Press Release

Jakarta, December 4, 2024 - PT Bukit Asam Tbk (PTBA) has successfully retained the title of Indonesia's Most Trusted Company at the Corporate Governance Perception Index (CGPI) Award 2024, organized by The Indonesian Institute for Corporate Governance (IICG) in collaboration with SWA Magazine.

This year, PTBA achieved a score of 91.04, placing it in the "Highly Trusted" category. This award marks PTBA's success in earning this title for the tenth consecutive year since 2015.

The award was received by Suherman, Director of Human Resources (HR) at PT Bukit Asam Tbk, at a ceremony held in Jakarta on Monday, November 25, 2024.

"This recognition reflects our commitment to consistently and sustainably applying Good Corporate Governance (GCG) principles across every aspect of the company's operations. We will continue to enhance the quality of corporate governance to support business sustainability. With good governance, Bukit Asam is ready to provide Uninterrupted Energy for the nation," said Suherman.

With the theme "Building Corporate Maturity within the GCG Framework," the CGPI 2024 assessment focused on the company’s ability to handle disruption, industry dynamics, and more mature business management practices.

The evaluation by the jury panel proved that PTBA has maintained excellent performance amid various challenges. The company has successfully enhanced operational stability and continues to focus on sustainable business development to ensure long-term business continuity.

The implementation of Good Corporate Governance (GCG) at PTBA is supported by a strong regulatory and policy framework, including the enactment of Ministry of State-Owned Enterprises Regulation No. PER-02/MBU/03/2023 on Guidelines for Governance and Significant Corporate Activities of SOEs. This regulation's values have been effectively adopted through the formulation of PTBA's Corporate Governance Policy, as well as the Work Guidelines for the Board of Commissioners and the Board of Directors at the end of 2023.

PTBA also adopted the 2021 Indonesian Corporate Governance Guidelines (PUG-KI) established by the National Committee on Governance Policy, as well as the ASEAN Corporate Governance Scorecard (ACGS) as a reference for regional best practices. Additionally, the company’s Internal Control System follows international standards based on the principles of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

This year, 50 companies participated in the Corporate Governance Perception Index (CGPI) Award. Each company underwent analysis of submitted documents and observation of corporate practices, with results ranked by score and index and grouped into three trust categories: Highly Trusted (with scores ranging from 85 to 100), Trusted (with scores ranging from 70 to 84), and Fairly Trusted (with scores ranging from 55 to 69). The 2024 CGPI research and ranking results established that 17 companies achieved the Highly Trusted category, 30 companies the Trusted category, and 3 companies the Fairly Trusted category.