In facing the ongoing challenges of 2017, the Company is optimistic and
continues to pursue the best strategies for the advancement of the
business.
The Company has taken a strategic measure by establishing a strategic
partnership with Tokyo Gas and Development Bank of Japan (incorporated
as TG&D Singapore Investment Holding Pte Ltd) through investment in
PT Panji Raya Alamindo, the subsidiary engaging in the field of gas
trading and transportation. Besides, the Company also continues to
establish cooperation with the new clients in the operational areas of
the Company.
The Company expects that the strategic measures taken will improve the
Company’s performance achievement and business continuity in the years
to come. Rukun Raharja RAJA
The Company is committed to implement Good Corporate Govemance in its
all operations. The Board of Director work Together with the Board of
Commissioners to operate the company in accoradence with the principles
of Good Corporate Governance. This include providing direction to the
internal audit unit to take more active role the Company internal
control. The Board of Directors incooperation with the Board of
Commissioners is preparing Board Manual as work guidance. The Board of
Directors also pay attention to the Company role in the society by
implementing corporate social responsibility program to the community
surounding the Company operational areas.
The Board of Directors always maintain good team work among Board
members and good cooperation with the Board of Commissioners and all of
stakeholders which resulted a good achivement in year 2015. The Board of
Directors appreciate all stakeholders for the support especially all
employes for all of efforts and achievements. It is our hope that 2015
achivement become a solid foundation to achieve greater results in the
future.
A. BOARD OF COMMISSIONERS
The Board of Commissioners is the Company’s organs that responsible
for the supervision and provides advice to the Board of Directors
related with the Company management.
The Board of Commissioners Composition and Profile
The composition of the Company’s Board of Commissioners consists of
one President Commissioner, two Commissioners, and one Independent
Commissioner. Previously, the Board of Commissioners consists of one
President Commissioner, one Commissioners, and one Independent
Commissioner inaccordance with the prevailing laws and regulations whic
required Independent Commissioners shall be at least 30% of total
members of the board members. In respect of Good Corporate Governance
requirements, the
Company will appoint Mr. Rahmat Gobel as independent commissioner on the next General Meeting of Shareholders (GMS).
Company will appoint Mr. Rahmat Gobel as independent commissioner on the next General Meeting of Shareholders (GMS).
Scope of Works of the Board of Commissioners
The jobs of The Board of Commissioners include:
- Oversee the Board of Directors performance;
- Review financial report, annual planning and budget of the Company;
- Decide the Board of Directors remuneration;
- Prepare the Company’s operational monitoring report for Annual GMS;
- To implement the Annual GMS decisions and reported the execution on the next GMS;
- Provide advise and recommendation to the Board of Directors related to the Company’s management.
Remuneration of Board of Commissioners. As a result of Annual GMS on
April 29, 2015, the President Commissioner was granted the authority to
determine the distribution among Board members amounted of IDR 2.574
billion per year at maximum. For year 2015, the total remuneration for
the Board of Commissioners was IDR 2,292,500,000.-
The Board of Commissioners Meetings
According to the Company’s policies, in order to deliver the Board of
Commissioners roles and functions, the board has to conduct minimum
three formal internal meetings and three formal meetings with the Board
of Directors, within a year. Throughout 2015, the Board of Commissioners
has conducted 3 (three) formal meetings of the Board of Commissioners
and 4 (four) formal meetings with the Board of
Directors.
Directors.
B. BOARD OF DIRECTOR
The Board of Directors is the organ which has fully responsibility to
manage the Company in the best interests of and inline with the
Company’s objectives and to manage and maintain the Company’s assets.
Scope of Work of Board of Directors
The roles and responsibilities among the members of the Board of
Directors is determined on the General Meeting of Shareholders and those
authority can be delegated to the Board of Directors. The Company Board
of Directors consists of one President Director and two other
Directors. Each Director can act and take decisions inline with his
duties and authority, however, the implementation of tasks by each
Director remains a collective responsibility of the Board of Directors.
Director remains a collective responsibility of the Board of Directors.
The scope of works of each Director is presented as follow:
- President Director and in charge of Business Development Director, is responsible to representing the Company in the leadership, and upervise the business activities for the benefit and objectives of the Company. In his capacity as Director of Business Development specifically determines the direction of the Company’s business development.
- Finance Director is responsible for the formulation of the Company’s policy, to plan, manage and control the operation of finance, accounting, tax and treasury of the Companyadn evaluate the achivement.
- Operations Director is responsible for the formulation of the Company’s policy, to plan, manage and control the operation of procurement, general administration, human resources management, information technology, safety and health and corporate social responsibility.
