audit Committee?
Risk Oversight
E.3.19 Does the company establish a √
sound internal control
procedures/risk management
framework and periodically
review the effectiveness of that
framework?
E.3.20 Does the Annual Report/Annual √

CG Report disclose that the
board
of directors/commissioners has
conducted a review of the
company's material controls
(including operational, financial
and compliance controls) and
risk management systems?

key risks to which the company
is
materially exposed to (i.e.
financial, operational including
IT, environmental, social,
economic)?
E.3.22 Does the Annual Report/Annual √
CG Report contain a statement
from the board of
directors/commissioners or
Audit Committee commenting
on the adequacy of the
company's internal controls/risk
management systems?
Board Chairman
E.4.1 Do different persons assume √
the roles of chairman and CEO?
E.4.2 Is the chairman an independent √

E.4.3 Is any of the directors a former √

CEO of the company in the past
2 years?
E.4.4 Are the roles and v

responsibilities of the chairman
disclosed?

E.4.5 If the Chairman is not N/A
independent, has the Board
appointed a Lead/Senior
Independent Director and has
his/her role been defined?

E.4.6 Does at least one non-executive √
director/commissioner have
prior working experience in the
major sector that the company
is operating in?

orientation programmes for

a policy that encourages
directors/commissioners to
attend on-going or
continuous professional
education programmes?

process on how the board of
directors/commissioners plans
for the succession of the
CEO/Managing
Director/President and key
management?

conduct an annual performance
assessment of the
CEO/Managing
Director/President?
Board Appraisal
annual performance
assessment of the board of
disclose the criteria and process
followed for the assessment?
Director Appraisal
annual performance
assessment of the individual
disclose the criteria and process
followed for the assessment?
Committee Appraisal
E.5.7 Did the company conduct an N/A
annual performance
assessment of the board
committees and disclose the
criteria and process followed for
the assessment?
TOTAL 48 7 10
Score 87%
Keterangan
Guiding Reference
rporate governance policy
Dalam rangka memenuhi POJK No. 33/POJK.04/2014, Dewan Komisaris tetap
mengukuhkan “Pedoman dan Tata Tertib Kerja Dewan Komisaris” kepada seluruh
anggotanya. Pedoman dan Tata Tertib Kerja Dewan Komisaris tersebut sebelumnya telah
ditanda tangani oleh semua anggota pada tanggal 10 Desember 2015.
Salinan dari Pedoman dan Tata Tertib Kerja Dewan
Komisaris telah dipaparkan dengan rinci dan tersedia
di situs web Perseroan.
Peran utama Dewan Komisaris adalah melakukan fungsi pengawasan terhadap Direksi
dan tim manajemen. Dasar hukum peran dan tugas dari Dewan Komisaris adalah Pasal
108 ayat (1) Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas dan
Anggaran Dasar Perusahaan. Peran pengawasan yang dijalankan Dewan Komisaris
merupakan bagian penting dalam membantu perusahaan untuk mencapai keberhasilan
operasional, serta menerapkan prinsip-prinsip GCG.
Visi : Menjadi Peritel Multi-format No. 1 di Indonesia

