The Board of Commissioners has a Board Charter in performing its duties and responsibilities as supervisory board of the Company to achieve the Vision and Mission of the Company. The Board Charter enables the Board of Commissioners to work more effective and efficient, in which containing among others the membership, term and other position held, duties and responsibilities, and meetings.
In order to achieve Vision and Mission of the Company, the Board of Directors carries out its responsibilities referring to the Board Charter as guidance to work more structurally, systematically and consistently. The Board Charter contains among others membership, term and other positions held, duties and responsibilities, orientation program and BOD meetings.
The existence of Audit Committee is crucial to support the duties and responsibilities of the Board of Commissioners. Therefore, since 2008 the Audit Committee of the Company has been established in accordance with Deed of Board of Commissioners dated 3rd March 2008. The Audit Committee reports directly to the Board of Commissioners and has functions and duties stated in the Audit Committee Charter. The term of each member is 5 (five) years, following the tenure of the Board of Commissioners.
DESCRIPTION OF THE PROCEDURE OF NOMINATION AND REMUNERATION
Currently, the duties and responsibilities related to the function of the Nomination and Remuneration Committee are handled by the Board of Commissioners as the Company does not have a specific committee to carry out these functions.