6HTL 2HIH[HU <OLTL 8LU`LSLUNNHYH
+HO`HUH)OTHKQH`HKP 3VTPZHYPZ -ZZLU[PHSZVM4LHKLYZOPW 4VUKVU*\ZPULZZ;JOVVS 3YPZUH?PQH`H 3VTPZHYPZ +VYWVYH[L;VJPHS:LZWVUZPIPSP[` 0HY]HYK*\ZPULZZ;JOVVS /\UHYUP;VL^VYV 3VTPZHYPZ [O+--1U[LYUH[PVUHS+VUMLYLUJL +LU[YHS-HZ[LYU-\YVWL 8YHKQV[V 3VTPZHYPZ -ZZLU[PHSZVM4LHKLYZOPW 4VUKVU*\ZPULZZ;JOVVS 5LULSP[PKHUTLULSHHOSHWVYHU[HO\UHU`HUNKPZPHWRHU
,PYLRZPZLY[HTLUHUKH[HUNHUPSHWVYHU[HO\UHU[LYZLI\[
5LTILYPRHUWLUKHWH[KHUZHYHUH[HZ:LUJHUH3LYQH KHU)UNNHYHU[HO\UHU`HUNKP\Z\SRHU,PYLRZPKHU TLUNLZHORHUU`HZLZ\HPRL[LU[\HUWHKH)UNNHYHU,HZHY
5LTVUP[VYWLYRLTIHUNHURLNPH[HU*HUR
5LTILYPRHUWLUKHWH[KHUZHYHURLWHKH8LTLNHUN
;HOHTTLUNLUHPTHZHSHO`HUNKPHUNNHWWLU[PUNIHNP RLWLUN\Y\ZHU*HUR
5LSHWVYRHUKLUNHUZLNLYHRLWHKH:=8;HWHIPSH[LYQHKP NLQHSHTLU\Y\UU`HRPULYQH*HURKLUNHUKPZLY[HPZHYHU TLUNLUHPSHUNRHOWLYIHPRHU`HUNOHY\ZKP[LTW\O
! 5LTILYP[HO\RHURLWHKH*HUR1UKVULZPHWHSPUNSHTIH[
[\Q\OOHYPRLYQHZLQHRKP[LT\RHUU`HHWLSHUNNHYHU WLYH[\YHUWLY\UKHUN\UKHUNHUKPIPKHUNRL\HUNHUKHU WLYIHURHUKHUIRLHKHHUH[H\WLYRPYHHURLHKHHU`HUN KHWH[TLTIHOH`HRHURLSHUNZ\UNHU\ZHOH*HUR
:LRVTLUKHZP,L^HU3VTPZHYPZ
,L^HU3VTPZHYPZZLJHYHHR[PMTLTILYPRHUYLRVTLUKHZP H[HZILILYHWHOHS`HUNKPZHTWHPRHURLWHKH,PYLRZP6HT\U KLTPRPHUWLTILYPHUYLRVTLUKHZP[LYZLI\[KPSHR\RHUKLUNHU [L[HWTLTWLYOH[PRHUIPKHUN[\NHZHU[HYH,L^HU3VTPZHYPZ KLUNHU,PYLRZPZLY[HWYPUZPWJOLJRIHSHUJLKHSHTO\I\UNHU RLYQHHU[HYH,L^HU3VTPZHYPZKHU,PYLRZP
8LTILYPHUYLRVTLUKHZP`HUNKPSHR\RHUVSLO,L^HU3VTPZHYPZ [LYZLI\[[L[HWTLTWLYOH[PRHUM\UNZPWLUNH^HZHU,L^HU
3VTPZHYPZ[LYOHKHWRPULYQH*HUR5HUKPYPKPTHUHYLRVTLUKHZP
`HUNKPZHTWHPRHUZLZ\HPM\UNZP,L^HU3VTPZHYPZKHSHT WLTILYPHUUHZLOH[
8:7;-,=:8-6-<)8)6:-5=6-:);1,-?)63751;):1;
8LUL[HWHUYLT\ULYHZPIHNP,L^HU3VTPZHYPZKP\Z\SRHU KPYLRVTLUKHZPRHUVSLO3VTP[L:LT\ULYHZPKHU6VTPUHZP ZL[LSHOKP[LSHHOVSLO,L^HU3VTPZHYPZKHUKPHQ\RHURL:HWH[