Misi : Untuk menghasilkan Pertumbuhan Penjualan/Keuntungan yang Berkelanjutan
dengan menciptakan Peritel Kelas Dunia terdepan dalam format dan teknologi yang
berfokus pada pengembangan Sumber Daya Manusia serta Praktik Bisnis yang Relevan
dan Terpadu
Sepanjang 2017, Dewan Komisaris terlibat dan memberikan berbagai arahan atas rencana
dan strategi Perseroan. Dalam kepatuhan atas Peraturan Otoritas Jasa Keuangan (OJK) No.
33/POJK.04/2014, Dewan Komisaris terus memastikan kepatuhan setiap anggotanya atas
semua pedoman. Selama setahun, Dewan Komisaris telah mengadakan 6 pertemuan
serta 4 pertemuan formal terpisah dengan Direksi. Dalam pertemuan internal setiap dua
bulanannya, Dewan Komisaris mendiskusikan berbagai topik dari kondisi eksternal pasar
dan masalah internal Perseroan yang sedang berlangsung hingga penelaahan atas
laporan Komite Audit serta Komite Nominasi dan Remunerasi (KNR). Keempat pertemuan
normal dengan Direksi yang dilaksanakan setiap triwulan untuk menelaah kinerja
keuangan dan operasional, baik triwulanan maupun tahunan. Dalam pertemuan
pertemuan tersebut, rencana strategis ditelaah dan diperbaharui, bila diperlukan.
Berbagai tindakan kemudian dirancang untuk memastikan pelaksanaan atas rencana
strategis yang telah diperbarui tersebut.
Di setiap akhir pertemuan tersebut, kesepakatan antar Dewan Komisaris dan Direksi
diperoleh dan disertai dengan pembaharuan rencana strategis dan langkah-langkah
penerapan yang diperlukan.
33/POJK.04/2014, Dewan Komisaris terus memastikan kepatuhan setiap anggotanya atas
semua pedoman. Selama setahun, Dewan Komisaris telah mengadakan 6 pertemuan
serta 4 pertemuan formal terpisah dengan Direksi. Dalam pertemuan internal setiap dua
bulanannya, Dewan Komisaris mendiskusikan berbagai topik dari kondisi eksternal pasar
dan masalah internal Perseroan yang sedang berlangsung hingga penelaahan atas
Keterangan
laporan Komite Audit serta Komite Nominasi dan Remunerasi (KNR). Keempat pertemuan
normal dengan Direksi yang dilaksanakan setiap triwulan untuk menelaah kinerja
keuangan dan operasional, baik triwulanan maupun tahunan. Dalam pertemuan
pertemuan tersebut, rencana strategis ditelaah dan diperbaharui, bila diperlukan.
Berbagai tindakan kemudian dirancang untuk memastikan pelaksanaan atas rencana
strategis yang telah diperbarui tersebut.
diperoleh dan disertai dengan pembaharuan rencana strategis dan langkah-langkah
penerapan yang diperlukan.
Guiding Reference
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2
0
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O
E
C
D
P
R
I
N
C
I
TP
h
L
eE
V
b
I
o
:
a
rR
d
e
s
p
h
o
an
ss
i
b
ai
l
i
kt
ei
ye
s
ro
o
f
l
et
h
Keterangan
Dewan Komisaris terdiri dari 7 (tujuh) orang anggota yaitu 1 (satu) Presiden Komisaris, 1
(satu) Wakil Presiden Komisaris, dan 5 (lima) Komisaris, dimana 3 (tiga) orang di
antaranya merupakan Komisaris Independen, sebagaimana diatur dalam Undang-
Undang Perseroan Terbatas No. 40 Tahun 2007, POJK No. 33/POJK.04/2014 tanggal 8
Desember 2014 dan Peraturan BEI No. 1-A tanggal 30 Januari 2004.
Pada bulan April 2017, Rapat Umum Pemegang Saham Tahunan (RUPST) telah
menyetujui tidak ada perubahan susunan Dewan Komisaris dari tahun sebelumnya, untuk
masa jabatan sampai dengan RUPST untuk tahun buku 2019 yang akan diselenggarakan
pada tahun
2020. Perseroan telah menyampaikan pemberitahuan kepada Otoritas Jasa Keuangan
melalui surat No. 024/IV/2017-CSExt tanggal 28 April 2017.
U
K
C
O
D
E
(
n
2
o
0
n
1
-6
e)
Sesuai POJK No. 33/POJK.04/2014, Pasal 20 ayat (2) : Dalam hal Dewan Komisaris terdiri x:
dari 2 (dua) orang anggota Dewan Komisaris, 1 (satu) di antaranya adalah Komisaris eB
Independen. c.
Pasal 20 ayat (3) : Dalam hal Dewan Komisaris terdiri lebih dari 2 (dua) orang anggota u
2
Dewan Komisaris, jumlah Komisaris Independen wajib paling kurang 30% (tiga puluh t.
persen) dari jumlah seluruh anggota Dewan Komisaris. i3
Sesuai POJK No. 33/POJK.04/2014, Pasal 2 ayat (1) : Direksi Emiten atau Perusahaan v
Publik paling kurang terdiri dari 2 (dua) orang anggota Direksi. eN
o
d
n
i-
Chua Siang Hwee, Jeffrey (Komisaris Independen), Menjabat sebagai Komisaris re
Independen pada tahun 2013. Saat ini beliau juga menjabat sebagai Managing Director ex
Southeast Asia serta merangkap sebagai Managing Director Merger and Acquisition di ce
Temasek International Pte Ltd. tc
o
u
rt
i
sv
Pada tanggal 10 Desember 2015, Perseroan telah membentuk Komite Nominasi dan h
Remunerasi sesuai dengan yang diatur dalam POJK No. 34/POJK.04/2014 tertanggal 8 e
o
Desember 2014. Struktur keanggotaan Komite Nominasi dan Remunerasi telah u
dikukuhkan kembali melalui surat keputusan Dewan Komisaris tertanggal 25 Juli 2017 d
li
