Badak LNG considers Code of Corporate Governance not as an option but an absolute thing in attaining Comapany’s goal now and in the future. Badak LNG therefore realizes that the implementation of GCG is not only to comply with the prevailing regualtion but also as a fundamental element which acts as an optimum value driver for value creation.
It also considered as the driver to increase the stakeholders and shareholders trust to the Company.
The COCG guidance is a basic regulation consisting GCG principals become the main reference for the following regulations and as the guidance for all employees in conducting each of their role and function in order to create a condusive work environment emerging from the same perception of the function, role, and responsibility of all Company’s organs.
COCG consists of five parts in total:
- Opening, consisting of Background, GCG Definition, GCG Implementation Commitment, Legal Basis, Purpose, Target and GCG Implementation Advantage, GCG Principles, Company’s Vision, Mission and Values, GCG Approach Method, GCG Implementation Cycle and Terms.
- Corporate Governance Organ Structure, regulating the shareholder/General Meeting of Shareholder (GMS), Board of Commissioners, Audit Committee, Secretary of Board of Commissioners, Board of Directors, Corporate Secretary, Internal Audit, GCG committee, Committee/Team of Board of Directors and External Governance Structure.
- Corporate Governance Process, regulating the appointment and dismissal of Board of Commissioners and Directors, Introduction Program for the new member of Board Commissioners and Directors, General Meeting of Shareholders, Board of Commissioners and Directors, Company Budget, Human Resources Management, Conflic of Interests, Company Operational Activity Management, Risk Management, Information Technology Governance, Financial Management, Procurement, Quality Management, Performance Assessment and Remuneration, Internal and External Audit, Research and Development, Reporting, Openess and Disclosure, Corporate Social Responsibility, Safety, Health and Environmental Protection (K3LL / SHE-Q MS), Asset Management, and Document Management / Company Records.
- Relationships with Stakeholders Management, regulating Public Policy, Stakeholder Rights and Participation and Stakeholder-Company Liaison.
- Closing, regulating GCG implementation Assessment, Dissemination and Implementation of GCG and Conditions of Change.
The implementation of COCG is the manifestation of all Badak LNG organs’ commitment in order to run better management of the Company to provide added value for stakeholders. This guidance is a living document that will be reviewed and updated periodically to be adjusted with the changes and development of the Company's internal and external environment.