Good Governance

The commitment in governance aspect promotes good corporate governance to cover following components:

Good Corporate Governance (“GCG”) Principles

PT SMI is committed to implement all GCG Principles (Transparency, Accountability, Responsibility, Independency, and Fairness) in its business and operations activities. PT SMI encourages its stakeholders, including but not limited to clients/debtors, investees, government, and development partners.

Risk Management

PT SMI is engaged to continuously incorporate ESG risks into its overall risk assessment and management strategy, and to handle these risks in its bussiness activities (lending and investment decisions, project developmen and advisory), as well as in the monitoring of its portfolios.

Ethics and Compliance

PT SMI is dedicated to conduct its business ethically, complying with internal policies and all applicable laws and regulations in Indonesia, including but not limited to commitment against corruption and bribery.

Corporate Governance
Board Diversity

PT SMI continuously disregards the aspects of race, ethnicity, religion, or gender distinction without disregarding equal opportunity to be nominated.

Executive Pay

The remuneration package of the Company’s management is proposed by the Board of Commissioners, assisted by the Nomination & Remuneration Committee, to General Meeting Shareholder (“GMS”) to be decided and stipulated by the GMS by considering factors such as: the Company’s finance capability, the Company’s main performance indicators achievement, key performance indicators of individuals in office as the Company’s management, reasonableness, and inflation rate.


PT SMI is a State-Owned Enterprise with 100% (one hundred percent) share ownership by the Government of the Republic of Indonesia, represented by the Minister of Finance.


The Company’s Audited Financial Statements were audited by the Public Accounting annually. The Company’s financial statements were prepared in accordance with the Statement of Financial Accounting Standards (SFAS) and the Interpretation of Financial Accounting Standards (IFAS) issued by the Indonesian Accounting Standards Board – Indonesian Accounting Association (DSAK-IAI).

Corporate Behavior
Business Ethics

The Company strictly established that the Code of Business Ethics and Code of Conduct apply to all levels within the Company, from the Board of Commissioners, the Sharia Supervisory Board, the Board of Directors, various Committees, Division Heads to Staff.  Every year all members of the Board of Commissioners, Sharia Supervisory Board, the Board of Directors, along with all employees sign an integrity pact containing the commitment to comply with and implement the Company’s Values and Culture, the Code of Business Ethics and Conduct, as well as all work guidelines and/or Company regulations.

Anti-Competitive Practices

As stated in PT SMI’s Code of Business Ethic and Conduct, PT SMI has been practicing the sound collaboration with other financial services company to achieve the Company’s mandate.

Corruption and Instability

The Company supports the Government Program to implement Anti-Bribery Management System (SMAP) in State-Owned Enterprises. Through the Board of Directors Regulation No. PD-024/SMI/1220 on the Guideline of Anti-Bribery Management System, which was amended by the Board of Directors Regulation No. PD-009/SMI/0322 on the Procedure of of Anti-Bribery Management System (SMAP), PT SMI tightly implements and monitors the implementation of SMAP.

Tax Transparency

PT SMI continuously comply to the tax law and regulations in running its operations.