dengan masa jabatan tahun fiskal 2017 – 2019. Surat keputusan Dewan Komisaris d
tersebut telah dilaporkan kepada OJK melalui surat no: 047/VII/2017-CSExt tertanggal 28 r
Juli 2017. e
b
c
et
o
sr
u
s
b
js
e
Keterangan
S
h
a
r
e
h
G
o
2
l0
d
/
e
O
rE
sC
D
s
h
P
o
R
Iu
l
N
d
C
I
h
P
La
Ev
e
aV
n Committee n
It
idem E.2.8 d
:h
e
tR
idem E.2.9 h
o
e
esp
p
b
o
o
r
n
ast
riu
idem E.2.10 d
n
b
i
alt
siy
t
ait
b
o
e
o
w
ash
rp
o
a
o
d
lfr
et
m
eti
Keterangan
idem E.2.11
idem E.2.12
G
i
Komite Audit dibentuk untuk membantu Dewan Komisaris dalam melakukan fungsi v
supervisi, terutama untuk mendukung Dewan Komisaris dalam menjalankan fungsi dan e
tugasnya sesuai dengan Pasal 121 Undang-Undang No. 40 Tahun 2007 tentang Perseroan n
Terbatas dan Keputusan Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan No.
Kep-643/BL/2012 tanggal 7 Desember 2012 sebagaimana telah diubah dengan POJK No. t
55/POJK.04/2015 tanggal 23 Desember 2015 tentang Pembentukan dan Pedoman h
Pelaksanaan Kerja Komite Audit. e
r
eG
s2
p
0
o
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n
O
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iC
b
D
i
lP
iR
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sI
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h
I
e:
R
R
ee
m
s
u
p
n
o
en
rs
ai
tb
ii
o
l
n
i
t
C
i
o
Keterangan
i
Chua Siang Hwee (Komisaris Independen), Jeffrey lulusan dari National University of m
Singapore dengan gelar Sarjana Hukum (Honours) dan meraih gelar Master dalam bidang p
Hukum (Perbankan dan Keuangan Internasional) dari King’s College, University of London. o
Beliau juga telah mengikuti Advanced Management Program di Harvard Business School, r
AS. t
a
n
t
t
h
a
t
t
h
e
Basarkan Piagam Komite Audit hal tersebut merupakan salah satu tugas dan tanggung am
jawab Komite Audit yaitu : Memberikan rekomendasi kepada Dewan Komisaris mengenai u
a
penunjukan Kantor Akuntan Publik berdasarkan independensi, ruang lingkup penugasan d
r
dan biaya audit. ik
te
st
,
r
Guiding Reference
e
ic
Ste
ci
h
v
eie
d
ss
u
Sesuai dengan POJK No. 33/POJK.04/2014 tertanggal 8 Desember 2014, selama tahun la
2017, Dewan Komisaris telah mengadakan 6 (enam) kali rapat dengan tingkat kehadiran i
100% dari anggota. n
m
f
gp
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b
rl
o
t
aa
rn
n
d
td
m
c
etl
eo
e
ta
ir
n
h
gap
svi
Keterangan
idem E.3.2
Keterangan
Pada tahun 2017, Sekretaris Perusahaan telah melaksanakan tugas-tugasnya yang antara
lain : Mempersiapkan rapat Dewan Komisaris, Direksi, Dewan Komisaris & Direksi, Komite
Audit, Komite Nominasi & Remunerasi, dan menyimpan Risalah Rapat dari masing-
masing rapat tersebut.
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C
I
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I
:
Data tidak diperoleh dalam Laporan Tahunan 2017 Perusahaan
R
e
s
p
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i
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Data tidak diperoleh dalam Laporan Tahunan 2017 Perusahaan i
l
i
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e
Data tidak diperoleh dalam Laporan Tahunan 2017 Perusahaan s
o
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o
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sB
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o
aa
rr
ed
h
(
o
F
l)
Keterangan
Dewan Komisaris terdiri dari 7 (tujuh) orang anggota yaitu 1 (satu) Presiden Komisaris, 1
(satu) Wakil Presiden Komisaris, dan 5 (lima) Komisaris, dimana 3 (tiga) orang di
antaranya merupakan Komisaris Independen, sebagaimana diatur dalam Undang-
Undang Perseroan Terbatas No. 40 Tahun 2007, POJK No. 33/POJK.04/2014 tanggal 8
Desember 2014 dan Peraturan BEI No. 1-A tanggal 30 Januari 2004.
Keterangan
G
2
0
/
O
E
C
D
P
R
I
N
c
Data tidak diperoleh dalam Laporan Tahunan 2017 Perusahaan C
o
Im
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Piagam Audit Internal ditetapkan oleh Direksi dan disetujui oleh Dewan Komisaris pada R
n
tanggal 23 November 2009, secara berkala dilakukan pembaruan sesuai dengan ts
e
kebutuhan. Audit Internal bertanggung jawab kepada Presiden Direktur dan sh
ci
berkoordinasi serta melaporkan kegiatan kepada Komite Audit. e
p
o
d
o
m
e
B
n
m
rp
Freddy Tigor Sihite adalah lulusan Universitas Indonesia dengan latar belakang o
se
aa
pendidikan di bidang Ekonomi dan Akuntansi. Bergabung dengan Perseroan pada tahun ain
tr
2008 dan memiliki pengalaman dalam Audit Keuangan, Audit Internal dan Manajemen rd
b
it
Risiko di beberapa negara di Asia, termasuk Indonesia. id
ao
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in
aT
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rh
s8
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fb