TATA KELOLA PERUSAHAAN
PELAKSANAAN GOOD CORPORATE GOVERNANCE
;<:=3<=:,)63-)6//7<))63751<-,1
*)?)0,-?)63751;):1;
+ 3751<-3751<-,1*)?)0,-?)63751;):1;
3751<- :-6=5-:);1
67516);1
3L[\H -K^PU/LY\UNHU 3L[\HTLYHUNRHW)UNNV[H
3VTPZHYPZ1UKLWLUKLU
)UNNV[H 5\JOH`H[ 3VTPZHYPZ
/\UHYUP;VL^VYV 3VTPZHYPZ1UKLWLUKLU
5HOT\KKPUAHZPU 3VTPZHYPZ
8YHKQV[V 3VTPZHYPZ1UKLWLUKLU
+HO`HUH)OTHKQH`HKP 3VTPZHYPZ
3YPZUH?PQH`H 3VTPZHYPZ1UKLWLUKLU
/YV\W0LHK0\THU ;LIHNHP;LRYL[HYPZL_VMMPJPVt +HWP[HS;[YH[LN`WVSPJ` 6VU>V[PUN5LTILY
3751<-)=,1< 3L[\H /\UHYUP;VL^VYV 3L[\HTLYHUNRHW)UNNV[H
3VTPZHYPZ1UKLWLUKLU
)UNNV[H 3YPZUH?PQH`H 3VTPZHYPZ1UKLWLUKLU +HO`HUH)OTHKQH`HKP 3VTPZHYPZ
B\SRPMSP,QHLSHUP 8POHR1UKLWLUKLU
1THT;VLRHYUV 8POHR1UKLWLUKLU
3L[\H 8YHKQV[V 3L[\HTLYHUNRHW)UNNV[H
3VTPZHYPZ1UKLWLUKLU
)UNNV[H -K^PU/LY\UNHU 3VTPZHYPZ1UKLWLUKLU
5\JOH`H[ 3VTPZHYPZ
+HO`HUH)OTHKQH`HKP 3VTPZHYPZ
3YPZUH?PQH`H 3VTPZHYPZ1UKLWLUKLU
<HTH?PKQHQH 8POHR1UKLWLUKLU
/YV\W0LHK5HYRL[ ;LIHNHP;LRYL[HYPZL_VMMPJPVt 7WLYH[PVUHS:PZR 6VU>V[PUN5LTILY
3751<- 8-5)6<)=:1;137
/+/
PELAKSANAAN GOOD CORPORATE GOVERNANCE
3751<-)=,1<
3VTP[L)\KP[*HUR5HUKPYPKPILU[\RILYKHZHYRHU3LW\[\ZHU 5LU[LYP*HKHU=ZHOH5PSPR6LNHYHKHU3LW\[\ZHU3L[\H*HKHU 8LUNH^HZHU8HZHY5VKHSZLY[H8LYH[\YHU*HUR1UKVULZPHKLUNHU [\Q\HU\U[\RTLTIHU[\KHUTLTMHZPSP[HZP3VTPZHYPZKHSHT TLUQHSHURHU[\NHZKHUM\UNZPWLUNH^HZHUH[HZOHSOHS`HUN [LYRHP[KLUNHUPUMVYTHZPRL\HUNHUZPZ[LTWLUNLUKHSPHUPU[LYU LMLR[P]P[HZWLTLYPRZHHUH\KP[VYLRZ[LYUHSKHUPU[LYUHSLMLR[P]P[HZ WLSHRZHUHHUTHUHQLTLUYPZPRVZLY[HRLWH[\OHU[LYOHKHWWLYH[\YHU WLY\UKHUN\UKHUNHU`HUNILYSHR\
5L[VKVSVNP`HUNKPN\UHRHU3VTP[L)\KP[KHSHTTLUQHSHURHU [\NHZU`HHKHSHO"
H 5LSHR\RHUYL]PL^H[HZSHWVYHUSHWVYHU`HUNKP[LYPTHSHUNZ\UN KHYP\UP[\UP[RLYQHKHUH[H\`HUNKP[LYPTHTLSHS\P3VTPZHYPZ