As a public company, the Company’s Board of Directors has the
specific duties such as stipulated in the Regulation of the Financial
Services Authority No. 33/POJK.4/2014 of the Board of Directors and
Board of Commissioners of Public Company, among others (1) held a
general meeting of shareholders, (2) held
an internal meeting and a meeting between the Board of Directors and the Board of Commissioners. Rukun Raharja RAJA
an internal meeting and a meeting between the Board of Directors and the Board of Commissioners. Rukun Raharja RAJA
The Company understands the importance to always pay attention to the
needs of clients and the services provided to the customers. The
Company is commited to maintain good relationship with the customers in
the long run, pay attention to the rights and obligations of the
customers, and disclose important information for the customers,
especially related to products and services generated.
The Company also provide facilities to receive and follow-up complaints of customers
through the Corporate Secretary. However, during 2017, the Company did not receive any complaint on violation from the customers which demonstrates the good service quality provided by the Company to the customers. Rukun Raharja
The Company also provide facilities to receive and follow-up complaints of customers
through the Corporate Secretary. However, during 2017, the Company did not receive any complaint on violation from the customers which demonstrates the good service quality provided by the Company to the customers. Rukun Raharja
The Company pays serious attention to fulfil its social and moral
obligation to operational environment according ethics which are
applicable in Indonesia and also international. Therefore, all members
are obliged to run activities with responsible in accordance with norms
of law, and the prevailing states laws and regulations.
CONTENT OF CODE OF ETHICS
The main points of the code of conduct of the Company consists of
Business Ethics and Work Ethics. Business Ethics is a standard of
behaviour for the Company as an entity in dealing with stakeholders both
inside and outside the Company. Work Ethics is a standard of behaviour
for every member of the Company in dealing with all parties.
A. The Company Business Ethics
- Relationship with Employees
- The Company has a commitment to:
- comply with all employment obligations as stipulated by the Law,
- implement systems and procedures that support employee contribution in achieving the vision and mission of the Company regardless of gender, ethnicity, race, religion or group.
- Relationships with Customers
- The Company has a commitment to:
- deliver the best products and services in accordance to official agreement,
- pay attention to the views of customers and provide a response as soon as possible.
- Relationships with Suppliers
- The Company has a commitment to:
- implement equal and fair systems and procedures for all suppliers,
- practices the principle of transparency in all phases of the procurement of goods and services.
- Relationships with Competitors;
- The Company has a commitment to:
- apply the principles of healthy competitionaccording to the rules and regulations,
- respects the existence of competitors and maintain good relationships appropriate legislation.
- Government Relations
- The Company has a commitment to:
- apply the principles of good corporate governance according to the rules and regulations,
- enforce all the rules and regulations required in the operations of the Company.
- Relations with the Public Interest;
- The Company has a commitment to:
- respect the local customs,
- participates in activities that enhance the social value of the Company.
- Relationship with Investors and Shareholders;
- The Company has a commitment to:
- provide the Company report that is transparent, accurate and complete as long as not contrary to the interests of the Company,
- establish a good relationship with all investors and shareholders through the implementation of equal treatment in accordance with the provisions of the Articles of Association and applicable legislation.
- Relationships with Subsidiaries/Joint Ventures;
- The Company has a commitment to:
- implement the Company’s systems and procedures to all business groups,
- ensure the operation of all business entity provide added value for the Company and ensure the sustainability of our business.
- Relationships with Media;
- The Company has a commitment to:
- apply single system to ensure the accuracy and validity of the information given to the media,
- receive input from the media with consideration of possible risk of the Company.
B. WORK ETHICS
- Compliance with Law;
- Every individual in the Company is committed to
- comply with all laws and relevant provisions that governing the rights and obligations as good citizens,
- comply with all the provisions of the Company Book of Regulations and/or other provisions issued by the Company.
- Conflict of Interest;
- Every individual in the Company is committed to
- prevent him/herself in any business that has potential conflict of interest with the Company,
- report to the Compliance Unit if he/she found the situation that potentially involve him/her in a conflict of interest with the Company.
- Giving and receiving;
- Every individual in the Company is committed to
- prevent him/herself in provides gift or accept anything contrary to his obligations as a Company’s person,
- using the Company’s revenues only for the benefit of the Company’s operations.
- Confidentiality;
- Every individual in the Company is committed to
- prevent him/herself from discusses the information or data that is material for the Company to anyone, including family members,
- seeks information and data that formally issued according to related regulations and only to the interests of the Company.
- Use of Assets and Supervision;
- Every individual in the Company is committed to
- purchase and utilize the Company’s assets effectively and efficiently solely for the benefit of the Company,
- reports any indication of violations in the utilization of the Company’s assets.
