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PT Astra Sedaya Finance

EMBRACING SUSTAINABLE GROWTHMeraih Pertumbuhan yang Berkelanjutan

Laporan Tahunan

A n n u a l R e p o r t2 0 1 6

Di tengah berbagai tantangan makroekonomi serta meningkatnya kompetisi di industri pembiayaan Nasional, Perseroan yang merupakan bagian dari Grup Astra berhasil mencatat pertumbuhan yang relatif stabil di tahun 2016. Hal tersebut tercermin pada capaian laba bersih Perseroan yang tercatat sebesar Rp934 miliar dan total pendapatan bersih sebesar Rp5.319 miliar di akhir tahun 2016. Selain itu, Perseroan juga berhasil membukukan kenaikan total aset hingga 3,57% (YoY) menjadi senilai Rp31.478 miliar di akhir tahun 2016. Saat ini, Perseroan telah memiliki posisi yang kuat dalam industri pembiayaan otomotif roda empat Nasional dengan komposisi market share 18% untuk segmen pembiayaan konsumen. Konsistensi pertumbuhan yang telah dicapai oleh Perseroan menjadi wujud nyata atas hasil sinergi yang kuat di dalam Grup Astra, kemampuan manajerial Perseroan yang mumpuni serta tingginya kualitas dan kapabilitas SDM yang dimiliki oleh Perseroan sehingga dapat tercipta iklim kerja yang kondusif dan optimal. Oleh karena itu, Perseroan turut berhasil membukukan jumlah pembiayaan baru perusahaan mencapai Rp25.792 miliar yang sebagian besar dari pembiayaan baru tersebut berfokus pada segmen usaha pembiayaan konsumen di sepanjang 2016. Dengan berlandaskan pada nilai-nilai budaya perusahaan, Perseroan senantiasa berkomitmen untuk mewujudkan visi Perseroan sebagai perusahan pembiayaan terdepan pilihan masyarakat Indonesia. Selain itu, Perseroan juga selalu berupaya memanfaatkan berbagai peluang bisnis baru yang ada secara selektif, serta menciptakan keseimbangan pada portofolio bisnis demi mendukung pertumbuhan yang berkelanjutan di masa mendatang.

P R A W A C A N AP R E F A C E

1Annual Report 2016 PT Astra Sedaya Finance


In the midst of macroeconomic challenges and the increasing competition in the National financing industry, the Company which is part of Astra Group successfully recorded a relatively stable growth in 2016. It was reflected from the achievement of net income which recorded at Rp934 billion and the total net revenue amounted to Rp5,319 billion at the end of 2016. In addition, the Company also recorded an increase in total assets up to 3.57% (YoY) to be worth Rp31,478 billion at the end of 2016. Currently, the Company has a strong position in the domestic four-wheel automotive finance industry with market share composition of 18% for consumer financing segment. Consistency of growth that has been achieved by the Company became a concrete manifestation of strong synergy result in the Astra Group, the Company's managerial capabilities and high quality and ability of human resources owned by the Company so as to create conducive and optimum working environment. Therefore, the Company was successfully recorded its new financing that reached Rp25,792 billion in which most of the new financing in 2016 were focused upon consumer financing business segment. On the basis of the Company's culture values, the Company always committed to realize the vision of the Company as the leading financing company in Indonesia. In addition, the Company always utilizes new business opportunities selectively, as well as creates the balance of business portfolio to support sustainable growth in the future.


Embracing Sustainable Growth 1

Daftar Isi Contents 2

IKHTISAR UTAMA 2016MAIN HIGHLIGHTS 2016

Kinerja Unggul 2016 Key Performance 2016 4

Ikhtisar Keuangan Financial Highlights 6

Ikhtisar Saham dan Kronologi Pencatatan Saham Stock Highlights and Stock Listing Chronology

8

Ikhtisar Pencatatan Efek LainnyaOther Securities Listing Highlights

8

Peristiwa Penting 2016 Significant Events in 2016

10

LAPORAN MANAJEMENMANAGEMENT REPORT

Laporan Dewan Komisaris Report from the Board of Commissioners

18

Laporan Dewan Pengawas SyariahReport from the Sharia Supervisory Board

24

Laporan Direksi Report from the Board of Directors

26

SEKILAS PERUSAHAANCOMPANY AT A GLANCE

Informasi Perusahaan Company's Information

34

Institusi dan Profesi Penunjang Pasar ModalCapital Market Supporting Institutions

35

Rating Perusahaan Company's Rating 37

Sejarah Singkat Perusahaan A Brief History of the Company

38

Jejak Langkah Milestones 40

Brand Astra Credit Companies (“ACC”)Astra Credit Companies ("ACC") Brand

41

Visi dan Misi Vision and Mission 42

Nilai-Nilai dan Budaya PerusahaanCorporate Culture and Values

42

Bidang Usaha Business Line 43

Produk dan Jasa Perseroan Company's Products and Services

43

Struktur Organisasi Organization Structure 44

Profil Dewan Komisaris The Board of Commissioners' Profile

46

Profil Direksi The Board of Directors' Profile 53

Profil Karyawan Employees' Profile 59

Komposisi Pemegang Saham Shareholders' Composition

63

Struktur Grup PerusahaanCorporate Group Structure

64

Kronologis Pencatatan Efek LainnyaOther Shares Listing Chronology

65

Wilayah Operasional Operational Area 66

Nama dan Alamat Entitas Anak dan/atau Kantor Cabang atau Kantor Perwakilan Name and Address of Branch or Representative Offices

68

Penghargaan Awards 71

Sertifikasi Certifications 73

Pengungkapan Informasi pada Website PerusahaanInformation Disclosure on the Company's Website

73

Pendidikan dan/atau Pelatihan Dewan Komisaris, Direksi, Komite-Komite, Sekretaris Perusahaan, dan Unit Audit Internal Education and/or Training of the Board of Commissioners, the Board of Directors, Committees, Corporate Secretary and Internal Audit Unit

74

2 PT Astra Sedaya Finance Laporan Tahunan 2016

DAFTAR ISICO NTE NTS

ANALISIS DAN PEMBAHASAN MANAJEMEN MANAGEMENT DISCUSSION AND ANALYSIS

Tinjauan Makroekonomi GlobalGlobal Macroeconomic Review

78

Tinjauan Makroekonomi DomestikDomestic Macroeconomic Review

78

Tinjauan Industri Pembiayaan Financing Industry Review

79

Tinjauan Operasional Per Segmen UsahaOperational Review Per Segment

80

Tinjauan Keuangan Financial Review 81

Kemampuan Membayar Utang dan Kolektibilitas Piutang Solvency and Receivables Collectability

88

Struktur Modal dan Kebijakan Manajemen Atas Struktur Modal Capital Structure and Management Policy About the Capital Structure

88

Ikatan Material Untuk Investasi Barang Modal Tahun 2016 Material Information for Capital Goods Investment In 2016

89

Investasi Barang Modal Capital Goods Investment

89

Perbandingan Antara Target dan Realisasi Tahun 2016 Serta Proyeksi Tahun 2017 Comparison Between Target and Realization of 2016 and the Projection of 2017

90

Informasi dan Fakta Material yang Terjadi Setelah Tanggal Laporan Akuntan Material Information Subsequent to the Accountant’s Report

90

Prospek Usaha Business Prospects 90

Aspek Pemasaran Marketing Aspect 91

Kebijakan Dividen Dividend Policy 93

Program Kepemilikan Saham Karyawan atau Manajemen (ESOP/MSOP) Program of Employee or Management Stock Option Plan (ESOP/MSOP)

93

Penggunaan Dana Hasil Penawaran UmumThe Use of Public Offering Proceeds

93

Informasi Material Mengenai Investasi, Ekspansi, Divestasi, Penggabungan, Peleburan Usaha, Akuisisi atau Restrukturisasi Utang/Modal Material Information About Investment, Expansion, Divestment, Merger, Acquisition or Debt/Capital Restructuring

94

Informasi Mengenai Transaksi Material yang Mengandung Benturan Kepentingan dan/atau Transaksi Dengan Pihak Afiliasi Material Information Containing Conflict of Interest and/or Affiliate Transaction

94

Pengaruh Perubahan Regulasi Pemerintah Terhadap Perseroan The Effect of Amendment in Government Regulation Toward the Company

95

Perubahan Kebijakan Akuntansi pada Tahun 2016Change in Accounting Policies in 2016

96

Informasi Kelangsungan UsahaBusiness Continuation Information

97

TATA KELOLA PERUSAHAANGOOD CORPORATE GOVERNANCE

Tujuan dan Komitmen Penerapan Tata Kelola Perusahaan Objectives and Implementation of Corporate Governance Commitment

100

Konsep dan Landasan Pelaksanaan Tata Kelola Perusahaan The Concept and Foundation of Good Corporate Governance

102

Sosialisasi Tata Kelola PerusahaanThe Socialization of Good Corporate Governance

104

Penilaian Kualitas Penerapan Tata Kelola PerusahaanQuality Assessment of the Implementation of Good Corporate Governance

105

Struktur Tata Kelola PerusahaanGood Corporate Governance Structure

106

Rapat Umum Pemegang Saham ("RUPS")General Meeting of Shareholders ("GMS")

106

Dewan Komisaris Board of Commissioners 110

Direksi Board of Directors 121

Dewan Pengawas Syariah Sharia Supervisory Board

130

Pemegang Saham Utama dan PengendaliMajor Shareholders and Controlling Shareholders

136

Komite Audit Audit Committee 136

Komite Nominasi dan RemunerasiThe Nomination and Remuneration Committee

142

Sekretaris Perusahaan Corporate Secretary 146

Sistem Pengendalian Internal (SPI) Internal Control System

148

Audit Internal Internal Audit 152

Audit Eksternal External Audit 158

Manajemen Risiko Risk Management 158

Permasalahan Hukum Litigation Issues 163

Sanksi Administratif Administrative Sanction

164

Akses dan Transparansi Informasi Transparency and Access to Information

164

Kode Etik dan Budaya Perseroan Code of Ethics and Corporate Cultures

164

Sistem Pelaporan Pelanggaran Whistleblowing System

167

TANGGUNG JAWAB SOSIAL PERUSAHAANCORPORATE SOCIAL RESPONSIBILITY

Pendahuluan Preface 170

Kaleidoskop CSR 2016 CSR Kaleidoscope 2016

171

Tanggung Jawab Sosial Terhadap Lingkungan HidupSocial Responsibility Toward the Environment

175

Tanggung Jawab Terhadap Ketenagakerjaan, Kesehatan dan Keselamatan Kerja (K3) Social Responsibility Toward the Occupational, Health and Safety (K3)

176

Tanggung Jawab Sosial Terhadap Sosial dan MasyarakatSocial Responsibility Toward Social and Community

180

Tanggung Jawab Sosial Terhadap Produk dan NasabahSocial Responsibility to the Product and the Customer

183

Pernyataan Dewan Komisaris dan Direksi Tentang Tanggung Jawab Atas Laporan Tahunan Tahun 2016 PT Astra Sedaya FinanceStatement of the Board of Commissioners and the Board of Directors Regarding the Responsibility for the 2016 Annual Report of PT Astra Sedaya Finance

184

INFORMASI KEUANGANFINANCIAL INFORMATION



IKHTISAR UTAMA 2016

MAIN HIGHLIGHTS 2016




KINERJA UNGGUL 2016 KEY PERFORMANCE 2016

Pencapaian Penting

Perseroan menjunjung tinggi komitmen untuk senantiasa memberikan hasil yang memuaskan dan membanggakan baik dari sisi finansial maupun operasional kepada seluruh pemangku kepentingan. Hal tersebut dibuktikan Perseroan dengan berhasil mencatat sejumlah pencapaian penting pada tahun 2016, antara lain:

Key Achievements

The Company upholds its commitment to always provide excellent results either in terms of financial or operational to all stakeholders. This was evidenced through successfully recorded a number of key achievements in 2016 include:

PENCAPAIAN FINANSIALFINANCIAL ACHIEVEMENTS

Total Nilai AsetTotal Value of Assets

Pembiayaan BaruNew Financing

Piutang Pembiayaan yang DikelolaManaged Accounts Receivable Financing

Rp25,792 miliar/billion


3.6%



8.7%

2015 20

16

Pembiayaan ASFASF Financing

Total Piutang Pembiayaan yang dikelola ASFTotal Account Receivable managed by ASF

Total Piutang Pembiayaan yang dikelola ASFTotal Account Receivable managed by ASF

Pembiayaan ASFASF Financing

2015 20

16

2015

2016



PENCAPAIAN OPERASIONALOPERATIONAL ACHIEVEMENTS

Peningkatan Jumlah Konsumen di 2016An increasing number of consumers in 2016

414,405405,077

2015

2016

Jumlah KonsumenNumber of Consumers

Jumlah KonsumenNumber of Consumers

Pembukaan kantor cabang baruOpening new branch officePembukaan kantor cabang baru di Pondok Cabe dan Harapan Indah yang perizinannya resmi diperoleh pada tahun 2017.Opening of new branch offices at Pondok Cabe and Harapan Indah which its new licenses will be officially obtained in 2017.

Pada tahun 2016, Perseroan meluncurkan sebuah aplikasi smartphone berbasis Android maupun iOS yang bernama “ACC YES”.In 2016, the Company launched a smartphone application based on Android and iOS called “ACC YES”.



IKHTISAR KEUANGAN FINANCIAL HIGHLIGHTS

(Dalam miliar Rupiah kecuali Rasio Keuangan) (In billion Rupiah except Financial Ratio)

LAPORAN LABA RUGI STATEMENTS OF PROFIT AND LOSS

Uraian 2016 2015 2014 2013 2012 Description

Jumlah pendapatan - bersih 5,319 5,468 5,232 4,391 3,749 Total income - net

Jumlah beban 4,120 4,228 3,739 3,094 2,694 Total expenses

Laba bruto 2,616 2,478 2,433 2,235 1,886 Gross profit

Laba bersih 934 969 1,169 1,015 828 Net income

Jumlah laba tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non-pengendali

934 969 1,169 1,015 828 Total income for the year attributable to owners of the

parent company and non-controlling interest

Total laba (rugi) komprehensif (225) 268 (112) 72 (29) Total comprehensive income/(loss)

Jumlah laba (rugi) komprehensif yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non-pengendali

(225) 268 (112) 72 (29) Total comprehensive income/(loss) attributable to owners of the

parent company and non-controlling interest

Total penghasilan (rugi) komprehensif lain tahun berjalan setelah pajak

(225) 268 (112) 72 (29) Total other comprehensive income/(loss) for the year for the

year net of tax

Total penghasilan komprehensif tahun berjalan

709 1,237 1,057 1,087 799 Total comprehensive income for the year

Laba dasar per saham (Rupiah penuh)

983 1,020 1,283 1,424 1,162 Basic Earnings per share (full Rupiah amount)

(Dalam miliar Rupiah kecuali Rasio Keuangan) (In billion Rupiah except Financial Ratio)

LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION


Total aset 31,478 30,392 33,303 31,007 24,895 Total assets

Aset lancar 31,332 30,253 33,156 30,853 24,744 Current assets

Aset tidak lancar 146 139 147 154 151 Non-current assets

Total liabilitas 25,696 24,699 28,289 26,514 21,019 Total liabilities

Liabilitas jangka pendek 15,798 9,981 13,012 14,433 9,516 Short-term liabilities

Liabilitas jangka panjang 9,898 14,718 15,277 12,081 11,503 Long-term liabilities

Total ekuitas 5,782 5,693 5,014 4,493 3,876 Total equity



RASIO-RASIO KEUANGAN FINANCIAL RATIO


Profitabilitas Profitability

Laba sebelum pajak penghasilan/pendapatan (%)

23.12 23.24 29.30 30.59 29.31 Operating profit margin (%)

Laba bersih/pendapatan (%) 17.56 17.72 22.34 23.12 22.09 Net profit margin (%)

Laba bersih/ekuitas (%) 16.15 17.02 23.31 22.59 21.36 Return on equity (%)

Laba bersih/jumlah aset (%) 2.97 3.19 3.51 3.27 3.33 Return on asset (%)

Pendapatan/jumlah aset (%) 16.90 17.99 15.71 14.16 15.06 Asset turnover (%)

Rasio Likuiditas & Solvabilitas Liquidity Ratio & Solvency

Pinjaman dan surat berharga yang diterbitkan terhadap jumlah aset (x)

0.78 0.79 0.82 0.83 0.80 Loans and securities issued to total assets (x)

Total liabilitas terhadap ekuitas (x) 4.44 4.34 5.64 5.90 5.42 Total debt to equity (x)

Total liabilitas terhadap aset (x) 0.82 0.81 0.85 0.86 0.84 Total debt to asset (x)

Gearing ratio (x) 4.23 4.19 5.45 5.71 5.15 Gearing ratio (x)

Jumlah pembiayaan baru yang diberikan sepanjang tahun terhadap jumlah aset (x)

0.82 0.67 0.77 0.78 0.83 Number of new consumer financing provided throughout the

year to total assets (x)

Total ekuitas terhadap jumlah modal disetor (x)

6.09 5.99 5.28 6.30 5.44 Total equity to the number of paid-in capital (x)

Rasio Aset Produktif Productive Asset Ratio

Piutang pembiayaan konsumen bermasalah (termasuk joint finance) dibandingkan piutang pembiayaan konsumen bruto (termasuk joint finance) (%)

0.63 0.54 0.51 0.47 0.46 Non-performing loan (including joint finance) to consumer

financing receivables gross (including joint finance) (%

Rasio Pertumbuhan Growth Ratio

Jumlah pendapatan (%) (2.72) 4.51 19.15 17.12 23.61 Total revenue (%)

Laba bersih (%) (3.61) (17.11) 15.17 22.58 29.98 Net income (%)

Jumlah aset (%) 3.57 (8.74) 7.40 24.55 33.74 Total assets (%)

Jumlah liabilitas (%) 4.04 (12.69) 6.69 26.14 36.19 Total liabilities (%)

Jumlah ekuitas (%) 1.56 13.54 11.60 15.92 21.89 Total equity (%)



Perseroan telah menerbitkan sejumlah surat berharga, antara lain:

No Efek UtangDebt Securities

SeriSeries

Jumlah NominalBonds Value

Tingkat Bunga

Interest Rate

Jangka WaktuPeriod

PeringkatRating

Tanggal Efektif

Effective Date

Jatuh TempoDue Date

Jumlah yang Terutang(Per 31 Desember 2016)

Total Outstanding(As of December 31, 2016)

1

Obligasi Berkelanjutan I Astra Sedaya Finance dengan Tingkat Bunga Tetap Tahap I Tahun 2012Astra Sedaya Finance Self Registration Bonds I Phase I with Fixed Interest Rate 2012

A IDR750,000,000,000 6.60% 370 hari kalender/calendar

days

idAAA 13 Februari/ February

2012

3 Maret/March 2013

-

B IDR2,000,000,000,000 8.00% 36 bulan/months

idAAA 13 Februari/February

2012

21 Februari/February

2015

-

C IDR2,250,000,000,000 8.60% 60 bulan/months


2012

21 Februari/February

2017

IDR2,250,000,000,000

2

Obligasi Berkelanjutan I Astra Sedaya Finance dengan Tingkat Bunga Tetap Tahap II Tahun 2012Astra Sedaya Finance Self Registration Bonds I Phase II with Fixed Interest Rate 2012


days


2012

22 Oktober/ October

2013

-

B IDR941,000,000,000 7.50% 24 bulan/months


2012

12 Oktober/ October

2014

-

3

Obligasi Berkelanjutan I Astra Sedaya Finance dengan Tingkat Bunga Tetap Tahap III Tahun 2013Astra Sedaya Finance Self Registration Bonds I Phase III with Fixed Interest Rate 2013


days


2012

4 Maret/ March 2014

-

B IDR1,120,000,000,000 7.75% 36 bulan/months


2012

22 Februari/ February

2016

-

4

Obligasi Berkelanjutan II Astra Sedaya Finance dengan Tingkat Bunga Tetap Tahap I Tahun 2013Astra Sedaya Finance Self Registration Bonds II Phase I with Fixed Interest Rate 2013


days

idAAA 19 Juni/ June 2013

7 Juli/July 2014

-

B IDR100,000,000,000 7.25% 24 bulan/ months

idAAA 19 Juni/June 2013

27 Juni/ June 2015

-

C IDR950,000,000,000 7.75% 36 bulan/ months

idAAA 19 Juni/June 2013

27 Juni/June 2016

-

IKHTISAR SAHAM DAN KRONOLOGI PENCATATAN SAHAM STOCK HIGHLIGHTS AND STOCK LISTING CHRONOLOGY

IKHTISAR PENCATATAN EFEK LAINNYA OTHER SECURITIES LISTING HIGHLIGHTS

Perseroan tidak mencatatkan sahamnya di Bursa Efek Indonesia (BEI) sehingga tidak memiliki kewajiban untuk mengungkapkan ikhtisar kinerja saham dan kronologi pencatatan saham pada Laporan Tahunan 2016. Namun demikian, jumlah saham Perseroan yang beredar per 31 Desember 2016 adalah sebanyak sebanyak 950.439.958 lembar saham. Penjelasan lengkap mengenai komposisi pemegang saham Perseroan dapat dilihat pada Bab “Sekilas Perusahaan”, sub-bab “Komposisi Pemegang Saham”, halaman 63.

The Company is not listing its shares on the Indonesia Stock Exchange (IDX), so the Company does not have an obligation to disclose the stock performance and the chronology of listed shares in the 2016 Annual Report. However, the number of outstanding shares of the Company as of December 31, 2016 was 950,439,958 shares. Fully description about the Company's shareholders composition can be seen on Chapter "Company at a Glance", sub-chapter "Shareholders' Composition", on page 63.

The Company has issued several securities, among others:



No Efek UtangDebt Securities

SeriSeries

Jumlah NominalBonds Value

Tingkat Bunga

Interest Rate

Jangka WaktuPeriod

PeringkatRating

Tanggal Efektif

Effective Date

Jatuh TempoDue Date

Jumlah yang Terutang(Per 31 Desember 2016)

Total Outstanding(As of December 31, 2016)

5

Obligasi Berkelanjutan II Astra Sedaya Finance dengan Tingkat Bunga Tetap Tahap II Tahun 2013Astra Sedaya Finance Self Registration Bonds II Phase II with Fixed Interest Rate 2013

A IDR545,000,000,000 8.75% 370 hari kalender/ calendar

days


6 Desember/ December

2014

-



26 November/ November

2016

-




2017

IDR385,000,000,000

6

Obligasi Berkelanjutan II Astra Sedaya Finance dengan Tingkat Bunga Tetap Tahap III Tahun 2014Astra Sedaya Finance Self Registration Bonds II Phase III with Fixed Interest Rate 2014

A IDR1,135,000,000,000 9.60% 370 hari kalender/calendar

days

AAAidn 19 Juni/ June 2013

14 April/April 2015

-



4 April/April 2017

IDR740,000,000,000



4 April/April 2018

IDR75,000,000,000

7

Obligasi Berkelanjutan II Astra Sedaya Finance dengan Tingkat Bunga Tetap Tahap IV Tahun 2014Astra Sedaya Finance Self Registration Bonds II Phase IV with Fixed Interest Rate 2014

A IDR1,000,000,000,000 9.60% 370 hari kalender/calendar

days



2015

-

B IDR1,500,000,000,000 10.50% 36 bulan/ months


29 Oktober/ October

2017

IDR1,500,000,000,000

8 Obligasi Berkelanjutan II Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap V Tahun 2015Astra Sedaya Finance Self Registration Bonds II Phase V with Fixed Interest Rate 2015


days


12 Juli/July 2016

-



2 Juli/July 2018

IDR825,000,000,000

9 Singapore Dollar Guaranteed Bonds

SGD100,000,000 2.115% 36 Bulan/ months

- 18 Desember/ December

2014

18 Desember/ December

2017

SGD100,000,000

10 Euro Medium Term Note

USD300,000,000 2.875% 36 Bulan/ months

BBB- & Baa3

1 April/ April 2015

1 April/ April 2018

USD300,000,000

11 Medium Term Note III Astra Sedaya Finance Tahun 2015Astra Sedaya Finance Medium Term Note III 2015

A IDR150,000,000,000 6.50% 24 bulan/ months


19 Juni/June 2017

IDR150,000,000,000



19 Juni/ June 2018

IDR150,000,000,000

12 Obligasi Berkelanjutan III Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap I Tahun 2016Astra Sedaya Finance Self Registration Bonds III Phase I with Fixed Interest Rate 2016


days

AAAidn 3 Mei/May 2016

21 Mei/May 2017

IDR770,000,000,000

B IDR1,230,000,000,000 8.50% 36 bulan/ months


11 Mei/May 2019

IDR1,230,000,000,000

13 Obligasi Berkelanjutan III Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap II Tahun 2016Astra Sedaya Finance Self Registration Bonds III Phase II with Fixed Interest Rate 2016


days


28 Oktober/ October

2017

IDR850,000,000,000



18 Oktober/ October

2019

IDR850,000,000,000



PERISTIWA PENTING 2016 SIGNIFICANT EVENTS IN 2016

Sebagai wujud komitmen Perseroan untuk senantiasa memberikan yang terbaik kepada seluruh stakeholders, maka di sepanjang 2016, Perseroan berhasil mencatat sejumlah peristiwa penting di antaranya:

As the Company's commitment to always provide the best to all stakeholders, hence throughout 2016, the Company has recorded a number of significant events include:

FEBRUARI FEBRUARY

Genapi Ukir Prestasi Selama 14 Tahun Terakhir, ACC

Kembali Raih Penghargaan “Top Brand Award 2016“

Perseroan kembali berhasil meraih penghargaan “Top Brand Award 2016” untuk Kategori “4 Wheels Automotive Leasing Company” yang diselenggarakan di Ballroom Hotel Mulia, Senayan, Jakarta, pada 3 Februari 2016. Pencapaian ini merupakan pencapaian yang diraih Perseroan selama 14 tahun berturut-turut sejak tahun 2003. Top Brand Award merupakan ajang penghargaan kepada lebih dari 100 merek di Indonesia yang telah berhasil meraih 3 (tiga) parameter merek, yakni Top of Mind Share, Top of Market Share dan Top of Commitment Share.

Record Achievement for 14 Years, ACC Continues to Win

"Top Brand Award 2016"

The Company continued to win "Top Brand Award 2016" for the category of "4 Wheels Automotive Leasing Company" held in the Ballroom of Hotel Mulia Senayan, Jakarta, on February 3, 2016. This achievement was achieved by the Company for 14 consecutive years since 2003. Top Brand Award is an award given to more than 100 brands in Indonesia, which has managed to reach 3 (three) parameters of the brand, namely Top of Mind Share, Top of Market Share and Top of Commitment Share.

Bekerja Sama Dengan IPMI, ACC Luncurkan Program

Pembiayaan PendidikanPada 13 Februari 2016, bertempat di Kampus IPMI International Business School Jakarta, Perseroan secara resmi meluncurkan program pembiayaan pendidikan untuk jenjang S2 yang merupakan bagian dari produk pembiayaan multiguna melalui penandatanganan kerja sama antara Perseroan dan IPMI International Business School. Turut hadir pada acara ini, antara lain Chief Executive Officer, Jodjana J.; Chief Finance Officer, Samuel Manasseh; Chief Risk & IT Officer, Handoko Liem; Chief Executive Officer IPMI Business School, Jimmy M. Rifai Gani, MPA; Dekan IPMI Business School, Prof. Roy Sembel, Ir, MBA, Ph.D; Deputi Komisioner Pengawasan Industri Keuangan Non-Bank II Otoritas Jasa Keuangan (OJK), Dumoli F. Pardede; dan Deputi Direktur Pengawasan Lembaga Pembiayaan II OJK, Tuahta Aloysius Saragih.

In Collaboration with IPMI, ACC Launched Educational

Financing ProgramOn February 13, 2016, held at IPMI International Business School Jakarta, the Company officially launched the program of education financing for post graduates which was a part of multipurpose financing products through the signing of cooperation between the Company and IPMI International Business School. The event was also attended by the Company's Chief Executive Officer, Jodjana J.; the Company's Chief Finance Officer, Samuel Manasseh; the Company's Chief Risk Officer & IT, Handoko Liem; Chief Executive Officer of IPMI Business School, Jimmy M. Rifai Gani, MPA; Dean of IPMI Business School, Prof. Roy Sembel, Ir, MBA, Ph.D; Deputy Commissioner Supervision of Financial Industry Non-Bank II of Financial Services Authority (FSA), Dumoli F. Pardede; and Deputy Director Supervision of Financing Institutions II of FSA, Tuahta Aloysius Saragih.

03 13



17

ACC Sepakati Kerja Sama Pembiayaan Mobil Grab Car

Perseroan secara resmi menandatangani perjanjian kerja sama dengan PT Solusi Transportasi Indonesia untuk pembiayaan mobil Grab Car pada tanggal 17 Februari 2016, bertempat di kantor pusat ACC di Jalan TB Simatupang, Jakarta. Turut hadir pada acara penandatanganan tersebut, antara lain Chief Executive Officer, Jodjana J.; Chief Marketing & Sales Officer, Wie Mia; Chief Risk & IT Office, Handoko Liem; dan Managing Director Grab Car Indonesia, Ribzky Kramadibrata. Melalui kerja sama ini, Perseroan berpotensi mengelola pembiayaan untuk 500 unit mobil Grab Car dengan tenor selama 5 (lima) tahun.

ACC Established a Cooperation on Car Financing with Grab

Car

The Company was officially signed an agreement with PT Solusi Transportasi Indonesia for car financing of Grab Car on February 17, 2016, at ACC head office in Jl. TB. Simatupang, Jakarta. The ceremony was attended by Chief Executive Officer, Jodjana J.; Chief Marketing & Sales Officer, Wie Mia; Chief Risk & IT Officer, Handoko Liem; and Managing Director of Grab Car Indonesia, Ribzky Kramadibrata. Through this cooperation, the Company has a potential to manage financing for 500 unit cars of Grab Car with 5 (five) years tenure.

17

“ACC On The Go” Kunjungi Universitas Tarumanegara

Perseroan kembali menggelar kegiatan “ACC On The Go” yang pada tanggal 17 Februari 2016 diselenggarakan di Universitas Tarumanegara. Program “ACC On The Go” merupakan program Perseroan yang bertujuan untuk memfasilitasi para mahasiswa tingkat akhir maupun alumni dalam mempersiapkan diri sebelum memasuki dunia kerja. Melalui program ini, Perseroan memberikan sejumlah materi menarik, seperti materi profesional tips dan sharing pengalaman bekerja, yang diharapkan dapat membantu seluruh mahasiswa tingkat akhir maupun alumni dalam mendapatkan gambaran mengenai kontribusi nyata mereka ketika sudah memasuki dunia kerja kelak.

"ACC On The Go" Visit Tarumanegara University

The Company again held the "ACC On The Go" on February 17, 2016 located at University of Tarumanegara. The program of "ACC On The Go" is the Company's program which aimed to facilitate the final level students and alumnae in preparing themselves before entering the working world. Through this program, the Company provided a number of appealing materials, such as professional tips and sharing of work experiences, which was expected can help the final level student and alumnae in getting an idea towards their real contribution when ready to enter the working world later.



FEBRUARI FEBRUARY

24

Kualitas Pengelolaan SDM Terbaik, ACC Raih Penghargaan

“HR Excellence Award 2016”

Pada tanggal 24 Februari 2016, bertempat di Hotel Shangrilla, Jakarta, Perseroan berhasil meraih penghargaan “HR Excellence Award 2016” yang merupakan hasil kerja sama Antara LM FEUI dan Majalah SWA untuk kategori “HR Transformation dan People Development”. Penghargaan diterima oleh Chief Human Capital & General Affair Officer, Siswadi dan Human Resources Division Head, Matilda Esther. Atas kemenangan ini, Perseroan dinilai telah sangat baik dalam melaksanakan serangkaian program pengembangan SDM secara internal dan telah berhasil dalam melakukan transformasi peran divisi SDM dari yang semula hanya berfungsi sebagai support function bagi Perseroan, kini menjadi CEO partner yang terlibat secara aktif dalam proses perencanaan strategis perusahaan.

The Best in Managing HR Management Quality, ACC

Achieved "HR Excellence Award 2016"

On February 24, 2016, at Shangrilla Hotel, Jakarta, the Company was awarded "HR Excellence Award 2016" which is the result of collaboration between LM FEUI and SWA Magazine for the category of "HR Transformation and People Development". This award was received by the Chief Human Capital & General Affairs Officer, Siswadi, and Human Resources Division Head, Matilda Esther. Through this achievement, the Company is considered to have excellent in conducting series of HR development programs and has succeeded in transforming the role of HR department from which initially was only functioning as a support function for the Company, but now has become the CEO partner that actively involved in the process of corporate strategic planning.

25

Kembangkan Layanan Digital, Apps Mobile: “ACC Yes!”

Resmi Diluncurkan

Peluncuran aplikasi mobile “ACC Yes!” (Your Easy Solution) pada tanggal 25 Februari 2016 lalu merupakan bagian dari fokus strategi pengembangan layanan dan channel pembiayaan Perseroan kepada konsumen yang diharapkan dapat semakin mempererat hubungan antara perusahaan dan konsumen. ACC Yes! adalah aplikasi mobile berbasis Android yang bertujuan untuk memberi kemudahan kepada konsumen dalam mengakses informasi kredit yang cepat dan terlengkap. Pada layanan digital ini, konsumen dapat mengakses sejumlah fitur menu, di antaranya Simulasi Kredit untuk berbagai tipe kendaraan dan perbandingan skema DP atau tenor, Status Angsuran, Pengajuan Kredit Instan, Pembayaran Online, Status Aplikasi yang memudahkan pengguna untuk memantau pengajuan kredit, Berita & Promo dan Persetujuan Instan. Bagi pelanggan yang telah melakukan registrasi nomor kontraknya, “ACC Yes!” juga telah menyediakan layanan reminder service secara gratis mengenai periode jatuh tempo angsuran dan waktu pembayaran pajak STNK kendaraan.

Developing Digital Services, Mobile Apps: "ACC Yes!"

Officially Launched

The launch of mobile application "ACC Yes!" (Your Easy Solution) dated on February 25, 2016 was part of the Company's strategic focus in developing service and channeling the Company's financing services to customers that is expected to strengthen the relationship between the Company and consumers. ACC Yes! is an android-based mobile application that aims to provide convenience to consumers by fast access and most comprehensive credit information. Through this digital services, consumers can access a number of features menu, including Credit Simulation for various types of vehicles and comparison of tenor scheme, Installment Status, Instant Credit Application, Online Payment, Application Status that allows users to monitor the credit application, News & Promo and Instant Approval. For customers who have registered their contract number, the "ACC Yes!" also provides the free of charge service to remind the due date installment and vehicle registration tax payment time.



JUNI JUNE

02

Konsisten Catat Prestasi, ACC Raih Penghargaan di Ajang

“Bisnis Indonesia Award 2016”

Perseroan berhasil meraih penghargaan pada Kategori “Perusahaan Multifinance Terbaik” di ajang “Bisnis Indonesia Award 2016” yang diselenggarakan oleh Bisnis Indonesia Group pada 2 Juni 2016 bertempat di Ballroom Hotel Indonesia Kempinski, Jakarta. Penghargaan diterima langsung oleh Chief Executive Officer, Jodjana J. dan turut hadir dalam penganugerahan tersebut, antara lain Marketing Strategic Division Head, Denny Santoso; Human Capital Division Head, Matilda Esther; dan Deputy Corporate Strategic and Communication Head, Abdul Rachman. Bisnis Indonesia Award ini merupakan bentuk apresiasi yang diberikan kepada korporasi khususnya yang sahamnya diperdagangkan di Bursa efek Indonesia (BEI) serta perusahaan pendukung lain di pasar finansial.

Consistently Record Achievement, ACC Won "Bisnis

Indonesia Award 2016"

The Company obtained the award in the category of "Best Multifinance Company" in the event of "Bisnis Indonesia Award 2016" organized by Business Indonesian Group on June 2, 2016 at the Ballroom of Hotel Indonesia Kempinski, Jakarta. This award was received by the Chief Executive Officer of ACC, Jodjana J. and also attended at the event were Marketing Strategic Division Head, Denny Santoso; Human Capital Division Head, Matilda Esther; and Deputy Corporate Strategic and Communication Head, Abdul Rachman. Bisnis Indonesia Award is an appreciation given to the particular corporation whose shares are traded on the Indonesian Stock Exchange (BEI) as well as other supporting companies in the financial market.

08

Lagi, ACC Kembali Raih Penghargaan “Corporate Image

Award” Ke-12

Perseroan berhasil meraih penghargaan Corporate Image Award untuk yang ke-12 kalinya pada Kategori “Leasing 4 Wheels”, bertempat di Ballroom Hotel Mulia Senayan, Jakarta, pada tanggal 8 Juni 2016, dimana penghargaan diterima langsung oleh Chief Risk & Information Technology Officer, Handoko Liem. Corporate Image Award merupakan penghargaan hasil kerja sama antara Frontier Consulting Group dan Majalah Tempo. Adapun pemenang “Corporate Image 2016” didapatkan berdasarkan hasil survei yang dibagi ke dalam 4 (empat) kelompok responden yaitu manajemen/pelaku bisnis, stockholder/investor, jurnalis dan masyarakat publik dengan menggunakan metode face to face interview dan telephone interview.

Again, ACC Won "Corporate Image Award" for the 12th Times

The Company won the Corporate Image Award for the 12th times in the category of "Leasing 4 Wheels", held at the Ballroom of Hotel Mulia Senayan, Jakarta, on June 8, 2016, where the award was received by the Chief Risk & Information Technology Officer, Handoko Liem. The Corporate Image Award is the collaboration of Frontier Consulting Group and Tempo Magazine. The winners of the "Corporate Image 2016" were obtained based on the results of the survey that divided into 4 (four) groups of respondents, management/business, stock holders/investors, journalists and public community by using face to face interviews and telephone interviews.



JUNI JUNE

JULI JULY

04

16

15

Untuk Pertama Kalinya, ACC Menangkan Penghargaan di Ajang “Indonesia Original Brand Award 2016”Perseroan berhasil meraih penghargaan pada kategori Car Financing di ajang “Indonesia Original Brand Award 2016” yang diselenggarakan pada 9 Juni 2016 bertempat di Ballroom Hotel Shangrilla, Jakarta. Penghargaan diterima oleh Brand Manager – Used Car, Supendy dan turut hadir juga pada acara tersebut yaitu Digital Marketing Head, Rendy Setiawan. Indonesia Original Brands Award merupakan penghargaan yang diberikan oleh Majalah SWA berdasarkan survei terhadap 5.070 responden di wilayah Medan, Bandung, Semarang dan Makassar. Pada tahun ini tercatat ada sebanyak 113 kategori produk yang mendaftar di ajang Indonesia Original Brand Award atau meningkat dari tahun 2015 yang hanya sebanyak 110 kategori produk.

For the First Time, ACC Won "Indonesia Original Brand Award 2016"The Company won the award in the category of "Car Financing" on the event of "Indonesia Original Brand Award 2016" which was

held on June 9, 2016 at the Ballroom of Shangrilla Hotel, Jakarta. The award was received by the Brand Manager - Used Car, Supendy and also attended on this event, namely Digital Marketing Head of, Rendy Setiawan. Indonesia Original Brand Award is an award given by SWA Magazine based on a survey of 5,070 respondents in Medan, Bandung, Semarang and Makassar. There were 113 product categories which was registered in the Indonesia Original Brand Award 2015 this year or an increase compared to previous year which was only 110 product categories.

ACC Kembali Raih Penghargaan “Service Quality Award 2016” Untuk yang Ke-10 KalinyaPada 16 Juni 2016, bertempat di Ballroom Hotel Mulia Senayan, Jakarta, Perseroan berhasil meraih penghargaan untuk yang ke-10 kalinya pada ajang “Service Quality Award 2016” dimana penghargaan tersebut diterima langsung oleh Chief Operation Officer, Anton Rusli.

ACC Achieved "Service Quality Award 2016" for the 10th TimesOn June 16, 2016, held at the Ballroom of Hotel Mulia Senayan, Jakarta, the Company won the "Service Quality Award 2016" for the 10th times where the award was received by Chief Operation Officer, Anton Rusli.

Genap 5 bulan diluncurkan, “ACC Yes!” Tambah 4 Fitur Baru

Guna Permudah Layanan Pembiayaan

Bertepatan dengan hari jadi Perseroan yang ke-34, pada tanggal 15 Juli 2016, “ACC Yes!” secara resmi meluncurkan 4 (empat) fitur baru, yaitu Fitur Online Payment Versi 2, Fitur FastPass Services, Fitur Credit Package, dan Fitur Budget Simulation, yang diharapkan dapat semakin mempermudah layanan pembiayaan bagi konsumen. Selain penambahan fitur tersebut, “ACC Yes!” kini juga sudah dapat diakses melalui App Store untuk pengguna smartphone berbasis iOS.

Five Months After its Launch, "ACC Yes!" Add 4 New Features to Facilitate Financing Service

Coincided with the 34th Company's anniversary on June 15, 2016, "ACC Yes!" was officially launched 4 (four) new features, i.e. Online Payment Version 2, FastPass Services, Credit Package and Budget Simulation, which was expected to further facilitate financial services for consumers. Besides the addition of these features, "ACC Yes!" is now also accessible through the App Store for iOS-based smartphone users.



SEPTEMBER SEPTEMBER

06

Peringati Hari Pelanggan Nasional, ACC Beri Layanan Khusus

Kepada Para Pelanggan

Dalam rangka memperingati Hari Pelanggan Nasional 2016 yang diperingati pada tanggal 6 September 2016, Perseroan memberikan layanan khusus kepada para pelanggan sebagai bentuk apresiasi perusahaan atas dukungan pelanggan selama 34 tahun berkarya di Indonesia dengan cara seluruh manajemen Perseroan serentak turun langsung untuk melayani para pelanggan yang tersebar di seluruh kantor cabang ACC pada hari tersebut. Tidak hanya itu, Perseroan juga menawarkan beberapa program menarik yang berlaku selama bulan September 2016, di antaranya memberikan diskon biaya administrasi sampai dengan Rp1,6 juta dan diskon denda hingga 50%. Sementara, khusus pelanggan yang membayar angsuran melalui Alfamart akan mendapatkan tebus murah sebesar Rp500 dan untuk pelanggan yang datang langsung ke Kantor Cabang ACC Tangerang, Kelapa Gading dan TB Simatupang akan mendapatkan layanan pemeriksaan kesehatan gratis.

In Commemoration of National Customer Day, ACC Give

Special Service to Customers

In commemoration of National Customer Day 2016 celebrated on September 6, 2016, the Company provided special services to its customers as the Company's appreciation on the customers' support over the 34 years of its works in Indonesia in which the Company's entire management simultaneously served the customers that scattered across the ACC branch offices on that day. Moreover, the Company also offered some interesting programs applied during September 2016, including discount of administration fee up to Rp1.6 million and fines discount of up to 50%. Meanwhile, special customers who paid the installment at Alfamart got cheap ransom amounted to Rp500 and for customers who came directly to the ACC branch office in Tangerang, Kelapa Gading and TB Simatupang got free health checking service.

17

Gelar Bazaar Sienta, ACC Tawarkan Berbagai Program

Pembiayaan Menarik

Perseroan menggelar acara “Bazaar Sienta” yang mengusung tema ‘Unlock Your Playground’ bertempat di kantor pusat ACC, Jl. TB Simatupang No. 90, Jakarta Selatan. Pada acara tersebut, para pengunjung mendapatkan beragam kemudahan yang menarik untuk memiliki mobil Toyota Sienta melalui sejumlah paket penawaran kredit, di antaranya para pengunjung dapat melakukan trade in mobil lama mereka dengan Toyota Sienta, kemudian bagi pengunjung yang pengajuan kreditnya disetujui pada saat Bazaar Sienta akan mendapatkan souvenir langsung berupa koper American Tourister dan berkesempatan meraih door prize dengan beragam hadiah menarik. Sementara itu, khusus untuk kategori Good Customer, Perseroan memberikan fasilitas Pre-Approved kepada mereka untuk dapat memiliki Toyota Sienta pada saat Bazaar berlangsung.

Conducting Bazaar of Sienta, ACC Offered Various Interesting

Financing Program

The Company held the "Bazaar Sienta" which carried the theme of 'Unlock Your Playground' located at head office of ACC, Jl. TB. Simatupang No. 90, South Jakarta. On this event, visitors offered a variety of interesting conveniences to have Toyota Sienta car through a number of credit deal packages, where the visitors can trade their old cars with Toyota Sienta, while for visitors whose credit proposed were approved during the Bazaar Sienta got direct souvenir from American Tourister suitcase and a chance to grab door prize draw for various prizes. Meanwhile, for the specific category of Good Customer, the Company provided the Pre-Approved facility to them to be able to have Toyota Sienta during the Bazaar.



SEPTEMBER SEPTEMBER OKTOBER OCTOBER

29

Dalam 5 Tahun Terakhir, ACC Konsisten Peroleh Predikat

“Kinerja Sangat Bagus” dari Infobank

Bertempat di Hotel InterContinental MidPlaza, Jakarta, pada 29 September 2016, Infobank kembali menganugerahi Perseroan melalui ke–4 anak perusahaannya dengan penghargaan Golden Trophy sebagai perusahaan pembiayaan yang berhasil mempertahankan kinerja dengan sangat baik selama 5 (lima) tahun berturut-turut. Selain keempat anak perusahaan tersebut, PT Staco Estika Sedaya Finance (SESF) turut mendapatkan penghargaan kinerja Sangat Bagus dalam kategori Perusahaan Pembiayaan beraset Rp100 miliar sampai dengan di bawah Rp500 miliar. Kelima penghargaan tersebut diterima oleh Direktur PT ASF, Handoko Liem; Direktur PT PSF, Doni Sadweko; Direktur PT SBSF, Dharmawan Phie; Presiden Direktur PT AAF, Ezar Kumendong; serta Presiden Direktur PT SESF, Wempy Kunto Wiambodo.

In the Last 5 Years, ACC Has Consistently Obtained Predicate

"Very Good Performance" from Infobank

Located at Hotel InterContinental MidPlaza, Jakarta, on 29 September 2016, Infobank awarded to the Company through 4 of its subsidiaries with the Golden Trophy as financing companies that managed to maintain excellent performance in 5 (five) consecutive years. Besides, PT Staco Estika Sedaya Finance (SESF) also received an award in the category of Very Good performance on Financing Company with total assets between Rp100 billion – Rp500 billion. The award was received by Director of ASF, Handoko Liem; Director of PSF, Doni Sadweko; Director of PT SBSF, Dharmawan Phie; President Director of PT AAF, Ezar Kumendong; as well as the President Director of PT SESF, Wempy Kunto Wiambodo.

27

Dukung Inklusi Keuangan, ACC Antusias Perkenalkan Industri

Pembiayaan Pada Masyarakat

Perseroan turut berpartisipasi dalam rangkaian acara Gerakan Inklusi Keuangan yang digelar oleh OJK, yaitu Pasar Keuangan Rakyat yang diadakan di Lapangan Merdeka Medan pada 27 Oktober 2016 dan Multifinance Day 2016 yang digelar di Mall Boemi Kedaton, Bandar Lampung pada 26-27 November 2016. Dalam acara ini, Perseroan melakukan Inklusi Keuangan atas produk dan program perusahaan kepada para pengunjung yang hadir dengan menyediakan berbagai paket pembiayaan kendaraan yang menarik. Selain itu, Perseroan juga memperkenalkan aplikasi pembiayaan online “ACC Yes!” yang dapat diakses dari berbagai smartphone berbasis iOS dan Android.

Supporting Financial Inclusion, ACC is Enthusiastic in

Introducing Financing Industry to the Community

The Company participated in the series of Financial Inclusion Movement events which were held by the FSA, namely the People's Financial Markets that was held in Medan Merdeka Square on October 27, 2016 and the Multifinance Day 2016 that was held in Boemi Kedaton Mall, Bandar Lampung on November 26-27, 2016. In this event, the Company implemented Financial Inclusion over the Company's products and program to visitors by providing variety attractive package of vehicle financing. In addition, the Company also introduced the online financing application called "ACC Yes!" which can be accessed from various smartphones on based on either iOS or Android.



LAPORAN MANAJEMEN

MANAGEMENT REPORT


LAPOR AN MANAJEMENMANAGEMENT REPORT


LAPORAN DEWAN KOMISARISREPORT FROM THE BOARD OF COMMISSIONERS

Gunawan GeniusahardjaPresiden Komisaris

President Commissioner




Para pemegang saham dan pemangku kepentingan yang terhormat,

Pertama-tama, perkenankan saya mewakili Dewan Komisaris memanjatkan puji syukur ke hadirat Tuhan Yang Maha Esa karena atas tuntunan-Nya kami dapat menjalankan fungsi pengawasan dan sebagai penasihat selama tahun 2016. Dalam laporan ini, Dewan Komisaris menyampaikan laporan mengenai penilaian kinerja Direksi, pengawasan terhadap implementasi strategi perusahaan, pandangan atas prospek usaha, pandangan atas implementasi tata kelola perusahaan, penilaian atas komite-komite penunjang Dewan Komisaris, perubahan komposisi Dewan Komisaris, dan frekuensi serta cara pemberian nasihat kepada anggota Direksi.

Kondisi Perekonomian Global dan Domestik

Pada tahun 2016, pertumbuhan ekonomi global terlihat belum solid karena masih diliputi oleh berbagai ketidakpastian, antara lain terpilihnya Donald Trump sebagai Presiden AS ke-45 yang diprediksi akan menerapkan berbagai kebijakan baru di bidang ekonomi dan perdagangan. Lalu hasil referendum Inggris yang memutuskan untuk keluar dari Uni Eropa atau yang disebut Britain Exit (Brexit) yang turut meningkatkan kekhawatiran akan prospek pemulihan ekonomi global di tahun 2016. Dari sisi regional, perekonomian ASEAN masih menjadi driver ekonomi dunia yang pada tahun ini diperkirakan tumbuh sebesar 4,8% (YoY) atau mampu bertahan di tengah dinamika perekonomian global.

Meski ketidakpastian arah kondisi makroekonomi global maupun domestik yang terjadi di sepanjang 2016 cukup berdampak signifikan terhadap kinerja operasional dan keuangan Perseroan, Dewan Komisaris menilai bahwa Direksi telah berhasil dalam mengelola perusahaan baik dari sisi finansial maupun operasional. Pencapaian kinerja Perseroan di sepanjang tahun ini tercermin dari meningkatnya penyaluran pembiayaan perusahaan sebesar 25,9% (YoY), serta berhasil mencatat laba bersih sebesar Rp934 miliar.

Although the uncertainties of global and domestic macroeconomic conditions occurred in 2016 brought significant impact to the Company's operational and financial performance, the Board of Commissioners assessed that the Board of Directors has been successfully managing the Company, either in terms of financial or operational. The Company's achievement throughout the year was reflected by the increase of the Company's financing disbursement amounted to 25.9% (YoY), as well as net profit which was recorded of Rp934 billion.

Dear honorable shareholders and stakeholders,

First and foremost, please allow me on behalf of the Board of Commissioners to give thanks to God Almighty for His guidance that enabled us to perform the function of monitoring and advisory during 2016. In this report, the Board of Commissioners delivers information regarding the performance assessment of the Board of Directors, supervision on corporate strategy implementation, business prospects, the implementation of good corporate governance, assessment of committees under the Board of Commissioners, changes in the composition of the Board of Commissioners, and the frequency as well as way of giving advice to members of the Board of Directors.

Global and Domestic Economic Conditions

In 2016, global economic did not grow really well due to various uncertainties among others, Donald Trump's election as the 45th US President which was predicted will implement new policies in the fields of economy and trade. Afterwards, the result of British referendum which decided to leave the European Union or the so-called Britain Exit (Brexit) also increased concerns about the recovery of global economic in 2016. In regional, ASEAN economy still became a driver of the global economy which during this year was expected to grow by 4.8% (YoY) or able to survive amid global economic dynamics.



Sedangkan dari sisi domestik, fundamental perekonomian Indonesia di sepanjang tahun ini terlihat cukup kuat dengan berhasil mencatat pertumbuhan sebesar 5,02% (YoY), atau sedikit lebih baik dari tahun sebelumnya yang hanya mencatat pertumbuhan sebesar 4,88% (YoY). Demikian juga dengan laju inflasi yang terkendali pada level 3,02% (YoY) yang merupakan angka inflasi terendah sejak tahun 2010. Sementara itu, nilai tukar Rupiah terhadap Dollar Amerika Serikat tercatat sebesar Rp13.473 pada akhir 2016, atau menurun dibandingkan tahun sebelumnya yang sebesar Rp13.785.

Seiring dengan mulai membaiknya perekonomian domestik, industri otomotif roda empat Indonesia yang menjadi portofolio utama Perseroan juga mengalami peningkatan pasar sebesar 4,9% dari 1.013 juta unit di tahun 2015 menjadi 1.063 juta unit pada tahun 2016. Penilaian atas Kinerja Direksi Tahun 2016

Ketidakpastian arah kondisi makroekonomi global maupun domestik yang terjadi di sepanjang 2016 cukup memberikan dampak signifikan terhadap kinerja operasional dan keuangan Perseroan. Namun demikian, dengan mengacu pada laporan keuangan Perseroan, Dewan Komisaris menilai bahwa Direksi telah berhasil dalam mengelola perusahaan baik dari sisi finansial maupun operasional. Dari sisi finansial, pencapaian kinerja Perseroan di sepanjang tahun ini tercermin dari meningkatnya penyaluran pembiayaan perusahaan sebesar 25,9% (YoY) menjadi Rp25,7 triliun di akhir tahun 2016. Selain itu, Perseroan juga berhasil mencatat laba bersih sebesar Rp934 miliar, atau turun 3,7% (YoY) dikarenakan dampak perlambatan ekonomi di tahun 2015 yang masih terasa imbasnya hingga tahun 2016 terutama dalam hal penurunan aset Perseroan ketika terjadi penurunan market otomotif di tahun 2015. Sejalan dengan hal tersebut, nilai beban Perseroan pada akhir tahun 2016 juga mengalami penurunan sebesar 2,55% (YoY) yang sebagian besar disebabkan oleh diversifikasi pendanaan yang mengakibatkan penurunan beban bunga dan keuangan. Selain itu, Perseroan dinilai telah mampu dalam menjaga rasio gross NPF (% kredit macet/bermasalah) di level rendah yaitu sebesar 0,63% (YoY) pada akhir tahun 2016. Perseroan juga berhasil mengelola total aset senilai Rp31.478 miliar atau naik 3,57% (YoY) dibanding tahun sebelumnya yang hanya tercatat sebesar Rp30.392 miliar.

Meanwhile, from the domestic side, the fundamental of Indonesian economy in this year was strong enough to successfully record growth of 5.02% (YoY), or slightly better than the previous year which recorded a growth of 4.88% (YoY). Likewise, the inflation rate was under controlled at the level of 3.02% (YoY) and it was the lowest inflation rate since 2010. Meanwhile, Rupiah against US Dollar was recorded at Rp13,473 the end of 2016, or decreased compare to the previous year that closed at Rp13,785.

Along with the improvement of domestic economy, four-wheel automotive industry in Indonesia that is the Company's main portfolio also experienced a market increase of 4.9% from 1,013 million units in 2015 to 1,063 million units in 2016.

Assessment of the Board of Directors Performance in 2016

The uncertainties of global and domestic macroeconomic conditions throughout 2016 had quite significant impact to the Company's operational and financial performance. However, by referring to the Company's financial statements, the Board of Commissioners assessed that the Board of Directors has been successfully managing the Company both in terms of financial and operational. In terms of financial, the Company's achievement throughout the year was reflected by the increase of the Company's financing disbursement which was amounted to 25.9% (YoY) to Rp25.7 trillion at the end of 2016. In addition, the Company has recorded a net profit of Rp934 billion, down by 3.7% (YoY) due to the economic slowdown in 2015 that still brought an impact in 2016, especially for the Company's assets which experienced a decrease due to the weakening in the automotive market during 2015. In line with that, the Company's total expenses at the end of 2016 also decreased by 2.55% (YoY) which largely due to fund diversification, resulted a decrease in interest and finance charges. Additionally, the Company has been able to maintain its gross NPF ratio (% of bad debts/issue) at the low level of 0.63% (YoY) at the end of 2016. The Company also successfully managed total assets worth of Rp31,478 billion, or increased by 3.57% (YoY) compared to the previous year that recorded at Rp30,392 billion.



Pengawasan atas Implementasi Strategi 2016

Dalam melakukan pengawasan, selama tahun 2016 Dewan Komisaris secara aktif memanfaatkan fungsi komite-komite di bawah Dewan Komisaris untuk melakukan review secara periodik terhadap rencana kerja, pelaksanaan rencana kerja, kinerja keuangan, laporan-laporan audit internal, eksternal auditor dan/atau regulator serta laporan-laporan lainnya yang tersedia. Hasil review tersebut dilaporkan dan dibahas kembali dalam rapat internal Dewan Komisaris. Pandangan atas Prospek Usaha

Dewan Komisaris memandang bahwa arah perekonomian global maupun domestik di sepanjang tahun 2017 masih akan diliputi dengan berbagai ketidakpastian, namun demikian Dewan Komisaris tetap optimis bahwa kondisi pasar otomotif domestik dapat bertumbuh lebih baik di tahun 2017. Terkait hal tersebut, Dewan Komisaris menilai Direksi dan seluruh jajarannya tetap perlu mewaspadai tren peningkatan NPF di industri pembiayaan Nasional sebagaimana tercermin dari release data tahun 2016 yang tercatat sebesar 3,26% (YoY). Meski berbagai tantangan masih akan dihadapi oleh Perseroan, namun dengan dilakukannya peluncuran berbagai diversifikasi produk pembiayaan di tahun 2016, Dewan Komisaris meyakini Perseroan dapat menjaga momentum pertumbuhannya dengan baik secara berkelanjutan. Melalui sinergi dan kerja sama yang tercipta dengan baik di seluruh insan Perseroan, Dewan Komisaris memandang Perseroan dapat terus berkarya dalam meningkatkan kinerja Perseroan serta dalam meningkatkan kualitas pelayanan kepada para pelanggan di sepanjang tahun 2017. Penerapan Tata Kelola Perusahaan

Selama tahun 2016, Dewan Komisaris telah melakukan fungsi pengawasan secara aktif dan berkala atas pelaksanaan Tata Kelola Perusahaan yang baik demi menjamin tercapainya kepentingan Perseroan dan para Pemangku Kepentingan Perseroan. Untuk memastikan bahwa seluruh mekanisme pengawasan yang dijalankan oleh Dewan Komisaris sudah berjalan optimal, Dewan Komisaris telah dibantu oleh Komite Audit dan beberapa rapat steering committee. Dalam pelaksanaannya, Dewan Komisaris memandang bahwa struktur tata kelola perusahaan yang telah dikembangkan di lingkungan Perseroan sudah sesuai dengan Anggaran Dasar dan peraturan perundang-undangan yang berlaku sehingga dinilai dapat mendukung pertumbuhan Perseroan yang sehat secara berkesinambungan.

Supervision of the Strategy Implementation in 2016

In conducting the supervision, during 2016 the Board of Commissioners actively utilized the function of committees under the Board of Commissioners to conduct periodic review on work plan, the implementation of work plan, financial performance, reports of internal audit, the external auditor and/or regulators and other available reports. The review results were reported and discussed in the internal meeting of the Board of Commissioners.

Overview on Business Prospects

The Board of Commissioners considers that global and domestic economy direction throughout 2017 is still going to be uncertain, however, the Board of Commissioners remained optimistic that the domestic automotive market will grow better in 2017. Related to this, the Board of Commissioners assessed that the Board of Directors and all staffs still have to wary about the increasing trend of NPF on National financing industry as reflected by the data release in 2016 that recorded at 3.26% (YoY). Despite of many challenges faced by the Company, by the launch of various diversified funding products in 2016, therefore the Board of Commissioners believes that the Company will be able to maintain its sustainable growth momentum. By realizing strong synergy and cooperation within the Company's employees, the Board of Commissioners believes the Company will be able to improve its best performances and improve its service quality to the customers throughout 2017.

Good Corporate Governance Implementation

During 2016, the Board of Commissioners has actively and periodically undertook the supervisory role on the implementation of Good Corporate Governance in order to ensure the achievement of the interests of the Company and the Company's Stakeholders. To ascertain the optimum implementation of the Board of Commissioners' supervisory mechanisme, the Board of Commissioners has been assisted by the Audit Committee and several steering committee meetings. In practice, the Board of Commissioners considered that corporate governance structure that has been developed within the Company was aligned with the Articles of Association and applicable regulations, so as to support the Company's healthy growth on an ongoing basis.



Perubahan Komposisi Dewan Komisaris

Susunan Dewan Komisaris Perseroan telah mengalami perubahan berdasarkan hasil Keputusan Pemegang Saham Perseroan tanggal 31 Maret 2016, dengan diangkatnya Bapak Suparno Djasmin sebagai Wakil Presiden Komisaris Perseroan dan Bapak Djony Bunarto Tjondro sebagai Komisaris Perseroan.

Penilaian Kinerja Komite Di Bawah Dewan Komisaris

Sebagai perusahaan pembiayaan terkemuka di Indonesia yang selalu mengedepankan prinsip kehati-hatian (prudent), Dewan Komisaris senantiasa memberikan arahan kepada Direksi untuk meningkatkan aspek tata kelola perusahaan yang salah satunya dilakukan dengan mematuhi setiap peraturan perundangan yang berlaku. Dalam melaksanakan fungsi dan tugasnya, Dewan Komisaris dibantu oleh 2 (dua) Komite yaitu Komite Audit, dan Komite Nominasi & Remunerasi. Dewan Komisaris menilai bahwa Komite Audit telah memberikan dukungan pro-aktif dan efektif kepada Dewan Komisaris dalam kapasitasnya sebagai pengawas atas pelaksanaan tata kelola perusahaan.

Frekuensi Arahan dan Nasihat Dewan Komisaris

Dalam menjalankan tugas dan tanggung jawabnya sebagai Pengawas, Dewan Komisaris selalu menjaga kualitas komunikasi yang baik dengan seluruh jajaran Direksi dan secara bersama-sama berkomitmen untuk mencapai pertumbuhan yang berkelanjutan dengan senantiasa mengedepankan prinsip-prinsip Good Corporate Governance ("GCG") dalam setiap kegiatan usaha Perseroan dan pada seluruh level Organisasi. Dewan Komisaris telah memiliki mekanisme rapat bersama Komite Eksekutif dan Komite Audit Perseroan yang terjadwal dan melakukan review secara regular bersama Direksi Perseroan beserta jajarannya dalam rangka menjalankan fungsi pengawasan dan monitoring atas perkembangan bisnis Perseroan. Dengan terjalinnya komunikasi yang baik secara periodik, Dewan Komisaris memandang hal tersebut dapat menghasilkan manfaat bersama bagi kemajuan bisnis Perseroan.

