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Audit Committee

 

The Board of Commissioners exercises authority in appointing an Audit Committee member to assist its supervisory duties and functions. This authority stems from Financial Services Authority (OJK) Regulation No.55/POJK.04/2015 dated 29 December 2015 concerning the Establishment of an Audit Committee and Guidelines on Committee Duties (POJK 55/2015), and IDX Regulation No. I-A, as an appendix to IDX Board of Directors Decree No. Kep-00001/BEI/01-201 regarding Registration of Shares and Equity Securities outside Shares Issued by the Listed Company, which has been terminated as of 27 December 2018 and replaced with IDX Regulation No. I-A Appendix to IDX Board of Directors Decision No. Kep-00183/BEI/12-2018 dated 27 December 2018 (IDX Regulation No. I-A 2018). The Audit Committee takes responsibility in establishing appropriate internal controls, improving the quality of transparency and financial reports, as well as assessing scope, accuracy, independency and objectivity to the external audit.

AUDIT COMMITTEE’S COMPOSITION

 

Based on Decision Letter No. CSS.061-2020, dated July 1, 2020, the composition of the Company’s Audit Committee is as follows:

 

Chairman: Hadi Cahyadi

Members:

grey dot   Dennis Valencia

grey dot   Liu Raymond

 

Within the Board of Commissioners’ Decision Letter No. CSS.061-2020, dated July 1, 2020, a stipulation regulates that the tenure of the member of the Audit Committee be limited to 1 (one) period commencing from the date of appointment until the conclusion of the AGMS for fiscal year 2022, to be held in 2023.

 

PROFILE OF THE AUDIT COMMITTEE

 

Hadi - BOC

Hadi Cahyadi

Chairman

 

Hadi Cahyadi is the founder and Managing Partner of Helios Capital, the most active and reputable boutique firm in the country that focuses on M&A Advisory, Capital Raising, and Debt Restructuring. His extensive experience includes handling various corporate actions involving acquisition and divestment of company plantations, consumer products, F&B, commodities, property, tourism, and infrastructure. He has extensive professional experience in international public accounting firms, as both auditor and financial consultant for Arthur Andersen Jakarta, KPMG Jakarta and Melbourne, Ernst & Young Jakarta, Deloitte Jakarta and PB Taxand Jakarta. He also underwent valuable training in Corporate Recovery while with KPMG Melbourne. He concurrently serves as Independent Commissioner, as well as Audit Committee Chairman in several companies, namely PT Lippo Cikarang Tbk and PT Sekar Bumi Tbk. At the same time, he is President Commissioner (Independent) and Audit Committee Chairman of PT Indonesian Paradise Property Tbk.

 

He is an Indonesian citizen, aged 53 as of 31 December 2019, he holds a Master’s degree in Business Administration (MBA) from the University of Houston – Clear Lake, USA, and a Master’s degree in Corporate Law (MCL) from Royal Melbourne Institute of Technology (RMIT), Australia. He obtained his undergraduate degree in Accounting from Tarumanagara University, Indonesia.

Dennis Valencia - website

Dennis Valencia

Member

 

Dennis Valencia has over 36 years of professional experience in several managerial capacities. His career began as a Marketing Research Supervisor with Soriamont Shipping (1984-1986), followed by several years and positions in the property industry with Marina Properties Corp. (1988-1990) and Ayala Land Inc (1990-1994). He first started working in Indonesia in 1994 with PT Lippo Karawaci, followed as a Senior Research Manager with Asia Kapitalindo Securities (1997-2000). After a brief role as an entrepreneur (2000-2005), Mr. Valencia joined Agung Podomoro Group as General Manager (2005-2007) and PT Lippo Karawaci Tbk as Consultant (2007-Present).

 

He is a Philippines citizen, aged 57 as of 31 December 2019. He has a Master’s Degree in Business Management from the Asian Institute of Management and a Bachelor’s Degree in Business Economics from the University of the Philippines.

liu raymond photo edit

Liu Raymond

Member

 

Liu Raymond served as President of Universitas Pelita Harapan (UPH) for four years. He is currently the CEO of Agro Investama Group (Palm Plantation). His extensive knowledge of the pulp industry rests on over 20 years’ experience with Sinarmas and International Paper where he focused on corporate management and headed international mergers & acquisition projects, research and development in pulp making, pulp purchasing, corporate logistics and pulp sales. His additional four years of research experience on pulp making came from the International Paper Corporate Research Center in New York, and further six years in pulp mill management as Chief Executive of over 9 pulp mills across USA, Canada and France.

 

He is an Indonesian citizen, aged 61 as of 31 December 2019. He holds a Bachelor’s Degree in Chemical Engineering from the National Taiwan University (1982), Master’s Degree in Chemical Engineering from West Virginia Institute of Techonology, USA (1987) and Ph.D in Chemical Engineering from North Carolina State University, Raleigh, USA (1982).

 

INDEPENDENCY OF THE AUDIT  COMMITTEE

 

To ensure independency and professionalism in fulfilling Audit Committee duties and responsibilities, an Independent Commissioner chairs the Audit Committee, which has 2 (two) additional members from outside the Company, where one of the members must be a professional in the field of accounting and finance.

 

Members of the Audit Committee do not have any affiliation nor are employed by any public accounting, consulting firm, or third party that provided services to the Company in the past 6 (six) months. Members did not possess any authority and responsibility to plan, lead, control or supervise Company activities within the past 6 (six) months, except for the Independent Commissioner. Members should also not have any shares directly or indirectly in the Company, and do not have any family relations nor affiliation with the Board of Commissioners, Board of Directors, shareholders or controlling parties that may affect performance of their duties.

 

DUTIES AND RESPONSIBILITIES OF THE AUDIT COMMITTEE

 

Based on POJK No. 55/2015 and the Audit Committee Charter, the Audit Committee is tasked with the following duties and responsibilities:

grey dot  Audit the Company’s financial statements to be disclosed to the public and/or authorities,

    including financial statements, projections, and other reports relating to the Company’s financial information;

grey dot  Evaluate the Company’s level of compliance with laws and regulations pertaining to its business activities;

grey dot  Provide independent opinion in the event  of a dispute between management

    and the Accountant regarding services rendered;

grey dot  Provide recommendations to the Board of Directors on the appointment of the accountant,

    based on his/her independence, work scope, and compensation;

grey dot  Review the implementation of audit by internal auditors and supervise subsequent response

    by the Directors toward the findings of the internal auditor;

grey dot  Supervise the implementation of risk management activities carried out by the Board of Directors;

grey dot  Review complaints relating to the Company’s accounting and financial reporting processes;;

grey dot  Assess and advise the Board of Commissioners on potential conflicts of interest of the Company; and

grey dot  Safeguard the confidentiality of the Company’s documents, data and information.

 

POLICY REGARDING MEETING FREQUENCIES AND ATTENDANCE OF THE AUDIT COMMITTEE MEETINGS

 

The Audit Committee is mandated to hold at least 1 (one) meeting per 3 (three) months. An Audit Committee’s meeting may take place if attended by more than ½ (half) of the Audit Committee’s total number of members. Rulings and decisions are based upon deliberation and consensus. Every meeting must be recorded by way of Minutes of Meeting including if there is any dispute arising during the meeting. The Minutes of Meeting must be signed by all participating members of the Audit Committee who are present and submitted to the Board of Commissioners.

AUDIT COMMITTEE CHARTER

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