The Company established its 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 29 December 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.
The Audit Committee was established to assist the Board of Commissioners in their supervision of the management of Company. 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. According to the Audit Committee Charter agreed by the Board of Commissioners, the Company’s Audit Committee consists of 3 (three) members, one of whom is the Chairman, who also serves as the Company’s Independent Commissioner.
THE AUDIT COMMITTEE STRUCTURE
The structure of the Company’s Audit Committee based on the Decision Letter No. CSS.060-2014 dated 16 April 2014
is as follows:
Chairman: Jonathan L. Parapak