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cs
a
Keterangan
idem E.3.16
W
O
R
L
D
B
A
N
K
P
R
I
N
C
I
P
L
E
6
(
V
I
.
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.
7
.
9
)
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o
e
s
t
h
e
i
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t
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a
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d
i
t
o
r
s
Keterangan
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2
0
/
O
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C
D
P
w
R
i
Il
N
l
C
I
P
Dilakukan oleh Komite Audit yang merupakan bagian dari tugas dan tanggung jawabnya m L
yaitu melaporkan kepada Dewan Komisaris berbagai risiko yang dihadapi perusahaan dan aE
pelaksanaan manajemen risiko oleh Direksi, Melakukan penelaahan atas implementasi n
program Manajemen Risiko oleh Manajemen. a
V
g
Ie
:
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h
se
p
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r
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0
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(iu
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sg
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l
To
h
si
eu
t
rs
b
e
o
a
Keterangan
Dewan Komisaris mengambil beberapa langkah penting dan keputusan dalam rapat-rapat
dimaksud, diantaranya adalah meninjau kinerja Perseroan terhadap anggaran dan situasi
pasar; mengevaluasi kemajuan ekspansi gerai dan memberikan arahan langkah-langkah
tambahan yang dianggap penting untuk ditempuh oleh manajemen sejalan dengan
arahan strategis dan memastikan efektivitas sistem pengendalian internal.
Direksi memiliki tanggung jawab utama untuk mengelola dan mewakili kegiatan
Perseroan sehari-hari. Direksi juga bertanggung jawab untuk menetapkan tujuan strategis
dan tindakan strategis yang perlu diambil, menyiapkan rencana bisnis dan anggaran, dan
melembagakan pengendalian internal yang berfungsi dengan baik, dan tugas lainnya.
Kewenangan Direksi diatur dan sesuai dengan ketentuan menurut Pasal 92 Ayat (1)
Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas dan Anggaran Dasar
Perseroan.
Keterangan
Guiding Reference
###
G
2
0
/
O
E
C
D
P
R
I
N
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I
P
L
E
V
I
:
R
e
s
p
o
n
idem E.2.4 dan E.2.5 s
i
b
i
idem E.2.4 dan E.2.5 l
i
t
i
e
b
Peran utama Dewan Komisaris adalah melakukan fungsi pengawasan terhadap Direksi sy
dan tim manajemen. Dasar hukum peran dan tugas dari Dewan Komisaris adalah Pasal
108 ayat (1) Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas dan o
d
Anggaran Dasar Perusahaan. Peran pengawasan yang dijalankan Dewan Komisaris fe
merupakan bagian penting dalam membantu perusahaan untuk mencapai keberhasilan s
operasional, serta menerapkan prinsip-prinsip GCG. ti
h
g
e
n
a
B
t
Data tidak diperoleh dalam Laporan Tahunan 2017 Perusahaan o
i
a
n
gr
d
a(
E
l)
e
aT
h
d
e
n
b
o
Keterangan
2
.
1
William Travis Saucer (Ketua/Komisaris Independen) bergabung dengan Matahari 6
Department Store sebagai CEO pada tahun 2006. .
3
l
e
a
d
Guiding Reference
i###
Data tidak diperoleh dalam Laporan Tahunan 2017 Perusahaan n
d
e
p
e
n
Data tidak diperoleh dalam Laporan Tahunan 2017 Perusahaan d
e
n
t
d
i
r
e
c
t
o
and Performance r
Sepanjang 2017, Dewan Komisaris terlibat dan memberikan berbagai arahan atas rencana
dan strategi Perseroan. Dewan Komisaris telah mengadakan 4 pertemuan formal dengan s
Direksi. Keempat pertemuan formal dengan Direksi yang dilaksanakan setiap triwulan h
untuk menelaah kinerja keuangan dan operasional, baik triwulanan maupun tahunan. o
Dalam pertemuan-pertemuan tersebut, rencana strategis ditelaah dan diperbaharui, bila u
diperlukan. Berbagai tindakan kemudian dirancang untuk memastikan pelaksanaan atas l
rencana strategis yang telah diperbarui tersebut. d
diperoleh dan disertai dengan pembaharuan rencana strategis dan langkah-langkah b
penerapan yang diperlukan. e
a
p
Direksi belum memiliki kebijakan penilaian sendiri secara formal. Kinerja Direksi dinilai p
oleh Dewan Komisaris dan Pemegang Saham dalam RUPST. o
i
n
t
e
d
i
n
t
h
e
c
a
s
Keterangan
Pada dasarnya penilaian untuk menilai kinerja Dewan Komisaris Perseroan dilakukan oleh
Pemegang Saham melalui mekanisme Rapat Umum Pemegang Saham, walaupun Dewan
Komisaris secara rutin melakukan rapat setiap 2 bulan dimana juga membahas kinerja
Dewan Komisaris secara non formal, diluar dari tugas untuk mengawasi Direksi dalam
melaksanakan tugas pada Perseroan.
Komisaris belum memiliki kebijakan Penilaian Sendiri sehingga tidak terdapat kebijakan
Penilaian Sendiri yang diungkapkan dalam laporan tahunan.
idem E.5.4
Data tidak diperoleh dalam Laporan Tahunan 2017 Perusahaan
###

