Board of Commissioners
|
From left to right : Hardi Sasmita – Kumhal Djamil |
Dear respected Shareholders and stakeholders,
As part of the implementation of our supervisory duty, we hereby submit the 2019 Annual Report of the Board of Commissioners. Throughout the year, the Board of Commissioners has consistently monitors PT Voksel Electric Tbk. performance and express their opinions, as well as recommendations to the Board of Directors. The opinions were delivered transparently through monthly joint meetings as well as informal meetings to discuss urgent issues. We expect that the advice and input that we provided, along with the evaluation of all achievements and challenges throughout 2019 will be able to make the Company more resilient and responsive towards the development of power and telecommunication industry, including future economic dynamics.
Evaluation of the Board of Directors Performance
The Board of Commissioners considers that the Board of Directors has carried out their duties and responsibilities very well in 2019. This result can be seen from the Company’s net profit exceeding the previous year, despite being under the expected sales target. We consider this result to be ideal since the company’s focus in 2019, which is the marketing of products has recorded satisfactory results according to marketing plans, excepts for high voltage cable types. We understand that the performance of high voltage cable business in 2019 was affected by the external factors, which is outside of the Board of Directors and managements control, such as the changes in Government program related to electricity.
The expansion of high voltage factory is a special achievement for the Company which shows that the Board of Directors has successfully implemented one of the Company’s expansion strategy splendidly. This success was supported by the issuance of Bond I Voksel Electric 2019 which has helped to secure the Company’s finances in the midst of expansion and business development. The Board of Directors has also implemented a strategy to improve the efficiency in every operational aspect through an effective, discipline, and prudent management of cash and inventory.
The Board of Commissioners encourages the Board of Directors to continue to develop and diversify their business. We see that the market of export and retail segment as an opportunity to be explored aggressively and broadly in order to support our position and business sustainability. The Company will also continue to develop its portfolio by developing various innovative products and services and increase its values. The synergy between the Company and its subsidiaries and between subsidiaries also needs to be improved to improve the performance to a higher level.
We also expect that the Board of Directors and Management will continue to improve the quality and competency of its human capitals in order to keep up with recent development, such as Industry 4.0 and Internet of Things (IoT). Employee and future leader regeneration plans have to be implemented continuously to fulfill business needs. Various activities of training and education, both internal or external, domestic or abroad, must also be maintained, both in quality and quantity.
Overview on Business Prospect
The Board of Commissioners has reviewed the work plan and budget, as well as business strategy prepared by the Board of Directors for 2020. We conclude that the work plan and strategy has been compiled very well, confidently, by putting forward aggressive methods based on deep understanding on the market. This also makes us proud of the Board of Directors who has no complacency and always hungry for achievements.
The Board of Commissioners understands that the suspension of 35.000 MW project is an opportunity that needs to be handled correctly. If the project continues in 2020, the Company is in a strategic position to high voltage cables for PT Perusahaan Listrik Negara (Persero) which is currently focusing on the completion of transmission and distribution networks, knowing that the construction of various power plants has been completed. We are optimistic that the Board of Directors will take advantage of this opportunity to ensure the sustainability of the Company’s business in the long run.
According to the new vision and mission, the Company has to intensify the development of various products and services in order to provide total world-class solution to its consumers. The rapid development of information technology in the recent years, and the transition from 4G to 5G will significantly increase the demand for various fiber optic cables. The production capability and capacity of the Company, as well as PT Cendikia Global Solusi (CGS) as Subsidiary that engages in the field, must be improved in order to fulfill the needs effectively and efficiently. The Board of Directors must also continue its success story in 2019 by implementing an integrated system for all production process along with the preparation of IoT application as a form of management innovation to accelerate and ensure a precise, accurate, and efficient report that will ultimately reduce costs.
Implementation of Good Corporate Governance
The Board of Commissioners consider that the Company has implemented Good Corporate Governance (GCG) in accordance with the GCG principles in Indonesia. This can be seen from the completeness of the Company’s GCG structure. The Company has established Internal Audit, Audit Committee which also serves as Risk Management Committee, as well as Nomination and Nomination
Committee. All of them has performed its function properly. Code of Conduct in Business is also actively socialized and enforced in order to ensure ethical work conduct and business activities, as well as being responsible.
As a public company, Voksel strives to establish GCG as a Company culture which covers all operational and management activities. The implementation of internal controls is also carried out through a proper, consistent, and transparent supervision toward the management and the Company. The supervision is carried out through IT system, balanced scorecard, and various indicators to monitor the performance target that must be achieved including Subsidiaries performance. Reporting facility is also available through IT system in order to ensure a precise, quick, and timely report.
The following is the Company’s achievements related to the implementation of GCG in 2019. The implementation will be developed continuously according to the development of management and industrial practices by taking advantage of technology development.
Changes in Board of Commissioners
The Board of Commissioners’ composition has changed in 2019 in accordance with the decision of Annual General Meeting of Shareholders in June 21, 2019 which appointed Mr. Masaki Matsui as a Commissioner.
As of December 31, 2019, the Board of Commissioners composition is as follows:
| President/ Independent Commissioner | : | Mr. Kumhal Djamil |
| Commissioner | : | Mrs. Linda Lius |
| Commissioner | : | Mr. Hardi Sasmita |
| Commissioner | : | Mr. Tan Huiliang |
| Commissioner | : | Mr. Masaki Matsui |
| Independent Commissioner | : | Mr. Tjahyadi Lukiman |
| Independent Commissioner | : | Mrs. Muliany Anwar |
Closing
The Board of Commissioners would like to say thank you to all Directors and employees for their passion, hard work and dedication so that the Company is able to perform excellent and improve significantly in 2019. We also thank the Shareholders, consumers, and other stakeholders for their trusts. We are optimistic that in the future, the Company will improve its capacity and capability to perform better in 2020. All of this was conducted in order to achieve the new mission to contribute for the nation growth and optimize corporate values through superior solutions and sustainable social responsibilities.
Let us optimize this opportunity with various innovations and improvements.
Jakarta, April 2020
On behalf of the Board of Commissioners,
Kumhal Djamil
President Commissioner/ Independent Commissioner