SMN is committed to complying with Good Corporate Governance ("GCG") standards and principles as prescribed by the prevailing laws and regulations in Indonesia. SMN believes in the virtues of implementing GCG policies to the highest standards. SMN further believes that operating under GCG polices provides added value and protection, as well as transparency, to the shareholders and stakeholders. SMN's corporate governance framework provides for checks and balances while allowing management flexibility for prompt decision-making in the ordinary course of business.
Apart from simply complying with all legal and regulatory requirements, SMN strives to apply GCG practices as a key element to enhance its attractiveness and competitiveness in the domestic and foreign equity and debt markets. To provide accountability and transparency to the shareholders, SMN will deliver financial reports regularly as required by SMN's Articles of Association and capital markets laws and regulations. The reports include periodic financial reports to be delivered to Bapepam & LK and the Indonesian Stock Exchange ("IDX"), as well as other relevant reports as specified in the capital markets regulations.
SMN continues to monitor compliance with the principles of GCG as stipulated by the BAPEPAM & LK and IDX rules. In connection with the implementation of GCG principles in SMN's business and in accordance with the rules of the IDX and related BAPEPAM & LK rules, SMN has appointed and established the following:
- Unaffiliated Director: Aloysius Moerba Suseto
- Independent Commissioner: John Aristianto Prasetio
- Corporate Secretary: Arif Pradana
- Audit Committee
In compliance with BAPEPAM & LK regulation No. Kep-29/PM/2004 of Rule No.IX.I.5 concerning the Establishment and Guidelines of the Audit Committee's working practice, SMN has established an Audit Committee that provides the Board of Commissioners with independent, objective assurance and consulting service that add value and improve the effectiveness of risk management, control and GCG as stipulated in the Audit Committee Charter.
Audit Committee
In order to meet the requirements of BAPEPAM & LK and the IDX, on September 3, 2010 the Board of Commissioners appointed the following individuals as members of the Audit Committee:
| Name | Position | Age | Position Held Since |
|---|---|---|---|
| John Aristianto Prasetio | Head of Audit Committee | 60 | September 2010 |
| Anang Yudiansyah Setiawan | Member of Audit Committee | 41 | September 2010 |
| Patricia Marina Sugondo | Member of Audit Committee | 43 | September 2010 |
The duties of the Audit Committee include providing professional and independent advice to the Board of Commissioners and identifying matters that require the attention of the Board of Commissioners, including a review of the following: SMN's financial information (including financial reports and projections); the independence and objectivity of SMN's public accountant; the adequacy of SMN's public accountant's audits that all material risks have been considered; the adequacy of SMN's internal controls; SMN's compliance as a listed company with the prevailing capital markets regulations and other regulations related to SMN's business and SMN's internal auditors' duties. The Audit Committee also examines and reports complaints to the Board of Commissioners, maintains the confidentiality of documents, data and information relating to SMN, conducts audits of any alleged mistake in the resolutions of a Board of Directors' meeting or deviations in the implementation of the resolutions of such meetings.