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LEVEL 1

A.1 Basic Shareholder Rights

A.2 Right to participate in decisions concerning fundamental

A.3 Right to participate effectively in and vote in general shareholder

A.4 Markets for corporate control should be allowed to function in

A.5 The exercise of ownership rights by all shareholders, including

B. EQUITABLE TREATMENT OF SHAREHOLDERS

B.1 Shares and Voting Rights

B.2 Notice of AGM

B.3 Insider trading and abusive self-dealing should be prohibited.

B.4 Related party transactions by directors and key executives.

B.5 Protecting minority shareholders from abusive actions

C.1 The rights of stakeholders that are established by law or through

C.2 Where stakeholder interests are protected by law, stakeholders

ms for employee participation should be permitted to

C.4 Stakeholders including individual employee and their

D. DISCLOSURE AND TRANSPARENCY

D.2 Quality of Annual Report

D.3 Disclosure of Related Party Transactions (RPTs)

D.4 Directors and Commissioners dealings in the shares of the

D.5 External Auditor and Auditor Report

D.7 Timely filing/release of annual/financial reports

D.8 Company Website

D.9 Investor Relations

E. RESPONSIBILITIES OF THE BOARD

E.1 Board Duties and Responsibilities

E.2 Board Structure

E.3 Board Processes

E.4 People on the Board

E.5 Board Performance

LEVEL 2 – BONUS ITEMS

(B)B. EQUITABLE TREATMENT OF SHAREHOLDERS

(B)C. ROLE OF STAKEHOLDERS

(B)D. DISCLOSURE AND TRANSPARENCY

(B)E. RESPONSIBILITIES OF THE BOARD

(B)D. DISCLOSURE AND TRANSPARENCY

(B)E.3 Board Appointments and Re-Election

(B)E.4 Board Appointments and Re-Election

(B)E.5 Risk Oversight

(B)E.6 Board Performance

LEVEL 2 – PENALTY ITEMS

(P)A. RIGHTS OF SHAREHOLDERS

(P)A.2 Shareholders, including institutional shareholders, should be

participate effectively in and vote in general

(P)A.4 Capital structures and arrangements that enable certain

(P)B. EQUITABLE TREATMENT OF SHAREHOLDERS

(P)B.2 Protecting minority shareholders from abusive action

(P)C.2 Where stakeholders participate in the corporate governance

(P)D. DISCLOSURE AND TRANSPARENCY

(P)E. RESPONSIBILITIES OF THE BOARD

(P)E.2 Board Structure

(P)E.3 External Audit

1 Basic Shareholder Rights

2 Right to participate in decisions concerning fundamental

The authorisation of additional shares?

The transfer of all or substantially all assets, which in effect results

3 Right to participate effectively in and vote in general shareholder

4 Markets for corporate control should be allowed to function in

5 The exercise of ownership rights by all shareholders, including

EQUITABLE TREATMENT OF SHAREHOLDERS

1 Shares and Voting Rights

Does the notice of AGM/circulars have the following details:

3 Insider trading and abusive self-dealing should be prohibited.