Changes of the Board of Commissioners

Composition of the Board of Commissioners has changed based on the Decree of the Company's Shareholders dated March 31, 2016, with the appointment of Mr. Suparno Djasmin as Vice President Commissioner and Mr. Djony Bunarto Tjondro as Commissioner of the Company.

Assessment of the Performance of Committees Under the Board of Commissioners

As a leading financing company in Indonesia that always upholds prudent principles, the Board of Commissioners continues to provide guidance to the Board of Directors to improve the aspect of corporate governance which one of them by complying to the applicable laws and regulations. In carrying out its functions and duties, the Board of Commissioners is assisted by 2 (two) Committees namely Audit Committee, and Nomination & Remuneration Committee. The Board of Commissioners considers that the Audit Committee has given pro-active and effective support to the Board of Commissioners on his capacity as a supervisor over the implementation of corporate governance.

Frequency of Guidance and Advise Given by the Board of Commissioners

In carrying out its duties and responsibilities as the supervisor, the Board of Commissioners always maintains its communication quality with the entire Board of Directors and committed to achieve sustainable growth by continuing to promote Good Corporate Governance ("GCG") principles in every business activity of the Company and at all levels of the Organization. The Board of Commissioners already has a mechanism to hold planned joint meeting with Executive Committee and Audit Committee and conduct a review on a regular basis along with the Board of Directors and their staffs in order to execute its supervisory and monitoring function over the Company's business development.The Board of Commissioners sees that maintaining good communications periodically is a tool to generate benefits for the Company's business progress.



Apresiasi

Dalam kesempatan ini, perkenankan saya mewakili seluruh anggota Dewan Komisaris, menyampaikan ucapan terima kasih kepada jajaran Direksi dan para karyawan atas dedikasi dan loyalitasnya terhadap Perseroan. Selain itu, apresiasi juga saya berikan kepada para pemegang saham, mitra bisnis, pelanggan, dan para pemangku kepentingan lainnya, karena atas dukungan dan kepercayaan yang telah diberikan kepada kami dalam menjalankan fungsi pengawasan dan pengarahan terhadap pengelolaan perusahaan maka Perseroan dapat mencatat pertumbuhan yang berkelanjutan hingga saat ini. Semoga dengan terjalinnya sinergi dan kerja sama yang baik selama ini serta didukung juga dengan perkembangan bisnis serta inovasi yang tiada henti, Perseroan senantiasa mampu memanfaatkan setiap peluang bisnis yang ada demi tercapainya visi dan misi Perseroan.

Atas Nama Dewan Komisaris,On Behalf of the Board of Commissioners

Gunawan GeniusahardjaPresiden Komisaris

President Commissioner

Appreciation

On this occasion, allow me on behalf of all members of the Board of Commissioners, to express our gratitude to the Board of Directors and employees for their dedication and loyalty to the Company. In addition, I also appreciated the shareholders, business partners, customers, and other stakeholders, for the support and trust given to us in conducting supervisory function toward the Company's management so as enables the Company to record sustainable growth. Hopefully with the synergy and good cooperation so far and also supported by the business development and relentless innovation, the Company always capable of utilizing any business opportunities that exist to achieve the vision and mission of the Company.



LAPORAN DEWAN PENGAWAS SYARIAHREPORT FROM THE SHARIA SUPERVISORY BOARD

Assalamualaikum Warahmatullahi WabarakatuhBismillaahirrahmaanirrahiim

Puji dan syukur marilah kita panjatkan kepada Allah SWT Yang Maha Mencukupi, atas berkah dan hidayah-Nya yang telah dilimpahkan kepada kita semua. Shalawat dan salam semoga Allah SWT senantiasa curahkan kepada Rasul-Nya, Nabi Muhammad SAW. Dalam laporan ini, saya mewakili Dewan Pengawas Syariah (DPS) mengucapkan selamat kepada manajemen dan seluruh karyawan Perseroan atas pencapaian dan kinerja yang sangat positif, dimana Perseroan berhasil mencatat volume pembiayaan syariah yang bertumbuh secara signifikan sebesar 223,6% dari Rp2,1 triliun di tahun 2015 menjadi Rp6,8 triliun di tahun 2016. Perseroan juga mampu menjaga kualitas pembiayaan syariah yang terlihat dari rasio NPF pembiayaan syariah sebesar 0,67% lebih baik dibandingkan industri pembiayaan. Pertumbuhan Perseroan di tahun 2016 ini tentunya tidak terlepas dari usaha, kerja keras dan kerja sama dari seluruh pihak di Perseroan dan juga ditambah dengan adanya dukungan serta kepercayaan yang diberikan oleh masyarakat secara umum dan khususnya konsumen terhadap kinerja Perseroan. Amanah yang diberikan masyarakat dan konsumen sebaiknya terus dijaga dan dipertahankan dengan baik.

Sepanjang tahun 2016, DPS telah menjalankan fungsi dan tugasnya secara independen dalam melakukan pengawasan atas operasional Perseroan untuk menjaga kesesuaian dengan ketentuan syariah, Fatwa Dewan Syariah Nasional–Majelis Ulama Indonesia (DSN-MUI). Dalam melakukan kegiatan pengawasan,

DR. KH. Ahmad Mukri Aji, MA, MH Ketua Dewan Pengawas Syariah Chairman of the Sharia Supervisory Board

Assalamualaikum Warahmatullahi WabarakatuhBismillaahirrahmaanirrahiim

Praise to Allah SWT for His blessing and guidance given to us. Prayers and greetings may Allah SWT always pours out to His Messenger, Nabi Muhammad SAW. On this report, I, representing the Sharia Supervisory Board (DPS) would like to congratulate the management and all employees of the Company over the positive achievement and performance, where the Company successfully recorded the volume of sharia financing that grows significantly by 223.6% from Rp2.1 trillion in 2015 to Rp6.8 trillion in 2016. The Company also able to maintain the sharia financing quality which is visible from the NPF ratio on sharia financing by 0.67%, better than the financing industry. The Company's growth in 2016 was certainly inseparable from the effort, hard work and collaboration of all parties in the Company and also combined with the support and trust given by the community in general and consumers in particular towards the performance of the Company. The mandate given by the society and consumers should be preserved and maintained properly.

During 2016, the DPS has been performing its functions and duties independently in conducting supervision over the Company's operations to maintain conformity with the sharia provision of National Sharia Board - Indonesian Ulema Council (DSN-MUI). In conducting supervision, the DPS was involved in



DPS terlibat dalam serangkaian kegiatan rapat, baik dengan Direksi atau jajaran di bawah Direksi, atau dengan Dewan Komisaris, melakukan kegiatan review atas kebijakan atau ketentuan internal yang telah ditetapkan, mengambil uji petik transaksi sebagai bahan penilaian, serta memberikan opini terkait dengan kegiatan operasional, pengembangan produk, dan fitur.

Kegiatan pengawasan yang dilakukan DPS Perseroan selama tahun berjalan antara lain mencakup:1. Mengadakan rapat dan diskusi dengan pihak internal terkait

pemenuhan prinsip syariah;2. Mengawasi proses pengembangan produk baru dengan cara

meminta penjelasan dari pejabat Perseroan yang berwenang mengenai tujuan, karakteristik, dan akad yang digunakan dalam produk baru yang akan dikeluarkan;

3. Memeriksa akad yang digunakan dalam produk baru telah terdapat fatwa DSN-MUI dengan cara melakukan analisa atas kesesuaian akad produk baru dengan fatwa DSN-MUI;

4. Melakukan review terhadap ketentuan internal yang berlaku terkait aspek syariah untuk pemenuhan Prinsip Syariah;

5. Memberikan pendapat syariah atas kegiatan penghimpunan dana, penyaluran dana dan pelayanan jasa pembiayaan untuk pemenuhan Prinsip Syariah.

Di dalam setiap pertemuan rutin yang dilaksanakan dalam rangka tetap menjaga, memenuhi dan mematuhi pelaksanaan prinsip Syariah di dalam kegiatan operasional Perseroan khususnya untuk kegiatan pembiayaan berdasarkan prinsip syariah. Selanjutnya diharapkan agar ketaatan dan kepatuhan terhadap ketentuan yang berlaku, baik yang ditetapkan oleh Otoritas Jasa Keuangan (OJK) melalui Peraturan Otoritas Jasa Keuangan (POJK) maupun Fatwa-Fatwa yang dikeluarkan oleh DSN-MUI, secara konsisten tetap terjaga.

DPS berharap agar Perseroan dapat terus meningkatkan kinerjanya secara optimal dengan tetap berpegang pada ketentuan-ketentuan syariah yang berlaku. Selain itu, sinergi yang telah dibangun selama ini dapat dijaga dan terus ditingkatkan. Komitmen yang sudah ada harus terus dijaga. Sebagai penutup, DPS berharap Perseroan mampu mewujudkan visi dan misinya untuk memberikan layanan kegiatan pembiayaan berdasarkan prinsip syariah yang terbaik.

Semoga Allah SWT senantiasa menguatkan dan meneguhkan langkah kaki kita, memberikan keberkahan atas usaha yang telah kita lakukan.

Wassalamualaikum Warahmatullahi Wabarakatuh

DR. KH. Ahmad Mukri Aji, MA, MH Ketua Dewan Pengawas Syariah

Chairman of the Sharia Supervisory Board

series of meeting activities, either held by the Board of Directors, Management under the Board of Directors, or by the Board of Commissioners, conducting a review of the policy or internal guidelines that have been established, taking the selecting sampling transaction as an assessment material, as well as providing opinions related to operational activities, product developments, and features.

The oversight activities that has undertaken by the DPS of the Company during the current year includes the following:1. Conducting a meeting and discussion with the internal party

that related to the fulfillment of sharia principles;2. Overseeing new product development process by asking an

explanation from the Company's top management regarding the purpose, characteristic and covenant being used in new product that will be issued;

3. Checking the covenant used in the new product containing fatwa of DSN-MUI by analyzing the suitability of new product covenant with the DSN-MUI fatwa;

4. Reviewing the applicable internal provision related to sharia aspects for the fulfillment of Sharia Principle;

5. Giving sharia opinions on fund raising activities, disbursement of funds and financing services for the fulfillment of Sharia Principle.

In each regular meeting that conducted in order to maintain, fulfill and comply with Sharia principles in the implementation of the Company's operational activities, especially for financing activities based on sharia principles. Furthermore, it is expected that the obedience and compliance with the applicable regulations, both set by the Financial Services Authority (FSA) through the Regulation of Financial Services Authority (POJK) and Fatwa-Fatwa issued by the DSN-MUI, is maintained consistently.

The DPS expects that the Company can continue to improve its performance optimally by sticking to the provisions of Sharia. In addition, the synergy that has been built over the years can be maintained and improved. Existing commitments should be maintained. In conclusion, the DPS expects that the Company is able to realize its vision and mission in order to provide the best service of financing activities which based on sharia principles.

May Allah SWT always strengthens and affirms our footsteps, gives blessing of the effort that we have done.



LAPORAN DIREKSIREPORT FROM THE BOARD OF DIRECTORS

Jodjana J.Presiden DirekturPresident Director




Para Pemegang Saham dan Pemangku Kepentingan yang Terhormat,

Pertama-tama, perkenankan kami memanjatkan puji dan syukur ke hadirat Tuhan Yang Maha Esa, karena atas karunia-Nya, Perseroan dapat menutup tahun 2016 dengan peningkatan kinerja yang baik sehingga berhasil mencatat pertumbuhan yang berkelanjutan meskipun kondisi perekonomian global maupun domestik masih diliputi oleh berbagai tantangan. Oleh karena itu, pada kesempatan ini perkenankan kami selaku Direksi Perseroan menyampaikan laporan Direksi atas pengelolaan Perseroan selama tahun 2016.

Kondisi Perekonomian Global dan Domestik

Di sepanjang tahun 2016, laju pertumbuhan ekonomi global secara keseluruhan masih cenderung melambat meskipun sudah mulai bergerak menuju fase pemulihan. Pasalnya, Bank Dunia memperkirakan laju pertumbuhan ekonomi global pada tahun 2016 hanya sebesar 2,3% (YoY), sedikit lebih rendah dari tahun 2015 yang tercatat sebesar 2,7% (YoY). Di sisi lain, laju perekonomian di negara maju seperti Amerika Serikat (AS) sudah mulai menunjukkan tanda-tanda perbaikan meski masih belum solid yang tercermin dari tingkat pertumbuhan ekonomi yang lebih baik, tingkat pengangguran yang stabil dan kenaikan inflasi. Namun demikian, ketidakpastian arah kebijakan pemerintah AS dan The Fed AS pasca pemilihan presiden AS diprediksi akan memengaruhi perekonomian global. Terkait hal tersebut, Perseroan memandang bahwa terpilihnya Donald Trump sebagai Presiden AS yang ke-45 dan kenaikan Fed Rate pada

Dear honorable shareholders and stakeholders,

First and foremost, please allow us to give thanks to the God Almighty for His blessings, that enables the Company to pass through the year of 2016 with an improved performance that enabled to record sustainable growth despite of the challenging global and domestic economic conditions. Therefore, on this occasion please allow us as the Company's Board of Directors to submit the report regarding the Company's management during 2016.

Global and Domestic Economic Conditions

Throughout 2016, the overall global economic growth still tends to slow down even though it has started to move towards the recovery phase. In fact, the World Bank expected global economic growth in 2016 only reached 2.3% (YoY), slightly lower than 2015 which was recorded at 2.7% (YoY). On the other hand, economic growth condition in developed countries such as United States (US) has begun to show signs of improvement although it was not solid enough as reflected in the economic growth rate, a stable unemployment rate and inflation hike. However, uncertainties direction of the US government's policy and The Fed US after the US presidential election was predicted to affect the global economy. Related to this, the Company believes that the election of Donald Trump as the 45th President of the United States and the hike of Fed Rate in December 2016 does not have immediate implications on the Company's performance so that the Company

Pasar otomotif roda empat Indonesia yang merupakan portofolio utama Perseroan berhasil mencatat peningkatan pasar sebesar 4,9% dari 1.013 juta unit di tahun 2015 menjadi 1.063 juta unit pada tahun 2016. Pencapaian kinerja Perseroan di sepanjang tahun ini tercermin dari pencapaian positif pada beberapa indikator keuangan, antara lain meningkatnya penyaluran pembiayaan perusahaan sebesar 25,9% (YoY), berhasil mencatat laba bersih sebesar Rp934 miliar dan penurunan nilai beban Perseroan sebesar 2,55% di akhir tahun 2016.

The four-wheel automotive industry in Indonesia which became the Company's main portfolio successfully recorded a market increase by 4.9% from 1,013 million units in 2015 to 1,063 million units in 2016. This Company's achievement throughout the year was reflected by several financial indicators, among others, increase of the Company's financing distribution amounted to 25.9% (YoY), successfully recorded a net profit of Rp934 billion and reduced the Company's total expenses amounted to 2.55% at the end of 2016.



bulan Desember 2016 tidak memiliki implikasi langsung kepada kinerja Perseroan sehingga Perseroan menanggapi anomali yang terjadi di pasar secara wajar dan proporsional. Di tengah dinamika perekonomian global yang masih diliputi ketidakpastian, fundamental perekonomian Indonesia di sepanjang tahun ini tercatat cukup baik dengan berhasil mencatat pertumbuhan sebesar 5,02% (YoY) pada tahun 2016. Demikian juga dengan laju inflasi yang terkendali pada level 3,02% (YoY) yang merupakan angka inflasi terendah sejak tahun 2010. Nilai tukar Rupiah terhadap Dollar Amerika Serikat tercatat sebesar Rp13.473 pada akhir 2016, atau menurun dibandingkan tahun sebelumnya yang sebesar Rp13.785. Defisit neraca transaksi berjalan juga dapat dikelola dengan baik, turun dari USD17,5 miliar (2,0% dari Produk Domestik Bruto/PDB) pada 2015 menjadi USD16,3 miliar (1,8% dari PDB) di 2016. Dari sisi investasi, nilai foreign direct investment turut mencatat kenaikan menjadi sebesar Rp396,6 triliun di akhir tahun 2016, dari yang semula senilai Rp365,9 triliun di akhir tahun 2015.

Seiring dengan mulai membaiknya perekonomian domestik, industri otomotif roda empat Indonesia yang menjadi portofolio utama Perseroan juga mengalami peningkatan pasar sebesar 4,9% dari 1.013 juta unit di tahun 2015 menjadi 1.063 juta unit pada tahun 2016. Di sisi lain nilai piutang industri pembiayaan juga mengalami pertumbuhan sebesar 6,7% dari Rp363,3 triliun di tahun 2015 menjadi Rp387,5 triliun pada akhir tahun 2016. Di tengah pertumbuhan pasar otomotif yang relatif rendah, persaingan di industri pembiayaan berlangsung ketat terutama dengan agresivitas beberapa perusahaan pembiayaan yang berafiliasi dengan perbankan. Di sisi lain, suku bunga acuan kredit perbankan untuk korporasi cenderung masih tinggi dikarenakan masih terbatasnya ruang likuiditas perbankan untuk segera mengikuti tren penurunan suku bunga acuan dari Bank Indonesia. Namun demikian, berbagai tantangan industri tersebut mampu dilalui Perseroan dengan baik melalui kerja keras, sinergi dan konsistensi dalam melakukan eksekusi strategi.

Kinerja Perseroan Tahun 2016

Kebijakan dan Langkah Strategis

Di tengah kondisi perekonomian global maupun domestik yang masih penuh dengan berbagai tantangan, serta semakin ketatnya persaingan di industri pembiayaan Nasional, Perseroan telah mengantisipasi hal tersebut dengan menjalankan serangkaian rencana bisnis tahun 2016 yang telah ditetapkan, di antaranya: mempertahankan pertumbuhan dan pangsa pasar di pembiayaan mobil baru dan mobil bekas dengan berbagai produk dan layanan inovatif, menciptakan portofolio pembiayaan yang optimal dengan melakukan perbaikan proses operasional secara menyeluruh dengan penekanan pada pengelolaan piutang dan pelayanan prima kepada pelanggan, memperkuat pendanaan Perseroan, merumuskan portofolio bisnis baru dan melakukan internalisasi budaya Perseroan.

responded the market anomaly in a fairly and proportionately manner. In the midst of uncertain global economy dynamic, the fundamental of Indonesian economy during the year was pretty good that successfully recorded a growth of 5.02% (YoY) in 2016. Likewise with the inflation rate which was controlled at the level of 3.02% (YoY), which is the lowest inflation rate since 2010. Rupiah exchange rate against US Dollar recorded at Rp13,473 the end of 2016, a decrease compared to the previous year which amounted to Rp13,785. The current account deficit can also be managed well, down from USD17.5 billion (2.0% of Gross Domestic Product/GDP) in 2015 to USD16.3 billion (1.8% of GDP) in 2016. In terms of investment, total value of foreign direct investment also recorded an increase to Rp396.6 trillion at the end of 2016, of which originally worth Rp365.9 trillion at the end of 2015.

Along with the improvement of domestic economy, the four-wheel automotive industry in Indonesia which became the Company's main portfolio also experienced a market increase by 4.9% from 1,013 million units in 2015 to 1,063 million units in 2016. On the other side, the financing industry's receivables also experienced growth by 6.7% from Rp363.3 trillion in 2015 to Rp387.5 trillion at the end of 2016. In the midst of slow pace of the automotive market growth, the competition in financing industry was tight, especially with the aggressiveness of some financing companies that affiliated with banks. On the other hand, bank lending rate to the corporation tends to be high due to very limited room for bank liquidity to immediately follow the decline trend of Bank Indonesia rate. Nevertheless, though many challenges occurred in this industry, the Company was able to surpass through a hard work, synergy and consistency in executing the strategy.

The Company's Performance in 2016

The Policy and Strategic Steps

Amidst the challenging global and domestic economic condition, as well as increasing competition in the National financing industry, the Company has anticipated the condition by establishing and conducting a series of business plans in 2016 including maintained the growth and market share in financing new cars and used cars with a wide range of innovative products and services, created an optimum financing portfolio by improving operational processes thoroughly with the emphasis on receivables management and excellent service to customers, strengthened the financing of the Company, formulated new business portfolio and to internalize the Company's culture.



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Secara keseluruhan, Perseroan berhasil menutup tahun 2016 dengan mencatatkan sejumlah peningkatan positif baik dari sisi finansial maupun operasional. Perseroan berhasil merealisasikan beberapa target kinerja tahun 2016 dengan baik yang salah satunya tercermin dari level operational expenses perusahaan yang tetap terjaga dengan baik. Dari sisi finansial, pencapaian kinerja Perseroan di sepanjang tahun ini tercermin dari meningkatnya penyaluran pembiayaan perusahaan sebesar 25,9% (YoY) menjadi Rp25,7 triliun di akhir tahun 2016. Selain itu, Perseroan juga berhasil mencatat laba bersih sebesar Rp934 miliar, atau turun 3,7% (YoY) dikarenakan dampak perlambatan ekonomi di tahun 2015 yang masih terasa imbasnya hingga tahun 2016 terutama dalam hal penurunan aset Perseroan ketika terjadi penurunan market otomotif di tahun 2015. Sejalan dengan hal tersebut, nilai beban Perseroan pada akhir tahun 2016 turut mengalami penurunan sebesar 2,55% dimana hal tersebut sebagian besar disebabkan oleh diversifikasi pendanaan yang berhasil menurunkan beban bunga dan keuangan. Pencapaian lainnya dari sisi finansial, Perseroan mampu menjaga rasio gross NPF (% kredit macet/bermasalah) di level rendah yaitu sebesar 0,63% di akhir tahun 2016, dimana persentase tersebut masih jauh lebih baik dibandingkan dengan NPF industri pembiayaan Nasional yang tercatat pada level 3,26% di akhir tahun 2016. Perseroan juga berhasil mencatat dan mengelola total piutang pembiayaan sebesar Rp29.976 miliar atau naik 8,84% yang setara dengan kenaikan sebesar Rp2.435 miliar dibanding tahun sebelumnya yang hanya tercatat sebesar Rp27.541 miliar dimana pertumbuhan aset ini lebih baik dibandingkan industri pembiayaan Nasional. Peningkatan tersebut terutama disebabkan oleh meningkatnya piutang murabahah – bersih sebesar Rp3.422 miliar atau naik 213,3%.

Dari sisi operasional, pada tahun 2016 Perseroan mengembangkan berbagai portofolio bisnis baru sebagaimana diatur dalam Peraturan Otoritas Jasa Keuangan No. 29/POJK.05/2014, adapun portofolio baru yang dikembangkan di antaranya adalah pembiayaan multiguna, pembiayaan modal kerja, mortgage dengan pemilihan segmen selektif dan education & travel financing. Selain itu, dalam rangka memberikan pelayanan yang optimal dan prima kepada seluruh pelanggan, Perseroan juga telah mengembangkan sebuah aplikasi mobile bernama ACC Yes! (Your Easy Solution), yang diharapkan melalui aplikasi ini dapat semakin memperkuat engagement antara Perseroan dengan pelanggan.

Menyadari bahwa kondisi makroekonomi domestik belum mengalami pertumbuhan yang solid dimana hal tersebut terlihat dari pasar otomotif Nasional yang masih bergerak flat pada level pertumbuhan 4,9%, maka Perseroan senantiasa menjaga tingkat pertumbuhan piutang yang sehat. Pada tahun 2016, komitmen tersebut diwujudkan Perseroan dengan secara konsisten menyalurkan pembiayaan untuk penjualan kendaraan non-komersial ketika laju penjualan untuk kendaraan komersial terpantau masih melanjutkan tren perlambatan di sepanjang tahun 2016.

Comparison Between Realizations and Targets

Overall, the Company has successfully closed the year of 2016 by recording number of positive improvements both in terms of financial and operational. The Company managed to realize some performance targets in 2016 which one of them is reflected by the level of operational expenses that maintained properly. In terms of financial, the Company's achievement throughout the year was reflected in the increase of the Company's financing disbursement amounted to 25.9% (YoY) to Rp25.7 trillion at the end of 2016. In addition, the Company has recorded a net profit of Rp934 billion, down by 3.7% (YoY) due to the economic slowdown in 2015 that still has an impact in 2016 especially in terms of reducing the Company's assets when there was a decrease in the automotive market during 2015. In line with that, the Company's total expenses at the end of 2016 also decreased by 2.55%, mostly due to the diversification of funding which resulted a decrease in interest and finance charges. Other achievement from the financial side was the Company's ability to maintain gross NPF ratio (% of bad debts/issue) at low level that equal to 0.63% at the end of 2016, where the percentage was still far better than the NPF of national financing industry of 3.26% at the end of 2016. The Company also successfully recorded and managed its total financing receivables which amounted to Rp29,976 billion or an increase of 8.84% which was equivalent to an increase of Rp2,435 billion compared to the previous year recorded at Rp27,541 billion, the growth was far better than the national financing industry. The increase was primarily due to an increase of murabaha receivables - net Rp3,422 billion or an increase of 213.3%.

From the operational side, in 2016 the Company developed various new business portfolios as stipulated in the Regulation of Financial Services Authority No. 29/POJK.05/2014, the newly developed portfolios were multipurpose financing, working capital financing, mortgage with selective segments and education & travel financing. In addition, in order to provide optimal and excellent services to all customers, the Company has also developed a mobile application called ACC Yes! (Your Easy Solution), where this application is expected to strengthen the engagement between the Company and customers.

Recognizing that domestic macroeconomic conditions has not experienced a solid growth yet as reflected from the National automotive market which was still at the level of 4.9% growth, so the Company continuously maintained its healthy receivables growth. In 2016, the Company's commitment was embodied by disbursing financing for non-commercial vehicle sales consistently when sales of commercial vehicles was still tend to move slow during 2016.



Tantangan 2016

Dalam menjalankan kegiatan usahanya, Perseroan tidak terlepas dari berbagai tantangan di sepanjang tahun 2016. Selama tahun 2016, tantangan dalam industri otomotif Nasional masih berasal dari dominansi pesatnya penjualan kendaraan LCGC (Low Cost Green Car) yang sudah hadir sejak tahun 2013 lalu. Hal ini perlu dicermati sebagai risiko dan sekaligus sebagai peluang bahwa tren pertumbuhan konsumen otomotif dalam 3 (tiga) tahun terakhir lebih cenderung memilih untuk membeli kendaraan dengan harga yang terjangkau seiring dengan belum solidnya pemulihan kondisi perekonomian global maupun domestik. Dalam hal tantangan usaha, Perseroan turut melihat bahwa persaingan sektor pembiayaan konsumen dalam negeri juga semakin ketat dengan agresivitas kompetitor yang didukung oleh perbankan. Namun demikian, Perseroan senantiasa optimis dapat bersaing di industri pembiayaan Nasional dengan tetap memberikan layanan prima kepada seluruh pelanggan dan pasar secara keseluruhan.

Prospek Usaha 2017

Perseroan telah menyusun serangkaian strategi pertumbuhan yang berkelanjutan dengan mempertimbangkan keseimbangan antara pertumbuhan dan kualitas aset yang sehat demi mencapai tujuan perusahaan di tahun 2017. Dalam pelaksanaannya, Perseroan akan menjalankan kegiatan bisnis dengan berfokus pada pemasaran portofolio bisnis baru yang telah diluncurkan pada tahun 2016. Pada tahun 2017, Perseroan memprediksi dominasi produk pembiayaan masih akan ditopang oleh penjualan produk-produk kendaraan LCGC dan dengan struktur pembiayaan yang terjangkau. Oleh karena itu, risiko bagi industri pembiayaan di sepanjang tahun 2017 diprediksi masih akan tetap menantang. Namun demikian, dalam merealisasikan tujuan perusahaan, Perseroan senantiasa menerapkan prinsip kehati-hatian kredit dan mengimplementasikan tata kelola yang baik untuk setiap penyaluran pembiayaan. Prinsip kehati-hatian yang dilakukan Perseroan dengan menjaga kualitas booking dan mencari portofolio pembiayaan yang lebih baik. Selain itu, Perseroan juga selalu memperhatikan dan mengantisipasi perkembangan Financial Technology (Fintech) yang diprediksi dapat menjadi disruptive baru dalam industri pembiayaan.

Implementasi Tata Kelola Perusahaan

Perseroan meyakini bahwa implementasi prinsip-prinsip tata kelola perusahaan yang baik (Good Corporate Governance/”GCG”) secara konsisten dan berkesinambungan di seluruh aspek kegiatan bisnis dan lapisan jenjang manajemen dapat meningkatkan nilai perusahaan di mata para pemangku kepentingan. Prinsip-prinsip GCG senantiasa menjadi pedoman bagi seluruh insan Perseroan dalam menjalankan kegiatan operasional, pengelolaan risiko dan sumber daya lainnya. Terkait hal tersebut, Perseroan telah menerapkan sistem pengendalian internal, manajemen risiko,

Challenges in 2016

In running its business, the Company was inseparable from challenges throughout the year 2016. During the year, the challenge in the National automotive industry was due to the domination of rapid sales of the LCGC (Low Cost Green Car), which has presented since 2013. It was considered both as risk and also opportunity that automotive consumer growth trends within 3 (three) years were more likely to choose buying a vehicle with reasonable price in a weak recovery of global and domestic economic conditions. In terms of business challenges, the Company also saw that the competition in the domestic consumer financing sector was also getting tougher with the aggressiveness of competitors that were supported by banks. Nevertheless, the Company always optimistic to compete in national financing industry by constantly providing excellent service to all customers and market as a whole.

Business Prospects in 2017

The Company has developed a series of sustainable growth strategy by considering the balance between growth and healthy asset quality in order to achieve corporate objectives in 2017. In doing so, the Company will engage in business activities by focusing on marketing new business portfolios that have been launched in 2016. In 2017, the Company predicts the dominance of financing products would still be sustained by the product sale of LCGC vehicles and with the affordable financing structure. Therefore, risks for financing industry throughout 2017 are still predicted to remain challenging. However, in realizing the Company's objectives, the Company continues to apply the prudent principle of credit and implement the good corporate governance for any funding distribution. The prudent principle conducted by the Company aims to maintain the quality of booking and looking for better financing portfolio. In addition, the Company always pay attention and anticipate the development of Fintech (Financial Technology) which is predicted to be a new disruptive in the financing industry.

Implementation of Good Corporate Governance

The Company believes that consistent and continuous implementation of Good Corporate Governance (GCG) principles in all aspects of business activity and level of management layers may improve the Company's value in the eyes of the stakeholders. GCG principles always have been a guideline for all human beings in the Company's operating activities, risk management and other resources. Related to this, the Company has implemented an internal control system, risk management, whistleblowing system, fraud oversight committee, fraud risk



whistleblowing system, fraud oversight committee, fraud risk management, anti fraud management system, dan berbagai prosedur lainnya sebagai bagian yang tidak terpisahkan dari penerapan prinsip-prinsip GCG di lingkungan Perseroan.

Melalui unit kerja kepatuhan dan audit internal yang bekerja di bawah pengawasan Dewan Komisaris, Perseroan melakukan pemantauan pelaksanaan GCG berdasarkan Pedoman Tata Kelola Perusahaan untuk memastikan bahwa pengembangan usaha perusahaan dan pengelolaan sumber daya, serta mitigasi risiko sudah dilakukan secara efektif dan efisien, serta pertanggungjawaban seluruh Organ Perusahaan dan pemangku kepentingan lainnya sudah dilakukan berdasarkan prinsip-prinsip GCG yang berlaku universal.

Implementasi Kegiatan Tanggung Jawab Sosial Perusahaan

Sebagai perusahaan pembiayaan terkemuka di Indonesia, Perseroan menyadari bahwa keberlangsungan bisnis perusahaan tidak semata ditopang oleh keberhasilan dalam mencatat kinerja finansial, melainkan juga dengan adanya dukungan dari para pemangku kepentingan terhadap keberadaan perusahaan. Oleh karena itu, Perseroan berkomitmen untuk secara rutin dan berkesinambungan dalam melaksanakan kegiatan tanggung jawab sosial perusahaan (Corporate Social Responsibility/”CSR”) dengan berpedoman pada 4 (empat) pilar yaitu pilar kesehatan, pilar pendidikan, pilar UKM dan pilar lingkungan.

Pada tahun 2016 dalam rangka mendukung pemerintah untuk meningkatkan kualitas masyarakat Indonesia, Perseroan telah memberikan sejumlah pengobatan dan pemeriksaan kesehatan gratis di 13 (tiga belas) kota yang tersebar di seluruh Indonesia yang lokasinya masih berada di lingkungan kantor cabang Perseroan. Kemudian, dalam rangka mendukung kualitas pendidikan Nasional, pada tahun ini Perseroan mengadakan kegiatan seminar dan pelatihan pendidikan bagi para siswa dan pendidik/guru mengenai kegiatan literasi keuangan dan kampaye IAABL (Indonesia Ayo Aman Berlalu Lintas). Sementara itu, dalam rangka mendukung kegiatan UKM, Perseroan telah melakukan pembinaan dan pendampingan bagi para penyandang disabilitas untuk membentuk mental kemandirian mereka dalam berwirausaha.

Kemudian, dalam rangka menjaga kelestarian lingkungan, Perseroan telah berpartisipasi dengan melakukan pemanfaatan lingkungan melalui penanaman tanaman produktif berupa bibit tanaman obat dan buah-buahan. Perseroan juga selalu berperan aktif di tengah masyarakat yang tinggal di lingkungan Perseroan. Hal tersebut tercermin melalui sejumlah bantuan sumbangan yang telah diberikan oleh Perseroan kepada masyarakat yaitu dengan mendedikasikan 1 Bus CSR yang dipergunakan bagi kegiatan pendidikan dan sosial kemasyarakatan lainnya khusus di area Jabodetabek dan menyumbangkan 2 (dua) unit minibus yang

management, anti-fraud management system, and various other procedures as inseparable part from the implementation of GCG principles within the Company.

Through the working unit of compliance and internal audit unit under the supervision of the Board of Commissioners, the Company is monitoring the implementation of GCG by referring to Good Corporate Governance Guidelines to ensure that the Company's business development and resource management, and risk mitigation has been done effectively and efficiently, as well as accountability of the Company's Organ and other stakeholders that has been carried out based on GCG principles applied universally.

Implementation of Corporate Social Responsibility Activities

As a leading financing company in Indonesia, the Company realizes that the continuity of the Company's business is not merely sustained by recording the financial performance successfully, but also by supporting from stakeholders towards the Company's existence. Therefore, the Company is committed to regularly and continuously conduct the activity of Corporate Social Responsibility ("CSR") by referring to 4 (four) pillars namely health, education, SMEs and environment.

In order to support the government to improve the quality of Indonesian community in 2016, the Company has provided a number of free medical tests and therapies in 13 (thirteen) cities scattered throughout Indonesia which were still located around the Company's branch offices. Then, in order to support National education quality, in this year the Company held seminars and educational training for students and educators/teachers regarding financial literacy activities and IAABL campaigns (Indonesia Ayo Aman Berlalu Lintas). Meanwhile, in order to support SME activities, the Company has conducted coaching and mentoring for diffable people to build their independence in entrepreneurship.

Then, the Company has participated in preserving the environment by maximizing the use of environment through crops planting such as seeds of medicinal plants and fruits. The Company also played an active role in the community who live around the Company which was reflected by numerous aid donations that have been given by the Company to communities such as by dedicating 1 Bus CSR that used for education and other social community activities in Greater Jakarta area and donated 2 (two) units of minibus that specific to people with disabilities to the city government of DKI Jakarta that distributed and managed by



Atas nama Direksi,On behalf of the Board of Directors,

Jodjana J. Presiden DirekturPresident Director

dikhususkan bagi penyandang disabilitas kepada Pemprov DKI yang disalurkan dan dikelola oleh Transjakarta, serta memberikan bantuan kepada korban banjir bandang di Garut. Perubahan Komposisi Anggota Direksi

Tidak terjadi perubahan susunan Direksi Perseroan di sepanjang tahun 2016.

Apresiasi

Akhir kata, seluruh Direksi mengucapkan apresiasi dan terima kasih kepada para pemegang saham, mitra bisnis, pelanggan dan para pemangku kepentingan lainnya. Apresiasi mendalam juga kami berikan kepada Dewan Komisaris yang telah menjadi mitra Perseroan dalam menjalankan fungsi pengawasan dengan baik, komite-komite di bawah Dewan Komisaris, serta seluruh insan Perseroan yang telah berkontribusi terhadap pencapaian Perseroan sebagaimana saat ini. Semoga Tuhan Yang Maha Esa senantiasa memberikan kemudahan bagi Perseroan dalam mencapai visi serta tujuan perusahaan guna memberikan nilai tambah optimal bagi konsumen, pemegang saham, karyawan, masyarakat luas dan terlebih lagi bagi Indonesia.

Transjakarta, as well as provided assistance to flood victims in Garut.

Changes in Composition of the Board of Directors

There were no changes in the composition of the Board of Directors of the Company during 2016.

Appreciation

Finally, the Board of Directors expresses the appreciation and gratitude to our shareholders, business partners, customers and other stakeholders. We also highly appreciate the Board of Commissioners that has become the Company's partner in conducting good supervision, committees under the Board of Commissioners, as well as the entire personnels of the Company who have contributed to the achievement of the Company as we can see today. May God grants us an easiness in achieving our Company's vision and objectives, in order to optimize value added to our customers, shareholders, employees, public in general and especially for Indonesia.



SEKILAS PERUSAHAAN

COMPANY AT A GLANCE


SEKILAS PERUSAHA ANCOMPANY AT A GLANCE


INFORMASI PERUSAHAANCOMPANY'S INFORMATION

Nama PerusahaanCompany's Name


Bidang UsahaBusiness Field

Pembiayaan Mobil dan Alat BeratCar and Heavy Equipment Financing

Kepemilikan SahamShare Ownership

• PT Astra International Tbk 28.13%• PT Garda Era Sedaya 28.13%• PT Bank Permata Tbk 25.00%• PT Sedaya Multi Investama 18.75%

Tanggal PendirianDate of Establishment

15 Juli 1982July 15, 1982

Dasar Hukum PendirianLegal Basis of Establishment

Akta Notaris Rukmasanti Hardjasatya, S.H., No. 50. Akta Pendirian Perseroan ini disahkan oleh Menteri Kehakiman Republik Indonesia pada tanggal 20 Januari 1983 dalam Surat Keputusan No. C2 474.HT.01.01.TH.83 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 13 tanggal 15 Februari 1983, Tambahan No. 231

Notarial Deed of Rukmasanti Hardjasatya, SH, No. 50. The Deed of Establishment of the Company was approved by the Minister of Justice of the Republic of Indonesia on January 20, 1983 in Decree No. C2 474.HT.01.01.TH.83 and was published in the State Gazette of the Republic of Indonesia No. 13 dated February 15, 1983, Supplement No. 231

Modal DasarAuthorized Capital

Rp1,500,000,000,000

Modal Ditempatkandan Disetor PenuhIssued and Paid-Up Capital

Rp950,439,958,000

Alamat Kantor Office Address

Gedung ACCJl. T.B. Simatupang No. 90Jakarta, 12530

TeleponPhone

(021) 78859000

FaksimiliFacsimile

(021) 78851182

Emaile-mail

[email protected]

Situs WebWebsite

www.acc.co.id



INSTITUSI DAN PROFESI PENUNJANG PASAR MODALCAPITAL MARKET SUPPORTING INSTITUTIONS

Akuntan Publik Public Accountant

KAP Tanudiredja, Wibisana, Rintis & Rekan (a member firm of PwC global network)Jl. HR Rasuna Said Kav. X-7 No. 6, Jakarta 12940, Indonesia

Nomor STTD/ Number of STTD: 236/STTD-AP/DM/1998

Keanggotaan Asosiasi: Ikatan Akuntan Indonesia (IAI) No.100202961

Membership of Association: Institute of Indonesia Chartered Accountants No.100202961

Pedoman Kerja:Pernyataan Standar Akuntansi Keuangan (PSAK) dan Standar Profesional Akuntan Publik (SPAP). Perseroan menunjuk Akuntan Publik untuk penugasan PUB Perseroan berdasarkan Surat nomor 033/Trea/PUBIII-1/II/2016 Tanggal 10 Desember 2015.

Work Guidelines: Statement of Financial Accounting Standards (SFAS) and the Public Accountants Professional Standards (SPAP). The Company has appointed Public Accountant for the assignment of the Company’s PUB based on letter number 033/Trea/PUBIII-1/II/2016 Dated on December 10, 2015.

Tugas Pokok:Melakukan audit berdasarkan Standar Auditing yang ditetapkan oleh Institut Akuntan Publik Indonesia. Standar tersebut mengharuskan Akuntan Publik merencanakan dan melaksanakan audit agar diperoleh keyakinan yang memadai bahwa laporan keuangan bebas dari salah saji yang material. Akuntan Publik bertanggung jawab atas pendapat yang diberikan terhadap laporan keuangan yang diaudit. Tugas Akuntan Publik meliputi pemeriksaan atas dasar pengujian, bukti-bukti yang mendukung jumlah-jumlah dan pengungkapan dalam laporan keuangan. Audit juga meliputi penilaian atas prinsip akuntansi yang digunakan dan estimasi signifikan yang dibuat oleh manajemen, serta penilaian terhadap penyajian laporan keuangan secara keseluruhan.

Main Responsibilities:Perform audit based on Auditing Standards which set by the Indonesian Institute of Certified Public Accountants. Those standards require Public Accountant to plan and perform audit to obtain reasonable assurance that the financial statement is free from material misstatement. Public Accountant is responsible for the opinion given to the audited financial statements. Scope of works of Public Accountant includes examination on a test basis, evidence that support the amounts stated and disclosure of financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

Biaya/Fee: Rp1,515,000,000/tahun/year

Wali Amanat dan Agen JaminanTrustee and Collateral Agent

PT Bank Rakyat Indonesia (Persero) Tbk Gedung BRI II Lantai 3, Jl. Jenderal Sudirman, Kav. 44 – 46 P.O. Box 1094, Jakarta 10210, Indonesia

Nomor STTD: 08/STTD-WA/PM/1996 atas nama PT Bank Rakyat Indonesia (Persero) TbkNumber of STTD: 08/STTD-WA/PM/1996 on behalf of PT Bank Rakyat Indonesia (Persero) Tbk

Pedoman Kerja:Undang-undang Pasar Modal. Perseroan menunjuk Wali Amanat berdasarkan Surat No. 031/Trea/PUBIII-1/II/2016 Tanggal 10 Desember 2015.

Work Guidelines: Capital Market Law. The Company appointed Trustee based on the Letter No. 031/Trea/PUBIII-1/II/2016 Dated December 10, 2015.

Tugas Pokok:Mewakili kepentingan Pemegang Obligasi baik di dalam maupun di luar pengadilan mengenai pelaksanaan hak-hak Pemegang Obligasi sesuai dengan syarat-syarat Obligasi dan pengelolaan jaminan fidusia untuk kepentingan Pemegang Obligasi, dengan memperhatikan ketentuan-ketentuan yang tercantum dalam Perjanjian Perwaliamanatan serta peraturan perundang-undangan yang berlaku.

Main Responsibilities: Represent the interests of the Bondholders both inside and out of the court regarding the implementation of the Bondholders’ right in accordance with the terms of the Bonds and managing fiduciary guarantee for the benefit of the Bondholders, with the provisions contained in the Trusteeship Agreement and the legislation in force.

Biaya/Fee: Rp125,000,000/tahun (di luar pajak)/year (exclude tax)

10492

Stamp

10492

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NotarisNotary

Linda Herawati, S.H. Jalan Cideng Timur No. 31 Jakarta Pusat

Nomor STTD: 35/STTD-N/PM/1996 atas nama Linda Herawati, S.H.Number of STTD: 35/STTD-N/PM/1996 on behalf of Linda Herawati, S.H.

Keanggotaan Asosiasi/ Membership of Association:Ikatan Notaris Indonesia (INI) No. 019/JKT PST/DKI/03

Pedoman Kerja:Pernyataan Undang-undang No. 30 tahun 2004 tentang Jabatan Notaris juncto Undang-undang No. 2 tahun 2014 tentang Perubahan atas Undang-Undang No. 30 tahun 2004 tentang Jabatan Notaris dan Kode Etik Ikatan Notaris Indonesia. Perseroan menunjuk Notaris berdasarkan Surat No. 030/Trea/PUBIII-1/II/2016 Tanggal 10 Desember 2015.

Work Guidelines:Statement of Act No. 30 of 2004 concerning Notary position in conjunction with the Law No. 2 of 2014 on Amendments to the Law No. 30 of 2004 concerning Notary position and Code of Conduct of Indonesia Notarial Association. The Company has appointed a Notary based on the Letter No. 030/Trea/PUBIII-1/II/2016 Dated December 10, 2015.

Tugas Pokok:Membuat akta-akta dalam rangka Penawaran Umum Obligasi Berkelanjutan III Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap I Tahun 2016, antara lain Perjanjian Perwaliamanatan, Pengakuan Utang, Perjanjian Agen Jaminan, Akta Jaminan Fidusia dan Perjanjian Penjaminan Emisi Obligasi, serta akta-akta perubahannya.

Main Responsibilities: To make the deed of the Public Offering Bond III Astra Sedaya Finance With Fixed Interest Rate Phase I 2016, among others, the Trustee Agreement, Promissory Notes, Agreement of Security Agent, the Deed of Fiduciary Guarantee and Underwriting Agreement The bonds, as well as the deed of amendment.

Biaya/Fee: Rp100,000,000 (di luar pajak)/(exclude tax)

Konsultan HukumLegal Consultant

HKGM & Partners Pondok Indah Plaza 3, Blok E/4 & E/5 Jl. TB Simatupang, Jakarta 12310, Indonesia

Nomor STTD: 388/PM/STTD-KH/2001 atas nama Ruli Fajar HidayatNumber of STTD: 388/PM/STTD-KH/2001 on behalf of Ruli Fajar Hidayat

Keanggotaan Asosiasi: Himpunan Konsultan Hukum Pasar Modal No. 200134.

Membership of Association: Capital Market Legal Consultants Association No. 200134.

Pedoman Kerja:Standar Profesi Konsultan Hukum Pasar Modal Lampiran dari Keputusan Himpunan Konsultan Hukum Pasar Modal No. KEP.01/HKHPM/2005 tanggal 18 Februari 2005. Perseroan menunjuk Konsultan Hukum berdasarkan Surat No. 032/Trea/PUBIII-1/II/2016 Tanggal 10 Desember 2015.

Work Guidelines:Professional Standards of Capital Market Legal Consultants Annex from Decision of the Capital Market Legal Consultants Association No. KEP.01/HKHPM/2005 dated February 18, 2005. The Company has appointed Legal Consultant based on Letter No. 032/Trea/PUBIII-1/II/2016 Date of December 10, 2015.

Tugas Pokok:Melakukan pemeriksaan dan penelitian dengan kemampuan terbaik yang dimilikinya atas fakta dari segi hukum yang ada mengenai Perseroan dan keterangan lain yang berhubungan dengan itu sebagaimana disampaikan oleh Perseroan. Hasil pemeriksaan dan penelitian telah dimuat dalam Laporan Pemeriksaan dari segi Hukum yang menjadi dasar dari Pendapat dari segi Hukum yang diberikan secara obyektif dan mandiri serta guna meneliti informasi yang dimuat dalam Prospektus sepanjang menyangkut segi Hukum. Selain itu, juga melakukan pemeriksaan terhadap Perjanjian Penawaran Umum, Perjanjian Perwaliamanatan, Perjanjian - Perjanjian Emisi obligasi dan perjanjian terkait lainnya. Tugas dan fungsi Konsultan Hukum yang diuraikan di sini adalah sesuai dengan Standar Profesi dan Peraturan Pasar Modal yang berlaku guna melaksanakan prinsip keterbukaan.

Main Responsibilities: Undertake the inspection and research with the best ability they have over the fact in terms of existing law regarding the Company and other information related to that, as delivered by the Company. The results of the examination and research has been published in the Examination Report in terms of the Law which became the basis over the opinion in terms of laws that objectively and independently as well as to examine the information contained in the Prospectus far as it concerns with the law. In addition, also conduct an examination of the Public Offer Agreement, the Trustee Agreement, the Agreement of bond issuance and other related agreements. Duties and functions of the Legal Consultant described here is in accordance with the Professional Standards and Regulations applicable Capital Market in order to implement the principle of openness.

Biaya/Fee: Rp130,000,000 (di luar pajak)/(exclude tax)

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Lembaga Pemeringkat EfekStock Rating Agency

PEFINDO (Pemeringkat Efek Indonesia)Panin Tower - Senayan City, 17th Floor Jl. Asia Afrika Lot.19Jakarta 10270, INDONESIA Telp: 62-21 7278 2380 Fax: 62-21 7278 2370

Fitch Ratings IndonesiaPrudential Tower 20th FloorJl. Jend Sudirman Kav 79 Jakarta 12910, INDONESIATelp: 62-21 5795 7755Fax: 62-21 5795 7750

RATING PERUSAHAANCOMPANY'S RATING

Berdasarkan hasil pemeringkatan dari PT Pemeringkat Efek Indonesia dengan surat No. 452/PEF-Dir/III/2016 tertanggal 14 Maret 2016, Obligasi Berkelanjutan I ASF dan Obligasi Berkelanjutan II ASF telah mendapat peringkat idAAA.

Kemudian berdasarkan Surat Keputusan No. 195/DIR/RAT/XII/2016 perihal Peringkat PT Astra Sedaya Finance tanggal 7 Desember 2016, PT Fitch Rating Indonesia (“Fitch”) memutuskan menetapkan Peringkat Nasional Jangka Panjang idAAA (idn) (Triple A; Stable Outlook) terhadap PT Astra Sedaya Finance. Peringkat tersebut diberikan berdasarkan informasi factual yang diterima dari emiten dan underwriters dan dari sumber lain yang kredibilitasnya terpercaya. Selain itu, pemeringkatan ini juga didasarkan pada kriteria dan metodologi yang telah ditetapkan oleh Fitch yang dievaluasi dan diperbaharui secara berkelanjutan.

Selanjutnya, berdasarkan hasil pemeringkatan dari PT Pemeringkat Efek Indonesia dengan surat No.454/PEF-Dir/III/2016 tanggal 14 Maret 2016 MTN III telah mendapat peringkat idAAA (2015: idAAA).

Selain itu, berdasarkan press release yang dipublikasikan pada tanggal 13 Januari 2017, Fitch Ratings mengafirmasi peringkat BBB-/F3 long-/short-term foreign/local currency kepada PT Astra Sedaya Finance. Sementara, berdasarkan press release yang dipublikasikan pada tanggal 12 Oktober 2016, Moody's Investor mengafirmasi peringkat Baa3/P-3 long-/short-term foreign/local currency kepada PT Astra Sedaya Finance.

Based on the letter of PT Pemeringkat Efek Indonesia No. 452/PEF-Dir/III/2016 dated March 14, 2016, Self Registration Bonds I ASF and Self Registration Bonds II ASF are rated at idAAA.

Then, based on the Decree Letter No. 195/DIR/RAT/XII/2016 regarding the rating of PT Astra Sedaya Finance dated on December 7, 2016, PT Fitch Ratings Indonesia ("Fitch") decided to assign the Rating of Long-Term National AAA (idn) (Triple A; Stable Outlook) to the PT Astra Sedaya Finance. The rating was given based on the factual information that received from issuers and underwriters as well as from other sources whose has reliable credibility. In addition, the rating is also based on the criteria and methodology that have been assigned by Fitch which evaluated and updated on an ongoing basis.

Afterwards, based on the letter of PT Pemeringkat Efek Indonesia No. 454/PEF-Dir/III/2016 dated March 14, 2016, MTN III is rated at idAAA (2015: idAAA).

In addition, based on the press release published on January 13, 2017, Fitch Ratings affirmed the rating of BBB-/F3 long-/short-term foreign/local currency to PT Astra Sedaya Finance. Meanwhile, according to the press release published on October 12, 2016, Moody's Investor affirmed the rating of Baa3/P-3 long-/short-term foreign/local currency to PT Astra Sedaya Finance.



SEJARAH SINGKAT PERUSAHAANA BRIEF HISTORY OF THE COMPANY

PT Astra Sedaya Finance merupakan perusahaan pembiayaan yang berdiri sejak tahun 1982 dengan nama PT Rahardja Sedaya yang awalnya ditujukan untuk mendukung penjualan produk Astra. Pada tahun 1990, PT Rahardja Sedaya berganti nama menjadi PT Astra Sedaya Finance (“Perseroan”) dan seiring berjalannya waktu, Perseroan memiliki penyertaan saham pada perusahaan asosiasi, yaitu PT Swadharma Bhakti Sedaya Finance, PT Staco Estika Sedaya Finance dan PT Astra Auto Finance yang semuanya telah terdaftar dan diawasi oleh Otoritas Jasa Keuangan (OJK) serta mendapatkan izin dari Departemen Keuangan Republik Indonesia Direktorat Jenderal Lembaga Keuangan serta PT Pratama Sadya Sadana (dahulu PT Pratama Sedaya Finance).

Kemudian pada tahun 1994, ASF dan perusahaan asosiasinya mengembangkan merek Astra Credit

PT Astra Sedaya Finance is a financing company that was established since 1982 under the name of PT Rahardja Sedaya which was originally intended to support the sale of Astra products. In 1990, PT Rahardja Sedaya changed its name into PT Astra Sedaya Finance ("ASF” or “the Company") and as time goes by, the Company has invested in several associated companies, namely PT Swadharma Bhakti Sedaya Finance, PT Staco Estika Sedaya Finance and PT Astra Auto Finance in which those companies have been registered and supervised by the Financial Services Authority (FSA) as well as obtained the permission from the Ministry of Finance of Republic of Indonesia, Directorate General of Financial Institutions as well as PT Pratama Sadya Sadana (formerly PT Pratama Sedaya Finance).

Then in 1994, ASF and its associated companies developed a brand namely Astra Credit Companies ("ACC") to



Companies (“ACC”) untuk mendukung lini usahanya. Perseroan berkomitmen penuh untuk meningkatkan layanan kepada masyarakat luas dengan menyediakan fasilitas pembiayaan dengan skema konvensional maupun syariah untuk pembelian mobil dan alat berat baik dalam kondisi baru ataupun bekas serta fasilitas Pembiayaan Investasi, Pembiayaan Modal Kerja, Pembiayaan Multiguna dan Sewa Operasi (Operating Lease). Selain itu, Perseroan juga mendukung penjualan mobil melalui jaringan dealer, showroom maupun perseorangan di seluruh wilayah Indonesia.

Perseroan senantiasa mempertahankan reputasinya sebagai perusahaan pembiayaan terkemuka di Indonesia, hal tersebut sudah teruji dan terbukti ketika krisis ekonomi melanda Indonesia pada tahun 1998, Perseroan tetap mampu melewati badai krisis tersebut dengan kinerja yang memuaskan. Tidak hanya itu, bahkan pada tahun 1999, Perseroan dapat melunasi pinjaman sindikasi tanpa melakukan restrukturisasi apapun.

Kemudian pada tahun 2000, Perseroan mulai melakukan penerbitan obligasi dengan rating A- dari PT Pemeringkat Efek Indonesia. Saat ini, Perseroan telah meraih peringkat AAA (idn) Stable Outlook dari PT Fitch Ratings Indonesia dan peringkat idAAA dari PT Pemeringkat Efek Indonesia. Perseroan sebagai perusahaan pembiayaan terbesar dan terkemuka di Indonesia, selalu membayarkan nilai pokok hutang dan bunga tepat pada waktunya.

Jaringan Perseroan tersebar di hampir seluruh kota besar di Indonesia, dimana pada tahun 2016 Perseroan tercatat sudah memiliki 73 kantor cabang dan 2 kantor cabang baru akan dibuka di awal tahun 2017 yang tersebar di 58 kota di Indonesia, dan akan terus bertambah.

support their business lines. The Company was fully committed to improve the service to the society by providing financing facilities either conventional or sharia schemes for financing of new cars, used cars, heavy equipment, as well as investment financing, working capital financing, multipurpose financing and operating lease. Moreover, the Company also supports the car sales through a network of dealers, showrooms and individuals throughout Indonesia.

The Company continuously maintains its reputation as a leading financing company in Indonesia which has been tested and proven when the economic crisis hit Indonesia in 1998, the Company was able to get through the crisis with satisfactory performance. Furthermore, in 1999, the Company settled its syndicated loan without any restructuring.

Later in 2000, the Company began to issue bonds with A- rating from PT Pemeringkat Efek Indonesia. Currently, the Company has been obtained the rating of AAA (idn) Stable Outlook from PT Fitch Ratings Indonesia and the rating of idAAA from PT Pemeringkat Efek Indonesia. The Company as the leading financing company and the largest in Indonesia always pays the principal amount of debt and the interest in timely manner.

The Company's network scattered in almost all major cities in Indonesia, where in 2016 the Company has already recorded 73 branch offices spreading across 58 cities in Indonesia while two new branch offices will be opened in early 2017 and shall continue to grow.

73 Kantor Cabang

di 58Kotadi Indonesia

73 Branch Offices at 58 Cities in Indonesia



JEJAK LANGKAHMILESTONES

1982

2002

2000

1994

1990

2014

2012

2016

2015

PT Astra Sedaya Finance (“ASF”) pertama kali didirikan pada 15 Juli 1982, dengan nama PT Rahardja Sedaya.

PT Astra Sedaya Finance was first established on July 15, 1982, under the name of PT Rahardja Sedaya.

Untuk pertama kalinya ASF memperkenalkan brand Astra Credit Companies (“ACC”).

For the first time, ASF introduced its brand named Astra Credit Companies ("ASF").

ASF meraih sertifikat ISO (International Standard Organization) 9001:2008 di bidang manajemen mutu.

ASF obtained the certificate of ISO (International Standards Organization) 9001:2008 in the field of quality management.

ASF tercatat sebagai perusahaan pembiayaan pertama yang mengeluarkan obligasi berkelanjutan di tahun 2012.

ASF recorded as the first financing company that issued bonds in 2012.

ASF meraih sertifikat ISO (International Standard Organization) 14000 dan OHSAS 18000.

ASF obtained the certificate of ISO (International Standards Organization) 14000 and OHSAS 18000.

ASF meluncurkan logo baru ACC.

ASF launched the new logo of ACC.

- ASF meluncurkan produk pembiayaan multiguna, pembiayaan modal kerja, education financing.

- ASF melakukan peluncuran aplikasi “ACC YES!” berbasis Android dan iOS.

- ASF berhasil memperoleh peringkat Baa3 dari Moody's dan BBB- dari Fitch Rating.

- ASF launched a product of multipurpose financing, working capital financing, education financing.

- ASF launched application named "ACC YES!" Android and iOS.

- ASF successfully obtained Baa3 rating from Moody's and BBB- from Fitch Rating.

- ASF meluncurkan Travel Financing.- ASF menerbitkan Euro Medium Term Note

(EMTN) dengan rating BBB- dari Fitch Ratings.- ASF mendapatkan peringkat Baa3/P-3 (stable

outlook) dari Moody’s.

- ASF launched Travel Financing. - ASF issued a Euro Medium Term Note (EMTN) with

rating of BBB- from Fitch Rating. - ASF obtained a rating Baa3/P-3 (stable outlook)

from Moody's.

PT Rahardja Sedaya yang awalnya difokuskan untuk berjualan produk Astra berganti nama menjadi PT Astra Sedaya Finance.

PT Rahardja Sedaya which initially focused on selling Astra products changed its name into PT Astra Sedaya Finance.



BRAND ASTRA CREDIT COMPANIES (“ACC”)ASTRA CREDIT COMPANIES ("ACC") BRAND

Pada tahun 2016, logo Astra Credit Companies (“ACC”) mengalami perubahan dengan menambahkan kalimat “Member of Astra”. Perubahan pada logo ACC tersebut berlaku bagi seluruh anak perusahaan PT Astra Internasional Tbk, mengikuti kebijakan PT Astra Internasional Tbk selaku holding.

Tagline • Font kecil mencerminkan ACC yang humble.• Supergrafis dan frame melengkung mencerminkan ACC yang

dinamis.• Warna putih mencerminkan keterbukaan.

TerpercayaGaris tegas dan luwes merefleksikan reputasi ACC yang terpercaya.

Antusias • Terlihat dari ekspresi senyum lebar (happy) dan dasi berkibar

yang dibuat lebih jelas dan terang.• Warna orange mencerminkan antusias, hangat, bersahabat,

mudah dijangkau.

Responsif• Terlihat dari ekspresi image orang yang Responsif, Friendly

dan Helpful.• Dasi yang berkibar.

Solusi Terbaik Terlihat dari jempol yang ke atas.

Profesional• Terlihat dari image orang yang menggunakan kemeja dan dasi

dengan rapi.• Garis badan yang tegas, rambut yang tertata rapi dan warna

muka yang solid mencerminkan kesan profesional.• Warna Biru juga mencerminkan kesan profesional.

In 2016, the logo of Astra Credit Companies ("ACC") has changed by adding the phrase of "Member of Astra". The restructuring of ACC logo applied to all subsidiaries of PT Astra International Tbk, following the policy of PT Astra International Tbk as the holding Company.

Tagline • Lowercase type font reflects the humble ACC.• Supergraphic and curvy frame reflects the dynamic of ACC.• The white color reflects the openness.

TrustworthyDecisive and flexible lines reflects a trusty reputation of ACC.

Enthusiastic • Can be seen from a big smile expression (happy) and tie

fluttering which is made clearer and brighter.• Orange color reflects enthusiastic, warm, friendly, reachable.

Responsive• Can be seen from the image expression of people which are

Responsive, Friendly and Helpful.• Tie fluttering.

Best solutionCan be seen from the thumbs upwards.

Professional• Can be seen from the images of people whom wears shirt

and tie neatly.• Strict body lines, neat hair and solid face color reflects a

professional impression.• Blue color also reflects a professional impression.



Pernyataan Visi dan Misi Perseroan ini sudah disetujui oleh Dewan Komisaris dan Direksi.

VISI DAN MISIVISION AND MISSION

NILAI-NILAI DAN BUDAYA PERUSAHAANCORPORATE CULTURE AND VALUES

Dalam menjalankan kegiatan operasional bisnis sehari-hari, Perseroan senantiasa mengimplementasikan nilai-nilai budaya perusahaan di seluruh aspek lingkungan kerja sebagai pedoman perilaku bagi manajemen dan karyawan lainnya. Selain itu, keberadaan nilai-nilai budaya Perseroan juga dimaksudkan untuk memaksimalkan nilai tambah Perseroan bagi para stakeholders serta untuk memacu kinerja masing-masing karyawan. Nilai-nilai budaya Perseroan dirumuskan ke dalam 4 (empat) pilar, yaitu:

VISI VISION

Become the 1st Choice Financing Company with Total SolutionMISI MISSION

To Promote Credit for a better living

1. Integrity Berani mentaati peraturan

berlandaskan asas dan etika yang berlaku serta menunjukkan sikap profesional dan bertanggung jawab.

Brave to obey any rules based on the principles and ethics as well as demonstrate professional attitude and responsibility.

2. Teamwork Bersinergi melalui

interaksi yang positif dan terbuka dengan komitmen mencapai target perusahaan.

Building the synergy through a positive and open interaction with high commitment to achieve Company's target.

