ASEAN Corporate Governance Scorecard
PT Bank Syariah Indonesia Tbk
A. Rights and Equitable Treatment of Shareholders
| Part | Criteria | Explanation |
| A.1 | Basic Shareholder Rights | |
| A.1.1 | Does the company pay (interim and final/annual) dividends in an equitable and timely manner; that is, all shareholders are treated equally and paid within 30 days after being (i) declared for interim dividends and (ii) approved by shareholders at general meetings for final dividends? In case the company has offered Scrip dividend, did the company paid the dividend within 60 days. |
Yes, BSI pays dividends in an equitable and timely manner.
Dividend payments are made in accordance with the applicable provisions contained in the schedule and procedures for the distribution of cash dividends submitted in each summary of minutes of the AGMS. BSI will distribute the dividend in an equitable manner to all entitled Shareholders and pay within 30 days after being (i) declared for interim dividends or (ii) approved by the AGM for cash dividends. AGMS for Financial Year 2023, implementation as follows:
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| A.2 | Right to participate effectively in and vote in general shareholder meetings and should be informed of the rules, including voting procedures, that govern general shareholder meetings. | |
| A.2.1 | Do shareholders have the opportunity, evidenced by an agenda item, to approve remuneration (fees, allowances, benefit-in-kind and other emoluments) or any increases in remuneration for the non-executive directors/commissioners? |
Yes, the Shareholders of BSI have the opportunity to approve the remuneration of BOC and BOD of BSI thorugh GMS. It is identified in the Akta-37-PerubahanAD-SK-Kemenkumham-EN.pdf (bankbsi.co.id).
AGMS Year 2023: The 4th agenda of AGM, the shareholders approved and determined the honorarium and other benefits for BOD, BOC and Sharia Supervisory Board. The shareholders were also been informed of the same through:
The 4th agenda of AGM, the shareholders approved and determined the honorarium and other benefits for BOD, BOC and Sharia Supervisory Board. The shareholders were also been informed of the same through:
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| A.2.2 | Does the company provide non-controlling shareholders a right to nominate candidates for board of directors/commissioners? |
Yes, BSI provides non controlling shareholders a right to nominate candidates for BOC and BOD Members.
This arrangement is contained in:
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| A.2.3 | Does the company allow shareholders to elect directors/commissioners individually? |
Yes, BSI allow shareholders to elect directors/commissioners individually
Shareholders Series A shares and Series B shareholders have the same rights, namely every 1 share gives 1 vote. Each shareholder can cast his/her vote to elect candidates for Directors/Commissioners in the agenda related to changes in the company's management carried out at the GMS. This is stated in :
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| A.2.4 | Does the company disclose the voting procedures used before the start of meeting? |
Yes, BSI disclose the voting procedures used before the start of meeting.
The voting procedure is stated in The GMS Rules of Procedure published on the BSI website are as follows : AGMS for Financial Year 2023: Tata-Tertib-RUPST-EN.pdf (bankbsi.co.id) AGMS for Financial Year 2022 : TataTertib-EN.pdf (bankbsi.co.id) In addition, before the GMS begins, the GMS Rules of Procedure distributed to the Shareholders and read out before the Chairman of the Meeting starts the Meeting. This has also been disclosed in the Annual Report, 2023 pp: 307: AR2023-EN.pdf (bankbsi.co.id) |
| A.2.5 | Do the minutes of the most recent AGM record that the shareholders were given the opportunity to ask questions and the questions raised by shareholders and answers given recorded? |
Yes, the minutes of the most recent AGM was recorded that the shareholders and the proxy of the shareholders were provided the opportunity to ask questions/raise issues. BSI publishes the Summary of Minutes on the BSI website a maximum of 2 (two) working days after the date of the AGMS.
AGMS for Financial Year 2023:
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| A.2.6 | Does the company disclose the voting results including approving, dissenting, and abstaining votes for all resolutions/each agenda item for the most recent AGM? |
Yes, BSI disclose the voting results including approving, dissenting, and abstaining votes for all resolutions/each agenda item for the most recent AGM in every minutes of the most recent AGM. BSI publishes the Summary of Minutes on the BSI website a maximum of 2 (two) working days after the date of the AGMS.
AGMS for Financial Year 2023:
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| A.2.7 | Does the company disclose the list of board members who attended the most recent AGM? |
Yes, BSI disclose the list of board members who attended the most recent AGM in every Minutes of the AGMS.
BSI publishes the Summary of Minutes on the BSI website a maximum of 2 (two) working days after the date of the AGMS. AGMS for Financial Year 2023:
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| A.2.8 | Does the company disclose that all board members and the CEO (if he is not a board member) attended the most recent AGM? |
Yes, BSI disclose that all board members and the CEO (if he is not a board member) attended the most recent AGM in each AGMS Minutes.
BSI publishes the Summary of Minutes on the BSI website a maximum of 2 (two) working days after the date of the AGMS. AGMS for Financial Year 2023:
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| A.2.9 | Does the company allow voting in absentia? |
Yes, BSI allow voting in absentia.
Shareholders who are unable to attend the GMS can still cast their votes at the GMS by appointing a proxy either through KSEI e-ASY or filling out a proxy form available on the BSI website before the GMS is held. The procedure has been disclosed by BSI in:
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| A.2.10 | Did the company vote by poll (as opposed to by show of hands) for all resolutions at the most recent AGM? |
Yes, BSI conducted closed poll by electronic and individual mechanism at the most recent AGM.
Gathering votes and submitting opinions/questions in the GMS can be done through 2 (two) ways, namely:
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| A.2.11 | Does the company disclose that it has appointed an independent party (scrutineers/inspectors) to count and/or validate the votes at the AGM? |
Yes, BSI disclose that it has appointed an independent party to count and/or validate the votes at the AGM.
The counting of votes of shareholders in the GMS was carried out by PT Datindo Entrycom as the Securities Administration Bureau and the validation was carried out by Ashoya Ratam, SH, MKn as a Public Notary to certify the quorum and votes of the meeting. This is revealed on the BSI website:
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| A.2.12 | Does the company make publicly available by the next working day the result of the votes taken during the most recent AGM/EGM for all resolutions? |
Not Yet, BSI strives to publish the GMS Result one day after the GMS. Until now, BSI has announced the GMS results to the public within a maximum period of 2 (two) working days.
BSI announced to the public the voting results taken in the GMS through:
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| A.2.13 | Does the company provide at least 21 days notice for all AGMs and EGMs? |
Yes, BSI provide at least 21 days notice for all AGMs and EGMs.
The notice was published on Stock Exchange website and the Bank's website in both English and Indonesian.
Disclosed in the Annual Report, 2023 page: 306: AR2023-EN.pdf (bankbsi.co.id) |
| A.2.14 | Does the company provide the rationale and explanation for each agenda item which require shareholders’ approval in the notice of AGM/circulars and/or the accompanying statement? |
Yes, BSI provide the rationale and explanation for each agenda item which require shareholders’ approval in the notice of AGM/circulars and/or the accompanying statement.
This is regulated in the Deed of Articles of Association (Deed No. 37 dated May 17, 2024) Article 14, BSI shall provide reasons, explanations and meeting materials for each agenda item of the GMS at the time the Bank issues the GMS notice. The explanation and materials of the AGMS meeting are contained in the BSI website: Materials for the AGMS Agenda for Fiscal Year 2023: Bahan-Mata-Acara-RUPSTEN.pdf (bankbsi.co.id) Materials for the AGMS Agenda for Fiscal Year 2022: PowerPoint Presentation (bankbsi.co.id) |
| A.2.15 | Does the company give the opportunity for shareholders to place item/s on the agenda of general meetings and/or to request for general meetings subject to a certain percentage? |
Yes, BSI give the opportunity for shareholders to place item/s on the agenda of general meetings and/or to request for general meetings subject to a certain percentage.
The opportunity for such shareholders to propose is set out in Articles of Association (Deed No. 37 dated May 17, 2024) Article 14 paragraph 8, where the proposed Meeting Agenda must be submitted in writing and received by the Board of Directors of the Company at least 7 days before the date of the meeting invitation. The mechanism for submitting proposals has been disclosed in each GMS Announcement as follows: Announcement of AGMS 2023: Pengumuman-RUPST-EN.pdf (bankbsi.co.id) Announcement of AGMS 2022: Pengumuman-RUPST-EN.pdf (bankbsi.co.id) And it has been stated in the Annual report, 2023 page: 303: AR2023-EN.pdf (bankbsi.co.id) |
| A.3 | Markets for corporate control should be allowed to function in an efficient and transparent manner. | |
| A.3.1 | In cases of mergers, acquisitions and/or takeovers requiring shareholders' approval, does the board of directors/commissioners of the company appoint an independent party to evaluate the fairness of the transaction price? |
Yes, in the event that BSI will carry out a merger, acquisition and/or takeover that require shareholder approval in the GMS, the BOD with the approval of the BOC can appoint an independent party to evaluate the fairness of the transaction price in accordance with applicable laws and regulations.
The authority to act of the BOD in relation to mergers, acquisitions and/or takeovers refers to the Articles of Association of BSI (Deed No. 37 Dated May 17, 2024) Article 19.: Akta-37-Perubahan-AD-SK-Kemenkumham-EN.pdf (bankbsi.co.id) |
| A.4 | The exercise of ownership rights by all shareholders, including institutional investors, should be facilitated. | |
| A.4.1 | Does the company disclose its practices to encourage shareholders to engage with the company beyond general meetings? |
Yes, BSI disclose its practices to encourage shareholders to engage with the company beyond general meetings melalui beberapa kegiatan komunikasi seperti Quarterly Earnings Call/Analyst Meeting, one on one meetings, Annual Public Expose, Investor Conference, Roadshow & Non-Deal Roadshow.
