Good Corporate Governance (GCG) Principles
1. Transparency
The Company implements the transparency / openness principle in, among things:
- Developing and communicating of business plan to public
- Annual Report
- Periodic financial reports: annual, mid-year, and quarterly financial reports
- Other reports required of the Company as a listed Company
- Utilization of website to disseminate information to shareholders and other stakeholders
2. Accountability
Accountability principle is implemented by, among others, making a clear division of authority among corporate organs, including by detailing the duty and authority of the Shareholders Meeting (GMoS), Board of Commissioners, and Board of Directors, along with their performance measurements.
3. Responsibility
The Company applies responsibility principle by, among others:
- Complying with the Company’s Article of Association and existing laws on the way the Company conducts its activities;
- Fulfilling tax obligation in good and timely manner
- Carrying out its corporate social responsibility (CSR) programs
- Meeting its obligation of disclosure in accordance with the capital market regulation
4. Independency
Astra Otoparts implements the independence principle as follows:
- Mutually respecting the rights, duties, tasks, and authorities as well as responsibilities of corporate organs
- Shareholders and Board of Commissioners are not allowed to interfere in Company management
- Board of Commissioners, Board of Directors, and employees always avoid conflict of interests in taking a decision
- Company activities that may contain conflict of interests must secure prior approval from independent shareholders
- Implement policies and systems that minimize conflict of interests
5. Fairness
The Company applies the principle as follows:
- Shareholders have all the rights to attend and vote in the Shareholders Meeting in accordance with existing laws
- The Company treats all business partners equally and transparently
- The Company provides a good and safe working condition for all employees in line with the Company’s ability and existing laws
Good Corporate Governance (GCG) Structure
The main organs of GCC are:
- General Meeting of Shareholders (GMoS) as the highest decision-making forum for Shareholders
- Board of Commissioners as Company’s supervision
- Board of Directors as Company’s management
Other elements that support the governance structure are:
- Audit Committee that assists the Board of Commissioners in supervising financial policies;
- Corporate Secretary as the person in charge for the effectiveness of GGC implementation.
- Internal Audit and Risk Management