3. Quality Proses yang cepat dan

akurat dengan mentalitas perbaikan secara terus menerus untuk hasil yang terukur dan terbaik.

Fast and accurate process with continuous improvement mentality to

achieve the best outcome.

4. Customer Satisfaction Memberikan pengalaman

terbaik bagi pelanggan melalui pelayanan yang andal dan terpercaya.

Provide the best experience for customers through a reliable and trustworthy service.

The Statement of the Company's Vision and Mission has been approved by the Board of Commissioners and the Board of Directors.

In running the daily business operations, the Company continues to implement corporate culture values in all aspects of work environment as a code of conduct for management and employees. Moreover, the existence of cultural values of the Company also meant to maximize the Company's added value for stakeholders as well as to boost the performance of every employee. The cultural values of the Company formulated into four (4) pillars, namely:



BIDANG USAHABUSINESS LINE

PRODUK DAN JASA PERSEROANCOMPANY'S PRODUCTS AND SERVICES

Sesuai dengan Anggaran Dasar Perseroan yang terakhir dan termuat dalam Akta Pernyataan Keputusan Para Pemegang Saham No. 16 tanggal 10 November 2015, yang dibuat dihadapan Aryanti Artisari, S.H., M.Kn., notaris di Jakarta yang telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Keputusan Menteri Hukum dan Hak Asasi Manusia Republik Indonesia Nomor AHU-0945752.AH.01.02.TAHUN 2015 tanggal 12 November 2015 dan telah diterima dan dicatat dalam Database Sisminbakum Direktorat Jenderal Administrasi Hukum Umum Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia Nomor AHU-AH.01.03-0979433 tanggal 12 November 2015 dan telah, maka Perseroan dapat melaksanakan kegiatan usaha sebagai berikut: 1. Pembiayaan Investasi.2. Pembiayaan Modal Kerja.3. Pembiayaan Multiguna.4. Menjalankan usaha dalam bidang sewa operasi (operating

lease) dan/atau kegiatan berbasis fee.5. Pembiayaan Syariah.

Pembiayaan Mobil Baru dan Pembiayaan Multiguna• Toyota, Daihatsu, Isuzu, Peugeot, BMW, Lexus, Nissan

Diesel, dan merk lainnya.• Travel Financing, Education Financing, Customer to

Customer.

New Car Financing and Multipurpose Financing• Toyota, Daihatsu, Isuzu, Peugeot, BMW, Lexus, Nissan

Diesel, dan merk lainnya.• Travel Financing, Education Financing, Customer to

Customer.

Pembiayaan Mobil BekasPembiayaan Mobil dari showroom.

Used Car FinancingCar Financing from showroom.

Produk dan Layanan lainnya/Products and Other Services: Asuransi, ACC Credit Protection (ACP), STNK dan BPKB.Insurance, ACC Credit Protection (ACP), STNK and BPKB.

Pembiayaan Alat BeratPembiayaan Alat Berat dan Barang Modal lainnya.

Heavy Equipment FinancingHeavy Equipment and other Capital Goods.

Pembiayaan SyariahMurabahah

Sharia FinancingMurabahah

In accordance with the Articles of Association and contained in the Deed of Shareholders decision No. 16 dated November 10, 2015, made before Aryanti Artisari, SH, M.Kn., notary in Jakarta, which was approved by the Minister of Law and Human Rights of Republic Indonesia through the Minister of Justice and Human Rights of Republic of Indonesia No. AHU-0945752.AH.01.02.TAHUN 2015 on November 12, 2015 and has been accepted and recorded in the Sisminbakum database of Directorate General of Administration of General Law of the Ministry of Law and Human Rights of Republic of Indonesia No. AHU AH.01.03-0979433 on November 12, 2015, so the Company able to execute the following activities:

1. Investment Financing.2. Capital Working Financing.3. Multipurpose Financing.4. Operating lease and/or fee-based activities.

5. Sharia Financing

Dengan mengacu pada Anggaran Dasar Perseroan sebagaimana disebutkan di atas, Perseroan telah memiliki sejumlah produk dan jasa yang diberikan kepada pelanggan, yaitu:

By referring to the Articles of Association of the Company as mentioned above, the Company has number of products and services which provided to customers, namely:



PRESIDENT DIRECTOR

DIRECTOR DIRECTOR DIRECTOR

CORPORATE COMPLIANCE & AUDIT

CORPORATE LEGAL & LITIGATION

UNIT USAHA SYARIAH

DEPUTY CHIEF SALES OFFICER

RETAIL SALES DIVISION HEAD

RETAIL OPERATION DIVISION HEAD

HUMAN CAPITAL DIVISION HEAD

RETAIL AR MANAGEMENT DIVISION HEAD

CROSS SELLING DIVISION HEAD

MARKETING STRATEGIC

DIVISION HEAD

DEPUTY MARKETING STRATEGIC

DIVISION HEAD

RETAIL OPERATION SUPPORT &

DEVELOPMENT DIVISION HEAD

CORPORATE SECRETARY

CORPORATE STRATEGIC & COMMUNICATION

Jodjana J.

Wie Mia Anton Rusli Siswadi

Antonius J. Sare R. Bagus Dwiantho

Wisnu Wardhana

Ezar Kumendong

Devy Santoso J. Hary Santoso Matilda EstherVivi ElviraReni S. Futsy Y.

Denny Santoso

Vivi Irianti Arifianto S.

Nur Mustikaningtyas

Dharmawan Phie*

STRUKTUR ORGANISASIORGANIZATION STRUCTURE



DIRECTOR DIRECTOR

FINANCIAL PLANNING &

ANALYSIS HEAD

TREASURY, FINANCE & BANKING

DIVISION HEAD

RISK DIVISION HEAD

ACCOUNTING & TAX

DIVISION HEAD

INFORMATION TECHNOLOGY

DIVISION HEAD

FLEET COMMERCIAL

DIVISION HEAD

Samuel Manasseh Handoko Liem

Astrid Naftaly*

Dharmawan Phie Wempy Kunto W.Silviana Halim Daniel GunawanHandri Susanto

*) Merangkap/Concurrent



PROFIL DEWAN KOMISARISTHE BOARD OF COMMISSIONERS' PROFILE

Gunawan GeniusahardjaPresiden KomisarisPresident Commissioner

Warga Negara Indonesia, lahir pada tahun 1955, berdomisili di Jakarta. Pertama kali diangkat sebagai Presiden Komisaris Perseroan melalui RUPS Tahunan Perseroan tanggal 28 April 2006 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016, sebagai Anggota Komite Nominasi dan Remunerasi Perseroan berdasarkan Keputusan Dewan Komisaris Perseroan tanggal 22 April 2016. Memperoleh Sertifikasi Dasar Pembiayaan Komisaris dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 27 Juli 2016.

Riwayat Pendidikan1981: Universitas Kristen Indonesia – Fakultas Teknik

Riwayat Karier Profesional

• April 2015 – sekarang

: Direktur Independen PT Astra International Tbk

• 2013 – sekarang : Presiden Komisaris PT Asuransi Astra Buana

• 2010 – sekarang : Komisaris PT Astra Honda Motor• 2010 – sekarang : Wakil Presiden Komisaris PT Toyota

Astra Financial Services•

•

2008 – sekarang

2006 – sekarang

:

:

Wakil Komisaris Utama PT Bank Permata TbkPresiden Komisaris PT Astra Sedaya Finance

• 2005 – sekarang : Komisaris PT Toyota-Astra Motor• 2001 – April 2015 : Direktur PT Astra International Tbk• 2000 – 2010 : Presiden Komisaris PT Surya Artha

Nusantara Finance• 1997 – 2006 : Presiden Direktur PT Astra Sedaya

Finance• 1993 – 1997 : - Chief Executive – Daihatsu Sales

Operation PT Astra International Tbk - Direktur Astra Daihatsu Motor

• 1990 – 1993 : Chief Executive – Isuzu Sales Operation PT Astra International Tbk

Indonesian citizen, born in 1955, domiciled in Jakarta. First time appointed as President Commissioner of the Company based on the decision of the Company's Annual GMS dated April 28, 2006 and reappointed based on the decision of the Company's Annual GMS dated April 20, 2016, as a Member of the Nomination and Remuneration Committee of the Company based on the decision of the Board of Commissioners on April 22, 2016. Obtained Certification of Basic Financing of the Board of Commissioner from PT Sertifikasi Profesi Pembiayaan Indonesia on July 27, 2016.

Educational Background1981: Indonesian Christian University - Faculty of Engineering

Professional Career History

• April 2015 – present

: Independent Director of PT Astra International Tbk

• 2013 – present : President Commissioner of PT Asuransi Astra Buana

• 2010 – present : Commissioner of PT Astra Honda Motor • 2010 – present : Vice President Commissioner of PT

Toyota Astra Financial Services • 2008 – present : Vice President Commissioner of PT Bank

Permata Tbk • 2006 – present : President Commissioners of PT Astra

Sedaya Finance• 2005 – present : Commissioner of PT Toyota-Astra Motor • 2001 – April 2015 : Director of PT Astra International Tbk • 2000 – 2010 : President Commissioner of PT Surya

Artha Nusantara Finance• 1997 – 2006 : President Director of PT Astra Sedaya

Finance• 1993 – 1997 : - Chief Executive – Daihatsu Sales

Operation of PT Astra International Tbk - Director of Astra Daihatsu Motor

• 1990 – 1993 : Chief Executive – Isuzu Sales Operation of PT Astra International Tbk

Seluruh Dewan Komisaris tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris lain, anggota Direksi dan pemegang saham.

All members of the Board of Commissioners do not have affiliate relationship with members of the Board of Commissioners, members of the Board of Directors and shareholders.



Suparno DjasminWakil Presiden KomisarisVice President Commissioner

Warga Negara Indonesia, lahir pada tahun 1961, berdomisili di Jakarta. Pertama kali diangkat sebagai Wakil Presiden Komisaris Perseroan melalui Keputusan RUPS Perseroan tanggal 31 Maret 2016 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016, sebagai Anggota Komite Nominasi dan Remunerasi Perseroan berdasarkan Keputusan Dewan Komisaris Perseroan tanggal 22 April 2016. Memperoleh Sertifikasi Dasar Pembiayaan Komisaris dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 27 Juli 2016.

Riwayat Pendidikan1986: Institut Pertanian Bogor – Teknologi Pangan

Riwayat Karier Profesional• 2016 – sekarang : - Wakil Presiden Komisaris PT Astra Sedaya

Finance - Presiden Komisaris PT Federal International Finance

- Komisaris PT Asuransi Astra Buana - Wakil Presiden Komisaris PT Astra Aviva Life

• 2014 – sekarang : - Direktur PT Astra International Tbk - Komisaris PT Serasi Autoraya

• 2013 – 2016 : Komisaris PT Astra Sedaya Finance• 2014 – 2015 : - Wakil Presiden Direktur PT Toyota Astra Motor

- Direktur PT Toyota Motor Manufacturing Indonesia

• 2013 – 2015 : Chief Executive PT Astra International Tbk - Toyota• 2013 – 2014 : Deputy Director In Charge Toyota Sales

Operation dan Astra World Sales Operation PT Astra International Tbk

• 2010 – 2013 : Deputy Director in Charge Astra Motor III (non Toyota) - Sales Operation PT Astra International Tbk

• 2007 – 2013 : Chief Executive PT Astra International Tbk - Daihatsu Sales Operation

• 2007 – 2008 : Direktur Pemasaran PT Astra Daihatsu Motor• 2001 – 2007 : Chief Executive PT Astra International Tbk -

Isuzu Sales Operation• 1992 – 2001 : Direktur Penjualan & Pemasaran

PT Astra CMG Life

Indonesian citizen, born in 1961, domiciled in Jakarta. First time appointed as Vice President Commissioner of the Company based on the decision of the Company's GMS dated March 31, 2016 and reappointed based on the decision of the Company's Annual GMS dated April 20, 2016, as a Member of the Nomination and Remuneration Committee of the Company based on the decision of the Board of Commissioners on April 22, 2016. Obtained Certification of Basic Financing of the Board of Commissioner from PT Sertifikasi Profesi Pembiayaan Indonesia on July 27, 2016.

Educational Background1986: Bogor Institute of Agriculture - Food Technology

Professional Career History• 2016 – present : - Vice President Commissioner of PT Astra Sedaya

Finance - President Commissioner of PT Federal

International Finance - Commissioner of PT Asuransi Astra Buana - Vice President Commissioner PT Astra Aviva Life

• 2014 – present : - Director of PT Astra International Tbk - Commissioner of PT Serasi Autoraya

• 2013 – 2016 : Commissioner of PT Astra Sedaya Finance • 2014 – 2015 : - Vice President Director of PT Toyota Astra Motor

- Director of PT Toyota Motor Manufacturing Indonesia

• 2013 – 2015 : Chief Executive of PT Astra International Tbk - Toyota • 2013 – 2014 : Deputy Director In Charge Toyota Sales Operation

and Astra World Sales Op-eration of PT Astra International Tbk

• 2010 – 2013 : Deputy Director in Charge Astra Motor III (non Toyota) - Sales Operation of PT Astra International Tbk

• 2007 – 2013 : Chief Executive of PT Astra International Tbk - Daihatsu Sales Operation

• 2007 – 2008 : Marketing Director of PT Astra Daihatsu Motor• 2001 – 2007 : Chief Executive of PT Astra International Tbk -

Isuzu Sales Operation • 1992 – 2001 : Sales & Marketing Director of PT Astra CMG Life



Warga Negara Indonesia, lahir pada tahun 1964, berdomisili di Jakarta. Pertama kali diangkat sebagai Komisaris Perseroan melalui Keputusan RUPS Perseroan tanggal 31 Maret 2016 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016. Memperoleh Sertifikasi Dasar Pembiayaan Komisaris dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 27 Juli 2016.

Riwayat Pendidikan1996 : Institut Pengembangan Manajemen Indonesia (IPMI)/ Monash Mt. Eliza Business School, Australia1989 : Universitas Trisakti – Fakultas Teknik, Jurusan Teknik Mesin

Riwayat Karier Profesional• April 2016 –

sekarang: - Presiden Komisaris PT Isuzu Astra Motor

Indonesia - Presiden Komisaris PT Tjahja Sakti Motor - Presiden Komisaris PT Gaya Motor - Komisaris PT Astra Sedaya Finance

• Januari 2016 – sekarang

: Wakil Presiden Komisaris PT Astra Daihatsu Motor


: - Direktur PT Astra International Tbk - Presiden Komisaris PT Astra Otoparts Tbk - Komisaris PT Astra Graphia Tbk - Presiden Komisaris PT Astra Multi Trucks

Indonesia• Juli 2013 –

sekarang: Chief Executive PT Astra International -

Daihatsu Sales Operation• Juli 2013 –

Maret 2015: Deputi Direktur PT Astra International Tbk

• 2009 – Juni 2013

: - Chief Executive Officer Astra Credit Companies (ACC)

- Presiden Direktur PT Astra Sedaya Finance• 2007 – 2008 : - Chief Executive PT Astra International -

Isuzu Sales Operation- Direktur Marketing PT Isuzu Astra Motor

Indonesia• 2006 : Presiden Direktur PT Astra Nissan Diesel

Indonesia• 2001 – 2006 : Chief Executive PT Astra International -

Nissan Diesel Sales Operation• 2001 – 2005 : Wakil Presiden Direktur PT Astra Nissan

Diesel Indonesia• 1998 – 2000 : Production Division Head PT Astra Nissan

Diesel Indonesia• 1994 – 1997 : Procurement Department Head PT Astra

Nissan Diesel Indonesia• 1992 – 1993 : Engineering Asisstant Manager PT Astra

Nissan Diesel Indonesia• 1990 – 1991 : Engineering Staff PT Astra Nissan Diesel

Indonesia

Djony Bunarto Tjondro Komisaris

Commissioner

Male, Indonesian citizen, born in 1964, domiciled in Jakarta. First time appointed as Commissioner of the Company based on the decision of the Company's GMS dated March 31, 2016 and reappointed based on the decision of the Company's Annual GMS dated April 20, 2016. Obtained Certification of Basic Financing of the Board of Commissioner from PT Sertifikasi Profesi Pembiayaan Indonesia on July 27, 2016.

Educational Background1996 : The Institute of Management Development Indonesia (IPMI)/Monash Mt. Eliza Business School, Australia1989 : University of Trisakti – Faculty of Engineering, Department of Mechanical Engineering

Professional Career History• April 2016 –

present: - President Commissioner of PT Isuzu Astra Motor

Indonesia - President Commissioner of PT Tjahja Sakti Motor - President Commissioner of PT Gaya Motor - Commissioner of PT Astra Sedaya Finance

• January 2016 – present

: Vice President Commissioner of PT Astra Daihatsu Motor


: - Director of PT Astra International Tbk - President Commissioner of PT Astra Otoparts Tbk - Commissioner of PT Astra Graphia Tbk - President Commissioner of PT Astra Multi Trucks

Indonesia• July 2013 –

present: Chief Executive of PT Astra International -

Daihatsu Sales Operation• July 2013 –

March 2015: Deputy Director of PT Astra International Tbk

• 2009 – June 2013

: - Chief Executive Officer of Astra Credit Companies (ACC)

- President Director of PT Astra Sedaya Finance• 2007 – 2008 : - Chief Executive of PT Astra International - Isuzu

Sales Operation - Marketing Director of PT Isuzu Astra Motor

Indonesia• 2006 : President Director of PT Astra Nissan Diesel

Indonesia• 2001 – 2006 : Chief Executive of PT Astra International -

Nissan Diesel Sales Operation• 2001 – 2005 : Vice President Director of PT Astra Nissan

Diesel Indonesia• 1998 – 2000 : Production Division Head of PT Astra Nissan

Diesel Indonesia• 1994 – 1997 : Procurement Department Head of PT Astra

Nissan Diesel Indonesia• 1992 – 1993 : Engineering Asisstant Manager of PT Astra

Nissan Diesel Indonesia• 1990 – 1991 : Engineering Staff of PT Astra Nissan Diesel

Indonesia



Warga Negara Indonesia, lahir pada tahun 1970, berdomisili di Jakarta. Pertama kali diangkat sebagai Komisaris Perseroan melalui Keputusan RUPS Perseroan tanggal 2 Juli 2014 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016. Memperoleh Sertifikasi Dasar Pembiayaan Komisaris dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 27 Juli 2016.

Riwayat Pendidikan1994: University of Illinois, Urbana – Champaign, USA - MBA 1991: Iowa State University, USA – Business/Finance


• 2014 – sekarang : Komisaris PT Astra Sedaya Finance• 2013 – sekarang : Executive VP, Head Risk Retail & SME

PT Bank Permata Tbk• 2012 – 2013 : Consumer Credit Director Citibank ZAO,

Moscow, Russia• 2010 – 2012 : Director, Consumer Risk Head/Cluster Credit

Head – Czech Rep & Romania Citibank Europe Plc – Prague, Czech Republic

• 2008 – 2010 : Senior VP, Consumer Risk Head Citibank Europe Plc. Bucharest, Romania

• 2006 – 2008 : Senior VP, Deputy Country Risk Manager/Risk Manager – Unsecured & CitiBusiness, Citibank Singapore Ltd, Singapore

• 2003 – 2006 : VP, Risk Manager – Secured & Citi Business Citibank Singapore Ltd, Singapore

• 2000 – 2003 : Assistant VP - Senior Risk Analyst, Citibank Singapore Ltd, Singapore

• 1999 – 2000 : Senior Consultant, Ernst & Young Financial Service Consulting Singapore

• 1997 – 1999 : Senior Product Manager Bank BII Commonwealth Jakarta

• 1995 – 1997 : Risk Manager – Mortgage Citibank Indonesia• 1994 – 1997 : Management Associate Citibank Indonesia

Henry SantosoKomisarisCommissioner

Indonesian citizen, born in 1970, domiciled in Jakarta. First time appointed as Commissioner of the Company based on the decision of the Company's GMS dated July 2, 2014 and reappointed based on the decision of the Company's Annual GMS dated April 20, 2016. Obtained Certification of Basic Financing of the Board of Commissioner from PT Sertifikasi Profesi Pembiayaan Indonesia on July 27, 2016.

Educational Background1994: University of Illinois, Urbana – Champaign, USA - MBA 1991: Iowa State University, USA – Business/Finance


• 2014 – present : Commissioner of PT Astra Sedaya Finance• 2013 – present : Executive VP, Head Risk Retail & SME of

PT Bank Permata Tbk• 2012 – 2013 : Consumer Credit Director of Citibank ZAO, Moscow, Russia • 2010 – 2012 : Director, Consumer Risk Head/Cluster Credit

Head – Czech Rep & Romania Citibank Europe Plc – Prague, Czech Republic

• 2008 – 2010 : Senior VP, Consumer Risk Head Citibank Europe Plc. Bucharest, Romania

• 2006 – 2008 : Senior VP, Deputy Country Risk Manager / Risk Manager – Unsecured & CitiBusiness, Citibank Singapore Ltd, Singapore

• 2003 – 2006 : VP, Risk Manager – Secured & CitiBusiness Citibank Singapore Ltd, Singapore

• 2000 – 2003 : Assistant VP - Senior Risk Analyst, Citibank Singapore Ltd, Singapore

• 1999 – 2000 : Senior Consultant, Ernst & Young Financial Service Consulting Singapore

• 1997 – 1999 : Senior Product Manager Bank BII Commonwealth Jakarta

• 1995 – 1997 : Risk Manager – Mortgage Citibank Indonesia • 1994 – 1997 : Management Associate Citibank Indonesia.



Warga Negara Indonesia, lahir pada tahun 1964, berdomisili di Jakarta. Pertama kali diangkat sebagai Komisaris Perseroan melalui Keputusan RUPS Perseroan tanggal 20 Maret 2015 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016. Memperoleh Sertifikasi Dasar Pembiayaan Komisaris dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 25 November 2015.

Riwayat Pendidikan1983: Fakultas Ekonomi Universitas Indonesia – Jurusan Studi Pembangunan & Moneter


• Mei 2015 – 2017

: - Komisaris PT Astra Sedaya Finance - Head-Client Relationship/EVP PT Bank Permata Tbk (Client Relationship Wholesale Banking)

• 2010 – Mei 2015

: Head-Client Relationship/EVP PT Bank Permata Tbk (Local Corporates, Financial Institutions, Commodity Corporates, dan Middle Market Surabaya/Indonesia Timur)

• 2008 – 2009 : Segment Head/ SVP Financial Institutions PT Bank Permata Tbk

• 2006 – 2008 : Segment Head/ SVP Local Corporate PT Bank Permata Tbk

• 2003 – 2006 : Segment Head/ SVP Financial Institutions PT Bank Permata Tbk

• 1996 – 2003 : VP Financial Institutions Group Chase – JP Morgan Jakarta

• 1993 – 1996 : AVP Grup Financial Institutions Citibank N.A. Jakarta

• 1991 – 1993 : Assistant Manager & Relationship Manager Treasury Marketing Unit Citibank N.A. Jakarta

• 1990 - 1991 : Management Trainee Citibank N.A. Jakarta

Ardi SedakaKomisaris

Commissioner

Indonesian citizen, born in 1964, domiciled in Jakarta. First time appointed as Commissioner of the Company based on the decision of the Company's GMS dated March 20, 2015 and reappointed based on the decision of the Company's Annual GMS dated April 20, 2016. Obtained Certification of Basic Financing of the Board of Commissioner from PT Sertifikasi Profesi Pembiayaan Indonesia on November 25, 2015.

Educational Background1983: Faculty of Economics, University Indonesia - Department of Development Studies & Monetary


• May 2015 – 2017

: - Commissioner of PT Astra Sedaya Finance - Head-Client Relationship/EVP of PT Bank

Permata Tbk (Client Relationship Wholesale Banking)

• 2010 – May 2015

: Head-Client Relationship/EVP of PT Bank Permata Tbk (Local Corporates, Financial Institutions, Commodity Corporates, and Middle Market Surabaya/East of Indonesia)

• 2008 – 2009 : Segment Head/SVP Financial Institutions of PT Bank Permata Tbk

• 2006 – 2008 : Segment Head/SVP Local Corporate of PT Bank Permata Tbk

• 2003 – 2006 : Segment Head/ SVP Financial Institutions of PT Bank Permata Tbk

• 1996 – 2003 : VP Financial Institutions of Group Chase – JP Morgan Jakarta

• 1993 – 1996 : AVP Grup Financial Institutions of Citibank N.A. Jakarta

• 1991 – 1993 : Assistant Manager & Relationship Manager Treasury Marketing of Unit Citibank N.A. Jakarta

• 1990 - 1991 : Management Trainee of Citibank N.A. Jakarta



Warga Negara Indonesia, lahir pada tahun 1954, berdomisili di Yogyakarta. Pertama kali diangkat sebagai Komisaris Independen Perseroan melalui RUPS Tahunan Perseroan tanggal 18 April 2012 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016, sebagai Ketua Komite Nominasi dan Remunerasi Perseroan berdasarkan Keputusan Dewan Komisaris Perseroan tanggal 22 April 2016. Memperoleh Sertifikasi Dasar Pembiayaan Komisaris dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 25 November 2015.

Riwayat Pendidikan1980: Fakultas Ekonomi Universitas Indonesia– Jurusan Studi Pembangunan

Riwayat Karier Profesional• April 2016 –

sekarang: Komisaris Independen dan Ketua Komite

Audit di PT Federal International Finance• April 2013 –

sekarang: Anggota Komite Audit

PT Astra Autoparts Tbk• April 2012 – April

2016: Ketua Komite Audit PT Astra Sedaya

Finance• 2012 – sekarang : Komisaris Independen PT Astra Sedaya

Finance• 2008 – April 2012 : - Komisaris Independen dan Ketua

Komite Audit PT Astra Graphia Tbk- Komisaris Independen dan Ketua

Komite Audit PT Serasi Autoraya• 2004 – Mei 2008 : - Komisaris Independen dan Ketua Komite

Audit PT Astra Sedaya Finance- Komisaris Independen dan Ketua Komite

Audit PT Federal International Finance• 1995 – 2000 : Komisaris PT Asuransi Astra Buana• 1989 – 2000 : Komisaris PT Astra Sedaya Finance• 1988 – 1989 : General Manager Bank Universal• 1983 – 1988 : Senior Manager Corporate Finance

PT Multinational Finance• 1981 – 1983 : Economist & Kepala Departemen Kredit

Citibank N.A.• 1977 – 1981 : - Asisten Dosen di Fakultas Ekonomi

Universitas Indonesia- Staf Peneliti Lembaga Penyelidikan

Ekonomi dan Masyarakat Fakultas Ekonomi Universitas Indonesia (LPEM FEUI)

Beliau telah menyatakan independensinya selaku Komisaris Independen dalam surat pernyataan Komisaris Independen.

Buyung SyamsudinKomisaris IndependenIndependent Commissioner

Indonesian citizen, born in 1954, domiciled in Yogyakarta. First time appointed as Independent Commissioner of the Company based on the decision of the Company's Annual GMS dated April 18, 2012 and reappointed based on the decision of the Company's Annual GMS dated April 20, 2016, as Chairman of Nomination and Remuneration Committee of the Company based on the decision of the Board of Commissioners on April 22, 2016. Obtained Certification of Basic Financing of the Board of Commissioner from PT Sertifikasi Profesi Pembiayaan Indonesia on November 25, 2015.

Educational Background1980: Faculty of Economics, University Indonesia - Department of Development Studies

Professional Career History• April 2016 –

present: Independent Commissioner and Audit Committee of

PT Federal International Finance• April 2013 –

present: Audit Committee member of PT Astra

Autoparts Tbk • April 2012 –

April 2016: Chairman of Audit Committee of PT Astra Sedaya

Finance• 2012 –

present: Independent Commissioner of PT Astra Sedaya

Finance• 2008 – April

2012: - Independent Commissioner and Chairman of Audit

Committee of PT Astra Graphia Tbk - Independent Commissioner and Chairman of Audit

Committee of PT Serasi Autoraya• 2004 – May

2008: - Independent Commissioner and Chairman of Audit

Committee of PT Astra Sedaya Finance - Independent Commissioner and Chairman of Audit

Committee of PT Federal International Finance• 1995 – 2000 : Commissioner of PT Asuransi Astra Buana • 1989 – 2000 : Commissioner of PT Astra Sedaya Finance • 1988 – 1989 : General Manager of Bank Universal • 1983 – 1988 : Senior Manager Corporate Finance of PT Multinational

Finance • 1981 – 1983 : Economist & Head of Credit Department of Citibank

N.A. • 1977 – 1981 : - Assistant for Lecturer at the Faculty of Economics,

University Indonesia - Researcher Staff of the Institute for Economic and

Social Research, Faculty of Economics, University of Indonesia (LPEM FEUI)

He has declared its independence as an Independent Commissioner In a statement letter of Independent Commissioner.



H. Mohammad Husni Komisaris IndependenIndependent Commissioner

Warga Negara Indonesia, lahir pada tahun 1956, berdomisili di Jakarta. Pertama kali diangkat sebagai Komisaris Independen Perseroan melalui Keputusan RUPS Perseroan tanggal 24 Juni 2015 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016, sebagai Ketua Komite Audit Perseroan berdasarkan Keputusan Dewan Komisaris Perseroan tanggal 25 April 2016. Memperoleh Sertifikasi Dasar Pembiayaan Komisaris dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 25 November 2015.

Riwayat Pendidikan2007: Magister Manajemen/Sumber Daya Manusia di Universitas Persada Indonesia - YAI1982: Fakultas Ekonomi – Jurusan Studi Pembangunan/Ekonomi Internasional di Universitas Indonesia


• 2016 – sekarang : Ketua Komite Audit PT Astra Sedaya Finance

• 2015 – sekarang : Komisaris Independen PT Astra Sedaya Finance

• 2014 – sekarang : Komisaris Independen dan Komite Audit PT Surya Artha Nusantara Finance

• 2011 – 2013 : Komisaris PT Balai Pustaka Teknologi • 2004 – 2009 : Anggota Komisi E (Sektor: Pendidikan,

Kesehatan, Kesejahteraan Sosial) DPRD Tk. I DKI Jakarta

• 1987 – 2004 : Komisaris Perdagangan/Pejabat Komersial Kedutaan Besar Kanada, Jakarta

• 1984 – 2002 : Dosen Luar Biasa Fakultas Ekonomi Universitas Trisakti

Indonesian citizen, born in 1956, domiciled in Jakarta. First time appointed as Independent Commissioner of the Company based on the decision of the Company's GMS dated June 24, 2015 and reappointed based on the decision of the Company's Annual GMS dated April 20, 2016, as Chairman of Audit Committee of the Company based on the decision of the Board of Commissioners on April 25, 2016. Obtained Certification of Basic Financing of the Board of Commissioner from PT Sertifikasi Profesi Pembiayaan Indonesia on November 25, 2015.

Educational Background2007: Magister of Management/Human Resources at University of – YAI1982: Faculty of Economics - Department of Development Studies/ International Economics at the University of Indonesia

Professional Career History• 2016 – present : Chairman of Audit Committee of PT Astra

Sedaya Finance• 2015 – present : Independent Commissioner of PT Astra

Sedaya Finance• 2014 – present : Independent Commissioner and Audit

Committee of PT Surya Artha Nusantara Finance

• 2011 – 2013 : Commissioner of PT Balai Pustaka Teknologi • 2004 – 2009 : Member of the E Commission (Sector:

Education, Health, Social Welfare) DPRD Tk. I DKI Jakarta

• 1987 – 2004 : Trade Commissioner/Commercial Officer of Canadian Embassy, Jakarta

• 1984 – 2002 : An outstanding lecturer of Faculty of Economics, University of Trisakti



PROFIL DIREKSITHE BOARD OF DIRECTORS' PROFILE

Warga Negara Indonesia, lahir pada tahun 1968, berdomisili di Jakarta. Pertama kali diangkat sebagai Presiden Direktur Perseroan melalui Keputusan RUPS Perseroan tanggal 4 September 2013 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016. Memperoleh Sertifikasi Ahli Pembiayaan pada tanggal 19 Agustus 2015; Sertifikasi Dasar Pembiayaan Komisaris pada tanggal 30 Agustus 2016 dari PT Sertifikasi Profesi Pembiayaan Indonesia dan Sertifikasi Manajemen Risiko dari Badan Sertifikasi Manajemen Risiko pada tanggal 3 November 2016.

Riwayat Pendidikan• 1994 – 1995 : James Cook University of North Queensland,

Australia – Master of Business Administration• 1987 – 1991 : Universitas Gadjah Mada – Fakultas Ekonomi,

Jurusan Manajemen

Riwayat Karier Profesional• 2013 – sekarang : - Presiden Direktur PT Astra Sedaya Finance

- Chief Executive Officer Astra Credit Companies (ACC)

- Presiden Komisaris PT Swadharma Bhakti Sedaya Finance

• 2010 – 2013 : - Chief Executive Officer PT Astra International Tbk – Toyota Sales Operation

- Direktur PT Toyofuji Serasi Indonesia• 2009 – 2010 : Chief Operating Officer PT Astra

International Tbk – Toyota Sales Operation• 2007 – 2009 : Lexus General Manager PT Toyota Astra

Motor• 2002 – 2009 : Sales Division General Manager PT Toyota

Astra Motor• 2000 – 2002 : Business Development Division Head

PT Astra International Tbk – Toyota Sales Operation

• 1998 – 2000 : Sales Planning Head, Global Consumer Banking, Citibank NA

• 1996 – 1998 : Sales Training & Customer Relations Manager PT Toyota Astra Motor

• 1990 – 1991 : Sales Training Manager PT Toyota Astra Motor

Jodjana J.Presiden DirekturPresident Director

Seluruh Direksi tidak memiliki hubungan afiliasi dengan anggota Direksi lain, anggota Dewan Komisaris dan pemegang saham.

All members of the Board of Directors do not have affiliate relationship with members of the Board of Directors, members of the Board of Commissioners, and shareholders.

Indonesian citizen, born in 1968, domiciled in Jakarta. First time appointed as President Director of the Company based on the decision of the Company's GMS dated September 4, 2013 and reappointed based on the Company's Annual GMS dated April 20, 2016. Obtained Certification of Financial Expert on August 19, 2015; Certification of Basic Financing of the Board of Commissioner on August 30, 2016 from PT Sertifikasi Profesi Pembiayaan Indonesia and Risk Management Certification from Risk Management Certification Agency on November 3, 2016.

Educational Background1994 – 1995 : James Cook University of North Queensland, Australia – Master of Business Administration1987 – 1991 : University of Gadjah Mada Faculty of Economics, Department of Management

Professional Career History• 2013 –

present: - President Director of PT Astra Sedaya Finance

- Chief Executive Officer of Astra Credit Companies (ACC)

- President Commissioner of PT Swadharma Bhakti Sedaya Finance

• 2010 – 2013 : - Chief Executive Officer of PT Astra International Tbk – Toyota Sales Operation

- Director of PT Toyofuji Serasi Indonesia • 2009 – 2010 : Chief Operating Officer of PT Astra

International Tbk – Toyota Sales Operation• 2007 – 2009 : Lexus General Manager of PT Toyota Astra

Motor • 2002 – 2009 : Sales Division General Manager of PT Toyota

Astra Motor• 2000 – 2002 : Business Development Division Head of

PT Astra International Tbk – Toyota Sales Operation• 1998 – 2000 : Sales Planning Head, Global Consumer

Banking, Citibank NA• 1996 – 1998 : Sales Training & Customer Relations Manager

of PT Toyota Astra Motor• 1990 – 1991 : Sales Training Manager of PT Toyota Astra Motor



Warga Negara Indonesia, lahir pada tahun 1962, berdomisili di Jakarta. Pertama kali diangkat sebagai Direktur Perseroan melalui Keputusan RUPS Perseroan tanggal 24 Juni 2015 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016. Memperoleh Sertifikasi Ahli Pembiayaan dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 19 Agustus 2015.

Riwayat Pendidikan• 1988 : Drury University, USA – Master of Business

Administration• 1986 : The University of Kansas, USA – Bachelor of Science

in Civil Engineering


• 2015 – sekarang : Direktur PT Astra Sedaya Finance• 2011 – 2015 : Director of Finance and Administration

PT Toyota Astra Motor

• 2007 – 2011 : Senior General Manager, Chief of Group Risk Management PT Astra International Tbk

• 1995 – 2007 : Finance Division Head dan Head of Corporate Risk Management (concurrent) PT Astra Honda Motor

• 1994 : Deputy Director of Finance and Administration PT Astra Agro Lestari

• 1990 – 1993 : Manager, Head of Finance Department and Deputy Head of Marketing Department (concurrent) PT Federal Cycle Mustika

• 1988 – 1990 : General Manager PT Astra Honda Motor

Samuel ManassehDirekturDirector

Indonesian citizen, born in 1962, domiciled in Jakarta. First time appointed as Director of the Company based on the decision of the Company's Annual GMS dated April 24, 2008 and reappointed based on the Company's Annual GMS dated April 20, 2016. Obtained Certification of Financial Expert from PT Sertifikasi Profesi Pembiayaan Indonesiaon August 19, 2015.

Educational Background

• 1988: Drury University, USA – Master of Business Administration

• 1996: The University of Kansas, USA – Bachelor of Science in Civil

Engineering


• 2015 – present : Director of PT Astra Sedaya Finance• 2011 – 2015 : Director of Finance and Administration of


• 2007 – 2011 : Senior General Manager, Chief of Group Risk Management of PT Astra International Tbk

• 1995 – 2007 : Finance Division Head dan Head of Corporate Risk Management (concurrent) of PT Astra Honda Motor

• 1994 : Deputy Director of Finance and Administration of PT Astra Agro Lestari

• 1990-1993 : Manager, Head of Finance Department and Deputy Head of Marketing Department (concurrent) of PT Federal Cycle Mustika

• 1988-1990 : General Manager of PT Astra Honda Motor



Warga Negara Indonesia, lahir pada tahun 1966, berdomisili di Medan. Pertama kali diangkat sebagai Direktur Perseroan melalui RUPS Tahunan Perseroan tanggal 24 April 2008 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016. Memperoleh Sertifikasi Ahli Pembiayaan dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 19 Agustus 2015.

Riwayat Pendidikan1992: Fakultas Ekonomi/Manajemen Umum di Universitas Krisnadwipayana Jakarta


• 2012 – sekarang : Presiden Komisaris PT Staco Estika Sedaya Finance

• 2008 – sekarang : Direktur PT Astra Sedaya Finance• 2001 – 2008 : Area Manager Sumatera PT Astra

International Daihatsu Sales Operation• 2000 – 2001 : Branch Manager Palembang PT Astra

International Daihatsu Sales Operation• 1996 – 2000 : Branch Head Palembang PT Astra

International Daihatsu Sales Operation• 1992 – 1995 : Area Representative Sumatera Bagian

Utara PT Astra International Daihatsu Sales Operation

• 1990 – 1992 : Area Supervisor PT Astra International Daihatsu Sales Operation

Wie MiaDirekturDirector

Indonesian citizen, born in 1966, domiciled in Medan. First time appointed as Director of the Company based on the decision of the Company's Annual GMS dated April 24, 2008 and reappointed based on the Company's Annual GMS dated April 20, 2016. Obtained Certification of Financial Expert from PT Sertifikasi Profesi Pembiayaan Indonesiaon August 19, 2015.

Educational Background1992: Faculty of Economics/General Management at the University Krisnadwipayana Jakarta

Professional Career History• 2012 – present : President Commissioner of PT Staco Estika

Sedaya Finance• 2008 – present : Director of PT Astra Sedaya Finance• 2001 – 2008 : Area Manager Sumatera of PT Astra

International Daihatsu Sales Operation • 2000 – 2001 : Branch Manager Palembang of PT Astra

International Daihatsu Sales Operation• 1996 – 2000 : Branch Head Palembang of PT Astra

International Daihatsu Sales Operation• 1992 – 1995 : Area Representative North of Sumatera of

PT Astra International Daihatsu Sales Operation

• 1990 – 1992 : Area Supervisor of PT Astra International Daihatsu Sales Operation



Warga Negara Indonesia, lahir pada tahun 1974, berdomisili di Jakarta. Pertama kali diangkat sebagai Direktur Perseroan melalui RUPS Tahunan Perseroan tanggal 18 April 2012 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016. Memperoleh Sertifikasi Ahli Pembiayaan pada tanggal 19 Agustus 2015 dan Sertifikasi Dasar Pembiayaan Komisaris pada tanggal 30 Agustus 2016 dari PT Sertifikasi Profesi Pembiayaan Indonesia.

Riwayat Pendidikan1996: Fakultas Teknik, Jurusan Teknik Sipil di Universitas Parahyangan Bandung


• 2014 – sekarang : Komisaris PT Swadharma Bhakti Sedaya Finance

• 2012 – sekarang : Direktur PT Astra Sedaya Finance• 2011 – 2012 : Retail Operation Division Head PT Astra

Sedaya Finance• 2009 – 2011 : Sales Division Head PT Astra Sedaya

Finance

• 2008 – 2009 : Regional Sales Division Head Area I PT Astra Sedaya Finance

• 2007 – 2008 : Marketing Division Head PT Astra Sedaya Finance

• 2005 – 2007 : Area Manager Sumatera PT Astra Sedaya Finance

• 2004 – 2005 : Regional Marketing & Sales Head Used Car DKI PT Astra Sedaya Finance

• 2004 : Branch Marketing & Sales Head Used Car Kwitang Jakarta PT Astra Sedaya Finance

• 2003 – 2004 : Branch Marketing & Sales Head Kelapa Gading Jakarta PT Astra Sedaya Finance

• 2002 – 2003 : Sales Head Kelapa Gading Jakarta PT Astra Sedaya Finance

• 1999 – 2002 : Account Acquisition Head Bandung PT Astra Sedaya Finance

• 1998 : Deputy Operation Manager Jawa Barat PT Astra Sedaya Finance

Anton RusliDirekturDirector

Indonesian citizen, born in 1974, domiciled in Jakarta. First time appointed as Director of the Company based on the decision of the Company's Annual GMS dated April 18, 2012 and reappointed based on the Company's Annual GMS dated April 20, 2016. Obtained Certification of Financial Expert on August 19, 2015 and Certification of Basic Financing of the Board of Commissioner on August 30, 2016 from PT Sertifikasi Profesi Pembiayaan Indonesia.

Educational Background1996: Faculty of Engineering, Department of Civil Engineering at Parahyangan University Bandung


• 2014 – present : Commissioner of PT Swadharma Bhakti Sedaya Finance

• 2012 – present : Director of PT Astra Sedaya Finance• 2011 – 2012 : Retail Operation Division Head PT Astra

Sedaya Finance• 2009 – 2011 : Sales Division Head PT Astra Sedaya

Finance• 2008 – 2009 : Regional Sales Division Head Area I

PT Astra Sedaya Finance• 2007 – 2008 : Marketing Division Head PT Astra Sedaya

Finance• 2005 – 2007 : Area Manager Sumatera PT Astra Sedaya

Finance• 2004 – 2005 : Regional Marketing & Sales Head Used Car

DKI PT Astra Sedaya Finance• 2004 : Branch Marketing & Sales Head Used Car

Kwitang Jakarta PT Astra Sedaya Finance• 2003 – 2004 : Branch Marketing & Sales Head Kelapa

Gading Jakarta PT Astra Sedaya Finance• 2002 – 2003 : Sales Head Kelapa Gading Jakarta PT Astra

Sedaya Finance• 1999 – 2002 : Account Acquisition Head Bandung PT Astra

Sedaya Finance• 1998 : Deputy Operation Manager Jawa Barat




Warga Negara Indonesia, lahir pada tahun 1971, berdomisili di Jakarta. Pertama kali diangkat sebagai Direktur Perseroan melalui RUPS Tahunan Perseroan tanggal 12 April 2013 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016.Memperoleh Sertifikasi Ahli Pembiayaan pada tanggal 19 Agustus 2015 dan Sertifikasi Dasar Pembiayaan Komisaris pada tanggal 29 Agustus 2016 dari PT Sertifikasi Profesi Pembiayaan Indonesia.

Riwayat Pendidikan• 2004: Universitas Padjajaran – Magister Hukum • 1994: Universitas Brawijaya – Fakultas Ekonomi



: - Direktur PT Astra Sedaya Finance- Presiden Komisaris PT Astra Auto Finance

• 2008 – 2013 : Presiden Direktur PT Swadharma Bhakti Sedaya Finance

• 2007 – 2013 : Komisaris PT Astra Auto Finance• 2007 – 2012 : Commercial Business Head PT Astra Sedaya

Finance

• 2007 – 2008 : Presiden Direktur PT Astra Multi Finance• 2006 – 2007 : Special Asset Management Head Commercial

Busines PT Astra Sedaya Finance• 2005 – 2006 : National Remarketing Head PT Astra Sedaya

Finance• 2004 – 2005 : National Service Head PT Astra Sedaya

Finance• 2002 – 2004 : Branch Manager Bogor PT Astra Sedaya

Finance• 2001 – 2002 : Operational Risk Head PT Astra Sedaya

Finance• 2000 – 2001 : Financial Planning & Analysis Head PT Astra

Sedaya Finance• 1999 – 2000 : Risk Management Head PT Astra Sedaya

Finance• 1998 – 1999 : Corporate Internal Audit Head PT Astra

Sedaya Finance• 1997 – 1998 : Corporate Secretary PT Astra Sedaya Finance• 1994 – 1997 : Senior Internal Audit PT Tigaraksa Satria Tbk

SiswadiDirekturDirector

Indonesian citizen, born in 1971, domiciled in Jakarta. First time appointed as Director of the Company based on the decision of the Company's Annual GMS dated April 12, 2013 and reappointed based on the Company's Annual GMS dated April 20, 2016. Obtained Certification of Financial Expert on August 19, 2015 and Certification of Basic Financing of the Board of Commissioner on August 29, 2016 from PT Sertifikasi Profesi Pembiayaan Indonesia.

Educational Background• 2004: University of Padjajaran – Magister of Law• 1994: University of Brawijaya – Faculty of Economics



: - Director of PT Astra Sedaya Finance - President Commissioner of PT Astra Auto

Finance• 2008 – 2013 : President Director of PT Swadharma Bhakti

Sedaya Finance • 2007 – 2013 : Commissioner of PT Astra Auto Finance • 2007 – 2012 : Commercial Business Head of PT Astra Sedaya

Finance • 2007 – 2008 : President Director of PT Astra Multi Finance • 2006 – 2007 : Special Asset Management Head Commercial

Busines of PT Astra Sedaya Finance• 2005 – 2006 : National Remarketing Head of PT Astra Sedaya

Finance• 2004 – 2005 : National Service Head of PT Astra Sedaya

Finance• 2002 – 2004 : Branch Manager Bogor of PT Astra Sedaya

Finance• 2001 – 2002 : Operational Risk Head of PT Astra Sedaya

Finance• 2000 – 2001 : Financial Planning & Analysis Head of PT Astra

Sedaya Finance• 1999 – 2000 : Risk Management Head of PT Astra Sedaya

Finance• 1998 – 1999 : Corporate Internal Audit Head of PT Astra Sedaya

Finance• 1997 – 1998 : Corporate Secretary of PT Astra Sedaya Finance• 1994 – 1997 : Senior Internal Audit of PT Tigaraksa Satria Tbk



Warga Negara Indonesia, lahir pada tahun 1971, berdomisili di Jakarta. Pertama kali diangkat sebagai Direktur Perseroan melalui Keputusan RUPS Perseroan tanggal 2 Juli 2014 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016. Memperoleh Sertifikasi Ahli Pembiayaan dari PT Sertifikasi Profesi Pembiayaan Indonesia pada tanggal 19 Agustus 2015 dan Sertifikasi Manajemen Risiko dari Badan Sertifikasi Manajemen Risiko pada tanggal 3 November 2016.

Riwayat Pendidikan1990-1995: Fakultas Ekonomi, Jurusan Akuntansi di Universitas Atmajaya - Yogyakarta


• 2014 – sekarang : Direktur PT Astra Sedaya Finance• 2012 – sekarang : Komisaris PT Staco Estika Sedaya Finance• 2012 – 2014 : Treasury, Finance & Banking Division Head

PT Astra Sedaya Finance• 2009 – 2014 : Presiden Direktur PT Astra Auto Finance • 2008 – 2012 : Risk Division Head PT Astra Sedaya Finance• 2008 – 2009 : Direktur PT Astra Auto Finance • 2007 – 2014 : Financial Planning & Analysis Head PT Astra

Sedaya Finance• 2005 – 2007 : Corporate Planning & Strategy Manager

PT Astra International Tbk• 2003 – 2005 : Corporate Planning & Investor Relation

PT Astra International Tbk• 2002 – 2003 : Finance & Accounting Manager PT Adira

Dinamika Mobilindo• 2001 – 2002 : Budget & Control Manager PT Sumalindo

Lestari Jaya Tbk• 2000 – 2001 : Deputy Budget & Control Manager

PT Sumalindo Lestari Jaya Tbk

Handoko LiemDirekturDirector

Indonesian citizen, born in 1971, domiciled in Jakarta. First time appointed as President Director of the Company based on the decision of the Company's GMS dated July 2, 2014 and reappointed based on the Company's Annual GMS dated April 20, 2016. Obtained Certification of Financial Expert from PT Sertifikasi Profesi Pembiayaan Indonesia on August 19, 2015 and Risk Management Certification from Risk Management Certification Agency on November 3, 2016.

Educational Background1990-1995: Faculty of Economics, Department of Accounting at the University of Atmajaya - Yogyakarta


• 2014 – present : Director of PT Astra Sedaya Finance• 2012 – present : Commissioner of PT Staco Estika Sedaya Finance• 2012 – 2014 : Treasury, Finance & Banking Division Head of

PT Astra Sedaya Finance• 2009 – 2014 : Presiden Director of PT Astra Auto Finance • 2008 – 2012 : Risk Division Head of PT Astra Sedaya Finance • 2008 – 2009 : Director of PT Astra Auto Finance• 2007 – 2014 : Financial Planning & Analysis Head of PT Astra

Sedaya Finance • 2005 – 2007 : Corporate Planning & Strategy Manager of

PT Astra International Tbk • 2003 – 2005 : Corporate Planning & Investor Relation of

PT Astra International Tbk• 2002 – 2003 : Finance & Accounting Manager of PT Adira

Dinamika Mobilindo• 2001 – 2002 : Budget & Control Manager of PT Sumalindo

Lestari Jaya Tbk• 2000 – 2001 : Deputy Budget & Control Manager of

PT Sumalindo Lestari Jaya Tbk



PROFIL KARYAWANEMPLOYEES' PROFILE

Komposisi Karyawan

Hingga akhir 2016, total karyawan Perseroan tercatat sebanyak 3.949 karyawan atau menunjukkan peningkatan sebesar 1,26% dari tahun sebelumnya sebagaimana tercermin perbandingan komposisinya dalam kurun 3 (tiga) tahun terakhir pada tabel-tabel dibawah ini, dimana basis pengelompokannya berdasarkan jenis kelamin, status kepegawaian, kelompok jabatan, tingkat pendidikan, dan kelompok usia:

Komposisi Karyawan Berdasarkan Jenis Kelamin

Jenis Kelamin 2016 2015 2014 Gender

Pria 3,117 3,140 2,977 Male

Wanita 832 760 704 Female

Jumlah Pegawai 3,949 3,900 3,681 Total Employees

Komposisi Karyawan Berdasarkan Status Kepegawaian

Status Kepegawaian 2016 2015 2014 Employment Status

Pekerja Tetap 2,234 1,921 1,909 Permanent EmployeePekerja Kontrak 1,715 1,979 1,772 Contract EmployeeJumlah Pegawai 3,949 3,900 3,681 Total Employees

Komposisi Karyawan Berdasarkan Kelompok Jabatan

Kelompok Jabatan 2016 2015 2014 Group Position

Non-Manajerial (Golongan I – III) 3,433 3,390 3,195 Non-Managerial (Group I - III)

Manajerial (Golongan IV – VII) 516 510 486 Managerial (Group IV - VII)


Komposisi Karyawan Berdasarkan Tingkat Pendidikan

Tingkat Pendidikan 2016 2015 2014 Education Level

SD/SLTP 15 16 18 Elementary/Junior High

SMU 890 930 809 High School

Diploma (D3) 681 664 638 Diploma (D3)

Sarjana (S1) 2,335 2,260 2,185 Bachelor (S1)

PascaSarjana (S2) 28 30 31 Postgraduate (S2)


Komposisi Karyawan Berdasarkan Kelompok Usia

Kelompok Usia 2016 2015 2014 Age Groups

18 – 30 tahun 2,354 2,037 2,011 18 – 30 years old

31 – 40 tahun 1,179 1,422 1,286 31 – 40 years old

41 – 50 tahun 330 349 328 41 – 50 years old

>50 tahun 86 92 56 >50 years old


Employee Composition

By the end of 2016, total employees of the Company was recorded at 3,949 employees increase by 1.26% from the previous year as reflected by the composition ratios within last 3 (three) years on the tables below, where the basis grouping according to gender, employment status, group position, education level, and age:

Employee Composition Based on Gender

Employee Composition Based on Employment Status

Employee Composition Based on Group Position

Employee Composition Based on Level of Education

Employee Composition Based on Age Groups



Pelatihan dan Pengembangan Kompetensi

Dalam rangka menjamin serta memastikan bahwa kapabilitas Sumber Daya Manusia (SDM) perusahaan telah selaras dan mampu beradaptasi terhadap perubahan lingkungan, pertumbuhan usaha dan pengembangan organisasi, Perseroan menjunjung tinggi komitmen untuk meningkatkan kompetensi dan kualitas karyawan melalui pelaksanaan program pelatihan dan pengembangan karyawan yang berkesinambungan. Dalam 4 (empat) tahun terakhir jumlah karyawan Perseroan yang telah mengikuti training masing-masing tercatat sebanyak 3.252 karyawan di tahun 2013, 5.614 karyawan di tahun 2014, 5.362 karyawan di tahun 2015 dan di tahun 2016 mencapai lebih dari 4.400 karyawan. Biaya pelatihan dan pengembangan kompetensi karyawan Perseroan sepanjang tahun 2016 adalah sebesar lebih kurang Rp12 miliar atau sebesar 2,5% dari biaya pegawai dan pengurus sumber daya manusia Perseroan yang diberikan Perseroan kepada karyawan. Persentase tersebut telah memenuhi POJK (Peraturan Otoritas jasa keuangan) Nomor 28/POJK.05/2014 mengenai ketentuan biaya pengembangan tenaga kerja yang mensyaratkan bahwa perusahaan merealisasikan 2,5% dari biaya pegawai dan pengurus sumber daya manusia perseroan untuk pengembangan dan pelatihan pegawai.

Training and Competency Development

In order to assure and ensure that the capability of Human Resources (HR) of the Company has been aligned and capable to adapt with the changing environment, business growth and organizational development, the Company upholds its commitment to improve the competence and quality of employees through the implementation of training programs and continuous employee development. For the last 4 (four) years, number of the Company's employees who followed training programs respectively recorded at 3,252 employees in 2013; 5,614 employees in 2014; 5,362 employees in 2015 and reached more than 4,400 employees in 2016. The cost of training and competence development of the Company's employees during 2016 was approximately Rp12 billion or 2.5% from the cost of employees and the human resources committee of the Company that given to all employees. That percentage has complied with the FSA Regulation No. 28/POJK.05/2014 on the provision of workforce development costs, which obliged the Company to realize the 2.5% of total cost of employees and human resources of the Company for development and training of the employees.




Perseroan telah merancang program pengembangan kompetensi karyawan secara terstruktur, sistematis dan komprehensif agar mampu menjawab kebutuhan kompetensi karyawan baik dari aspek teknis (technical) maupun aspek kepemimpinan (leadership). Secara keseluruhan program pengembangan karyawan perseroan dilakukan melalui 2 (dua) cara, yaitu:

• Pengembangan Kompetensi Fungsional Program pengembangan karyawan dilakukan untuk

semua karyawan di setiap level jabatan. Program pemenuhan kompetensi sudah dipersiapkan dari awal karyawan masuk ke Perseroan dimulai dari program New Employee Orientation Program (NEOP) bagi seluruh karyawan baik yang dilakukan secara self learning (e-Learning) ataupun tatap muka (in class) dilanjutkan dengan program pengembangan sesuai dengan fungsi pekerjaan, antara lain AR Basic Management Training (ARBT), Sales Basic Training (SBT), Service Basic Training (SvBT) dan Underwriting Basic Training (UBT) untuk level officer. Untuk pengembangan kompetensi fungsional leader, antara lain Profitability Training untuk level Head, Branch Manager Training, Operation Head Training, AR Management Head Training.

• Pengembangan Kompetensi KepemimpinanPola pengembangan kepemimpinan di Perseroan tertuang dalam program Leadership Development Program (LDP). Kegiatan pengembangan kepemimpinan dilakukan sebagai bagian dari proses kaderisasi dalam mencetak leader yang andal di masa depan. Program LDP dilakukan dengan berbagai metode antara lain: In Class, Tandem, Couching & Counselling, On Job Training dan Acting Head, dimana kader-kader leader Perseroan berasal dari internal dan eksternal. Beberapa program pengembangan kader leader dari internal Perseroan, antara lain Enhancement Managerial, Enhancement Reguler dan ACC Firstline Management Program (AFLMP). Untuk program - program pengembangan bagi kader leader yang berasal dari eksternal dilakukan melalui ACC Management Trainee Program (AMTP) dan Junior Leader Development Program (JLDP).

The Company has designed the employee competence development program in a structured, systematic and comprehensive way to address the needs of employee competence of both in technical aspects as well as leadership aspects. Overall, the employee development program of the Company has carried out through 2 (two) ways, among others:

• Development of Functional CompetenciesEmployee development programs were conducted for all employees at every level of management. The program of competence fulfillment has been prepared when an employee starts working at the Company through New Employee Orientation Program (NEOP) either through e-Learning or in class then continued with the development program in accordance with the functions of their jobs, among others AR Basic Management Training (ARBT), Sales Basic Training (SBT), Service Basic Training (SvBT) and Underwriting Basic Training (UBT) for officer level. While for competency development of leader function, among others are Profitability Training for Head level, Branch Manager Training, Operation Head Training, AR Management Head Training.

• Development of Leader CompetenciesThe pattern of the Company's leadership development has set out in the Leadership Development Program (LDP). The leadership development program which was undertaken by the Company as part of the regeneration process in generating reliable future leader. LDP program were conducted through several methods such as: In Class, Tandem, Couching & Counseling, On Job Training and Acting Head, where the leader cadres come from either internal or external. Some leader cadre development programs who come from the internal of the Company among other things Enhancement Managerial, Enhancement Reguler and ACC First Line Management Program (AFLMP). For development programs of cadre leaders who come from external were conducted through the ACC Management Trainee Program (AMTP) and Junior Leader Development Program (JLDP).



Kesejahteraan Karyawan

Dalam rangka meningkatkan kesejahteraan karyawan, Perseroan telah menyesuaikan gaji karyawan sesuai dengan Upah Minimum Provinsi (UMP) pada masing-masing kantor cabang, selain itu Perseroan juga menyediakan berbagai tunjangan, fasilitas dan sarana fisik lainnya, seperti:- Tunjangan makan dan transportasi.- Fasilitas kesehatan berupa pengobatan dan perawatan

rumah sakit bagi karyawan serta anggota keluarganya.- Program jaminan sosial tenaga kerja (BPJS) bagi seluruh

karyawan.- Dana Pensiun.- Koperasi Karyawan.- Fasilitas perumahan bagi yang ditempatkan di luar kota

dimana karyawan yang bersangkutan direkrut.- Fasilitas kepemilikan kendaraan bermotor.- Fasilitas asuransi jiwa.- Fasilitas olahraga.- Tempat peribadatan

Ikatan Karyawan

Karyawan Perseroan memiliki organisasi yang bernama Ikatan Karyawan ACC (IKAR-ACC), yang telah mendapatkan pengesahan dari Departemen Tenaga Kerja dan Transmigrasi Republik Indonesia, berdasarkan Surat Keputusan Menteri Tenaga Kerja dan Transmigrasi Republik Indonesia No.KEP.54/M/BW/2001 tanggal 19 Februari 2001, dimana berdasarkan surat keputusan tersebut IKAR-ACC telah terdaftar pada Departemen Tenaga Kerja dan Transmigrasi Pusat dengan No. Pendaftaran 235/IKAR-ACC/DFT/BW/II/2001.

IKAR-ACC berfungsi antara lain:• Memberi perlindungan atau pembelaan terhadap hak dan

kepentingan anggota;• Sebagai forum untuk menampung dan menyalurkan

aspirasi anggota secara demokratis;• Sebagai forum untuk informasi pengembangan karyawan

dan organisasi;• Menjaga ketertiban Perseroan.• Menjalankan kegiatan untuk minat & bakat karyawan

seperti olahraga dan seni.

Employee Welfare

In order to improve employees welfare, the Company has adjusted employees' salary in accordance with the Provincial Minimum Wage (UMP) in every branch office, in addition, the Company also provides various benefits, facilities and other physical facilities, such as:- Allowance for meals and transportation.- Healthcare facilities in the form of medical treatment and

hospital care for employees and their family.- Program of social insurance for private sector workers

(BPJS) for all employees.- Pension Fund.- Employees' cooperative.- Housing facility for those which stationed outside the town

where the employees concerned were recruited.- Vehicle ownership facility.- Life insurance facility.- Sports facilities.- Place of worship.

Employee Relations

The Company's employees has an organization called the Association of Employees ACC (IKAR-ACC), which was approved by the Ministry of Manpower and Transmigration Republic of Indonesia, based on the decision letter of the Minister of Manpower and Transmigration Republic of Indonesia No. KEP.54/M/BW/2001 dated February 19, 2001, which based on this decision letter the IKAR-ACC has been registered at the Ministry of Manpower and Transmigration Center with No. Registration 235/IKAR-ACC/DFT/BW/II/2001.

Functions of IKAR - ACC, among others:• Give protection/or defense the rights and interests of

members;• As a forum to accommodate and channel the aspirations

members democratically;• As a forum to inform matters relating to the employee

development and organization;• Maintain the Company's order.• Conduct employee program including sport and arts.