I 5LSHR\RHUYL]PL^H[HZSHWVYHUOHZPSWLTLYPRZHHUH\KP[VYPU[LYU KHULRZ[LYU
J 5LUNHKHRHUYHWH[KPZR\ZPKLUNHU\UP[\UP[RLYQHH\KP[VY PU[LYUKHULRZ[LYU
<\NHZKHU<HUN\UN2H^HI3VTP[L)\KP[
3VTP[L)\KP[ILY[\NHZKHUILY[HUNN\UNQH^HI\U[\RTLTILYPRHU WLUKHWH[RLWHKH,L^HU3VTPZHYPZTLUNLUHPSHWVYHUKHUH[H\OHS OHSSHPU`HUNKPZHTWHPRHU,PYLRZPZLY[HTLUNPKLU[PRHZPOHSOHS
`HUNTLTLYS\RHUWLYOH[PHU,L^HU3VTPZHYPZKLUNHUJHYH"
H 5LSHR\RHUYL]PL^H[HZZLT\HPUMVYTHZPRL\HUNHU`HUN KPZHQPRHUTHUHQLTLU
I 5LSHR\RHUYL]PL^H[HZLMLR[P]P[HZWLSHRZHUHHUWLUNLUKHSPHU PU[LYUPU[LYUHSJVU[YVS
J 5LSHR\RHUYL]PL^H[HZLMLR[P]P[HZWLSHRZHUHHUKHUOHZPS WLTLYPRZHHUVSLO;H[\HU3LYQH)\KP[1U[LYU
K 5LSHR\RHUYL]PL^H[HZ"
1UKLWLUKLUZPKHUVIQLJ[P]P[HZ3HU[VY)R\U[HU8\ISPR3)8
`HUNHRHUTLUNPR\[P[LUKLY
*PH`H2HZHH\KP[KHUJHR\WHUH\KP[`HUNKPHQ\RHU3)8[LYWPSPO 4HWVYHUOHZPSH\KP[3)8[LYWPSPO
L 5LSHR\RHUYL]PL^H[HZRLWH[\OHU[LYOHKHWWLYH[\YHU WLY\UKHUN\UKHUNHU`HUNILYSHR\
M 5LSHR\RHUYL]PL^KHUTLSHWVYRHUILYIHNHPYPZPRV`HUN WV[LUZPHSHRHU[LYQHKP
8LSHRZHUHHU3LNPH[HU3VTP[L)\KP[
;LSHTH[HO\U3VTP[L)\KP[[LSHOTLSHR\RHURLNPH[HU RLNPH[HUZLIHNHPILYPR\["
5LTIHOHZWLU`\Z\UHUTHU\HS;[HUKHY8YVZLK\Y7WLYHZPVUHS
*\ZPULZZ+VU[PU\P[`8SHU*+8KHU,PZHZ[LY:LJV]LY`8SHU ,:8OHY\Z[LY\ZKPWLYIHOHY\PKHUKPSLUNRHWPZLY[HOHY\Z KPZVZPHSPZHZPRHUZLJHYHWLYPVKPR
5LTIHOHZ[LU[HUNqWYVK\J[WYV[HIPSP[`HUHS`ZPZr\U[\R ZL[PHWWYVK\RIHY\KHUH[H\WYVK\RSHTH`HUNKPTVKPRHZP ILYKHZHYRHUWLYTPU[HHU\UP[IPZUPZN\UHTLUNL[HO\PKHU TLTHZ[PRHUWYVK\RWYVK\R`HUNTLUN\U[\UNRHUKHU`HUN [PKHRTLUN\U[\UNRHU
5LTIHOHZ*\ZPULZZ+VU[PU\P[`5HUHNLTLU[*+5HNHY KPTHZ\RRHUQ\NHq+VU[PUNLUJ`8SHUr+8`HUNKPI\H[ZL[PHW [HO\U\U[\RIPKHUNIPKHUNWLRLYQHHU`HUNWHSPUNWLU[PUN [LYTHZ\RRLZPHWHU[LUHNHWLSHRZHUHU`HKHU+8PUPOHY\Z KPZVZPHSPZHZPRHUZLJHYHYLN\SHYRLWHKHWLNH^HP
5LSHR\RHUWLY[LT\HUKLUNHU3HU[VY)R\U[HU8\ISPR
<HU\KPYLKQH?PIPZHUH:LRHU8YPJL^H[LYOV\ZL+VVWLYZ3)8