This is stated in the Annual Report, 2023 page: 483 - 484: AR2023-EN.pdf (bankbsi.co.id) |
| A.5 | Shares and voting rights | |
| A.5.1 | Where the company has more than one class of shares, does the company publicise the voting rights attached to each class of shares (e.g. through the company website / reports/ the stock exchange/ the regulator's website)? |
Yes, BSI has more than one class of shares, namely series A Dwiwarna shareholders and series B shareholders.
BSI has regulated the respective rights held by each share classification. This is published on the BSI website as follows:
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| A.6 | Notice of AGM | |
| A.6.1 | Does each of the resolutions tabled at the most recent annual general meeting deal with only one item, i.e., there is no bundling of several items into the same resolution? |
Yes, Each decision on each agenda of the Annual GMS contains 1 (one) item of material/problem.
This is reflected in:
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| A.6.2 | Are the company's notice of the most recent AGM/circulars fully translated into English and published on the same date as the local-language version? |
Yes, all publication documents related to the BSI GMS are made in 2 (two) languages, namely Indonesian and English with the same content and published on the same date as the Indonesian language. It was reflected in the:
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| Does the notice of AGM/circulars have the following details: | ||
| A.6.3 | Are the profiles of directors/commissioners ( at least age, academic qualification, date of first appointment, experience, and directorships in other listed companies) in seeking election/re-election included? |
Yes, BSI features Profiles of the proposed candidates for the Board of Directors/Commissioners in the GMS telecast material as a consideration for shareholders to cast their votes at the GMS.
As stated in the Deed of Minutes of AGMS for Fiscal Year 2023 (Deed No. 36 dated May 17, 2024 page 78): Akta-No36-Tgl-17-Mei-2024-EN.pdf (bankbsi.co.id) |
| A.6.4 | Are the auditors seeking appointment/re-appointment clearly identified? |
Yes, BSI clearly informs and incentivizes the appointed KAP and AP in the resolution of the Annual GMS.
The decision can be viewed on the BSI website: Ringkasan-Risalah-RUPST-EN.pdf (bankbsi.co.id). For the appointment of KAP and AP for the Financial Statements for the Financial Year 2023 as resolved in the Annual GMS for the Financial Year 2022 on May 22, 2023: ENG_Ringkasan_Risalah_RUPST_BSI_FINAL.pdf (bankbsi.co.id). |
| A.6.5 | Were the proxy documents made easily available? |
Yes, it is very easy.
Shareholders can easily download the entire Power of Attorney Document and Power of Attorney Form in both Indonesian and English) at:
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| A.7 | Insider trading and abusive self-dealing should be prohibited. | |
| A.7.1 | Are the directors / commissioners required to report their dealings in company shares within 3 business days? |
Yes, the directors / commissioners required to report their dealings in company shares within 3 business days.
Each member of the BSI Board of Directors/Commissioners shall report their shareholding in BSI and their shareholding in other companies to BSI, including any changes and transactions made to their shares to be recorded in the Company's Special Register in accordance with Article 9 of the BSI Articles of Association. The ownership report and any changes in ownership of the shares of the Member of the Board of Directors / Board of Commissioners must be submitted by the Board of Directors / Board of Commissioners concerned to BSI no later than 3 (three) working days and to the regulator no later than 10 (ten) days from the occurrence of ownership or changes in ownership of the Company in accordance with applicable regulations. The policy regarding the obligations of members of the Board of Directors / Board of Commissioners for their share ownership is regulated in the BSI Articles of Association: Akta-37-Perubahan-ADSK-Kemenkumham.pdf (bankbsi.co.id) This has been disclosed in the Annual Report, 2023 page : 329 & 372 : AR2023-EN.pdf (bankbsi.co.id) |
| A.8 | Related party transactions by directors and key executives. | |
| A.8.1 | Does the company have a policy requiring a committee of independent directors/commissioners to review material RPTs to determine whether they are in the best interests of the company and shareholders? |
Yes, BSI have an internal policy requiring a committee of independent directors/commissioners to review material RPTs to determine whether they are in the best interests of the company and shareholders, yang referring to OJK Regulation No. 32 /POJK.03/2018 concerning Maximum Lending Limits and Provision of Large Funds for Commercial Banks and its amendments onPOJK Number 38 /POJK.03/2019.
This has been stated in the Annual Report, 2023 pp: 203-204 : AR2023-EN.pdf (bankbsi.co.id) |
| A.8.2 | Does the company have a policy requiring board members (directors/commissioners) to abstain from participating in the board discussion on a particular agenda when they are conflicted? |
Yes, BSI have a policy requiring board members (directors/commissioners) to abstain from participating in the board discussion on a particular agenda when they are conflicted.
Contained in:
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| A.8.3 | Does the company have policies on loans to directors and commissioners either forbidding this practice or ensuring that they are being conducted at arm's length basis and at market rates? |
Yes, company have internal policies on loans to directors and commissioners either forbidding this practice or ensuring that they are being conducted at arm's length basis and at market rates.
This has been disclosed in: Annual Report 2023, page 327 & 371. AR2023-EN.pdf (bankbsi.co.id) |
| A.9 | Protecting minority shareholders from abusive actions | |
| A.9.1 | Does the company disclose that RPTs are conducted in such a way to ensure that they are fair and at arms' length? |
Yes, BSI disclose that RPTs are conducted in such a way to ensure that they are fair and at arms' length.
This has been disclosed in BSI Bank's Annual Report 2023 page 204: AR2023-EN.pdf (bankbsi.co.id) |
| A.9.2 | In case of related party transactions requiring shareholders' approval, is the decision made by disinterested shareholders? |
Yes, BSI regulates such matters in accordance with the Articles of Association of BSI Company (Deed decision made by disinterested shareholders? No. 37 Dated May 17, 2024 Article 16.2.d): Akta-No-36-Tgl-17-Mei-2024- EN.pdf (bankbsi.co.id) for GMS agenda related to transactions that have a conflict of interest or other agenda that is only attended by Independent Shareholders is carried out with the provisions of the attendance quorum and decision quorum of the Independent GMS as follows:
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B. Sustainability and Resilience
| Part | Criteria | Explanation |
| B.1 | Sustainability-related disclosure should be consistent, comparable and reliable, and include retrospective and forward-looking material information that a reasonable investor would consider important in making an investment or voting decision | |
| Material Sustainability-related information should be specified | ||
| B.1.1 | Does the company identify/report ESG topics that are material to the organization’s strategy? |
BSI formulates a list and priorityof material topics for organizational strategywith the following 3 quantities:
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| B.1.2 | Does the company identify climate change as an issue? |
Yes. BSI also considers the impact of climate change as a significant issue, especially after OJK issued a circular for the banking industry to conduct climatestress testing.
This is stated in the Sustainability Report 2023, page 11: SR2023-EN.pdf(bankbsi.co.id) |
| B.1.3 | Does the company adopt an internationally recognized reporting framework or standard for sustainability (i.e. GRI, Integrated Reporting, SASB, IFRS Sustainability Disclosure Standards)? |
Yes. BSI discloses its information in accordance with Financial Services Authority Regulation (POJK) No. 51/POJK.03/2017 concerning the Implementation of Sustainable Financeand Preparation of Sustainability Reports and Circular Letter Number 16/SEOJK.04/2021 concerning Annual Reports of Issuers or Public Companies.
BSI adopts the reporting principles of the GRI Standard 2021 in preparing the Sustainability Report. This is done to ensure the quality and credibility of the information and data submitted. Some of these reporting principles include: Accuracy, Balance of Information, Clarity, Comparability, Completeness of Information, Sustainability Context, Timeliness, and Verifiability. This is stated in the Sustainability Report 2023, pages 8-9: SR2023-EN.pdf(bankbsi.co.id) |
| If a company publicly sets a sustainability-related goal or target, the disclosure framework should provide that reliable metrics are regularly disclosed in an easily accessible form | ||
| B.1.4 | Does the company disclose quantitative sustainability target? |
Yes. BSI discloses quantitative sustainability targets and performance progress/achievements in the 2023 Sustainability Report pages 4 and 45: SR2023-EN.pdf (bankbsi.co.id)
Global Islamic Rank 3 on ESG Rating Sustainlytics, 1 of 39 Banks in ASEAN participating in the Sustainable Banking Assessment (SUSBA). In order to plan and implement sustainable financial activities for 5 (five) years, the Bank synchronizes the targets and strategies listed in the Corporate Plan and Bank Business Plan (RBB). Throughout 2023, the Bank successfully distributed financing of IDR240.32 trillion to business actors and this amount reached 100.55% of the set target. |
| B.1.5 | Does the company disclose sustainability-related performance progress in relation to its previously set targets? |
Yes. BSI discloses quantitative sustainability targets and performance progress/achievements in 2023 Sustainability Report pages 43-44: SR2023-EN.pdf (bankbsi.co.id)
Comparison of production targets and performance, portfolio, financing targets, or investments, income and profit and loss. Comparison of portfolio targets and performance, financing targetsor investments in financial instruments or projects that are in line with sustainable finance. 24.07% Ratio of ESG financing portfolio compared to total financing portfolio. |
| B.1.6 | Does the company confirm that its Sustainability Report / Reporting is reviewed and /or approved by the Board or Board Committee? |
Yes. The sustainability report including the Sustainable Finance Action Plan (RAKB) is reviewed and approved by the Board of Directors and Board of Commissioners assisted by the Audit Committee, Sharia Supervisory Board, and Internal Audit.