- Occupational Health and Safety
- Every individual in the Company is committed to
- create and maintain a healthy and safe works environment and prevent potential accidents in the workplace,
- understand correctly standards and procedures in occupational health and safety that applied in the Company.
- Relationships with Co-workers;
- Every individual in the Company is committed to
- maintain harmonious working relationships regardless of ethnicity, race, religion, gender and group differences,
- maintain the dignity of the Company’s people within and outside the Company.
THE IMPLEMENTATION OF CODE OF CONDUCT
The Company believes that the code of conducts should be applied consistenlly in all of organization level and in daily Company’s activities. To ensure that, all of the Board of Directors, Board of Commissioners and employees of the Company are required to sign statement of understanding and compliance to the Company code of conduct. Furthermore, the implementation of Company’s code of conduct is stated in the Company Book of Regulation period of 2015 - 2017 which already socialized on January 26, 2016.
WHISTLEBLOWING SYSTEM
The Company encourages all of individual in the Company to report any unethical acts or violation of the law in the Company by stating his/her identity at the time of reporting the actions or alleged violation.
PROTECTION OF THE WHISTLEBLOWER
The Company guarantees every member who is in good faith reporting unethical behaviour, violation of the law, harassment, ostracism, will not face the employment consequences. Report Handling Every member who experienced or observed unethical conduct or illegal actions, is expected to immediately report it to Compliance Unit either by person, by phone or by email. The Company guarantees the confidentiality of the reporter’s identity during the investigation
process.
Member that has conducted unethical actions or violation of the law
will face disciplinary sanction (reprimands, warning, suspensions) until
dismissal and possibly to be prosecuted by state. On the other hand,
every member is reminded that it is considered an unlawful act if
someone reports something that it is not true or not based on facts.
During 2015, the Company did not find any report of any alleged acts that violate the ethical guidelines or laws in the Company.
CONTENT OF THE COMPANY CULTURE
Company culture is demonstrated in form of Company values. The values
are becoming a foundation to achieve the Company vision and mission. To
align Company activities with its new vision and mission, the Company
review
the organization practice and finally evolved with five basic values namely Creativity, Respectability, Excellence, Adaptability and Teamwork. Those values can be summarized as CREATE. remarkable ways and consistently looking for ideas and finding new methods to obtain the best results.
the organization practice and finally evolved with five basic values namely Creativity, Respectability, Excellence, Adaptability and Teamwork. Those values can be summarized as CREATE. remarkable ways and consistently looking for ideas and finding new methods to obtain the best results.
This is an important value for the Company, because high creativity
especially in finding new ways to procure the energy isrequired in more
tight competition.
Creativity is the ability to be creative in a
remarkable ways and consistently looking for ideas and finding new
methods to obtain the best results. This is an important value for the
Company, because high creativity especially in finding new ways to
procure the energy is required in more tight competition.
Respectability is the quality of the feasibility,
accuracy, ethics and integrity to gain the trust and appreciation in the
business. This is necessary because investment business requires high
trust of investors and business partners and those should be achieved in
positive ways.
Excellence is a tremendous effort and consistently
in delivering results and run the business with the optimum quality.
This is important because the mediocre products and services will not
appeal to the partners and potential business partners.
Adaptability is the ability to make changes effectively in response to changing circumstances. This is necessary because the company needs to adjust itself to handling variety of circumstances as well as with a variety of partners.
Teamwork is the ability to cooperate with others to achieve the targeted results. This is important because of the cooperation both within the organization and with partner organizations is a vital influence to produce the Company’s output. Rukun Raharja RAJA
Company Performance
In 2017, the Company has operated fully the pipeline network of Gresik Jawa Timur through PT Triguna Internusa Pratama.
This achievement has contributed to the increase of gas transportation volume which recorded the largest growth in operational performance, reached 71.81%.
This achievement has contributed to the increase of gas transportation volume which recorded the largest growth in operational performance, reached 71.81%.
2018 Business Outlook
For 2018, the government has projected the growth of gas lifting
realization in the range of 1,200 MBOEPD, higher than gas lifting
realization in 2017 that reached 1,140 MBOEPD.
The determination of the projection is accompanied by thegovernment efforts to:
The determination of the projection is accompanied by thegovernment efforts to:
- Make efficient use of costs to safeguard the economy;
- Provide incentive to overcome investment delay;
- Add development sources, work over, and well service;
- Solve subsurface problems;
- Minimize disruption of operations;
- Actively coordinate the constraints of land acquisition and licensing;
- Implement more effective procurement strategies;
- Encourage solving problems in the midstream and downstream to overcome the low absorption of buyers; and
- Provide certainties of work area management, long before Rukun Raharja RAJA
Rukun Raharja RAJA
Rukun Raharja RAJA
