Welcome to 2017 annual Report of KPei
MERAIH KINERJA TERBAIK
LAPORAN TAHUNAN 2017 ANNUAL REPORT LAPORAN TAHUNAN 2017 ANNUAL REPORT | PT Kliring Penjaminan Efek Indonesia
DAFTAR ISI
TABLE OF CONTENTS
STRATEGI BISNIS BUSINESS STRATEGY
FUNGSI PENDUKUNG SUPPORTING FUNCTIONS
98 Sumber Daya Manusia
dan Umum
PENDAHULUAN
Human Resource and General Affairs 100 FOREWORD
PROFIL PERUSAHAAN CORPORATE PROFILE
40 Teknologi Informasi Selamat Datang di Laporan
Information Technology 109 Tahunan KPEI 2017
42 Hukum dan Keanggotaan of KPEI
Struktur Pasar Modal Indonesia
Welcome to 2017 Annual Report
Indonesia Capital Market Structure
Legal and Membership 112
43 Riset dan Pengembangan Bisnis Theme and Design Concept
Identitas Perusahaan
Tema dan Konsep Desain
Corporate Identity
Research and Development 117
Sekilas KPEI
Visi, Misi dan Nilai Inti
KPEI at a Glance
Vision, Mission dan Core Values
TATA KELOLA PERUSAHAAN
CORPORATE GOVERNANCE 120 Penghargaan dan Sertifikasi
Layanan Jasa dan Produk
Products and Services
Award and Certification
7 Tonggak Sejarah
Ikhtisar Kinerja
Milestone
52 TANGGUNG JAWAB
Performance Highlight
8 Struktur Organisasi
SOSIAL PERUSAHAAN
54 CORPORATE SOCIAL RESPONSIBILITY 158 Financial Highlight
Ikhtisar Keuangan
Organization Structure
10 Profil Dewan Komisaris
Inisiatif Strategis
Board of Commissioners’ Profiles
Strategic Initiatives
PERNYATAAN MANAJEMEN
Profil Direksi
ATAS LAPORAN TAHUNAN
Peristiwa Penting
Board of Directors’ Profiles
Events Highlight
13 Profil Kepala Divisi
MANAGEMENT STATEMENT OF
Division Heads’ Profiles
60 2017 ANNUAL REPORT 164
LAPORAN MANAJEMEN
Komite
MANAGEMENT REPORT
16 Committees
62 LAPORAN KEUANGAN
FINANCIAL STATEMENTS 166 Message from the Board
Sambutan Dewan Komisaris
Informasi Entitas Anak
Perusahaan dan Asosiasi
of Commissioners
18 Information of Subsidiaries
Laporan Direksi
and Associates
62 LAPORAN KEUANGAN
DANA JAMINAN
Board of Directors’ Report
26 Notaris, Akuntan Perusahaan
dan Bank
GUARANTEE FUND
Notary, Corporate Accountant
FINANCIAL STATEMENTS 239
and Banks
ANALISIS & PEMBAHASAN MANAJEMEN MANAGEMENT DISCUSSION & ANALYSIS
Informasi lebih lanjut, kunjungi: For further information, visit:
Reaching the Highest Achievements
SELAMAT DATANG
DI LAPORAN TAHUNAN KPEI 2017 Welcome to 2017 Annual Report of KPEI
PT Kliring Penjaminan Efek Indonesia (KPEI) telah memasuki usia PT Kliring Penjaminan Efek Indonesia (KPEI) celebrated its 21 st yang ke-21 di tahun 2017. Selama lebih dari dua dasawarsa
anniversary in 2017. After more than two decades of being in berkarya, KPEI konsisten menunjukkan kematangannya sebagai
service, KPEI has improve itself as an established Clearing and Lembaga Kliring dan Penjaminan, dengan menyediakan layanan
Guarantee Institution by offering the best services for investing terbaik bagi investor untuk berinvestasi dan bertransaksi di and conducting transactions in Indonesia capital market. This pasar modal Indonesia. Prestasi tersebut diraih atas komitmen
performance was achieved through KPEI’s commitment in KPEI dalam merealisasikan berbagai program kerja untuk realizing work programs to support market, product, and service mendukung pengembangan pasar, produk dan layanannya development, also enhance its solid performance in anticipating serta soliditas Perusahaan dalam rangka mengantisipasi the dynamics of global and national economic development dinamika perkembangan perekonomian global maupun nasional
throughout 2017.
sepanjang 2017. KPEI akan menghadapi semakin banyak tantangan di masa Going forward, KPEI will continue to face multiple challenges,
mendatang, diantaranya berkembangnya tren perluasan peran including emerging trend of the expansion role of Central Central Counterparty , tuntutan untuk berkoordinasi dengan Counterparty, coordinating with various authorities, expectation berbagai pihak otoritas, mampu mensejajarkan diri dengan to be aligned with counterparties from other developed and lembaga sejenis dari negara-negara maju maupun negara developing countries in the region, and preparing competent HR berkembang di kawasan serta mempersiapkan SDM yang and system infrastructures to deliver the best services. Therefore, kompeten dan infrastruktur sistem dalam menyediakan layanan
KPEI is expected to integrate activities and strengthen its terbaik. Untuk itu, KPEI diharapkan dapat mengintegrasikan cooperation with all stakeholders and international capital market kegiatan dan menjalin kerjasama yang semakin erat dengan institutions to expand and develop the Indonesia capital market’s seluruh pemangku kepentingan maupun lembaga pasar modal
role as an instrument to support the national economic growth. internasional guna membangun dan meningkatkan peran pasar modal Indonesia sebagai instrumen pendukung pertumbuhan ekonomi nasional.
Menghadapi kondisi tersebut, KPEI menunjukkan komitmen In response to those challenges, KPEI is committed to acquiring kuat untuk secepatnya meraih predikat sebagai Qualifying
the status of a Qualifying Central Counterparty (QCCP) with Central Counterparty (QCCP) dengan layanan yang semakin more comprehensive, secure, attractive, and reliable services lengkap, aman, menarik dan dapat diandalkan dalam to help promote investment in the capital market. To show this mendukung peningkatan kegiatan investasi di pasar modal. commitment and hard work towards qualifying as a QCCP, the Guna menunjukkan komitmen dan kerja keras dalam mencapai
2017 Annual Report will outline efforts by the Company to develop kondisi QCCP tersebut, pada Laporan Tahunan 2017 ini, KPEI
competency as a Self-Regulatory Organization that actively menjelaskan garis besar upaya yang dilakukan Perusahaan dalam
contributes to the infrastructure development of the Indonesia mengembangkan kompetensi sebagai salah satu Self-Regulatory
capital market. It will also highlight previous and future initiatives Organization yang aktif membangun infrastruktur pasar modal
undertaken by KPEI to implement programs aimed at developing Indonesia. Juga menunjukkan upaya-upaya yang telah dan akan
the Indonesia capital market, as well as operational and financial dilaksanakan oleh KPEI dalam merealisasikan program-program
performance maintained throughout the reporting year. pengembangan pasar modal Indonesia, serta kinerja yang diraih baik dari sisi operasional maupun finansial selama tahun laporan.
