Implementation of Principles

Implementation of Principles

The implementation of GCG Principles at PT Petrokimia Gresik is mirrored in these activities as follows:

Transparency in the process of decision making and transparency in giving material information and relevant about the company with a method that easy to access and understanding by stakeholders.

  1. Clear disclosure in GMS about decided agenda.
  2. Transparency in the determination of salary and remuneration of Commissioners and Directors. The salary giving and remuneration should be based on the regulation and achievement as well as each performance.
  3. Develop accounting system based on Accounting Standard and Best Practices to ensure the quality of financial report and the disclosure
  4. Developing IT to ensure the performance measure that appropriate and effective decision making process by directors and management.
  5. Developing Enterprise Risk Management to ensure that all significant risk have been identified, measured, and can be managed on certain level.
  6. Announcing to public the annual report through company’s website.
  7. Announcing to public the recruitment through company’s website.
  8. Disclosure for all material information or disclosure for all information that influence the continuity of company, such as thing that related to operational performance, financial and business risk.

The clarity of function, operational and accountability of company organ, so that the company management can be done effectively.

  1. The decisions in GMS are strategic decisions that give positive impact for the development of company’s vision and mission.
  2. The preparation of financial report is done at the right time and place.
  3. Establish an audit committee and committee of GCG, HR, Risk Monitor and investment (PMRI) to improve the guiding function by commissioner.
  4. Arrange and redefine the job and function of audit internal as strategic business partner based on best practices so that audit internal not only do the compliance audit but also use the approachment of risk based audit.
  5. Manage the contract with responsibly and solve the problem.
  6. Enforce the law by arranging a system of reward and punishment.
  7. Hire professional External Auditor.

The compatibility in company’s management to the laws and regulations and good corporate Principles.

  1. The realization of responsibility to community or related parties with company directly or indirectly.
  2. Avoiding the abuse of power.
  3. Being professional and ethical.
  4. Company hires external auditor to do the audit of laws and regulations, standard and other provisions and impact to the business.

A condition where a company is managed professionally without conflict of interest and influence / pressure from any party that is not in accordance with the laws and regulations and good corporate Principles.

  1. GMS set a mechanism of choice and appointment of Commissioner and Directors, such as a requirement through mechanism of fit and proper test so that objectively people chosen is fulfill the qualification of needs.
  2. GMS hire independence auditor that will do audit for financial report.

Fairness and equality in fulfilling rights of stakeholders that appear based on laws and regulations.

  1. In carrying out the GMS parties who have the right to ask questions and the right to give advice in accordance with the articles of association or applicable laws and regulations, can use their rights with limitation.
  2. GMS provide fair treatment to all shareholders, both majority shareholders and minority shareholders.
  3. Release corporate conduct and compliance policies to prevent a cheating, used to personal interest and conflict of interest.
  4. Arrange the duties and obligation of Directors, Commissioner, Management and Committee include the audit system.
  5. Introducing equal employment opportunities to all prospective employees and permanent employees who have worked for the company

updated, 041119