Since becoming a listed company in Indonesia in 1997 and in Australia in 1999, Good Corporate Governance (GCG) has always been considered as an important element for Antam in achieving sustainable growth and becoming a world-standard mining company. Furthermore, as one of the largest and most influential state-owned companies, Antam is committed to involve in Indonesia's recovery by contributing significantly to the development of the Indonesian economy and becoming a role model for other companies, especially other state-owned companies, in implementing GCG.
Antam's Board of Commissioners (BOC), the five Committees under BOC, Board of Directors (BOD) and other key executives continue to enhance their capabilities in performing oversight and managing the company, respective of their roles and responsibilities. They also continue to solidify their working relationships with each other and strengthening their ties with the staff. In short, Antam realizes the importance of maintaining a smooth relation and cooperation among governance body, management and staff in order to maintain and continuously improve GCG practice at Antam. To support its oversight function, the BOC established five committees at the board level, that include the Audit Committee, the Nomination, Remuneration and Human Resources Development (NRHRD) Committee, the Risk Management Committee, the GCG Committee, and the Corporate Social Responsibility Committee.
Each committee is chaired by a member of the BOC, and each committee’s roles and responsibilities are documented in a charter. The performance evaluation of the BOC is to be conducted by the Nomination, Remuneration and Human Resources Development Committee, using a self-assessment or peer evaluation system as decided in the BOC meeting, and the results is to be communicated to the General Meeting of Shareholders (GMS). The evaluation is to be conducted by using criteria stipulated in the company’s policy manual, such as attendance in board meetings and committee meetings. The performance evaluation of the BOD was conducted by the BOC based on pre-established Key Performance Indicators (KPIs), and the result is to be communicated to the GMS. Examples of KPIs include revenue growth, profitability, cost structure, solvability/leverage, sales, customer satisfaction, innovation, operational process, operational risk, regulatory and environmental process, integrated information technology, organisation climate, and employee skills and competency. The performance evaluation of Commissioner-level Committees uses a self-assessment or peer evaluation system. The evaluation is to be conducted by using several criteria such as attendance in committee meetings. In addition, the committee is also evaluated on aspects of conflict of interests, knowledge and understanding of the committee's roles and responsibility. Antam adopts Performance-based Management System for its senior executives based on several key factors such as cost management, innovation, operational process and customer satisfaction. The performance of each senior executive is linked to performance of the Board of Directors which lies under the Key Performance Index System. Antam currently prepares to launch Performance-based Remuneration System for its employees that will link performance of each individuals to their remuneration. The performance evaluation is collectively agreed by the Board of Directors and each of the senior executive. Each year, Antam's Board of Directors also meet with senior executives of the business units during the internal top management meeting to further review and give feedback to the performance of each business units.
In 2008, Antam improved its corporate governance practices. In January 2008, Antam launched the revision of the Corporate Policy Manual as well as the Charters for the Board of Commissioners, Board of Directors and Commissioner-level Committees. Members of the Board of Commissioners and the Board of Directors signed the revision on January 28, 2008. Inline with the appointment of Antam's new Board of Commissioners and the Board of Directors, the company conducted induction program for the new members of the boards in July 2008, followed with the signing of Statement of Commitment of GCG Implementation by all board members. In 2008, several companies made visits to Antam to share experiences of GCG implementation. These companies include Semen Gresik, Petrokimia Gresik, the Indonesian Stock Exchange as well as the Indonesian Institute for Corporate Governance (IICG). The visit of IICG was part of the Corporate Governance Perception Index (CGPI) survey. The result of IICG survey is part of the Key Performance Index for Antam's Board of Directors on GCG implementation. In the 2007 IICG survey, Antam recorded a socre of 83.41 or classified as Trusted Company. Antam also conducted socialization of GCG practices to its employees working at business level units. In August and September, Antam's GCG Division alongside members from the Commissioner-level committees and independent consultant conducted the socialization to employees at the Nickel SBU at Pomalaa, Gold SBU at Pongkor as well as Head Office.Information regarding Antam's GCG practices in past years can be found on the GCG section of Antam's latest annual report.
Archive:
GCG section of Annual Report 2008
GCG section of Annual Report 2007
GCG section of Annual Report 2006
GCG section of Annual Report 2005
GCG section of Annual Report 2004
GCG section of Annual Report 2003
GCG section of Annual Report 2002
GCG section of Annual Report 2001
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Corporate Governance 