KOMPOSISI PEMEGANG SAHAMSHAREHOLDERS' COMPOSITION

Berdasarkan Akta Notaris Aryanti Artisari, S.H.,M.Kn. No. 64 tanggal 28 Februari 2014 dan No. 92 tanggal 20 Oktober 2014 sehubungan dengan perubahan modal dan pemegang saham Perseroan yang telah mendapatkan pengesahan dari Menteri Hukum dan Hak Asasi Manusia dengan keputusan No. AHU-AH.01.10-10055 tanggal 11 Maret 2014 dan keputusan No. AHU-07535.40.21.2014 tanggal 20 Oktober 2014 maka komposisi pemegang saham Perseroan sampai dengan per tanggal 31 Desember 2016 adalah PT Astra International Tbk sebanyak 28,13%, PT Garda Era Sedaya sebanyak 28,13%, PT Bank Permata Tbk sebanyak 25,00%, dan PT Sedaya Multi Investama sebanyak 18,75%. Dengan total jumlah saham yang ditempatkan dan disetor penuh yaitu sebanyak 950.439.958 lembar saham dengan nilai nominal Rp1.000 per lembar. Sehingga ilustrasi komposisi pemegang saham Perseroan per 31 Desember 2016 adalah sebagai berikut:

Keterangan

Nilai Nominal Rp1.000 per sahamNominal Value Rp1,000 per share

DescriptionJumlah Saham

Total Shares

Jumlah Nilai Nominal Total Nominal Values

(Rupiah)%

Modal Dasar 1,500,000,000 1,500,000,000,000 Authorized CapitalModal Ditempatkan dan Disetor Penuh: - PT Astra International Tbk - PT Garda Era Sedaya - PT Bank Permata Tbk - PT Sedaya Multi Investama

267,311,238267,311,238237,609,990178,207,492

267,311,238,000267,311,238,000237,609,990.000178,207,492,000

28.1328.1325.0018.75

Issued and Fully Paid-Up Capital: - PT Astra International Tbk - PT Garda Era Sedaya - PT Bank Permata Tbk - PT Sedaya Multi Investama

Jumlah Modal Ditempatkan dan Disetor Penuh

950,439,958 950,.439,958,000 100.00 Total Issued and Fully Paid-Up Capital

Saham Dalam Portepel 549,560,042 549,560,042,000 Shares Portfolio

JARDINE CYCLE & CARRIAGE LTD.


PT Astra International Tbk

PT Astra Auto Finance

PT Garda Era Sedaya

PT Pratama Sadya Sadana

PT Bank Permata Tbk

PT Staco Estika Sedaya Finance

PT Sedaya Multi Investama

PT Swadharma Bhakti Sedaya Finance

>50%

99.99%

28.13%

14.00% 25.00% 25.00% 25.00%

42.74% 45.00%

25.00%

28.13% 25.00% 18.75%

99.99%44.56%

Based on the Notarial Deed of Aryanti Artisari, S.H., M.Kn. No. 64 dated on February 28, 2014 and No. 92 dated on October 20, 2014 regarding changes in capital and Company's shareholders who have gained approval from the Minister of Law and Human Rights by the decree No. AHU-AH.01.10-10055 dated on March 11, 2014 and Decree No. AHU-07535.40.21.2014 dated on October 20, 2014, the composition of the Company's shareholders until per December 31, 2016 were PT Astra International Tbk as much as 28.13%, PT Garda Era Sedaya as much as 28.13%, PT Bank Permata Tbk as much as 25.00%, and PT Sedaya Multi Investama as much as 18.75%. With a total number of shares issued and fully paid were as much as 950,439,958 shares with a nominal value of Rp1,000 per share. So the illustration of the Company's shareholders as of December 31, 2016 were as follows:



Informasi Perusahaan AnakSubsidiaries’ Information

Perusahaan Anak/Subsidiaries

Nama PerusahaanCompany Name

Tahun PendirianDate of

Establishment

Bidang UsahaLine of Business

Kepemilikan Saham (%)

Shared Ownership

Status AlamatAddress


14 September/September 1991

Perusahaan Pembiayaan

Financing Company

25.00% Beroperasi

Operating

Jl. TB. Simatupang No. 90 Jakarta Selatan 12530Telp: (021) 78859000


17 Januari/January 1990


Financing Company

25.00% Beroperasi

Operating

Jl. Raya Barat Boulevard Blok XB No. 7 Kelapa Gading Jakarta Utara 14240Telp: (021) 4509000


23 April/April 1986


Financing Company

25.00% Beroperasi

Operating

Jl. Kwitang Raya No.10 Jakarta Pusat 10420Telp: (021) 3919000


(dahulu/formerly PT Pratama Sedaya Finance)

10 Juli/July 1989 Perusahaan Jasa Penunjang Perusahaan Pembiayaan

Support Service Company for Financing Company

25.00% Beroperasi

Operating

Jl. Raya Barat Boulevard Blok XB No. 7 Kelapa GadingJakarta Utara 14240Telp: (021) 4509000




PT Garda Era Sedaya


PT Bank Permata Tbk


PT Sedaya Multi Investama


25.00%

25.00%

25.00% 25.00% 25.00%

100%100%44.56%

18.75%28.13%

28.13%

STRUKTUR GRUP PERUSAHAANCORPORATE GROUP STRUCTURE



KRONOLOGIS PENCATATAN EFEK LAINNYAOTHER SHARES LISTING CHRONOLOGY

Tanggal 11 Mei 2016, Perseroan mencatatkan Obligasi Berkelanjutan III Astra Sedaya Finance dengan Tingkat Bunga Tetap Tahap I di PT Bursa Efek Indonesia (BEI). Penjamin Pelaksana Emisi Obligasi yaitu PT CIMB Securities Indonesia, PT Indo Premier Sekuritas, PT Mandiri Sekuritas, dan PT OCBC Sekuritas. Obligasi Seri A akan jatuh tempo pada 21 Mei 2017 dan Obligasi Seri B akan jatuh tempo pada 11 Mei 2019.

Obligasi tersebut memiliki nilai realisasi nominal sebesar Rp2.000.000.000.000 dengan masing-masing nilai realisasi nominal untuk seri A sebesar Rp770.000.000.000 dan seri B senilai Rp1.230.000.000.000. Obligasi Berkelanjutan III Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap I memperoleh peringkat AAA (idn) dari PT Fitch Rating Indonesia, berdasarkan hasil pemantauan khusus atas obligasi perusahaan untuk periode 2016 sampai dengan 2019.

Rencana penggunaan dana obligasi akan dialokasikan sebagai modal kerja pembiayaan kendaraan bermotor sebagaimana yang ditentukan oleh izin yang dimiliki Perseroan.

Tanggal 19 Oktober 2016, Perseroan mencatatkan Obligasi Berkelanjutan III Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap II di PT Bursa Efek Indonesia (BEI). Penjamin Pelaksana Emisi Obligasi yaitu PT CIMB Securities Indonesia, PT DBS Vickers Securities Indonesia, PT MNC Securities, dan PT RHB Securities Indonesia. Obligasi Seri A akan jatuh tempo pada 28 Oktober 2017 dan Obligasi Seri B akan jatuh tempo pada 18 Oktober 2019.

Obligasi tersebut memiliki nilai realisasi nominal sebesar Rp1.700.000.000,000 dengan masing-masing nilai realisasi nominal untuk seri A sebesar Rp850.000.000.000 dan seri B senilai Rp850.000.000.000. Obligasi Berkelanjutan III Astra Sedaya Finance Dengan Tingkat Bunga Tetap Tahap II memperoleh peringkat AAA (idn) dari PT Fitch Rating Indonesia, berdasarkan hasil pemantauan khusus atas obligasi perusahaan untuk periode 2016 sampai dengan 2019.

Rencana penggunaan dana obligasi akan dialokasikan sebagai modal kerja pembiayaan kendaraan bermotor sebagaimana yang ditentukan oleh izin yang dimiliki Perseroan.

On May 11, 2016, the Company listed Continuous Bonds III Astra Sedaya Finance with Fixed Interest Rate Phase I in the Indonesia Stock Exchange (IDX). The Underwriter of the Bonds was PT CIMB Securities Indonesia, PT Indo Premier Securities, PT Mandiri Sekuritas, and PT OCBC Sekuritas. The Bonds A series will be mature on May 21, 2017 and the Bonds B series will mature on May 11, 2019.

These bonds have nominal realization value which amounted to Rp2,000,000,000,000 with respective nominal realization value for Bonds A amounted to Rp770,000,000,000 and Bonds B amounted to Rp1,230,000,000,000. Bond III Astra Sedaya Finance with Fixed Interest Rate Phase I obtained ratings of AAA (idn) from PT Fitch Ratings Indonesia, based on the special monitoring result of the company's Bonds for the period from 2016 up to 2019.

The realization of the use of proceeds from bond issuance will be allocated as a working capital of vehicles financing as determined by the license gained by the Company.

On October 19, 2016, the Company listed Bond III Astra Sedaya Finance with Fixed Interest Rate Phase II in the Indonesia Stock Exchange (IDX). The underwriter of the Bonds was PT CIMB Sekuritas Indonesia, PT DBS Vickers Securities Indonesia, PT MNC Securities, and PT RHB Securities Indonesia. Bonds A series will be mature on October 28, 2017 and Bonds B series will be mature on October 18, 2019.

These bonds have a nominal realization value which amounted to Rp1,700,000,000,000 with respective nominal realization value for Bonds A amounted to Rp850,000,000,000 and Bonds B amounted to Rp850,000,000,000. Continuous Bonds III Astra Sedaya Finance with Fixed Interest Rate Phase II obtained ratings of AAA (idn) from PT Fitch Ratings Indonesia, based on the special monitoring result of the Company's Bonds for the period from 2016 up to 2019.

The realization of the use of proceeds from Bond issuance will be allocated as a working capital of motor vehicles financing as determined by the permission of the Company.



WILAYAH OPERASIONALOPERATIONAL AREA

1819

56

58

63

5759

64

65

66

71

6873

67

72

69

70

51

53

52

54

55

PANGKAL PINANG

40

37

36

41

3839

28

3330 29

34

31

32

25 2426

27

21 BANDUNG NARIPAN22 BANDUNG ASTRA CENTER23 BANDUNG CIBIRU

SUKABUMI

10 FATMAWATI11 KALIMALANG12 KARAWACI13 KEBON JERUK14 KELAPA GADING15 KWITANG16 PANCORAN17 PLUIT20 WTC MANGGA DUA

BALIKPAPAN

SAMARINDA

PALANGKARAYA

PONTIANAK

BANJARMASIN

BANDA ACEH

BATAM

JAMBI

DURI

PEKANBARU

RANTAU PRAPAT

BUKIT TINGGI

PADANG

BANDAR JAYA

BENGKULU

MUARA BUNGO

PALEMBANG PLAJUPALEMBANG

LAMPUNG

SERANG TANGERANG

60 MEDAN ADAM MALIK61 MEDAN JUANDA62 MEDAN BINJAI

1 TB. SIMATUPANG (HO & C2C)2 BEKASI3 BINTARO4 BOGOR5 CIBINONG6 CIBUBUR7 CIDENG8 CIKARANG9 DEPOK

CIREBONSEMARANG

TEGALKARAWANG

TASIKMALAYA

KUDUS

SURAKARTA

DENPASAR

JEMBER

GRESIK

MALANGKEDIRI

DENPASAR RENON

MATARAMYOGYAKARTA

MAGELANG

PURWOKERTO

42 SURABAYA PANGLIMA43 SURABAYA MERR44 SURABAYA WARU

35



45

50

47

46

48

49

GORONTALO

KENDARI

MANADO

MAKASSAR

PARE PARE

PALU

DKI JAKARTA JAWA BARAT JAWA TENGAH JAWA TIMUR

SULAWESI KALIMANTAN SUMBAGUT SUMBAGSEL



NAMA DAN ALAMAT ENTITAS ANAK DAN/ATAU KANTOR CABANG ATAU KANTOR PERWAKILANNAME AND ADDRESS OF BRANCH OR REPRESENTATIVE OFFICES

DKI JAKARTA/SPECIAL CAPITAL CITY DISTRICT OF JAKARTA

1 TB. SIMATUPANG (HO & C2C)Jl. TB. Simatupang No. 90Jakarta Selatan 12530Telp. : (021) 78859000Fax. : (021) 78851182

6 CIBUBURRuko Madison Square Blok SHC 1 No. 33,35,36 Kota Wisata CibuburGunung PutriBogor 16961

11 KALIMALANGJl. K.H. Noer Ali No.1EKalimalang Jakarta Timur 13450Telp. : (021) 8604500Fax. : (021) 8604501

16 PANCORANKompleks Ruko Graha Permata Pancoran Blok A5 & A6Jl. Raya Pasar Minggu Kav. 32Triloka Pancoran, Jakarta 12780Telp. : (021) 7998041Fax. : (021) 7998042

2 BEKASIRuko Suncity Square Blok A5-7Jl. Mayor Hasibuan, MargajayaBekasi 17141Telp. : (021) 88863600Fax. : (021) 88863680

7 CIDENGJl. CidengTimur No. 67 CPetojo SelatanJakarta 10160Telp. : (021) 3523969Fax. : (021) 3516937

12 KARAWACIRuko Victoria ParkBlok A2 No.68Jl. Imam Bonjol KarawaciTangerang 15115Telp. : (021) 29025995 (H)Fax. : (021) 29025996

17 PLUITJl. Pluit Karang Utara No.129 A-B Blok A3 Utara Kav. No.7 Pluit, Jakarta Utara 14450Telp. : (021) 66602852Fax. : (021) 6601140

3 BINTAROKomplek Bintaro Trade Center Jl. Jend. Sudirman Blok A1 No. 3 & 3A Bintaro Tangerang 15224Telp. : (021) 7458999Fax. : (021) 7452077

8 CIKARANGRuko Robson Blok B No. 6 Cikarang SelatanBekasi 17550Telp. : (021) 89903009Fax. : (021) 3516937

13 KEBON JERUKRukan Graha Kencana Blok AJl. Perjuangan No. 88 Kebon Jeruk, Jakarta 11530Telp. : (021) 5325919Fax. : (021) 5325920

18 SERANGJl. Raya Serang CilegonKompleks Titan Arum Blok KSerang, Banten 42162Telp. : (0254) 201887Fax. : (0254) 201864

4 BOGORJl. Raya Pajajaran No. 24Bogor 16151Telp. : (0251) 8379000 (H)Fax. : (0251) 8313837

9 DEPOKKompleks Ruko Mall Depok Blok B1 No. 52-53Kemiri Muka, BejiDepok 16423Telp. : (021) 77205888Fax. : (021) 77215630

14 KELAPA GADINGJl. Raya Barat Boulevard Blok XB No. 7 Kelapa Gading Jakarta Utara 14240Telp. : (021) 4509000 (H)Fax. : (021) 4507466

19 TANGERANGJl. Raya Serpong No. 90Tangerang Selatan 15311Telp. : (021) 53989000 Fax. : (021) 53125175

5 CIBINONGRukan Cibinong City Centre Blok B No.18Jl. Tegar Beriman No.1 Cibinong Bogor 16915Telp. : (021) 29230999Fax. : (021) 29230656

10 FATMAWATIJl. RS Fatmawati No. 9Jakarta Selatan 12420Telp. : (021) 7509000 (H)Fax. : (021) 75998620

15 KWITANGJl. Kwitang Raya No. 10Jakarta Pusat 10420Telp. : (021) 3919000 (H)Fax. : (021) 3100400

20 WTC MANGGA DUAWTC Mangga Dua Area Lt. 5 Blok CJl. Mangga Dua Raya No.8 Jakarta Utara 14420Telp. : (021) 29986193Fax. : (021) 29986182

JAWA BARAT/WEST JAVA

21 BANDUNG NARIPANJl. Naripan No. 24 – 26Bandung 40112Telp. : (022) 4241552 (H) (022) 4241556Fax. : (022) 4209318

23 BANDUNG CIBIRUJl. A.H. Nasution No. 274 Blok A5 No. 6-7(Jl. Soekarno Hatta KM 15 No. 855 Kav. A5-07)Bandung 40614Telp. : (022) 87836036 (H)Fax. : (022) 87836033

25 KARAWANGRuko Courtyard Galuh Mas Blok C3,C5 dan C6Jl. Galuh Mas RayaPuseur Jaya, Telukjambe TimurKarawang 41361Telp. : (0267) 8452929Fax. : (0267) 8453177

27 TASIKMALAYARuko Permata Regency No. 1 Jl. KH Zainal MustopaTasikmalaya 46181Telp. : (0265) 313000Fax. : (0265) 328500

22 BANDUNG ASTRA CENTERAstra Biz CenterJl. Soekarno Hatta No. 438 D Bandung 40254Telp. : (022) 88889900 (H)Fax. : (022) 88889800

24 CIREBONJl. Brigjen Dharsono No. 84Cirebon 45153Telp.: (0231) 4899000 (H)Fax.: (0231) 489908

26 SUKABUMIJl. Bhayangkara No. 109Blok B dan C, Gunungpuyuh Sukabumi 43123Telp. : (0266) 232999Fax. : (0266) 236159



JAWA TENGAH/CENTRAL JAVA

28 KUDUSRuko Jati Kulon No. 32 Blok 7Jl. Agil KusumadyaKudus 59437Telp. : (0291) 42489000 (H)Fax. : (0291) 4248899

30 PURWOKERTOJl. Jend. Sudirman No. 69 Purwokerto 53133Telp. : (0281) 635389 Fax. : (0281) 634598

32 SURAKARTAJl. Bhayangkara No. 47Surakarta 57149Telp. : (0271) 715938

34 YOGYAKARTAKompleks Ruko Sumber Baru Square 2 Kavling G & HJl. Ringroad Utara, Kab. SlemanDI Yogyakarta 55285 Telp. : (0274) 625100Fax. : (0274) 652123

29 MAGELANGRuko Metro Square Blok F10Jl. Mayjen Bambang Soegeng Mertoyudan, Magelang 56172 Telp. : (0293) 326999Fax. : (0893) 326895

31 SEMARANGJl. MH Thamrin No. 150 Semarang 50134Telp. : (024) 8319000 (H) Fax. : (024) 8411910

33 TEGALJl. Kolonel Sugiono No. 124Tegal 52114Telp. : (0283) 342800Fax. : (0283) 351298

JAWA TIMUR/EAST JAVA

35 DENPASARJl. Gatot Subroto Barat No. 99 Z Denpasar 80117Telp. : (0361) 419000 (H)Fax. : (0361) 437000

38 JEMBERKompleks Ruko Gajah Mada Square Blok A-20Jl. Gajah Mada No.187 Jember 68133Telp. : (031) 3970900Fax. : (031) 485841

41 MATARAMJl. AA Gde Ngurah No. 87 B-C CakranegaraMataram 83231Telp. : (0370) 648000Fax. : (0370) 621728

43 SURABAYA MERR Kompleks Ruko Icon 21 Blok S, No. 5 & 6 Jl. DR. IR. H. SoekarnoSurabaya – 61254Telp.: (031) 99005200 Fax.: (031) 99005222

36 DENPASAR RENONKompleks Ruko Griya Alamanda Kav. 15Jl. Cok Agung Tresna, RenonDenpasar 80235Telp. : (0361) 8497700Fax. : (0361) 8497700

39 KEDIRIJl. Letjen. Suparman No. 73 Kediri 64132Telp. : (0354) 689000 (H)Fax. : (0354) 680578

42 SURABAYA PANGLIMA Jl. Panglima Sudirman 24-30Surabaya 60271Telp. : (031) 5353400 Fax. : (031) 5464527

44 SURABAYA WARURuko Gateway Blok A No. 18-19Jl. Raya Sawotratap Waru Sidoarjo, Surabaya 61254Telp. : (031) 8533900 Fax. : (031) 8534900

37 GRESIKRuko Sentral Jl. Dr. Wahidin SH Kembangan, KebomasGresik 61121Telp. : (031) 3970900Fax. : (031) 3970400

40 MALANGJl. Jaksa Agung Suprapto No. 28Malang 65111Telp. : (0341) 364996 (H)Fax. : (0341) 360981

SULAWESI

45 GORONTALOKompleks Gorontalo Mall Jl. CokroaminotoBusiness Park Gorontalo Blok C 17 Gorontalo 96114Telp. : (0435) 830905Fax. : (0435) 824455

47 MAKASSARJl. Jend. Sudirman No.68Makassar 90113Telp. : (0411) 8309000Fax. : (0411) 833050

49 PALUJl. Basuki Rahmat No. 62 Palu 94113Sulawesi TengahTelp. : (0451) 458900Fax. : (0451) 485909

50 PARE PAREJl. Bau Massepe No. 112Ruko No. 7Parepare 91121Sulawesi SelatanTelp. : (0421) 25800Fax. : (0421) 28765

46 KENDARIJl. Jend. Ahmad Yani No. 184 Kendari 93117Sulawesi TenggaraTelp. : (0401) 3190299 Fax. : (0401) 3196296

48 MANADOJl. Bethesda No. 34Manado 95116Telp. : (0431) 876000Fax. : (0431) 874000



KALIMANTAN

51 BALIKPAPANJl. M.T. Haryono No. 99Balikpapan 76114Kalimantan TimurTelp. : (0542) 7206890Fax. : (0542) 7206891

53 PALANGKARAYAJl. Tjilik Riwut KM 6Palangkaraya 73112Kalimantan TengahTelp. : (0536) 3239955Fax. : (0536) 3238982

54 PONTIANAKKompleks Rukan Perdana Square I No. 1, Jl. PerdanaPontianak 78115Kalimantan Barat Telp. : (0561) 769000Fax. : (0561) 575375

55 SAMARINDAJl. Ir. H. Juanda No. 39Samarinda 75243Kalimantan TimurTelp. : (0541) 765900 (H)Fax. : (0541) 765734

52 BANJARMASINJl. Jend. A. Yani No. 438 B-CBanjarmasin 70249Kalimantan Selatan Telp. : (0511) 3259000 (H)Fax. : (0511) 3250214

SUMBAGUT/NORTH OF SUMATERA

56 BANDA ACEHJl. Tengku Imum Leung Bata No. 3/14, Simpang SurabayaBanda Aceh 23123Telp. : (0651) 34900 (H)Fax. : (0651) 33499

59 DURIJl. Hang Tuah No. 98BDuri Barat 28784RiauTelp. : (0765) 92810Fax. : (0765) 93120

62 MEDAN BINJAIJl. Gatot SubrotoMakro Business Centre Blok A No. 7-8Medan 20127Telp. : (061) 8445198Fax. : (061) 8448298

64 PEKANBARUJl. Ahmad Yani No. 152Pekanbaru 28156Telp. : (0761) 32177Fax. : (0761) 32362

57 BATAMKomplek Seruni Indah Blok I-2 No. 8 Batam CenterBatam 29432Telp. : (0778) 7486625Fax. : (0778) 7486620

60 MEDAN ADAM MALIKJl. H. Adam Malik No. 28Glugur By PassMedan 20231 Telp. : (061) 4159900 (H)Fax. : (061) 4151160

63 PADANGJl. Khatib Sulaiman No. 102 Padang 25173Telp. : (0751) 41300 (H)Fax. : (0751) 41303

65 RANTAU PRAPATJl. SisingamarajaKel. Bakaran BatuKec. Rantau SelatanLabuhan Batu 21421Sumatera UtaraTelp. : (0624) 22234Fax. : (0624) 25092

58 BUKIT TINGGIKompleks Ruko Jambu AirJl. Raya Jambu Air No. 112 Bukit Tinggi 26181 Telp. : (0752) 35600Fax. : (0752) 34813

61 MEDAN JUANDAJl. Sisingamaraja No. 41Simpang LimunMedan 20219Telp. : (061) 42771927Fax. : (061) 42771917

SUMBAGSEL/SOUTH OF SUMATERA

66 BANDAR JAYAJl. Proklamator Raya Desa Seputih JayaRuko Blok B5-B6, Bandar JayaLampung 34163Telp. : (0725) 25110Fax. : (0725) 25118

68 JAMBIJl. Sumantri Brojonegoro No. 96Jambi 36125Telp. : (0741) 667456 (H)Fax. : (0741) 62177

70 MUARA BUNGOKomplek Ruko Wiltop Blok C No. 18Muara Bungo – 37212Telp. : (0747) 7324007 (H)Fax. : (0747) 7324006

72 PALEMBANG PLAJUJl. Ahmad Yani No. 10 & 11 RT 02 RW 01 Kel. 9-10 UluKec. Seberang Ulu IPalembang 30121Telp. : (0711) 517070 (H)Fax. : (0711) 517068

67 BENGKULUJl. Soewondo Parman No. 54 B Bengkulu 38224Telp. : (0736) 28808Fax. : (0736) 25152

69 LAMPUNGJl. Jenderal Sudirman No. 6 Bandar Lampung 35118Telp. : (0721) 259999 (H)Fax. : (0721) 262495

71 PALEMBANGJl. Veteran No. 195-197B Palembang 30111Telp. : (0711) 368368 (H)Fax. : (0711) 364018

73 PANGKAL PINANGGedung YY Tower No.7Jl. Depati Amir, Pintu AirPangkal Pinang 33133Telp. : (0717) 433195 Fax. : (0717) 435060



PENGHARGAANAWARDS

Perseroan selalu berupaya untuk memberikan yang terbaik kepada seluruh pemangku kepentingan. Hal tersebut dibuktikan melalui keberhasilan Perseroan dalam meraih sejumlah penghargaan dan apresiasi dari berbagai lembaga independen di sepanjang 2016, antara lain:

Nama Penghargaan/Award Name: “Top Brand Award 2016”

Kategori Penghargaan/Award Category: 4 Wheels Automotive Leasing Company

Penyelenggara/Organizer: Frontier Consulting Group dan Majalah MarketingFrontier Consulting Group and Marketing Magazine

Tanggal/Date: 3 Februari/February 2016

Nama Penghargaan/Award Name: “Contact Center Service Excellent Award 2016”

Kategori Penghargaan/Award Category: Call Center for Automotive Financing

Penyelenggara/Organizer: Majalah Service Excellence dan Center for Customer Satisfaction & Loyalty (CCSL)

Tanggal/Date: 6 April 2016

Nama Penghargaan/Award Name: "Corporate Image Award 2016"

Kategori Penghargaan/Award Category: Leasing 4 Wheels"The Best in Building and Managing Corporate Image"

Penyelenggara/Organizer: Tempo Media Group & Frontier Consulting Group

Tanggal/Date: 8 Juni/June 2016

Nama Penghargaan/Award Name: "HR Excellence Award 2016"

Kategori Penghargaan/Award Category: HR Transformation and People Development

Penyelenggara/Organizer: LM FEUI dan Majalah SWALM FEUI and SWA Magazine

Tanggal/Date: 24 Februari/February 2016

The Company always strives to provide the best to all stakeholders. This is evidenced by the Company's success in achieving a number of awards and appreciation of the various independent agencies throughout 2016, among others:



Nama Penghargaan/Award Name: “Indonesia Original Brand Award 2016”

Kategori Penghargaan/Award Category: Car Financing

Penyelenggara/Organizer: Majalah SWA dan lembaga riset Business DigestSWA Magazine and Business Digest research institute


Nama Penghargaan/Award Name: “Infobank Multifinance Award 2016”

Kategori Penghargaan/Award Category: Golden Trophy

Penyelenggara/Organizer: Infobank

Tanggal/Date: 29 September 2016

Nama Penghargaan/Award Name: “Indonesia Best Companies in Creating Leaders Within 2016”

Kategori Penghargaan/Award Category: Financial

Penyelenggara/Organizer: Majalah SWA dan NBO IndonesiaSWA Magazine and NBO Indonesia


Nama Penghargaan/Award Name: “IBM Marketing Innovation Awards 2016”

Kategori Penghargaan/Award Category: Mobile Marketing Innovation

Penyelenggara/Organizer: Carre-Center for Customer Satisfaction & Loyalty (Carre – CCSL) dan Majalah Service Excellence/and Service Excellence Magazine

Tanggal/Date: 27 Juli/July 2016

Nama Penghargaan/Award Name: “Business Indonesia Award 2016”Kategori Penghargaan/Award Category: Perusahaan Multifinance Terbaik

Penyelenggara/Organizer: Business Indonesia Group


Nama Penghargaan/Award Name: “Service Quality Award 2016”

Kategori Penghargaan/Award Category: Financing Automotive 4 W

Penyelenggara/Organizer: Carre-Center for Customer Satisfaction & Loyalty (Carre – CCSL) dan Majalah Service Excellence/and Service Excellence Magazine




Selain berbagai penghargaan sebagaimana disebutkan di atas, Perseroan juga berhasil memperoleh sertifikasi dari lembaga independen sebagai wujud komitmen Perusahaan untuk senantiasa meningkatkan nilai tambah Perusahaan di mata para pemangku kepentingan, yaitu:

Jenis SertifikasiType of Certification

Pemberi Sertifikasi Institution Name

Masa BerlakuValidity Period

OHSAS 18001 PT SGS Indonesia 2015 – 2018

SERTIFIKASICERTIFICATIONS

In addition to various awards as mentioned above, the Company also received certification from an independent institutions as a manifestation of our commitment to continuously improve the Company's added value for stakeholders, as follows:

PENGUNGKAPAN INFORMASI PADA WEBSITE PERUSAHAANINFORMATION DISCLOSURE ON THE COMPANY'S WEBSITE

Dalam rangka menjalankan prinsip-prinsip tata kelola perusahaan yang baik di seluruh aspek bisnis dan operasional, Perseroan telah mengungkapkan beberapa informasi penting pada situs web www.acc.co.id, antara lain:1. Informasi Pemegang Saham.2. Riwayat Singkat Perseroan.3. Tonggak Sejarah Perseroan.4. Struktur Organisasi dan Grup Perseroan.5. Visi, Misi, dan Nilai Perusahaan.6. Kode Etik.7. Informasi Rapat Umum Pemegang Saham (RUPS),

meliputi: risalah RUPS, informasi tanggal pengumuman RUPS, tanggal pemanggilan RUPS, tanggal RUPS, dan tanggal ringkasan risalah RUPS diumumkan.

8. Laporan keuangan tahunan.9. Profil Dewan Komisaris dan Direksi.

10. Profil Sekretaris Perusahaan.11. Piagam/Charter Dewan Komisaris, Direksi, Komite-komite,

dan Unit Audit Internal.

In order to implement the good corporate governance principles in all aspects of business and operations activities, the Company has revealed some important information on website www.acc.co.id, among others:1. Shareholder Information.2. Brief History of the Company.3. The Company's Milestones.4. Organizational Structure and Group of the Company.5. Vision, Mission, and Values of the Company.6. Code of Ethics.7. The information General Meeting of Shareholders (GMS)

include: the minutes of the GMS, the information about the announcement date of the GMS, the date of GMS, and the date of summary of the minutes of the GMS was announced.

8. The annual financial report.9. Profile of the Board of Commissioners and the Board of

Directors.10. Profile of Corporate Secretary.11. Charter of the Board of Commissioners, the Board of

Directors, Committees and Internal Audit Unit.



PENDIDIKAN DAN/ATAU PELATIHAN DEWAN KOMISARIS, DIREKSI, KOMITE-KOMITE, SEKRETARIS PERUSAHAAN, DAN UNIT AUDIT INTERNAL EDUCATION AND/OR TRAINING OF THE BOARD OF COMMISSIONERS, THE BOARD OF DIRECTORS, COMMITTEES, CORPORATE SECRETARY AND INTERNAL AUDIT UNIT

Di sepanjang tahun 2016, Dewan Komisaris, Direksi, komite-komite, Sekretaris Perusahaan, dan Unit Audit Internal Perseroan telah mengikuti sejumlah kegiatan pendidikan/pelatihan/seminar/lokakarya yang bertujuan untuk meningkatkan kompetensi dan kapabilitas masing-masing individu demi tercapainya tujuan Perseroan, antara lain:

Pendidikan dan/atau Pelatihan untuk Dewan Komisaris

NamaName

JabatanPosition

Jenis Pelatihan/Seminar/LokakaryaType of Training/Seminars/Workshops

PenyelenggaraOrganizer

TanggalDate

Gunawan Geniusahardja

Presiden KomisarisPresident Commissioner

Sertifikasi Dasar Pembiayaan KomisarisCertification of Basic Financing of the Board of Commissioners

PT Sertifikasi Profesi Pembiayaan Indonesia (SPPI)

27 Juli/July 2016

Seminar Nasional “Peluang dan Tantangan Tahun 2017”National Seminar on “Opportunities and Challenges in the Year 2017”

Asosiasi Perusahaan Pembiayaan Indonesia (APPI)Indonesian Financial Service Association (IFSA)

6 Desember/December 2016

Suparno Djasmin

Wakil Presiden KomisarisVice President Commissioner



27 Juli/July 2016




Djony Bunarto Tjondro

KomisarisCommissioner



27 Juli/July 2016




Henry Santoso KomisarisCommissioner



27 Juli/July 2016

International Seminar “Conducive Government Policies Supporting Promising Economic Development”


30 Agustus/August 2016

Ardi Sedaka KomisarisCommissioner




Buyung Syamsudin

Komisaris IndependenIndependent Commissioner




H. Mohammad Husni





During 2016, the Board of Commissioners, the Board of Directors, Committees, Corporate Secretary, and Internal Audit Unit of the Company have participated in several educational activities/trainings/seminars/workshops that aims to improve the competence and capabilities of each individual to achieve the Company’s objectives, among others:

Education and/or Training for the Board of Commissioners



Pendidikan dan/atau Pelatihan untuk Direksi

NamaName

JabatanPosition



TanggalDate





Sertifikasi Dasar Pembiayaan KomisarisCertification of Basic Financing of the Board of Commisioners

PT Sertifikasi Profesi Pembiayaan Indonesia 30 Agustus/August 2016

Sertifikasi Manajemen Risiko Certification of Risk Management

Badan Sertifikasi Manajemen RisikoRisk Management Certification Agency

30 November 2016

Samuel Manasseh

DirekturDirector




Wie Mia DirekturDirector




Anton Rusli DirekturDirector






Siswadi DirekturDirector






Handoko Liem

DirekturDirector




Sertifikasi Manajemen Risiko Certification of Risk Management

Badan Sertifikasi Manajemen RisikoRisk Management Certification Agency

3 November 2016

Pendidikan dan/atau Pelatihan untuk Dewan Pengawas Syariah

NamaName

JabatanPosition



TanggalDate

Ahmad Mukri Aji

Ketua Dewan Pengawas Syariah Chairman of the Sharia Supervisory Board




Aminudin Yakub

AnggotaMember




Endy M. Astiwara

AnggotaMember




Pendidikan dan/atau Pelatihan untuk Komite Audit

NamaName

JabatanPosition



TanggalDate

H. Mohammad Husni

Ketua Komite AuditChairman of Committee Audit




Pendidikan dan/atau Pelatihan untuk Komite Nominasi dan

Remunerasi

NamaName

JabatanPosition



TanggalDate

Buyung Syamsudin Ketua Chairman





AnggotaMember

Sertifikasi Dasar PembiayaanCertification of Basic Financing


27 Juli/July 2016




Education and/or Training for the Board of Directors

Education and/or Training for Sharia Supervisory Board

Education and/or Training for Audit Committee

Education and/or Training for Nomination and Remuneration

Committee



Suparno Djasmin AnggotaMember

Sertifikasi Dasar PembiayaanCertification of Basic Financing


27 Juli/July 2016




Pendidikan dan/atau Pelatihan untuk Sekretaris Perusahaan

NamaName

JabatanPosition



TanggalDate

Nur Mustikaningtyas Sekretaris PerusahaanCorporate secretary

Seminar “Penegakan Etika & Standar Profesi Oleh Konsultan Hukum”Seminar of "Ethics Enforcement & Professional Standards by the Legal Consultant"

Himpunan Konsultan Hukum Pasar ModalCapital Market Legal Consultants Association

18 April 2016

Sosialisasi SEOJK Mengenai Perusahaan PembiayaanThe socialization of SEOJK Regarding Financing Company

Otoritas Jasa KeuanganFinancial Services Authority

26 Mei/May 2016

Train of Trainers (TOT) Mengenal OJK dan Jasa Keuanganrain of Trainers (TOT) Knowing the FSA and Financial Services


22 Juli/July 2016

Indonesia Fintech Festival and Conference Otoritas Jasa KeuanganFinancial Services Authority


OJK Financial PR Forum “Embracing the New Era: Rebuilding Trust in Financial Services”


7 November 2016

Seminar dan Lokakarya Pemanfaatan Tanda Tangan Digital pada Transaksi ElektronikSeminar and Workshop of The utilization Digital Signatures on Electronic Transactions



Komputasi Awan di Sektor Jasa KeuanganCloud Computing in Financial Services Sector

ICCA dan Otoritas Jasa KeuanganICCA and Financial Services Authority


Pendidikan dan/atau Pelatihan untuk Unit Audit Internal



TanggalDate

Jumlah PesertaNumber of Participants

Finance, Accounting & Tax Training Astra International 25 – 28 Januari/January 2016

1 anggota1 member

Basic Leadership & Character Building Asia Leader & Pelopor 14 – 18 Maret/March 2016 dan 3 – 7 Oktober/October 2016

4 anggota4 members

Integrated Audit ISO 9001, ISO 14001 & OHSAS 18001 Training

SGS 21 – 23 Maret/March 2016 13 anggota13 members

Governance, Risk & Control (GRC) Forum Cyber Security Otoritas Jasa KeuanganFinancial Services Authority

29 Maret/March 2016 1 ketua1 chairman

Risk and Research Forum & Institute of Internal Auditors (IIA) Professional Audit Forum

Astra International & Institute of Internal Auditors (IIA)

7 April 2016 1 ketua & 2 anggota1 chairman and 2 members

Tools & Teknik Audit Tools & Audit Techniques

Astra International 18 – 22 April 2016 1 anggota1 member

Seminar Nasional Internal AuditTools & Audit Techniques

Yayasan Pendidikan Internal Audit (YPIA)

27-29 April 2016 1 ketua1 chairman

Man Management Executive Astra International 10 Mei/May 2016 1 ketua1 chairman

The Realist Adjust The Sail Astra International 11 – 13 Mei/May 2016 1 anggota1 member

Leadership Learning Community - Embracing The Digital Transformation Era

Astra International 24 Mei/May 2016 1 ketua1 chairman

Business Law/Legal (Kasus AFFCO dan Astra International)

Astra International 10 – 12 Agustus/August 2016

1 anggota1 member

ACC Basic Training Astra Credit Companies 15 – 18 Agustus/August 2016

1 anggota1 member

Risk and Control Forum Astra International 14 September 2016 1 ketua1 chairman

Sosialisasi Peraturan Otoritas Jasa Keuangan (POJK) No. 31/POJK.05/2016 Tentang Usaha PegadaianSocialization of the FSA Regulation No. 31/POJK.05/2016Regarding Pawnbroker Businesses


29 September 2016 1 ketua1 chairman

Executive Risk Forum Astra International 28 Oktober/October 2016 1 ketua1 chairman

QIA Pra Manajerial Yayasan Pendidikan Internal Audit (YPIA)

1 – 18 November 2016 2 anggota2 members

Fraud Investigation Audit Intermediate Astra International 28 – 30 November 2016 1 anggota1 member

Risk & Governance Summit (RGS) 2016 Otoritas Jasa KeuanganFinancial Services Authority

29 November 2016 1 ketua1 chairman

Education and/or Training for Corporate Secretary

Education and/or Training for Internal Audit Unit



ANALISIS DAN PEMBAHASAN

MANAJEMENMANAGEMENT DISCUSSION

AND ANALYSIS


ANALISIS DAN PEMBAHASAN MANAJEMENMANAGEMENT DISCUSSION AND ANALYSIS


Iklim perekonomian global di sepanjang 2016 masih diwarnai dengan ketidakpastian, seperti kenaikan kembali suku bunga acuan oleh The Fed sebesar 0,25% menjadi 0,75% di akhir tahun 2016, setelah sebelumnya pada tahun 2015 menaikan 0,25% ke level 0,50%. Kebijakan The Fed untuk menaikkan suku bunganya secara perlahan menjadi momentum atas normalisasi suku bunga The Fed yang didorong oleh pulihnya kondisi fundamental ekonomi AS. Selain itu, pemilihan presiden AS ke-45 yang dilakukan pada akhir tahun 2016 juga turut mewarnai kondisi global dengan berbagai persepsi pelaku pasar serta memicu kekhawatiran terhadap prospek perbaikan ekonomi global. Masyarakat dunia saat ini sedang menantikan arah kebijakan AS selanjutnya serta dampaknya terhadap global dibawah kepemimpinan Presiden terpilih. Sementara itu dari Eropa, hasil referendum Inggris yang memutuskan untuk berpisah dari Uni Eropa atau dikenal dengan istilah Britain Exit (Brexit) turut menimbulkan ketidakpastian terhadap prospek ekonomi negara maupun prospek ekonomi Eropa secara keseluruhan. Namun demikian, kondisi perekonomian Tiongkok sudah mulai membaik dengan berhasil membukukan pertumbuhan sebesar 6,8% pada Q4-2016. Sementara itu People Bank of China (PBOC) terus melanjutkan ease money policy atau kebijakan pelonggaran moneter melalui pemangkasan suku bunga PBOC yang telah berlangsung sejak 2014. Sepanjang tahun 2016 PBOC tetap menjaga tingkat suku bunga acuan pada level 4,35% yang bertujuan untuk menstimulasi aktivitas ekonomi Tiongkok yang masih stagnan.

TINJAUAN MAKROEKONOMI DOMESTIKDOMESTIC MACROECONOMIC REVIEW

Di tengah kondisi perekonomian global yang masih lambat, pertumbuhan ekonomi Indonesia di tahun 2016 mulai menunjukkan perbaikan jika dibandingkan tahun sebelumnya. Hal tersebut tercermin dari PDB Indonesia di tahun 2016 yang tumbuh pada level 5,02%, sedikit lebih tinggi jika dibandingkan dengan pertumbuhan tahun 2015 yang hanya sebesar 4,88%. Sementara itu, laju inflasi Indonesia di tahun 2016 relatif stabil dibandingkan tahun sebelumnya, yaitu sebesar 3,02%, menurun apabila dibandingkan dengan inflasi pada tahun 2015 yang sebesar 3,45%. Menurunnya laju inflasi pada tahun 2016 menunjukkan bahwa penyesuaian penurunan nilai subsidi Bahan Bakar Minyak (BBM) oleh pemerintah yang sudah beberapa kali dilakukan sejak tahun 2014 telah berkurang imbasnya. Hal ini juga didukung imbas penurunan harga minyak mentah dunia yang sempat menyentuh

The global economic climate throughout 2016 was still marked by uncertainties, such as the hike of Fed rate at 0.25% to 0.75% at the end of 2016, after previously in 2015 increased of 0.25% to a level of 0.50 %. The Fed policy to raise interest rates gradually became a momentum on the normalization of the Fed interest rate driven by the recovery of the US economic fundamentals. In addition, the 45th US presidential elections which conducted in the late of 2016 also colored the global conditions by various market perceptions as well as concerns over the outlook for global economic recovery. People of the world are now looking forward to the next direction of US policy and its impacts on globally under the leadership of the elected President. Meanwhile in Europe, the results of the British referendum which decided to separate from the European Union or known as Britain Exit (Brexit) contributed to the uncertainty about the country's economic outlook and economic prospects of Europe as a whole. Nevertheless, China's economy has begun to improve by successfully recorded a growth of 6.8% in Q4-2016. Meanwhile, the People's Bank of China (PBOC) continued to implement ease money policy by cutting the the PBOC interest rate that have been taken place since 2014. Throughout 2016, the PBOC maintained its interest rate at 4.35% level aiming to stimulate the economic activity of China which remained stagnant.

Amidst the slowed-down global economic condition, Indonesia's economic growth in 2016 began to show its improvement compared to the previous year. It was reflected by Indonesia's GDP in 2016 which grew at 5.02%, slightly higher than the growth in 2015 which was 4.88%. Meanwhile, Indonesia's inflation rate in 2016 was relatively stable compared to the previous year which amounted to 3.02%, a decline compared to inflation rate in 2015 which amounted to 3.45%. The declining of inflation rate in 2016 showed the less impact of Government’s adjustment over the subsidized fuel oil (BBM) that has been done several times since 2014. It was also supported by the impact of the fall in prices of crude oil which had touched the lowest level in the last 10 years under USD30 per barrel, before flipping to the psychological level around USD50 per barrel in the second half of 2016. The inflation

TINJAUAN MAKROEKONOMI GLOBALGLOBAL MACROECONOMIC REVIEW



level terendah dalam 10 tahun terakhir dibawah USD30 per barel, sebelum membalik ke level psikologis di sekitar USD50 per barel di paruh kedua tahun 2016. Terkendalinya level inflasi di sepanjang tahun 2016, memberikan ruang yang cukup bagi Bank Indonesia untuk melakukan pelonggaran suku bunga dengan menurunkan BI Rate sebanyak 3 kali dalam 3 bulan berturut-turut pada bulan Januari, Februari dan Maret dari level 7,50% menjadi 6,75%. Selanjutnya, Bank Indonesia memberlakukan suku bunga acuan baru yaitu 7-Day Reverse Repo Rate yang efektif berlaku sejak 29 Agustus 2016. Pasca pemberlakukan 7-Day Reverse Repo Rate, BI beberapa kali melakukan pemangkasan hingga mencapai level 4,75% per akhir 2016. Di sisi lain, walaupun nilai tukar Rupiah terhadap Dolar AS mengalami volatilitas yang cukup tinggi akibat gejolak pasar finansial global, Rupiah menunjukkan pergerakan tren menguat dan tercatat sebagai mata uang dengan penguatan ke-2 paling tinggi di Asia setelah Yen Jepang, dimana pada akhir 2016 Rupiah bergerak pada kisaran Rp12.948 – Rp13.960 ditutup pada level Rp13.473, menguat dibanding posisi di 2015 di level Rp13.788.

TINJAUAN INDUSTRI PEMBIAYAANFINANCING INDUSTRY REVIEW

Seiring dengan mulai membaiknya perekonomian domestik walaupun masih diiringi ketidakpastian ekonomi global, industri otomotif roda empat Indonesia yang menjadi portofolio utama Perseroan juga mengalami peningkatan pasar sebesar 4,9% dari 1.013 juta unit di tahun 2015 menjadi 1.063 juta unit pada tahun 2016. Di tengah pertumbuhan pasar otomotif yang relatif rendah, persaingan industri pembiayaan memang tetap cukup ketat terutama dengan agresifitas beberapa perusahaan pembiayaan yang berafiliasi dengan perbankan. Di sisi lain, suku bunga acuan kredit perbankan untuk korporasi cenderung masih tinggi dikarenakan masih terbatasnya ruang likuiditas perbankan untuk segera mengikuti tren penurunan suku bunga acuan dari Bank Indonesia. Namun demikian, berbagai tantangan industri tersebut mampu dilalui Perseroan dengan baik melalui kerja keras, sinergi dan konsistensi dalam melakukan eksekusi strategi.

controlled levels in 2016 has provided enough room for Bank Indonesia to implement ease policy of interest rates by cutting the BI Rate as much as 3 times in 3 months in a row namely January, February and March from the level of 7.50% to 6.75%. Furthermore, Bank Indonesia imposed a new benchmark interest rate, named 7-Day Reverse Repo Rate effectively on August 29, 2016. After the enactment of 7-Day Reverse Repo Rate, BI has made several cuts of interest rate to 4.75% level by the end of 2016. On the other hand, although Rupiah against US Dollar has experienced a high volatility due to the turmoil in global financial markets, the Rupiah showed positive trend movement and recorded as the 2nd highest currency in Asia after the Japanese Yen, where at the end of 2016 Rupiah moved within the range Rp12,948 - Rp13,960 and was closed at Rp13,473, or stronger compared to the position in 2015 at the level of Rp13,788.

Along with the improvement of domestic economy, although it was still accompanied by global economic uncertainty, the four-wheeled automotive industry in Indonesia which is the Company's main portfolio also showed an increase in market industry by 4.9% of 1,013 million units in 2015 to 1,063 million units in 2016. In the midst of the growth of automotive market that still relatively low, the competition in financing industry indeed still quite tight, especially with the aggressiveness of some finance companies affiliated with banks. On the other hand, the bank loan rate to corporations tends to remain high due to the very limited room over bank liquidity to immediately follow the downward trend of BI rate. Nevertheless, numerous challenges that faced in the financing industry were able to be passed well by the Company through hard work, synergies and consistency in the execution of strategy.



TINJAUAN OPERASIONAL PER SEGMEN USAHAOPERATIONAL REVIEW PER SEGMENT

Segmen usaha Perseroan terdiri dari 4 (empat) segmen yaitu Pembiayaan Konsumen, Pembiayaan Murabahah, Sewa Pembiayaan dan Pembiayaan Anjak Piutang. Pada tahun 2016, dari ke-4 segmen usaha tersebut kegiatan Pembiayaan Konsumen menjadi kontibutor utama atas keseluruhan total pendapatan Perseroan mencapai 71,95%. Sementara itu, pendapatan yang berasal dari kegiatan sewa pembiayaan memberikan porsi pendapatan bagi Perseroan sebesar 6,82%. Lalu, pendapatan Perseroan yang berasal dari kegiatan unit usaha syariah mengontribusi sebesar 11,79% di akhir 2016. Sedangkan, Pembiayaan Anjak Piutang masih menjadi kontributor terkecil yaitu sebesar 0,19% terhadap total pendapatan Perseroan di sepanjang 2016. Secara rinci, tinjauan operasional untuk masing-masing segmen di bawah ini adalah sebagai berikut:

Pembiayaan Konsumen• Jumlah kontrak pembiayaan baru di tahun 2016 tercatat

sebanyak 370.527 account.• Portofolio produk baru di tahun 2016 mencapai Rp37.905 miliar.

Pembiayaan Murabahah• Jumlah kontrak pembiayaan baru di tahun 2016 tercatat


Sewa Pembiayaan• Jumlah kontrak pembiayaan baru di tahun 2016 tercatat


Pembiayaan Anjak Piutang• Jumlah kontrak pembiayaan baru di tahun 2016 tercatat

sebanyak 3 account.• Portofolio produk baru di tahun 2016 mencapai Rp50 miliar.

Pada akhir tahun 2016, Perseroan telah membukukan 172.341 pembiayaan baru yang berasal dari beberapa wilayah yang tersebar di seluruh Indonesia. Berikut laporan kinerja pembiayaan berdasarkan geografis wilayah usaha Perseroan:

The Company's operating segments consist of 4 (four) segments namely Consumer Financing, Murabahah Financing, Lease Financing and Factoring Financing. In 2016, from all these four business segments, Consumer Financing activity become the main contributor to the Company's total revenue that reached 71.95%. Meanwhile, revenue from financing lease activities gave revenue's portion to the Company that amounted to 6.82%. Then, the Company's revenues which derived from the activity of Sharia business unit contributed for about 11.79% at the end of 2016. Meanwhile, Factoring Financing still became the smallest contributor which amounted to 0.19% to the total revenues of the Company during 2016. Details of the operational review for each segment is shown below:

Consumer Financing• Number of new financing contracts in 2016 was recorded at

370,527 accounts.• New product portfolios in 2016 reached Rp37,905 billion.

Murabaha Financing• Number of new financing contracts in 2016 was recorded at


Financing Lease• Number of new financing contracts in 2016 was recorded at


Factoring Financing• Number of new financing contracts in 2016 was recorded at 3

accounts.• New product portfolios in 2016 reached Rp50 billion.

At the end of 2016, the Company has recorded 172,341 new financing from several regions throughout Indonesia. Below is the Company's financing performance which based on geographic region:

Jabodetabek Jabar Jateng Jatim Kalimantan Sulawesi Sumbagsel Sumbagut Fleet

JUMLAH PEMBIAYAAN BARUTOTAL NEW FINANCING

UNIT PEMBIAYAAN BARUNEW FINANCING UNIT

11,177

2,635

1,059

2,703

789

1,282

1,488

2,368

2,272

74,860

19,940

20,749

16,788

10,894

8,689

6,135

5,552

8,734

(Dalam miliar Rupiah)(In billion Rupiah)

(Dalam satuan unit)(In unit)



TINJAUAN KEUANGANFINANCIAL REVIEW

Laporan Laba Rugi

Pendapatan BersihNilai pendapatan bersih Perseroan tercatat sedikit mengalami penurunan sebesar 2,72% dibanding tahun 2015 yang semula tercatat sebesar Rp5.468 miliar menjadi sebesar Rp5.319 miliar di akhir tahun 2016. Di sepanjang 2016, sumber pendapatan utama Perseroan berasal dari pendapatan pembiayaan konsumen. Porsi pendapatan dari pembiayaan konsumen yang mencapai lebih dari 71,95% dari total pendapatan bersih untuk tahun yang berakhir pada tanggal 31 Desember 2016 ini merupakan pendapatan utama dari kegiatan usaha yang telah diperoleh Perseroan selain pendapatan dari kegiatan sewa pembiayaan dan unit usaha syariah.

(Dalam miliar Rupiah) (In billion Rupiah)

PENDAPATAN 2016 Tumbuh (%)Growth (%) 2015 REVENUES

Pembiayaan konsumen 3,827 (12.08%) 4,353 Consumer financing

Marjin Murabahah 627 312.50% 152 Murabaha margin

Sewa pembiayaan 363 (20.74%) 458 Finance leases

Pembiayaan anjak piutang 10 25% 8 Factoring financing

Bunga bank 30 (63.86%) 83 Interest Income

Lain-lain – bersih 462 11.59% 414 Miscellaneous - net

Jumlah Pendapatan – bersih 5,319 (2.72%) 5,468 Total Revenue - net

Berikut ini adalah analisa pertumbuhan pendapatan Perseroan di sepanjang 2016:a) Pendapatan Pembiayaan Konsumen

Pendapatan pembiayaan konsumen perusahaan tercatat turun 12,08% di sepanjang tahun ini dari yang semula tercatat sebesar Rp4.353 miliar di tahun 2015 menjadi sebesar Rp3.827 miliar di akhir tahun 2016. Hal tersebut disebabkan oleh penurunan piutang pembiayaan konsumen sebesar Rp442 miliar atau 1,93% di sepanjang 2016.

b) Pendapatan Sewa Pembiayaan

Demikian juga dengan pendapatan sewa pembiayaan di tahun 2016 juga mencatat penurunan sebesar 20,74% dari tahun sebelumnya yang tercatat sebesar Rp458 miliar menjadi sebesar Rp363 miliar di akhir tahun 2016. Hal tersebut disebabkan oleh menurunnya piutang sewa pembiayaan sebesar Rp504 miliar atau 17,39% dibanding tahun 2015.

c) Margin Murabahah

Pendapatan marjin murabahah perusahaan berhasil membukukan kenaikan sebesar 312,50% pada tahun ini, dari yang semula hanya tercatat Rp152 miliar di tahun 2015

Income Statement

Net RevenueThe Company’s net revenue recorded a slight decrease by 2.72% compared to 2015 which was Rp5,468 billion to Rp5,319 billion at end of 2016. Throughout 2016, the main source of Company’s revenue derived from consumer financing. The revenue portion from consumer financing reached more than 71.95% of the total net income for the year ended on December 31, 2016 was became the primary revenue from operational activities that have been obtained by the Company in addition to the revenues from lease financing and sharia business units.

Below are the analyses of the Company’s revenue growth during 2016:a) Consumer Financing Revenue

The Company's consumer financing revenue was down 12.08% throughout the year compared to previously recorded at Rp4,353 billion in 2015 to Rp3,827 billion at the end of 2016. This was caused by the decrease of consumer financing receivables in 2016 which amounted to Rp442 billion, or 1.93%.

b) Finance Lease Revenue

Likewise, finance lease revenue in 2016 was also recorded a decrease of 20.74% from the previous year which was recorded at Rp458 billion to Rp363 billion at the end of 2016. This was caused by the decrease in finance lease receivables amounted to Rp504 billion or 17.39% compared to 2015.

b) Murabaha Margin

The Company's murabaha margin revenue has successfully recorded an increase of 312.50% through this year from Rp152 billion in 2015 to Rp627 billion at the end of 2016.



menjadi sebesar Rp627 miliar di akhir 2016. Hal tersebut disebabkan oleh meningkatnya jumlah penjualan unit usaha syariah dibandingkan tahun 2015 sehingga piutang pembiayaan murabahah meningkat sebesar Rp3.422 miliar atau 213,34% dibanding tahun 2015.

d) Pembiayaan Anjak Piutang

Demikian juga dengan pendapatan yang berasal dari pembiayaan anjak piutang turut mencatat peningkatan sebesar 25,0% dari yang semula tercatat sebesar Rp8 miliar di tahun 2015, menjadi sebesar Rp10 miliar di akhir tahun 2016. Hal ini terutama disebabkan karena di tahun 2016 Perseroan masih membukukan pendapatan atas kenaikan piutang pembiayaan konsumen tahun 2015 walaupun pada akhir tahun 2016 tagihan pembiayaan anjak piutang mengalami penurunan sebesar Rp42 miliar atau 46,7%.

BebanNilai beban Perseroan per 31 Desember 2016 tercatat mengalami penurunan sebesar 2,55%, hal tersebut sebagian besar disebabkan oleh diversifikasi pendanaan yang membuat penurunan beban bunga dan keuangan. Adapun rincian struktur beban Perseroan di sepanjang 2016 dengan rincian sebagai berikut:


BEBAN 2016 Tumbuh (%)Growth (%) 2015 EXPENSES

Beban bunga dan keuangan 2,211 (11.31%) 2,493 Interest and financing charges

Beban usaha 834 6.92% 780 Operating expenses

Beban pajak final 6 (64.71%) 17 Final tax expenses

Penyisihan kerugian penurunan nilai

1,080 18.03% 915 Allowance for impairment losses

Penyisihan kerugian penurunan nilai lainnya

(12) (154.55%) 22 Allowance for other impairment loss

Rugi selisih kurs-bersih 1 0% 1 Loss on foreign exchange -net

Jumlah Beban 4,120 (2.55%) 4,228 Total Expenses

Berikut adalah analisa pertumbuhan beban Perseroan untuk tahun buku 2016:

a) Beban Usaha

Nilai beban usaha perusahaan naik 6,92% atau meningkat Rp54 miliar di sepanjang tahun ini dari yang semula tercatat sebesar Rp780 miliar di tahun 2015 menjadi sebesar Rp834 miliar di akhir tahun 2016. Hal tersebut disebabkan oleh peningkatan beban kompensasi karyawan.

b) Beban Bunga dan Keuangan

Sedangkan, beban bunga dan keuangan perusahaan justru mencatat penurunan sebesar 11,31% atau turun Rp282 miliar di sepanjang tahun ini, dari yang semula tercatat sebesar Rp2.493 miliar di tahun 2015 menjadi Rp2.211 miliar di akhir tahun 2016. Hal tersebut disebabkan oleh penurunan beban bunga surat berharga yang diterbitkan.

This was caused by the growing number of sharia business unit sales compared to the year 2015, so the murabaha margin receivables increased by Rp3,422 billion or 213.34% compared to 2015.

d) Factoring Financing Revenue

Likewise, the revenue derived from factoring financing contributed recorded an increase of 25.0% from the original which was recorded Rp8 billion in 2015, to Rp10 billion at the end of 2016. This was mainly because in 2016 the Company still recorded revenues of the rising in consumer financing receivables in 2015 though at the end of 2016 the factoring financing bill was decreased by Rp42 billion or 46.7%.

ExpensesThe Company’s total expenses per December 31, 2016 was decreased amounted to 2.55%, which largely due to the diversification of funding that brought a declining of interest and financing charges. The details of the Company’s expenses structure throughout 2016 are as follows:

Below are the analyses of the Company’s expenses growth during 2016:

a) Operating Expenses

The Company's operating expenses rose 6.92%, or an increase of Rp54 billion throughout the year than the original which was recorded at Rp780 billion in 2015 to Rp834 billion at the end of 2016. This was caused by an increase in employee compensation expense.

b) Interest and Financing Charges

Meanwhile, the Company's interest and financing charges, recorded a decrease of 11.31%, or fell Rp282 billion throughout the year, of which originally recorded at Rp2,493 billion in 2015 to Rp2,211 billion at the end of 2016. This was caused by the decrease in interest expense of securities issued.



Laba BersihNilai laba bersih Perseroan pada tahun 2016 tercatat sedikit mengalami penurunan sebesar 3,6% menjadi sebesar Rp934 miliar di tahun 2016 dari sebesar Rp969 miliar di tahun 2015. Penurunan laba bersih Perseroan pada tahun ini disebabkan oleh meningkatnya jumlah beban dibandingkan dengan pendapatan bersih Perseroan. Tingginya peningkatan beban Perseroan dikarenakan peningkatan beban penyisihan kerugian penurunan nilai yang dibukukan oleh Perseroan selama tahun 2016 dibandingkan dengan tahun sebelumnya.

Total Penghasilan Komprehensif Lain Tahun BerjalanPenghasilan komprehensif lain Perseroan pada tahun 2016 mengalami penurunan 493,9% menjadi sebesar Rp(225) miliar di tahun 2016 dibandingkan tahun 2015 yaitu sebesar Rp268 miliar. Penurunan penghasilan komprehensif lain Perseroan pada tahun ini disebabkan oleh menurunnya jumlah cadangan lindung nilai arus kas.

Total Laba KomprehensifLaba komprehensif Perseroan pada tahun 2016 mengalami penurunan 42,7% menjadi sebesar Rp709 miliar di tahun 2016 dibandingkan dengan tahun 2015 yaitu sebesar Rp1.237 miliar. Penurunan laba komprehensif Perseroan pada tahun ini disebabkan oleh menurunnya jumlah cadangan lindung nilai arus kas dan meningkatnya jumlah beban dibandingkan dengan pendapatan bersih Perseroan.

Laporan Posisi Keuangan

Total AsetPada tahun 2016, Perseroan mengelola total aset senilai Rp31.478 miliar atau naik 3,57% yang setara dengan kenaikan sebesar Rp1.086 miliar dibanding tahun sebelumnya yang hanya tercatat sebesar Rp30.392 miliar. Peningkatan tersebut terutama disebabkan oleh meningkatnya piutang murabahah - bersih sebesar Rp3.422 miliar atau 213,34%.


ASET 2016 Tumbuh (%)Growth (%) 2015 ASSETS

Kas dan Setara Kas Cash and cash equivalents- Pihak ketiga 89 394.44% 18 - Third parties- Pihak berelasi 421 (47.57%) 803 - Related partiesPiutang Pembiayaan Konsumen – Bersih Consumer Financing Receivables – Net- Pihak ketiga 22,461 (2.02%) 22,923 - Third parties- Pihak berelasi 47 74.07% 27 - Related partiesPiutang Pembiayaan Murabahah – Bersih Murabaha Financing Receivable - Net- Pihak ketiga 5,026 213.34% 1,604 - Third partiesInvestasi Bersih dalam Sewa Pembiayaan Net investment in Finance Leases- Pihak ketiga 2,363 (18.46%) 2,898 - Third parties- Pihak berelasi 31 3.100% - - Related partiesTagihan pembiayaan anjak piutang – Bersih Factoring financing receivables - Net- Pihak ketiga 48 (26.15%) 65 - Third parties- Pihak berelasi - (2.500%) 25 - Related parties

Net IncomeThe total net income in 2016 has recorded slight decrease by 3.6% to Rp934 billion in 2016 from Rp969 billion in 2015. The decline in net income throughout this year was caused by the increase of total expenses compared to the Company’s net income. The increase of the Company’s expenses was caused by the increase in provision for impairment losses which recorded by the Company during 2016 compared to the previous year.

Total Other Comprehensive Income for the Year

Other comprehensive income of the Company in 2016 decreased by 493.9% become Rp(225) billion in 2016 compared to 2015 that amounted to Rp268 billion. The decrease of the Company’s other comprehensive income in this year was caused by the declining number of cash flow hedging reserve.

Statements of Comprehensive Profit Comprehensive profit of the Company in 2016 decreased by 42.7% to Rp709 billion in 2016 compared to 2015 which recorded at Rp1,237 billion. The decrease of the Company’s comprehensive profit in this year was caused by the declining number of cash flow hedging reserve and the increasing amount of expenses compared to the Company’s net revenue.

