Our Board of Director believes that corporate governance framework is the foundation for effective implementation of good governance. The World Bank defines the meaning of corporate governance as follows: “A blend of legal, laws and regulations and practices carried out by the private sector on a voluntary basis which enables companies to attract financial capital and labor, performs efficiently, and with all of these can continuously generate long-term economic value for the shareholders, and at the same time pay attention to the interests of the stakeholders and the public as a whole”.
The Company through top level management MD/CEO and Board of Directors shall be committed to the implementation of Corporate Governance, which will be gradually delivered to the whole elements of organization.
Our main objectives of implementing the policy is
- To direct and control the work relation among the company’s organ namely General Meeting of Shareholders, Board of Directors and Executive Management.
- To enhance the responsibility of company’s management to shareholders by considering the interest of shareholders.
- To create a definite work relationship between the Company and stakeholders.
- To encourage and support people development, business development and effective risk management to enhance corporate values.
- To direct corporate vision and mission achievement.
- To be the basis of corporate culture development and implementation.
In line with Company’s vision and mission, we are committed to making “Corporate Governance the culture of the Company.” to achieve this goal, the Company has set the mission for Good Corporate Governance as follows:
1. To realize the achievement of corporate sustainability through governance based upon the principles of transparency, accountability, responsibility, independence and fairness.
2. To realize the empowerment of the function and independence of each corporate body, that is, the General shareholders Meeting, the Board of Directors and the Executive Management.
3. To realize a condition in which all corporate bodies make their decisions and implement them on the basis of high moral values and adherence to existing laws and regulations.
Company applies good governance principles to guarantee the achievement of optimal results which include:
• To improve Company performance through the creation of better decision-making processes, improving the operational efficiency of the Company and improving services to stakeholders.
• To improve corporate value, through improving financial performance and minimizing investment decision risks that contain conflicts of interest.
• To improve investor trust.
• To achieve stakeholder satisfaction resulting from corporate value and Company dividends.
Through strong commitment and consistency with respect to the application of good corporate governance, the Company believes it will improve business performance and sustainable growth, so that ultimately, corporate value will improve for shareholders and other stakeholders.