Page 83 - SUSTAINABILITY ISSUES & COVID-19

4. RESULTS AND ANALYSIS

4.1. Implementation of AKM Pension Fund Governance
The results of the analysis of comparing the disparity in the implementation of AKM Pension Fund governance following
POJK Number 16 / POJK.05 / 2016 are as follows.

Table 1 Results of Gap Analysis of AKM Pension Fund Governance Implementation following POJK
Number 16 / POJK.05 / 2016
No. Principles Application Gap
1. Transparency
Disclosure of information in a a. AKM Pension Fund has compiled a Pension Fund The AKM Pension Fund
timely, adequate, clear, accurate, Regulation (PDP) which has been endorsed by website does not yet
comparable, and easily accessible the Financial Services Authority (OJK) provide information such as
manner to related parties b. Balance sheets and calculation results of balance sheets and results of
business results, development of investment business results calculations,
portfolios, a summary of supervisory reports development of investment
from the Supervisory Board is submitted portfolios, adequate summary
through the magazine every semester reports, on time, and easily
c. The information displayed such as accessible to participants
balance sheets and results of business
results calculations, investment portfolio
developments, summary reports have not been
submitted promptly
2. Accountability
The competence of all instruments a. The accountability of the management to the There are no employees
in the pension fund is following Founder has been carried out through the who carry out the Risk
their duties and responsibilities as media of work meetings with the Founder and Management Unit and Head
well as understanding their role in compiling the Accountability report to the of the SPI Unit
implementing Good Pension Fund founder
Governance b. Regularly held Strategic Committee Meetings
(Komstrag)
c. In the AKM Pension Fund organizational
structure, there is a Risk Management unit.
However, there are no employees who have
served in the unit. In its implementation,
the duties and responsibilities of the risk
management function are carried out /
concurrently by the Internal Control System
unit. Besides, currently, there is a vacancy for the
SPI Unit Head.

Performance measures are based a. Assessment of the performance of the There is no documentation
on agreed measures consistently Management and the Supervisory Board of a reward & punishment
and have a reward and punishment is carried out using the performance system
system measurement of the Founders
b. AKM Pension Fund does not have a reward &
punishment system documentation
3. Responsibility
The principle of prudence in risk a. The Portfolio Placement Allocation Plan has Corresponding
control is guided by the applicable been prepared through an analysis note
regulations b. The Pension Fund has investment guidelines
thus investment activities can be carried out
following applicable regulations, in particular,
according to the Investment Direction by the
Founder
c. The investment implementation guidelines set
out the criteria for placement in each asset class;
purchase stage; sales stage; and exit policies so
that investment can be implemented prudently.
4. Independence
Pension funds are not dominated by There is analytical procedure from the Investment Corresponding
any party and are not influenced by Management Section, reviewed and approved by the
unilateral interests and are free from Strategic Committee in the allocation of investment
conflicts of interest process.

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