<?:8^+`HUNTLTIHOHZHU[HYHSHPU"
H 5LTIHOHZ4HWVYHU3L\HUNHU*HUR5HUKPYP I 5LTIHOHZTLUNLUHP5HUHNLTLU[4L[[LY0HZPS)\KP[
4HWVYHU3L\HUNHU*HUR5HUKPYP
J :LUJHUHKHU:\HUN4PUNR\W)\KP[4HWVYHU3L\HUNHU*HUR 5HUKPYP
5LSHR\RHUWLY[LT\HUKLUNHU8YVJ\YLTLU[.P_LK)ZZL[
/YV\WTLTIHOHZTLUNLUHP"
H 8LSHRZHUHHU8YVJ\YLTLU[5HUHNLTLU[;`Z[LT
I ,HTWHR8LSHRZHUHHU8\YJOHZPUN-MJPLUJ`HUK -MMLR[P]LULZZ-UOHUJLTLU[8YVQLJ[8---8
TATA KELOLA PERUSAHAAN
PELAKSANAAN GOOD CORPORATE GOVERNANCE
5LSHR\RHUWLY[LT\HUKLUNHU)JJV\U[PUN/YV\W\U[\R TLTIHOHZTLUNLUHPWLYRLTIHUNHU8LTPSPOHU3HU[VY )R\U[HU8\ISPR\U[\R4HWVYHU3L\HUNHU*HUR5HUKPYP<HO\U
*\R\
5LSHR\RHUWLY[LT\HUKLUNHU;H[\HU3LYQH)\KP[1U[LYU;3)1
\U[\RTLTIHOHZHU[HYHSHPU"
H <LT\HU[LT\HUZPNUPRHUKHURHZ\ZRHZ\ZMYH\K I :LUJHUHRLYQH
J 3HZ\ZRHZ\ZMYH\K
K <PUKHRSHUQ\[0HZPS8LTLYPRZHHU*HUR1UKVULZPH*1KHU
*HKHU8LTLYPRZH3L\HUNHU*83
5LSHR\RHUWLY[LT\HUKLUNHU+VTWSPHUJL/YV\W\U[\R TLTIHOHZTLUNLUHPRVUZLWKHUWLSHRZHUHHU,LJLU[YHSPaLK +VTWSPHUJL7WLYH[PVUHS:PZR,+7:
! 5LSHR\RHUWLY[LT\HUKLUNHU,PYLR[VYH[<LJOUVSVN`
7WLYH[PVUZ\U[\RTLTIHOHZTLUNLUHP1UMVYTH[PVU
<LJOUVSVN`;[YH[LNPJ8SHU
16,-8-6,-6;1,)63-)041)63751<-)=,1<
5LUNHJ\RLWHKH+OHY[LY3VTP[L)\KP[KPU`H[HRHUIHO^H"
)UNNV[H3VTP[L)\KP[WHSPUNR\YHUN[LYKPYPKHYPZH[\VYHUN 3VTPZHYPZ1UKLWLUKLUZLIHNHP3L[\HTLYHUNRHWHUNNV[H ZLY[HZH[\VYHUN8POHR1UKLWLUKLU`HUNTLTPSPRPRLHOSPHU KPIPKHUNRL\HUNHUH[H\HR\U[HUZPZLY[HZH[\VYHUN8POHR 1UKLWLUKLU`HUNTLTPSPRPRLHOSPHUKPIPKHUNO\R\TH[H\
WLYIHURHU
3VTPZHYPZPUKLWLUKLUKHU8POHR1UKLWLUKLU`HUNTLUQHKP HUNNV[H3VTP[L)\KP[ZLIHNHPTHUHKPTHRZ\KWHKHI\[PY ZH[\WHSPUNR\YHUNKHYP2\TSHO)UNNV[H3VTP[L)\KP[
)UNNV[H3VTP[L)\KP[`HUNTLY\WHRHU3VTPZHYPZ1UKLWLUKLU KPHUNRH[ZLIHNHP3L[\H3VTP[L)\KP[,HSHTOHS3VTPZHYPZ 1UKLWLUKLU`HUNTLUQHKPHUNNV[H3VTP[L)\KP[SLIPOKHYP ZH[\VYHUNTHRHZHSHOZH[\U`HKPHUNRH[ZLIHNHP3L[\H 3VTP[L)\KP[