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LAPORAN TAHUNAN 2017 2 ANNUAL REPORT | PT Kliring Penjaminan Efek Indonesia
Pendahuluan Foreword
Laporan Manajemen Management Report
Profil Perusahaan
Corporate Profile
REACHING THE HIGHEST ACHIEVEMENTS
Meraih Kinerja Terbaik
Tema “Reaching the Highest Achievements” atau “Meraih Kinerja Terbaik” menunjukkan tekad KPEI untuk mencatatkan kinerja terbaik dalam mendukung pengembangan pasar modal Indonesia serta memberi rasa aman terhadap investor dalam berinvestasi dan bertransaksi di pasar modal Indonesia.
Untuk meraih pencapaian terbaik, KPEI memiliki strategi bisnis, yang tertuang dalam Strategic Bussiness Plan (SBP) 2016-2020. Dimana dalam 5 tahun ke depan, KPEI memiliki rencana strategis yang dijabarkan dalam beberapa program pengembangan dan selanjutnya diturunkan menjadi program kerja tahunan untuk diimplementasikan. Pencapaian terbaik KPEI dianalogikan dengan sosok orang yang berhasil menaiki anak tangga mencapai tingkat tertinggi. Sedangkan elemen grafis papan sasaran merupakan simbol bahwa pencapaian ini tepat sasaran karena adanya strategi Perusahaan yang jelas.
Berbagai faktor lainnya yang turut mendukung keberhasilan KPEI dalam meraih kinerja terbaik antara lain tersedianya sumber daya manusia yang kompeten di bidangnya (sosok orang), infrastruktur sistem informasi yang sesuai dengan teknologi terkini (ikon browser ), regulasi yang sesuai dengan perkembangan kondisi dan tuntutan pasar (ikon palu) serta dilakukannya kegiatan edukasi dan sosialisasi ke seluruh pelaku pasar (ikon networking). Keseluruhan faktor tersebut digambarkan pada desain dengan elemen garis yang saling bersinggungan dan bergerak dinamis, yang mengilustrasikan bagaimana masing-masing fungsi saling berhubungan, saling mendukung untuk mencapai satu tujuan. Sementara, desain bagian sisi tangga yang menyerupai grafik pergerakan saham di layar LED, menunjukkan upaya Perusahaan dalam memperkuat perannya di pasar modal Indonesia.
Laporan Tahunan ini didesain untuk menghadirkan konsep yang modern, inovatif dan dinamis. Pengambilan foto menunjukkan budaya Perusahaan yang profesional tetapi tidak kaku dan tetap modern. Komposisi foto dan layout memberikan kesan lebih terbuka sesuai upaya KPEI dalam memperluas segmen layanan, penyediaan produk yang lebih bervariasi dan penambahan jenis partisipan baru. Warna korporat KPEI digunakan secara konsisten sebagai identitas Perusahaan.
The theme “Reaching the Highest Achievements” reflects KPEI’s commitment to record the best performance in supporting the development of the Indonesia capital market and providing a secure sense for investors to invest and conduct transactions in the Indonesia capital market.
To achieve the best performance, KPEI has developed 5-year business strategies, as stated in Strategic Business Plan (SBP) 2016-2020, where the strategic plans are outlined in several development programs and further detailed into year-by-year work programs for implementation. KPEI’s excellent performance is illustrated in the figure of a person who has successfully climbed to the top of a staircase. The graphic element of a shooting target symbolizes the accuracy of the set-out aim as the result of the Company’s coherent strategies.
Various other factors that support KPEI’s success in achieving the best achievement such as the availability of competent human resources (person figure), the latest information technology system infrastructures (browser icon), regulations which related to market demands and development (hammer icon), as well as proper education and socialization to all market participants (networking icon). All of the factors are represented in the design with dynamic, intersecting lines to illustrate the relationship between them and how one supports the other in order to achieve the same goal. The graphic elements on both sides of the staircase, which resemble stock movement charts on LED screens, show the Company’s efforts to consolidate its role in the Indonesia capital market.
This Annual Report is designed to put forward a concept that is modern, innovative, and dynamic. The photos depict how the Company maintains its culture of professionalism in a contemporary and amenable work environment. The composition of pictures and the layout portray KPEI’s openness to embrace the new, in line with the Company’s endeavors in expanding its service, providing more variety of products, and adding types of participants. The corporate colors of KPEI are used consistently throughout the design as the identity of the Company.
Theme and Design Concept
TEMA DAN KONSEP DESAIN
2 LAPORAN TAHUNAN 2017 ANNUAL REPORT | PT Kliring Penjaminan Efek Indonesia
Pendahuluan Foreword
Laporan Manajemen Management Report
Profil Perusahaan
Corporate Profile
Reaching the Highest Achievements Reaching the Highest Achievements Reaching the Highest Achievements
Desain sampul Laporan Tahunan 2017 kali ini merepresentasikan In line with the theme, the cover design of 2017 Annual Report upaya Perusahaan dalam melaksanakan sasaran strategis represents the Company’s efforts in achieving the strategic menuju KPEI sebagai Qualifying Central Counterparty di tahun
objectives which will transform KPEI into a Qualifying Central 2020 sesuai dengan tema.
Counterparty in 2020.
KPEI meyakini hasil terbaik tersebut dapat dicapai berkat With commitment, dedication, and hard work of all employees komitmen, dedikasi dan kerja keras seluruh jajaran dalam in performing the Company’s initiative strategies to the best menjalankan strategi inisiatif dengan segenap kompetensi yang
of their abilities, KPEI believes that the finest outcome will be dimiliki. Pada akhirnya seluruh upaya dan kinerja KPEI tersebut
accomplished. In the end, all of these efforts and performance didedikasikan bagi pasar modal Indonesia pada khususnya, dan
are KPEI’s contribution to Indonesia’s economy, particularly the perekonomian Indonesia pada umumnya.
