Good Corporate Governance

Good Corporate Governance

Good Corporate Governance (GCG) refers to the principles which companies adopt to maximize value, enhance performance and contributions, and ensure long-term sustainability.

Compliance Function

At Cirebon Power (or the “Company”), we recognize that implementing GCG is not merely about meeting regulatory obligations, but it is essential for conducting our business activities in a way that ensures sustainable growth, enhances corporate value and enables us to thrive in a competitive environment.

The Company has demonstrated a strong commitment to GCG principles, including the establishment of an Anti-Bribery Compliance Function. This function is dedicated to overseeing and ensuring the effectiveness of our Anti-Bribery Management System (ABMS) in the Company, in line with the ISO 37001:2016 standard.

We regularly report to the Board of Commissioners on activities of the Anti-Bribery Compliance Function, including updates on anti-corruption issues and the status of implementation of other compliance measures.

Anti-Bribery Policy

Cirebon Power, engaged in the power plant business sector, is committed to conducting our business activities according to the highest ethical standards. We pledge to operate with professionalism, fairness and integrity in all our business dealings and relationships.

To achieve these standards, we commit to:

1. Strictly Prohibiting Bribery: Taking zero-tolerance approach to bribery and corruption, prohibiting any actions that could lead to, be considered, or be classified as corruption.
2. Ensuring Legal Compliance: Adhering to all applicable laws and requirements related to ABMS.
3. Regular Monitoring: Conducing regular monitoring to ensure commitment and compliance with ABMS and its objectives.
4. Mandating Reporting: Requiring Board of Directors, employee, and all associated parties to prevent and report any form of violations of the Anti-bribery policies to Anti-Bribery Compliance Function.
5. Continuous Improvement: Continuously enhancing ABMS within the Company.
6. Independent Oversight: Assigning the Anti-Bribery Compliance Function to oversee the design and implementation of ABMS in the Company, ensuring independence and freedom from any conflict of interest.
7. Enforcing Strict Sanctions: Imposing strict penalties on anyone within the Company found guilty of violating the Anti-bribery policy.

Anti-Bribery Management System

Cirebon Power has developed and implemented ABMS since 2021 and has been certified for the ISO 37001:2016 ABMS by BSI in 2022. Through the implementation of ISO 37001:2016, Cirebon Power demonstrates its commitment to upholding and enhancing GCG in the Company while preventing bribery activities that could harm not only customer and companies, but also all stakeholders. The adequacy and effectiveness of ABMS implementation are continually and regularly assessed through various methods, including annual reviews by internal audits and Anti-Bribery Compliance Function, and annual external audits by an independent certification body. Cirebon Power will carefully consider the results of these assessments and update ABMS as necessary

The key reasons for implementing ABMS at Cirebon Power include Upholding Leadership Commitment, Establishing Preventive Measures, and Guiding Implementation. The certification of ABMS based on ISO 37001:2016 at Cirebon Power provides stakeholders with assurance that the Company has implemented anti-bribery controls that are recognized internationally and nationally.

In the internal context, the establishment of the Anti-Bribery Policy, the Anti-Bribery Commitment, as well as the ABMS Guidelines and Due Diligence Guidelines, requires all Cirebon Power personnel to adhere to the policies and fulfil all obligations under ABMS rules and procedures.

Cirebon Power is committed to continuously enhancing GCG to improve the quality of ABMS implementation. The Company has developed supporting documents including the Anti-Bribery Management System Manual, and the Code of Conduct, and the Integrity Pact, which must be adhered to by both employees and business partners.

Whistleblower Channel

Cirebon Power encourages its stakeholders to report any actions, behaviors, or incidents that involve violations of law, Company regulations, policies, procedures, the code of conduct, conflicts of interest, or any forms of bribery, corruption, collusion and nepotism.

To operate whistleblower system properly, reporting will be conducted in a way as follows;

1. Fair and Impartial Reporting: Reports must be submitted fairly and impartially.
2. Identifiable Information: To facilitate back-tracing, the name and contactable phone number/email of the informer must be included in the report and will be kept as confidential.
3. Anonymous Reporting: Reports may be submitted anonymously, provided that information and supporting evidence are valid and can be verified.
4. Supporting Evidence: Evidence must be concrete, relevant and valid, and may include documents, images, data, recordings, or other legitimate forms that can be substantiated.
5. Complete Information: The Informer must provide complete and relevant information and preliminary indications that can serve as initial evidence.
6. Submission Method: Report can be submitted using e-form available on the official Company website (Be Whistleblower).
7. Report Handling: All incoming reports will be automatically forwarded to and handled by the authorized team.
8. Escalation Process: All incoming reports will be escalated based on the reported party’s position.
9. Confidentiality Commitment: AThe Company is committed to protecting the confidentiality of all information received in the reports.