The mining locations belonging to the Company's subsidiaries, namely...

...

Read more...
As a part of Company's Responsibility to community and the nation, Company implements Corporate Social Responsibility

Corporate Social Responsibility Program (“CSR”) is the realization of Company’ strategic policy to mitigate any risk which will face...

Read more...

Audit Committee

The Company Audit Committee was first established on March 7, 2012, in order to assist the Board of Commissioners in promoting the application of GCG principle and the establishment of adequate internal control structure, and also to enhance the quality of openness and financial reporting, as well as to review the scope, accuracy, independency and objectivity of the public accountant.

The establishment of the Company Audit Committee is in line with the regulation of Bapepam-LK No. IX.I.5 concerning the Establishment and Work Implementation Guidelines of Audit Committee and the regulation of PT Bursa Efek Indonesia No. I-A concerning General Provision of Stocks (Equity Securities) Listing on the Stock Exchanges.

Pursuant to the Decision Letter of the Board of Commissioners on May 31, 2013 and Company’ Disclosure Letter Number 166/GEMS-CS/VI/2013 on June 4, 2013, the duties and responsibilities of one of the Members of the Audit Committee formerly held by Mr. Sunarto was replaced by Mr. H. Agus Tagor.

On March 6, 2015, the Company' Board of Commissioners has appointed Mr. R. Utoro to replace the vacant position left by Mr. Agus Tagor after considering his experience. On November 30, 2015, the Company' Board of Commissioners has appointed Mr. Irwandy Arif to replace the vacant position left by Mr. Edwin Hidayat Abdullah after considering his experience. Therefore, the composition of members of the Company’ Audit Committee changed into:

 

1. Ketut Sanjaya (Audit Committee Chairman), also serves as the Company's Independent Commissioner. His Profile can be seen in the Company's Board of Commissioners' Profiles.

 

2. R. Utoro (Member), Indonesian citizen, 55 years old, he was appointed as one of the members of the Company’ Audit Committee on March 6, 2015. Previously He worked in PT Vale Indonesia (previously known as PT Inco Soroako (May 1984 – October 1990) with the last position as Senior Maintenance Manager and PT Kaltim Prima Coal (“KPC“) (October 1990 – December 2014) as Chief Mine Technical and Chief Operating Officer. During his terms as Chief Operating Officer for the last 7 (seven) years in KPC, he was responsible to leads the whole KPC operation group which has very large number of employees including contractors (for more than 21,000 employees) to achieve its strategic goals, business and operations objectives, to contribute to broader organizational initiatives, to facilitate business improvements and to satisfy client/stake holder’s needs. He was graduated of Mechanical Engineer, Institute Technology of Surabaya (ITS), Indonesia, 1984 Majoring in Mechanical Production Engineering after Bachelor of Engineer in 1983.

 

3. Prof. Dr. Ir. Irwandy Arif, M.Sc (Member), also serves as the Company's Independent Commissioner. His Profile can be seen in the Company's Board of Commissioners' Profiles.

 

 

Duties and Responsibilities of Audit Committee

The Audit Committee is responsible for providing opinions to the Company’s Board of Commissioners on reports or matters presented by the Board of Directors to the Board of Commissioners, and for identifying matters requiring the Board of Commissioners attention as well as conducting other tasks associated with the duties of the Board of Commissioners.

Supervision that covers all materials and other reports to be submitted to the Board of Commissioners shall become particular concerns of the Audit Committee in identifying and clarifying potential problems that requires actions from the Board of Commissioners or the Board of Directors, and also suggestions and recommendations to be provided to the Board of Commissioners. Each major finding should be discussed comprehensively in meetings with Audit Committee and Internal Audit before it is reported to the Board of Commissioners to decide what steps should be taken next.