Indonesia capital market.
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Pendahuluan
Laporan Manajemen
Profil Perusahaan
Foreword
Management Report
Corporate Profile
TEMA DAN KONSEP DESAIN
Theme and Design Concept
Kesinambungan Tema
Laporan Tahunan
Enhancing Safety & Efficiency Ensuring
Theme Continuity of the
Growth
Annual Report
KPEI konsisten pada langkah strategis untuk KPEI mewujudkan dan mengimplementasikan produk dan melakukan transformasi organisasi dan
layanan baru dalam rangka pengembangan infrastruktur pasar memastikan penyempurnaan berkelanjutan dalam
modal Indonesia. KPEI telah membuktikan memiliki kapasitas mengemban misi, visi, peran, dan fungsi KPEI
dan kemampuan dalam meningkatkan keamanan maupun sebagai Lembaga Kliring dan Penjaminan di pasar
efisiensi pelaksanaan fungsi kliring dan penjaminan penyelesaian modal Indonesia. Hal ini tercermin dalam Laporan
transaksi bursa.
Tahunan Perusahaan yang terangkum dalam KPEI created and implemented new products and services as kesinambungan tema berikut:
part of the infrastructure development effort in Indonesia capital KPEI is strategically consistent in conducting
market. KPEI is proven to have the ability and capability to organization transformation and in sustaining
enhance security and efficiency in carrying out its function to continuous improvement to carry out its mission,
provide clearing and guarantee securities exchange transactions vision, role and function as a Clearing and Guarantee
settlement services.
Institution in Indonesia capital market. This is shown by the theme continuity in its Annual Reports:
Powering the Way To
Promote Capital Market
The Journey of
Deepening
Continuous Improvement
Tahun 2014 menjadi tahun pengembangan dan penguatan peran KPEI dalam mendukung pertumbuhan pasar modal Indonesia. Peran KPEI di industri pasar modal semakin kuat, dengan
KPEI menerapkan strategi perbaikan terus-menerus dalam semakin terlibat secara aktif dalam pelaksanaan program kerja menghadapi setiap tantangan dan peluang untuk tetap mampu bersama OJK dan SRO lain, di samping program kerja internal menjawab kebutuhan dan perkembangan pasar modal Indonesia.
Perusahaan.
KPEI applied various improvement strategies continuously in the In 2014, KPEI developed and strengthened its role in supporting midst of challenges and opportunities to meet the needs and the the growth of Indonesia capital market. KPEI’s role in capital development of Indonesia capital market. market industry has grown stronger. Furthermore, KPEI has
been more actively involved in executing joint work program with Indonesia FSA and other SRO, aside from other internal work program.
4 LAPORAN TAHUNAN 2017 ANNUAL REPORT | PT Kliring Penjaminan Efek Indonesia
Reaching the Highest Achievements
Shaping the Roadmap Toward Qualified Central Counterparty
Penyempurnaan berkelanjutan dalam meningkatkan kualitas layanan jasa dan produk di pasar modal Indonesia akan mewujudkan KPEI sebagai CCP yang berkualifikasi internasional ( Qualified CCP).
Continuous improvement in services and products quality in Indonesia capital market would help KPEI achieve its goal to be an international CCP (Qualified CCP).
Reaching the Highest Achievements
Tema ini menunjukkan tekad KPEI untuk
BROADENING
mencatatkan kinerja terbaik dalam mendukung SERVICES Toward Agile Central Counterparty
Shaping the Roadmap
pengembangan pasar modal Indonesia. Dalam
Toward Qualified
hal ini, KPEI memiliki strategi bisnis yang jelas,
LAPORAN TAHUNAN 2016 ANNUAL REPORT
Central Counterparty
dan didukung pula oleh sumber daya manusia yang kompeten, ketersediaan infrastruktur sistem
Dalam upaya menuju Qualified CCP yang tangkas dalam informasi dan regulasi yang sesuai dengan menanggapi setiap perubahan dan/atau perkembangan yang
perkembangan pasar serta faktor lainnya. terjadi di pasar modal Indonesia maupun internasional, KPEI
The theme shows to KPEI’s commitment to memperluas layanannya, tidak hanya mendukung kegiatan
record the highest achievements in supporting transaksi bursa, tetapi juga transaksi di luar bursa serta
the development of the Indonesia capital market. menyediakan layanan kliring dan penjaminan atas jenis produk
To reach this goal, KPEI has developed clear dan jenis partisipan baru yang menjadi anggotanya.
business strategies, carried out with the support In order to become a Qualified CCP that can quickly respond to of competent human resources, availability of
every change and development in the Indonesia and international information system infrastructures, and regulations capital markets, KPEI is expanding its services, supporting both
that related to market development, as well as securities exchange and over the counter transactions and
other factors.
carrying out clearing and guarantee for the new products and new participants.
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Pendahuluan
Laporan Manajemen
Profil Perusahaan
Foreword
Management Report
Corporate Profile
VISI To become the Clearing and Guarantee Institution reliable of providing the best services in Indonesia
Menjadi Lembaga Kliring dan Penjaminan yang andal untuk menyediakan layanan terbaik di pasar modal Indonesia
Vision
capital market
MISI Mewujudkan pasar modal Indonesia yang aman dan menarik
To actualize a secure and attractive Indonesia capital market
Mission
NILAI INTI
Core Values
T Integritas
IN
EGRITY
R Kehati-hatian
UDENCE CUSTOMER FOC
Fokus pada
Pengguna Jasa
Kebersamaan S
FELLOW
HIP
T Pencapaian Terbaik
ACHIEVEMEN
OF EXCELLENCE
We Value TRUST
6 LAPORAN TAHUNAN 2017 ANNUAL REPORT | PT Kliring Penjaminan Efek Indonesia
Reaching the Highest Achievements
PENGHARGAAN DAN SERTIFIKASI Award and Certification
International Emerging Markets Awards Category BEST RISK
MANAGEMENT COMPANY
Certification
Penilaian GCG dengan score
88 kategori 65
SANGAT BAIK
dari konsultan independen
‘Excellent’ score in the assesment of GCG from an independent consultant.
