Bakrieland is committed to constantly apply the principles of Good Corporate Governance (GCG) in all organizational tiers and operations. GCG in Bakrieland is implemented through a top-down approach by taking into account prevailing laws and regulations, best practices and corporate culture. All elements within the Company are involved in a participatory manner beginning from the preparatory stage to GCG internalization, implementation and evaluation. As guidelines for implementing the long-term strategy and to provide an overview of the strategy execution process, Bakrieland has drawn up the GCG Road Map which functions as an instrument for monitoring progress for ongoing and future GCG practices.
The structure of corporate governance in Bakrieland is portrayed by the Company’s Organ, which are General Meeting of Shareholders, the Board of Commissioners and the Board of Directors, as specified by Bakrieland's articles of association and the prevailing regulations. The Bakrieland’s Board of Commissioners has formed committees to support the implementation of its duties and responsibilities, which are Audit Committee, Risk Monitoring Committee, Nomination and Remuneration Committee, and Corporate Governance Policy Committee.
As a Company that keeps to its commitment to reliably enhance GCG implementation, Bakrieland has progressively equipped itself with the necessary GCG supporting instruments. Apart from Company vision, mission and core values, Bakrieland also has its own Code of Conduct, Whistleblower System, Code of Good Corporate Governance Implementation, Company Regulations, Board Manual, and various Standard Operating Procedures. All these instruments form a coherent system that supports the effective implementation of GCG principles in Bakrieland.
As part of an effort to strengthen the framework for GCG implementation and internalization, in 2012 Bakrieland conducted Strategic Intent Workshop which resulted on formulation of Bakrieland’s new vision and mission. The workshop also devised the Company’s long-term development strategy to guide all employees in fulfilling the newly-formulated vision and mission. Bakrieland also has issued the decree that all shareholders are entitled to propose candidates for member of the Board of Commissioners and Board of Directors.
For an objective assessment, every year Bakrieland has appointed an independent party to evaluate the effectiveness of Company-wide GCG implementation. The evaluation process highlights 7 (seven) aspects based on the Indonesia's Code of GCG laid down by the National Committee on Governance (NCG): GCG principles; business ethics and code of conduct; company organs; shareholders’ rights and responsibilities; stakeholders’ rights and responsibilities; statement on GCG implementation; and internalization of GCG practices. Evaluation outcomes and recommendations shall serve as vital input for the Board of Commissioners and Board of Directors to take the necessary remedial measures to improve GCG implementation.