Assessment of the implementation of Good Corporate Governance (GCG) PT TIMAH Tbk in 2023, in accordance with :
I. ASEAN Corporate Governance Fiscal Year 2023
The ASEAN Corporate Governance Scorecard (“ASEAN CG Scorecard” or “ACGS”) is an instrument developed by the ASEAN Capital Markets Forum (ACMF) to evaluate corporate governance practices in the ASEAN region. The aim is to increase transparency, accountability, and company performance, encouraging sustainable economic growth and raising ASEAN's competitiveness in the global market.
The assessment carried out on Good Governance practices is based on the principles set out in the ASEAN CG Scorecard, with the following details :
| LEVEL 1 | No of Questions (minus N/A) | No of Comply | Score |
| A : Rights and Equitable Treatment of Shareholders | 30 | 26 | 17,33 |
| B : Sustainability and Resilience | 22 | 21 | 14,32 |
| C : Disclosure and transparency | 34 | 32 | 23,53 |
| D : Responsibilities of the Board * | 62 | 56 | 36,13 |
| SUB TOTAL | 148 | 135 | 91,31 |
| LEVEL 2 | |||
| Bonus | 18 | 10 | 20,00 |
| Penalty | 26 | 1 | (2,00) |
| SUB TOTAL | 44 | 18,00 | |
| TOTAL LEVEL 1 + LEVEL 2 | 192 | 109,33 |
PT TIMAH Tbk obtained a total score of 109.31 points and received the title "Excellent", which means that PT TIMAH Tbk has achieved the highest level of the score "Leadership in corporate governance (ASEAN Asset Class)".
II. Financial Services Authority Regulation (POJK) No. 21/POJK.04/2015.
Methodologically, the implementation of PT TIMAH Tbk's GCG assessment refers to POJK No. 21/POJK.04/2015 by adopting Financial Services Authority Letter (“SEOJK”) No. 32/SEOJK.04/2015. Implementation of GCG assessment based on POJK No. 21/POJK.04/2015 covers 5 (five) aspects, 8 (eight) principles of Good Corporate Governance, and 25 (twenty-five) recommendations for implementing Good Governance aspects and principles.
| FULFILLMENT LEVEL TABLE | |||||
| Aspect | Rekomendasi Terpenuhi / Comply | ||||
| Aspect 1 | Public Company's relationship with shareholders in guaranteeing Shareholder Rights | 5 | from | 5 | recommendation |
| Aspect 2 | Functions and Roles of the Board of Commissioners | 6 | from | 6 | recommendation |
| Aspect 3 | Functions and Roles of the Board of Directors | 6 | from | 6 | recommendation |
| Aspect 4 | Stakeholder Participation | 6 | from | 6 | recommendation |
| Aspect 5 | Risk Management, Internal Control and Compliance | 2 | from | 2 | recommendation |
| TOTAL | 25 | from | 25 | recommendation | |
The results of the assessment of GCG implementation at PT TIMAH Tbk in 2023 reached a total implementation fulfillment of 25 (twenty-five) out of 25 (twenty-five) recommendations based on POJK No. 21/POJK.04/2015.
III. General Guidelines for Indonesian Corporate Governance (GG - ICG)
| FULFILLMENT LEVEL TABLE | |||||
| Principle | Rekomendasi Terpenuhi / Comply | ||||
| Principle 1 | Roles and Responsibilities of the Board of Directors and Board of Commissioners | 31 | from | 31 | recommendation |
| Principle 2 | Composition and Remuneration of Directors & Board of Commissioners | 11 | from | 11 | recommendation |
| Principle 3 | Working Relationship between Directors & Board of Commissioners | 5 | from | 5 | recommendation |
| Principle 4 | Ethical Behavior | 4 | from | 4 | recommendation |
| Principle 5 | Risk Management, Internal Control and Compliance | 6 | from | 6 | recommendation |
| Principle 6 | Disclosure and Transparency | 7 | from | 9 | recommendation |
| Principle 7 | Shareholder Rights | 9 | from | 11 | recommendation |
| Principle 8 | Stakeholder Rights | 4 | from | 4 | recommendation |
| TOTAL | 77 | from | 81 | recommendation | |
The results of the assessment of GCG implementation at PT TIMAH Tbk in 2023 reached a total of 77 (seventy-seven) of the 81 (eighty-one) recommendations based on PUG-KI.
PT TIMAH Tbk can still improve these Good Corporate Governance practices to show a strong commitment to implementing GCG principles in the business aspects of PT TIMAH Tbk.