Upgrade ISO versi 9001:2008 menjadi
Upgrade ISO version from 9001:2008 to 9001:2015
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Pendahuluan
Laporan Manajemen
Profil Perusahaan
Foreword
Management Report
Corporate Profile
IKHTISAR KINERJA Performance Highlight
DANA JAMINAN (Rp miliar)
PENGELOLAAN AGUNAN
GUARANTEE FUND (Rp billion)
COLLATERAL MANAGEMENT
Komposisi Agunan Offline
Offline Collateral Composition
trillion
Bank Garansi Bank Guarantees
Saham Bursa IDX Seats
Dana Minimum Kas 2013
Minimum Cash Collateral Deposito Penggunaan Dana Talangan (Rp miliar)
Time Deposits Bailout Usage (Rp billion)
Komposisi Agunan Online Online Collateral Composition
trillion
Stocks Obligasi
Bonds Uang
FASILITAS INTRADAY Cash INTRADAY FACILITY
97,73% Rata-Rata Penggunaan Fasilitas Intraday Harian (Rp miliar) Average Daily Intraday Facility Usage (Rp billion)
Nilai Agunan yang dikelola KPEI
Total Collateral managed by KPEI
Total Penggunaan Fasilitas Intraday
Biaya Fasilitas Intraday
Total Intraday Facility Usage
Total Intraday Facility Cost
Rp
Rp
billion 2013 miliar 2014 2015 2016 2017
trillion triliun
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Reaching the Highest Achievements
NILAI TRANSAKSI, NILAI PENYELESAIAN, DAN EFISIENSI PENYELESAIAN
TRANSACTION VALUE, SETTLEMENT VALUE AND SETTLEMENT EFFICIENCY Rata-Rata Nilai Transaksi Bursa Harian (Rp miliar)
Rata-Rata Nilai Penyelesaian Transaksi Bursa Harian (Rp miliar) Average Daily Securities Transaction Value (Rp billion)
Average Daily Securities Transaction Settlement Value (Rp billion)
Rata-Rata Efisiensi Volume Penyelesaian Transaksi Bursa Harian
Average Daily Securities Settlement
PINJAM MEMINJAM EFEK
Efficiency Volume
SECURITIES BORROWING AND LENDING Total Nilai Pinjam Meminjam Efek (PME) (Rp miliar)
Total Securities Borrowing and Lending (SBL) Value (Rp billion)
395,33 Rata-Rata Efisiensi Nilai Penyelesaian Transaksi Bursa Harian
Average Daily Securities Settlement 262,04
Efficiency Value
ALTERNATE CASH SETTLEMENT (ACS)
Rata-Rata Outstanding Pinjaman Harian Average Daily Outstanding Loan Value
Nilai Penyelesaian Efek dengan Mekanisme ACS Securities Settlement Value using ACS Mechanism
Rp
miliar
billion
Volume Penyelesaian Efek dengan Mekanisme ACS Securities Settlement Volume using ACS Mechanism
juta lembar
million shares
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Pendahuluan
Laporan Manajemen
Profil Perusahaan
Foreword
Management Report
Corporate Profile
IKHTISAR KEUANGAN Financial Highlight
Seluruh angka menggunakan notasi Indonesia. All numericals are in Indonesian notations.
LAPORAN POSISI STATEMENT OF KEUANGAN
FINANCIAL POSITION (dalam jutaan rupiah)
(in million rupiah)
ASET ASSETS Aset Lancar
Current Assets Aset Tidak Lancar
Noncurrent Assets
Securities Funds Assets Dana Disisihkan
Aset Dana Pengaman
Fund Reserved for Guarantee Sebagai Cadangan
of Settlement of Securities Jaminan
Transaction Investasi Pada Entitas Asosiasi
Investment in Associates Aset Keuangan Lainnya
Other Financial Assets Aset Tetap
Equipment and Facilities Aset Pajak Tangguhan
Deferred Tax Assets Aset Lain-Lain
Other Assets Uang Muka
Jumlah Aset
Total Assets
LIABILITAS DAN EKUITAS LIABILITY AND EQUITY
Liabilitas Jangka Pendek
Current Liabilities Liabilitas Jangka Panjang
Non-Current Liabilities
Jumlah Liabilitas
Total Liabilities Jumlah Ekuitas
Total Equity Jumlah Liabilitas dan Ekuitas
Total Liabilities and Equity
LAPORAN LABA RUGI STATEMENT OF KOMPREHENSIF
COMPREHENSIVE INCOME (dalam jutaan rupiah)
(in million rupiah)
Revenue Beban Usaha
Pendapatan Usaha
Cost of Revenue Laba (Rugi) Usaha
Gross Profit (Loss)
Pendapatan (Beban) Lain-Bersih
Other Income (Expense) - Net Pendapatan Sebelum pajak
Net Profit before Tax Beban Pajak
Tax Expense
Laba Bersih Tahun Berjalan
Net Profit for the Year
Other Comprehensive Lainnya
Penghasilan Komprehensif
Laba Komprehensif Tahun
Comprehensive Profit Berjalan
for the Year
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Reaching the Highest Achievements
FINANCIAL RATIOS (%) Rasio Lancar
RASIO KEUANGAN (%)
Current Ratio Laba Usaha terhadap
Operating Income to Pendapatan Usaha
Operating Revenue Beban Usaha terhadap
Operating Expense to Pendapatan Usaha
Operating Revenue Marjin Laba Bersih
Net Profit Margin Tingkat Pengembalian Aset
Return on Assets (RoA) Tingkat Pengembalian Modal
Return on Equity (RoE) Perputaran Total Aset
Total Assets Turnover
JUMLAH ASET (Rp miliar)
LABA USAHA (Rp miliar)
TOTAL ASSETS (Rp billion)
OPERATING PROFIT (Rp billion)
LABA BERSIH (Rp miliar)
NET PROFIT (Rp billion)
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Pendahuluan
Laporan Manajemen
Profil Perusahaan
Foreword
Management Report
Corporate Profile
INISIATIF STRATEGIS Strategic Initiatives
Sebanyak 24 (dua puluh empat) inisiatif utama yang terdaftar pada rencana kerja 2017 sudah dijalankan hingga Desember 2017. Berikut ini ringkasan status realisasi kegiatan inisiatif utama tersebut :
A total of 24 (twenty four) initiatives listed on the 2017 work plan had been carried out up to December 2017, with the summary as follows:
NO. INISIATIF
PERIODE KEGIATAN PROGRES KEGIATAN
INITIATIVES
ACTIVITY PERIOD
ACTIVITY PROGRESS
Perspektif: Stakeholder & Financial Perspective: Stakeholder & Financial 1 Penyelesaian T+2
T+2 Settlement 2 Implementasi Triparty REPO
2016 - 2018
Implementation of Tri-Party Repo 3 Porting dan Pengembangan Sistem Kliring
2015 - 2018
Porting and Development of Bond Clearing Obligasi
System 4 Persiapan Operasional
Preparation of Securities Financing Pembiayaan Efek
Operational 5 Capacity Building AK
CM Capacity Building 6 Pengembangan Sistem Pengelolaan In-
Development of Financial Investment vestasi Keuangan
Management System Perspektif: Internal Business Process
Perspective: Internal Business Process 7 Assesment Credit Risk
Assessment of Credit Risk 8 Implementasi Prosedur Buy in PME
Implementation of SBL Buy-in Procedure 9 Enhancement Razor System Capabilities
2016 - 2017
Enhancement of Razor System Capabilities 10 Implementasi Hasil Collateral Assessment
Implementation of Collateral Assessment Result
11 Spesifikasi Bisnis Integrasi Collateral Man-
Business Specification for Integration agement System
2016 - 2017
Collateral Management System Perspektif: Learning & Growth