The review activity of the Sustainability Report aims to ensure that all Bank business activities have been carried out in accordance with sharia principles and applicable laws and regulations, both provisions issued by the government, banking regulators, Bank supervisory authorities and internal policies, provisions, and procedures set by the Bank. This is stated in the Statement Letter of the Board of Commissioners and Directors regarding responsibility for the sustainability report of PT BSI, Sustainability Report 2023 Page 26 : SR2023-EN.pdf (bankbsi.co.id) |
| B.2 | Corporate governance frameworks should allow for dialogue between a company, its shareholders and stakeholders to exchange views on sustainability matters | |
| B.2.1 | Does the company engage internal stakeholders to exchange views and gather feedback on sustainability matters that are material to the business of the company? |
Yes. Stakeholder involvement is an inseparable element for the sustainability of the Company's business.
The Bank realizes that stakeholder involvement can provide sustainable benefits to the community. Therefore, the Bank identifies stakeholders based on their proximity and influence on business continuity. The Bank also involves stakeholders in formulating policies and implementing programs based on issues in the field and the needs of each stakeholder. Feedback from stakeholders is then considered in compiling issues in the topic material. This is stated in the Sustainability Report: SR2023-EN.pdf (bankbsi.co.id) pages 11, 36, 37, 96 |
| B.2.2 | Does the company engage external stakeholders to exchange views and gather feedback on sustainability matters that are material to the business of the company? |
Yes. Stakeholder involvement is an inseparable element for the sustainability of the Company's business.
The Bank realizes that stakeholder involvement can provide sustainable benefits to the community. Therefore, the Bank identifies stakeholders based on their proximity and influence on business continuity. The Bank also involves stakeholders in formulating policies and implementing programs based on issues in the field and the needs of each stakeholder. Feedback from stakeholders is then considered in compiling issues in the topic material. This is stated in the Sustainability Report: SR2023-EN.pdf (bankbsi.co.id) pages 11, 36, 37, 96 |
| B.3 | The corporate governance framework should ensure that boards adequately consider material sustainability risks and opportunities when fulfilling their key functions in reviewing, monitoring and guiding governance practices, disclosure, strategy, risk management and internal control systems, including with respect to climate-related physical and transition risks | |
| Boards should assess whether the company’s capital structure is compatible with its strategic goals and its associated risk appetite to ensure it is resilient to different scenarios | ||
| B.3.1 | Does the company disclose that the board reviews on an annual basis that the company's capital and debt structure is compatible with its strategic goals and its associated risk appetite? |
Yes. BSI also manages risks comprehensively related to capital adequacy, strategic plans for future business development, which are adjusted to risk appetite. The Board of Directors reviews and monitors the Bank's capital and debt structure to ensure its compliance with strategic objectives and risk appetite.
This review includes an evaluation of funding, investment, and capital allocation policies to ensure that the company can survive in dynamic market conditions and can meet its long-term financial commitments to customers and all stakeholders. This is stated in the Sustainability Report, page 34: SR2023-EN.pdf (bankbsi.co.id) |
| B.4 | The corporate governance framework should recognise the rights of stakeholders established by law or through mutual agreements and encourage active co-operation between corporations and stakeholders in creating wealth, jobs, and the sustainability of financially sound enterprises. | |
| Does the company disclose a policy and practices that address: | ||
| B.4.1 | The existence and scope of the company's efforts to address customers' welfare? |
Yes. BSI will continue to strive to improve customer privacy and security through innovations in other programs. This is stated in the Sustainability Report, Page: 50 : SR2023-EN.pdf (bankbsi.co.id)
Exploring and empowering the potential of MSMEs through the distribution of partnership funds and participating in environmental conservation programs, improving the quality of education, health, welfare, religious life, and improving other public facilities. This is stated in the Sustainability Report, Page: 70: SR2023-EN.pdf (bankbsi.co.id) |
| B.4.2 | Supplier/contractor selection procedures? |
Yes. The supplier procurement process is the responsibility of the Procurement & Fixed Asset Group Work Unit, implemented in accordance with company policy. This is stated in the Sustainability Report, Page: 21 SR2023-EN.pdf (bankbsi.co.id)
BSI collaborates with 701 domestic suppliers based in Indonesia, covering around 99.43% of the bank's total number of suppliers. This collaboration reflects BSI's commitment to empowering the local economy and strengthening positive ties with the community, creating trust and support from various stakeholders. The Company has guidelines and systems for cooperation with suppliers, which serve as guidelines in the procurement process, including the selection process. This page is contained in the Sustainability Report, Page: 21 SR2023-EN.pdf (bankbsi.co.id) |
| B.4.3 | The company's efforts to ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? |
Yes. BSI's focus in the Sustainable Finance Action Plan (RAKB) is then outlined in the Bank's Governance Policy and policy and procedure architecture that regulates the Sustainable Sharia Banking Principles, namely BSI's sustainable business principles that are based on a balance of economic, social, and environmental aspects.
BSI's commitment in the action plan is:
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| B.4.4 | The company's efforts to interact with the communities in which they operate? |
Yes. As a form of BSI's commitment to supporting the achievement of the Sustainable Development Goals (SDGs), we implement the Social and Environmental Responsibility (TJSL) program whose main objective is to spread benefits to our operational environment, the communities we serve, and stakeholders.
This is stated in the Sustainability Report 2023, Page: 70 SR2023-EN.pdf (bankbsi.co.id) |
| B.4.5 | The company's anti-corruption programmes and procedures? |
Yes. In accordance with the laws and regulations on the eradication of criminal acts of corruption, namely Law No. 31 of 1999 which was later amended by Law No. 20/2002, acts of corruption are defined as abuse of authority to enrich oneself or other people/parties through unlawful acts.
The implementation of the socialization of Gratification Control aims to increase the Bank's organizational understanding of Gratification Control so that an Anti-Fraud Awareness culture is created that refers to the Technical Operational Instructions (PTO) for Gratification Control. This is stated in the Annual Report 2023 Pages: 496-498 |
| B.4.6 | How creditors' rights are safeguarded? |
Yes. BSI, which is a Public Company, has a policy on the fulfillment of creditor rights as regulated in the Policy, Standard Procedures, and Product Manual of Bank Syariah Indonesia.
This is stated in the Annual Report 2023 Page: 522 |
| B.4.7 | Does the company have a separate report/section that discusses its efforts on environment/economy and social issues? |
Yes. BSI's Sustainability Report for the 2023 financial year is prepared based on the Financial Services Authority regulations such as Number 51/POJK.03/2017 concerning Sustainable Finance for Financial Services Institutions, Issuers, and Public Companies and Circular Letter Number 16/SEOJK.04/2021 concerning Annual Reports of Issuers or Public Companies.
This is stated in the Sustainability Report, SR2023-EN.pdf (bankbsi.co.id) Pages: 79, 57, 29 |
| B.5 | Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights. | |
| B.5.1 | Does the company provide contact details via the company's website or Annual Report which stakeholders (e.g. customers, suppliers, general public etc.) can use to voice their concerns and/or complaints for possible violation of their rights? |
Yes. BSI ensures that all stakeholders have equal opportunity and easy access to voice their concerns and/or complaints to the Bank.
BSI has a product and service information center, including through:
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| B.6 | Mechanisms for employee participation should be permitted to develop. | |
| B.6.1 | Does the company explicitly disclose the policies and practices on health, safety and welfare for its employees? |
Yes. BSI also strives to create an ideal work environment that supports the creation of a sense of security and comfort for employees. To that end, BSI is committed to implementing Occupational Safety and Health (K3) aspects as part of efforts to create sustainable business activities and achieve zero accidents throughout BSI's operational areas.
This is stated in the Sustainability Report, 2023 Page: 68 SR2023-EN.pdf (bankbsi.co.id) |
| B.6.2 | Does the company explicitly disclose the policies and practices on training and development programmes for its employees? |
Yes. BSI is committed to encouraging every employee to maximize their potential through various leadership competency development programs that are structured, comprehensive, and tiered from the early stages.
In its implementation, various employee development programs run by BSI focus on basic, managerial, and leadership competencies with a variety of development facilities, including training, mentoring, rotation, career development, leadership coaching, and feedback sessions. This is stated in the Sustainability Report, 2023 Page: 64 SR2023-EN.pdf (bankbsi.co.id) By the end of the 2023 financial year, BSI has realized an employee competency development budget of Rp90.6 billion. For 2024, the Bank has allocated a cost of Rp135 billion. This is stated in the Annual Report, 2023 Page: 217 AR2023-EN.pdf (bankbsi.co.id) |
| B.6.3 | Does the company have a reward/compensation policy that accounts for the performance of the company beyond short-term financial measures? |
Yes. BSI implements an employee performance appraisal system that is carried out transparently and accountably, with the following objectives:
The performance management process is carried out continuously by ensuring alignment, namely from the determination of Corporate Goals to work unit targets and objectives to the individual level. Thus, the alignment of strategy from corporate to individual is maintained and there is a relationship between individual performance and Bank performance. This is stated in the Sustainability Report, 2023 Pages: 63-54 SR2023-EN.pdf (bankbsi.co.id) and dalam Annual Report 2023 Page: 216 |
| B.7 | Stakeholders including individual employee and their representative bodies, should be able to freely communicate their concerns about illegal or unethical practices to the board and their rights should not be compromised for doing this. | |
| B.7.1 | Does the company have a whistle blowing policy which includes procedures for complaints by employees and other stakeholders concerning alleged illegal and unethical behaviour and provide contact details via the company's website or annual report |
Yes. BSI has a whistleblowing system policy that regulates reporting violations. BSI ensures that every employee who reports such activities in good faith will be protected from retaliation, discrimination, or other forms of intimidation in the workplace.
