Relasi Investor

The Board of Commissioners recognizes that 2024 has been a challenging period for the precast concrete industry and WIKA Beton in particular. Various dynamics, external factors such as changes in global market conditions, and internal factors such as organizational adjustments, have posed challenges for the Company in maintaining its position in the market. However, we remain optimistic, as the Board of Directors has successfully formulated strategic policies that have allowed WIKA Beton to maintain its status as a market leader in the precast concrete sector. This optimism is supported by the achievement of Key Performance Indicators (KPIs), which have been successfully met throughout the year.

Each member of the Board of Directors has performed their duties and responsibilities effectively in their respective areas. Both external and internal factors have not hindered the Company's ability to achieve its strategic goals. The Board of Commissioners appreciates the Board of Directors' commitment to maintaining operational excellence and implementing innovative solutions that support the Company's long-term sustainability.

The Whistleblowing System (WBS) is a key element of GCG at WIKA Beton. In 2024, we continued to encourage improvements to this system to effectively detect and prevent potential fraud, policy violations, or internal misconduct. This system is designed to support transparency and accountability throughout the organization.

We not only oversee the implementation of the WBS but also provide strategic guidance on the reports received via the WBS mechanism. The follow-up process for these reports is handled by the GCG Compliance Team, which is responsible for managing and resolving the reports with principles of confidentiality, fairness, and professionalism.

Throughout 2024, the Company received no reports of violations through the WBS. This reflects a high level of compliance among all employees of WIKA Beton with internal regulations and policies. We appreciate this achievement, which indicates its success in fostering a culture of integrity in the workplace.

To boost the system, we also support the Management's efforts to continue regularly promoting policies, procedures, and the WBS mechanism to all employees. This initiative aims to raise awareness and active participation in maintaining good governance. In the future, we hope the WBS will remain the main guide in preserving credibility, integrity, and trust from stakeholders.

In 2024, we continued to carry out its main duty of providing advice and strategic recommendations to the Board of Directors regarding the company's management. The advisory process is through two main mechanisms: internal Board of Commissioners meetings and joint meetings between the Board of Commissioners and the Board of Directors. In addition to these mechanisms, we used digital platforms to hold hybrid meetings in response to urgent issues requiring quick decisions. The outcomes of discussions outside formal meetings were reviewed and approved in official meetings.

In addition to formal meetings, the Board of Commissioners also uses interviews to gain a deeper knowledge of specific issues that require particular attention. Through these interviews, we can obtain additional information from the Board of Directors to ensure that every strategic decision is comprehensive data and analysis.

Throughout 2024, we held 12 internal meetings and 12 joint meetings with the Board of Directors. These meetings served as a platform to provide recommendations on different important aspects of digitalization and technology, environmentally friendly initiatives, strengthening the Company's core values, strategic risk management, the implementation of the Annual General Meeting of Shareholders (AGMS), and the appointment of committee members to ensure the Company's sustainability and stability. The recommendations also covered other aspects of the Board of Commissioners' supervisory functions.

All decisions and recommendations during these meetings are officially recorded on the Board of Commissioners' Decrees. By this approach, we ensure that all advice provided is not only relevant and strategic but also supports the Company's sustainability and competitiveness in encountering business challenges in 2024.

Throughout 2024, the Board of Commissioners received support from three Committees: the Audit and Business Risk Committee, the Nomination, Remuneration, and GCG Committee, and the newly formed Risk Monitoring and Integrated Governance Committee. These three Committees play a crucial role in assisting us in overseeing the Good Corporate Governance (GCG) principles within the Company.

We believe that all Committees have made significant contributions in reviewing the strategic issues encountered by the Company and recommending appropriate mitigation measures particularly. Specifically, the Board of Commissioners also presents the contributions of each Committee, as follows:

1. The Audit Committee has carried out its strategic responsibilities effectively. The Committee actively evaluates internal audit reports and ensures compliance with regulations and Accounting of Indonesia principles. The tasks include reviewing the implementation of principles, procedures, methods, and accounting techniques, risk management, and and the financial statements prepared by the Management of WIKA Beton and audited by a Public Accounting Firm (KAP). Additionally, the Audit and Business Risk Committee provides recommendations to improve internal controls, support better risk command, and ensure the integrity of the audit process at all levels of the Company.
2. The Nomination, Remuneration, and GCG Committee has proved optimal performance. The Committee focuses on identifying and developing potential talent to strengthen the nomination process and support leadership continuity within the Company. Additionally, the Committee has developed and implemented a remuneration policy for us and the Board of Directors, which considers the performance and contributions of each party. This process is carried out transparently and following GCG guidelines.
3. The Risk Monitoring and Integrated Governance Committee, established in 2024, plays an important role in strengthening risk management and governance within the Company. The Committee assists us in identifying strategic risks and guides to ensure that risk mitigation actions are taken proactively and integrated.

Overall, we believe the three committees have performed their roles effectively throughout 2024. The committees have provided particular reviews of various aspects, including operations, finance, risk management, remuneration systems, internal controls, and the implementation of good corporate governance. We emphasize the positive outcomes from this evaluation must be maintained and any findings that require particular attention should be addressed promptly and effectively by management in line with the Board of Commissioners guidance. Through these collective contributions, we are confident the Company can continue to enhance its competitiveness and business sustainability.

Based on the decision of the General Meeting of Shareholders for the 2023 financial year, Deed No. 43 dated May 17, 2024, it was resolved to respectfully dismiss Mr. Hermawan Dhewayanto from his position as President Commissioner and Mr. Priyo Suprobo from his position as Independent Commissioner. Additionally, Mr. Eko Sujiyanto was appointed as President Commissioner, and Mr. Iswandi Imran was appointed as Independent Commissioner.

The Board of Commissioners of PT Wijaya Karya Beton Tbk sincerely appreciates all stakeholders for their consistent support throughout 2024. This year proves a testament to WIKA Beton's resilience in encountering external challenges and the ever-evolving industry dynamics. Thanks to the synergy between the Board of Directors, management, and all employees, the Company achieved positive performance despite a challenging environment.

As part of the strategic infrastructure sector, WIKA Beton continues to demonstrate a strong commitment to supporting national development on product innovation and operational efficiency. We appreciate the efforts of the Board of Directors in implementing strategies focused on market diversification, optimizing operational capabilities, and adopting digital technology to enhance competitiveness. These strategic initiatives have led the Company toward a stronger and more competitive position in domestic and international markets.

We also extend our highest appreciation to the shareholders for their trust, and to our business partners and customers for their continued tight collaboration with the Company. The support from all parties has been the foundation for WIKA Beton's sustained growth. Lastly, the Board of Commissioners expresses our gratitude to all WIKA Beton employees for their dedication and hard work throughout this year.

We are confident that with a spirit of collaboration and innovation, WIKA Beton will continue to grow as an outstanding company and a source of national pride.