Perspective: Learning & Growth 12 Penyusunan Fungsi Spesialis Bisnis dan
Formulation of Business Specialist Konsep Succession Planning
Function and Succession Planning Concept
13 Pengembangan Sistem Pengadaan dan
Development of Procurement System and Asset Management
Asset Management 14 Perluasan Implementasi dan Sertifikasi ISO
Expansion of ISO 27001 Implementation 27001
and Certification 15 Upgrade Middleware SOA Suite 12c
Upgrading Middleware SOA Suite 12c 16 Migrasi data sistem e-CLEARS, Middleware
2017-2018
Data Migration of e-CLEARS, Middleware, dan Razor di lingkungan DRC
and Razor system in DRC environment 17 Peremajaan Perangkat Jaringan
Network Devices Upgrading 18 Server DR dan Staging EAE
DR Server and EAE Staging 19 Relokasi Data Center
Data Center Relocation 20 Upgrade Remedy Service Desk
Upgrading of Remedy Service Desk 21 Penambahan Kapasitas Storage Mailbox
2017 - 2018
Mailbox and Office Server Storage dan Server Office
Capacity Expansion 22 Penyusunan Roadmap IT Governance
Formulation of IT Governance Roadmap, Tahap 1
Stage 1 23 Implementasi Sistem
Implementation of Program Program Management
Management System 24 Dashboard Informasi Keuangan Perusahaan
2017 - 2018
Dashboard for the Company’s Financial Information
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Reaching the Highest Achievements
PERISTIWA PENTING Events Highlight
23 Januari 2017 January 23, 2017 Pembukaan Perdagangan Bursa 2017
3 Januari 2017 January 3, 2017
Kunjungan Bisnis Parabellum ke KPEI Market Opening in 2017
Business Visit of Parabellum to KPEI
7-9 Maret March 7-9, 2017 Kunjungan bisnis Japan Securities Finance ke KPEI dan
23 Januari 2017 January 23, 2017
The 14 th Annual PASLA/RMA Conference on Asian Pendanaan Efek Indonesia
Securities Lending
Business visit of Japan Securities Finance to KPEI and The 14 th Annual PASLA/RMA Conference on Asian Indonesia Securities Fund
Securities Lending
30 Maret 2017 March 30, 2017 Penandatangan Perjanjian antara KPEI dan Bank
20 Maret 2017 March 20, 2017
KPEI Menerima Sertifikasi ISO 27001:2013 Indonesia terkait Penyelenggaraan Kliring atas Transaksi
Obligasi Negara melalui Electronic Trading Platform KPEI received ISO 27001:2013 certification
Signing of Agreement between KPEI and Bank Indonesia concerning Clearing on State Bond Transaction through Electronic Trading Platform
5 Juni 2017 June 5, 2017 Peluncuran Perdagangan Surat Utang Negara melalui
6 April 2017 April 6, 2017
Focus Group Discussion tentang Persiapan Implementasi Electronic Trading Platform
Pembaharuan Sistem e-CLEARS
Launching of Government Bond Trading through Focus Group Discussion on the Preparation of e-CLEARS Electronic Trading Platform
System Update Implementation
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Pendahuluan
Laporan Manajemen
Profil Perusahaan
Foreword
Management Report
Corporate Profile
PERISTIWA PENTING
Events Highlight
20 Juni 2017 June 20, 2017 Sosialisasi Implementasi Percepatan Settlement T+2
6 Juni 2017 June 6, 2017
Rapat Umum Pemegang Saham KPEI Socialization of the T+2 Settlement Implementation Acceleration
KPEI General Meeting of Shareholder
11 Agustus 2017 August 11, 2017 Sosialisasi kepada Media, Investor dan Mahasiswa di
25-27 Juli July 25-27, 2017
Konferensi Pers Memperingati 40 Tahun Diaktifkannya Balikpapan dan Banjarmasin
Kembali Pasar Modal Indonesia Socialization to the Media, Investors, and University
Press Conference in commemoration of 40 th Anniversary Students in Balikpapan and Banjarmasin
of Indonesia Capital Market Reactivation
30 Agustus 2017 August 30, 2017 Penandatanganan Perjanjian antara KPEI dengan
30 Agustus 2017 August 30, 2017
Seminar terkait Perluasan Peran Bank Kustodian dalam Citibank terkait layanan Account Operator dalam
Penyelesaian Transaksi Bursa penyelesaian transaksi bursa
Seminar on the Expansion of Custodian Bank Role in Agreement Signing between KPEI and Citibank
Securities Exchange Transaction Settlement concerning the Provision of Account Operator Service in Securities Exchange Transaction Settlement
13 September 2017 September 13, 2017 28 September 2017 September 28, 2017 2017 Asia Pacific Securities Leadership Forum
Kunjungan Bisnis Korea Exchange ke KPEI 2017 Asia Pacific Securities Leadership Forum
Business Visit of Korea Exchange to KPEI
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Reaching the Highest Achievements
11-12 Oktober 2017 October 11-12, 2017 20 Oktober 2017 October20, 2017 Kunjungan Bisnis SRO ke The Clearing Corporation of India Ltd
Rapat Umum Pemegang Saham Luar Biasa KPEI Business Visit of SRO to The Clearing Corporation of India Ltd
KPEI Extraordinary General Meeting of Shareholder
27-29 Oktober 2017 October 27-29, 2017 14-17 November 2017 November 14-17, 2017 Pembukaan Investival 2017
World Forum of CSDs 2017
Opening of Investival 2017
2017 World Forum of CSDs
15 November 2017 November 15, 2017 4-7 Desember 2017 December 4-7, 2017 Penyerahan Penghargaan Galeri Investasi Bursa 2017
The 4 th International Financial Cooperation Forum Galeri Investasi Bursa Award Ceremony
The 4th International Financial Cooperation Forum
20 Desember 2017 December 20, 2017 29 Desember 2017 December 29, 2017 Kunjungan Kerja Korea Securities Finance Corporation ke KPEI
Penutupan Perdagangan Bursa 2017 Business Visit of Korea Securities Finance Corporation to KPEI
Market Closing in 2017
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Pendahuluan
Laporan Manajemen
Profil Perusahaan
Foreword
Management Report
Corporate Profile
LAPORAN MANAJEMEN
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Reaching the Highest Achievements
LAPORAN TAHUNAN LAPORAN TAHUNAN 2017 2017 ANNUAL REPORT | PT Kliring Penjaminan Efek Indonesia ANNUAL REPORT | PT Kliring Penjaminan Efek Indonesia 17 17
Pendahuluan
Laporan Manajemen
Profil Perusahaan
Foreword
Management Report
Corporate Profile
SAMBUTAN DEWAN KOMISARIS Message from the Board of Commissioners
Semakin tingginya pertumbuhan ekonomi nasional di tahun 2017 telah membuat aktivitas pasar modal tahun 2017 terus menunjukkan pertumbuhan yang positif. Meyakini tren ini akan terus berlangsung dimasa mendatang, KPEI bertekad untuk terus meningkatkan daya dukung infrastruktur, mengembangkan produk dan kompetensi SDM guna mendukung optimalnya pertumbuhan pasar modal Indonesia.
