The implementation of Good Corporate Governance (GCG) continues to be a commitment of all stakeholders of the Company, where all Company organs and committees supporting the Directors and Commissioners have performed their functions properly as reflected in the Company's 2018 GCG Annual Report to the Financial Services Authority.
The company consistently applies the principles of good corporate governance so that it can guarantee the interests of all stakeholders. The quality of members of the Board of Directors, Board of Commissioners and Sharia Supervisory Board is continuously improved by running a sustainability program and certifying Risk Management expertise for Directors, Commissioners, Sharia Supervisory Board and all positions 1 (one) level below the Board of Directors that run and succeed very good and satisfying.
We believe that with increasing quantity and quality of governance, the Company will be able to survive and grow into a company that is increasingly trusted by all customers and the wider community.
The composition of the company's Board of Commissioners for the 2018 financial year is as follows:
The Board of Commissioners meeting is held at least once a month to discuss various matters including performance, strategies, policies and other matters concerning the Company that require the approval of the Board of Commissioners. Board of Commissioners meetings are held monthly, in accordance with the provisions of the Financial Services Authority (OJK) Regulation No. 73 / POJK.05 / 2016 concerning Good Corporate Governance for Insurance Companies.
In 2018, Sinarmas MSIG Life has held 12 Board of Commissioners meetings which each month schedule two outstanding agendas, namely business performance and financial results and other special agendas.
Committees formed by the Board of Commissioners in carrying out their supervisory functions on the company have carried out their functions in accordance with the provisions of the Financial Services Authority and the charter committee. In 2018, the committees formed by the Board of Commissioners, the functions and membership composition of the BOC supporting Committees are as follows:
The Audit Committee was formed to assist the Board of Commissioners in carrying out the oversight function of financial reports, the effectiveness of audits by external and internal auditors. The Audit Committee consists of:
The Risk Management Committee was formed to assist the Board of Commissioners in carrying out the supervisory function of the implementation and development of the Company's risk policies. The Risk Management Committee consists of:
The Good Corporate Governance Committee was formed to assist the Board of Commissioners in carrying out the oversight function of good corporate governance policies and to assess the consistency of the implementation of Good Corporate Governance including business ethics and corporate social responsibility. The Good Corporate Governance Committee consists of:
The Nomination and Remuneration Committee was formed to assist the Board of Commissioners in carrying out the oversight function of the Company's remuneration policy and as a facilitator for Shareholders to determine criteria, choose candidates and remuneration for the Company's Board of Commissioners and Directors. The Nomination and Remuneration Committee consists of:
As a Life Insurance Company running a part of its business in the form of sharia, the Company has 2 (two) Sharia Supervisory Boards (DPS) to ensure the implementation of sharia principles consistently by the Company. The last DPS was reappointed through an Extraordinary General Meeting of Shareholders (GMS) dated June 9, 2017 with the name and arrangement as follows:
In 2018, Sinarmas MSIG Life has conducted 5 (five) DPS meetings both face-to-face and letters circulated and reviewed and signed by DPS.
Attendance of Board of Sharia Supervisory meetings for the period January to December 2018:
|No.||Name||Position||Number of Attendance||Percentage of Attendance (%)|
|1.||dr H. Endy Mohammad Astiwara, MA||Ketua||64||100|
|2.||DR H. Ahmadi Sukarno, Lc, M.Ag.||Anggota||64||100|
The company is led by a Board of Directors appointed by the General Meeting of Shareholders that has fulfilled the requirements determined by the applicable laws and regulations.
In 2019, the Company's Directors consist of:
The task is to coordinate the members of the board of directors in carrying out their functions and be directly responsible for the functions of Internal Audit also Legal and Compliance.
Directors who are responsible for General Support, Human Capital also Compensation and Benefit.
Directors who are responsible for Risk Management and Strategic Planning
Directors are responsible for Investment, Business Process Improvement also Operation and Services.
Director responsible for Finance and Accounting, IT, Actuary and Sharia.
Director responsible for All Chanel Distribution, SMiLe Career Academy, Branding and Communication also Business Development.
Duties and Authorities of Directors:
Committees established by the Board of Directors in carrying out the management functions of the company have carried out their functions in accordance with the provisions of the Financial Services Authority and the charter committee. In 2018, the committees formed by the Directors consist of:
All committee meeting documents and records are available at the Company.
During 2018 the Board of Directors meets 15 directors a year.
The following is the attendance table of the Board of Directors meeting from January to December 2018:
|No.||Name||Position||Details||Number of Attendance||Percentage of Attendance (%)|
|1.||Hamid Hamzah||President Director||-||14||93%|
|2.||-||-||End in April 2018||6||100%|
|3.||Ivena Widjaja||Vice President Director||-||12||86%|
|4.||Hidenori Kui||Vice President Director||-||12||86%|
|5.||Hideto Sakamoto||Vice President Director||End in April 2018||5||100%|
|6.||Koji Saito||Director||Start from April 2018||9||100%|
|7.||Herman Sulistyo||Director||Start from April 2018||9||100%|
|8.||Gideon||Director||Start from April 2018||8||50%|
Internal Control in the Company has run quite well with a control system that is run by each business unit and overseen by the Compliance Department, where the risks arising are managed by the company's Risk Management properly, all of which are evaluated and assessed by the Interal Auditor company.
Up to the end of the 2018 financial year there have been no extraordinary events experienced by the company.