Every report is confidential, and all reports will be thoroughly investigated while respecting the privacy and rights of all individuals involved. BSI is committed to maintaining a transparent and ethical work environment where all employees feel safe to voice concerns free from intimidation. This is stated in the Sustainability Report, 2023 Page: 39 SR2023-EN.pdf (bankbsi.co.id). Whistleblowing System (WBS) or violation reporting system is a reporting system that allows each party to be involved in efforts to prevent and detect early deviations in the Bank. This is stated in the Annual Report 2023 Pages: 503-505 |
| B.7.2 | Does the company have a policy or procedures to protect an employee/person who reveals alleged illegal/unethical behaviour from retaliation? |
Yes. BSI has a whistleblowing system policy that regulates reporting violations. BSI ensures that every employee who reports such activities in good faith will be protected from retaliation, discrimination, or other forms of intimidation in the workplace.
Every report is confidential, and all reports will be thoroughly investigated while respecting the privacy and rights of all individuals involved. BSI is committed to maintaining a transparent and ethical work environment where all employees feel safe to voice concerns free from intimidation. This is stated in the Sustainability Report, 2023 Page: 39 SR2023-EN.pdf (bankbsi.co.id). Whistleblowing System (WBS) or violation reporting system is a reporting system that allows each party to be involved in efforts to prevent and detect early deviations in the Bank. This is stated in the Annual Report 2023 Pages: 503-505 |
C. Disclosure and Transparency
| Part | Criteria | Explanation |
| C.1 | Transparent ownership structure | |
| Does the information on shareholdings reveal the identity of beneficial owners, holding 5% shareholding or more? | ||
| C.1.1 | Does the company disclose the direct and indirect (deemed) shareholdings of major and/or substantial shareholders? |
Yes, BSI disclose the direct and indirect (deemed) shareholdings of major and/or substantial shareholders.
It is displayed on the BSI website Stock Info - Shareholding Structure and has been set out in the Annual Report, 2023: AR2023-EN.pdf (bankbsi.co.id) page: 143 |
| C.1.2 | Does the company disclose the direct and indirect (deemed) shareholdings of directors (commissioners)? |
Yes, BSI disclose the direct and indirect (deemed) shareholdings of directors (commissioners).
BSI discloses the share ownership of Directors and Commissioners including changes and any changes to their ownership must be submitted to the company no later than 3 (three) working days and to the regulator no later than 10 (ten) days from the occurrence of ownership or changes in ownership of the Company. This is stated on the Annual Report, 2023: AR2023-EN.pdf (bankbsi.co.id) page: 330 |
| C.1.3 | Does the company disclose the direct and indirect (deemed) shareholdings of senior management? | Not yet. |
| C.1.4 | Does the company disclose details of the parent/holding company, subsidiaries, associates, joint ventures and special purpose enterprises/ vehicles (SPEs)/ (SPVs)? |
Yes, as displayed on Annual Report, 2023, AR2023-EN.pdf (bankbsi.co.id) page: 143-144
BSI doesn’t have any subsidiaries. |
| C.2 | Quality of Annual Report | |
| Does the company's annual report disclose the following items: | ||
| C.2.1 | Corporate objectives |
Yes, BSI displays the company's vision and mission in Annual Report, 2023: AR2023-EN.pdf (bankbsi.co.id) Page:74, In the financial year 2023, the management did not review the Vision and Mission of BSI, because they considered it still relevant to the development of the Bank.
It is also displayed on the BSI website Corporate Info - Vision & Mission |
| C.2.2 | Financial performance indicators | Yes, BSI discloses performance indicators in Annual Report, 2023: AR2023-EN.pdf (bankbsi.co.id) page: 12-15. |
| C.2.3 | Non-financial performance indicators | Yes, BSI has made achievements in non-financial performance, as evidenced by a number of awards from national and international stakeholders and BSI has successfully upgraded the status of its representative office in Dubai, United Arab Emirates, to a full branch. This change will greatly support BSI's expansion in maximizing the potential of the global market. This strategic policy is expected to support the achievement of the Bank's vision to become a Top 10 Global Islamic Bank. This is stated on Annual Report, 2023 ; AR2023-EN.pdf (bankbsi.co.id) page: 8-9, 20-24, & page: 529 |
| C.2.4 | Dividend policy |
Yes, BSI discloses its dividend policy in Annual Report, 2023: AR2023-EN.pdf (bankbsi.co.id) page: 189 BSI may declare dividends annually (in Rupiah) if it has a positive retained earnings. A portion of the bank's net profit determined by the GMS and net of corporate tax withholdings, must be allocated as a statutory reserve fund until the amount of such reserve fund reaches a minimum of 20% of the bank's paid-up capital, although there is no prescribed timeframe for the achievement of such statutory reserve fund level.
The remaining part of the net profit (after deducting the allocation of reserve funds) can be distributed to Shareholders as final dividends unless otherwise specified in the GMS. The Bank may also distribute special dividends on an ad-hoc basis based on approval in the GMS. |
| C.2.5 | Biographical details (at least age, academic qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of all directors/commissioners | Yes, BSI discloses the profiles of the Board of Commissioners, Board of Directors and Board of Commissioners, each of which contains the Legal Basis for Appointment, Concurrent Position, Work Experience and Affiliation Relationships. This is stated on Annual Report, 2023: AR2023-EN.pdf (bankbsi.co.id) page: 103-112 & page: 117-126 |
| Corporate Governance Confirmation Statement | ||
| C.2.6 | Does the Annual Report contain a statement confirming the company's full compliance with the code of corporate governance and where there is non- compliance, identify and explain reasons for each such issue? |
Yes, BSI's Annual Report contains a statement of implementation of Good Coprporate Governance which reveals that the Board of Directors, Board of Commissioners, Sharia Supervisory Board and all employees of Bank Syariah Indonesia declare that in carrying out business activities they always apply the principles of Good Corporate Governance and there are no material violations of applicable laws and regulations and sharia principles.
This is stated on Annual Report, 2023; AR2023-EN.pdf (bankbsi.co.id) page: 526 |
| C.3 | Remuneration of Members of the Board and Key Executives | |
| C.3.1 | Is there disclosure of the fee structure for non-executive directors/commissioners? | Yes, BSI discloses related to the Remuneration Structure in the form of remuneration policy and other facilities (remuneration package) determined by the Annual General Meeting of Shareholders (AGMS) for the Board of Commissioners, Board of Directors, and Sharia Supervisory Board (DPS). This is stated on Annual Report, 2023; AR2023-EN.pdf (bankbsi.co.id) page : 401 |
| C.3.2 | Does the company publicly disclose [i.e. annual report or other publicly disclosed documents] details of remuneration of each non-executive director/commissioner? | Yes, BSI discloses related to the Remuneration Structure in the form of remuneration policy and other facilities (remuneration package) determined by the Annual General Meeting of Shareholders (AGMS) for the Board of Commissioners, Board of Directors, and Sharia Supervisory Board (DPS). This is stated on Annual Report, 2023; AR2023-EN.pdf (bankbsi.co.id) page: 401 |
| C.3.3 | Does the company disclose its remuneration (fees, allowances, benefit-in-kind and other emoluments) policy/practices (i.e. the use of short term and long term incentives and performance measures) for its executive directors and CEO? | Yes, BSI discloses related to the Remuneration Structure in the form of remuneration policy and other facilities (remuneration package) determined by the Annual General Meeting of Shareholders (AGMS) for the Board of Commissioners, Board of Directors, and Sharia Supervisory Board (DPS). This is stated on Annual Report, 2023 ; AR2023-EN.pdf (bankbsi.co.id) page : 401 and MSOP as well as ESOP on the page 190 and 509. |
| C.3.4 | Does the company publicly disclose [i.e. annual report or other publicly disclosed documents] the details of remuneration of each of the executive directors and CEO [if he/she is not a member of the Board]? | Yes, BSI discloses related to the Remuneration Structure in the form of remuneration policy and other facilities (remuneration package) determined by the Annual General Meeting of Shareholders (AGMS) for the Board of Commissioners, Board of Directors, and Sharia Supervisory Board (DPS). This is stated on Annual Report, 2023 ; AR2023-EN.pdf (bankbsi.co.id) page : 401 |
| C.4 | Disclosure of related party transactions (RPT) | |
| C.4.1 | Does the company disclose its policy covering the review and approval of material RPTs? |
Yes, BSI have an internal policy requiring a committee of independent directors/commissioners to review material RPTs to determine whether they are in the best interests of the company and shareholders, which refers to OJK Regulation Number 32 /POJK.03/2018 concerning Maximum Lending Limits and Provision of Large Funds for Commercial Banks and its amendments to POJK Number 38 /POJK.03/2019.
This has been expressed in Annual Report, 2023; AR2023-EN.pdf (bankbsi.co.id) page : 203-204. |
| C.4.2 | Does the company disclose the name, relationship, nature and value for each material RPTs? |
Yes, BSI disclose the name, relationship, nature and value for each material RPTs.