The significant growth of our national economy in 2017 has impacted this year’s capital market activity, which continues to show a positive increase. With the believe that this trend will continue in the future, KPEI is determined to keep increasing its infrastructure support capacity and developing products as well as Human Resources competencies in order to optimally support the growth of the Indonesia capital market.
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Reaching the Highest Achievements
Pemegang Saham dan Pemangku Kepentingan yang Terhormat, Dear Distinguished Shareholder and Stakeholders, Puji syukur kami panjatkan kepada Allah SWT, atas rahmat dan
Praise to Allah SWT, for His grace and blessing, which allowed karunia yang diberikan sehingga KPEI dapat melalui tahun 2017
KPEI to pass through the dynamic year of 2017 with encouraging yang dinamis dengan menunjukkan kinerja yang membesarkan
performance. Such performance will motivate KPEI to continue hati. Capaian kinerja tersebut akan semakin memotivasi KPEI
implementing work programs optimally, mitigating the securities untuk senantiasa melaksanakan program kerja secara optimal,
exchange’s transaction risks properly, managing financial aspects memitigasi risiko transaksi bursa dengan tepat, mengelola aspek
transparently and responsibly, as well as completing several keuangan secara transparan dan dapat dipertanggungjawabkan,
strategic initiatives in supporting the development and growth of serta menuntaskan berbagai inisiatif strategis dalam rangka Indonesia capital market. mendukung pengembangan dan pertumbuhan pasar modal Indonesia.
KONDISI EKONOMI DAN PASAR MODAL INDONESIA ECONOMIC AND CAPITAL INDONESIA 2017
MARKET CONDITIONS IN 2017
Perekonomian global terus menunjukkan perbaikan didukung The global economy continued to improve along with economic oleh membaiknya perekonomian negara-negara utama dunia,
recovery in major economies such as the US, China, Japan, seperti Amerika Serikat, China, Jepang dan negara-negara and major European countries. Economic recovery in the major utama kawasan Eropa. Perbaikan pertumbuhan ekonomi negara-
countries brought positive impact to the improvement in primary negara utama dunia tersebut memberi dampak positif terhadap
commodity prices such as coal, oil, tin, and palm oil, while giving perbaikan harga-harga komoditas primer seperti batubara, other future challenges. minyak bumi, timah dan kelapa sawit, namun juga memberikan tantangan lain di masa depan.
Perbaikan perekonomian global yang disertai naiknya beberapa Global economic recovery, followed by increasing prices of komoditas primer tersebut memberi dampak positif terhadap
primary commodities, brought positive impact to Indonesia. Indonesia. Bersama dengan tetap tingginya realisasi belanja Along with strong Government capital spending in infrastructure modal Pemerintah melalui proyek infrastruktur, naiknya investasi
projects, increasing investment and high domestic consumption dan tetap tingginya konsumsi domestik membuat perekonomian
led the economy to book a growth of 5.07%, better than 5.03% kembali mencatatkan pertumbuhan sebesar 5,07% lebih baik
recorded in the previous year.
dari pertumbuhan di tahun sebelumnya yakni 5,03%. Terjaganya kondisi makroekonomi dan perbaikan kondisi usaha
Manageable macroeconomic condition and improving business membuat 5 (lima) lembaga pemeringkat internasional juga telah
condition caused 5 (five) international rating agencies to upgrade meningkatkan Sovereign Credit Rating Indonesia menjadi
Indonesia Sovereign Credit Rating into Investment Grade status. Investment Grade. Perbaikan kondisi usaha Indonesia tercermin
The improvement in Indonesia business condition was reflected dari naiknya peringkat kemudahan bisnis ke peringkat 72, in the increase of ease doing business rank to 72, as stated in sebagaimana dinyatakan dalam Laporan World Bank - Doing
the World Bank Report – Doing Business 2018: Reforming to Business 2018: Reforming to Create a Jobs, dan naiknya Create a Jobs, and the increase of competitiveness rank to 42
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Pendahuluan
Laporan Manajemen
Profil Perusahaan
Foreword
Management Report
Corporate Profile
SAMBUTAN DEWAN KOMISARIS
Message from the Board of Commissioners
peringkat daya saing ke peringkat 42 sebagaimana dinyatakan as stated by the World Economic Forum (WEF) in the Global oleh World Economic Forum (WEF) dalam Global Competitiveness
Competitiveness Index 2017-2018.