Statement of Balance Sheet

Total AssetsIn 2016, the Company managed total assets amounted to Rp31,478 billion, increased by 3.57%, which equivalent to the increase of Rp1.086 billion compared to the previous year that was recorded at Rp30,392 billion. The increase was primarily caused by the increase of murabaha receivables - net amounted to Rp3,422 billion, or 213.34%.




ASET 2016 Tumbuh (%)Growth (%) 2015 ASSETS

Beban Dibayar Dimuka Prepaid Expenses- Pihak ketiga 43 (56.57%) 99 - Third parties- Pihak berelasi 13 30% 10 - Related partiesPiutang Lain-lain Other Receivables- Pihak ketiga 189 (2.58%) 194 - Third parties- Pihak berelasi 3 (25%) 4 - Related partiesAset Derivatif 323 (76.37%) 1,367 Derivative assetsAset Pajak Tangguhan – Bersih 49 (4.900%) - Derivative assetsInvestasi pada entitas asosiasi 226 4.63% 216 Investments in associatesAset Tetap – Nilai Buku 146 5.04% 139 Fixed assets – Book ValueTotal Aset 31,478 3.57% 30,392 Total Assets

Berikut adalah analisa pertumbuhan total aset Perseroan yang paling signifikan untuk tahun buku 2016:

Posisi aset Perseroan pada tanggal 31 Desember 2016 adalah sebesar Rp31.478 miliar, mengalami peningkatan dibandingkan posisi tanggal 31 Desember 2015 yang berjumlah Rp30.392 miliar. Peningkatan sebesar Rp1.086 miliar atau 3,57% terutama disebabkan oleh meningkatnya piutang murabahah - bersih sebesar Rp3.422 miliar atau 213,34%.

Total LiabilitasTotal liabilitas Perseroan pada tahun 2016 tercatat sebesar Rp25.696 miliar atau naik 4,04% yang setara dengan kenaikan sebesar Rp997 miliar dibanding tahun sebelumnya yang tercatat sebesar Rp24.699 miliar. Kenaikan tersebut disebabkan oleh naiknya jumlah pinjaman Perseroan kepada pihak ketiga sebesar Rp704 miliar atau sebesar 7,80%.


LIABILITAS 2016 Tumbuh (%)Growth (%) 2015 LIABILITIES

Utang penyalur kendaraan Payable to dealers- Pihak ketiga 134 4,366.67% 3 - Third parties- Pihak berelasi 89 8.900% - - Related partiesUtang lain-lain Other payables- Pihak ketiga 304 4.83% 290 - Third parties- Pihak berelasi 255 26.24% 202 - Related partiesAkrual Accrued expenses- Pihak ketiga 216 39.35% 155 - Third partiesLiabilitas Pajak Tax liabilities- Pajak penghasilan badan 18 (14.29%) 21 - Corporate income tax- Pajak lainnya 32 77.78% 18 - Other taxesLiabilitas derivatif 83 8.300% - Derivative liabilitiesLiabilitas pajak tangguhan – bersih - (2.808%) 28 Deferred tax liabilities - netPinjaman Borrowings- Pihak ketiga 9,730 7.80% 9,026 - Third partiesSurat berharga yang diterbitkan Securities issued- Obligasi 14,409 (0.9%) 14,540 - Bonds- Medium term notes 300 0% 300 - Medium term notesImbalan kerja 126 8.62% 116 Employee benefits

Total Liabilitas 25,696 4.04% 24,699 Total Liabilities

Below are the analyses of the Company’s total assets growth which the most significant during 2016:

The position of the Company’s assets at December 31, 2016 amounted to Rp31,478 billion, an increase compared to the position on December 31, 2015 that amounted to Rp30,392 billion. An increase of Rp1,086 billion, or 3.57% mainly due to increase in murabaha receivables - net amounted to Rp3,422 billion or 213.34%.

Total LiabilitiesTotal liabilities of the Company in 2016 was recorded at Rp25,696 billion or increased by 4.04%, which equivalent to Rp997 billion, compared to the previous year which was recorded at Rp24,699 billion. The increase was caused by the increase amount of its debt to the third parties which amounted to Rp704 billion or 7.80%.



Berikut adalah analisa pertumbuhan total liabilitas Perseroan yang paling signifikan untuk tahun buku 2016:

Posisi liabilitas Perseroan pada tanggal 31 Desember 2016 adalah sebesar Rp25.696 miliar, meningkat sebesar Rp997 miliar atau 4,04% dari Rp24.699 miliar pada tanggal 31 Desember 2015. Peningkatan tersebut terutama disebabkan oleh naiknya jumlah pinjaman Perseroan kepada pihak ketiga sebesar Rp704 miliar atau sebesar 7,80%.

EkuitasNilai ekuitas Perseroan tercatat meningkat 1,56% atau naik Rp89 miliar dari tahun 2015 yang tercatat sebesar Rp5.693 miliar menjadi sebesar Rp5.782 miliar per 31 Desember 2016.

Arus KasArus kas masuk Perseroan yang utama diperoleh dari penerimaan angsuran pelanggan dan penerimaan fasilitas pembiayaan bersama dengan bank. Arus kas keluar Perseroan yang utama adalah untuk membayar utang kepada penyalur (dealer) dan membayar angsuran yang menjadi porsi dari pembiayaan bersama dengan bank. Arus kas yang diperoleh dari kegiatan operasional tercatat turun menjadi Rp(409) miliar di akhir tahun 2016 dari sebesar Rp3.850 miliar di tahun 2015.


ARUS KAS 2016 Tumbuh (%)Growth (%) 2015 CASH FLOWS

Arus kas bersih yang diperoleh dari aktivitas operasi

(409) (110.62)% 3,850 Net cash flows provided from operating activities

Arus kas bersih yang digunakan untuk aktivitas investasi

3 137.50% (8) Net cash flows used in investing activities

Arus kas bersih yang diperoleh dari aktivitas pendanaan

94 102.20% (4,269) Net cash flows provided from financing activities

Sementara itu, nilai kas, dan setara kas pada tahun 2016 mencapai Rp509 miliar dari sebesar Rp821 miliar di tahun 2015. Berikut adalah analisa pertumbuhan arus kas Perseroan yang paling signifikan untuk tahun buku 2016:

a) Arus Kas Operasional

Arus kas bersih yang digunakan untuk aktivitas operasi Perseroan untuk periode yang berakhir pada tanggal 31 Desember 2016 menurun sebesar Rp4.259 miliar atau sebesar 100,62% menjadi Rp(409) miliar dari Rp3.850 miliar untuk periode yang berakhir pada tanggal 31 Desember 2015. Penurunan ini terutama disebabkan oleh naiknya pembayaran kepada penyalur kendaraan dan premi asuransi.

b) Arus Kas Investasi

Arus kas bersih yang diperoleh dari aktivitas investasi Perseroan untuk periode yang berakhir pada tanggal 31 Desember 2016 meningkat sebesar Rp11 miliar atau sebesar 137,50% menjadi Rp3 miliar dari Rp(8) miliar untuk periode yang berakhir pada tanggal 31 Desember 2015. Peningkatan ini terutama disebabkan oleh penurunan pembelian aset tetap.

Below are the analyses of the Company’s total assets growth which the most significant during 2016:

The position of the Company’s liabilities at December 31, 2016 amounted to Rp25,696 billion, increased by Rp997 billion, or 4.04% from Rp24,699 billion at December 31, 2015. The increase was primarily due to higher loan amount of the Company to third parties amounted to Rp704 billion or 7.80%.

EquityThe Company’s equity was recorded increased by 1.56%, rose from Rp89 billion in 2015 which was recorded at Rp5,693 billion into Rp5,782 billion per December 31, 2016.

Cash FlowsThe Company’s cash inflows were primary obtained from customer installment and financing facility with the bank. The Company’s main cash outflows were to repay the debts to the dealer and pay the installments that became the portion of joint financing with the bank. Cash flows which was recorded from the operating activities decreased to Rp(409) billion at the end of 2016 which previously recorded at Rp3,850 billion in 2015.

Meanwhile, the total of cash, and cash equivalents in 2016 reached Rp509 billion from Rp821 billion in 2015. Below are the analyses of the Company’s cash flow growth which most significant during 2016:

a) Cash Flows from Operating Activities Net cash flows used from the Company’s operating activities for the period ended December 31, 2016 decreased by Rp4,259 billion or 100.62% to Rp(409) billion from Rp3,850 billion for the period ended December 31, 2015. This decrease was primarily due to the increase in payment to dealers and vehicle insurance premiums.

b) Cash Flows from Investing Activities

Net cash flows from the Company’s investing activities for the period ended December 31, 2016 increased by Rp11 billion or 137.50% to Rp3 billion from Rp(8) billion for the period ended December 31, 2015. The increase was primarily caused by the decline of fixed asset purchases.



c) Arus Kas Pendanaan

Arus kas bersih yang digunakan untuk aktivitas pendanaan Perseroan untuk periode yang berakhir pada tanggal 31 Desember 2016 naik sebesar Rp4.363 miliar atau sebesar 102,20% menjadi Rp94 miliar dari Rp(4.269) miliar untuk periode yang berakhir pada tanggal 31 Desember 2015. Kenaikan ini terutama disebabkan oleh naiknya penerimaan pinjaman.

Rasio Keuangan

Uraian (%) 2016 2015 Description (%)

RASIO LIKUIDITAS & SOLVABILITAS LIQUIDITY & SOLVENCY RATIOSRasio lancar 198 303 Current ratioPinjaman dan surat berharga yang diterbitkan terhadap jumlah aset (x)

0.78 0.79 Loans and securities issued to total assets (x)

Total liabilitas terhadap ekuitas (x) 4.44 4.34 Total debt to equity (x)Total liabilitas terhadap aset (x) 0.82 0.81 Total debt to asset (x)Gearing ratio (x) 4.23 4.19 Gearing ratio (x)Jumlah pembiayaan kredit baru yang diberikan sepanjang tahun terhadap jumlah aset (x)

0.82 0.67 Number of new credit financing provided throughout the year to total assets (x)

Total ekuitas terhadap jumlah modal disetor (x) 6.09 5.99 Total equity to the number of paid-in capital (x)

RASIO PROFITABILITAS PROFITABILITY RATIOS

Laba sebelum pajak penghasilan/pendapatan (%) 23.12 23.24 Operating profit margin (%)Laba bersih/pendapatan (%) 17.56 17.72 Net profit margin (%)Laba bersih/ekuitas (%) 16.15 17.02 Return on equity (%)Laba bersih/jumlah aset (%) 2.97 3.19 LReturn on asset (%)Pendapatan/jumlah aset (%) 19.90 17.99 Pendapatan/jumlah aset (%) RASIO ASET PRODUKTIF PRODUCTIVE ASSET RATIOSPiutang pembiayaan konsumen bermasalah (termasuk joint finance) dibandingkan piutang pembiayaan konsumen bruto (termasuk joint finance) (%)

0.63 0.54 Non-performing loan (including joint finance) to consumer financing receivables gross

(including joint finance) (%)

Non-Performing Loan gross (NPL gross) 0.63% 0.54% Non-Performing Loan gross (NPL gross)

RASIO PERTUMBUHAN GROWTH RATIOSJumlah pendapatan (%) (2.72) 4.51 Total revenue (%) Laba bersih (%) (3.61) (17.11) Net income (%)Jumlah aset (%) (3.57) (8.74) Total assets (%)Jumlah liabilitas (%) (4.04) (12.69) Total liabilities (%)Jumlah ekuitas (%) (1.56) (13.54) Total equity (%)

Berikut adalah analisa rasio-rasio keuangan Perseroan yang paling signifikan untuk tahun buku 2016:

Rasio LikuiditasLikuiditas dalam perusahaan pembiayaan merupakan gambaran dan kemampuan Perseroan dalam hal mengelola perputaran arus kas dalam jangka pendek, yang terdiri dari arus kas masuk (cash inflow) ataupun arus kas keluar (cash outflow). Arus kas masuk Perseroan yang utama diperoleh dari penerimaan angsuran konsumen, pinjaman bank dan/atau obligasi dan penerimaan fasilitas pembiayaan bersama dengan bank. Di sepanjang 2016, Arus Kas Keluar Perseroan yang utama adalah untuk membayar utang kepada penyalur (dealer) dan membayar angsuran yang menjadi porsi dari

Below are the financial ratio analyses of the Company's most significant for the financial year 2016:

Liquidity RatioLiquidity in the financing company is a description and the ability of the Company in managing its cash flow turnover for short-term period which consisting of cash inflow or cash outflow. The Company's main cash inflows were obtained from consumer installment, bank loans and/or bonds and financing facility with the bank. During 2016, the Company's main cash outflows were derived from payment of debts to dealer and payment of installments which become the portion of financing with the bank. The Company manages its liquidity through a centralized and consistent financial policy,

c) Cash Flows from Financing Activities

Net cash flows used from the Company’s financing activities for the period ended on December 31, 2016 increased by Rp4,363 billion or 102.20% to Rp94 billion from Rp(4,269) billion for the period ended on December 31, 2015. The increase was primarily due to the increase in borrowing.

Financial Ratio



pembiayaan bersama dengan bank. Perseroan mengelola likuiditasnya melalui kebijakan keuangan yang terpusat dan konsisten khususnya dalam hal penyelarasan waktu antara sumber pendanaan dengan piutang pembiayaan. Kemampuan Perseroan dalam mengelola arus kas tercermin dari nilai rasio lancar tahun 2016 yang tercatat sebesar 196%.

Rasio SolvabilitasSolvabilitas adalah kemampuan Perseroan untuk membayar kembali kewajiban pinjaman jangka pendek maupun jangka panjang yang mengandung beban bunga (interest bearing). Salah satu pengukur solvabilitas adalah melalui perhitungan rasio kewajiban yang mengandung beban bunga terhadap ekuitas (gearing ratio) atau tingkat perbandingan kewajiban yang mengandung beban bunga dengan ekuitas. Seperti diketahui, gearing ratio Perseroan di akhir tahun 2015 dan 2016 masing-masing tercatat sebesar 4,19x dan 4,23x. Dengan demikian, posisi gearing ratio Perseroan berada di bawah ketentuan yang berlaku, dimana berdasarkan Peraturan Menteri Keuangan No. 84/PMK.012/2006 tanggal 29 September 2006 tentang Perusahaan Pembiayaan juncto Peraturan Otoritas Jasa Keuangan No. 29/POJK.05/2014 tanggal 19 November 2014 tentang Penyelenggaraan Usaha Perusahaan Pembiayaan, gearing ratio ditetapkan paling tinggi 10 kali di tahun 2014, 2013 dan 2012. Dengan demikian, Perseroan telah memenuhi tingkat kesehatan perusahaan pembiayaan sebagaimana dipersyaratkan oleh OJK dan hal ini menunjukan pula bahwa Perseroan memiliki kesempatan dan kemampuan untuk berkembang yang masih sangat besar.

Rasio ProfitabilitasProfitabilitas merupakan kemampuan Perusahaan memperoleh laba dalam hubungan dengan penjualan, total aktiva produktif maupun modal sendiri. Rasio profitabilitas ini akan memberikan gambaran tentang tingkat efektivitas pengelolaan Perusahaan. Tingkat imbal hasil atas aset menunjukkan kemampuan Perseroan dalam menghasilkan laba tahun berjalan dari aset yang dimiliki Perseroan, yang diukur dari perbandingan antara laba tahun berjalan dengan jumlah aset yang dimiliki Perseroan dimana tingkat imbal hasil atas aset Perseroan untuk tahun yang berakhir pada tanggal 31 Desember 2015 dan 31 Desember 2016 masing-masing tercatat sebesar 3,19% dan 2,97%. Sementara itu, tingkat imbal hasil ekuitas menunjukkan kemampuan Perseroan dalam menghasilkan laba tahun berjalan dari ekuitas yang ditanamkan, yang diukur dari perbandingan antara laba tahun berjalan dengan jumlah ekuitas, dimana tingkat imbal hasil ekuitas Perseroan untuk tahun yang berakhir pada tanggal 31 Desember 2015 dan 31 Desember 2016 masing-masing tercatat sebesar 17,02% dan 16,15%.

Rasio Aset ProduktifKualitas aktiva produktif adalah earnings asset quality yang merupakan tolok ukur untuk menilai tingkat kemungkinan diterimanya kembali dana yang ditanamkan dalam aktiva produktif (pokok termasuk bunga) berdasarkan kriteria tertentu yang berlaku di Indonesia, kualitas aktiva produktif

especially in terms of time alignment between the sources of funding with financing receivables. The Company's ability to manage cash flow reflected by the result of current ratio in 2016 which was recorded at 196%.

Solvency RatioSolvency is the Company's ability to repay loan obligations either short-term or long-term which containing interest expense (interest bearing). One of the solvency measurement is by calculating the liability ratio that contain interest expense to equity (gearing ratio) or liability comparison level which contain interest expense to equity. As known, the Company's gearing ratio at the end of 2015 and 2016 respectively were recorded at 4.19x and 4.23x. Thus, the position of the Company's gearing ratio was under the applicable regulations, which according to the Minister of Finance Regulation No.84/PMK.012/2006 dated September 29, 2006 on Financing Company, which according to the Minister of Finance Regulation No.84/PMK.012/2006 dated September 29, 2006 on Financing Company in conjunction with the FSA Regulation No. 29/POJK.05/2014 dated November 19, 2014 on the Implementation of Financing Company, gearing ratio is defined of maximum 10 times in 2014, 2013 and 2012. Thereby, the Company has met the soundness of financing company as required by the FSA and it shows that the Company has a huge opportunity and ability to expand.

Profitability RatioProfitability is the Company's ability to obtain profit in relation to sales, total of productive assets or owner's capital. This profitability ratio will provide an overview of the Company's management effectiveness level. Return on assets shows the Company's ability in generating profit for the year from total assets which owned by the Company, as measured by the comparison of profit for the year against the Company's total assets where the returns on asset of the Company for the year ended on December 31, 2015 and December 31, 2016 were respectively recorded at 3.19% and 2.97%. Meanwhile, the return on equity shows the Company's ability in generating profit for the year from equity invested, by the comparison of profit for the year against the Company's total equity, where the return on equity of the Company for the year ended on December 31, 2015 and December 31 2016 were respectively recorded at 17.02% and 16.15%.

Productive Assets RatioAssets productive quality is an earnings asset quality which become a benchmark for assessing the receipt probability level of funds receipt that invested in productive assets (principal including interest) based on certain criteria that applied in Indonesia, the quality of productive assets



yang dinilai berdasarkan tingkat ketertagihannya, yaitu lancar, dalam perhatian khusus, kredit kurang lancar, kredit diragukan, atau kredit macet. Untuk mengukur kualitas aset produktif perusahaan, Perseroan secara berkala melakukan perhitungan beberapa indikator rasio yang relevan digunakan yaitu melalui perhitungan rasio Non-Performing Financing (NPF).

Rasio PertumbuhanRasio pertumbuhan (growth ratio) merupakan rasio yang digunakan untuk menggambarkan kemampuan perusahaan dalam mempertahankan posisi ekonominya di tengah pertumbuhan perekonomian dan sektor usahanya. Di sepanjang 2016, dapat dilihat bahwa nilai aset, liabilitas dan ekuitas Perseroan tetap mencatat pertumbuhan dengan nilai masing-masing sebesar 3,57%, 4,04%, dan 1,56%.

KEMAMPUAN MEMBAYAR UTANG DAN KOLEKTIBILITAS PIUTANGSOLVENCY AND RECEIVABLES COLLECTABILITY

Analisis mengenai kemampuan Perseroan untuk mengatasi masalah terkait dengan kolektibilitas piutang dan pembayaran utang, baik utang jangka pendek maupun utang jangka panjang disimpulkan menggunakan analisis Gearing Ratio.

STRUKTUR MODAL DAN KEBIJAKAN MANAJEMEN ATAS STRUKTUR MODALCAPITAL STRUCTURE AND MANAGEMENT POLICY ABOUT THE CAPITAL STRUCTURE

Tujuan Perseroan dalam mengelola permodalan adalah untuk mempertahankan kelangsungan usaha perusahaan serta memaksimalkan manfaat bagi pemegang saham serta pemangku kepentingan lainnya. Dalam melakukan pengawasan terhadap permodalannya, Perseroan menggunakan instrumen gearing ratio yang dihitung dengan membagi jumlah utang neto dengan jumlah modal. Pada tanggal 31 Desember 2016, gearing ratio Perseroan mencapai 4,23% dari 4,19% di tahun 2015.

Dalam menentukan kebijakan permodalan, Perseroan senantiasa mengedepankan prinsip kehati-hatian dan selalu patuh terhadap seluruh peraturan yang berlaku, termasuk UU No. 40 Tahun 2007 terkait Perseroan Terbatas, yang mengharuskan perusahaan di Indonesia untuk membuat penyisihan cadangan wajib untuk ditentukan penggunaannya sebesar sekurang-kurangnya 20% dari jumlah modal yang ditempatkan dan disetor penuh.

based on the collection level, i.e. current, special attention, substandard, doubtful or bad credit. To measure the quality of the Company's productive assets, the Company regularly conducts the calculation of any indicator relevant ratios that used by calculating the ratio of Non-Performing Financing (NPF).

Growth RatioGrowth ratio is a ratio that used to describe the Company's ability to maintain its economic position in the midst of the growth of economics growth and the business sector. In 2016, it can be seen that the value of assets, liabilities and equity of the Company still recorded growth with respective values amounted to 3.57%, 4.04% and 1.56%.

Analyzes of the Company’s ability to resolve problems related to the collectively of receivables and payment of debts, both short-term debt and long-term debt can be summed by using Gearing Ratio analysis.

The Company's objective in managing its capital is to maintain the continuity of its business enterprise and maximizing the benefits for shareholders and other stakeholders. In conducting supervision over the capital, the Company used gearing ratio instruments that calculated by dividing total of net debt to total of capital. On December 31, 2016, the Company's gearing ratio reached 4.23% from 4.19% in 2015.

In determining the capital policy, the Company continuously promotes the principle of prudence and always adheres to all regulations, including the Law No. 40 Year 2007 related to Limited Liability Company, which requires companies in Indonesia to make allowance for appropriated statutory reserve amounted to at least 20% of their total capital that issued and fully paid.



Rapat Umum Pemegang Saham Tahunan Perseroan tanggal 20 April 2016 menyetujui penyisihan saldo laba tahunan sejumlah Rp50.000.000 dari laba tahun 2015 sebagai cadangan wajib. Saldo cadangan wajib pada tanggal 31 Desember 2016 adalah sebesar Rp1 miliar dari Rp950 Juta di tahun 2015.

IKATAN MATERIAL UNTUK INVESTASI BARANG MODAL TAHUN 2016MATERIAL INFORMATION FOR CAPITAL GOODS INVESTMENT IN 2016

Selama 2016, Perseroan tidak memiliki informasi ikatan material untuk investasi barang modal dalam bentuk apapun.

INVESTASI BARANG MODAL CAPITAL GOODS INVESTMENT

Dalam rangka mendukung kelancaran kegiatan operasional, Perseroan telah melakukan investasi barang modal dalam bentuk aset tetap berupa hak atas tanah, bangunan dan prasarana, peralatan kantor, perabot dan kendaraan. Pada tahun 2016, jumlah investasi barang modal tercatat sebesar Rp38 miliar meningkat 35,7% dibandingkan tahun 2015 sebesar Rp28 miliar. Hingga 31 Desember 2016, Perseroan tidak melakukan pembelian aset tetap yang tidak sesuai antara pembelian dan tujuannya, serta tidak menggunakan mata uang asing dalam melakukan pembelian aset-aset Perseroan.

JENIS INVESTASI BARANG MODAL(Dalam miliar Rp) 2016 2015 2014 TYPE OF CAPITAL GOODS INVESTMENT

(In billion Rp)

Hak Atas Tanah - - - Land rights

Bangunan dan prasarana - 1 - Buildings and improvements

Peralatan kantor 14 23 21 Office supplies

Perabot 8 2 2 Furnitures and fixtures

Kendaraan 16 2 1 Vehicles

Annual General Meeting of Shareholders dated on April 20, 2016 approved the allowance of annual retained earnings amounted to Rp50,000,000 from net profit of 2015 as the mandatory reserve. Mandatory reserve balances as of December 31, 2016 amounted to Rp1 billion from Rp950 million in 2015.

During 2016, the Company has no material commitments for capital goods investments in any form.

In order to support the smoothness of its operation activities, the Company has invested several capital goods in the form of land rights, buildings and improvements, office supplies, furniture & fixtures, and vehicles. In 2016, the amount of capital goods investment was recorded at Rp38 billion, increased by 35.7% compared to 2015 which recorded at Rp28 billion. Until December 31, 2016, the Company did not make purchases of fixed assets that is not in accordance between the purchase and its objective, and did not use foreign currency in purchasing of the Company's assets.



PERBANDINGAN ANTARA TARGET DAN REALISASI TAHUN 2016 SERTA PROYEKSI TAHUN 2017COMPARISON BETWEEN TARGET AND REALIZATION OF 2016 AND THE PROJECTION OF 2017

Dalam miliar Rupiah/in billion Rupiah) 2016 2017Target Realisasi

RealizationTarget

Pendapatan Bersih/Net Revenue 5,040 5,319 5,753Total Aset/Total Assets 28,870 31,478 33,767Pendapatan Pembiayaan/Financing Income 4,611 4,827 5,260Non-Performing Financing (NPF) 0.54% 0.63% 0.60%

INFORMASI DAN FAKTA MATERIAL YANG TERJADI SETELAH TANGGAL LAPORAN AKUNTANMATERIAL INFORMATION SUBSEQUENT TO THE ACCOUNTANT’S REPORT

• Berdasarkan Keputusan Direksi No. 03/CIR-BOD/CORPSEC/ASF/I/2017 tanggal 30 Januari 2017, Perseroan telah menerima pengunduran diri Ibu Nur Mustikaningtyas selaku Sekretaris Perusahaan dan efektif berlaku pada tanggal 27 Februari 2017. Dalam rangka memenuhi ketentuan Peraturan Otoritas Jasa Keuangan No. 35/POJK.04/2014 tentang Sekretaris Perusahaan Emiten atau Perusahan Publik, Perseroan telah menyampaikan Laporan Pengunduran Diri Sekretaris Perusahaan kepada Otoritas Jasa Keuangan melalui surat Perseroan No. 20/JJO&SMA.ASF.CS/0117 tanggal 1 Februari 2017 dan Laporan Pengungkapan Informasi Pengunduran Diri Sekretaris Perusahaan Perseroan melalui surat Perseroan No. 22/JJO&SMA.ASF.CS/0117 tanggal 2 Februari 2017.

• Pengunduran diri Bapak Ardi Sedaka selaku Komisaris Perseroan mulai berlaku efektif tanggal 1 Februari 2017.

PROSPEK USAHABUSINESS PROSPECTS

Proyeksi Perekonomian Indonesia

Kondisi perekonomian global di tahun 2017 diprediksi mulai membaik atau sedang dalam fase menuju “new normal” dibandingkan tahun 2016, meski tetap masih diliputi oleh ketidakpastian. Proyeksi pertumbuhan ekonomi dunia pada

• Based on the Board of Directors Decree No. 03/CIR-BOD/CORPSEC/ASF/I/2017 dated January 30, 2017, the Company has accepted the resignation of Ms. Nur Mustikaningtyas as a Corporate Secretary and shall be effective on February 27, 2017. In order to comply with the regulation of the Financial Services Authority No. 35/POJK.04/2014 regarding a Corporate Secretary of the Company or Public Company, the Company has submitted the resignation report of the Corporate Secretary to the Financial Services Authority by issuing letter of the Company No. 20/JJO & SMA.ASF.CS/0117 dated February 1, 2017 and the Report of Resignation information disclosure of the Company's Corporate Secretary through the Company's letter No. 22/JJO&SMA.ASF.CS/0117 dated February 2, 2017.

• The resignation of Mr. Ardi Sedaka as Commissioner of the Company shall be effective on February 1, 2017.

Indonesian Economic Projection

The global economy condition in 2017 is predicted to be improved or in the phase to the "new normal" compared to 2016, though still overwhelmed by uncertainties. The projection of global economic growth in 2017 is expected to be strengthen up to 3.4%, while



tahun 2017 diperkirakan menguat menjadi 3,4%, sedangkan perekonomian di negara-negara berkembang diprediksi dapat bertumbuh hingga 4,6%. Selaras dengan pulihnya perekonomian dunia, Bank Dunia memprediksi pertumbuhan perekonomian Indonesia akan cukup solid di sepanjang tahun 2017 dengan perkiraan tingkat PDB mencapai 5,3%, didorong oleh kuatnya sektor konsumsi dan besarnya serapan anggaran belanja pemerintah. Sementara itu, tingkat inflasi Indonesia pada tahun 2017 diperkirakan rata-rata 4% (YoY) dengan kurs mata uang Indonesia (Rp) terhadap mata uang Amerika Serikat (USD) mencapai Rp13.300/USD.

Prospek Industri Pembiayaan

Seiring perkiraan membaiknya perekonomian global dan Nasional, industri penjualan kendaraan bermotor domestik diharapkan akan dapat mencatatkan pertumbuhan dimana proyeksi penjualan mobil baru di tahun 2017 diperkirakan mencapai 1,1 juta unit, sedikit lebih tinggi dari perkiraan tahun 2016. Dengan pertumbuhan ekonomi yang ditargetkan Pemerintah sebesar 5% - 5,4% dan suku bunga acuan Bank Indonesia yang diharapkan tetap rendah serta pembangunan infrastruktur yang berjalan masif diperkirakan kebutuhan pembiayaan masih sangat besar potensinya dalam memfasilitasi pengadaan sarana transportasi seperti mobil.

Di samping itu, dengan dikeluarkannya Peraturan Otoritas Jasa Keuangan No. 29/POJK.05/2014 tentang Penyelenggaran Kegiatan Usaha Perusahaan Pembiayaan, maka perluasan kegiatan usaha pembiayaan diyakini dapat mendorong peningkatan porsi pendanaan dalam dua tahun ke depan. Pembiayaan investasi, pembiayaan modal kerja, pembiayaan multiguna dan operating lease merupakan peluang usaha yang harus dimanfatkan sebaik-baiknya untuk memberi pelayanan yang lebih luas bagi pelanggan sebagai salah satu langkah untuk mencapai loyalitas dan retensi pelanggan.

Prospek Perusahaan

Dengan melihat prospek perekonomian global dan domestik yang sedang menuju fase pemulihan di tahun 2017 dan juga dengan masih kondusifnya persaingan di industri pembiayaan Nasional, maka Perseroan menyambut baik prospek bisnis perusahaan di sepanjang 2017. Hal ini tercermin dari sejumlah target finansial maupun operasional yang telah ditetapkan oleh Perseroan untuk tahun 2017.

ASPEK PEMASARANMARKETING ASPECT

Strategi Pemasaran

Dalam menjalankan kegiatan bisnisnya, Perseroan memiliki strategi pengembangan bisnis dengan metode pertumbuhan organik dan anorganik, meliputi:

the economy condition of developing countries are predicted to grow by up to 4.6%. Aligned with the global economic recovery, World Bank predicts the growth of Indonesian economy will be fairly solid throughout 2017 with estimated rate of GDP reached 5.3%, driven by strong consumer sector and the large realization over government budget spending. Meanwhile, Indonesia's inflation rate in 2017 is estimated to average 4% (YoY) with the exchange rate of Indonesian currency (IDR) against the United States currency (USD) reached Rp13,300/USD.

Financing Industry Prospects

Along with the prediction of global and National economy improvement, sales of domestic automotive industry also projected can record growth as new car sales in 2017 to reach 1.1 million units, slightly higher than the estimation in 2016. With economic growth targeted by the government at 5% - 5.4% and BI rate which expected to remain low as well as the infrastructure that runs massively, so the estimated financing needs will be potentially great in facilitating transportation such as cars.

In addition, by the enactment of FSA No. 29/POJK.05/2014 regarding Organizing Business Activities of Financing Company, hence the expansion of financing business activity is believed to be able to boost the share of funding in the next two years. Investment financing, working capital financing, multipurpose financing and operating lease become a business opportunity that should used well in order to provide services to the customers as a step to achieve customer loyalty and retention.

Company Prospects

By looking at the global and domestic economic outlook which has been heading the recovery phase in 2017 and also supported by the conducive competition in National financing industry, the Company responded positively to the company's business prospects throughout 2017. This already reflected in several targets of financial and operational those have been set by the Company for 2017.

Marketing Strategy

In carrying out its business activities, the Company has a business development strategy with Organic and Inorganic growth methods, comprising:



a) Market penetration, penetrasi pasar yang sudah dimasuki menggunakan produk yang sudah ada.

b) Market development, pengembangan pasar baru menggunakan produk yang sudah ada.

c) Product development, pengembangan produk baru untuk pasar yang sudah dimasuki.

d) Diversification, pengembangan produk baru untuk pasar baru.

Terkait hal tersebut, Perseroan sudah memiliki rencana pemasaran dan pengembangan usaha melalui program sebagai berikut: 1) Diversifikasi bisnis di luar sektor otomotif Sejalan dengan Peraturan OJK yang memberikan kesempatan

bagi industri untuk memperluas bidang usaha, Perseroan akan menjajaki peluang untuk melakukan diversifikasi bisnis diluar sektor yang selama ini digeluti. Penentuan sektor usaha yang akan dimasuki akan disesuaikan dengan kompetensi yang dimiliki Perseroan.

2) Program Loyalitas Pelanggan Perseroan akan merancang program loyalitas dan retensi

pelanggan baik untuk pembiayaan mobil baru maupun pembiayaan mobil bekas. Program ini akan bekerja sama dengan dealer/showroom rekanan untuk penawaran produk pembiayaan baru bagi pelanggan dengan rekam jejak pembayaran cicilan yang baik.

3) Membangun electronic channel (e-Channel) Meningkatnya pengguna internet di Indonesia memberikan

peluang bagi Perseroan untuk mengembangkan e-Channel sebagai alternatif media dan sarana komunikasi dengan pelanggan. Pengembangan e-Channel akan memperkuat engagement dengan pelanggan sehingga dapat meningkatkan kepuasan dan loyalitas pelanggan.

Pangsa Pasar

Berdasarkan data Bank Indonesia, total aset industri pembiayaan untuk tahun yang berakhir pada tanggal 31 Desember 2016 dan 31 Desember 2015 adalah masing-masing sebesar Rp442.768 miliar dan Rp425.716 miliar, sedangkan total aset Perseroan untuk tahun yang berakhir pada tanggal 31 Desember 2016 dan 31 Desember 2015 adalah masing-masing sebesar Rp31.478 miliar dan Rp30.392 miliar. Oleh karena itu, pangsa pasar Perseroan terhadap industri pembiayaan relatif stabil di tahun 2016 dibandingkan dengan tahun 2015 yaitu sebesar 7,1%.

a) Market penetration that has been entered by using the existing product.

b) Market development, means new market development by using the existing product.

c) Product development, means development of new products for the marketplace that have been entered.

d) Diversification, means development of new products for new markets.

Related to this, the Company already has marketing plans and business development through the following programs: 1) Diversification of business beyond the automotive sector

In line with the FSA Regulations which provides an opportunity for industries to expand its business, the Company will explore opportunities to diversify its business beyond the sector that has been run. Determination of business sectors that will be entered will be adjusted to the competence of the Company.

2) Customer Loyalty ProgramThe Company will design the program of customer loyalty and retention, both for financing new cars and used car. These programs will work closely with dealers/showroom partners to offer new financial products for customers who has track record of good repayment.

3) Build the electronic channel (e-Channel) The increasing number of internet users in Indonesia provides an opportunity for the Company to develop e-Channel as an alternative media and means of communication with customers. The development of e-Channel will strengthen customers’ engagement, thereby could increase customer satisfaction level and loyalty.

Market Share

According to data of Bank Indonesia, total assets of financing industry for the year ended on December 31, 2016 and December 31, 2015 was respectively amounted to Rp442,768 billion and Rp425,716 billion, while total assets of the Company for the year ended on December 31, 2016 and December 31, 2015 was respectively amounted to Rp31,478 billion and Rp30,392 billion. Therefore, the Company’s market share towards the financing industries was relatively stable in 2016 compared to 2015 which amounted to 7.1%.



KEBIJAKAN DIVIDENDIVIDEND POLICY

Pembagian Dividen tahun 2015

Berdasarkan Berita Acara Rapat Umum Pemegang Saham Tahunan Perseroan tanggal 15 April 2015, Perseroan membagikan dividen untuk tahun buku 2014 sebesar kurang lebih 50% dari laba bersih Perseroan secara proporsional kepada para pemegang saham Perseroan senilai Rp584.131.782.098. Sementara itu, jumlah dividen kas per saham yang dibagikan tercatat senilai Rp614,59.

Pembagian Dividen tahun 2016

Berdasarkan Berita Acara Rapat Umum Pemegang Saham Tahunan Perseroan pada tanggal 20 April 2016 diputuskan untuk menyetujui dan menetapkan penggunaan laba bersih Perseroan untuk Tahun Buku yang berakhir pada 31 Desember 2015 sebesar Rp484.930.966.441. Sementara itu, jumlah dividen kas per saham yang dibagikan tercatat senilai Rp510,22.

PROGRAM KEPEMILIKAN SAHAM KARYAWAN ATAU MANAJEMEN (ESOP/MSOP)PROGRAM OF EMPLOYEE OR MANAGEMENT STOCK OPTION PLAN (ESOP/MSOP)

Selama tahun 2016, Perseroan belum memiliki program kepemilikan saham oleh karyawan dan/atau manajemen yang dilaksanakan perusahaan (ESOP/MSOP).

PENGGUNAAN DANA HASIL PENAWARAN UMUMTHE USE OF PUBLIC OFFERING PROCEEDS

Selama tahun 2016, Perseroan belum melakukan pencatatan saham di Bursa Efek Indonesia, sehingga informasi mengenai realisasi penggunaan dana hasil penawaran umum tidak relevan..

Dividend Disbursement in 2015

Based on Minutes of the Annual General Meeting of Shareholders of the Company dated April 15, 2015, the Company distributed dividend for the 2014 financial year approximately to 50% of the Company’s net income in proportion to the shareholder of the Company amounted Rp584,131,782,098. Meanwhile, the amount of cash dividends per share that has distributed recorded at Rp614.59.

Dividend Disbursement in 2016

Based on Minutes of the Annual General Meeting of Shareholders of the Company dated on 20 April 2016 decided to approve and to authorize the use of the Company’s net income for the Financial Year ended on December 31, 2015 amounted to Rp484,930,966,441. Meanwhile, the amount of cash dividends per share that has distributed recorded at Rp510.22.

Throughout 2016, the Company does not have management and employee stock ownership program.

During 2016, the Company has not listed its stock on the Indonesian Stock Exchange, so the information about realization of the use of proceeds from the public offering is not relevant.



INFORMASI MATERIAL MENGENAI INVESTASI, EKSPANSI, DIVESTASI, PENGGABUNGAN, PELEBURAN USAHA, AKUISISI ATAU RESTRUKTURISASI UTANG/MODALMATERIAL INFORMATION ABOUT INVESTMENT, EXPANSION, DIVESTMENT, MERGER, ACQUISITION OR DEBT/CAPITAL RESTRUCTURING

Tidak ada informasi material mengenai investasi, ekspansi, divestasi, penggabungan, peleburan usaha, akuisisi atau restrukturisasi utang/modal Perseroan sepanjang tahun 2016.

INFORMASI MENGENAI TRANSAKSI MATERIAL YANG MENGANDUNG BENTURAN KEPENTINGAN DAN/ATAU TRANSAKSI DENGAN PIHAK AFILIASIMATERIAL INFORMATION CONTAINING CONFLICT OF INTEREST AND/OR AFFILIATE TRANSACTION

Tidak ada informasi mengenai transaksi material yang mengandung benturan kepentingan dan/atau transaksi dengan pihak afiliasi Perseroan sepanjang tahun 2016.

There was not any material information about investment, expansion, divestment, merger, acquisition or debt/capital restructuring of the Company during 2016.

There was not any material information containing conflict of interest and/or affiliate transaction of the Company during 2016.



Dalam rangka mendukung stabilitas sektor jasa keuangan, mendukung pertumbuhan ekonomi serta melindung kepentingan konsumen, Otoritas Jasa Keuangan telah menerbitkan beberapa peraturan serta surat edaran di tahun 2016, diantaranya:

• Peraturan Otoritas Jasa Keuangan No. 27/POJK.03/2016 tentang Penilaian Kemampuan dan Kepatutan Bagi Pihak Utama.

• Surat Edaran Otoritas Jasa Keuangan No. 1/SEOJK.5/2016 tentang Tingkat Kesehatan Keuangan Perusahaan Pembiayaan.

• Surat Edaran Otoritas Jasa Keuangan No. 2/SEOJK.5/2016 tentang Tingkat Kesehatan Keuangan Pembiayaan Syariah.

• Surat Edaran Otoritas Jasa Keuangan No. 3/SEOJK.5/2016 tentang Laporan Bulanan Perusahaan Pembiayaan.

• Surat Edaran Otoritas Jasa Keuangan No. 4/SEOJK.5/2016 tentang Laporan Bulanan Perusahaan Pembiayaan Syariah dan Unit Usaha Syariah dari Perusahaan Pembiayaan.

• Surat Edaran Otoritas Jasa Keuangan No. 15/SEOJK.05/2016 tentang Laporan Penerapan Tata Kelola Perusahaan yang Baik Bagi Perusahaan Pembiayaan.

• Surat Edaran Otoritas Jasa Keuangan No. 47/SEOJK.05/2016 tentang Besaran Uang Muka Pembiayaan Kendaraan Bermotor Bagi Perusahaan Pembiayaan.

• Surat Edaran Otoritas Jasa Keuangan No. 48/SEOJK.05/2016 tentang Besaran Uang Muka Pembiayaan Kendaraan Bermotor untuk Pembiayaan Syariah.

• Surat Edaran Otoritas Jasa Keuangan No. 31/SEOJK.05/2016 tentang Penilaian Kemampuan dan Kepatutan Bagi Pihak Utama Lembaga Jasa Keuangan Non-Bank.

Perseroan senantiasa meningkatkan pelayanan kepada para pemangku kepentingan. Oleh karena itu, Perseroan menyesuaikan sistem dan prosedur baik secara internal maupun yang berkaitan dengan eksternal sebagai bentuk peningkatan pelayanan kepada para pemangku kepentingan, khususnya konsumen dan penyesuaian terhadap berbagai peraturan tersebut.

PENGARUH PERUBAHAN REGULASI PEMERINTAH TERHADAP PERSEROANTHE EFFECT OF AMENDMENT IN GOVERNMENT REGULATION TOWARD THE COMPANY

In order to support the stability of financial services sector, to support economic growth as well as to protect the interest of consumers, the Financial Services Authority has issued several regulations and circulars in 2016, including:

• Financial Services Authority Regulation No. 27/POJK.03/2016 on Fit and Proper Test for the Key Party.

• Circular Letter of the Financial Services Authority No. 1/SEOJK.5/2016 on the Financial Soundness Level of Financing Company.

• Circular Letter of the Financial Services Authority No. 2/SEOJK.5/2016 on the Financial Soundness Level of Sharia Financing.

• Circular Letter of the Financial Services Authority No. 3/SEOJK.5/2016 on Monthly Report of Financing Company.

• Circular Letter of the Financial Services Authority No. 4/SEOJK.5/2016 on the Company's Monthly Report of Sharia Financing and Sharia Business Unit from Financing Company.

• Circular Letter of the Financial Services Authority No. 15/SEOJK.05/2016 regarding Reports on the Implementation of the Good Corporate Governance For Financing Companies.

• Circular Letter of the Financial Services Authority No. 47/SEOJK.05/2016 regarding the Amount of Down Payment for Financing Motor Vehicle in Financing Company.

• Circular Letter of the Financial Services Authority No. 48/SEOJK.05/2016 regarding the Amount of Down Payment for Financing Motor Vehicle in Sharia Financing.

• Circular Letter of the Financial Services Authority No. 31/SEOJK.05/2016 on Fit and Proper Test for the Key Institutions of Non-Bank Financial Service.

The Company continuously improves its services to stakeholders. Therefore, the Company always adapts its systems and procedures both internally and externally as a form of service improvement to stakeholders, particularly to consumers and making adjustment towards these various regulations.



PERUBAHAN KEBIJAKAN AKUNTANSI PADA TAHUN 2016CHANGE IN ACCOUNTING POLICIES IN 2016

Dewan Standar Akuntansi Keuangan Ikatan Indonesia (“DSAK-IAI”) telah menerbitkan standar baru amandemen dan interpretasi yang berlaku efektif pada tanggal 1 Januari 2016 (kecuali dinyatakan lain) sebagai berikut:

1. Amandemen PSAK 4 “Laporan Keuangan Tersendiri”.2. Amandemen PSAK 5 “Segmen Operasi”.3. Amandemen PSAK 7 “Pengungkapan Pihak Pihak Berelasi”.4. Amandemen PSAK 13 “Properti Investasi”. 5. Amandemen PSAK 15 “Investasi Pada Entitas Asosiasi dan

Ventura Bersama”. 6. Amandemen PSAK 16 “Aset Tetap”.7. Amandemen PSAK 19 “Aset Tak Berwujud”.8. Amandemen PSAK 22 ”Kombinasi Bisnis”. 9. Amandemen PSAK 24 ”Imbalan Kerja”. 10. Amandemen PSAK 25 ”Kebijakan Akuntansi, Perubahan

Estimasi Akuntansi dan Kesalahan”.11. Amandemen PSAK 53 “Pembayaran Berbasis Saham”.12. Amandemen PSAK 65 ”Laporan Keuangan Konsolidasian”.13. Amandemen PSAK 66 ”Pengaturan Bersama”.14. Amandemen PSAK 67 ”Pengungkapan” Kepentingan Dalam

Entitas Lain”.15. Amandemen PSAK 68 ”Pengukuran Nilai Wajar”.16. Amandemen PSAK 110 ”Akuntansi Sukuk”.17. Amandemen ISAK 30 “Pungutan”. 18. PSAK 70 “Akuntasi Aset dan Liabilitas Pengampunan Pajak”. *)

*) Efektif sejak tanggal pengesahan UU Pengampunan Pajak

Standar dan interpretasi tersebut di atas tidak menghasilkan perubahan kebijakan akuntansi perusahaan dan tidak memiliki dampak yang signifikan terhadap jumlah yang dilaporkan pada tahun berjalan atau tahun sebelumnya.

Financial Accounting Standard Board of Indonesia Institute of Accounting (“DSAK-IAI”) has issued the following new standards, amendments and interpretation which are effective as at 1 January 2016 (unless otherwise stated) as follows:

1. Amendment to SFAS 4 “Separate Financial Statement”. 2. Amendment to SFAS 5 “Operating Segment”. 3. Amendment to SFAS 7 “Related Party Disclosures”. 4. Amendment to SFAS 13 “Investment Property”. 5. Amendment to SFAS 15 “Investment in Associates and Joint

ventures”. 6. Amendment to SFAS 16 ”Fixed Asset”.7. Amendment to SFAS 19 ”Intangible Asset”. 8. Amendment to SFAS 22 ”Business Combination”. 9. Amendment to SFAS 24 ”Employee Benefit”. 10. Amendment to SFAS 25 ”Accounting Policies, Changes in

Accounting Estimates and Errors“.11. Amendment to SFAS 53 ”Share Based Payment”. 12. Amendment to SFAS 65 ”Consolidated Financial Statement”. 13. Amendment to SFAS 66 ”Joint Arrangements”. 14. Amendment to SFAS 67 ”Disclosure of Interests in Other

Entities”. 15. Amendment to SFAS 68 ”Fair Value Measurement“. 16. Amendment to SFAS 110 ”Accounting for Sukuk”. 17. Amendment to IFAS 30 “Levies”.18. SFAS 70 “Accounting for Asset and Liability on Tax Amnesty”. *)

*) Effective from the date of enactment of the Tax Amnesty Law

The above standards and interpretations had no impact to the change of accounting policy and had no significant effect on the amounts reported for current or prior financial years.



INFORMASI KELANGSUNGAN USAHABUSINESS CONTINUATION INFORMATION

Informasi Signifikan Potensi Penghambat Kelangsungan Usaha

Sampai dengan akhir tahun 2016, tidak terdapat hal-hal yang berpengaruh signifikan terhadap kelangsungan usaha Perseroan.

Asumsi Dasar Kelangsungan Usaha

Pada akhir tahun 2015, Perseroan telah melakukan analisis SWOT atas kerangka rencana bisnis strategis Perseroan untuk tahun buku 2016 guna memastikan pertumbuhan yang berkelanjutan dan menjamin kelangsungan usaha Perseroan. Hasil analisis SWOT tersebut dijadikan sebagai asumsi dasar bagi kelangsungan usaha Perseroan dengan rincian sebagai berikut:

A. Analisa Kekuatan

- Dengan pengalaman lebih dari 30 tahun berkiprah di industri pembiayaan Nasional, Perseroan memiliki hubungan yang kuat (strong relationship) dengan dealer, showroom dan berbagai pelaku industri otomotif roda empat lainnya sebagai mitra strategis dalam bisnis pembiayaan utama Perseroan.

- Perseroan per 31 Desember 2015 memiliki 405.077 customer aktif yang dapat dioptimalkan untuk mengembangkan produk dan layanan dalam meningkatkan loyalitas pelanggan dan pertumbuhan Perseroan

- Perseroan memiliki sistem kontrol yang baik dalam proses kerja dan manajemen risiko yang berbasis scoring dalam menjaga kualitas pembiayaan.

B. Analisa Kelemahan

- Pengembangan variasi produk pembiayaan Perseroan dinilai masih belum masif dan kurang atraktif, sehingga masih perlu ditingkatkan agar senantiasa dapat berkompetisi dan meningkatkan daya saing di industri pembiayaan yang semakin ketat.

- Pengembangan infrastruktur IT (Information Technology) Perseroan dinilai belum maksimal, sehingga diperlukan penyempurnaan lebih lanjut agar Perseroan dapat bersaing di tengah era kompetisi berbasis teknologi digital.

- Tingkat turnover karyawan Perseroan yang cukup tinggi selaras dengan tingkat turnover industri pembiayaan yang cukup tinggi juga. Sehingga penguatan terhadap nilai-nilai organisasi Perseroan (ACC values) mutlak diperlukan.

C. Analisa Peluang/Kesempatan

- Kesempatan pengembangan portofolio bisnis baru sejalan dengan Peraturan Otoritas Jasa Keuangan (OJK) No. 29/POJK.05/2014 tentang diversifikasi produk pembiayaan di antaranya: Pembiayaan Multiguna, Pembiayaan Modal

Information on Significant Potential Disruptive in Business Continuation

Until the end of 2016, there were no things that significantly affected the Company’s businesses continuity.

Basic Assumption of Business Continuation

At the end of 2015, the Company has conducted a SWOT analysis on the framework of strategic business plans for the financial year 2016 in order to ensure sustainable growth and ensure business continuity of the Company. These SWOT analysis used as the basis for the assumption of continuity of the Company’s business with the following details:

A. Strenghts Analysis

- With more than 30 years of doing business in the National financing industry, the Company has a strong relationship with dealers, showrooms and other various four-wheeled automotive industry as a strategic partners in the Company’s main financing business.

- By the end of December 31, 2015, the Company has 405,077 active customers that can be optimized to develop products and services in order to improve the convenience and customer loyalty.

- The Company has a good control system in the work process and risk management with scoring base in maintaining the quality of financing.

B. Weakness Analysis

- Development of the Company’s financing product variation was considered not massive and less attractive, so that it still needs to be improved to always able to compete and enhance competitiveness in financing industry that increasingly tight.

- The infrastructure development of IT (Information Technology) of the Company was considered not maximized, so that further refinement is needed so as the Company can compete in the era of digital technology-based competition.

- The Company’s employee turnover rate that high enough aligned with the turnover rate of financing industry which is quite high as well. So that a strengthening of the Company’s organization values (ACC values) is absolutely necessary.

C. Opportunities Analysis

- The opportunity of new business portfolio development aligned with the FSA Regulations No. 29/POJK.05/2014 regarding the diversification of financing products include: Multipurpose Financing, Working Capital Financing, Factoring



Kerja, Pembiayaan Anjak Piutang, Pembiayaan Investasi dan Pembiayaan Lainnya berdasarkan persetujuan OJK (sesuaikan dengan pasal OJK).

- Tersedianya diversifikasi atas berbagai instrumen pendanaan.

- Tren perkembangan bisnis e-Commerce yang dapat digunakan untuk memperkuat awareness dan sosialisasi produk pembiayaan serta program layanan untuk meningkatkan loyalitas dan retensi pelanggan Perseroan.

D. Analisa Ancaman

- Kompetisi yang semakin ketat dan munculnya berbagai perusahan pembiayaan yang berbasis perbankan.

- Pesatnya perkembangan LCGC (Low Cost Green Car) yang dapat dipandang sebagai peluang untuk meningkatkan pertumbuhan pasar meskipun memiliki tingkat risiko yang lebih tinggi jika dibandingkan dengan produk otomotif roda empat lainnya.

- Perkembangan financial technology (fintech) yang dapat menjadi disruptive dalam bisnis industri pembiayaan.

Financing, Investment Financing and Other Financing based on the FSA approval (adjusted with the article of FSA).

- The availability of diversification on several funding instruments.

- Business development trend of e-commerce that can be used to strengthen the awareness and dissemination of financial products as well as services programs to increase customer loyalty and retention of the Company.

D. Threat Analysis

- Increasingly tight competition and the appearance of various banking-based financing companies.

- Rapid development of LCGC (Low Cost Green Car) which can be seen as an opportunity to increase market growth despite having a higher risk level when compared to other four-wheeled automotive products.

- The development of financial technology (fintech) that can become a disruptive in the business of financing industry.



TATA KELOLA PERUSAHAAN

GOOD CORPORATE GOVERNANCE


TATA K E L O L A P E R U S A H A A NGOOD CORPORATE GOVERNANCE


TUJUAN DAN KOMITMEN PENERAPAN TATA KELOLA PERUSAHAANOBJECTIVES AND IMPLEMENTATION OF CORPORATE GOVERNANCE COMMITMENT

Dalam rangka meningkatkan daya saing perusahaan dalam menjawab tuntutan bisnis yang semakin dinamis dan kompetitif, Perseroan senantiasa menjunjung tinggi komitmen untuk melaksanakan praktik pengelolaan bisnis sesuai dengan best practices tata kelola perusahaan yang baik (Good Corporate Governance/”GCG”). Hal ini dilakukan demi memenuhi harapan dan tuntutan para stakeholder dalam mencapai tingkat keuntungan dan manfaat bisnis yang sebesar-besarnya sesuai dengan peraturan perundang-undangan dan nilai-nilai etika serta prinsip-prinsip perjanjian dan praktik usaha pembiayaan yang sehat. Terkait hal tersebut, Perseroan menyadari aspek-aspek penting Tata Kelola Perusahaan, antara lain:

• Adanya keseimbangan hubungan antara organ-organ perusahaan yaitu Rapat Umum Pemegang Saham (RUPS), Dewan Komisaris, dan Direksi yang mencakup hal-hal yang berkaitan dengan tingkat kedudukan dan mekanisme operasional ketiga organ tersebut.

• Adanya pemenuhan tanggung jawab Perusahaan sebagai entitas bisnis dalam masyarakat kepada seluruh stakeholder yang meliputi tanggung jawab pengelolaan perusahaan, pengawasan, serta pertanggungjawaban kepada para pemegang saham dan stakeholders lainnya.

• Adanya hak-hak pemegang saham untuk mendapatkan informasi yang tepat dan benar mengenai Perseroan pada waktu yang diperlukan serta hak berperan serta dalam pengambilan keputusan mengenai perkembangan strategis dan perubahan mendasar Perseroan serta dalam hal menikmati keuntungan yang diperoleh Perseroan dalam pertumbuhannya.

• Adanya perlakuan yang sama terhadap para pemegang saham, terutama seluruh pemegang saham melalui keterbukaan informasi yang material dan relevan.

In order to enhance the Company's competitiveness in the increasingly dynamic and competitive market, the Company increased its commitment to carry out its business in accordance with best practices of Good Corporate Governance ("GCG"). This decision aims to meet the expectations and demands of the stakeholders to achieve a high level of profitability and maximize business while still compliant with the law, ethical values, principles of the agreement, and sound financial business practices. The Company has highlighted the following important aspects of Good Corporate Governance:

• A well-balanced relationship between the Company's organs, namely the General Meeting of Shareholders (GMS), the Board of Commissioners and the Board of Directors who covers matters related to position level and operational mechanism of these three main drivers.

• The Company's ability to fulfill all of its responsibility as a business entity to the community, its responsibility to all stakeholders which include the company management, supervisory and its responsibility to the shareholders and other stakeholders.

• The shareholders' rights to obtain accurate and correct information regarding the Company in a timely manner, rights to participate in decision-making in regards to strategic development as well as the Company's choice in relishing profits obtained by the Company in its growth.

• The equal treatment to shareholders through full disclosure of materials and relevant information.



Dalam pelaksanaannya, Perseroan terus berusaha dalam memajukan industri pembiayaan yang lebih kompetitif dan sehat dengan mendukung terciptanya Tata Kelola Perusahaan industri pembiayaan melalui berbagai usaha, meliputi:

• Menerapkan etika bisnis secara konsisten sehingga dapat terwujud iklim usaha yang sehat, efisien dan transparan;

• Bersikap dan berperilaku yang memperlihatkan kepatuhan dunia usaha dalam melaksanakan peraturan perundang-undangan;

• Meningkatkan kualitas struktur pengelolaan dan pola kerja Perusahaan yang didasarkan pada asas Tata Kelola Perusahaan secara berkesinambungan; dan

• Melaksanakan fungsi pemantauan dan pengawasan untuk dapat menampung informasi tentang penyimpangan-penyimpangan yang terjadi dalam Perseroan.

Perseroan senantiasa menjamin bahwa komitmen untuk menerapkan prinsip-prinsip GCG di lingkungan Perseroan berlaku pada setiap jenjang operasional perusahaan secara terencana, terarah dan terukur yang meliputi seluruh jajaran pengurus hingga ke level pelaksana sehingga penerapan praktik terbaik GCG berlangsung konsisten. Demikian halnya dengan internalisasi nilai-nilai budaya perusahaan juga senantiasa menjadi pedoman dalam berperilaku bagi seluruh karyawan Perseroan demi menciptakan iklim kerja yang harmonis dan kondusif.

In practice, the Company continues to advance in the finance industry to increase the Company’s competitive level and health by supporting the creation of Good Corporate Governance in the finance industry through various efforts stated below:

• Implement consistent business ethics to manifest a healthy, efficient, and transparent business culture;

• Act and behave in compliance with the law and regulation;

• Consistently improve management structure and the Company's work system based on sustainable Corporate Governance principles; and

• Monitor and supervise functions to accommodate information regarding violations that occur in the Company.

The Company ensures its commitment to implement GCG principles in every level of the Company's operations in a planned, targeted and measurable manner. This will apply to all levels of the board up to the executive level to create consistency. The internalization of the Company's values continues to be a guideline for all employees' behavior to create a harmonious and conducive working environment.



Dalam menyelenggarakan prinsip-prinsip tata kelola perusahaan yang baik di lingkungan perusahaan, Perseroan senantiasa mengacu pada regulasi dan prinsip-prinsip tata kelola yang berlaku universal, yaitu Keterbukaan, Akuntabilitas, Tanggung Jawab, Independensi dan Kewajaran, agar dapat menerapkan tata kelola perusahaan secara efektif di seluruh lini bisnis. Dalam pelaksanaannya, implementasi praktik tata kelola perusahaan di lingkungan Perseroan telah berjalan secara sistematis dengan melaksanakan prinsip-prinsip yang meliputi:

1. Transparansi Prinsip GCG yang merupakan bentuk keterbukaan dalam

proses pengambilan keputusan dan keterbukaan dalam pengungkapan serta penyediaan informasi yang relevan mengenai perusahaan, yang mudah diakses oleh pemangku kepentingan sesuai dengan peraturan perundang-undangan di bidang pembiayaan serta standar, prinsip, dan praktik penyelenggaraan usaha pembiayaan yang sehat.

2. Akuntabilitas Prinsip GCG yang mengedepankan kejelasan fungsi,

pelaksanaan dan pertanggungjawaban organ Perusahaan sehingga kinerja perusahaan dapat berjalan secara transparan, wajar, efektif, dan efisien.

3. Tanggung Jawab Kesesuaian pengelolaan Perseroan dengan peraturan

perundang-undangan di bidang pembiayaan dan nilai-nilai etika serta standar, prinsip, serta praktik penyelenggaraan usaha pembiayaan yang sehat.

4. Independensi Keadaan Perseroan yang dikelola secara mandiri dan

profesional serta bebas dari benturan kepentingan dan pengaruh atau tekanan dari pihak manapun yang tidak sesuai dengan peraturan perundang-undangan di bidang pembiayaan dan nilai-nilai etika serta standar, prinsip, serta praktik penyelenggaraan usaha pembiayaan yang sehat.

KONSEP DAN LANDASAN PELAKSANAAN TATA KELOLA PERUSAHAANTHE CONCEPT AND FOUNDATION OF GOOD CORPORATE GOVERNANCE

In conducting good corporate governance within the company's environment, the Company consistently refers to the universal regulation and principles such as Openness, Accountability, Responsibility, Independence and Fairness, to effectively implement good corporate governance principles in all business lines. This practice and principles are exercised and executed using the following methods:

1. TransparencyOne of the GCG principles in a form of openness in decision-making and full disclosure of the company’s information which can be easily accessed by stakeholders and in line with the laws and regulations of financing sector as well as standard, principles, and a healthy financing practice.

2. AccountabilityOne of the GCG principles emphasizes on clarity in function, implementation, and responsibility of the Company's main organs to successfully execute the Company's performance in transparent, fair, effective, and efficient manner.

3. ResponsibilityThe conformity of the Company's management with the financing laws, ethical values as well as standards, principles, and a positive finance business practice.

4. IndependencyThe condition in managing the Company independently and professionally which allowing it to be free from conflict of interest and external pressure from any party that does not comply with the laws and regulations in the field of financing and/or does not comply with ethical values, standards, principles and a healthy financing practice.



5. Kewajaran Kesetaraan, keseimbangan, dan keadilan di dalam memenuhi

hak-hak pemangku kepentingan yang timbul berdasarkan perjanjian, peraturan perundang-undangan, dan nilai-nilai etika serta standar, prinsip, dan praktik penyelenggaraan usaha pembiayaan yang sehat.

Perseroan senantiasa menyempurnakan Kebijakan Tata Kelola Perusahaan dengan menerapkan seluruh prinsip tata kelola perusahaan pada seluruh jajaran dimulai dari level manajemen puncak hingga seluruh level pelaksana. Komitmen tinggi ini direalisasikan oleh Perseroan dengan tetap mengedepankan nilai-nilai budaya Perseroan yang wajib dipatuhi dan diterapkan dalam pelaksanaan kegiatan harian. Perseroan meyakini bahwa penerapan tata kelola perusahaan yang baik dapat meningkatkan nilai tambah Perseroan di mata para stakeholders serta dapat memperbesar tingkat kepercayaan investor terhadap Perseroan.

