- Suhartojo Tjandra
- - Chairman of the Audit Committee
Indonesian citizen, born in 1953 and a graduate from Private International Law, Faculty of Law, University of Indonesia with long working experience starting as English Correspondent to the position as Director at several companies. He joined our company in June 1994 as a Commissioner and since 2005 hold the position as a Chairman of Audit Committee. Based on decision of the Board of Commissioners on December 10th, 2012, the position as a Chairman of Audit Committee was extended until 2017.
- - Member of the Audit Committee
Indonesian citizen, born in 1975 and a Master of Management graduate from University of Surabaya. She started her career in 1996 at a business consultant company in Jakarta and works in several retail industries since 2001 until now. She has been appointed as a member of Audit Committee since 2009 and based on decision of the Board of Cimmissioners on December 10th, 2012, this position was extended until 2017.
- - Member of the Audit Committee
Indonesian citizen, born in 1978 and a graduate from Information Technology of Stikubank University. She works in several manufacturing industries since 2002 and has been appointed as a member of Audit Committee based on decision of the Board of Commissioners on September 24th, 2013, and was extended until 2017.
INDEPENDENCE OF THE AUDIT COMMITTEE
All members of Audit Committee are professionals in their respective field and selected based on among others; integrity, competence, experience and knowledge in law, financial, and information technology. Committee members are also required to meet the independency requirement in which a member must be free from any financial, managerial, shareholding and/or familial relationship with the Board of Commissioner, Board of Directors and/or controlling Shareholders and/or with the company.
DUTIES AND RESPONSIBILITIES OF AUDIT COMMITTEE
Our company describes duties and responsibilities of Audit Committee in Annual Activity Plan for 2017 – 2021 as follows:
- To review financial information that is going to be published by our company, such as Annual Financial Statement, Quarterly Financial Statement, Financial Projection and other financial information
- To review independency and objectivity of our company’s Public Accountant
- To review sufficiency of the audit procedures which were conducted our company’s Public Accountant to confirm all important audit risks have been addressed
- To review the effectiveness of company’s internal control
- To review the compliance level against regulations in Capital Market and Corporate Law, also other regulations related to the Company’s activities
- To investigate discrepancy and/or mistake in implementation of decisions as results of Board of Directors Meeting, Board of Commissioners Meeting and Shareholders Meeting
- To hold the Quarterly Audit Committee Meeting to formulate the independent professional opinion to or company’s Board of Commissioners regarding with the reports or other submitted by Board of Directors to Board of Commissioners
- To hold the Annual Audit Committee Meeting to arrange activities report of Company’s Audit Committee that will be attached in Company’s Annual Report
Based on mentioned duties and responsibilities, during 2016 the Audit Committee has performed six Audit Committee Meetings attended by Chairman of Audit Committee and all its members.
Activities conducted by Committee Audit during 2016 are as follows:
- Reviewing financial information published by company namely Financial Statements per December 31st, 2015, per March 31st, 2016, per June 30th, 2016, and per September 30th, 2016, as well as reviewing company’s Business Plan for year 2016-2020
- Reviewing the independency, objectivity, and sufficiency of audit procedures conducted by Public Accountant Paul Hadiwinata, Hidajat, Arsono, Achmad, Suharli & Partner on the company’s Financial Statement per December 31st, 2015
- Reviewing 2017 Corporate Budget and 2017 – 2021 Business Plan including projection of 2017 – 2021 Financial Statement, and providing professional advice and feedback towards Board of Commissioners
- Reviewing internal control effectivity and providing inputs in order to improve internal control as well as increasing internal audit performance
- Evaluating the compliance level against related regulations in connection with the implementation of new tax regulations in 2016, the issuance of Medium Term Notes amounted to USD 10 million and issuance of new shares for debt to equity swap, and also funding plan for working capital of Paper Machine No. 9 in order to increase utilization capacity
- Audit committee has held meetings following the determined schedule, which are quarterly and annually