This has been expressed in Annual Report, 2023; AR2023-EN.pdf (bankbsi.co.id) page : 194-203 |
| C.5 | Directors and commissioners dealings in shares of the company | |
| C.5.1 | Does the company disclose trading in the company's shares by insiders? | Yes, BSI mengungkapkan disclose Directors and commissioners dealings in shares of the company. This has been expressed in Annual Report, 2023; AR2023-EN.pdf (bankbsi.co.id) page : 139-142 and Insider Trading policy on page : 524 |
| C.6 | External auditor and Auditor Report | |
| Where the same audit firm is engaged for both audit and non-audit services | ||
| C.6.1 | Are the audit and non-audit fees disclosed? | Yes, Annual Report BSI disclose Audit Service Fees in the Annual Report. This has been expressed in Annual Report, 2023; AR2023-EN.pdf (bankbsi.co.id) page : 459 |
| C.6.2 | Does the non-audit fee exceed the audit fees? | Yes, Annual Report BSI disclosed that the accounting firm Tanudiredja, Wibisana, Rintis & Rekan has no other services provided except financial statements and the application of agreed procedures regarding the performance evaluation report and the audit of PSA 62. financial statements and the application of agreed procedures regarding performance evaluation reports and PSA 62 audits.. This has been expressed in Annual Report, 2023 AR2023-EN.pdf (bankbsi.co.id) page : 460 |
| C.7 | Medium of communications | |
| Does the company use the following modes of communication? | ||
| C.7.1 | Quarterly reporting | Yes, BSI has disclosed its quarterly Financial Statements in Indonesia and English language versions on its website : Laporan Keuangan Triwulan |
| C.7.2 | Company website | Yes, BSI has a website as a collection of web pages containing information or data that can be accessed through an internet network system: Bank Syariah Indonesia |
| C.7.3 | Analyst's briefing | Yes, BSI has made disclosure of Analyst's Meeting which was realized 4 (four) times in Fiscal Year 2023, this is disclosed in Annual Report, AR2023-EN.pdf (bankbsi.co.id) page 483 – 491. |
| C.7.4 | Media briefings /press conferences | Yes, BSI reveals press releases throughout 2023. This has been expressed in Annual Report, 2023; AR2023-EN.pdf (bankbsi.co.id) page : 485-491 |
| C.8 | Timely filing/release of annual/financial reports | |
| C.8.1 | Are the audited annual financial report / statement released within 120 days from the financial year end? | Yes, BSI's Audited Annual Financial Report for the year ended December 31, 2023 was completed and published less than 120 days after the end date of the financial year, on January 30, 2024. This can be seen in Financial Reports |
| C.8.2 | Is the annual report released within 120 days from the financial year end? | Yes, BSI has disclosed the 2023 Annual Report on its website in both Indonesia and English language versions on April 25, 2024.: Annual Report 2023 |
| C.8.3 | Is the true and fairness/fair representation of the annual financial statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the company? | Yes, BSI's Annual Report, the Board of Directors' commitment to take responsibility for the 2023 financial statements is presented.. This has been expressed in Annual Report, 2023; AR2023-EN.pdf (bankbsi.co.id) page : 532 |
| C.9 | Company website | |
| Does the company have a website disclosing up-to-date information on the following: | ||
| C.9.1 | Financial statements/reports (latest quarterly) | Yes, BSI has disclosed its quarterly Financial Statements in Bahasa Indonesia and English versions on its website : Laporan Keuangan Triwulan |
| C.9.2 | Materials provided in briefings to analysts and media | Yes, BSI revealed the company's presentation. BSI Analyst Meeting materials can be accessed through the BSI website Bank Syariah Indonesia (bankbsi.co.id) |
| C.9.3 | Downloadable annual report | Yes, BSI has disclosed the Annual Report in Indonesia and English language versions on its website : Laporan Tahunan |
| C.9.4 | Notice of AGM and/or EGM | Yes, BSI has disclosed the Invitation of the AGMS and/or EGMS in the Indonesian and English language versions on its website : Annual General Meeting of Shareholders (GMS) |
| C.9.5 | Minutes of AGM and/or EGM | Yes, BSI has disclosed the minutes of the AGMS and/or EGMS in the Indonesian and English language versions on its website : Annual General Meeting of Shareholders (GMS) |
| C.9.6 | Company's constitution (company's by-laws, memorandum and articles of association) | Yes, BSI has disclosed the Company's Articles of Association in Indonesia and English language versions on its website. : https://ir.bankbsi.co.id/articles_of_association.html |
| C.10 | Investor relations | |
| C.10.1 | Does the company disclose the contact details (e.g. telephone, fax, and email) of the officer / office responsible for investor relations? | Yes, BSI has disclosed contact details in Indonesia and English language versions on its website : IR Contact |
D. Responsibilities of the Board
| Part | Criteria | Explanation |
| D.1 | Board Duties and Responsibilities | |
| Clearly defined board responsibilities and corporate governance policy | ||
| D.1.1 | Does the company disclose its corporate governance policy / board charter? |
Yes, BSI disclose its corporate governance policy in Bank’s website including:
|
| D.1.2 | Are the types of decisions requiring board of directors/commissioners' approval disclosed? |
Yes, at BSI, the Board of Directors' decision to take mandatory actions must first obtain written approval from the Board of Commissioners as stipulated in Article 19of the BSI Articles of Association which can be accessed on the BSI website: Akta-37-Perubahan-AD-SK-Kemenkumham-EN.pdf (bankbsi.co.id)
This is also stated in the Annual Report 2023 Page 322-324 and Page 367-368 |
| D.1.3 | Are the roles and responsibilities of the board of directors/commissioners clearly stated? |
Yes, the roles and responsibilities of the board of directors/commissioners wereclearly stated on:
|
| Corporate Vision/Mission | ||
| D.1.4 | Does the company have an updated vision and mission statement? |
Yes, BSI discloses that Bank BSI's Vision and Mission.
It can be accessed through the Bank's website and are stated in the Bank's Corporate Governance Policy and Annual Report 2023 page 74. In the 2023 fiscal year, management did not review BSI's Vision and Mission, because it considered it was still relevant to the Bank's development. |
| D.1.5 | Does the board of directors play a leading role in the process of developing and reviewing the company's strategy at least annually? |
Yes, the Board of Directors is tasked with carrying out all actions related to themanagement of Bank Syariah Indonesia for the interests of the Bank andinaccordance with the intent and purpose of BSI. The Roles and Responsibilities of BOD are described in the Articles of Association (Deed No. 37 dated May 17, 2024, article 19): Akta-37-Perubahan-AD-SK-Kemenkumham-EN.pdf
BOD is responsible to develop, review, monitor and oversee Bank’s strategy, which performed through several actions as follows:
|
| D.1.6 | Does the board of directors have a process to review, monitor and oversee the implementation of the corporate strategy? | |
| D.2 | Board structure | |
| Code of Ethics or Conduct | ||
| D.2.1 | Are the details of the code of ethics or conduct disclosed? |
Yes, BSI has a company Code of Ethics that can be easily accessed on the Bank Syariah Indonesia website (bankbsi.co.id) Bank Syariah Indonesia (bankbsi.co.id) in the Corporate Governance menu.
This is also stated in the Annual Report 2023 Page 500-502 |
| D.2.2 | Are all directors/commissioners, senior management and employees required to comply with the code/s? | Yes, the BSI Code of Ethics applies to the entire Bank organization, fromthe Boardof Commissioners, Sharia Supervisory Board, Directors, to all employees. Thecommitment to implementing the code of ethics in the Bank for all levels of theorganization in BSI is carried out through the signing of an integrity pact annually. We have expressed this in the Annual Report, 2023 Page 501-502 |
| D.2.3 | Does the company have a process to implement and monitor compliance with the code/s of ethics or conduct? |
Yes, The mechanism for the process of improving the implementation of the code of ethics at Bank BSI is carried out by providing socialization of the code of ethics inorder to disseminate it. The Bank's code of ethics has been regulated and statedininternal provisions, such as the Company Regulation (PP) of PT Bank SyariahIndonesia, Tbk for 2021-2023 (PP BSI) and its derivative provisions. PP BSI canbeaccessed by all levels of management and employees of the Bank via the intranet network (as an effort to reduce paper use and support the sustainable finance program).
The dissemination or socialization of the code of ethics aims to improve theunderstanding of all BSI employees and its implementation. Thus, all levels of management and employees obey and comply with these provisions. The process of supervision/monitoring of the implementation of compliance with the code of ethics is carried out by the Internal Audit Work Unit (SKAI). We have disclosed this in the Annual Report, 2023 Pages 501-502, 451 |
| Board Structure & Composition | ||
| D.2.4 | Do independent directors/commissioners make up at least 50% of the board of directors/commissioners? | Yes, the composition of the Board of Commissioners of Bank BSI is in accordancewith the provisions referring to Article 53 paragraph 4 of POJK No. 16/POJK.03/2022concerning Sharia Commercial Banks, the number of Independent Commissioners must be at least 50% of the total number of members of the Boardof Commissioners. We have disclosed this in the Annual Report, 2023 Page: 324-325 |
| D.2.5 | Does the company have a term limit of nine years or less or 2 terms of five years1 each for its independent directors/ commissioners? 1 The five years term must be required by legislation which pre-existed the introduction of the ASEAN Corporate Governance Scorecard in 2011 |
Yes, Based on BSI's Articles of Association in Article 18 and Article 21, the termof office of the Board of Directors and Board of Commissioners including Independent Commissioners is a maximum of 2 (two) consecutive periods, or a maximumof 6 (six) years. The regulation can be accessed in Akta-37-Perubahan-AD-SK-Kemenkumham-EN.pdf
We have also disclosed this in the Annual Report, 2023 Page: 325 |
| D.2.6 | Has the company set a limit of five board seats that an individual independent/non-executive director/commissioner may hold simultaneously? |
Yes, BSI regulates that members of BOC can only hold concurrent position as:
|
| D.2.7 | Does the company have any executive directors who serve on more than two boards of listed companies outside of the group? |
No member of the Board of Directors holds a concurrent position as a member of the Board of Commissioners, Director or Executive Officer at a Bank, company and/or other institution that could create a potential conflict of interest.