5. FairnessThe equality, balance, and fairness in fulfilling the rights of stakeholders which comes under the agreement, laws and regulations, ethical values as well as standards, principles and a healthy financing practice.

The Company continuously enhances its Corporate Governance Policy by applying corporate governance principles at all levels starting from top management level up to the executive level. This strong commitment is realized by the Company while prioritizing the application and adherence to the Company's cultural values. The Company believes that the implementation of good corporate governance will increase the Company's values in the eyes of stakeholders and able to increase the investors' confidence level towards the Company.



SOSIALISASI TATA KELOLA PERUSAHAANTHE SOCIALIZATION OF GOOD CORPORATE GOVERNANCE

Untuk memastikan bahwa seluruh jajaran di lingkungan Perseroan telah memahami komitmen tinggi perusahaan atas implementasi prinsip-prinsip GCG, maka Perseroan senantiasa melakukan sosialisasi tata kelola perusahaan yang baik dan melekat bagi seluruh jajaran melalui beberapa kegiatan sebagai bentuk aktualisasi di tahun 2016, meliputi:

1. Melakukan sosialisasi atas penerapan tata kelola perusahaan yang baik kepada seluruh karyawan.

2. Melakukan sosialisasi atas hal-hal yang sudah diatur dalam pedoman tata kelola perusahaan kepada seluruh karyawan.

3. Memberikan informasi mengenai implementasi tata kelola perusahaan di dalam materi pelatihan kepada setiap karyawan baru.

4. Membahas isu-isu penting mengenai tata kelola perusahaan baik di dalam rapat Direksi ataupun Dewan Komisaris.

Adapun materi-materi terkait pelaksanaan tata kelola perusahaan yang telah disampaikan kepada seluruh karyawan Perseroan di sepanjang 2016, sebagai berikut:

Topik Pembahasan

Discussion Topics

Periode Sosialisasi

Socialization Period

Penerima

Receiver

Apa itu Tata Kelola PerusahaanWhat is a Corporate Governance

Juni dan Desember 2016June and December 2016

Seluruh KaryawanAll employees

Maksud dan Tujuan Tata Kelola PerusahaanAims and Objectives of Corporate Governance



Penerapan Pedoman Tata KelolaImplementation of Corporate Governance Guidelines



Kaidah Perilaku TransparencyRules of Transparency Behaviour



Kaidah Perilaku AccountabilityRules of Accountability Behaviour



Kaidah Perilaku ResponsibilityRules of Responsibility Behaviour



Kaidah Perilaku IndependencyRules of Independency Behaviour



Kaidah Perilaku FairnessRules of Fairness Behaviour



Manajemen RisikoRisk Management



To ensure that all levels of the Company understand the company's high commitment of the implementation of GCG principles, the Company consistently socializes and attaches good corporate governance to all levels through several activities as part of the realization in 2016. This includes:

1. Socializing the implementation of good corporate governance to all employees.

2. Socializing the activities that are already regulated in the corporate governance guidelines to all employees.

3. Providing information on the implementation of corporate governance using training materials to every new employee.

4. Discussing important issues regarding good corporate governance either in the meeting of the Board of Directors or the Board of Commissioners.

Materials are available in relation to the implementation of good corporate governance that has been socialized to all employees during 2016, as follows:



PENILAIAN KUALITAS PENERAPAN TATA KELOLA PERUSAHAANQUALITY ASSESSMENT OF THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE

Dalam rangka mendapatkan feedback bagi perbaikan kinerja penerapan praktik terbaik GCG, Perseroan selalu mempertimbangkan hasil penilaian secara berkala. Pada periode laporan 2016, Penilaian Tata Kelola Terintegrasi (TKT) Perseroan dan Perusahaan Anak dilaksanakan dengan mengacu kepada SE OJK No. 15/SEOJK.03/2015 tentang Penerapan Tata Kelola Terintegrasi Bagi Konglomerasi Keuangan dan mengacu kepada peraturan sektoral Perusahaan Anak. Hasil penilaian tata kelola terintegrasi selama tahun 2016 adalah sebagai berikut:

Penilaian Semester I Tahun 2016

Hasil penilaian mandiri (self assessment) TKT Perseroan pada semester I 2016 dinilai telah melakukan penerapan Tata Kelola Terintegrasi yang secara umum sangat baik. Hal ini tercermin dari pemenuhan yang sangat memadai atas penerapan prinsip TKT. Apabila terdapat kelemahan dalam penerapan Tata Kelola Terintegrasi, secara umum kelemahan tersebut tidak signifikan dan dapat segera dilakukan perbaikan oleh Entitas Utama dan/atau LJK.

Penilaian Semester II Tahun 2016

Hasil penilaian mandiri (self assessment) TKT Perseroan pada semester II 2016 dinilai telah melakukan penerapan Tata Kelola Terintegrasi yang secara umum sangat baik. Hal ini tercermin dari pemenuhan yang sangat memadai atas penerapan prinsip TKT. Apabila terdapat kelemahan dalam penerapan Tata Kelola Terintegrasi, secara umum kelemahan tersebut tidak signifikan dan dapat segera dilakukan perbaikan oleh Entitas Utama dan/atau LJK.

Dari 7 (tujuh) parameter yang tertuang dalam SE OJK No. 15/SEOJK.03/2015 dapat kami sampaikan bahwa seluruh parameter tersebut telah diimplementasikan dengan baik. Namun demikian, khusus terkait parameter penilaian untuk Komite TKT, Pedoman TKT dan Kebijakan Remunerasi masih perlu disempurnakan.

In order to get feedback on the improvement of GCG practices implementation, the Company considers the results based on periodic assessments. During the reporting period of 2016, the Integrated Governance Rating (TKT) of the Company and its subsidiaries have done by referring to the FSA SE No. 15/SEOJK.03/2015 regarding Integrating Corporate Governance Implementation for Financial Conglomerate and refer to sector regulation of subsidiary companies. The results of the assessment in integrating corporate governance throughout the year 2016 were as the following:

Semester I 2016 Rating

The Company's TKT self-assessment on the 1st semester of 2016 resulted in a generally positive implementation of Integrated Corporate Governance. This was reflected in a very adequate fulfillment of the application of the principle of TKT. Any shortcoming in the implementation of Integrated Governance was insignificant in comparison to the successes obtained and will soon be repaired by the Main Entities and/or LJK.

Semester II 2016 Rating

The Company's TKT self-assessment on 2nd semester of 2016 resulted in another positive result of Integrated Corporate Governance. This was reflected in another very adequate fulfillment of the application of the principle of TKT. The presence of any shortcoming in the implementation of Integrated Governance was insignificant and will soon be repaired by the Main Entities and/or LJK.

Of the 7 (seven) parameters stated in the SE OJK No. 15/ SEOJK.03/2015 we can say that all of these parameters were implemented well. Nevertheless, there is a room for improvement, specifically related to the assessment parameter for TKT Committee, TKT Guidelines and Remuneration Policy.



STRUKTUR TATA KELOLA PERUSAHAANGOOD CORPORATE GOVERNANCE STRUCTURE

RAPAT UMUM PEMEGANG SAHAM ("RUPS")GENERAL MEETING OF SHAREHOLDERS ("GMS")

Sebagaimana tertuang dalam Undang-undang Republik Indonesia No. 40 tahun 2007 tentang Perseroan Terbatas (“UUPT”), maka struktur tata kelola Perseroan terdiri dari Rapat Umum Pemegang Saham, Dewan Komisaris, dan Direksi serta Dewan Pengawas Syariah. Organisasi tata kelola perusahaan yang dimiliki Perseroan sudah sesuai dengan prasyarat kepengurusan perusahaan berbentuk Perseroan Terbatas (“PT”) di Indonesia.

RUPS sebagai organ Perseroan, mempunyai wewenang yang tidak diberikan kepada Direksi atau Dewan Komisaris dalam batas yang ditentukan dalam UUPT dan/atau Anggaran Dasar Perseroan, dapat dikatakan RUPS merupakan organ tertinggi Perseroan dalam struktur tata kelola perusahaan yang sekaligus menjadi forum penting bagi seluruh pemegang saham dalam menggunakan hak dan wewenangnya dalam mengelola perusahaan. Dalam melaksanakan kegiatan RUPS, Perseroan senantiasa mengacu pada peraturan perundang-undangan yang berlaku dan Anggaran Dasar Perseroan.

Kewenangan RUPS

Kewenangan RUPS sebagai organ Perseroan, antara lain sebagai berikut:1. Menyetujui Laporan Tahunan termasuk mengesahkan

Laporan Keuangan dan Laporan Tugas Pengawasan Dewan Komisaris Perseroan dan memberikan pelunasan dan pembebasan tanggung jawab kepada anggota Direksi dan Dewan Komisaris Perseroan atas tindakan pengurusan dan pengawasan yang telah dilakukannya;

2. Menetapkan penggunaan laba bersih Perseroan;3. Memberi persetujuan atas perubahan Anggaran Dasar

Perseroan;4. Melakukan pengangkatan dan/atau perubahan susunan

anggota Direksi, Dewan Komisaris, dan Dewan Pengawas Syariah; dan

5. Memutuskan segala tindakan yang berdasarkan Anggaran Dasar Perseroan dan peraturan perundang-undangan yang berlaku harus diputuskan oleh RUPS.

GMS as the Company’s organ, has the authority that not given to the Board of Directors or the Board of Commissioners within the limits specified in the Company Law and/or Articles of Association of the Company, it can be said that the GMS is the supreme organ of the Company’s corporate governance structure which also became an important forum for all shareholders in using their rights and authorities to manage the company. In conducting the GMS, the Company always abides by the applicable laws and regulations in and also the Articles of Association.

The Authority of GMS

The GMS’s authority as the Company’s organ, are as follows:

1. Approving the Annual Report including the Financial Statements and ratify the Supervisory Report of the Board of Commissioners and provide release and discharge responsibilities to members of the Board of Directors and the Board of Commissioners for the management actions and supervision that has been done;

2. Approving the utilization of the Company’s net income;3. Giving approval regarding the change of the Company’s

Articles of Association;4. Appointing and/or changes the composition of the Board of

Directors, Board of Commissioners, and Sharia Supervisory Board; and

5. Deciding any actions based on the Articles of Association and the applicable laws and regulations that must decided by the GMS.

As stated in the Law of the Republic of Indonesia No. 40 of 2007 on Limited Liability Companies ("Company Law"), the Company's governance structure consists of General Meeting of Shareholders, the Board of Commissioners, the Board of Directors and Sharia Supervisory Board. The corporate governance organization that owned by the Company's already in accordance with the terms the stewardship of limited liability companies ("PT") in Indonesia.



Ketentuan Umum & Tata Cara Penyelenggaraan RUPS

Dalam menyelenggarakan RUPS, Perseroan selalu berpedoman pada peraturan perundangan-undangan yang berlaku dan Anggaran Dasar Perseroan. Mekanisme penggunaan hak suara oleh para pemegang saham baik dalam RUPST ataupun RUPS lainnya telah diatur sedemikian rupa sehingga para pemegang saham dapat menggunakan hak suaranya secara langsung maupun melalui kuasanya. RUPST Perseroan diselenggarakan secara rutin setiap tahun, paling lambat 6 (enam) bulan setelah tahun buku Perseroan berakhir.

Penyelenggaraan RUPS 2016

Pada tahun 2016, Perseroan telah menyelenggarakan RUPST untuk tahun buku 2015 pada tanggal 20 April 2016 yang dihadiri oleh anggota Dewan Komisaris Perseroan dan Direksi Perseroan serta seluruh pemegang saham Perseroan yang mewakili seluruh saham yang hingga kini telah dikeluarkan oleh Perseroan. Adapun keputusan RUPST tahun 2016 adalah sebagai berikut:

Agenda/Agenda Keputusan RUPST/Resolutions of the AGMS

1 Persetujuan Laporan Tahunan, termasuk Pengesahan Laporan Tugas Pengawasan Dewan Komisaris, dan Pengesahan Laporan Keuangan Perseroan Tahun Buku 2015

Approve the Annual Report including ratify the Supervisory Report of the Board of Commissioners and ratify the Company’s Financial Statement for the financial year 2015

1. Menyetujui Laporan Tahunan tahun buku 2015, termasuk mengesahkan Laporan Tugas Pengawasan Dewan Komisaris yang tercantum dalam Laporan Tahunan; Approved the Annual Report for financial year 2015, including ratified the Supervisory Report of the Board of Commissioners that contained in the Annual Report;

2. Mengesahkan Laporan Keuangan Perseroan untuk tahun buku 2015; memberikan pelunasan dan pembebasan tanggung jawab sepenuhnya (acquit et de charge) kepada semua anggota Direksi dan Dewan Komisaris Perseroan atas tindakan pengurusan dan pengawasan yang telah dijalankan selama tahun buku 2015, sejauh tindakan-tindakan tersebut tercermin dalam Laporan Tahunan dan Laporan Keuangan Perseroan tahun buku 2015. Ratified the Company’s Financial Report for the financial year 2015; finalization and release of responsibility (acquit et de charge) to all members of the Board of Directors and the Board of Commissioners for managing and supervising during the financial year 2015, as long as the actions were reflected in the Annual Report and the Financial Report for the financial year 2015.

General Rules and Procedures for the Implementation of the GMS

In conducting the GMS, the Company always refers to the applicable laws and to the Company’s Articles of Association. The mechanism of using voting rights by shareholders either in the AGMS or other GMS has been arranged so that shareholders may use their voting rights directly or through their proxies. The AGMS held regularly every year, not later than 6 (six) months after the financial year of the Company ends.

The Implementation of GMS in 2016

In 2016, the Company has held the AGMS for financial year 2015 dated on April 20, 2016, which was attended by members of the Board of Commissioners and the Board of Directors of the Company and all shareholders that represents all shares that up to now has been issued by the Company. As for the AGMS’s decision year 2016 are as follows:




2 Penetapan Penggunaan Laba Bersih Perseroan Tahun Buku 2015Determination of the Use of Net Income for the financial year 2015

Menyetujui penetapan penggunaan laba bersih Perseroan tahun buku 2015 sebesar Rp969.321.343.193 sebagai berikut: Approved the allocation of the net profit for the financial year 2015 amounted to Rp969,321,343,193 as follows:

1. Sebesar Rp50.000.000 disisihkan sebagai dana cadangan Perseroan; To allocate Rp50,000,000 for the Company’s statutory reserve fund;

2. Sebesar lebih kurang 50% dari laba bersih Perseroan senilai Rp484.930.966.441 dibagikan sebagai dividen untuk tahun buku 2015 kepada para pemegang saham Perseroan dengan rincian sebagai berikut:A total of approximately 50% of the Company’s net profit that amounted to Rp484,930,966,441 were distributed as a dividend for the financial year 2015 to the Company’s shareholders as follows:a) Sebesar Rp161.781.380.721 telah dibagikan sebagai dividen interim kepada Para

Pemegang Saham Perseroan pada tanggal 16 Oktober 2015 berdasarkan Keputusan Sirkuler Direksi Perseroan No. 13/CIR-BOD/DIVIDEN/ASF/X/2015 tanggal 8 Oktober 2015 dan Keputusan Sirkuler Dewan Komisaris Perseroan nomor 12/CIR-BOC/DIVIDEN/ASF/X/2015 tanggal 8 Oktober 2015 kepada para pemegang saham Perseroan secara proporsional;As much as Rp161,781,380,721 has been distributed as interim dividend to the Company’s shareholders on October 16, 2015 based on the Circular Resolution of the Board of Directors No. 13/CIR-BOD/DIVIDENDS/ASF/X/2015 dated on October 8, 2015 and the Circular Resolution of the Board of Commissioners No. 12/CIR-BOC/DIVIDENDS/ASF/X/2015 dated on October 8, 2015 to the Company’s shareholders proportionately;

b) Sebesar Rp323.149.585.720 akan dibagikan sebagai dividen final kepada para pemegang saham Perseroan dengan rincian sebagai berikut:As much as Rp323,149,585,720 will be distributed as a final dividend to the Company’s shareholders as follows:

Pemegang Saham/Shareholders Jumlah /Total

PT Astra International Tbk Rp90,885,820,920

PT Garda Era Sedaya Rp90,885,820,920

PT Bank Permata Tbk Rp80,787,396,600

PT Sedaya Multi Investama Rp60,590,547,280

Total Rp323,149,585,720

Akan dibayarkan kepada pemegang saham selambat-lambatnya tanggal 23 Mei 2016, dengan memperhatikan ketentuan perpajakan yang berlaku; Will be paid to shareholders at the latest by May 23, 2016, subject to the applicable tax regulations;

3. Sisanya sebesar Rp484.340.376.752 dibukukan sebagai laba ditahan.The remaining balance of Rp484,340,376,752 was recorded as retained earnings.

a. Pengangkatan Anggota Direksi dan Dewan Komisaris Perseroan

Appointment of the Board of Directors and the Board of Commissioners members

Menyetujui pengangkatan anggota Direksi dan Dewan Komisaris Perseroan dengan susunan sebagai berikut:Approved the appointment of the Board of Directors and the Board of Commissioners members with the following composition:

Jabatan/Position Nama/Name

Presiden Direktur/President Director Jodjana J.Direktur/Director Wie MiaDirektur/Director SiswadiDirektur/Director Anton RusliDirektur/Director Samuel ManassehDirektur/Director Handoko LiemPresiden Komisaris/President Commissioner Gunawan GeniusahardjaWakil Presiden Komisaris/Vice President Commissioner Suparno DjasminKomisaris Independen/Independent Commissioner Buyung SyamsudinKomisaris Independen/Independent Commissioner H. Mohammad HusniKomisaris/Commissioner Djony Bunarto TjondroKomisaris/Commissioner Henry SantosoKomisaris/Commissioner Ardi Sedaka

Untuk masa jabatan terhitung sejak ditutupnya rapat ini sampai dengan penutupan Rapat Umum Pemegang Saham Tahunan Perseroan tahun 2018.The active period commenced from the closing of this meeting and until the closing of the Company’s Annual General Meeting of Shareholders in 2018.




b. Pembagian Tugas dan Wewenang Anggota Direksi PerseroanThe determination of duties and Authorities of the Board of Directors members of the Company

Memberikan wewenang dan kuasa kepada Presiden Direktur Perseroan untuk menetapkan pembagian tugas dan wewenang masing-masing anggota Direksi Perseroan.

Gave authority and power to the President Director of the Company in determining roles and responsibilities of each member of the Board of Directors.

c. Penetapan Gaji dan Tunjangan Anggota Direksi dan Gaji atau Honorarium dan Tunjangan Anggota Dewan Komisaris Perseroan

The determination of Salaries and Allowances of the members of the Board of Director and the Salary or Honorarium and Allowances of the members of the Board of Commissioners

1. Memberikan kuasa kepada Dewan Komisaris Perseroan untuk menetapkan gaji dan tunjangan anggota Direksi Perseroan untuk tahun buku 2016 dengan memperhatikan kebijakan dari Komite Nominasi dan Remunerasi; Authorized the Board of Commissioners to determine the salaries and allowances of the Board of Directors members for the 2016 financial year, by considering the policy of Nomination and Remuneration Committee;

2. Menetapkan gaji atau honorarium dan tunjangan anggota Dewan Komisaris Perseroan untuk tahun buku 2016 sebagaimana diuraikan dalam dokumen yang akan dilampirkan dalam Berita Acara Rapat Umum Pemegang Saham Tahunan ini.Assigned the salary or honorarium and allowances of members of the Board of Commissioners of the Company for the financial year 2016 as described in the document that will be attached in this Minutes of the Annual General Meeting of Shareholders.

d. Pengangkatan Anggota Dewan Pengawas Syariah PerseroanThe appointment of The Company’s Sharia Supervisory Board Members

Menyetujui pengangkatan anggota Dewan Pengawas Syariah Perseroan dengan susunan sebagai berikut:Approved the appointment of the Company’s Sharia Supervisory Board with the following composition:

Jabatan/Position Nama/Name

Ketua/Chairman Ahmad Mukri AjiAnggota/Member Aminudin YakubAnggota/Member Endy Mohammad Astiwara

Untuk masa jabatan terhitung sejak ditutupnya rapat ini sampai dengan penutupan Rapat Umum Pemegang Saham Tahunan Perseroan tahun 2018 serta menetapkan remunerasi dan/atau honorarium anggota Dewan Pengawas Syariah Perseroan untuk tahun buku 2016 sebagaimana diuraikan dalam dokumen yang akan dilampirkan dalam Berita Acara Umum Pemegang Saham Tahunan ini.

The active period commenced from the closing of this meeting and until the closing of the Company’s Annual General Meeting of Shareholders in 2018 as well as setting the remuneration and/or honorarium of the Sharia Supervisory Board for the financial year 2016 as described in documents that will be attached in this Minutes of the Annual General Shareholders.

3 Penunjukan Kantor Akuntan Publik untuk Melakukan Audit Laporan Keuangan Perseroan Tahun Buku 2016The appointment of the Public Accounting Firm to Perform Audit of Financial Statements for the Financial Year 2016

Memberikan kuasa kepada Direksi Perseroan dengan persetujuan Dewan Komisaris Perseroan untuk:Gave authorization to the Board of Directors with the approval of the Board of Commissioners that led to:1. Menunjuk salah satu kantor akuntan publik di Indonesia yang terdaftar di Otoritas Jasa

Keuangan dan terafiliasi dengan salah satu dari 4 (empat) kantor akuntan publik internasional terbesar untuk melakukan audit laporan keuangan Perseroan untuk tahun buku 2016;To appoint one of certified public accountant firms in Indonesia that registered in the Financial Services Authority and affiliated with one of the big four international public accountant firms to conduct the financial statement audit of the Company for the financial year 2016;

2. Menetapkan jumlah honorarium dan persyaratan lainnya sehubungan dengan penunjukan kantor akuntan publik tersebut.Determined the honorarium and other requirements in connection with the appointment of the public accountant firm.



DEWAN KOMISARISBOARD OF COMMISSIONERS

Dalam menjalankan kegiatan usahanya, Perseroan senantiasa berpedoman pada UUPT, yang mengatur bahwa setiap perusahaan yang didirikan berdasarkan hukum Indonesia wajib memiliki Dewan Komisaris yang berperan dalam menjalankan fungsi pengawasan atas kebijakan kepengurusan, jalannya kepengurusan, baik mengenai Perseroan maupun usaha Perseroan yang dilakukan Direksi, serta memberi nasihat kepada Direksi demi mewujudkan visi dan tujuan Perseroan. Dalam menjalankan fungsinya, Dewan Komisaris Perseroan dibantu oleh beberapa Komite antara lain Komite Audit dan Komite Nominasi & Remunerasi.

Piagam Dewan Komisaris Dalam menjalakan tugas dan tanggung jawabnya, Perseroan telah memiliki pedoman dalam melaksanakan proses penunjukkan, pengangkatan, penggantian dan pemberhentian Dewan Komisaris sebagaimana telah dicantumkan dalam Pedoman Kepengurusan Perseroan yang disusun berdasarkan peraturan perundang-undangan yang berlaku bagi Perseroan sebagai perusahaan pembiayaan dan emiten (termasuk Undang-Undang Perseroan Terbatas, Peraturan Menteri Keuangan, Peraturan Otoritas Jasa Keuangan) dan Anggaran Dasar Perseroan.

Tugas dan Tanggung Jawab Dewan Komisaris

Dalam menjalankan fungsi pengawasan, Dewan Komisaris secara kolektif bertugas dan bertanggung jawab kepada pemegang saham dalam mengawasi pelaksanaan tugas dan tanggung jawab Direksi, serta memberikan nasehat kepada Direksi sehubungan dengan kebijakan yang akan diambil oleh Direksi dalam mengelola Perseroan. Dewan Komisaris senantiasa menjalankan fungsi pengawasannya semata-mata demi menjamin kepentingan Perseroan dengan mengedepankan prinsip itikad baik, kehati-hatian dan tanggung jawab sesuai dengan Anggaran Dasar Perseroan, peraturan perundang-undangan yang berlaku dan prinsip Good Corporate Governance (GCG). Adapun tugas, tanggung jawab dan wewenang Dewan Komisaris Perseroan, antara lain:1. Melakukan pengawasan atas risiko Perseroan.2. Melaksanakan pengawasan atas pelaksanaan prinsip GCG

dalam kegiatan usaha Perseroan.3. Memberikan tanggapan, rekomendasi dan juga persetujuan

jika diperlukan, atas usulan dan rencana pengembangan strategi Perseroan yang diajukan Direksi.

Kriteria, Ketentuan dan Pemilihan Dewan KomisarisSelain mengacu pada ketentuan yang tertuang dalam Anggaran Dasar dan Charter Dewan Komisaris, kriteria dan prosedur pemilihan serta pengangkatan Dewan Komisaris Perseroan juga berpedoman pada ketentuan lain perundang-undangan yang berlaku bagi Perseroan sebagai perusahaan pembiayaan

In carrying out its business activities, the Company consistently refers to the law for limited liability company, which governs that every company established under the laws of Indonesia is obliged to have the Board of Commissioners that is responsible for the supervision of function over the stewardship policy, the course of stewardship, either regarding to the Company or the business of the Company that has been done by the Board of Directors, as well as giving advice to the Board of Directors to fulfill the vision and objectives of the Company. In carrying out its functions, the Board of Commissioners is assisted by several Committees includes Audit Committee and Nomination and Remuneration Committee.

Charter of the Board of CommissionersIn running its duties and responsibilities, the Company has established guidelines in conducting the process of designation, appointment, replacement and dismissal of the Board of Commissioner as outlined in the Guidelines of the Company's Stewardship that prepared under applicable laws and regulations to the Company as a listed finance company (including Act of Limited Liability Company, Ministry of Finance Regulation, Financial Services Regulation Authority) and Articles of Association of the Company.

Duties and Responsibilities of the Board of CommissionersIn conducting its oversight function, the Board of Commissioners are collectively execute their duties and responsibilities to shareholders in supervising the implementation of duties and responsibilities of the Board of Directors, as well as giving advice to the Board of Directors in connection with management policies that will be taken by the Board of Directors in managing the Company. The Board of Commissioners always exercises its monitoring function solely to ensure the Company's interests to prioritize the principles of good ethics, prudence and responsibility in line with the Articles of Association, applicable rules and regulations and the principles of Good Corporate Governance (GCG). The duties, responsibilities and authorities of the Board of Commissioners, among others are to:1. Exercise supervision over the Company's risk.2. Conduct supervision of the implementation of GCG principles

in the Company's business activities.3. When necessary, provide feedback, recommendations and

approval over the proposed Company's strategic development plan that is proposed by the Board of Directors.

Criteria, Procedure, and Selection of the Board of CommissionersIn addition to the provisions contained in the Articles of Association and Charter of the Board of Commissioners, criterias and procedures for the selection and appointment of the Board of Commissioners are also guided by the same provisions as a financing company (including the Limited Liability Company



(termasuk Undang-Undang Perseroan Terbatas, Peraturan Menteri Keuangan RI, Peraturan Otoritas Jasa Keuangan).

Persyaratan untuk menjadi anggota Dewan Komisaris antara lain:

1. Calon anggota Dewan Komisaris yang berkewarganegaraan asing wajib untuk memiliki:a) Surat izin menetap dari instansi berwenang; danb) Surat izin bekerja dari instansi berwenang

2. Memiliki komitmen untuk mematuhi peraturan perundang-undangan dan cakap dalam melakukan perbuatan hukum, serta dalam waktu 5 (lima) tahun sebelum pengangkatan dan selama menjabat: a) Tidak pernah dinyatakan pailit;b) Tidak pernah menjadi anggota Direksi dan/atau anggota

Dewan Komisaris yang dinyatakan bersalah menyebabkan suatu perusahaan dinyatakan pailit;

c) Tidak pernah dihukum karena melakukan tindak pidana yang merugikan keuangan negara dan/atau berkaitan dengan sektor keuangan;

d) Tidak pernah menjadi anggota Direksi dan/atau Dewan Komisaris yang selama menjabat: (1) Pernah tidak menyelenggarakan RUPS;(2) Pertangungjawaban sebagai anggota Direksi dan/atau

Dewan Komisaris pernah tidak diterima oleh RUPS atau pernah tidak memberikan pertanggungjawaban sebagai anggota Dewan Komisaris kepada RUPS;

(3) Pernah menyebabkan perusahaan yang memperoleh izin, persetujuan, atau pendaftaran dari otoritas tidak memenuhi kewajiban menyampaikan laporan tahunan dan/atau laporan keuangan kepada OJK.

3. Komposisi anggota Dewan Komisaris ditetapkan sesuai dengan anggaran dasar Perseroan dan mempertimbangkan perimbangan usia (senior dan junior), keragaman pendidikan, keahlian dan pengalaman;

4. Calon anggota Dewan Komisaris telah lulus Fit and Proper Test (“FPT”) yang dibuktikan dengan surat keterangan lulus FPT yang dikeluarkan oleh OJK;

5. Calon anggota Dewan Komisaris dilarang melakukan rangkap jabatan sebagai anggota Dewan Komisaris lebih dari 3 perusahaan pembiayaan lain;

Selama Perseroan adalah emiten obligasi sebagaimana dimaksud dalam ketentuan pasar modal, maka dalam penunjukan anggota Dewan Komisaris harus mempertimbangkan hal-hal sebagai berikut: 1. Seorang anggota Dewan Komisaris harus memiliki integritas,

pengalaman, kecakapan yang diperlukan untuk menjalankan tugasnya, pendidikan dan pelatihan yang relevan dengan fungsinya sebagai anggota Dewan Komisaris, serta memiliki latar belakang yang berbeda dengan anggota Dewan Komisaris lainnya;

Law, Regulation of the Minister of Finance RI, Regulation of the Financial Services Authority).

Requirements to become a member of the Board of Commissioners, among others:1. Candidates of the Board of Commissioners whose foreign

nationality is obliged to have:a) Letter residence permits from the authorized agency; andb) Work permit from the authorized agency

2. Committed to comply with the legislation and competent in performing legal acts, as well as within 5 (five) years before the appointment and during his tenure:

a) Have never declared bankruptcy;b) Have never been a member of the Board of Directors and/

or members of the Board of Commissioners found guilty in causing a company’s bankruptcy;

c) Have never previously convicted of criminal offense detrimental to the country's financial and/or related to the financial sector;

d) Have never been a member of the Board of Directors and/or the Board of Commissioners that during his/her tenure:(1) Have never failed to organize the GMS;(2) The candidate’s responsibility as a member of the Board

of Directors declined by the GMS or failed to address obligations as a member of the Board of Directors to the GMS;

(3) Have caused the company that have gained licenses, approval, or registration from the authority and does not fulfill obligations to submit annual reports and/or financial reports to the FSA.

3. The composition of the Board of Commissioners determined according to the articles of association of the Company and consider the balance of age (senior and junior), the diversity of education, skills and experience;

4. Candidates of the Board of Commissioners have passed Fit and Proper Test as proven by the explanation letter that issued by the FSA;

5. Candidates of the Board of Commissioners are prohibited from concurrent positions as members of the Board of Commissioners at over 3 other financing companies;

As long as the Company is the issuer of bonds as defined in the capital market regulation, then in the appointment of members of the Board of Commissioners should consider the following matters:1. A member of the Board of Commissioners must have the

integrity, experience, and competence required to carry out their duties, education and training that is relevant according to his/her function as a member of the Board of Commissioners, as well as having different background with other members of the Board of Commissioners;



2. Dewan Komisaris melakukan pengawasan atas kebijakan kepengurusan, jalannya kepengurusan pada umumnya, baik mengenai perusahaan maupun usaha perusahaan, dan memberi nasihat kepada Direksi;

3. Pengawasan dan pemberian nasihat sebagaimana dimaksud pada huruf b diatas dilakukan untuk kepentingan perusahaan dan sesuai dengan maksud dan tujuan perusahaan;

4. Dalam pemilihan anggota Dewan Komisaris harus melalui proses penelitian dan pengujian secara internal dalam sebelum dilakukan proses penetapan penunjukannya di dalam RUPS;

5. Seorang anggota Dewan Komisaris harus mempunyai akhlak, moral, dan integritas yang baik serta cakap dalam melakukan perbuatan hukum;

6. Memiliki komitmen untuk mematuhi peraturan perundang-undangan; serta

7. Memiliki pengetahuan dan/atau keahlian dalam bidang yang dibutuhkan oleh Perseroan.

Proses/tata cara penunjukan dan pengangkatan Dewan Komisaris adalah: a. 2 (dua) anggota Dewan Komisaris diangkat oleh RUPS dari calon

yang diajukan oleh pemegang saham yang bukan dari kelompok pemegang saham mayoritas, sedangkan 3 (tiga) anggota Dewan Komisaris (termasuk Presiden Komisaris) akan diangkat dari calon-calon yang diajukan oleh kelompok pemegang saham mayoritas, untuk jangka waktu terhitung sejak tanggal yang ditentukan dalam RUPS yang mengangkat mereka, sampai dengan penutupan RUPS Tahunan yang kedua setelah tanggal pengangkatan mereka, dengan tidak mengurangi hak RUPS untuk memberhentikan mereka sewaktu-waktu;

b. Calon anggota Dewan Komisaris, termasuk calon Komisaris Independen, telah lulus FPT yang dibuktikan dengan surat keterangan lulus FPT yang dikeluarkan oleh OJK.

Prosedur Pemilihan Dewan Komisaris

Pemilihan Dewan Komisaris Perseroan dilakukan melalui serangkaian tahapan, antara lain:

2. The Board of Commissioners shall supervise the policy of stewardship, the course of stewardship, either regarding the company or the company's business, and to advise the Board of Directors;

3. As referred to the paragraph b above, monitoring and providing advice in the Company's best interest are conducted in accordance with the purposes and objectives of the company;

4. During the election process, members of the Board of Commissioners will go through a full background check and internal testing prior to the appointment in the GMS;

5. A member of the Board of Commissioners shall have morals, and integrity as well as capable in legal actions;

6. Is committed to comply with the legislation; as well as

7. Has knowledge and/or expertise in the field required by the Company.

The process/procedure for the designation and the appointment of the Board of Commissioners among others:a. 2 (two) members of the Board of Commissioners appointed by

the GMS are candidates nominated by minority shareholders, while 3 (three) members of the Board of Commissioners (including the President Commissioner) are appointed by majority shareholders, commencing from the date specified in the GMS up to the closing of the second Annual GMS after the date of their appointment, without reducing the rights of the GMS to dismiss them at any time;

b. Candidates for members of the Board of Commissioners, including Independent Commissioner, has passed the FPT as proven by the explanation letter that issued by the FSA;

Selection Procedures of the Board of CommissionersSelection of the Board of Commissioners is conducted through a series of steps, as follows:

*Verifikasi akan dilakukan oleh KNR/Verification will be performed by NRC

Max 3 bulan/months

No

No

Yes YesYes

Diverifikasi? Verified? Lulus/Pass

Calon BaruNew Candidate

existing promoted?

Perseroan/ The Company

Menyelenggarakan RUPS PengangkatanOrganizing the AGM Appointment

Proses Diulang dari awal

Repeated process from the beginningCalon/Candidate

Perseroan/ The Company*/Corporate Legal Division

Calon/Candidate

Pemegang Saham/Shareholders

Menandatangani surat pernyataan/ persetujuan

Sign the affidavit/approval

Verifikasi Requirement untuk Calon The Requirement Verification for Candidates

Menandatangani surat pernyataan/persetujuan


Mengirimkan surat usulan nama calonkepada Perseroan

Send the proposed letter on names of candidates to the Company

Calon harus melakukan Fit and Proper Test (FPT)

Candidates must perform the Fit and Proper Test

(FPT)

AkhirEND

Existing + tidak ada perubahan jabatan?

no change of positions?

AwalSTART



Keberagaman Komposisi dan Masa Jabatan Dewan Komisaris

Keberagaman komposisi Dewan Komisaris senantiasa menjadi salah satu unsur pertimbangan penting bagi Perseroan dalam menetapkan susunan anggota Dewan Komisaris yang disesuaikan juga dengan kebutuhan dan kompleksitas kegiatan usaha perusahaan.

Komposisi Dewan Komisaris dan Masa Jabatan Dewan KomisarisPerseroan saat ini ditetapkan dalam RUPS Tahunan tanggal 20 April 2016 dan disesuaikan dengan Anggaran Dasar Perseroan. Hal tersebut dimaksudkan agar tercipta sebuah akivitas pengawasan yang efektif terutama dalam hal pengambilan keputusan yang cepat dan tepat serta independen. Adapun jumlah dan komposisi Dewan Komisaris Perseroan per 31 Desember 2016 terdiri dari 7 (tujuh) orang anggota dengan komposisi Dewan Komisaris sebagai berikut:

• 1 (satu) orang Presiden Komisaris; 1 (satu) orang Wakil Presiden Komisaris dan 5 (lima) orang Komisaris;

• 2 (dua) orang anggota dari 7 (tujuh) orang anggota Dewan Komisaris merupakan Komisaris Independen.

Dewan Komisaris merupakan majelis dan setiap anggota Dewan Komisaris tidak dapat bertindak sendiri-sendiri melainkan berdasarkan keputusan Dewan Komisaris. Presiden Komisaris mengkoordinasikan berbagai kegiatan Dewan Komisaris.

NamaName

JabatanPosition

Dasar PengangkatanBasis of Appointment

Tahun BerakhirYear Ended

Gunawan Geniusahardja Presiden KomisarisPresident Commissioner

RUPST tanggal 20 April 2016The AGMS dated April 20, 2016

Penutupan RUPST Tahun 2018Closing of the AGMS Year 2018

Suparno Djasmin Wakil Presiden KomisarisVice President Commissioner



Djony Bunarto Tjondro Komisaris Commissioner



Henry Santoso KomisarisCommissioner



Ardi Sedaka KomisarisCommissioner



Buyung Syamsudin Komisaris IndependenIndependent Commissioner



H. Mohammad Husni Komisaris IndependenIndependent Commissioner



Diversity of Composition and Tenure of the Board of Commissioners

When determining the composition of the Board of Commissioners, diversity of the Board of Commissioners is an important element to be considered and is adapted to the needs and complexity of the company's business activities.

Composition and the tenure of the Board of Commissioners is currently defined in the AGMS dated 20 April 2016 and is adjusted to the Articles of Association. The intention is to create an effective supervision activity, specifically in the ability to make quick, precise, and independent decisions. Meanwhile, number and composition of the Board of Commissioners of the Company per December 31, 2016 consists of 7 (seven) members with the composition of the Board of Commissioners as follows:

• 1 (one) President Commissioner; 1 (one) Vice President Commissioner and 5 (five) Commissioners;

• 2 (two) members out of 7 (seven) members of the Board of Commissioners are Independent Commissioner.The Board of Commissioners is the council and each member of the Board of Commissioners can not act alone but based on the decision of the Board of Commissioners. President Commissioner is responsible for coordinating the activities of the Board of Commissioners.



Komisaris Independen

Komisaris Independen adalah anggota Komisaris yang berasal dari luar Perseroan, tidak mempunyai saham baik langsung maupun tidak langsung pada Perseroan, tidak mempunyai hubungan afiliasi dengan Perseroan, Komisaris, Direksi atau pemegang saham utama Perseroan, dan tidak memiliki hubungan usaha baik langsung maupun tidak langsung yang berkaitan dengan kegiatan usaha Perseroan. Oleh karena itu, dalam rangka mendorong terciptanya iklim bisnis yang lebih objektif, Perseroan telah menunjuk 2 (dua) Komisaris Independen dalam keanggotaan Dewan Komisaris.

Kriteria Penentuan Komisaris Independen

Dengan berpedoman pada POJK No. 33/POJK.04/2014, maka kriteria anggota Dewan Komisaris yang juga merupakan Komisaris Independen sebagaimana ditetapkan oleh OJK adalah sebagai berikut:1. Anggota Dewan Komisaris yang tidak memiliki hubungan

keuangan, hubungan kepengurusan, hubungan kepemilikan saham, hubungan keluarga dengan anggota Dewan Komisaris lainnya, Direksi dan/atau Pemegang Saham Pengendali atau hubungan dengan Bank, yang dapat memengaruhi kemampuannya untuk bertindak independen.

2. Bukan merupakan orang yang bekerja atau mempunyai wewenang dan tanggung jawab untuk merencanakan, memimpin, mengendalikan, atau mengawasi kegiatan Emiten atau Perusahaan Publik dalam waktu 6 (enam) bulan terakhir, kecuali untuk pengangkatan kembali sebagai Komisaris Independen Emiten atau Perusahaan Publik pada periode berikutnya.

3. Tidak mempunyai saham baik langsung maupun tidak langsung pada Emiten atau Perusahaan Publik tersebut.

4. Tidak mempunyai hubungan afiliasi dengan Emiten atau Perusahaan Publik, anggota Dewan Komisaris, anggota Direksi, atau pemegang saham utama Emiten atau Perusahaan Publik.

5. Memenuhi persyaratan Komisaris Independen sebagaimana diatur dalam peraturan yang berlaku.

6. Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung yang berkaitan dengan kegiatan usaha Emiten atau Perusahaan Publik.

Independensi Komisaris Independen

Komisaris Independen wajib memenuhi persyaratan Perseroan pada saat diangkat dan selama menjabat, antara lain:

a. Tidak mempunyai hubungan afiliasi dengan anggota Direksi, anggota Dewan Komisaris, anggota Dewan Pengawas Syariah atau pemegang saham, dalam perusahaan yang sama;

Independent Commissioner

Independent Commissioner is a members of the Board of Commissioners coming from outside of the Company, obtains shares either directly or indirectly to the Company, not affiliated with the Company, the Board of Commissioners, the Board of Directors or major shareholders of the Company, and does not have any business relationship, either directly or indirectly that related to the Company's business activities. Therefore, in order to foster a more objective business climate, the Company has appointed 2 (two) Independent Commissioners in the membership of the Board of Commissioners.

Criteria for Determination of the Independent Commissioner

In reference to the POJK No. 33/POJK.04/2014, the criteria for the Board of Commissioners members whom are also the Independent Commissioners as stipulated by the FSA are as follows:1. Members of the Board of Commissioners who does not

have any relationship in financial, stewardship, share ownership, family ties with other members of the Board of Commissioners, Board of Directors and/or Controlling Shareholders or relationship with the Bank, which could affect its ability to act independently.

2. The candidate does not work or have the authority and responsibility to plan, lead, control, or supervise a Public Company's activities within the last 6 (six) months, in exclusion of the reappointment as Independent Commissioner of the Company or other public company in the next period.

3. Has no shares either directly or indirectly to the Company or other Public Company.

4. Do not have any affiliation with the Company or other public company, a member of the Board of Commissioners, members of the Board of Directors or major shareholders of the Issuer or a Public Company.

5. Meets the requirements of Independent Commissioner as stipulated in the applicable regulation.

6. Do not have any business relationship either directly or indirectly that related to the business activities of the Company or other Public Company.

Independence of the Independent Commissioner

The Independent Commissioner is obliged to comply with the Company's requirements when appointed and during his tenure are required to the following:a. Do not have any affiliation with members of the Board of

Directors, Board of Commissioners, members of the Sharia Supervisory Board or the shareholders, within the same company;



b. Tidak pernah menjadi anggota Direksi, anggota Dewan Komisaris, anggota DPS atau menduduki jabatan 1 (satu) tingkat di bawah Direksi pada perusahaan yang sama atau perusahaan lain yang memiliki hubungan afiliasi dengan perusahaan tersebut dalam kurun waktu 2 (dua) tahun terakhir;

c. Memahami peraturan perundang-undangan di bidang pembiayaan dan peraturan perundang-undangan lain yang relevan;

d. Memiliki pengetahuan yang baik mengenai kondisi keuangan perusahaan tempat Komisaris Independen dimaksud menjabat;

e. Memiliki kewarganegaraan Indonesia; dan f. Berdomisili di Indonesia.

Pengungkapan Hubungan Afiliasi Anggota Direksi, Dewan Komisaris dan Pemegang Saham Utama dan/atau Pengendali

Sementara itu, penjelasan mengenai hubungan afiliasi antara anggota Direksi, Dewan Komisaris, dan Pemegang Saham Pengendali sebagai salah satu kriteria yang digunakan untuk mengukur independensi Dewan Komisaris dijelaskan secara rinci pada tabel di bawah ini, yang meliputi:1. Hubungan afiliasi antara anggota Direksi dengan anggota

Direksi lainnya;2. Hubungan afiliasi antara anggota Direksi dan anggota Dewan

Komisaris;3. Hubungan afiliasi antara anggota Direksi dengan Pemegang

Saham Utama dan/atau pengendali;4. Hubungan afiliasi antara anggota Dewan Komisaris dengan

anggota Komisaris lainnya; dan 5. Hubungan afiliasi antara anggota Dewan Komisaris dengan

Pemegang Saham Utama dan/atau pengendali.

Tabel Hubungan Afiliasi Dewan Komisaris

NamaName

Hubungan Keuangan dan Keluarga Dewan Komisaris/Financial and Family Relationship of BOC

Hubungan Keuangan dengan/Financial Relationship with Hubungan Keluarga dengan/Family Relationship with

DewanKomisaris

The Board of Commissioners

DireksiThe Board of

Directors

Pemegang SahamPengendaliControlling

Shareholders

Dewan KomisarisThe Board of

Commissioners

DireksiThe Board of

Directors

Pemegang SahamPengendaliControlling

Shareholders

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo

YaYes

TidakNo


- √ - √ - √ - √ - √ - √

Suparno Djasmin - √ - √ - √ - √ - √ - √

Djony Bunarto Tjondro - √ - √ - √ - √ - √ - √

Henry Santoso - √ - √ - √ - √ - √ - √

Ardi Sedaka - √ - √ - √ - √ - √ - √

Buyung Syamsudin - √ - √ - √ - √ - √ - √

H. Mohammad Husni - √ - √ - √ - √ - √ - √

b. Have never been a member of the Board of Directors, Board of Commissioners, members of Sharia Supervisory Board or held a position 1 (one) level below the Board of Directors in the same company or any other company that has an affiliation with the company within a period of 2 (two) years;

c. Understanding the legislation in the field of financing and other relevant legislations;

d. Have a good understanding about the Company's financial condition which referred to the place where Independent Commissioner served;

e. Indonesian citizenship; andf. Domiciled in Indonesia.

Disclosure of Affiliation with Members of the Board of Directors, the Board of Commissioners and Major and/or Controlling Shareholders

Meanwhile, the affiliate relationship between the Board of Directors, the Board of Commissioner and Controlling Shareholders as one of the criteria used to measure the independence of the Board of Commissioner, which covers:

1. Affiliate relationships between fellow members of the Board of Directors;

2. Affiliate relationships between members of the Board of Directors and the Board of Commissioner;

3. Affiliate relationships between the Board of Directors with the ultimate and/or controlling Shareholders;

4. Affiliate relationships between fellow members of the Board of Commissioner; and

5. Affiliate relationship between members of the Board of Commissioners with the ultimate and/ or controlling shareholder.

Table of Affiliate Relationship of the Board of Commissioners



Rangkap Jabatan dan Benturan Kepentingan

Beberapa anggota Dewan Komisaris Perseroan memiliki jabatan pada beberapa institusi lain. Namun demikian perangkapan jabatan tersebut tidak bertentangan dengan ketentuan Larangan Rapat Jabatan sebagaimana ditetapkan dalam Kriteria Dewan Komisaris Perseroan. Berikut adalah rincian Jabatan Rangkap dari Anggota Dewan Komisaris Perseroan per 31 Desember 2016:

NamaName

Posisi di PerusahaanPosition in the Company

Jabatan di Instansi/Perusahaan LainPosition in the Institution/Other Companies

Nama Instansi/Perusahaan LainName of Institution/Other

Companies



Direktur IndependenIndependent Director



PT Asuransi Astra Buana


PT Astra Honda Motor


PT Toyota Astra Financial Services

Wakil Komisaris UtamaDeputy Commissioner

PT Bank Permata Tbk



Suparno Djasmin Wakil Presiden KomisarisVice President Commissioner

DirekturDirector



PT Serasi Autoraya


PT Federal International Finance


PT Asuransi Astra Buana


PT Astra Aviva Life

Djony Bunarto Tjondro

Komisaris Commissioner Presiden KomisarisPresident Commissioner

PT Isuzu Astra Motor Indonesia


PT Tjahja Sakti Motor


PT Gaya Motor


PT Astra Daihatsu Motor

DirekturDirector



PT Astra Otoparts Tbk


PT Astra Graphia Tbk


PT Astra Multi Trucks Indonesia

Chief Executive PT Astra International Tbk – Daihatsu Sales Operation

Henry Santoso Komisaris Commissioner Executive VP, Head Risk Retail & SME PT Bank Permata TbkArdi Sedaka Komisaris Commissioner Head-Client Relationship/ EVP PT Bank Permata TbkBuyung Syamsudin


Komisaris Independen dan Ketua Komite AuditIndependent Commissioner and Chairman of the Audit Committee

PT Federal International Finance

Anggota Komite AuditAudit Committee Members

PT Asta Autoparts Tbk

H. Mohammad Husni


Komisaris Independen dan Ketua Komite Audit Independent Commissioner and Chairman of the Audit Committee

PT Surya Artha Nusantara Finance

Concurrent Position and Conflict of Interests

Several members of the Board of Commissioners have positions in other institutions. However, the concurrent position does not have any conflict with the provisions of Concurrent Position's Prohibition as stipulated in criteria for the Board of Commissioners. Below are the details of concurrent position of member of the Board of Commissioners per December 31, 2016:



Syarat Keberlanjutan Anggota Dewan KomisarisSesuai dengan ketentuan Pasal 21 Peraturan Otoritas Jasa Keuangan No. 4/POJK.05/2013 Tentang Penilaian Kemampuan dan Kepatutan Bagi Pihak Utama Pada Perusahaan Perasuransian, Dana Pensiun, Perusahaan Pembiayaan, dan Perusahaan Penjaminan, Dewan Komisaris yang telah lulus dalam penilaian kemampuan dan kepatutan wajib memenuhi syarat keberlanjutan paling sedikit 1 (satu) kali dalam jangka waktu 1 (satu) tahun yakni dengan cara mengikuti seminar, workshop atau kegiatan lain yang sejenis di bidang industri keuangan. Pada tahun 2016 anggota Dewan Komsiaris Perseroan telah memenuhi syarat keberlanjutan dimaksud dan dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 74.

Rapat Dewan Komisaris

Perseroan memiliki kebijakan untuk mengadakan Rapat Dewan Komisaris sekurang-kurangnya 1 (satu) kali dalam setiap 2 (dua) bulan. Mengacu pada kebijakan tersebut, sepanjang tahun 2016, Dewan Komisaris telah menyelenggarakan 6 (enam) kali Rapat Dewan Komisaris termasuk rapat bersama dengan Direksi yang membahas antara lain agenda mengenai kinerja Perseroan. Dewan Komisaris dapat juga mengambil keputusan yang sah tanpa mengadakan Rapat Dewan Komisaris, dengan ketentuan semua anggota Dewan Komisaris telah diberitahu secara tertulis mengenai usulan yang dimintakan keputusan dan semua anggota Dewan Komisaris memberikan persetujuan secara tertulis terhadap usul tersebut serta menandatangani keputusan tersebut secara sirkuler. Di tahun 2016, Dewan Komisaris telah mengambil 14 (empat belas) keputusan tanpa mengadakan rapat, diantaranya memberikan persetujuan atas perubahan susunan Komite Audit, pengangkatan kembali Komite Nominasi dan Remunerasi dan perolehan pinjaman dalam rangka menghimpun dana sebagai modal kerja Perseroan. Rapat Dewan Komisaris dipimpin oleh Presiden Komisaris Perseroan dan bila berhalangan dapat dilakukan oleh Wakil Presiden Komisaris dan/atau oleh salah seorang Komisaris yang dipilih oleh para anggota Dewan Komisaris lainnya. Selama 2016, Dewan Komisaris telah menyelenggarakan 6 kali rapat internal Dewan Komisaris dengan tingkat kehadiran anggota Dewan Komisaris sebagaimana tersaji pada tabel berikut ini:

NamaName

PosisiPosition

Jumlah RapatNumber of Meetings

Kehadiran*Attendance*

Tingkat Kehadiran (%)

Level of Attendance (%)

Gunawan Geniusahardja Presiden Komisaris/President Commissioner 6 6 100%Suparno Djasmin Wakil Presiden Komisaris/Vice President Commissioner 6 5 83%Djony Bunarto Tjondro Komisaris/Commissioner 6 5 83%Henry Santoso Komisaris/Commissioner 6 5 83%Ardi Sedaka Komisaris/Commissioner 6 6 100%Buyung Syamsudin Komisaris Independen/Independent Commissioner 6 6 100%H. Mohammad Husni Komisaris Independen/Independent Commissioner 6 6 100%

*) Dewan Komisaris yang tidak hadir dalam rapat memberikan kuasa kepada anggota Dewan Komisaris yang lain.*) The Board of Commissioners that were not present at the meeting gave authority to other members of the Board of Commissioners.

Terms of Continuity for the Board of CommissionersIn accordance with the provisions of Article 21 of the Financial Services Authority Regulation No. 4/POJK.05/2013 in regards to the Fit and Proper Test For Key Parties for Insurance Companies, Pension Funds, Financing Company, and Guarantee Companies, the Board of Commissioners who have passed the fit and proper test shall be eligible for a minimum of 1 (one) time within a period of 1 (one) year i.e. by attending seminars, workshops or other similar activities in the financial industry. In 2016 the Board of Commissioners has qualified the sustainability requirement and can be seen in Chapter "Company Profile", Sub-Chapter "Training/Education", page 74.

Meeting of the Board of Commissioners

The Company has a policy to hold meeting of the Board of Commissioners at least once every 2 (two) months. Referring to these policies, during 2016 the Board of Commissioners has held 6 (six) meetings, including joint meetings with the Board of Directors to discuss the Company's performance. The Board of Commissioners can also take legitimate decisions without any meeting by providing written notifications from all members of the Board of Commissioners regarding the proposal and the agreed decision with written approvals and signature from all members of the Board of Commissioners. In 2016, the Board of Commissioners has taken 14 (fourteen) decisions without convening any meeting, among others, approved the change in the composition of the Audit Committee, reappointed the Nomination and Remuneration Committee and obtained borrowing for the Company's working capital purpose. The Board of Commissioner's meeting was led by the President Commissioner and during his absence, the meeting can be conducted by the Vice President Commissioner and/or by one of Commissioners elected by the members of the Board of Commissioners. During 2016, the Board of Commissioners has held 6 (six) internal meetings with the attendance level of the Board of Commissioner's member is presented in the following table:



Agenda Rapat Dewan Komisaris

Tanggal/Date Agenda/Pembahasan Rapat Agenda/Meeting Discussion


•Laporan Komite Audit•Kinerja Perseroan Periode Desember 2015

•Audit Committee Report•The Company’s performance for the period of December 2015

18 Maret/March 2016 •Laporan Komite Audit•Kinerja Perseroan Periode Februari 2016

•Audit Committee Report•The Company’s performance for the period of February 2016

18 Mei/May 2016 Kinerja Perseroan Periode April 2016 The Company’s performance for the period of April 201615 Juli/July 2016 •Laporan Komite Audit

•Kinerja Perseroan Periode Juni 2016•Audit Committee Report•The Company’s performance for the period of June 2016

16 September 2016 Kinerja Perseroan Periode Agustus 2016 The Company’s performance for the period of August 201615 November 2016 •Laporan Komite Audit

•Kinerja Perseroan Periode Oktober 2016•Audit Committee Report•The Company’s performance for the period of October 2016

Rapat Gabungan Dewan Komisaris dan Direksi

Dewan Komisaris juga menyelenggarakan rapat gabungan antara Dewan Komisaris dan Direksi sebanyak 5 (lima) kali pada tahun 2016 dengan rincian tingkat kehadiran dapat dilihat pada tabel di bawah ini:

NamaName

PosisiPosition


Kehadiran*Attendance*



Gunawan Geniusahardja Presiden Komisaris/President Commissioner 5 5 100%Suparno Djasmin Wakil Presiden Komisaris/Vice President Commissioner 5 4 80%Djony Bunarto Tjondro Komisaris/Commissioner 5 4 80%Henry Santoso Komisaris/Commissioner 5 4 80%Ardi Sedaka Komisaris/Commissioner 5 5 100%Buyung Syamsudin Komisaris Independen/Independent Commissioner 5 5 100%H. Mohammad Husni Komisaris Independen/Independent Commissioner 5 5 100%

Jodjana J. Presiden Direktur/President Director 5 3 60%Samuel Manasseh Direktur/Director 5 5 100%Wie Mia Direktur/Director 5 5 100%Anton Rusli Direktur/Director 5 5 100%Siswadi Direktur/Director 5 5 100%Handoko Liem Direktur/Director 5 5 100%

*) Direksi atau Dewan Komisaris yang tidak hadir dalam rapat memberikan kuasa kepada anggota Direksi dan/atau Dewan Komisaris yang lain.*) The Board of Directors or the Board of Commissioners that were not present at the meeting gave authority to the Board of Directors and/or other

members of the Board of Commissioners.

Agenda Rapat Gabungan Dewan Komisaris dan Direksi


18 Maret/March 2016 Kinerja Perseroan Periode Februari 2016 The Company’s performance for the period of February 2016

18 Mei/May 2016 Kinerja Perseroan Periode April 2016 The Company’s performance for the period of April 2016

15 Juli/July 2016 Kinerja Perseroan Periode Juni 2016 The Company’s performance for the period of June 2016

16 September 2016 Kinerja Perseroan Periode Agustus 2016 The Company’s performance for the period of August 2016

15 November 2016 Kinerja Perseroan Periode Oktober 2016 The Company’s performance for the period of October 2016

Laporan Pelaksanaan Tugas Pengawasan Dewan Komisaris Tahun 2016

Sepanjang tahun 2016, Dewan Komisaris telah melakukan serangkaian kegiatan dalam rangka menjalankan fungsi pengawasan atas kebijakan pengurusan dan jalannya Perseroan yang dilakukan oleh Direksi dengan memberikan nasihat kepada Direksi.

Joint Meeting of the Board of Commissioners and the Board of DirectorsThe Board of Commissioners also held joint meetings with the Board of Directors as much as 5 (five) times in 2016 with details of the attendance level can be seen in the table below:

Joint Meeting Agenda of the Board of Commissioners and the Board of Directors

The Implementation Report of Supervisory Duties by the Board of Commissioners in 2016

In 2016, the Board of Commissioners has conducted a series of activities to carry out the supervisory function over the stewardship policy and providing management advice to the Board of Directors. The Board of Commissioners performs its duties for the Company's

Meeting Agenda of the Board of Commissioners



Dalam melakukan tugas tersebut, Dewan Komisaris melakukannya untuk kepentingan Perseroan dengan itikad baik, kehati-hatian dan tanggung jawab sesuai dengan Anggaran Dasar Perseroan, peraturan perundang-undangan yang berlaku dan prinsip-prinsip Tata Kelola Perusahaan yang Baik atau GCG, antara lain:1. Melakukan pengawasan atas risiko usaha Perseroan;2. Melaksanakan prinsip-prinsip Tata Kelola Perusahaan yang

Baik atau GCG dalam kegiatan usaha Perseroan;3. Memberikan tanggapan, rekomendasi dan juga persetujuan

jika diperlukan, atas usulan dan rencana pengembangan strategi Perseroan yang diajukan Direksi.

Dalam menjalankan tugasnya, Dewan Komisaris dibantu oleh Komite Audit dan Komite Nominasi & Remunerasi.

Program Pendidikan/Pelatihan Dewan Komisaris Tahun 2016

Penjelasan lengkap mengenai rincian kegiatan pendidikan/pelatihan yang telah diikuti oleh Dewan Komisaris Perseroan di sepanjang 2016 dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 74.

Penilaian Kinerja Dewan Komisaris

Secara keseluruhan, RUPS merupakan pihak yang melakukan penilaian atas kinerja Dewan Komisaris dalam tahun yang bersangkutan. Pertanggungjawaban atas pelaksanaan tugas dan tanggung jawab Dewan Komisaris tahun buku 2016 dilakukan dalam RUPS yang akan diselenggarakan di tahun 2017. Pemegang saham senantiasa menjadikan hasil evaluasi kinerja Dewan Komisaris secara keseluruhan dan kinerja masing-masing Dewan Komisaris secara individual sebagai dasar pertimbangan bagi Pemegang Saham untuk memberhentikan atau mengangkat kembali Dewan Komisaris yang bersangkutan.

Prosedur Pelaksanaan Penilaian Kinerja Dewan Komisaris

Penilaian terhadap kinerja Dewan komisaris dilakukan setahun sekali oleh Komite Nominasi dan Remunerasi.

Kriteria Evaluasi Kinerja Dewan Komisaris

Penilaian dilakukan berdasarkan beberapa kriteria, antara lain:1. Tingkat kehadiran dalam Rapat Dewan Komisaris. 2. Komitmennya dalam memajukan kepentingan Perseroan. 3. Ketaatan terhadap peraturan perundang-undangan yang

berlaku serta kebijakan Perseroan.

best interest with good faith, prudence and responsibility and in accordance with the Articles of Association, the legislation and principles of Good Corporate Governance, among others:

1. Supervising the Company's business risks;2. Implementing principles of Good Corporate Governance or

GCG in the Company's business;3. Providing feedback, recommendation and approval, if necessary,

upon the proposal and plans of strategic development of the Company that proposed by the Board of Directors.

In performing its duties, the Board of Commissioners is assisted by the Audit Committee and the Nomination and Remuneration Committee.

Education/Training of the Board of Commissioners In 2016

Comprehensive description about the detail of educational/trainings activities that were attended by the Board of Commissioners during 2016 can be seen in the Chapter "Company Profile", Sub-Chapter "Training/Education", page 74.

Performance Assessment of the Board of Commissioners

Overall, the GMS are a party to conduct the performance assessment of the Board of Commissioners in the current year. Responsibility for the implementation of duties and responsibilities of the Board of Commissioners for the financial year 2016 conducted at the GMS that will be held on 2017. The shareholders always use performance evaluation result of the Board of Commissioners and the performance of each member of the Board of Commissioners as a basic consideration to dismiss or reappoint the Board of Commissioners.

Implementation Procedures of Performance Assessments of

the Board of Commissioners

Performance assessment of the Board of Commissioners is conducted once a year by the Nomination and Remuneration Committee.

Performance evaluation criteria of the Board of Commissioners

The assessment is based upon several criteria described below:1. Level of attendance in the Board of Commissioner's meeting.2. Commitment to enhance the Company's interests.3. Adherence to the law and regulation, as well as corporate

policy.



Mekanisme Pengunduran Diri Dewan Komisaris

Seorang anggota Dewan Komisaris mempunyai hak untuk mengundurkan diri dari jabatannya dengan pemberitahuan secara tertulis kepada Perseroan sekurang-kurangnya 30 (tiga puluh) hari sebelum tanggal pengunduran dirinya.