Index 2017-2018. Perbaikan kondisi perekonomian tersebut membuat aktivitas Economic improvements caused the capital market to remain
pasar modal terus bergairah, kendati tidak ada lagi aliran dana active, despite tax amnesty funds no longer flew into the capital dari program tax amnesty yang mengalir ke pasar saham market as had happened in 2016. Stock trading activities in IDX sebagaimana terjadi di tahun 2016. Aktivitas perdagangan saham
continued to increase throughout the year. The average daily di BEI terus meningkat sepanjang tahun. Rata-rata nilai transaksi
transaction value, daily transaction volume, and daily transaction bursa harian, volume transaksi dan frekuensi perdagangan
frequency also increased. Hence, the JCI up 19,99% to close at harian juga terus meningkat. Sehingga di akhir tahun, IHSG naik
6,355.65 from 5,296.71 in the previous year, besides additional 19,99% ditutup di level 6.355,65 dari level 5.296,71 di tahun
37 (thirty-seven) new issuers conducting initial public offering, up sebelumnya, selain adanya tambahan 37 (tiga puluh tujuh) emiten
from 16 (sixteen) issuers in 2016.
baru yang melakukan penawaran umum perdana, naik dari 16 (enam belas) emiten di tahun 2016.
KINERJA KPEI 2017 KPEI PERFORMANCE IN 2017
Dengan memperhatikan Key Performance Indicator (KPI) yang Considering the Key Performance Indicator ( KPI) determined by telah ditetapkan Perusahaan di awal tahun, KPEI berhasil the Company at the beginning of the year, KPEI succeeded in mencatatkan pencapaian lebih dari yang direncanakan. Terdapat
recording more achievements than planned. There are 5 (five) key 5 (lima) indikator kinerja unggulan yang dinilai dengan KPI, performance indicators assessed by KPI, with total achievement dengan total pencapaian 105,46%.
of 105.46%.
Namun demikian, pada aspek keuangan, berakhirnya program Nonetheless, in the financial aspect, the end of Tax Amnesty Tax Amnesty membuat transaksi di pasar modal berjalan “normal”
program caused capital market transactions back to “normal”, kembali, sehingga di tahun 2017 KPEI membukukan sedikit therefore KPEI booked slight revenue decrease of 4.50% to penurunan pendapatan, 4,50%, menjadi sebesar Rp392,57 miliar.
Rp392.57 billion. The Company successfully managed operating Perusahaan telah berhasil mengelola beban usaha, yakni hanya
expenses, only posting an increase of 3.89% to Rp290.58 billion. membukukan peningkatan sebesar 3,89% menjadi Rp290,58
Overall, KPEI booked a 20.24% decline in net profit to Rp87.72 miliar. Sehingga KPEI membukukan penurunan laba bersih billion and booked comprehensive income of Rp89.09 billion. 20,24% menjadi sebesar Rp82,72 miliar, dan membukukan laba
komprehensif sebesar Rp89,09 miliar. Pada aspek operasional, KPEI berhasil mendukung peningkatan
In operational aspect, KPEI managed to increase the quality of kualitas kegiatan transaksi bursa sehingga di tahun 2017 tidak
securities exchange transactions, hence there was no default by ada kejadian gagal bayar AK dalam memenuhi kewajibannya.
CM in fulfilling their obligation.
Stock trading activities on the IDX throughout 2017 continued to increase and recorded the success of KPEI, which is shown by zero failure of any securities exchange transaction settlement by CM. One of the determining factors is KPEI’s ability in managing related risks and the maturity of market participants.
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Reaching the Highest Achievements
Pada aspek program kerja, dalam rangka mendukung In work program aspect to support capital market development, pengembangan pasar modal, KPEI berhasil menjalankan 24
KPEI ran 24 (twenty-four) main programs in realizing the second (dua puluh empat) program utama sebagai realisasi tahapan phase of SBP 2016-2020 period. The programs implementation kedua dari SBP KPEI periode 2016-2020. Realisasi program-
would bring KPEI to become one of Qualifying CCP which would program tersebut akan semakin mendekatkan KPEI sebagai
able to participate in international capital market. For those salah satu Qualifying CCP yang mampu berkiprah di kancah
achievements, KPEI has submitted 2017 KPI Measurement and pasar modal internasional. Atas seluruh pencapaian tersebut,
Achievement Report to Indonesia FSA. KPEI telah menyampaikan Laporan Pengukuran dan Pencapaian KPI Unggulan tahun 2017 kepada OJK.
PENILAIAN ATAS KINERJA ASSESSMENT OF THE BOARD OF DIRECTORS DIREKSI
PERFORMANCE
Dewan Komisaris menilai capaian kinerja Direksi berdasarkan The Board of Commissioners assesses that the performance aspek-aspek kinerja unggulan sebagaimana tercantum of the Board of Directors (BOD) based on the key performance dalam indikator KPI Direksi yang ditetapkan di awal tahun aspects, as stated in the BOD’s KPI indicators set at the telah dilaksanakan dengan baik. Dewan Komisaris sangat beginning of the year, has been well executed. The Board of mengapresiasi kinerja Direksi serta karyawan KPEI sepanjang
Commissioners strongly appreciates the performance of the 2017, mengingat seluruh target yang ditetapkan berhasil dicapai,
BOD and KPEI employees throughout 2017, considering all bahkan sebagian besar diantaranya berhasil dilampaui.
targets were successfully achieved and most even exceeded.
PELAKSANAAN TUGAS PENGAWASAN SUPERVISORY AND ADVISORY DAN PEMBERIAN NASIHAT EXECUTION ON BUSINESS ATAS IMPLEMENTASI STRATEGI
DEVELOPMENT STRATEGY PENGEMBANGAN USAHA
IMPLEMENTATION
Dalam menjalankan amanah untuk mengawasi pelaksanaan In performing its mandate to supervise the execution of task and tugas dan tanggung jawab Direksi, memberikan nasihat kepada
responsibility of the Board of Directors, provide advice to the Direksi, serta memastikan pelaksanaan prinsip-prinsip tata kelola
Board of Directors, and ensure corporate governance principles perusahaan pada setiap kegiatan operasional Perusahaan, were implemented in every operational activity of the Company, kami didukung penuh oleh Komite Audit. Tugas pengawasan
we are fully supported by the Audit Committee. Our supervisory dan penasehatan kami lakukan melalui pelaksanaan rapat rutin
and advisory duties are carried out through the implementation minimal sebulan sekali bahwa sesuai Peraturan OJK Nomor 59/
of routine meetings, at least once a month, which pursuant to POJK.04/2016 tentang Direksi dan Dewan Komisaris Lembaga
Indonesia FSA Regulation No. 59 / POJK.04 /2016 on the Board of Kliring dan Penjaminan. Bahan-bahan pelaksanaan rapat rutin
Directors and Board of Commissioners of the Clearing Guarantee dan data operasional strategis yang perlu diputuskan berkaitan
Institution. The materials of the regular meeting and strategic dengan Laporan Keuangan dan Pengendalian Internal disiapkan
operational data that need to be decided in relation to the Financial oleh Komite Audit sebagai bagian dari pelaksanaan tugas Report and Internal Control are prepared by the Audit Committee, pengawasan dimaksud.
as part of the implementation of the supervisory duties.