We have disclosed this in the Annual Report, 2023 Page: 372 |
| Nominating Committee | ||
| D.2.8 | Does the company have a Nominating Committee? |
Yes, BSI has a Nomination and Remuneration Committee.
We have disclosed this in the Annual Report, 2023 Page: 414 Information related to the Nomination & Remuneration Committee can be accessedon the website: Nomination and Remuneration Committee |
| D.2.9 | Is the Nominating Committee comprised of a majority of independent directors/commissioners? |
Yes, BSI Nomination and Remuneration Committee Members are appointed basedon the Decree of the Board of Directors NO.KEP:04/201-KEP/DIR concerning the Determination of Changes to the Membership of the Remuneration & Nomination Committee of PT Bank Syariah Indonesia Tbk effective as of May 31, 2024, as follows:
|
| D.2.10 | Is the chairman of the Nominating Committee an independent director/commissioner? |
Yes, the Chairman of the BSI Nomination and Remuneration Committee is Komaruddin Hidayat (Independent Commissioner).
This can be accessed on the Website: Nomination and Remuneration Committee |
| D.2.11 | Does the company disclose the terms of reference/ governance structure/charter of the Nominating Committee? | Yes, BSI disclose the terms of reference/ governance structure/charter of theNominating Committee on Annual Report hal: 414-420 |
| D.2.12 | Is the meeting attendance of the Nominating Committee disclosed and if so, did the Nominating Committee meet at least twice during the year? |
Yes, the Remuneration and Nomination Committee held 3 (three) meetings, withthe agenda as described below:
|
| Remuneration Committee / Compensation Committee | ||
| D.2.13 | Does the company have a Remuneration Committee? | Yes, BSI has a Remuneration Committee which is part of the Remuneration andNomination Committee, this is disclosed in the Annual Report, 2023 Page: 414 and website: Nomination & Remuneration Committee |
| D.2.14 | Is the Remuneration Committee comprised entirely of non-executive directors/commissioners with a majority of independent directors/commissioners? |
Yes, BSI Nomination and Remuneration Committee Members are appointed based on the Decree of the Board of Directors NO.KEP:04/201-KEP/DIR concerning the Determination of Changes to the Membership of the Remuneration & Nomination Committee of PT Bank Syariah Indonesia Tbk effective as of May 31, 2024, as follows:
|
| D.2.15 | Is the chairman of the Remuneration Committee an independent director/commissioner? |
Yes, the Chairman of the BSI Nomination and Remuneration Committee is Komaruddin Hidayat (Independent Commissioner).
This can be accessed on the Website: Nomination and Remuneration Committee |
| D.2.16 | Does the company disclose the terms of reference/ governance structure/ charter of the Remuneration Committee? | Yes, BSI has disclosed the structure of the Remuneration Committee. We havedisclosed this in the Annual Report 2023 Page: 415 and website: Nomination & Remuneration Committee |
| D.2.17 | Is the meeting attendance of the Remuneration Committee disclosed and, if so, did the Remuneration Committee meet at least twice during the year? |
Yes, the Remuneration and Nomination Committee held 3 (three) meetings, with the agenda as described below:
|
| Audit Committee | ||
| D.2.18 | Does the company have an Audit Committee? | Yes, BSI have an Audit Committee. We have disclosed this in the Annual Report 2023 Page: 402-413 dan Website : Audit Committee |
| D.2.19 | Is the Audit Committee comprised entirely of non-executive directors/commissioners with a majority of independent directors/commissioners? |
Yes, the BSI Bank Audit Committee consists of 7 (seven) members, all of whom are independent of the Bank, namely:
Meanwhile, the composition of the Audit Committee Members for the 2023 Financial Year period consists of 7 (seven) members: 1 (one) chairman, Independent Commissioner; 4 (four) Independent Commissioners and 2 (two) independent parties. We have also disclosed this in the Annual Report 2023 Page: 406 |
| D.2.20 | Is the chairman of the Audit Committee an independent director/commissioner? | Yes, the Chairman of the BSI Audit Committee is Mohamad Nasir who is an Independent Commissioner of BSI. This was disclosed on the website: Audit Committee and Annual Report 2023 Page: 406 |
| D.2.21 | Does the company disclose the terms of reference/governance structure/charter of the Audit Committee? | Yes, The Audit Committee Charter and membership composition can be accessed through Audit Committee Charter |
| D.2.22 | Does at least one of the independent directors/commissioners of the committee have accounting expertise (accounting qualification or experience)? |
Yes, Mr Komarudin Hidayat hold his Doctoral degree in Accounting while others has experience in finance and banking industries.
Audit Committee profile have disclosed in the Annual Report, 2023 hal: 408. |
| D.2.23 | Is the meeting attendance of the Audit Committee disclosed and, if so, did the Audit Committee meet at least four times during the year? | Yes, Throughout 2023, the Audit Committee held 18 (eighteen) meetings. Details of the meetings are disclosed in the Annual Report 2023 Pages; 409-411 |
| D.2.24 | Does the Audit Committee have primary responsibility for recommendation on the appointment, and removal of the external auditor? |
Yes, the BSI Audit Committee evaluates the Public Accounting Firm (KAP) and Public Accountant (AP) related to the services provided to the Bank.
The results of the review are submitted as recommendations for the appointment/dismissal of KAP and AP to the Board of Commissioners to be submitted to the General Meeting of Shareholders (GMS). The responsibilities of the Audit Committee are disclosed in the Audit CommitteeCharter Point 5.2.4.8 on the website: Audit Committee Charter and Annual Report, 2023 Page: 405 |
| D.3 | Board Processes | |
| Board meetings and attendance | ||
| D.3.1 | Are the board of directors meeting scheduled before the start of financial year? |
Yes, the board of directors meeting scheduled before the start of financial year.
We have disclosed in the Annual Report 2023 Page: 373. |
| D.3.2 | Does the board of directors/commissioners meet at least six times during the year? |
Yes, board of directors/commissioners meet at least six times during the year.
Details of the frequency and number of Board of Directors and Board of Commissioners meetings are disclosed in the Annual Report 2023 Pages: 373-379 and 333-334 |
| D.3.3 | Has each of the directors/commissioners attended at least 75% of all the board meetings held during the year? |
Yes, each of the directors/commissioners attended at least 75% of all the boardmeetings held during the year.
Details of the attendance level of the Board of Commissioners meetings throughout 2023, both internal meetings and joint meetings, as well as attendance at the GMSand Board of Directors meetings throughout 2023 are disclosed in the Annual Report 2023 Pages: 374 and 333 |
| D.3.4 | Does the company require a minimum quorum of at least 2/3 for board decisions? |
Yes, BSI require a minimum quorum of at least 2/3 for board decisions
As stated in the Board of Commissioners Charter on the website BOD Charter |
| D.3.5 | Did the non-executive directors/commissioners of the company meet separately at least once during the year without any executives present? |
Yes, Based on Article Association (Deed No. 37 on May 17, 2024) article 23 : Akta-37-Perubahan-AD-SK-Kemenkumham-EN.pdf and BOD Charter. BoC is required to held meeting at least once in 1 (one) months based on determined schedule.
List of attendance of each BOC member in the 2023 BOC Meeting can be found in Annual Report 2023 page 374 |
| Access to information | ||
| D.3.6 | Are board papers for board of directors/commissioners meetings provided to the board at least five business days in advance of the board meeting? |
Article Association (Deed No. 37 on May 17, 2024) article 23 verse 6 : Akta-37-Perubahan-AD-SK-Kemenkumham-EN.pdf stated that the materials of the BOC meeting are provided to the meeting attendances at least five business days in advance of the BOC meeting.
As well as BOD Meeting, the materials shall provided to the meeting attendances at least five business days in advance of the BOD meeting, for regular agenda. |
| D.3.7 | Does the company secretary play a significant role in supporting the board in discharging its responsibilities? | Yes, company secretary of BSI play a significant role in supporting the board in discharging its responsibilities Annual Report 2023 Page: 433-434. |
| D.3.8 | Is the company secretary trained in legal, accountancy or company secretarial practices and has kept abreast on relevant developments? | Yes, Throughout 2023, BSI Corporate Secretary consistently improved his competence in the fields of law, finance, communication, and governance. The development of these competencies was followed by Corporate Secretary officials and Corporate Secretary Work Units which we have detailed in the Annual Report, 2023 Page 435 |
| Board Appointments and Re-Election | ||
| D.3.9 | Does the company disclose the criteria used in selecting new directors/commissioners? |
Yes, the requirements and criteria for new members of the BSI Boardof Commissioners and Directors are regulated in the BSI Articles of Association (Deed No. 37 dated May 17, 2024) Article 18 and Article 21 website: Akta-37-Perubahan-AD-SK-Kemenkumham-EN.pdf
We have disclosed this in the Annual Report 2023 Page 326 and 369 |
| D.3.10 | Did the company describe the process followed in appointing new directors/commissioners? | Yes, BSI describe the process followed in appointing new directors/commissioners in the Annual Report 2023 Page 326-327 and 369-370 |
| D.3.11 | Are all directors/commissioners subject to re-election every 3 years; or 5 years for listed companies in countries whose legislation prescribes a term of 5 years2 each? 2 The five years term must be required by legislation which pre-existed the introduction of the ASEAN Corporate Governance Scorecard in 2011 |
Yes, in accordance with Article 18 paragraph (16) and paragraph (18) of the Articles of Association and Article 21 paragraph (13) and paragraph (14), that Members of the Board of Directors and Members of the Board of Commissioners are appointedby the GMS for a term of 3 (three) years, and can be reappointed by the GMS.