Struktur Remunerasi Dewan Komisaris

Struktur remunerasi Dewan Komisaris Perseroan antara lain terdiri dari:• Honorarium diberikan secara bulanan dengan besaran sesuai

dengan hasil RUPST dengan memperhatikan rekomendasi dari Komite Nominasi dan Remunerasi.

• Tunjangan Hari Raya Keagamaan dibayarkan sebelum Hari Raya Keagamaan dengan besaran 1 (satu) bulan honorarium.

Prosedur Penetapan Remunerasi Dewan Komisaris

Prosedur penetapan dan besarnya remunerasi Dewan Komisaris Perseroan berdasarkan pada Kebijakan Nominasi dan Rumenerasi Perseroan, mengatur bahwa:1. Remunerasi Dewan Komisaris ditetapkan oleh Komite

Nominasi dan Remunerasi.2. Secara umum, remunerasi Dewan Komisaris ditentukan

berdasarkan tugas dan kewajiban dan dengan mempertimbangkan pasar dan juga kemampuan Perseroan.

3. Perumusan sistem remunerasi dengan prinsip-prinsip:

a. Sesuai peraturan perundang-undangan di bidang perpajakan dan ketenagakerjaan yang berlaku.

b. Asas keseimbangan internal serta kompetitif dengan perusahaan lain di Perseroan.

Besaran Remunerasi Anggota Dewan Komisaris

Untuk tahun 2016, total remunerasi yang dibayarkan Perseroan kepada seluruh Dewan Komisaris (termasuk DPS dan Komite-komite di bawah Dewan Komisaris) adalah sebesar Rp28.389.491.655.

Penilaian atas Kinerja Masing-Masing Komite yang Berada di Bawah Dewan Komisaris

Evaluasi dan penilaian kinerja Komite di bawah Dewan Komisaris dilakukan setiap satu tahun dengan menggunakan metode yang ditetapkan Dewan Komisaris. Pelaksanaan kegiatan dan kinerja Komite-komite di bawah Dewan Komisaris senantiasa dievaluasi dan dinilai oleh Dewan Komisaris untuk kepentingan peningkatan efektivitas pelaksanaan kegiatan dan kinerja Komite- komite di tahun yang akan datang.

Mechanism of Resignation for the Board of CommissionersA member of the Board of Commissioners has the rights to resign from his/her position by submitting written notification to the Company at least 30 (thirty) days before the date of the resignation.

Remuneration Structure for the Board of CommissionersRemuneration structure of the Board of Commissioners consists of:• Honorarium given on a monthly basis with the amount in

accordance with the result of AGMS with the recommendation of the Nomination and Remuneration Committee.

• Religious Holiday Allowance is paid before Religious Holiday with the amount of 1 (one) month honorarium.

Procedure for Remuneration Determination of the Board of CommissionersThe determination procedure and the amount of remuneration of the Board of Commissioners of the Company is based on to the policy of Nomination and Remuneration Committee that governs: 1. Remuneration of the Board of Commissioners is determined

by the Nomination and Remuneration Committee.2. In general, remuneration of the Board of Commissioners

is determined based on duties and obligations and while considering the market and the Company’s ability.

3. Formulation of the remuneration system with the following principles:a. In accordance with the applicable legislation in the field of

taxation and employment.b. The principle of internal balance as well as competitive

with other companies in the Company.

Total Amount of Remuneration for the Board of CommissionersIn 2016, total remuneration paid by the Company to all the Board of Commissioners (include DPS and Committees under Board of Commissioners) amounted to Rp28,389,491,655.

Performance Assessment on Each Committee under the Board of Commissioners

Evaluation of activities and performances of the Committees under the Board of Commissioners are done regularly and assessed by the Board of Commissioners for the interest of improving the effectiveness of the activities and performance implementation of committees in the coming year.

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Stamp

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DIREKSIBOARD OF DIRECTORS

Direksi merupakan organ penting bagi Perseroan yang bertanggung jawab penuh atas pengelolaan perusahaan demi tercapainya kepentingan dan tujuan perusahaan. Selain itu, Direksi juga berperan sebagai wakil perusahaan baik di dalam maupun di luar pengadilan sesuai dengan ketentuan Anggaran Dasar Perseroan. Dalam mengelola perusahaan, Direksi berpegang pada Anggaran Dasar Perusahaan, keputusan RUPS dan Board Charter Direksi, dimana masing-masing anggota Direksi dapat bertindak dan memutuskan suatu kebijakan sesuai tugas dan wewenang yang diberikan, namun tetap bertanggung jawab secara kolegial dalam mengelola perusahaan. Hingga saat ini Perseroan memiliki 6 (enam) Direksi, dimana masing-masing anggota Direksi (termasuk Presiden Direktur) memiliki kedudukan yang setara, dan Presiden Direktur memiliki tugas untuk mengkoordinir kegiatan Direktur lain dalam mengelola Perseroan.

Piagam Direksi

Perseroan telah memiliki pedoman dalam melaksanakan proses penunjukkan, pengangkatan, penggantian dan pemberhentian Direksi sebagaimana telah dicantumkan dalam Pedoman Kepengurusan Perseroan yang disusun berdasarkan peraturan perundang-undangan yang berlaku bagi Perseroan sebagai perusahaan pembiayaan dan emiten (termasuk Undang-Undang Perseroan Terbatas, Peraturan Menteri Keuangan, Peraturan Otoritas Jasa Keuangan) dan Anggaran Dasar Perseroan.

Tugas dan Tanggung Jawab Direksi

Direksi memimpin dan mengurus Perseroan untuk kepentingan Perseroan dengan itikad baik, kehati-hatian dan tanggung jawab sesuai dengan Anggaran Dasar Perseroan, peraturan perundang-undangan yang berlaku dan prinsip GCG. Tugas Direksi dalam mencapai maksud dan tujuan Perseroan, meliputi antara lain:

1. Menyusun visi, misi dan nilai-nilai serta rencana strategis Perseroan dalam bentuk rencana korporasi (corporate plan) dan rencana bisnis (business plan).

2. Menetapkan struktur organisasi Perseroan lengkap dengan rincian tugas setiap divisi dan unit usaha.

3. Mengelola sumber daya yang dimiliki Perseroan secara efektif dan efisien.

4. Membentuk sistem pengendalian internal Perseroan dan manajemen risiko.

5. Memperhatikan kepentingan yang wajar dari pemangku kepentingan Perseroan.

Sementara itu, pembagian tugas masing-masing anggota Direksi sesuai bidang kegiatan yang menjadi tanggung jawabnya adalah sebagai berikut:

The Board of Directors is an important organ of the Company who takes full responsibility for the management of the company to achieve the interests and objectives of the company. In addition, the Board of Directors also acts as a representative of the company both inside and outside the court in accordance with the Articles of Association of the Company. In managing the company, the Board of Directors adhered to the Articles of Association, resolutions of the GMS and the Board of Directors Charter, which each member of the Board of Directors can act and deciding a policy based on duties and authorities given, but he/she still has collegial responsibility in managing the company. Until now, the Company has 6 (six) the Board of Directors, where each member of the Board of Directors (including the President Director) has an equal position, and the President Director has a duty to coordinate activities of other Directors in managing the Company.

Charter of the Board of Directors

The Company has established guidelines in conducting the process of designation, appointment, replacement and dismissal of the Board of Directors as outlined in the Guidelines of the Company's stewardship that prepared under applicable laws and regulations as a listed finance company (including Act of Limited Liability Company, Ministry of Finance Regulation, Financial Services Regulation Authority) and Articles of Association of the Company.

Duties and Responsibilities of the Board of Directors

The Board of Directors leads and manages the Company in the interest of the Company by emphasizing the act of good faith, prudence and responsibility in accordance with the Articles of Association, the prevailing legislation and principles of corporate governance. Duties of the Board of Directors in achieving its purposes and objectives of the Company, are as follows:1. Develop a vision, mission and values as well as the

Company's strategic plan in the form of corporate plan and business plans.

2. Define a complete organizational structure of the Company with details of the duty of each division and business unit.

3. Manage the Company's resources effectively and efficiently.

4. Establish the Company's internal control system and risk management.

5. Pay attention to the normal interest of stakeholders of the Company.

Meanwhile, distribution of duties of each member of the Board of Directors according to the field of activities that become their responsibility are as follows:



NamaName

JabatanPosition

Ruang Lingkup & Tanggung JawabScope of Work & Responsibilities


- Corporate Compliance & Audit Division- Corporate Legal & Litigation- Unit Usaha Syariah- Corporate Secretary- Corporate Strategic & Communication

Samuel Manasseh

DirekturDirector

- Treasury, Finance & Banking Division- Accounting & Tax Division- Fleet Commercial Division- Financial Planning & Analysis- Procurement


- Sales Division- Cross Selling Division- Marketing Strategic Division


- Retail Operation Division- Retail AR Management Division- Retail Operation Support and Development Division


- Human Capital Division- General Affair

Handoko Liem DirekturDirector

- Risk Division- Information Technology Division- Strategic Business Development

Masing-masing anggota Direksi (termasuk Presiden Direktur) memiliki kedudukan yang setara, dan Presiden Direktur memiliki tugas untuk mengkoordinir kegiatan Direktur lain dalam mengelola Perseroan.

Kriteria, Ketentuan dan Pemilihan Direksi

Selain mengacu pada ketentuan yang tertuang dalam Anggaran Dasar dan Charter Direksi, kriteria dan prosedur pemilihan serta pengangkatan Direksi Perseroan juga berpedoman pada ketentuan lain perundang-undangan yang berlaku bagi Perseroan sebagai perusahaan pembiayaan dan emiten (termasuk Undang-Undang Perseroan Terbatas, Peraturan Menteri Keuangan, Peraturan Otoritas Jasa Keuangan).

Persyaratan untuk menjadi anggota Direksi, antara lain:

1. Calon anggota Direksi wajib berkewarganegaraan Indonesia apabila seluruh pemegang saham Perseroan merupakan warga negara Indonesia dan/atau badan hukum Indonesia yang dimiliki secara langsung maupun tidak langsung oleh warga negara Indonesia;

2. Perseroan wajib memiliki paling sedikit 50% (lima puluh persen) anggota Direksi yang merupakan warga negara Indonesia apabila di dalamnya terdapat kepemilikan asing baik secara langsung maupun tidak langsung;

3. Calon anggota Direksi wajib berdomisili di wilayah negara Republik Indonesia;

4. Calon anggota Direksi yang berkewarganegaraan asing wajib untuk memiliki:a) Surat izin menetap dari instansi berwenang; danb) Surat izin bekerja dari instansi berwenang.

5. Memiliki komitmen untuk mematuhi peraturan perundang-undangan dan cakap dalam melakukan perbuatan hukum, serta dalam waktu 5 (lima) tahun sebelum pengangkatan dan selama menjabat:

Each member of the Board of Directors (including the President Director) has an equal position, and the President Director has a duty to coordinate activities of other directors in managing the Company.

Criteria, Procedure, and Selection of the Board of Directors

In addition to referencing the provisions contained in the Articles of Association and Charter of the Board of Directors, criterias and procedures for the selection and appointment of the Board of Directors are also guided by the provisions of other applicable legislation to the Company as financing company and listed company (including the Act of Limited Liability Company, Regulation of The Minister of Finance RI, Regulation of the Financial Services Authority).

Requirements to become a member of the Board of Directors, among others:1. Candidates of the Board of Directors obliged

Indonesian citizen if all shareholders of the Company is Indonesian citizens and/or Indonesian legal entity owned directly or indirectly by Indonesian citizens;

2. The Company is required to have at least 50% (fifty percent) of its Board of Directors' members obtaining Indonesian citizenship, if there is foreign citizenship either directly or indirectly;

3. Candidates of the Board of Directors must be domiciled in the territory of the Republic of Indonesia;

4. Candidates of the Board of Directors whose foreign nationality is obliged to have:a) Letter residence permits from the authorized agency; andb) Work permit from the authorized agency.

5. Committed to comply with the legislation and is competent in performing legal acts, as well as within 5 (five) years before the appointment and during his tenure:



a) Tidak pernah dinyatakan pailit; b) Tidak pernah menjadi anggota Direksi dan/atau anggota

Dewan Komisaris yang dinyatakan bersalah dengan menyebabkan suatu perusahaan dinyatakan pailit;

c) Tidak pernah dihukum karena melakukan tindak pidana yang merugikan keuangan negara dan/atau berkaitan dengan sektor keuangan;

d) Tidak pernah menjadi anggota Direksi dan/atau Dewan Komisaris yang selama menjabat: (1) Pernah tidak menyelenggarakan RUPS;(2) Pertanggungjawabannya sebagai anggota Direksi

pernah tidak diterima oleh RUPS atau pernah tidak memberikan pertanggungjawaban sebagai anggota Direksi kepada RUPS;

(3) Pernah menyebabkan perusahaan yang memperoleh izin, persetujuan, atau pendaftaran dari otoritas tidak memenuhi kewajiban menyampaikan laporan tahunan dan/atau laporan keuangan kepada OJK.

6. Calon anggota Direksi telah lulus FPT yang dibuktikan dengan surat keterangan lulus FPT yang dikeluarkan oleh OJK.

Selain itu, dalam penunjukan anggota Direksi harus mempertimbangkan hal-hal sebagai berikut:1. Seorang anggota Direksi harus memenuhi prinsip profesional

dan bertanggung jawab; 2. Seorang anggota Direksi harus memiliki kompetensi dan

kapabilitas dalam menjalankan peran dan tanggung jawab Perseroan;

3. Pemilihan anggota Direksi harus melalui proses penelitian dan pengujian secara internal, sebelum dilakukan proses penetapan penunjukannya dan diangkat dalam RUPS;

4. Memiliki akhlak, moral dan integritas yang baik serta cakap dalam melakukan perbuatan hukum;

5. Usulan pengangkatan calon anggota Direksi kepada RUPS harus memperhatikan rekomendasi dari Dewan Komisaris atau komite yang menjalankan fungsi nominasi.

Proses/tata cara penunjukan dan pengangkatan anggota Direksi adalah:1. Anggota Direksi diangkat oleh RUPS untuk jangka waktu

tertentu terhitung sejak tanggal yang ditentukan dalam RUPS sampai dengan penutupan RUPS Tahunan yang kedua setelah pengangkatannya dan dapat diangkat kembali;

2. Adapun pengangkatannya diajukan oleh pemegang saham yang bukan dari kelompok pemegang saham mayoritas sedangkan anggota Direksi lainnya (termasuk Presiden Direktur) akan diangkat dari calon-calon yang diajukan oleh kelompok pemegang saham mayoritas; dan

3. Usulan atas penggantian anggota Direksi kepada RUPS harus memperhatikan rekomendasi dari Dewan Komisaris atau komite yang menjalankan fungsi nominasi.

Jika sudah terpilih, Direksi Perseroan diangkat dan diberhentikan berdasarkan keputusan dalam RUPS, namun demikian pemegang saham dalam RUPST atau RUPS lainnya juga dapat memberhentikan anggota Direksi sewaktu-waktu sebelum masa jabatannya berakhir.

a) Have never been declared bankruptcy;b) Have never been a member of the Board of Directors

and/or members of the Board of Commissioners found guilty for causing company's bankruptcy;

c) Have never been convicted of causing criminal offense detrimental to the country's financial and/or related to the financial sector;

d) Have never been a member of the Board of Directors and/or the Board of Commissioners that during their tenure:(1) Have ever failed to the GMS;(2) The candidate’s responsibility as a member of the

Board of Directors declined by the GMS or failed to address obligations as a member of the Board of Directors to the GMS;

(3) Have ever caused the company that had gained licenses, approval, or registration from the authority to fail in fulfilling the obligation to submit annual reports and/or financial reports to the FSA.

6. Candidates of the Board of Directors has passed the FPT as proven by the explanation letter that issued by the FSA.

In addition, the appointment of members of the Board of Directors should consider the following matters:1. A member of the Board of Directors must fulfill the principle

of professional and responsible;2. A member of the Board of Directors shall has competence

and the capabilities to run the Company's roles and responsibilities;

3. Selection of a member of the Board of Directors have to go through a process of research and test internally, before the appointment process and officially appointed in the GMS;

4. Possess good character, good morals and integrity as well as proficient in legal actions;

5. Proposed appointment of a member of the Board of Directors to the the GMS must pay close attention to the recommendations of the Board of Directors or Committees that perform the function of nomination.

The process/procedure for the designation and the appointment of the Board of Directors are as follows:1. Members of the Board of Directors was appointed by the

GMS for a certain period of time as of the date specified in the GMS until the closing of the second Annual GMS after their appointment and can be reappointed;

2. As for their appointment which proposed by shareholders who are not on the group's of majority shareholder whereas other Board members (including the President Director) shall be appointed from candidates proposed by the majority shareholder; and

3. The proposal on the replacement of members of the Board of Directors to the GMS must pay attention to recommendations from the Board of Commissioners or Committees that performs the function of nomination.

If chosen, the Board of Directors are appointed and dismissed by the GMS, however, shareholders in the Annual GMS or other GMS also can dismiss members of the Board of Directors any time before his/her term ends.



Prosedur Pemilihan DireksiPemilihan anggota Direksi Perseroan dilakukan melalui serangkaian tahapan, yaitu:

Keberagaman Komposisi dan Masa Jabatan Direksi

Komposisi dan keberagaman Direksi ditetapkan atas dasar pertimbangan keahlian, pengetahuan dan pengalaman yang sesuai dengan pembagian tugas dan fungsi jabatan Direksi dalam mendukung pencapaian tujuan Perseroan.

Komposisi dan Masa Jabatan DireksiJumlah dan komposisi Direksi Perseroan diputuskan dalam RUPS dengan tetap diselaraskan dengan Anggaran Dasar Perseroan dan memperhatikan visi, misi serta rencana strategis pengembangan Perusahaan agar dimungkinkan terlaksananya pengelolaan usaha yang efektif dan pengambilan keputusan yang cepat dan tepat serta independen. Berdasarkan keputusan RUPS Tahunan tanggal 20 April 2016, jumlah dan komposisi Direksi Perseroan per 31 Desember 2016, adalah sebagai berikut:

NamaName

JabatanPosition






Samuel Manasseh DirekturDirector












Handoko Liem DirekturDirector



Selection Procedures of the Board of DirectorsThe selection process of members of the Board of Directors is done through a series of stages as shown below:

Diversity of Composition and Tenure of the Board of Commissioners

The composition and diversity of the Board of Directors is determined on the basis of expertise, knowledge and experience in accordance with distribution of tasks and position functions of the Board of Directors in supporting the achievement of corporate objectives.

Composition and Tenure of the Board of DirectorsThe number and composition of the Board of Directors is decided in the GMS by keeping aligned with the Articles of Association of the Company as well as pay attention to the vision, mission as well as the Company's development strategic plan that made it possible to implement an effective business and make a quick, precise, and independent decision. Based on the decision of the Annual GMS dated April 20, 2016, the number and composition of the Board of Directors of the Company per December 31, 2016, are as follows:

*Verifikasi akan dilakukan oleh KNR/Verification will be performed by NRC

Max 3 bulan/months

No

No

Yes YesYes

Diverifikasi? Verified? Lulus/Pass

Calon BaruNew Candidate

existing promoted?

Perseroan/ The Company

Menyelenggarakan RUPS PengangkatanOrganizing the AGM Appointment

Proses Diulang dari awal

Repeated process from the beginningCalon/Candidate

Perseroan/ The Company*/Corporate Legal Division

Calon/Candidate

Pemegang Saham/Shareholders

Menandatangani surat pernyataan/ persetujuan


Verifikasi Requirement untuk Calon The Requirement Verification for Candidates

Menandatangani surat pernyataan/persetujuan


Mengirimkan surat usulan nama calonkepada Perseroan

Send the proposed letter on names of candidates to the Company

Calon harus melakukan Fit and Proper Test (FPT)

Candidates must perform the Fit and Proper Test

(FPT)

AkhirEND

Existing + tidak ada perubahan jabatan?

No change of positions?

AwalSTART



Syarat Keberlanjutan Anggota DireksiSesuai dengan ketentuan Pasal 21 Peraturan Otoritas Jasa Keuangan No. 4/POJK.05/2013 Tentang Penilaian Kemampuan dan Kepatutan Bagi Pihak Utama Pada Perusahaan Perasuransian, Dana Pensiun, Perusahaan Pembiayaan, dan Perusahaan Penjaminan, Direksi yang telah lulus dalam penilaian kemampuan dan kepatutan wajib memenuhi syarat keberlanjutan paling sedikit 1 (satu) kali dalam jangka waktu 1 (satu) tahun yakni dengan cara mengikuti seminar, workshop atau kegiatan lain yang sejenis di bidang industri keuangan. Pada tahun 2016 anggota Direksi Perseroan telah memenuhi syarat keberlanjutan dimaksud dan dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 75.

Rapat Direksi

Perseroan memiliki kebijakan mengadakan rapat Direksi sekurang-kurangnya 1 (satu) kali dalam sebulan atau dapat diadakan setiap waktu jika dianggap perlu atas permintaan satu atau lebih anggota Direksi atau atas permintaan Dewan Komisaris atau atas permintaan tertulis dari satu atau lebih pemegang saham yang memiliki sedikitnya sepersepuluh atau lebih dari jumlah saham biasa yang beredar. Kuorum rapat dicapai apabila lebih dari setengah dari anggota Direksi hadir atau diwakili dengan sah secara hukum dalam rapat tersebut. Setiap anggota Direksi yang hadir memiliki satu suara (dan satu suara untuk setiap Direktur lainnya yang diwakili). Pengambilan keputusan rapat Direksi berdasarkan atas musyawarah untuk mufakat, dan apabila mufakat tidak tercapai, maka pengambilan keputusan akan dilaksanakan berdasarkan atas pengambilan suara mayoritas dari anggota Direksi yang hadir. Direksi juga dapat mengambil keputusan yang sah tanpa mengadakan Rapat Direksi, dengan syarat semua anggota Direksi menyetujui secara tertulis dengan menandatangani usul yang disampaikan secara tertulis (secara sirkuler). Di tahun 2016, Direksi telah mengambil 13 (tiga belas) keputusan tanpa mengadakan rapat. Selama 2016, Direksi telah menyelenggarakan 12 (dua belas) kali rapat internal Direksi dengan tingkat kehadiran anggota Direksi dan agenda rapat sebagaimana tersaji pada tabel berikut ini:

NamaName

PosisiPosition


KehadiranAttendance



Jodjana J. Presiden Direktur/President Director 12 12 100%

Samuel Manasseh Direktur/Director 12 12 100%

Wie Mia Direktur/Director 12 12 100%

Anton Rusli Direktur/Director 12 12 100%

Siswadi Direktur/Director 12 12 100%

Handoko Liem Direktur/Director 12 12 100%

Terms of Continuity for the Board of DirectorsIn accordance with the provisions of Article 21 of the Financial Services Authority Regulation No. 4/POJK.05/2013 About the Fit and Proper Test For Key Parties On the Insurance Companies, Pension Funds, Financing Company, and Guarantee Companies, the Board of Directors who have passed the fit and proper test are mandated to attend at least 1 (one) time within a period of 1 (one) year i.e. by attending seminars, workshops or other similar activities in the financial industry. In 2016 the Board of Directors has qualified the sustainability requirement and can be seen in Chapter "Company Profile", Sub-Chapter "Training/Education", page 75.

Meeting of the Board of Directors

The Company has a policy to hold meeting of the Board of Directors at least once a month or can be held at any time when deemed necessary upon request of one or more members of the Board of Directors, upon request of the Board of Commissioners or upon written request of one or more shareholders that own at least one tenth or more of outstanding common shares. Meeting quorum is achieved when more than half of the Directors are present or legally represented in the meeting. Each member of the Board of Directors who attended has one vote (and one vote for each other Directors which represented). Decision-making meeting of the Board of Directors based on deliberation and consensus, and if consensus is not reached, then the decision will be based on the voting of majority members of the Board of Directors who attended. The Board of Directors can also take an authorized decision without convening any meeting by giving written approval from all members of the Board of Directors on the proposal which submitted in writing (circularly). In 2016, the Board of Directors has taken 13 (thirteen) decisions without convening a meeting. During 2016, the Board of Directors has held 12 (twelve) internal meetings of the Board of Directors with the level of attendance of the Board of Directors and meeting agenda as presented in the following table:



Agenda Rapat Direksi

Tanggal/Date Agenda/Pembahasan Rapat/ Agenda/Meeting Discussion

27 Januari/January 2016 - Sales & Marketing update - Operation update

1 Februari/February 2016 - Operation update- Internal Audit update - Financial Performance update

14 Maret/March 2016 - Operation update- Sales & Marketing update- Financial Performance update

4 April 2016 - Operation update- Sales & Marketing update - Financial Performance update

16 Mei/May 2016 - Risk update- Sales update

6 Juni/June 2016 - Sales & Marketing update- Risk update- Financial Performance update

12 Juli/July 2016 - Risk update- Marketing Performance update- Financial Performance update

2 Agustus/August 2016 - Internal Audit update- Operation update- Sales update- Risk update

5 September 2016 - Operation update- Sales Performance update- Financial Performance update

31 Oktober/October 2016 - Sales update- Internal Audit update

14 November 2016 - Sales Performance update- Risk update- Financial Performance update

13 Desember/December 2016 - Risk update- Financial Performance update- Sales Performance update

Keputusan Direksi

Pada tahun 2016, Direksi telah mengeluarkan beberapa kebijakan dengan menerbitkan Surat Keputusan, antara lain Surat Keputusan Direksi Perseroan No. 02/CIR-BOD/ASF/IV/2016 tentang Pembagian Tugas dan Wewenang Direksi.

Program Pendidikan/Pelatihan Direksi Tahun 2016

Penjelasan lengkap mengenai rincian kegiatan pendidikan/pelatihan yang telah diikuti oleh Direksi Perseroan di sepanjang 2016 dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 75.

Meeting Agenda of the Board of Directors

Decree of the Board of Directors in 2016

In 2016, the Board of Directors has issued several policies by issuing decrees, among others, Decree of the Board of Directors of the Company No. 02/CIR-BOD/ASF/IV/2016 regarding the Segregation of Duties and Authorities of the Board of Directors.

Education/Training of the Board of Directors in 2016

Comprehensive description about the educational/trainings activities that were attended by the Board of Directorsof the Company during 2016 can be seen in the Chapter "Company Profile", Sub-Chapter "Training/Education", page 75.



Penilaian Kinerja Direksi

Dasar/Kriteria dan Pihak yang Melakukan PenilaianPenilaian terhadap kinerja Direksi Perseroan pada dasarnya dilakukan oleh Komite Nominasi dan Remunerasi yang mencakup:1. Performance Planning Performance Planning merupakan kegiatan awal dari

Performance Management yang meliputi Policy Deployment, yaitu transformasi dari visi dan misi Perseroan serta rencana strategis tahunan Perseroan yang dituangkan dalam Corporate Letter Attachment (CLA).

2. Performance Review

Performance Review merupakan proses review kinerja setiap anggota Direksi Perseroan yang dilakukan secara periodik, meliputi coaching, konseling dan kontrol untuk melihat pencapaian, permasalahan serta penyimpangan terhadap rencana.

3. Performance Evaluation Performance Evaluation merupakan proses penilaian kinerja

anggota Direksi Perseroan yang didasarkan pada Process, Result/Value Creation dan People Management serta dilaksanakan setahun sekali. Hasil evaluasi kinerja tersebut di atas menjadi dasar Perseroan untuk memberikan Rewards atau Penalty kepada anggota Direksi Perseroan.

Prosedur Pelaksanaan Penilaian Kinerja Direksi

Penilaian atas kinerja Direksi dilakukan oleh Dewan Komisaris maupun oleh RUPS, dengan mengacu pada indikator pencapaian Direksi antara lain:1. Kontribusinya dalam aktivitas bisnis Perseroan.2. Keterlibatannya dalam penugasan-penugasan tertentu.3. Komitmennya dalam memajukan kepentingan Perseroan.4. Ketaatan terhadap peraturan perundang-undangan yang

berlaku serta kebijakan Perseroan.5. Pencapaian target Perseroan yang telah ditetapkan.6. Komitmen terhadap "Code of Conduct” Perseroan.

Mekanisme Pengunduran Diri Direksi dan Pemberhentian SementaraProses/tata cara pemberhentian anggota Direksi dilakukan berdasarkan keputusan RUPS, dengan mekanisme sebagai berikut: 1. Anggota Direksi dapat diberhentikan sewaktu-waktu

berdasarkan keputusan RUPS dengan menyebutkan alasannya;2. Keputusan untuk memberhentikan anggota Direksi, diambil

setelah yang bersangkutan diberi kesempatan untuk melakukan pembuktian dan pembelaan diri secara wajar dalam RUPS;

3. Jika keputusan untuk memberhentikan anggota Direksi, dilakukan dengan keputusan di luar RUPS, anggota Direksi yang bersangkutan diberitahu terlebih dahulu tentang rencana pemberhentian dan diberikan kesempatan untuk melakukan pembuktian dan pembelaan diri secara wajar sebelum diambil keputusan pemberhentian;

Performance Assessment of the Board of Directors

Basis/Criteria for Assessment and Party that Act as AssessorsPerformance Assessment of the Board of Directors is basically done by the Nomination and Remuneration Committee that includes:1. Performance Planning

Performance Planning is conducted prior to Performance Management that includes the Policy Deployment, namely the transformation of the vision and mission of the Company and the Company's annual strategic plan as outlined in the Corporate Letter Attachment (CLA).

2. Performance Review

Performance Review is the process of reviewing the performance of each member of the Board of Directors that carried out periodically and covers coaching, counseling and control to see the achievement, problem and deviation of plan.

3. Performance Evaluation

Performance Evaluation is the annual performance review process the Board of Directors based on Process, Result/Value Creation and People Management. Performance evaluation results as mentioned above is the basis for the Company to provide Rewards or Penalty to members of the Board of Directors.

Implementation Procedures of Performance Assessments of the Board of DirectorsPerformance Assessment of the Board of Directors is done by the Board of Commissioners and the GMS, in accordance with the achievement indicators of the Board of Directors include:1. Their contribution to the business activity of the Company.2. Involvement in specific assignments.3. Their commitment to advancing the interests of the Company.4. Adherence to laws and regulations, and corporate policies.

5. Achievement of the Company's targets that have been set.6. Commitment to the "Code of Conduct" of the Company.

Mechanism of Resignation and Dismissal for the Board of Directors Processes/procedures for dismissal of Directors is based on the GMS's decision, through the following mechanism:1. Members of the Board of Directors may be dismissed any

time through the GMS's decision by stating its reasons;2. The decision to dismiss members of the Board of Directors

are conclusive following the opportunity for the Directors to prove and defend themselves appropriately in the GMS;

3. If the decision to dismiss members of the Board of Directors are made by the decision outside the GMS, Board members concerned will be informed in advance about the plan of termination and will be given the opportunity to prove and defend themselves appropriately before the dismissal decision is taken;



4. Pemberian kesempatan untuk melakukan pembuktian dan membela diri menjadi tidak diperlukan, jika yang bersangkutan tidak berkeberatan atas pemberhentian tersebut;

5. Pemberhentian anggota Direksi berlaku sejak: a. Ditutupnya RUPS; ataub. Tanggal keputusan untuk memberhentikan anggota

Direksi; atauc. Tanggal lain yang ditetapkan dalam keputusan RUPS; ataud. Tanggal lain yang ditetapkan dalam keputusan di luar

RUPS. Adapun, anggota Direksi dapat diberhentikan sementara waktu, dengan ketentuan sebagai berikut: 1. Anggota Direksi dapat diberhentikan untuk sementara oleh

Dewan Komisaris dengan menyebutkan alasannya; 2. Pemberhentian sementara tersebut, diberitahukan secara

tertulis kepada anggota Direksi yang bersangkutan;3. Anggota Direksi yang diberhentikan sementara tersebut,

tidak berwenang melakukan tugas menjalankan pengurusan Perseroan untuk kepentingan Perseroan serta sesuai dengan maksud dan tujuan Perseroan, termasuk mewakili Perseroan baik di dalam maupun di luar pengadilan;

4. Dalam jangka waktu paling lambat 30 (tiga puluh) hari setelah tanggal pemberhentian sementara harus diselenggarakan RUPS;

5. Dalam RUPS mengenai jangka waktu setelah tanggal pemberhentian sementara harus diselenggarakan RUPS, anggota Direksi yang bersangkutan diberi kesempatan untuk melakukan pembuktian dan pembelaan diri secara wajar;

6. RUPS mencabut atau menguatkan keputusan pemberhentian sementara tersebut;

7. Dalam hal RUPS menguatkan keputusan pemberhentian sementara, anggota Direksi yang bersangkutan diberhentikan untuk seterusnya;

8. Dalam hal jangka waktu 30 (tiga puluh) hari telah lewat RUPS tidak diselenggarakan, atau RUPS tidak dapat mengambil keputusan, pemberhentian sementara tersebut menjadi batal.

Jabatan sebagai anggota Direksi berakhir jika terjadi salah satu kejadian di bawah ini: 1. Mengundurkan diri sesuai dengan ketentuan mengenai

pengunduran diri dari jabatannya; 2. Meninggal dunia;3. Diberhentikan berdasarkan keputusan RUPS.

Struktur Remunerasi Direksi

Kebijakan Remunerasi DireksiSetiap anggota Direksi berhak atas remunerasi bulanan dan tunjangan lainnya berdasarkan kinerja dan pencapaian Perseroan yang besaran nya ditentukan oleh pemegang saham dalam RUPS. Anggota Direksi juga berhak mendapatkan tunjangan secara lumpsum pada saat mereka berhenti dari posisinya. Penetapan besaran remunerasi bagi anggota Direksi dihitung dengan menggunakan formula yang disusun oleh Komite Nominasi dan Remunerasi.

4. Giving the opportunity to prove and defend themselves become unnecessary, if the people concerned has no objection about the dismissal;

5. Dismissal of the Board of Directors will be valid from:a. The closing of the GMS; orb. Date of the decision to dismiss members of the Board of

Directors; orc. Another date that set out in the GMS; ord. Another date that specified in the decision outside of the

GMS.Meanwhile, members of the Board of Directors may be dismissed temporarily, with the following conditions:1. Members of the Board of Directors may be dismissed temporarily

by the Board of Commissioners by stating the reasons;2. The temporary dismissal, notified in writing to concerned

members of the Board of Directors;3. Members of the Board of Directors who has been suspended,

not authorized to perform the task of running the management of the Company for the interest of the Company as well as in accordance with the aims and objectives of the Company, including representing the Company both in and outside of the court;

4. The GMS is in charge of organizing during a period of at least 30 (thirty) days after the date of suspension;

5. During the GMS regarding the period after the date of suspension should be held the GMS, members of the Board concerned were given the opportunity to prove and defend themselves appropriately;

6. The GMS revoke or reinforce the temporary dismissal decision;

7. In the case of GMS reinforce the suspension decision, members of the Board of Directors concerned is dismissed for good;

8. In the event that a period of 30 (thirty) days have passed and a GMS is not held, or the GMS is unable to make a decision, the temporary dismissal is cancelled.

Position as members of the Board of Directors expires if any of the following events:1. Resigned in accordance with the provisions of concerning

resignation from his/her position;2. Pass Away;3. Dismissed by the GMS.

Remuneration Structure for the Board of Directors

Remuneration Policy of the Board of DirectorsEach member of the Board of Directors is entitled to a monthly remuneration and other benefits based on the performance and achievements of the Company which its amount is determined by shareholders in the GMS. Members of the Board of Directors are also entitled to obtain other benefits on a lump-sum basis at the time they resigned from their respective position. Determination of remuneration for members of the Board of Directors is calculated by using a formula drawn up by the Nomination and Remuneration Committee.



Prosedur Penetapan Remunerasi Direksi

Prosedur penetapan dan besarnya remunerasi Direksi Perseroan dan hubungan antara remunerasi dengan kinerja perusahaan berdasarkan pada Kebijakan Nominasi dan Rumenerasi Perseroan, mengatur bahwa:1. Secara umum, remunerasi Direksi ditentukan berdasarkan

tugas dan kewajiban dan dengan mempertimbangkan pasar dan juga kemampuan Perseroan. Remunerasi masing-masing anggota Direksi juga mempertimbangkan hasil evaluasi kinerja masing-masing Direksi.

2. Perumusan sistem remunerasi dengan prinsip-prinsip:

(a) Sesuai peraturan perundang-undangan di bidang perpajakan dan ketenagakerjaan yang berlaku.

(b) Asas keseimbangan internal serta kompetitif dengan perusahaan lain di Perseroan.

(c) Penetapan remunerasi menganut asas “pay for performance” dimana perusahaan menghargai anggota Direksi sesuai dengan kontribusinya terhadap Perseroan.

Struktur RemunerasiStruktur remunerasi Direksi Perseroan antara lain terdiri dari:• Honorarium diberikan secara bulanan dengan besaran sesuai

dengan hasil RUPST dengan memperhatikan rekomendasi dari Komite Nominasi dan Remunerasi.

• Tunjangan Hari Raya Keagamaan dibayarkan sebelum Hari Raya Keagamaan dengan besaran 1 (satu) bulan honorarium.

Besaran Remunerasi Anggota Direksi

Pada tahun 2016, total remunerasi yang dibayarkan Perseroan kepada seluruh Direksi adalah sebesar Rp1.695.404.750.

Procedure for Remuneration Determination of the Board of DirectorsProcedures and determinations of the remuneration for the Board of Directors of the Company and relationship between the remuneration and corporate performance is based on at the policy of Nomination and Remuneration of the Company, regulates that:1. In general, remuneration of the Board of Directors is determined

based on duties and responsibilities and by taking into account the market and also the Company’s capability. Remuneration of each member of the Board of Directors also considered the performance evaluation result of each Director.

2. Formulation of the remuneration system with the following principles:(a) In accordance with the prevailing legislations in the field of

taxation and employment regulations.(b) The principle of internal balance and competitive with other

companies in the Company.(c) Determination of remuneration adheres to the principle

of "pay for performance" which shows that the Company appreciates the members of the Board of Directors according to their contributions to the Company.

Remuneration Structure Remuneration structure of the Board of Directors consists of:• Honorarium given on a monthly basis with the amount in

accordance with the result of AGMS by considering the recommendation of the Nomination and Remuneration Committee.

• Religious Holiday Allowance is paid prior to the Religious Holiday with the amount of 1 (one) month honorarium.

Total Amount of Remuneration for the Board of DirectorsIn 2016, total remuneration paid by the Company to all the Board of Directors amounted to Rp1,695,404,750.

10492

Stamp



DEWAN PENGAWAS SYARIAHSHARIA SUPERVISORY BOARD

Perseroan memiliki Dewan Pengawas Syariah (“DPS”) di dalam struktur organisasi perusahaan sebagaimana diatur pada ketentuan perundangan yang berlaku yaitu setiap perusahaan yang menjalankan kegiatan usaha berdasarkan prinsip syariah wajib memiliki DPS. Kedudukan hukum DPS dalam Perseroan berdampingan dan sejajar dengan Dewan Komisaris yang sama-sama bertugas dan berwenang serta bertanggung jawab dalam melakukan pengawasan dan memberikan nasihat kepada Direksi dalam menjalankan pengurusan Perseroan.

Piagam DPS

Perseroan telah memiliki pedoman dalam melaksanakan proses penunjukkan, pengangkatan, penggantian dan pemberhentian DPS sebagaimana telah tertuang dalam Pedoman Kepengurusan Perseroan yang disusun berdasarkan peraturan perundang-undangan yang berlaku bagi Perseroan sebagai perusahaan pembiayaan dan emiten obligasi (termasuk Undang-Undang Perseroan Terbatas, Peraturan Menteri Keuangan, Peraturan OJK) dan Anggaran Dasar Peseroan.

Tugas dan Tanggung Jawab DPS

DPS menjalankan tugas pengawasan dan memberikan nasihat serta saran kepada Direksi Perseroan khusus di bidang usaha syariah, agar pengelolaan Perseroan yang dijalankan Direksi sesuai dengan prinsip-prinsip syariah. Pelaksanaan tugas pengawasan dan pemberian nasihat dan saran yang dilakukan DPS terhadap: a. Kegiatan dan Produk Pembiayaan Syariah;b. Akad Pembiayaan Syariah yang dipasarkan oleh Perseroan; c. Praktik pemasaran Pembiayaan Syariah yang dilakukan oleh

Perseroan; dan

d. Kegiatan Pendanaan Usaha Syariah Perseroan.

Kriteria, Ketentuan dan Pemilihan DPS

Perseroan wajib memiliki Dewan Pengawas Syariah yang penunjukannya berdasarkan persyaratan sebagai berikut:1. Dewan Pengawas Syariah terdiri atas 1 (satu) orang ahli syariah

atau lebih yang diangkat oleh RUPS atas rekomendasi Dewan Syariah Nasional Majelis Ulama Indonesia;

2. Ketua dan anggota Dewan Pengawas Syariah diangkat dalam RUPS atas rekomendasi Dewan Syariah Nasional Majelis Ulama Indonesia;

3. Anggota Dewan Pengawas Syariah dilarang melakukan rangkap jabatan sebagai anggota Direksi atau Dewan Komisaris pada Perseroan;

The Company has the Sharia Supervisory Board ("DPS") in the organizational structure of the company as stipulated in the provisions of existing law in every company that runs business activities based on sharia principles are required to have DPS. The DPS's legal position in the Company is adjoining and abreast with the Board of Commissioners that assigned and authorized as well as responsible for supervising and advising the Board of Directors in carrying out the Company's stewardship.

Charter of DPS

The Company has established guidelines in conducting the process of designation, appointment, replacement and dismissal of the Sharia Supervisory Board as outlined in the Guidelines of the Company's Stewardship prepared under applicable laws and regulations to the Company as financing company and bonds issuer (including Act of Limited Liability Company, Ministry of Finance Regulation, Financial Services Regulation Authority) and Articles of Association of the Company.

Duties and Responsibilities of DPS

DPS performs tasks of supervision and give advice as well as suggestions to the Board of Directors of the Company specifically in the field of sharia to ensure that the Company's management runs by the Board of Directors is in accordance with Sharia principles. Implementation of supervisory duties and the provision of advice as well as suggestions were made by the DPS to:a. Activities and Sharia Financing Products;b. Agreement of Sharia financing which is marketed by the

Company;c. Marketing practice of Sharia financing conducted by the the

Company; andd. Financing Activities for the Company's Sharia Business.

Criteria, Procedure, and Selection of DPS

It is mandatory that the Company possess a DPS that leads according to the following rules:1. Sharia Supervisory Board consists of 1 (one) sharia expert or

more who is appointed by the GMS upon the recommendation of the National Islamic Council of Indonesian Ulama Council;

2. Chairman and member of Sharia Supervisory Board was appointed in the GMS upon the recommendation of the National Islamic Council of Indonesian Ulama Council;

3. Sharia Supervisory Board members are prohibited from concurrent positions as members of the Board of Directors or the Board of Commissioners in the Company;



4. Anggota Dewan Pengawas Syariah dilarang melakukan rangkap jabatan sebagai anggota Direksi, anggota Dewan Komisaris atau anggota Dewan Pengawas Syariah pada lebih dari 4 (empat) lembaga keuangan syariah lainnya;

5. Calon anggota Dewan Pengawas Syariah telah lulus FPT yang dibuktikan dengan surat keterangan lulus FPT yang dikeluarkan oleh OJK.

Prosedur Pemilihan Anggota DPSAnggota DPS Perseroan dipilih berdasarkan beberapa kriteria yang harus dipenuhi sebagai anggota Dewan Pengawas Syariah, yaitu:

1. Mampu untuk bertindak dengan itikad baik, jujur dan profesional;

2. Mampu bertindak untuk kepentingan perusahaan pembiayaan syariah, UUS dan/atau pemangku kepentingan lainnya;

3. Mendahulukan kepentingan perusahaan pembiayaan syariah, UUS dan/atau pemangku kepentingan lainnya daripada kepentingan pribadi;

4. Mampu mengambil keputusan berdasarkan penilaian independen dan objektif untuk kepentingan perusahaan pembiayaan syariah, UUS dan/atau pemangku kepentingan lainnya; dan

5. Mampu menghindarkan penyalahgunaan kewenangannya untuk mendapatkan keuntungan pribadi yang tidak semestinya atau menyebabkan kerugian bagi perusahaan pembiayaan syariah dan UUS.

Keberagaman Komposisi dan Masa Jabatan DPS

Komposisi dan Masa Jabatan DPSBerdasarkan keputusan RUPST Perseroan tahun 2016, susunan keanggotaan DPS Perseroan terdiri dari 3 (tiga) orang dengan komposisi 1 (satu) orang ketua dan 2 (dua) orang anggota dimana masing-masing DPS memiliki kedudukan yang setara dan Ketua DPS memiliki tugas untuk mengkoordinir kegiatan DPS lain dalam mengawasi kegiatan syariah Perseroan. Susunan anggota Dewan Pengawas Syariah Perseroan yang masih menjabat pada saat diterbitkannya Laporan Tahunan 2016 ini:

NamaName

JabatanPosition



Ahmad Mukri Aji KetuaChairman



Aminudin Yakub AnggotaMember



Endy M. Astiwara AnggotaMember



4. Members of the Sharia Supervisory Board are prohibited from concurrent positions as members of the Board of Directors, the Board of Commissioners or members of Sharia Supervisory Board on more than 4 (four) other Sharia financial institutions;

5. Candidate members of Sharia Supervisory Board has passed the FPT as proven by the explanation letter of graduation of FPT issued by the FSA.

Selection Procedures of DPSMembers of the DPS are selected based on several criterias that must be fulfilled as a member of Sharia Supervisory Board, The candidate must:1. Be capable to act in good faith, with honesty, and professional;

2. Be able to act for the interest of Sharia finance company, UUS and/or other stakeholders;

3. Prioritize the Company's interests of sharia financing, UUS and/or other stakeholders rather than personal interests;

4. Be capable of making decisions that are based on independent and objective assessments for the interests of sharia finance company, UUS and/or other stakeholders; and

5. Be capable of avoiding the abuse of authority for personal gain which improper or causing harm to the sharia financing company and UUS

Diversity of Composition and Tenure of DPS

Composition and Term of Office of DPSBased on the decision of the Annual GMS of the Company in 2016, the membership of DPS of the Company consists of 3 (three) persons with the composition of 1 (one) Chairman and 2 (two) members where each DPS has an equal position and Chairman of DPS is responsible for coordinating activities of other DPS members in supervising the Company’s sharia activities. The composition of the Sharia Supervisory Board of the Company which still serving at the time of publication the Annual Report 2016:



Profil keanggotaan DPS Perseroan per 31 Desember 2016, terdiri dari: Ketua : Ahmad Mukri AjiAnggota : Aminudin Yakub dan Endy M. Astiwara

Profil Singkat Struktur Keanggotaan DPS

Ahmad Mukri Aji Ketua DPS/Chairman of DPS

Warga Negara Indonesia, lahir pada tahun 1957, berdomisili di Bogor. Pertama kali diangkat sebagai Ketua Dewan Pengawas Syariah Perseroan melalui Keputusan RUPS Perseroan tanggal 1 Juni 2012 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016.

Indonesian citizen, born in 1957, domiciled in Bogor. First time appointed as Chairman of Sharia Supervisory Board of the Company through the decisions of the Company’s GMS dated June 1, 2012 and reappointed by the Annual GMS of the Company dated April 20, 2016.

Riwayat Pendidikan Educational Background2004: Doktor (Bidang Pengkajian Islam) Program Pasca

Sarjana UIN Syarif Hidayatullah JakartaDoctoral (In the field of Islamic Studies) Postgraduate Program of UIN Syarif Hidayatullah Jakarta

Riwayat Karier Profesional Professional Career History2013 – sekarang/present: Dosen Pascasarjana FSH dan Fakultas Tarbiyah

UIN JakartaLecturer of FSH Postgraduate, Faculty of Tarbiyah UIN Jakarta

2012 – sekarang/present: Dewan Pengawas Syariah PT Astra Sedaya Finance Sharia Supervisory Board of PT Astra Sedaya Finance2008 – sekarang/present: Ketua III HISSI (Himpunan Sarjana Syariah

Indonesia) PusatChairman of III HISSI (Association of Bachelor Sharia Indonesia) Center

2006 – sekarang/present: Dosen Pendidikan Kader Ulama MUI Kab. Bogor Lecturer of Education Cadre of Ulama MUI, Bogor2005 – sekarang/present: Ketua Umum MUI Kabupaten Bogor Chairman of MUI, Bogor Regency1984 – sekarang/present: Dosen Tetap Fakultas Syariah

UIN Syahid JakartaPermanent Lecturer of Faculty of Sharia UIN Syahid Jakarta

2010 – 2015: Wakil Dekan I - Bidang Akademik Fakultas Syariah dan Hukum IAIN Syahid Jakarta

Vice Dean 1 - Academic, Faculty of Sharia and Law of IAIN Syahid Jakarta

2003 – 2010: Ketua Jurusan PMH Fakultas Syariah UIN Syahid Jakarta

Head of PMH Department of Faculty of Sharia UIN Syahid Jakarta

2015 – 2020: Wakil Ketua Umum MUI Provinsi Jawa Barat Vice Chairman of MUI West Java Province2010 – 2015: Ketua Bidang Da`wah IKALUIN (Ikatan Alumni UIN

Syarif Hidayatullah) JakartaChairman of da’wah IKALUIN (Alumni Association of UIN Syarif Hidayatullah) Jakarta

2005 – 2015: Anggota Komisi Fatwa MUI Pusat Commission Members of Fatwa MUI1994 – 2004: Ketua MUI Kec. Parung Kab. Bogor Jawa Barat Chairman of MUI in Subdistrict Parung Bogor

Regency, West Java1990 – 1995: Anggota Komisi Fatwa MUI Prov. DKI Jakarta Commission Member of Fatwa MUI DKI Jakarta1992 – 1996: Dosen Pendidikan Kader Ulama MUI

Provinsi DKI JakartaLecturer of Education Cadre of Ulama MUI, DKI Jakarta

1986 – 1994: Sekretaris Jurusan PPI Fakultas Syariah IAIN Syahid Jakarta

Secretary of Department of Faculty of Sharia PPI Shahid IAIN Jakarta

Aminudin Yakub Anggota DPS/DPS Member

Warga Negara Indonesia, lahir pada tahun 1971, berdomisili di Tangerang Selatan. Pertama kali diangkat sebagai Anggota Dewan Pengawas Syariah Perseroan melalui Keputusan RUPS Perseroan tanggal 1 Juni 2012 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016.

Indonesian citizen, born in 1971, domiciled in South Tangerang. First time appointed as Member of Sharia Supervisory Board of the Company through the decisions of the Company’s GMS dated June 1, 2012 and reappointed by the Annual GMS of the Company dated April 20, 2016.

Membership profile of the Company’s DPS as per December 31, 2016, consisting of:Chairman : Ahmad Mukri AjiMember : Aminudin Yakub and Endy M. Astiwara

Brief Profile of the DPS Membership Structure



Riwayat Pendidikan Educational Background2010 – sekarang/present: S3 – UIN Syarif Hidayatullah Jakarta (Islamic

Studies)S3 – UIN Syarif Hidayatullah Jakarta (Islamic Studies)

1995 – 1997: S2 – UIN Syarif Hidayatullah Jakarta (Islamic Studies)

S2 – UIN Syarif Hidayatullah Jakarta (Islamic Studies)

1989 – 1995: S1 – UIN Syarif Hidayatullah Jakarta (Fakultas Tarbiyahh)

S1 – UIN Syarif Hidayatullah Jakarta (Fakultas Tarbiyahh)

Riwayat Karier Profesional Professional Career History2012 – sekarang/present: Dewan Pengawas Syariah PT Astra Sedaya Finance Sharia Supervisory Board of PT Astra Sedaya Finance2010 – sekarang/present: Dewan Pengawas Syariah Bank Panin Dubai

SyariahSharia Supervisory Board of Bank Panin Dubai Syariah

2008 – sekarang/present: Dewan Pengawas Syariah FIF Syariah Sharia Supervisory Board of FIF Syariah2002 – sekarang/present: Dewan Pengawas Syariah Asuransi PT Tripakarta Sharia Supervisory Board of PT Tripakarta1997 – sekarang/present: Dosen UIN Syarif Hidayatullah Lecturer of UIN Syarif Hidayatullah2007 – sekarang/present: Badan Pelaksana Harian Dewan Syariah Nasional

MUIDaily Executive Body of National Shariah Board of MUI

2000 – sekarang/present: Wakil Sekretaris/Anggota Komisi Fatwa MUI Pusat Deputy Secretary/Member of the Commission of the MUI Fatwa Center

Endy M. Astiwara Anggota DPS/DPS Member

Warga Negara Indonesia, lahir pada tahun 1963, berdomisili di Jakarta. Pertama kali diangkat sebagai Anggota Dewan Pengawas Syariah Perseroan melalui Keputusan RUPS Perseroan tanggal 1 Juni 2012 dan diangkat kembali melalui RUPS Tahunan Perseroan tanggal 20 April 2016.

Indonesian citizen, born in 1963, domiciled in Jakarta. First time appointed as Member of Sharia Supervisory Board of the Company through the decisions of the Company’s GMS dated June 1, 2012 and reappointed by the Annual GMS of the Company dated April 20, 2016.

Riwayat Pendidikan Educational Background2015: Doktor bidang Metodologi Hukum Islam (Ushul

al-Fiqh) UIN Syarif Hidayatullah, Jakarta Doctorate in the field of Islamic Law Methodology (Usul al-Fiqh) of UIN Syarif Hidayatullah Jakarta

Riwayat Karier Profesional Professional Career History2012 – sekarang/present: Dewan Pengawas Syariah PT Astra Sedaya Finance Sharia Supervisory Board of PT Astra Sedaya Finance2003 – sekarang/present: - Anggota Badan Pelaksana Harian, Dewan Syariah

Nasional-Majelis Ulama Indonesia (DSN-MUI)- Pengajar di sejumlah perguruan tinggi dan

pemateri dalam berbagai training, workshop, maupun seminar tentang ekonomi dan keuangan syariah

- Member of Daily Executive Body of National Shariah Board of MUI

- Lecturer at several universities and speakers in various training, workshops and seminars on economics and Sharia finance

2000 – sekarang/present: Komisaris Utama PT Muna Bina Insani (Munatour) Commissioner of PT Muna Bina Insani (Munatour)2011 – 2016: Anggota Dewan Standar Akuntansi Syariah – Ikatan

Akuntan Indonesia (DSAS-IAI)Board Member of Sharia Accounting Standards – Institute of Indonesia Chartered Accountants (DSAS-IAI)

Syarat Keberlanjutan Anggota DPSSesuai dengan ketentuan Pasal 21 Peraturan Otoritas Jasa Keuangan No. 4/POJK.05/2013 Tentang Penilaian Kemampuan dan Kepatutan Bagi Pihak Utama Pada Perusahaan Perasuransian, Dana Pensiun, Perusahaan Pembiayaan, dan Perusahaan Penjaminan, Dewan Pengawas Syariah yang telah lulus dalam penilaian kemampuan dan kepatutan wajib memenuhi syarat keberlanjutan paling sedikit 1 (satu) kali dalam jangka waktu 1 (satu) tahun yakni dengan cara mengikuti seminar, workshop atau kegiatan lain yang sejenis di bidang industri keuangan. Pada tahun 2016 anggota Dewan Pengawas Syariah Perseroan telah memenuhi syarat keberlanjutan dimaksud dan dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 75.

Terms of Continuity for the DPSIn accordance with the provisions of Article 21 of the Financial Services Authority Regulation No. 4/POJK.05/2013 About the Fit and Proper Test For Key Parties On the Insurance Companies, Pension Funds, Financing Company, and Guarantee Companies, the Sharia Supervisory Board who have passed the fit and proper test are mandated to attend seminars, workshops or other similar activities in the finance industry at least 1 (one) time within a period of 1 (one) year. In 2016, all members of the Sharia Supervisory Board have fulfilled the requirement. Details can be seen in Chapter "Company Profile", Sub-Chapter "Training/Education", page 75.



Rapat DPS

Perseroan memiliki kebijakan untuk mengadakan rapat Dewan Pengawas Syariah sekurang-kurangnya 6 (enam) kali dalam 1 (satu) tahun. Sesuai dengan kebijakan tersebut, di sepanjang 2016, Dewan Pengawas Syariah Perseroan telah menyelenggarakan 7 (kali) kali rapat Dewan Pengawas Syariah, dengan tingkat kehadiran dan agenda rapat, antara lain:

Nama/Name Posisi/Position Tingkat Kehadiran (%)/Level of Attendance (%)

Ahmad Mukri Aji Ketua Chairman 100%

Aminudin Yakub Anggota Member 100%Endy M. Astiwara Anggota Member 100%

Agenda Rapat DPS


18 Februari/February 2016

Update Unit Usaha Syariah Perseroan Periode Januari 2016

Update on the Company’s Sharia Business Unit for the Period January 2016

25 Mei/May 2016 Update Unit Usaha Syariah Perseroan Periode April 2016

Update on the Company’s Sharia Business Unit for the Period April 2016


Update Unit Usaha Syariah Perseroan Periode Juni 2016 dan Pembahasan Draft Kontrak Syariah

Update on the Company’s Sharia Business Unit for the Period June 2016 and the discussion of Contract Sharia Draft

6 September 2016Pembahasan Mengenai Pengawasan dan Pelaksanaan Penyelenggaraan Pembiayaan Berdasarkan Prinsip Syariah Perseroan

Discussion Regarding the Monitoring and the Financing Implementation based on the Company’s Sharia Principles

21 September 2016 Update Unit Usaha Syariah Perseroan Periode Agustus 2016

Update on the Company’s Sharia Business Unit for the Period August 2016

18 November 2016 Update Unit Usaha Syariah Perseroan Periode Oktober 2016

Update on the Company’s Sharia Business Unit for the Period October 2016


Update Unit Usaha Syariah Perseroan Periode November 2016

Update on the Company’s Sharia Business Unit for the Period November 2016

Laporan Kegiatan DPS Tahun 2016Laporan lengkap mengenai kegiatan DPS di sepanjang 2016 dapat dilihat pada Bab “Laporan Manajemen”, Sub-Bab “Laporan Dewan Pengwas Syariah”, di halaman 24-25.

Program Pendidikan/Pelatihan DPS Tahun 2016Penjelasan lengkap mengenai rincian kegiatan pendidikan/pelatihan yang telah diikuti oleh DPS Perseroan di sepanjang 2016 dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 75.

Penilaian Kinerja DPS

Dasar/Kriteria PenilaianBeberapa komponen penilaian antara lain struktur dan komposisi DPS, Kegiatan dan Produk Pembiayaan Syariah, Akad Pembiayaan Syariah yang dipasarkan oleh Perseroan; Praktik pemasaran Pembiayaan Syariah yang dilakukan oleh Perseroan; dan Kegiatan Pendanaan Usaha Syariah Perseroan serta penerapan GCG.

Prosedur Pelaksanaan Penilaian Kinerja DPS

Penilaian atas kinerja DPS dilakukan oleh RUPS, dengan mengacu pada indikator pencapaian DPS, yaitu:1. Penilaian Kinerja dilakukan secara self assessment setiap

tahun untuk menilai kinerja anggota DPS secara kolegial.

Meeting of DPS

The Company has a policy to hold meeting of the Sharia Supervisory Board at least 6 (six) times within one year. In accordance with the policy, in 2016, the Sharia Supervisory Board of the Company has organized 7 (times) Meeting of Sharia Supervisory Board, with the level of attendance and meeting agenda, among others:

DPS Meeting Agenda

Report of Activities Implementation of DPS in 2016Complete report of DPS activities during 2016 can be seen in Chapter "Management Report", sub-chapter "Sharia Supervision Board Report", on page 24-25.

Education/Training of DPS in 2016Comprehensive description about the detail of educational/trainings completed by DPS during 2016 can be seen in the Chapter "Company Profile", Sub-Chapter "Training/Education", page 75.

Performance Assessment of DPS

Basis/Criteria for AssessmentThe Company has defined the components of the assessment, such as the structure and composition of the DPS, the Activity and Sharia Financing Products, Sharia Financing Agreement that marketed by the Company; Marketing practices of Sharia financing undertaken by the Company; and Activities of Sharia Business Financing of the Company and the implementation of GCG.

Implementation Procedures of Performance Assessments of DPSPerformance Assessment of DPS is conducted by the GMS, by referring to the achievement indicators of DPS ie:1. Performance Assessment is conducted annually by self

assessment method to assess the performance of members



Anggota DPS melakukan penilaian melalui self assessment. Hasil penilaian (self assessment) masing-masing anggota DPS dikonsolidasi untuk dilakukan review oleh DPS guna menetapkan efektivitas dari dewan dan area yang perlu dilakukan perbaikan.

2. DPS menyusun rencana tindak lanjut perbaikan dan Ketua DPS memastikan pelaksanaan rencana tindak lanjut perbaikan.

3. Penilaian kinerja anggota DPS dilakukan oleh Ketua DPS setiap tahun berdasarkan tugas dan tanggung jawab DPS.

Pihak yang Melakukan PenilaianPerseroan secara internal melakukan penilaian atas kinerja DPS melalui evaluasi berdasarkan unsur-unsur penilaian kinerja yang disusun secara mandiri oleh DPS. Pelaksanaan penilaian dilakukan pada tiap akhir periode tutup buku. Secara keseluruhan, penilaian kinerja DPS dilakukan dalam RUPS sesuai ketentuan yang berlaku.

Mekanisme Pengunduran Diri dan Pemberhentian DPS

Perseroan memiliki kebijakan yang mengatur anggota DPS dalam hal ingin mengajukan pengunduran diri dari Perseroan, antara lain:1. Seorang anggota DPS berhak mengundurkan diri dari

jabatannya dengan memberitahukan secara tertulis kepada Perseroan selambat-lambatnya 30 (tiga puluh) hari sebelum tanggal efektif pengunduran dirinya.

2. Perseroan wajib menyelenggarakan RUPS untuk mengambil keputusan sehubungan dengan pengunduran diri seorang anggota DPS dalam waktu paling lambat 90 (sembilan puluh) hari setelah Perseroan menerima surat pengunduran diri anggota DPS tersebut.

3. Anggota DPS yang mengundurkan diri tetap melaksanakan kewajibannya sampai tanggal efektif mulai mengundurkan diri.

Struktur Remunerasi DPS

Kebijakan Remunerasi DPSSetiap anggota DPS berhak atas remunerasi bulanan dan tunjangan lainnya berdasarkan kinerja dan pencapaian Perseroan. Anggota DPS juga berhak mendapatkan tunjangan secara lumpsum pada saat mereka berhenti dari posisinya.

Prosedur Penetapan Remunerasi DPSProsedur penetapan remunerasi atas anggota DPS Perseroan didasari pada prinsip-prinsip sebagai berikut: 1. Prinsip kehati-hatian yang sejalan dengan kepentingan jangka

panjang perusahaan;2. Prinsip perlakuan adil terhadap Debitur, Kreditur, dan atau

Pemangku Kepentingan lainnya.

