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GCG Statement
GCG GENERAL PRINCIPLE
PT Bumi Resources Tbk (BUMI or the Company) adheres strictly to Indonesian regulation in the design and implementation of its governance processes while recognizing the importance of meeting international governance standards for the benefit of customers and international investors. BUMI is guided in GCG implementation and policy by recognizing the important of the five principles of Transparency, Accountability, Responsibility, Independence, and Fairness.

 

Transparency:
BUMI sends or publishes complete documentation to comply with regulations of Bapepam-LK and Indonesia Stock Exchange; bilingual (English and Bahasa Indonesia) Quarterly Financial Reports, Half-Yearly Financial Reports, audited Annual Financial Reports, and Annual Reports are published and available on-line; analyst meetings, public exposes and press releases are held regularly and as needed.

 

Accountability:
BUMI management is regularly held to account by shareholders at General Meetings of Shareholders, at a minimum of once per year; while a separation of tasks and oversight is constantly operable through a hierarchy of Board of Commissioners, and their committees, the Board of Directors and its committees and internal audit divisions, as detailed in the organizational chart on page 152 of this Annual Report.

 

Responsibility:
BUMI’s operating units operate in a number of regulatory jurisdictions and cultural situations, and in each and every case, management is responsible for ensuring that stakeholders. This includes both conforming to national law and empowering local communities with development programs in agribusiness, education, standard of living and preservation of natural and cultural heritage.

 

Independence:
The Boards of Commissioners and Directors act independently in their decision making, with requirements to declare and publish, including in this Annual Report, any conflict of interest. Independent advice from expert consultants and independent assurance is occasionally sought to ensure processes follow best practices.

 

Fairness:
BUMI applies fair and equal treatment to all stakeholders, with human resources hiring practices in conformity to best practice and monitoring systems reporting on success levels; with strict adherence to local prevailing regulations; and with an understanding that sustainable business practice requires such fair treatment.

 

STEPS TAKEN IN 2012
Every year, management implements quality evaluation and enhancement initiatives of the Company’s GCG implementation.

 

In 2012, steps were taken to enhance its GCG procedures and practices in various areas. Primary among these were reviewed and updated policies, and also updating and assessing the effectiveness of BUMI’s organizational structure.

 

As a result of the quality evaluation and enhancement initiatives, BUMI reviewed and updated and also prepared the draft version of the following policies:

 

a. Internal Audit Charter
Latest version of this charter is updated on February 2012. Among the changes are the uses of bilingual, and include the coordination between BUMI’s Internal Audit and its subsidiaries, the responsibilities of the management, and the new procedure of Internal Audit Charter to be signed by the Chairman and Division Head.

 

b. Enterprise Risk Management Policies & Procedure Version 2.0
The latest version is designed to be in line with ISO 31000 Risk Management Principle & Guidelines.

 

c. Corporate Information Dashboard (CID)
CID provides information in form of dashboard o Directors and Senior Management about crucial information and indicators on performance and risk in BUMI to assist the management in making accurate and timely strategic decisions. In 2012, there were improvement to accommodate the requirement of legal and compliance aspect.
 
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