This is stated in:
|
| Remuneration Matters | ||
| D.3.12 | Do the shareholders or the Board of Directors approve the remuneration of the executive directors and/or the senior executives? |
Yes, the shareholders of BSI approve the remuneration of BOC, BOD, dan ShariaSupervisory Board on AGM.
One of the BSI AGM agenda items is to approve and determine the salary or honorarium and other allowances for the Board of Commissioners, Board of Directors and Sharia Supervisory Board for the current year, as well as to approvethe Board of Directors' tentiem/bonus for the previous year. The proposed salary or honorarium, other allowances and tentiem/bonus have been reviewed by the BSI Remuneration and Nomination Committee (KRN) before being proposed to the AGM. The performance of employee (including senior executives) are assessed based on KPI, and the remuneration will be determined based on his/her result of performance assessment. KPI assessment and remuneration of senior executive must be reviewed and approved by BOD. The results of the 2024 AGM & the results of the 2023 AGM can be accessed via the website: General Meeting of Shareholders and Annual Report 2023 Page 309, 391 |
| D.3.13 | Does the company have measurable standards to align the performance-based remuneration of the executive directors and senior executives with long-term interests of the company, such as claw back provision and deferred bonuses? |
Yes, BSI has a Risk-Based Remuneration Policy formulated based on an integral part of the Bank's financial capabilities and implemented based on competitive, fair and risk-based principles in line with OJK's directives and policies.
Indicators for Determining Remuneration for the Board of Commissioners, Boardof Directors, Sharia Supervisory Board In determining the remuneration package, the Remuneration and Nomination Committee (KRN) has considered:
|
| Internal Audit | ||
| D.3.14 | Does the company have a separate internal audit function? |
Yes, As stated in the Corporate Governance Policy, BSI establishes the Internal Audit function as an independent unit.
Internal Audit plays a role in assisting the Bank in achieving its objectives by evaluating and improving the effectiveness of risk management, internal control and governance processes. Details of the roles and responsibilities of Internal Audit are set out in the Internal Audit Charter. Information related to Internal Audit is also disclosed in the Annual Report 2023 Page 449-455 |
| D.3.15 | Is the head of internal audit identified or, if outsourced, is the name of the external firm disclosed? | Yes, Senior Executive Vice President Internal (SEVP) Audit Internal BSI is Mr Satria. His profile has been disclosed in the Annual Report 2023 Page 130 & 450 |
| D.3.16 | Does the appointment and removal of the internal auditor require the approval of the Audit Committee? |
Yes, the appointment and removal of the internal auditor require the approval of the Audit Committee.
This has been disclosed in the Annual Report 2023 Page 450 |
| Risk Oversight | ||
| D.3.17 | Does the company establish a sound internal control procedures/risk management framework and periodically review the effectiveness of that framework? |
Yes, company establish a sound internal control procedures/risk management framework and periodically review the effectiveness of that framework.
This has been disclosed in the Annual Report 2023 Page 239-242 |
| D.3.18 | Does the Annual Report/Annual CG Report disclose that the board of directors/commissioners has conducted a review of the company's material controls (including operational, financial and compliance controls) and risk management systems? |
Yes, Annual Report BSI disclose that the board of directors/commissioners has conducted a review of the company's material controls (including operational, financial and compliance controls) and risk management systems
This has been disclosed in the Annual Report 2023 Page 240, 241, 246, 392-393. |
| D.3.19 | Does the company disclose the key risks to which the company is materially exposed to (i.e. financial, operational including IT, environmental, social, economic)? |
Yes, BSI disclose the key risks to which the company is materially exposed in the Annual Report 2023 on Risk Management chapter page 243-250,
It was stated that there are 10 (ten) main risks managed by the Bank, namely credit risk, market risk, liquidity risk, operational risk, strategic risk, compliance risk, legal risk, reputation risk, yield risk and investment risk which must be controlled by Islamic Commercial Banks. BSI Risk Profile has been disclosed in The Annual Report 2023 Page 250-251 and Risk Management Policy in the website |
| D.3.20 | Does the Annual Report/Annual CG Report contain a statement from the board of directors/commissioners or Audit Committee commenting on the adequacy of the company's internal controls/risk management systems? |
Yes, BSI Annual Report contain a statement from the board of directors/commissioners or Audit Committee commenting on the adequacy of thecompany's internal controls/risk management systems.
This has been disclosed in the Annual Report Page 242 and 457 |
| D.4 | People on the Board | |
| Board Chairman | ||
| D.4.1 | Do different persons assume the roles of chairman and CEO? |
Yes, the President Commissioner of BSI is Muliaman D Hadad, while the President Director is Hery Gunardi.
The profiles of the President Commissioner and President Director can be accessed through the Bank's website: President Commissioner, President Director & have been disclosed in the Annual Report 2023 Page 103 and 116 |
| D.4.2 | Is the chairman an independent director/commissioner? |
Yes, the President Commissioner of BSI is an independent party who has noaffiliation in terms of financial or family relationships with the Board of Commissioners, the Sharia Supervisory Board, the Board of Directors and the Majority Shareholders or Controlling Shareholders either directly or indirectly.
The profile of the Board of Commissioners has been disclosed in the Annual Report, 2023 Page: 103 |
| D.4.3 | Is any of the directors a former CEO of the company in the past 2 years? |
There is no member of BOC whom was a former President Director of the Bank in the past 2 years.
BOC Profile |
| D.4.4 | Are the roles and responsibilities of the chairman disclosed? |
Yes, roles and responsibilities of the chairman have been disclosed in:
|
| Lead Independent Director | ||
| D.4.5 | If the Chairman is not independent, has the Board appointed a Lead/Senior Independent Director and has his/her role been defined? |
The Chairman of BSI Commissioner and President Director are Independent Parties.
In accordance with the Profile of the Board of Commissioners and Directors in the 2023 Annual Report pages 103 and 117. |
| Skills and Competencies | ||
| D.4.6 | Does at least one non-executive director/commissioner have prior working experience in the major sector that the company is operating in? |
Yes, commissioner have prior working experience in the Banking sector.
This has been disclosed in the Board of Commissioner Profile that can be accessed through website and Annual report, 2023 Page: 103–112 BOC Profile |
| D.5 | Board Performance | |
| Directors Development | ||
| D.5.1 | Does the company have orientation programmes for new directors/commissioners? |
Yes, BSI have orientation programs for new directors dan commissioners.
This have been disclosed in the Annual Report 2023 Page 326 and 370 |
| D.5.2 | Does the company have a policy and actual practice and programs that encourages directors/commissioners to attend on-going or continuous professional education programmes? | Yes, BSI have a policy and actual practice and programs that encourages directors/commissioners to attend on-going or continuous professional education programs. These have been disclosed in the Annual Report 2023 Pages 338-352 and 380-390. |
| CEO/Executive Management Appointments and Performance | ||
| D.5.3 | Does the company disclose the process on how the board of directors/commissioners plans for the succession of the CEO/Managing Director/President and key management? |
Yes, BSI disclose the process on how the board of directors plans for the successionof the CEO/Managing Director/President and key management.
One of the duties of the Remuneration and Nomination Committee is to prepareanomination system for members of the Board of Commissioners, Board of Directors and Sharia Supervisory Board which will be part of the Bank's GCG policy and will bea guideline for the Board of Commissioners and GMS in determining nominations for members of the Board of Commissioners, Board of Directors and Sharia Supervisory Board. This has been disclosed in the Annual Report 2023 Page 419 |
| D.5.4 | Does the board of directors/commissioners conduct an annual performance assessment of the CEO/Managing Director/President? |
Yes, BSI's BOD conduct individual performance assessment (including President Director).
This has been disclosed in the Annual Report 2023 Page 391. |
| Board Appraisal | ||
| D.5.5 | Did the company conduct an annual performance assessment of the board of directors/commissioners and disclose the criteria and process followed for the assessment? |
BSI conducts annual performance assessment of the BOD and BOC, every year.
BOD criteria for evaluation has been disclosed in the Annual Report 2023 page: 391. BOC criteria for evaluation has been disclosed in the Annual Report 2023 page: 354. |
| Director Appraisal | ||
| D.5.6 | Did the company conduct an annual performance assessment of the individual directors/commissioners and disclose the criteria and process followed for the assessment? |
BSI conducts annual performance assessment of the BOD and BOC, every year.
BOD criteria for evaluation has been disclosed in the Annual Report 2023 page: 391. BOC criteria for evaluation has been disclosed in the Annual Report 2023 page: 354. |
| Committee Appraisal | ||
| D.5.7 | Did the company conduct an annual performance assessment of the board committees and disclose the criteria and process followed for the assessment? |
BSI conduct an annual performance assessment of the board committees anddisclose the criteria and process followed for the assessment.
This has been disclosed in the Annual Report 2023 Page 42 |
Level 2 - Bonus Items
| Part | Criteria | Explanation |
| (B)A. | Rights of shareholders | |
| (B)A.1 | Right to participate effectively in and vote in general shareholders meeting and should be informed of the rules, including voting procedures, that govern general shareholders meeting. | |
| (B)A.1.1 | Does the company practice real time secure electronic voting in absentia at general meetings of shareholders? |
Yes, BSI practiced secure electronic voting in absentia in the AGMS held in 2024 & 2023. Details of the regulations, e-voting procedures and meeting decisions can be accessed through the Bank's website.
