Audit Committee

The Audit Committee is a committee that is established by and is responsible to the Board of Commissioners in assisting the Board of Commissioners in carrying out its duties and functions in implementing internal control and audit as well as providing independent opinions on matters that require the attention of the Board of Commissioners in accordance with the principles of Good Governance and applicable laws and regulations.

Legal Basis

The establishment of the Company's Audit Committee is stipulated in the Decree of the Board of Commissioners No. AAID/Sk-Dk /4-2018/001 and No. AAID/Sk-Dk/4-2018/002 dated 30 April 2018 and is in accordance with:

  1. Financial Services Authority Regulation No. 55/ POJK.04/2015 dated 23 December 2015 concerning the Establishment and Guidelines for the Work Implementation of Audit Committee.
  2. Indonesia Stock Exchange Regulation No. I-A.
  3. The Company’s Articles of Association.

Audit Commitee Charter

The Company's Audit Committee has a committee charter which was approved by the Board of Commissioners on 1 October 2018 which contains the work guidelines for the Audit Committee including the duties and responsibilities as well as the implementation of committee meetings.

Audit Commitee Profile

The Audit Committee consists of one Chairman and two Members. The following is the profile details of Audit Committee:

Sabam Hutajulu, PH.D
63 years
Indonesian Citizen
Chairman of Audit Committee/ Independent Party
Terms of Office 5 (five) years
Appointment Basis Board of Commissioners Decree No. AAID/SK-DK/11-2022/007 dated 17 November 2022
Educational Background He completed his Bachelor of Accounting from the Faculty of Economics, University of Indonesia (1984). He graduated with a Master of Accountancy (1997) and Ph.D in Accountancy (2001) from Weatherhead School of Case Management Western Reserve University (CWRU), Cleveland, USA
Professional Experience Experienced as Senior Auditor of the Financial and Development Supervisory Agency (BPKP); VP Finance & Administration Pertamina Energy Services in Singapore (May 2009 – May 2011); Chief Financial Officer at PT Elnusa Tbk. (May 2011 – May 2015); President Director of PT Tugu Pratama Indonesia (General Insurance) (August 2015 – March 2017); Chief Executive Officer of PT Jardine Lloyd Thompson Indonesia (JLTI) (June 2017 – August 2018); President Director of PT Asuransi Jiwa Tugu Mandiri (July 2019 – February 2020); Head of Consultancy & Advisory ISEA-Indonesia Senior Executives Association (November 2020 – present); Independent Commissioner and Head of Audit Committee of PT Asuransi Jiwa IFG (February 2021 – present).
Elok Tresnaningsih
63 years
Indonesian Citizen
Member of Audit Committee/ Independent Party
Terms of Office 5 (five) years
Appointment Basis Board of Commissioners Decree AAID/SK-DK/03-2023/003 dated 13 March 2023
Educational Background She completed her Bachelor Degree in Accounting from the Faculty of Economics, University of Indonesia (1983) and She graduated with a Master of Science in Accounting, University of Indonesia (2007).
Professional Experience Experienced as Auditor of Public Accounting Firm Capelle, Tuanakota & Co (1982-1987); Lecturer of Faculty of Economic & Business, Universitas Indonesia (1983-present); Associate Director of Center for Accounting Development (PPA) FEUI (2007-2009); Audit Committee of PT PLN (Persero) (2007-2012); and Audit Committee of PT Semen Indonesia (Persero) Tbk. (2013-2021).

Audit Committee Independence

In accordance with the Audit Committee Charter and POJK No.55/POjk.04/2015 dated 23 December 2015, the Audit Committee acts independently in carrying out its duties and responsibilities. All members of the Company's Audit Committee have fulfilled the independence requirements, which are set forth in a Personal Statement documented by the Corporate Secretary.

Duties and Responsibilities

  • Review the financial information that will be issued by the Company or Public Company to the public and/or authorities, including financial statements, projections and other reports related to the Company's financial information;
  • Review the compliance with laws and regulations related to the Company's activities;
  • Provide an independent opinion in the event of a difference of opinion between management and the Accountant for the services provided;
  • Provide recommendations to the Board of Commissioners regarding the appointment of an Accountant based on independence, scope of assignment, and costs;
  • Review the audit conducted by internal auditor and supervise the implementation of follow-up actions by the Board of Directors on the findings of the internal auditors;
  • Review the risk management activities carried out by the Board of Directors, if the Company or Public Company does not have a risk monitoring function under the Board of Commissioners;
  • Review complaints related to the Company's accounting and financial reporting processes;
  • Review and provide advice to the Board of Commissioners regarding the potential conflict of interest of the Company or Public Company; and
  • Maintain the confidentiality of the Company's documents, data and information.

Audit Committee Activities In 2022

Realisation of the implementation of the Audit committee work program in 2022 is as follows:

  1. The Audit Committee has reviewed the Company’s 2022 financial statements, including quarterly and annual statements. The Audit Committee has also discussed several issues requiring the attention from the Board of Directors.
  2. The Audit Committee noted that the Company has carried out its activities in accordance with the prevailing laws and regulations.
  3. The Company as a public company, in carrying out its activities has maintained the accountability, transparency and professionalism principles as important elements in Good Corporate Governance practices.
  4. During 2022, the Audit Committee has held 4 (four) meetings with 100% attendance of its members.
  5. The Audit Committee did not participate in any trainings or seminars during 2022.

Audit Committee Meeting

The Audit Committee Meeting Policy refers to the Company’s Audit Committee Charter, as follows:

  1. The Audit Committee meeting is held at least once in 3 (three) months;
  2. The Audit Committee meeting can only be held if it can be attended by more than half (1/2) of the members;
  3. The resolutions of the Audit Committee Meeting are made based on deliberation to reach consensus;
  4. Every Audit Committee Meeting is stated in the Minutes of Meeting including any dissenting opinions and is signed by all members of the Audit Committee present and submitted to the Board of Commissioners.

In 2022, the Audit Committee held 4 meetings with 100% attendance rate of its members with the following description.

Meeting Agenda

No. Date Agenda
1 11 April 2022 Review of the Draft of the 2021 Financial Statements
2 30 May 2022 Update on business and operations
3 17 November 2022 Overview with the Internal Audit

Audit Committee Trainings And Seminars

The Audit Committee has not participated in any trainings/seminars/workshop throughout 2022.