TANTANGAN 2018
CHALLENGES IN 2018
Mengacu pada pendapat Bank Indonesia dan IMF, perekonomian Referring to the opinion of Bank Indonesia and the IMF, the global diperkirakan tumbuh lebih tinggi. Peningkatan global economy is expected to improve even better. The increase pertumbuhan ekonomi global bersumber dari perbaikan in global economic growth stems from improved economies
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Pendahuluan Foreword
Laporan Manajemen Management Report
Profil Perusahaan
Corporate Profile
ekonomi negara maju dan negara berkembang yang lebih kuat dari perkiraan semula. Kondisi tersebut memberi dampak positif terhadap perekonomian dalam negeri yang pada akhirnya meningkatkan kemampuan belanja infrastruktur Pemerintah dan meningkatkan minat swasta untuk merealisasikan rencana ekspansi yang sempat tertunda.
Kondisi tersebut memberi tantangan tersendiri bagi KPEI dalam mendukung pengembangan pasar modal Indonesia di tahun 2018, yakni dengan mendorong berkembangnya minat swasta untuk menggali potensi pendanaan dari industri pasar modal. Untuk mengantisipasi kondisi tersebut, Perusahaan harus terus berupaya meningkatkan daya dukung infrastruktur maupun sistem kerja, sehingga bersama-sama dengan SRO lainnya mampu meningkatkan minat investasi masyarakat di pasar modal.
Dewan Komisaris siap mendukung dan mengawasi langkah- langkah yang akan diambil manajemen demi memastikan keberhasilan Perusahaan bersama-sama dengan SRO lainnya untuk mengembangkan dan mempertemukan kepentingan para investor melalui pasar modal yang aman, andal, berintegritas dan memberi manfaat optimal bagi pertumbuhan ekonomi nasional.
PENINGKATAN KUALITAS PENERAPAN PRAKTIK TATA KELOLA Dewan Komisaris mengamanatkan kepada Direksi agar terus
meningkatkan kualitas penerapan tata kelola perusahaan yang baik, dengan menjalankan berbagai rekomendasi dari penilai independen yang telah menjalankan tugas dengan penuh tanggung jawab.
Sehubungan dengan telah diterbitkannya Pedoman Perilaku dan Pedoman Sistem Pelaporan Pelanggaran, Dewan Komisaris mendukung upaya sosialisasi dan implementasi penuh atas kedua pedoman tersebut. Dengan upaya tersebut, Direksi kami nilai telah memastikan terjadinya peningkatan kualitas penerapan praktik tata kelola, agar kepercayaan para pemangku kepentingan terus tumbuh, sehingga keberlangsungan usaha Perusahaan akan lebih terjamin.
PENILAIAN KINERJA KOMITE-KOMITE DI BAWAH DEWAN KOMISARIS Kami menilai Komite Audit yang merupakan satu-satunya komite
di bawah Dewan Komisaris telah memberikan berbagai masukan strategis maupun operasional berkaitan dengan pelaksanaan
of developed and developing countries that are stronger than originally forecasted. These conditions have a positive impact on the domestic economy which ultimately increases the capability of government infrastructure spending and increases private interest to realize the delayed expansion plans.
This condition gives a challenge for KPEI in supporting the development of Indonesia capital market in 2018, by encouraging the development of private sector’s interest to explore the funding potential from capital market industry. To anticipate these conditions, the Company must continue to improve the carrying capacity of infrastructure and work system, so that together with other SROs can increase public investment interest in the capital market.
The Board of Commissioners is prepared to support and supervise the steps that management will take to ensure the Company’s success, together with other SROs, to develop and reconcile the interests of investors through secure, reliable, integrity-based capital markets and provide optimal benefits for national economic growth.
IMPROVEMENT IN QUALITY OF CORPORATE GOVERNANCE PRACTICE IMPLEMENTATION The Board of Commissioners mandates the Board of Directors to continue improving the quality of good corporate governance implementation by running various recommendations from an independent assessor, which has performed its duty in a responsible manner.
In relation with the issued of Code of Conduct guidelines and Whistleblowing System guidelines, the Board of Commissioners fully supports its socialization and implementation. With these efforts, we believe that the Board of Directors has ensured that there is an improvement in quality of corporate governance practice implementation to grow the confidence of stakeholders which will guarantee business sustainability.
PERFORMANCE ASSESSMENT OF COMMITTEES UNDER THE BOARD OF COMMISSIONERS
We consider the Audit Committee as the only committee under the Board of Commissioners has provided strategic and operational inputs related to the implementation of supervisory duties,
Message from the Board of Commissioners
SAMBUTAN DEWAN KOMISARIS
Reaching the Highest Achievements
tugas pengawasan, terutama di bidang pengelolaan risiko dan particularly in the areas of risk management and internal control. pengendalian internal. Dewan Komisaris memandang kualitas
The Board of Commissioners considers the quality of these rekomendasi dan masukan yang diberikan tersebut telah recommendations and inputs to be better, more comprehensive semakin baik, komprehensif dan akurat. Namun demikian, and accurate. However, considering the potential growth of mempertimbangkan potensi pertumbuhan kondisi pasar modal
current and future capital market conditions, we continue to kini maupun kedepan, kami tetap mengamanatkan dilakukannya
mandate competence and quality of support enhancement of all peningkatan kompetensi dan kualitas dukungan dari seluruh committees of the Board of Commissioners. komite Dewan Komisaris.
PERUBAHAN SUSUNAN CHANGES IN THE COMPOSITION OF BOARD OF DEWAN KOMISARIS
COMMISSIONERS
Pada tahun 2017, tidak ada perubahan susunan Dewan In 2017, there was no change in the composition of Board of Komisaris. Angota Dewan Komisaris masih sesuai dengan Commissioners. The members remained as stated in the Annual
keputusan Rapat Umum Pemegang Saham Tahunan, per General Meeting of Shareholder per June 2, 2016, with Abraham tanggal 2 Juni 2016, yakni Abraham Bastari, sebagai Komisaris