The procedure has been disclosed by BSI in:
|
| (B)B. | Equitable treatment of shareholders | |
| (B)B.1 | Notice of AGM | |
| (B)B.1.1 | Does the company release its notice of AGM (with detailed agendas and explanatory circulars), as announced to the Exchange, at least 28 days before the date of the meeting? |
At the AGMS held in 2024: AGMS Invitation 2024, the announcement of the 2024 AGMS was published on April 25, 2024: and its implementation on May 17, 2024, while the announcement of the 2023 AGMS Invitation 2023 was published on April 28, 2023 and its implementation on May 22, 2023
The announcement, including a detailed agenda and explanation of each agenda published through national newspapers, the Bank's website and the IDX website |
| (B)C. | Sustainability and Resilience | |
| (B)C.1 | ||
| (B)C.1.1 | Does the company disclose how it manages climate-related risks and opportunities? |
BSI is committed to continually supporting government initiatives to address climate change. By the end of 2023, the total BSI financing that is aligned with the Sustainable Business Activity Category (KKUB) contained in POJK No. 51/POJK.03/2017 has reached Rp57.7 trillion, or 24.07% of the entire BSI financing portfolio in 2023.
Furthermore, with regard to environmental aspects, BSI continues to strengthen the implementation of sustainable initiatives with various Green Lifestyle and Green Operations campaigns for employees and customers. Some of BSI’s initiatives in 2023 include:
This has also described in Sustainability Report 2023 page 41-44 and 80-88 |
| (B)C.1.2 | Does the company disclose that its Sustainability Report / Sustainability Reporting is externally assured? | Yes, BSI Sustainability Report has been verified by an independent external assurance party, namely Moores Rowland, using AA100 Assurance Standard Type 1 Level Moderate. The assurance statement can be found in Sustainability Report 2023 page 90-91 |
| (B)C.1.3 | Does the company disclose the engagement channel with stakeholder groups and how the company responds to stakeholders’ ESG concerns? |
BSI has set long-term sustainability goals in the BSI Sustainability Aspirations, so it is important for us to ensure that the BSI Sustainability Aspirations can be understood and implemented by all our employees and partners.
Therefore, BSI has carried out various holistic and sustainable communication activities to socialize the company's values, including the BSI Sustainability Aspirations, such as: Internal Communication and Education and Training This has also described in Sustainability Report 2023 page 3 and 11 |
| (B)C.1.4 | Does the company have a unit / division / committee who is specifically responsible to manage the sustainability matters? |
BSI has formed a Sustainable Finance (SF) Team which is under the Corporate Secretary function and under the coordination of the Compliance & Human Capital Director.
This has also described in Sustainability Report 2023 page 31 |
| (B)C.1.5 | Does the company disclose board of directors/commissioners' oversight of sustainability-related risks and opportunities? |
The Board of Commissioners, the Sharia Supervisory Board, and the Board of Directors, as well as the supporting organs consisting of committees under the Board of Commissioners and the Board of Directors, are collectively responsible for the implementation of Sustainable Governance by taking into account economic, environmental, and social performance achievements. To compile, coordinate, direct, and supervise the Sustainable Finance Action Plan (RAKB), the Bank forms a Sustainable Finance Team (SF), which is under the Corporate Secretary function and under the coordination of the Director of Compliance & Human Capital.
This has also described in Sustainability Report 2023 page 31 |
| (B)C.1.6 | Does the company disclose the linkage between executive directors and senior management remuneration and sustainability performance for the previous year? |
One of the indicators for determining remuneration is consideration of long-term goals and strategies. One of BSI's strategic policies is strengthening retail banking. In line with the government's focus on driving the economy through MSMEs which are included in the category of sustainable business activities according to regulatory provisions
This are also describe in Sustainability Report 2023 page 41, 47, and Annual Report 2023 page 400 |
| (B)C.1.7 | Is the company’s Whistle Blowing System managed by independent parties / institutions? |
BSI encourage all stakeholders to be involved in early detection efforts (early warning system) of suspected violations within the Bank's environment.
In order to maintain and improve its good reputation, BSI provides a violation reporting system or Whistleblowing System (WBS) for every level of the Bank or external party which is confidential and has a protection mechanism for the Reporter in line with the Bank's commitment to uphold ethics, morals and law. Currently WBS is managed internally but in the near future it will be managed by a third party. https://ir.bankbsi.co.id/misc/WBS.pdf |
| (B)D. | Disclosure and transparency | |
| (B)D.1 | Quality of Annual Report | |
| (B)D.1.1 | Are the audited annual financial report /statement released within 60 days from the financial year end? |
BSI Audited Financial Report 2023 was issued on 30 January 2024, i.e. 29 days from the financial year end and published through Bank's website and newspapers.
2023 Audited Financial Report |
| (B)E. | Responsibilities of the Board | |
| (B)E.1 | Board Competencies and Diversity | |
| (B)E.1.1 | Does the company have at least one female independent director/commissioner? |
BSI has one female Director out of 10 BOD members and one female Director out of 10 BOC
The profile of BOC and BOD members are disclosed in Bank's website (BOD Profile & BOC Profile) |
| (B)E.1.2 | Does the company have a policy and disclose measurable objectives for implementing its board diversity and report on progress in achieving its objectives? |
BSI has established a policy on the diversity of members of the Board of Commissioners and Board of Directors. Members of the Board of Commissioners and Board of Directors must have diverse educational expertise, citizenship, gender, independence and age. The policy and achievement of diversity composition are set out in the Annual Report 2023 pages 393-398, Diversity of the Board of Commissioners & Diversity of the Board of Directors.
The composition of the Bank's Board of Commissioners and Board of Directors currently meets the diversity aspects mentioned above and is in line with the Bank's Strategy, Vision and Mission. |
| (B)E.2 | Board Structure | |
| (B)E.2.1 | Is the Nominating Committee comprise entirely of independent directors/commissioners? |
As disclosed in the Board of Commissioners Committee on the Bank's website, the Nomination and Remuneration Committee consists of 4 (four) members:
|
| (B)E.2.2 | Does the Nominating Committee undertake the process of identifying the quality of directors aligned with the company's strategic directions? |
As stipulated in the NRC Charter and the Nomination Policy for the Board of Commissioners and Board of Directors, candidates for Directors/Commissioners to be appointed must obtain a recommendation from the NRC. The recommendation is based on an evaluation of the established criteria, including citizenship, integrity, competence and financial reputation of candidates for members of the Board of Directors/Board of Commissioners, which are in line with the Bank's strategic direction.
The duties and responsibilities of the NRC implementation are disclosed in the Annual Report 2023 pages 414-415. |
| (B)E.3 | Board Appointments and Re-Election | |
| (B)E.3.1 | Does the company use professional search firms or other external sources of candidates (such as director databases set up by director or shareholder bodies) when searching for candidates to the board of directors/commissioners? |
As a Subsidiary of a State-Owned Enterprise, the election, appointment, dismissal and replacement of the BSI Board of Directors is also subject to the Regulation of the Minister of State-Owned Enterprises No. PER-3/MBU/03/2023 Concerning Organs and Human Resources of State-Owned Enterprises.
The process of election, appointment, dismissal and/or replacement of members of the Board of Directors is regulated in the BSI Articles of Association and the Nomination and Remuneration Policy. In the process of election, appointment, dismissal and/or replacement of members of the Board of Directors is carried out through proposals from Shareholders to the GMS by considering recommendations from the Nomination and Remuneration Committee. It is dislosed in the procedure of nomination BOD members in Annual Report 2023 page 370 Before the discussion on the appointment and dismissal of the Board of Directors in the GMS, information about the profile of new and reappointed candidates for members of the Board of Directors must be available at the time of the summons or at the latest at the time of the GMS. |
| (B)E.4 | Board Structure & Composition | |
| (B)E.4.1 | Do independent non-executive directors/commissioners make up more than 50% of the board of directors/commissioners for a company with independent chairman? |
BSI has 5 (five) Independent Commissioners from 10 members of the Board of Commissioners or 50% of the total members of the Board of Commissioners. The profile of the members of the Board of Commissioners can be seen on the Bank's website at the Board of Commissioners Profile.
BOC Profile The composition of the members of the Board of Commissioners is in accordance with OJK regulations on the implementation of good corporate governance for Commercial Banks as stipulated in the Board of Commissioners Charter. |
| (B)E.5 | Risk Oversight | |
| (B)E.5.1 | Does the company disclose that its Board identified key risk in relation to information technology including disruption, cyber security, and disaster recovery, to ensure that such risks are managed and integrated into the overall risk management framework? |
IT Steering Committee was formed to assist the Board of Directors in determining strategic plans in the field of information technology (IT), IT budgeting, determining strategic IT projects and IT security as stated in Annual Report 2023 page 438
IT management in the Bank's environment focuses on ensuring the reliability and security of the BSI system, especially in system stabilization, infrastructure standardization and future security improvements. Bank Syariah Indonesia (BSI) has a mechanism to identify disruptions or disturbances. This is regulated in the general provisions related to Business Continuity Management (BCM) and specifically in the Operational Technical Instructions (PTO) Business Continuity Plan (BCP). BSI has also established a security perimeter, risk management, fraud & AML to protect customer and banking transactions and processes. |
| (B)E.6 | Board Performance | |
| (B)E.6.1 | Does the company have a separate board level Risk Committee? | BSI has formed 2 Risk Committees, namely the Risk Management Committee at the Board of Directors level and the Risk Monitoring Committee at the Board of Commissioners level. The roles and membership of each Committee are disclosed in theAnnual Report 2023 pages 436 & 354. |
