The Company’s Board of Commissioners established the Audit Committee pursuant to the Bapepam-LK Regulation No.IX.I.5, Appendix to the Head of Bapepam-LK’s Decision Letter No. Kep-643/BL/2012 dated December 7, 2012 concerning the Establishment and Guidance on the Implementation of the Duties of the Audit Committee, as updated by POJK No. 55/ POJK.04/2015 dated 23 December 2015 and enacted on December 29, 2015 (“POJK No. 55/2015”), and IDX Regulation No. I.A, Appendix to IDX Board of Directors’ Decision Letter No. Kep-00001/BEI/01-2014 dated January 20, 2014 and effective January 30, 2014 concerning the Listing of Stocks and Equity other than Stocks Issued by Public Listed Companies (“IDX Regulation No. I.A”).
The Audit Committee was established to assist the Board of Commissioners in their duties and functions to supervise the Company’s management. The Audit Committee is responsible for establishing adequate internal controls, improving quality of transparency and financial reporting as well as assessing the scope, accuracy, independence and objectivity of the external audit. In accordance with the Audit Committee Charter and as ratified by the Board of Commissioners, the Company’s Audit Committee comprises of 3 (three) members, with one member acting as the Chairman, who is also currently serving as the Company’s Independent Commissioner.