Struktur RemunerasiStruktur remunerasi DPS Perseroan antara lain terdiri dari:• Honorarium diberikan secara bulanan;• Tunjangan Hari Raya Keagamaan dibayarkan secara sebelum

Hari Raya Idul Fitri dengan besaran 1 (satu) bulan honorarium.

of DPS as a team. A member of DPS is assessed by the self-assessment method. Results of the assessment of each member of DPS were consolidated and to be reviewed by the DPS in order to determine the effectiveness of the board and areas that need to be improved.

2. DPS develop a plan of improvements and the Chairman of DPS ensures the implementation of improvement plans.

3. Performance assessment of DPS members is conducted by the Chairman of DPS each year based on duties and responsibilities of DPS.

Party That Act as AssessorsThe Company internally assessed the work of the DPS through evaluations according to the criteria that were placed by DPS themselves. The implementation of assessments is carried out at every end of the period of book closing. Overall, the DPS performance assessment is carried out in the GMS in accordance with the prevailing rules.

Mechanism of Resignation and Dismissal for DPS

The Company has a policy that governs how DPS members can ask for resignation. The following are the steps:1. A member of DPS has the right to resign by giving written

notification to the Company no later than 30 (thirty) days prior to the effective date of resignation.

2. The Company is obligated to conduct the GMS to take decisions with respect to the resignation of DPS members in a maximum period of 90 (ninety) days after the Company received a letter of resignation of DPS members.

3. Members of DPS who already resigned will continue to perform his/her obligations until the effective date of the resignation.

Remuneration Structure of DPS

Remuneration Policy of DPSEvery member of DPS is entitled to a monthly remuneration and other benefits based on the performance and achievements of the Company. DPS members are also entitled to obtain allowance on lumpsum basis at the time they quit from their positions.

Procedure for Remuneration Determination of DPSThe procedures placed for remuneration of the DPS members of the Company are covered by the following principles:1. Principles of prudence to consistently conduct themselves in

long term interest of the company;2. Principles of fairness to debtors, creditors, or other

Stakeholders.

Remuneration StructureRemuneration structure for DPS of Company consists of:• Honorarium is given on a monthly basis; • Religious Holiday Allowance is paid before Eid al-Fitr with the

amount of 1 (one) month honorarium.



Pemegang saham Perseroan terdiri dari PT Astra International Tbk; PT Garda Era Sedaya; PT Bank Permata Tbk dan PT Sedaya Multi Investama yang mana penjelasan lengkap mengenai komposisi pemegang saham Perseroan dapat dilihat pada Bab “Sekilas Perusahaan”, sub-bab “Komposisi Pemegang Saham”, halaman 63. Pemegang Saham Pengendali Perseroan berdasarkan ketentuan OJK yaitu yang memiliki saham sebesar 25% atau lebih dari jumlah saham yang dikeluarkan oleh Perseroan dan memiliki hak suara berdasarkan komposisi pemegang saham Perseroan terdiri dari PT Astra International Tbk; PT Garda Era Sedaya dan PT Bank Permata Tbk dan ketiganya telah ditetapkan lulus FPT oleh OJK sebagai Pemegang Saham Pengendali Perseroan.

Berdasarkan hal tersebut di atas, maka Perseroan memenuhi ketentuan terkait Pemegang Saham Pengendali berdasarkan Peraturan OJK No. 4/POJK.05/2013.

PEMEGANG SAHAM UTAMA DAN PENGENDALIMAJOR SHAREHOLDERS AND CONTROLLING SHAREHOLDERS

KOMITE AUDITAUDIT COMMITTEE

Komite Audit Perseroan bertugas untuk membantu fungsi pengawasan Dewan Komisaris terhadap Direksi dalam menjalankan rencana usaha Perseroan dan menilai kecukupan sistem pengendalian internal, kecukupan pelaporan dan pengungkapan laporan keuangan, serta tugas-tugas lain seperti yang tercantum dalam Piagam (Charter) Komite Audit. Oleh karena itu, pembentukan Komite Audit di dalam tubuh organisasi perusahaan dimaksudkan agar Perseroan dapat memenuhi prinsip akuntabilitas sesuai dengan ketentuan hukum dan perundangan yang berlaku di Indonesia.

Piagam Komite Audit

Perseroan memiliki Piagam (Charter) Komite Audit yang mengatur tentang lingkup tugas, tanggung jawab dan wewenang Komite Audit yang berperan untuk membantu Dewan Komisaris dalam menjalankan fungsi pengawasan di lingkungan Perseroan.

Tugas dan Wewenang Komite Audit

Dalam menjalankan tugasnya, Komite Audit Perseroan memiliki tugas dan wewenang sebagai berikut:Tugas:

1. Meninjau kredibilitas dan objektivitas laporan keuangan.

The Company shareholders consists of PT Astra International Tbk; PT Garda Era Sedaya; PT Bank Permata Tbk and PT Sedaya Multi Investama. A complete description about the Company's composition shareholders can be seen in Chapter "Corporate Overview", sub-chapter "Composition of Shareholders", page 63. Controlling Shareholders of the Company according to the provision of FSA, is a company which that owns 25% or more in total shares issued by the Company and have voting rights based on the Company's shareholders composition consists of PT Astra International Tbk; PT Garda Era Sedaya and PT Bank Permata Tbk and these three companies have been passed the FPT as set by the FSA regarding the Controlling Shareholder of the Company.

Based on these, the Company has fulfill the relevant provisions regarding the Controlling Shareholders based on the FSA Regulation No. 4/POJK.05/2013.

The Company's Audit Committee assigned to assist the supervisory function of the Board of Commissioners towards the Board of Directors in conducting the Company's business plan and assess the adequacy of the internal control system, the adequacy of reporting and financial statement disclosure, as well as other tasks as set out in the Audit Committee Charter. Therefore, the establishment of Audit Committee in the body of corporate organizations is intended for the Company to be able to fulfill the accountability principle which conforms to the applicable legal provisions and regulations in Indonesia.

Audit Committee Charter

The Company has the Audit Committee Charter that regulates the scope of duties, responsibilities and authorities of the Audit Committee that play a role to assist the Board of Commissioner in carrying out the oversight functions within the Company.

Duties and Authorities of Audit Committee

In conducting its duties, the Audit Committee has the duty and authority as follows:Duties:

1. Review the credibility and objectivity of the financial statements.



2. Meninjau tindakan yang telah diambil untuk mengidentifikasi dan mengendalikan risiko bisnis dan keuangan.

3. Meninjau tindakan yang telah diambil untuk memastikan efektivitas pengendalian internal.

4. Meninjau rencana dan pelaksanaan kegiatan fungsi auditor internal, manajemen risiko, dan auditor eksternal untuk menilai apakah risiko-risiko kunci telah dengan tepat dievaluasi dan dikendalikan.

5. Meninjau objektivitas dan independensi Auditor Internal dan Eksternal.

6. Meninjau kecukupan monitoring ketaatan terhadap aturan dan etika bisnis.

Wewenang:

1. Mengakses dokumen, data dan informasi Perseroan tentang karyawan, dana, aset serta sumber daya Perseroan lainnya yang berkaitan dengan pelaksanaan tugasnya.

2. Berkomunikasi langsung dengan karyawan, termasuk Direksi dan pihak yang menjalankan fungsi audit internal, manajemen risiko dan akuntan yang terkait tugas dan tanggung jawab Komite Audit.

3. Melakukan kewenangan lain yang diberikan oleh Dewan Komisaris.

Struktur dan Masa Jabatan Anggota Komite Audit

Komite Audit diangkat oleh Dewan Komisaris dan diketuai oleh Komisaris Independen. Keanggotaan Komite Audit sekurang-kurangnya terdiri dari 1 (satu) orang anggota Dewan Komisaris dan sekurang-kurangnya 2 (dua) orang anggota lainnya yang berasal dari luar Perseroan. Masa jabatan Komite Audit berlaku efektif sejak penutupan RUPST Perseroan tahun 2016 yaitu pada tanggal 20 April 2016 sampai dengan penutupan RUPST Perseroan tahun 2018. Komite Audit wajib mengadakan rapat umum minimal 1 (satu) kali dalam setahun.

Pada tahun 2016, telah terjadi pergantian komposisi Komite Audit berdasarkan Surat Persetujuan Dewan Komisaris Perseroan No. 02/CIR-BOC/Komite Audit/ASF/IV/2016 tertanggal 25 April 2016, dimana keanggotaan Komite Audit seluruhnya berasal dari pihak yang independen dengan kualifikasi memenuhi ketentuan Otoritas Jasa Keuangan (OJK). Anggota Komite Audit yang merupakan Komisaris Independen bertindak sebagai Ketua. Adapun susunan keanggotaan Komite Audit Perseroan per 31 Desember 2016 adalah sebagai berikut:

Ketua : H. Mohammad HusniAnggota : Thomas H. Secokusumo Lindawati Gani

Chairman : H. Mohammad HusniMember : Thomas H. Secokusumo Lindawati Gani

2. Review the actions that have been taken to identify and control the business and financial risk.

3. Review the actions that have been taken to ensure the effectiveness of internal controls.

4. Review the plan and implementation of function activities of internal auditor, risk management, and external auditor to assess whether the key risk has been properly evaluated and controlled.

5. Review the objectivity and independence of the Internal and External Auditor.

6. Review the level of compliance with the rule and business ethics.

Authorities:1. Access to documents, data and information about the

Company's employees, funds, assets and other resources related to the Company's performance of its duties.

2. Communicate directly with employees, including the Board of Directors and those who perform the function of internal audit, risk management and accounting related to duties and responsibilities of the Audit Committee.

3. Perform other authorities given by the Board of Commissioners.

Structure and Term of Office of Audit Committee Members

Audit Committee is appointed by the Board of Commissioners and is chaired by the Independent Commissioner. The Audit Committee consists of at least 1 (one) member of the Board of Commissioners and at least 2 (two) other members from outside of the Company. The term of office of the Audit Committee is effective following the closing of the Company's 2016 AGMS on April 20, 2016 until the closing of the Company's AGMS 2018. The Audit Committee is obliged to convene a general meeting at least once a year.

In 2016, there has been a change in the composition of Audit Committee based on the Approval Letter of the Board of Commissioners No. 02/CIR-BOC/Audit Committee/ASF/IV /2016 dated April 25, 2016, where member of the Audit Committee is entirely derived from independent party with qualifications that meets the requirement of Financial Services authority (FSA). Audit Committee members who are Independent acts as the Chairman. The composition of Audit Committee of the Company per December 31, 2016 are as follows:



Profil Singkat Komite Audit

H. Mohammad Husni

Ketua

Profil H. Mohammad Husni dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Profil Dewan Komisaris”, halaman 52.

Thomas H. Secokusumo Anggota/Member

Warga Negara Indonesia, lahir pada tahun 1964. Beliau diangkat sebagai anggota Komite Audit Perseroan pada bulan April 2016.

Indonesian citizen, born in 1964. He was appointed as member of Audit Committee of the Company on April, 2016.

Riwayat Pendidikan Educational Background1987 Sarjana Akuntansi dari Fakultas Ekonomi,

Universitas Indonesia.Bachelor degree in Accounting from the Faculty of Economics, University of Indonesia.

1990 Master of Business Administration di bidang Keuangan dan Master of Science di bidang Pemasaran dari Universitas Wisconsin, Madison, Amerika Serikat.

Master of Business Administration in Finance and Master of Science in Marketing from the University of Wisconsin, Madison, USA.

Riwayat Karier Profesional Professional Career History2016 – sekarang/present - Komite Audit di PT Hero Supermarket Tbk.

- Komite Audit di PT Toyota Astra Finance. - Audit Committee of PT Hero Supermarket Tbk.- Audit Committee of PT Toyota Astra Finance.

2015 – sekarang/present - Komisaris Independen di PT Astra Aviva Life. - Anggota Dewan Sertifikasi Akuntan Profesional di Ikatan Akuntan Indonesia/IAI.

- Independent Commissioner of PT Astra Aviva Life.- Board Member Certification of Professional Accountants in the Institute of Indonesia Chartered Accountants/IAI.

2014 – sekarang/present Komite Audit PT Tigaraksa Satria Tbk. Audit Committee of PT Satria Tigaraksa Tbk.2012 – sekarang/present Komisaris Independen PT Adi Sarana Armada Tbk. Independent Commissioner of PT Adi Sarana

Armada Tbk.2010 – 2012 Anggota Komite Audit PT Federal International

Finance.Audit Committee Member of PT Federal International Finance.

2011 – 2015 Komite Audit PT Astra Otoparts Tbk. Audit Committee of PT Astra OtopartsTbk.2011 – 2014 Komite Audit PT Surya Artha Nusantara Finance. Audit Committee of PT Surya Artha Nusantara

Finance.2003 – 2005 Komite Audit PT Dirgantara Indonesia. Audit Committee of PT Dirgantara Indonesia.

Beliau juga merupakan Registered Accountant (Ak), Certified Management Accountant (CMA), Chartered Accountant (CA), dan Certified Risk Management di bidang asuransi. Saat ini, Beliau juga menjabat sebagai dosen Program Akuntansi, Magister Akuntansi, dan Magister Manajemen di Fakultas Ekonomi, Universitas Indonesia.

He is also a Registered Accountant (Ak), Certified Management Accountant (CMA), Chartered Accountant (CA) and Certified Risk Management in the field of insurance. Currently, he also serves as a lecturer in Accounting Program, Master of Accounting and Master in Management at the Faculty of Economics, University of Indonesia.

Lindawati Gani Anggota/Member

Warga Negara Indonesia, lahir pada tahun 1962. Beliau diangkat sebagai anggota Komite Audit Perseroan pada bulan April 2016.

Indonesian citizen, born in 1962. She was appointed as a member of the Audit Committee of the Company on April, 2016.

Brief Profile of Audit Committee

H. Mohammad Husni

Chairman

Profile of H. Mohammad Husni can be seen in Chapter “Company Profile”, Sub-Chapter “Profile of the Board of Commissioners”, page 52.



Riwayat Pendidikan Educational Background1985 Sarjana Akuntansi dari Fakultas Ekonomi Universitas

Airlangga. Bachelor degree in Accounting from the Faculty of Economics, University of Airlangga.

1986 Magister of Business Administration dari Institut Pengembangan Manajemen Indonesia (IPMI) yang berafiliasi dengan Harvard Business School.

Magister of Business Administration from the Institute of Management Development Indonesia which is affiliated with Harvard Business School.

2002 Doktor di bidang Akuntansi Manajemen dari Fakultas Ekonomi dan Bisnis, Universitas Indonesia.

Doctorate in Management Accounting from the Faculty of Economics and Business, University of Indonesia.

Riwayat Karier Profesional Professional Career History2016 – sekarang/present - Anggota Komite Profesi Akuntan Publik.

- Anggota Accountancy Monitoring Committee Indonesia.

- Committee Members of Public Accounting Profession.- Members of Accountancy Monitoring Committee Indonesia.

2015 – sekarang/present - Technical Advisor of International Accounting Education Standard Board (IAESB) International Federation of Accountants (IFAC).- Wakil Ketua Dewan Pengurus Indonesian Institute for Corporate Directorship (IICD).- Anggota Dewan Sertifikasi Akuntan Profesional di Ikatan Akuntan Indonesia/IAI.

- Komisaris Independen PT AXA Financial Indonesia.

- Technical Advisor of International Accounting Education Standard Board (IAESB) International Federation of Accountants (IFAC).- Vice Chairman of the Board of Indonesian Institute for Corporate Directorship (IICD).- Board Member Certification of Professional Accountants in the Institute of Indonesia Chartered Accountants (IAI).- Independent Commissioner of PT AXA Financial Indonesia.

2014 – sekarang/present - Council Member of ASEAN Federation of Accountants (AFA).- Dewan Pengurus Nasional Ikatan Akuntan Indonesia (IAI).

- Council Member of ASEAN Federation of Accountants (AFA).- Board of the Institute of Indonesia Chartered Accountants (IAI).

2013 – sekarang/present Komite Audit PT Indocement Tunggal Prakarsa Tbk. Audit Committee of PT Indocement Tunggal Prakarsa Tbk.

2012 – sekarang/present - Anggota Panel Riset Centre of Excellence Southeast Asia, Chartered Institute of Management Accountants (CIMA).- Komisaris Independen PT Hero Supermarket Tbk

- Member of Panel Research of Centre of Excellence Southeast Asia, the Chartered Institute of Management Accountants (CIMA).- Independent Commissioner of PT Hero Supermarket Tbk.

2013 – 2015 Anggota Dewan Sertifikasi Akuntansi Profesional (DSAP) IAI.

Anggota Dewan Sertifikasi Akuntansi Profesional (DSAP) IAI.

2011 – sekarang/present Komite Audit PT Sorini Agro Asia Corp. Audit Committee of PT Sorini Agro Asia Corp.2006 - 2015 Anggota Dewan Penguji Certified Professional

Management Accountant (CPMA).Board Member of Examiners Certified Professional Management Accountant (CPMA).

Pada Juni 2011 diangkat menjadi Guru Besar Tetap Fakultas Ekonomi dan Bisnis Universitas Indonesia. Beliau merupakan anggota Dewan Guru dan Senat Akademik Universitas Indonesia.

In June 2011 she was appointed as Professor of the Faculty of Economics and Business, University of Indonesia. She is also a member of the Board of Teachers and the Academic Senate of University of Indonesia.

Kualifikasi Anggota Komite Audit

1. Wajib memiliki integritas yang tinggi, kemampuan, pengetahuan, pengalaman sesuai dengan bidang pekerjaannya, serta mampu berkomunikasi dengan baik;

2. Wajib memahami laporan keuangan, bisnis perusahaan khususnya yang terkait dengan layanan jasa atau kegiatan usaha emiten atau perusahaan publik, proses audit, manajemen risiko, dan peraturan perundang-undangan di bidang pasar modal serta peraturan perundang-undangan terkait lainnya;

3. Wajib mematuhi kode etik komite audit yang ditetapkan oleh emiten atau perusahaan publik;

4. Bersedia meningkatkan kompetensi secara terus menerus melalui pendidikan dan pelatihan;

5. Wajib memiliki paling sedikit 1 (satu) anggota yang berlatar belakang pendidikan dan keahlian di bidang akuntansi dan keuangan;

Qualifications of Audit Committee Member

1. Must have high integrity, ability, knowledge, experience in accordance with field of work , and able to communicate well;

2. Obliged to understand financial statements, particularly the company's business related to services or business activities of the issuer or public company , audit process, risk management, and laws and regulations in the field of capital markets and legislations related;

3. Obliged to obey the code of conduct that established by the audit committee of the issuer or public company ;

4. Willing to improve the competence continuously through education and training;

5. Required to have at least 1 (one) member which obtains an educational background and expertise in the field of accounting and finance;



6. Bukan merupakan orang dalam kantor akuntan publik, kantor konsultan hukum, kantor jasa penilai publik atau pihak lain yang memberi jasa asuransi, jasa non-asuransi, jasa penilai dan/atau jasa konsultasi lain kepada emiten atau perusahaan publik yang bersangkutan dalam waktu 6 (enam) bulan terakhir;

7. Bukan merupakan orang yang bekerja atau mempunyai wewenang dan tanggung jawab untuk merencanakan, memimpin, mengendalikan, atau mengawasi kegiatan emiten atau perusahaan publik tersebut dalam waktu 6 (enam) bulan terakhir, kecuali komisaris independen;

8. Tidak mempunyai saham langsung maupun tidak langsung pada emiten atau perusahaan publik;

9. Dalam hal anggota Komite Audit memperoleh saham emiten atau perusahaan publik baik langsung maupun tidak langsung akibat suatu peristiwa hukum, saham tersebut wajib dialihkan kepada pihak lain dalam jangka waktu paling lama 6 (enam) bulan setelah diperolehnya saham tersebut;

10. Tidak mempunyai hubungan afiliasi dengan anggota dewan komisaris, anggota direksi, atau pemegang saham utama emiten atau perusahaan publik; dan

11. Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung yang berkaitan dengan kegiatan usaha emiten atau perusahaan publik.

Independensi Komite Audit

Seluruh anggota Komite Audit Perseroan adalah independen sesuai dengan Peraturan Otoritas Jasa Keuangan No. 55/POJK.04/2015 tentang Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit.

Rapat Komite Audit

Sepanjang tahun 2016, Komite Audit telah mengadakan 8 (delapan) kali rapat internal. Rapat ini diselenggarakan sesuai dengan persyaratan dalam Charter Komite Audit yang bertujuan untuk memfasilitasi pelaksanaan tugas dan tanggung jawab setiap anggota Komite Audit. Pada tahun ini, jumlah pertemuan dan tingkat kehadiran anggota Komite Audit adalah sebagai berikut:

1 Januari/January – 19 April 2016

Nama Komite Audit Name of Audit Committee Frekuensi Rapat Meeting Frequency Tingkat Kehadiran (%) Level of Attendance (%)

Buyung Syamsudin 3 100%

Simon H. Hutagalung 3 100%Gede Harja Wasistha 2 67%

20 April – 31 Desember/December 2016

Nama Komite Audit Name of Audit Committee Frekuensi Rapat Meeting Frequency Tingkat Kehadiran (%) Level of Attendance (%)

H. Mohammad Husni 5 100%

Thomas H. Secokusumo 5 100%Lindawati Gani 5 100%

6. The candidate does not work for a public accounting firm, law firm, office of public appraisal services or other parties that provide insurance service, non-insurance service, appraisal services and/or other consultancy services to the Issuer or public companies pertinent within the last 6 (six) months;

7. The candidate does not have the authority and responsibility for planning, directing, controlling, or supervising the activity of the issuer or public company within 6 (six) months, unless the independent directors;

8. The candidate does not have direct or indirect shares in the publicly Listed Company;

9. In the case of Audit Committee members acquiring shares of publicly Listed Company either directly or indirectly as a result of a legal event, these shares are obliged to be transferred to another party within a maximum period of 6 (six) months after obtaining such shares;

10. The candidate is not affiliated with the Board of Commissioners, members of the Board of Directors or major shareholders of the issuer or public company; and

11. The candidate does not have a good business relationship either directly or indirectly related to business activities conducted by a public company.

Independence of Audit Committee

All members of the Audit Committee are independent in accordance with the Regulation of the Financial Services Authority No. 55/POJK.04/2015 on the Establishment and Guidelines for the Implementation of the Audit Committee's work.

Meeting of Audit Committee

In 2016, Audit Committee has held eight (8) times the internal meetings. These meetings were held in accordance with requirements contained on Audit Committee Charter which aims to facilitate the execution of duties and responsibilities of each member of Audit Committee. In this year, the number of meetings and attendance level of audit Committee members are as follows:



Program Pendidikan/Pelatihan Komite Audit Tahun 2016

Penjelasan lengkap mengenai rincian kegiatan pendidikan/pelatihan yang telah diikuti oleh Komite Audit Perseroan di sepanjang 2016 dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 75.

Laporan Kegiatan Komite Audit Tahun 2016

Dalam setiap pertemuan, Komite Audit bertemu dengan beberapa departemen/bagian untuk membahas program kerja dan isu yang relevan dengan fungsi masing-masing departemen/bagian. Rincian jumlah pertemuan dengan masing-masing departemen/bagian adalah sebagai berikut: Direksi dan Manajemen (6 kali), Auditor Internal (5 kali), Manajemen Risiko (4 kali), Auditor Eksternal (2 kali), Bagian Human Resources (1 kali), Bagian Legal (2 kali) dan Bagian Litigasi dan Fraud Risk Management (3 kali). Hal-hal yang penting yang diperoleh dari pertemuan dengan masing-masing departemen/bagian ini selalu dilaporkan Komite Audit kepada rapat Dewan Komisaris yang diadakan setiap dua bulan.

Komite Audit telah meninjau laporan keuangan kuartalan, serta menelaah dan mendiskusikan dengan Manajemen dan Auditor Eksternal. Dengan Auditor Eksternal, Komite Audit telah membahas perencanaan, pelaksanaan dan temuan audit, pemberlakuan Pernyataan Standar Akuntansi Keuangan (PSAK) baru dan penerapan aturan OJK terhadap laporan keuangan Perseroan. Komite Audit berpandangan bahwa Auditor Eksternal cukup profesional dalam melaksanakan auditnya, independen dan objektif dalam melaksanakan pekerjaannya serta terbuka dalam mendiskusikan masalah yang terkait dengan pelaksanaan audit atau aplikasi standar keuangan. Komite Audit mendorong Manajemen untuk terus meningkatkan keterbukaan informasi Perseroan sesuai PSAK dan aturan OJK.

Komite Audit telah membahas program kerja Audit Internal, mendiskusikan temuan-temuan utama Audit Internal dengan Manajemen, dan memantau pelaksanaan tindakan perbaikan yang diusulkan Audit Internal. Komite Audit mendukung upaya Manajemen untuk pemberdayaan fungsi Audit Internal dengan mengacu kepada Piagam Audit Internal dan Prinsip Tata Kelola Perusahaan, serta peningkatan kuantitas dan kualitas sumber daya manusia di fungsi tersebut.

Komite Audit juga telah membahas program kerja Manajemen Risiko, mendiskusikan risiko-risiko utama yang dihadapi Perseroan serta membahas kebijakan-kebijakan yang telah diambil Perseroan untuk mengatasi risiko-risiko tersebut. Komite Audit terus mendorong pemberdayaan fungsi manajemen risiko sesuai dengan kebutuhan perusahaan.

Education/Training of Audit Committee In 2016

Comprehensive description about the detail of educational/trainings activities that have followed by Audit Committee of the Company during 2016 can be seen in the Chapter "Company Profile", Sub-Chapter "Training/Education", page 75.

Report of Activities Implementation of Audit Committee in 2016

In each meeting, Audit Committee meets with some department/section to discuss the work program and issues relevant to the functions of each department/section. Details of the number of meetings with each department/section are as follows: The Board of Directors and Management (6 times), Internal Auditor (5 times), Risk Management (4 times), External Auditor (2 times), Human Resources (1 times), Legal (2 times) and the Litigation Section and Fraud Risk Management (3 times). Important things that obtained from meeting with each department/section is always reported by the Audit Committee to the meeting of the Board of Commissioners held every two months.

The Audit Committee has reviewed the quarterly financial statements, as well as examines and discusses it with the Management and External Auditor. With the External Auditor, Audit Committee has discussed the planning, implementation and audit findings, the new implementation of Statement of Financial Accounting Standards (IAS) and the application of FSA rules on the financial statements of the Company. The Audit Committee believes that External Auditor is professional in carrying out its audit, independent and objective in completing the job as well as open in discussing issues related to the audit or the application of financial standards. The Audit Committee encourages Management to continue improve the Company's information disclosure in accordance with IAS and the rules of the FSA.

The Audit Committee has discussed the Internal Audit work program and Internal Audit main findings with the Management, and monitor the implementation of corrective actions proposed by the Internal Audit. The Audit Committee supports the efforts of Management to empower the Internal Audit function by referring to the Internal Audit Charter and Principles of Corporate Governance, as well as increasing the quantity and quality of human resources in these functions.

The Audit Committee has also discussed the work program of Risk Management, discussed the key risks faced by the Company and discusses the Company's policy that has taken to address those risks. The Audit Committee continues to encourage the empowerment of the risk management function in accordance with the needs of the company.



Seluruh masukan dan rekomendasi yang disampaikan oleh Komite Audit telah diterima dan diimplementasikan dengan baik oleh Manajemen Perseroan. Seluruh kegiatan yang dijalankan oleh Perseroan telah sesuai dengan perundang-undangan dan prinsip-prinsip Tata Kelola Perusahaan yang baik.

28 Februari 2017Atas nama Komite Audit

H. Mohammad HusniKetua Komite Audit

Chairman of Audit Committee

KOMITE NOMINASI DAN REMUNERASITHE NOMINATION AND REMUNERATION COMMITTEE

Struktur dan Masa Jabatan Anggota Komite Nominasi dan Remunerasi

Komite Nominasi dan Remunerasi Perseroan pertama kali diangkat dengan Surat Persetujuan Dewan Komisaris Perseroan No. 14/CIR-BOC/KNR/ASF/XI/2015 tanggal 30 November 2015 dan telah diangkat kembali dengan Surat Persetujuan Dewan Komisaris Perseroan No. 03/CIR-BOC/KNR/ASF/IV/2016, tanggal 22 April 2016. Masa jabatan Komite Nominasi dan Remunerasi berlaku efektif sejak penutupan RUPST Perseroan tahun 2016 yaitu pada tanggal 20 April 2016 sampai dengan penutupan RUPST Perseroan tahun 2018. Susunan keanggotaan Komite Nominasi dan Remunerasi per 31 Desember 2016 adalah sebagai berikut:Ketua : Buyung Syamsudin Anggota : Gunawan Geniusahardja Suparno Djasmin

Profil Ketua dan anggota Komite Nominasi dan Remunerasi dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Profil Dewan Komisaris”, halaman 46, 47 dan 51.

Piagam Komite Nominasi dan Remunerasi

Perseroan telah memiliki pedoman Komite Nominasi dan Remunerasi yang mengatur mengenai tugas dan tanggung jawab, komposisi dan struktur keanggotaan, pengangkatan, pengunduran diri, tata cara dan prosedur kerja, penyelenggaraan rapat dan pelaporan Komite Nominasi dan Remunerasi dalam menjalankan tugasnya. Pedoman Komite Nominasi dan Remunerasi disusun berdasarkan peraturan perundang-undangan yang berlaku terkait

All inputs and recommendations made by the Audit Committee have been accepted and will be implemented properly by the Company's Management. All activities undertaken by the Company in accordance with the law and Good Corporate Governance principles.

February 28, 2017On behalf of Committee

Structure and Term of Office of Nomination and Remuneration Committee Member

Nomination and Remuneration Committee of the Company was first appointed by the Approval Letter of the Board of Commissioners No. 14/CIR-BOC/KNR/ASF/XI/2015 dated November 30, 2015 and has been reappointed by the Approval Letter of the Board of Commissioners No. 03/CIR-BOC/KNR/ASF/IV/2016 dated April 22, 2016. The term of office of the Nomination and Remuneration Committee effective from the closing of the Company's 2016 AGMS on April 20, 2016 until the closing of the Company's AGMS 2018. Membership structure of Nomination and Remuneration Committee per December 31, 2016 were as follows:Chairman : Buyung Syamsudin Member : Gunawan Geniusahardja Suparno Djasmin

Profile of Chairman of the Nomination and Remuneration Committee can be seen in Chapter "Company Profile", Sub-Chapter "Profile of the Board of Commissioners", page 46, 47 and 51.

Charter of Nomination and Remuneration Committee

The Company has issued Guidelines for the Nomination and Remuneration Committee which regulates duties and responsibilities, composition and membership structure, appointment, resignation, ordinances and work procedures, implementation of meetings and reporting of Nomination and Remuneration Committee in carrying out its duties. Guideline for Nomination and Remuneration Committee is prepared based on



Komite Nominasi dan Remunerasi (termasuk Undang-Undang Perseroan Terbatas, Peraturan Menteri Keuangan, Peraturan OJK) dan Anggaran Dasar Perseroan.

Tugas dan Tanggung Jawab Komite Nominasi dan Remunerasi

Dengan berpedoman pada Pedoman Komite Nominasi dan Remunerasi Perseroan, maka secara lengkap pembagian tugas dan tanggung jawab Komite Nominasi dan Remunerasi Perseroan adalah sebagai berikut:1. Fungsi Nominasi

Komite Nominasi dan Remunerasi memiliki tugas dan tanggung jawab sebagai berikut:a. Memberikan rekomendasi kepada dan/atau membantu

Dewan Komisaris mengenai:1) Komposisi jabatan Direksi dan/atau Dewan Komisaris;2) Kebijakan dan kriteria yang dibutuhkan dalam proses

nominasi anggota Direksi dan anggota Dewan Komisaris; dan

3) Kebijakan evaluasi kinerja bagi anggota Direksi dan/atau anggota Dewan Komisaris.

b. Membantu Dewan Komisaris melakukan penilaian kinerja anggota Direksi dan/atau anggota Dewan Komisaris berdasarkan kriteria yang telah ditetapkan;

c. Memberikan usulan calon yang memenuhi syarat sebagai anggota Direksi dan/atau anggota Dewan Komisaris kepada Dewan Komisaris untuk disampaikan kepada RUPS untuk mendapatkan persetujuan.

2. Fungsi Remunerasi

Komite Nominasi dan Remunerasi memiliki tugas dan tanggung jawab sebagai berikut:a. Memberikan rekomendasi kepada Dewan Komisaris

mengenai:1) Struktur remunerasi anggota Direksi dan/atau anggota

Dewan Komisaris;

2) Kebijakan atas remunerasi anggota Direksi dan/atau anggota Dewan Komisaris; dan

3) Besaran atas remunerasi anggota Direksi dan/atau anggota Dewan Komisaris;

b. Membantu Dewan Komisaris yang melakukan penilaian kinerja dengan kesesuaian Remunerasi yang diterima masing-masing anggota Direksi dan/atau anggota Dewan Komisaris.

the prevailing legislation to the Nomination and Remuneration Committee (including the Act of Limited Liability Company, Minister of Finance Regulations, FSA Regulations) and Articles of Association of the Company.

Duties and Responsibilities of Nomination and Remuneration Committee

By referring to Guidelines for the Nomination and Remuneration Committee of the Company, the duties and responsibilities of the Nomination and Remuneration Committee are as follows:

1. Nomination Functions

The Nomination and Remuneration Committee has duties and responsibilities as follows:a. Give recommendation to and/or assist the Board of

Commissioners regarding:1) Compositions of the Board of Directors and/or the

Board of Commissioners;2) The policy and criteria required in the process of

nomination of members the Board of Directors and the Board of Commissioners; and

3) The performance evaluation policy for members of the Board of Directors and/or members of the Board of Commissioners.

b. Assist the Board of Commissioners to assess the performance of members of the Board of Directors and/or members of the Board of Commissioners based on the criteria established;

c. Propose the candidates who qualify as members of the Board of Directors and/or members of the Board of Commissioners to the Board of Commissioners to be submitted to the GMS for getting approval.

2. Remuneration Functions

Nomination and Remuneration Committee has duties and responsibilities as follows:a. Give recommendation to the Board of Commissioners

regarding:1) The remuneration structure of members of the

Board of Directors and/or members of the Board of Commissioners;

2) Policy regarding the remuneration of members of the Board of Directors and/or members of the Board of Commissioners; and

3) The amount of remuneration of members of the Board of Directors and/or members of the Board of Commissioners;

b. Assist the Board of Commissioners who conduct performance assessments in accordance with the remuneration that received by each member of the Board of Directors and/or members of the Board of Commissioners.



Independensi Komite Nominasi dan Remunerasi

Komite Nominasi dan Remunerasi wajib bertindak independen dalam melaksanakan tugas dan tanggung jawabnya sebagaimana diatur dalam Pedoman Komite Nominasi dan Remunerasi Perseroan.

Seluruh anggota Komite Remunerasi dan Nominasi telah memenuhi kriteria berikut ini:1. Bukan merupakan anggota Direksi;2. Memiliki integritas yang tinggi, kemampuan, pengetahuan

dan pengalaman yang memadai;3. Mampu bekerja sama dan berkomunikasi dengan baik; dan4. Dapat menyediakan waktu yang cukup untuk menyelesaikan

tugas dan tanggung jawab sebagai Komite Nominasi dan Remunerasi.

Rapat Komite Nominasi dan Remunerasi

Sepanjang tahun 2016, Komite Nominasi dan Remunerasi telah mengadakan 3 (tiga) kali rapat internal dengan rincian agenda rapat serta tingkat kehadiran masing-masing anggota Komite Nominasi dan Remunerasi adalah sebagai berikut:

Frekuensi Rapat Komite Nominasi dan Remunerasi

Nama Name Frekuensi Rapat Meeting Frequency Tingkat Kehadiran (%) Level of Attendance (%)

Buyung Syamsudin 3 100%

Gunawan Geniusahardja 3 100%Suparno Djasmin 2 67%

Agenda Rapat Komite Nominasi dan Remunerasi



Approval on Disclosure of Key Management Personnel Compensation Previous Year (2015); Approval on Nomination & Remuneration Policy; Nominatioan BOD & BOC RUPST 2016.

Approval on Disclosure of Key Management Personnel Compensation Previous Year (2015); Approval on Nomination & Remuneration Policy; Nominatioan BOD & BOC RUPST 2016.

15 Juli/July 2016 Update Pelaksanaan Kebijakan Komite Nominasi dan Remunerasi Perseroan.

Update on the Policy Implementation of the Company’s Nomination and Remuneration Committee.

15 November 2016 Update Pelaksanaan Kebijakan Komite Nominasi dan Remunerasi Perseroan.

Update on the Policy Implementation of the Company’s Nomination and Remuneration Committee.

Program Pendidikan/Pelatihan Komite Nominasi dan Remunerasi Tahun 2016

Penjelasan lengkap mengenai rincian kegiatan pendidikan/pelatihan yang telah diikuti oleh Komite Nominasi dan Remunerasi Perseroan di sepanjang 2016 dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 75.

Independence of Nomination and Remuneration Committee

Nomination and Remuneration Committee is obliged to act independently in carrying out their duties and responsibilities as stipulated in the Guidelines for Nomination and Remuneration Committee of the Company.

All members of the Remuneration and Nomination Committee has fulfilled the following criteria:1. Not a members of the Board of Directors;2. Have a high integrity, ability, knowledge and adequate

experience;3. Able to work together and communicate well; and4. Able to provide enough time to complete duties and

responsibilities as the Nomination and Remuneration Committee.

Meeting of Nomination and Remuneration Committee

In 2016, the Nomination and Remuneration Committee has held 3 (three) internal meetings with the detail of meeting agenda and the level of attendance of each member of the Nomination and Remuneration Committee are as follows:

Meeting Frequency of the Nomination & Remuneration Committee

Meeting Frequency of the Nomination & Remuneration Committee

Education/Training of Nomination and Remuneration Committee in 2016

A comprehensive description about the detail of educational/trainings activities completed by the Nomination and Remuneration Committee during 2016 can be seen in the Chapter "Company Profile", Sub-Chapter "Training/Education", page 75.



Laporan Kegiatan Komite Nominasi dan Remunerasi Tahun 2016

Sepanjang tahun 2016, Komite Nominasi dan Remunerasi telah melakukan serangkaian kegiatan dalam rangka menjalankan fungsinya sesuai dengan tugas dan tanggung jawabnya berdasarkan Pedoman Komite Nominasi dan Remunerasi Perseroan. Dalam melakukan tugas tersebut, Komite Nominasi dan Remunerasi melakukannya untuk kepentingan Perseroan dengan itikad baik, kehati-hatian dan tanggung jawab sesuai dengan Pedoman dan Kebijakan Komite Nominasi dan Remunerasi Perseroan serta peraturan perundang-undangan yang berlaku dan prinsip-prinsip Tata Kelola Perusahaan Yang Baik atau GCG, antara lain:1. Membahas mengenai penilaian kinerja atas anggota Dewan

Komisaris, Direksi, Komite Audit dan Komite Nominasi dan Remunerasi Perseroan;

2. Membahas mengenai kebijakan sumber daya manusia yang diterapkan oleh Perseroan.

Seluruh laporan dan rekomendasi dari hasil pelaksanaan kegiatan, penelaahan dan analisa Komite Nominasi dan Remunerasi selama tahun 2016 telah disampaikan dan didiskusikan dengan Manajemen Perseroan untuk ditindaklanjuti dari Manajemen Perseroan

28 Februari 2017Atas nama Komite Nominasi dan Remunerasi

Buyung SyamsudinKetua Komite Nominasi dan Remunerasi

Chairman of Nomination and Remuneration Committee

Report of Activities Implementation of Nomination and Remuneration Committee In 2016

In 2016, the Nomination and Remuneration Committee has conducted several activities in order to perform its functions that in accordance with duties and responsibilities under the Guidelines for Nomination and Remuneration Committee of the Company. In performing these duties, the Nomination and Remuneration Committee do so in the interests of the Company by emphasizing the good faith, prudence and responsibility that in accordance with the guideline and policy of the Nomination and Remuneration Committee of the Company as well as the prevailing laws and regulations and the principles of Corporate Governance Good or GCG, among others:1. Discuss the performance assessment of members of the Board

of Commissioners, the Board of Directors, Audit Committee and the Nomination and Remuneration Committee of the Company;

2. Discuss about the human resource policy being applied by the Company.

All reports and recommendations resulted from the activities conducted, reviews and analysis of the Nomination and Remuneration Committee during 2016 has been presented and discussed by the Company's Management to be followed up by the Company's Management.

February 28, 2017On behalf of Nomination and Remuneration Committee



SEKRETARIS PERUSAHAANCORPORATE SECRETARY

Sekretaris Perusahaan (Corporate Secretary) berperan penting dalam hal komunikasi antara Perseroan dengan sesama organ perusahaan, juga dalam membangun relasi yang baik antara Perseroan dengan Pemangku Kepentingan lainnya.

Struktur dan Masa Jabatan Sekretaris Perusahaan

Perseroan memiliki Sekretaris Perusahaan dimana fungsi dan tanggung jawabnya berada di bawah pengawasan Presiden Direktur Perseroan. Di bawah ini adalah profil ringkas Sekretaris Perusahaan:

Nur Mustikaningtyas Sekretaris Perusahaan/Corporate Secretary

Dasar penunjukkan sebagai Sekretaris Perusahaan ASF berdasarkan Surat No. 001/ASF/CEO/IV/2013 yang mulai berlaku terhitung sejak tanggal 1 Maret 2013.She was appointed as Corporate Secretary of the Company based on the Letter No. 001/ASF/CEO/IV/2013 with the effective date on March 1, 2016.

Riwayat Pendidikan Educational Background1997 Fakultas Hukum – Universitas Trisakti. Faculty of Law - University of Trisakti.Riwayat Pekerjaan Employment History2004 – 2013 Radjiman Bilitea & Partners Law Firm, Partner. Radjiman Bilitea & Partners Law Firm, Partner.2000 – 2004 The Indonesian Bank of Restructuring Agency,

Legal Counsel Manager.The Indonesian Bank of Restructuring Agency, Legal Counsel Manager.

1997 – 2000 Safitri, Motik & Tim’s Law Firm, Associate Lawyer. Safitri, Motik & Tim’s Law Firm, Associate Lawyer.

Tugas dan Tanggung Jawab Sekretaris Perusahaan

Sesuai dengan peraturan OJK No. 35/POJK.04/2014 dan BEI No. 1A, maka fungsi dan tugas utama Sekretaris Perusahaan antara lain:• Mengikuti perkembangan pasar modal, khususnya peraturan-

peraturan yang berlaku di pasar modal;

• Memberi masukan kepada Dewan Direksi, Dewan Komisaris dan Dewan Pengawas Syariah Perseroan untuk mematuhi peraturan perundangan di bidang Pasar Modal;

• Membantu Direksi dan Dewan Komisaris dalam mengawasi pelaksanaan prinsip Tata Kelola yang Baik (GCG) meliputi:

- Keterbukaan informasi kepada masyarakat, termasuk ketersediaan informasi pada website Emiten atau Perusahaan Publik.

Corporate Secretary plays an important role in terms of communication between the Company and other organs of the company, also in building a good relationship between the Company and other Stakeholders.

Structure and Term of Office of Corporate Secretary

The Company has a Corporate Secretary with the functions and responsibilities under the supervision of President Director of the Company. Below is a brief profile of Corporate Secretary:

Duties and Responsibilities of Corporate Secretary

In accordance with the FSA regulation No. 35/POJK.04/2014 and BEI No. 1A, the following are the main functions and duties of the Corporate Secretary:• Follow the trends of the capital market development,

especially regarding the prevailing rules and regulations in the capital markets;

• Provide input to the Board of Directors, Board of Commissioners and Sharia Supervisory Board of the Company to comply with the laws and regulations in the capital market;

• Assist the Board of Directors and the Board of Commissioners in supervising the implementation of Good Governance (GCG) principles include: - Full disclosure of information to the public, including the

availability of information on the website of Issuer or Public Company.



- Penyampaian laporan kepada Otoritas Jasa Keuangan tepat waktu.

- Penyelenggaraan dan dokumentasi Rapat Umum Pemegang Saham.

- Penyelenggaraan dan dokumentasi rapat Direksi, Dewan Komisaris, dan Dewan Pengawas Syariah;

- Pelaksanaan program orientasi terhadap perusahaan bagi Direksi, Dewan Komisaris dan Dewan Pengawas Syariah;

• Sebagai penghubung antara Perseroan dengan pemegang saham, Otoritas Jasa Keuangan dan pemangku kepentingan lainnya.

Program Pendidikan/Pelatihan Sekretaris Perusahaan Tahun 2016

Penjelasan lengkap mengenai rincian kegiatan pendidikan/pelatihan yang telah diikuti oleh Sekretaris Perusahaan Perseroan di sepanjang 2016 dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 76.

Laporan Kegiatan Sekretaris Perusahaan Tahun 2016

Selama tahun 2016, Sekretaris Perusahaan telah melakukan berbagai kegiatan, antara lain mewakili Perseroan dalam melakukan korespondensi dengan investor, regulator, dan pemangku kepentingan lainnya; bekerja sama dengan unit kerja terkait dalam Perseroan menyampaikan keterbukaan informasi, Laporan Keuangan, melakukan koordinasi dalam rangka penyusunan Laporan Tahunan, menyiapkan Daftar Khusus anggota Direksi dan Dewan Komisaris, menyampaikan laporan kepada OJK dan Bursa Efek Indonesia termasuk hasil pelaksanaan RUPS serta corporate action Perseroan, memonitor pemenuhan kewajiban melakukan keterbukaan informasi yang harus diketahui publik.

- Submission of the reports to the Financial Services Authority in a timely manner.

- Implementation and documentation of the General Meeting of Shareholders.

- Implementation and documentation of the Board of Directors meeting, the Board of Commissioners, and Sharia Supervisory Board;

- Implementation of the company's orientation program for the Board of Directors, the Board of Commissioners and Sharia Supervisory Board;

• As a liaison between the company and shareholders, the Financial Services Authority and other stakeholders.

Education/Training of Corporate Secretary in 2016

Comprehensive description about the detail of educational/trainings activities that have been completed by the Corporate Secretary during 2016 can be seen in the Chapter "Company Profile", Sub-Chapter "Training/Education", page 76.

Report of Activities Implementation of Corporate Secretary in 2016

During 2016, Corporate Secretary has conducted various activities, among others, represent the Company in correspondence with investors, regulators, and other stakeholders; in cooperation with related units in the Company delivering information disclosure, financial statements, coordinating in order to drafted the Annual Report, prepared a Special Register of members of the Board of Directors and the Board of Commissioners, submitted a report to the FSA and the Indonesia Stock Exchange, including results of the implementation of the GMS as well as the corporate action of the Company, monitor the fulfillment of obligations in conducting the disclosure of information that have to known by the public.



Sistem Pengendalian Internal (SPI) Perseroan mengacu pada pengelolaan risiko, kebijakan dan prosedur, serta regulasi/peraturan perundangan yang berlaku agar Perseroan senantiasa dapat menyediakan informasi keuangan yang andal, dapat mengamankan aset Perseroan dari risiko kerugian dan kecurangan, serta dapat melaksanakan kegiatan operasional yang efektif dan efisien. Dalam pelaksanaannya, SPI Perseroan melibatkan semua pihak mulai dari Dewan Komisaris, Direksi, Unit Audit Internal, seluruh jajaran manajemen, dan pihak eksternal yang berkepentingan demi mewujudkan terlaksananya sistem pengendalian internal yang efektif. Terkait hal tersebut, efektivitas sistem pengendalian internal Perseroan dimonitor oleh Satuan Kerja Audit Internal dan Satuan Kerja Kepatuhan. Divisi Satuan Kerja Audit Internal merupakan unit independen yang dipimpin oleh Kepala Divisi dan bertanggung jawab langsung kepada Direktur Utama, didukung oleh para Auditor dari berbagai latar belakang pendidikan.

Pengawasan Manajamen dan Kultur Pengendalian

Dewan Komisaris bertanggung jawab dalam memastikan pemantauan atas efektivitas pelaksanaan sistem pengendalian internal oleh Direksi dan manajemen. Hal ini dilakukan melalui management review atas pelaksanaan strategi Perseroan secara berkala termasuk pemantauan atas tindak lanjut temuan dan rekomendasi yang disampaikan oleh regulator, audit internal dan audit eksternal. Direksi bersama dengan manajemen melakukan review secara berkala terhadap pelaksanaan strategi Perseroan dalam kegiatan operasional sehari-hari berdasarkan kebijakan dan prosedur pengendalian internal menggunakan suatu management tools yang disebut sebagai Management Control System yang menekankan pada aspek-aspek pengidentifikasian, pengukuran dan pemantauan kinerja serta pengendalian risiko dalam mencapai target kinerja yang optimal.

Untuk menciptakan kultur pengendalian internal yang efektif, manajemen berpedoman pada pelaksanaan dan pemantauan etika bisnis dan etika kerja serta nilai-nilai inti Perseroan yang berpijak pada integritas di seluruh jajaran dan tingkat manajemen. Selain itu, pengelolaan dan penempatan sumber daya yang berkualitas sesuai dengan kompetensinya dan didukung dengan pelatihan yang berkesinambungan sesuai bidangnya termasuk hal-hal yang berkaitan dengan Aspek Legal, Peraturan Perusahaan, Standarisasi/Prosedur Kerja, serta Internal Control dan Anti-Fraud Management System telah turut membantu Perseroan dalam menciptakan kultur pengendalian yang kondusif.

SISTEM PENGENDALIAN INTERNAL (SPI)INTERNAL CONTROL SYSTEM

The Company's Internal Control System always refers to the management of risk, policies and procedures, as well as the applicable regulation/legislation so that the Company can always provides a reliable financial information, secure the Company's assets from risk of loss and fraud, able to carry out operational activities effectively and efficiently. In practice, the Company's Internal Control System involves all parties including the Board of Commissioners, Directors, Internal Audit Unit, all levels of management and external interested parties in order to realize the implementation of effective internal control system. Related to this, the effectiveness of the Company's internal control system is monitored by the Internal Audit Unit and Compliance Unit. Division of Internal Audit Unit is an independent unit that led by the Head of Division and responsible directly to the President Director, supported by the Auditor from varying educational backgrounds.

Management Supervision and Controlling Culture

The Board of Commissioners is responsible for ensuring the effectiveness of the internal control system by the Board of Directors and management. This is done through the management review over the implementation strategy of the Company periodically, which includes follow-up on findings and recommendations presented by the regulator, internal audit and external audit. The Board of Directors together with the management perform periodic reviews on the implementation of the Company's strategy in daily operational activities based on policies and internal control procedures using a management tools known as Management Control System which emphasizes on aspects of identification, measurement and performance monitoring, as well as controlling risk to achieve the optimum performance target.

To create a culture of effective internal control, management guided by the implementation and monitoring of business ethics and work ethic as well as the core values of the Company which is based on integrity in all ranks and levels of management. In addition, management and placement of the qualified resources which appropriate to their competencies and supported by continuous trainings according to their field including such things related to Legal Aspects, Corporate Regulation, Standardization/Work Procedures, as well as Internal Control and Anti-Fraud Management System has been contributed in helping the Company to create conducive control culture.



Pengendalian Keuangan dan Operasional

Kegiatan pengendalian internal Perseroan dilakukan pada semua level manajemen melalui proses review kinerja operasional secara berkala oleh Direksi untuk mendeteksi permasalahan yang ada, termasuk kelemahan pengendalian, penyimpangan operasional termasuk fraud, ataupun kesalahan dalam pelaporan keuangan termasuk permasalahan kepatuhan terhadap regulasi/peraturan perundangan yang berlaku. Adapun bentuk upaya pengendalian yang sudah dilakukan Perseroan dalam mengamankan sistem informasi dan aset fisik Perseroan yaitu dengan memperkuat pengamanan akses terhadap pusat penyimpanan informasi, data, dan sistem aplikasi serta aset-aset fisik penting lainnya terutama jaminan (collateral). Untuk memastikan konsistensi pelaksanaan seluruh proses operasional berikut pengendaliannya serta ketersediaan informasi dan data saat diperlukan oleh pihak-pihak yang berkepentingan, Perseroan telah membangun sebuah sistem dokumentasi terpadu atas seluruh proses dan dokumen Perseroan yang berisi tentang kebijakan, prosedur, sistem dan standar akuntansi serta proses audit menurut standar internasional. Selanjutnya, demi menunjang efektivitas pelaksanaan SPI, Perseroan melakukan pemisahan fungsi dan jabatan demi mencegah terjadinya penyalahgunaan atas pemakaian wewenang dan tanggung jawab yang dapat menimbulkan berbagai benturan kepentingan sehingga setiap jabatan dalam organisasi tidak memiliki peluang untuk melakukan atau menyembunyikan kesalahan atau penyimpangan dalam pelaksanaan tugas sehari-hari. Terkait hal ini, pemisahan fungsi ini dievaluasi secara independen dan berkala oleh unit audit internal.

Fungsi Pengendalian pada Sistem Akuntansi, Informasi dan Komunikasi

Dalam menjalankan sistem pengendaliannya, Perseroan telah merancang sebuah sistem akuntansi yang canggih demi memenuhi prinsip-prinsip identifikasi, pengelompokan, analisis, klasifikasi, pencatatan/pembukuan, dan pelaporan dalam suatu sistem aplikasi yang terintegrasi. Tidak hanya itu, untuk menjamin informasi akuntansi yang akurat dan konsisten berdasarkan pengolahan sistem aplikasi, Perseroan juga secara berkala melakukan proses rekonsiliasi harian dan bulanan yang dimonitor pelaksanaannya oleh manajemen dan diaudit secara independen. Demikian juga dengan arsitektur sistem informasi, Perseroan telah membangun sebuah sistem informasi terkini yang diharapkan dapat memberikan informasi yang relevan

Controlling of Financial and Operational

The Company's internal control activities are carried out at all levels of management through the review process of operational performance regularly by the Board of Directors to detect existing problems, including control weakness, operational irregularities including fraud, or error in financial reporting including compliance issues towards the prevailing regulation/legislation. The form of control measures that have been conducted by the Company in securing information systems and physical assets of the Company is by strengthening the access security to the central storage of information, data, and application systems as well as other important physical assets especially guarantees (collateral). To ensure the consistent implementation of the entire process following the operational control, provide the necessary information, and provide data as required by related parties, the Company has built an integrated documentation system over the full process of providing control and documents of the Company that contains the policy, procedures, systems and accounting standards as well as the audit process according to international standards. Furthermore, in order to support the effectiveness of internal control system, the Company has made segregation of functions and positions in order to prevent improper use of powers and responsibilities that may cause any conflict of interests so that every positions within the organization does not have the opportunity to commit or conceal errors or irregularities in the execution of daily tasks. Related to this, the separation of these functions are evaluated independently and regularly by the internal audit unit.

Control Function on Accounting Systems, Information and Communication

In carrying out its control system, the Company has designed a sophisticated accounting system in order to fulfill the principles of identification, grouping, analysis, classification, accounting / book keeping, and reporting in an integrated application system. In addition, to ensure the accuracy and consistency of the accounting information which based on the processing of applications system, the Company also regularly conducts the reconciliation process on a daily and monthly basis that the implementation is monitored by the management and independently audited. Likewise,the architecture of information systems, the Company has built a most current information system which is expected to provide the relevant and reliable information on all business



dan andal atas seluruh kegiatan usaha, kondisi keuangan, serta penerapan manajemen risiko. Demi memastikan ketersediaan sistem informasi dari risiko kegagalan bisnis akibat bencana, Perseroan juga telah membuat suatu rencana pemulihan darurat yang diuji dan dinilai secara berkala minimal satu tahun sekali untuk memastikan keberlangsungannya. Sementara itu, dalam menjalankan fungsi pengendalian dalam hal komunikasi, Perseroan telah menggunakan berbagai saluran komunikasi untuk kepentingan internal dan eksternal. Selain menyampaikan laporan tahunan, kuartalan, bulanan, dan informasi material yang wajib diungkapkan, pengelolaan situs Perseroan dan mengeluarkan surat edaran dari manajemen, Perseroan juga membuka kesempatan berkomunikasi secara formal maupun informal bagi para pemangku kepentingan agar dapat memperoleh informasi yang relevan tentang bisnis Perseroan sesuai ketentuan perundangan yang berlaku, dimana hal tersebut sudah diwujudkan Perseroan melalui penyelenggaraan berbagai forum seperti Rapat Pimpinan, Genba, Mid Year & Annual Review , Forum Komunikasi Managerial, training berkala, dan media sosialisasi lainnya.

Laporan Kegiatan Sistem Pengendalian Internal Tahun 2016

Pelaksanaan pengendalian internal yang dilakukan Perseroan selama tahun 2016 antara lain:1. Perseroan telah menyusun rencana bisnis yang membahas

perihal strategi bisnis terhadap arah pengembangan bisnis Perseroan.

2. Penetapan strategi bisnis perusahaan telah memperhitungkan seluruh risiko yang akan berdampak bagi Perseroan.

3. Perseroan melakukan proses pengendalian keuangan melalui upaya pemantauan realisasi keuangan terhadap budget.

4. Perseroan terus melengkapi prosedur standar operasional perusahaan untuk setiap aktivitas baru dan melakukan penyesuaian terhadap aktivitas yang mengalami perubahan.

5. Perluasan implementasi Management Control System ke 60 kantor cabang dan menyusun rencana pembangunan Control Room sebagai monitoring tools manajemen atas kegiatan operasional kantor cabang.

6. Unit Audit Internal telah melakukan pemeriksaan dan penilaian atas kecukupan dan efektivitas kegiatan operasional Perseroan dengan melaksanakan rencana audit tahunan untuk kantor cabang, unit khusus terkait operasional kantor cabang (centro) dan unit kerja di kantor pusat.

7. Perseroan berkomitmen untuk mematuhi peraturan dan perundang-undangan yang berlaku dan mengambil langkah-langkah untuk memperbaiki jika terdapat kelemahan.

activities, financial condition, as well as implementation of risk management. For ensuring the availability of information systems from business failure due to disaster risk, the Company has also made an emergency recovery plan that tested and evaluated regularly at least once a year to ensure the continuity of the Company. Meanwhile, in conducting the control function in terms of communication, the Company has used various communication channels for internal and external interests. Besides delivering the annual report, quarterly, monthly, and other material information that must be disclosed, the management of Company's website and issued a circular letter from the management, the Company also opens an opportunity to communicate formally and informally to all stakeholders in order to obtain relevant information about the Company's business according to the prevailing laws, where this has been conducted by the Company through the implementation of various forums such as the Executive Meeting, Genba, Mid Year and Annual Review, Communications Managerial Forum, periodic training, and by other socialization media.

Report of Activities Implementation of Internal Control Systems in 2016

Implementation of internal control conducted by the Company during 2016 include:1. The Company has prepared a business plan to discuss about

the business strategy towards the Company's business development direction.

2. Determination of the company's business strategy has taken into account all risks which will have an impact for the Company.

3. The Company conducts financial control processes through financial realization monitoring efforts of the budget.

4. The Company continues to complement the company's operational standard procedures for every new activity and make adjustments to the activity that experiencing change.

5. The expansion of Management Control System implementation to the 60 branch offices and prepared a development plans of Control Room as a management monitoring tools on the operations activity of the branch office.

6. The Internal Audit Unit has conducted the examination and assessment on the adequacy and effectiveness of the operational activities of the Company by carrying out an annual audit plan for the branch office, special units related to operational branch office (centro) and work units at the head office.

7. The Company is committed to comply with regulations and legislation in force and take steps to improve if there are any weaknesses.



Evaluation of the Effectiveness of Monitoring and Internal Control

The Company has been integrating the monitoring of internal control systems into daily operational activities in every function and provides regular reports over the various controls which is reviewed on a periodic basis. The whole implementation of this operation monitoring is audited by the Internal Audit Unit to provide an independent assessment of the effectiveness and adequacy of internal controls including compliance with applicable policies and procedures as well as its follow-up and reported to the President Director and the Board Commissioners.

Evaluasi Atas Efektivitas Pengawasan dan Pengendalian Internal Tahun 2016

Perseroan telah mengintegrasikan pemantauan sistem pengendalian internal ke dalam kegiatan operasional sehari-hari dalam setiap fungsi dan menyediakan laporan rutin atas berbagai pengendalian yang di review secara berkala. Seluruh penyelenggaraan pemantauan ini diaudit oleh Satuan Kerja Audit Internal untuk memberikan penilaian yang independen mengenai efektivitas dan kecukupan pengendalian internal termasuk kepatuhan terhadap kebijakan dan prosedur yang berlaku serta tindak lanjutnya dan dilaporkan kepada Presiden Direktur dan Dewan Komisaris.



Perseroan senantiasa berpedoman pada peraturan pasar modal yang berlaku, dimana Audit Internal merupakan unit kerja yang independen terhadap unit-unit kerja lain dan bertanggung jawab langsung kepada Direktur Utama. Dalam pelaksanaannya, unit kerja Audit Internal Perseroan berperan dalam memberikan keyakinan dan konsultasi yang bersifat independen dan objektif dengan tujuan untuk meningkatkan nilai serta memperbaiki operasional Perseroan melalui pendekatan yang sistematis dengan cara mengevaluasi dan meningkatkan efektivitas manajemen risiko, pengendalian, dan proses tata kelola perusahaan. Dalam menjalankan kegiatan audit yang berbasis risiko, Perseroan senantiasa berpedoman pada standar internasional dari Institute of Internal Audit (IIA) dan The Committee of Sponsoring Organizations of the Treadway Commission (COSO), yang bertujuan untuk memberikan jaminan yang independen kepada manajemen bahwa kepatuhan terhadap standar operasi dan peraturan serta sistem pengendalian internal telah berfungsi sesuai dengan acuan yang ditetapkan.

Struktur Audit Internal

AUDIT INTERNALINTERNAL AUDIT

The Company always refers to the prevailing capital market regulations, where the Internal Audit is working independently from other work units and directly responsible to the Director. In practice, the Internal Audit work unit plays an important role in providing assurance, independent consulting and objective in order to increase the value as well as to improve the operations of the Company. This will be achieved through a systematic approach by evaluating and improving the effectiveness of risk management, control, and good corporate governance processes. In carrying out the risk-based audit, the Company always refers to the international standards from Institute of Internal Auditing (IIA) and the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which aims to provide independent assurance to the management that adherence towards the operating standard and regulation as well as internal control system has been function well according to the reference that has been set.

Internal Audit Structure

Corporate Audit

Administrator

Branch Audit - Area II

Senior Auditor Senior Auditor

Auditor Auditor

Junior Auditor Junior Auditor

Branch Audit - Area I

Non Branch Audit Head

Senior Auditor

Auditor

Junior Auditor

CORPORATE INTERNAL AUDIT

HEAD

Audit System Development

Analyst



Piagam (Charter) Audit Internal

Unit Audit Internal Perseroan telah dilengkapi dengan Piagam Audit Internal (Internal Audit Charter) yang berisi tentang uraian visi, misi, struktur, status, tugas, tanggung jawab dan wewenang, termasuk persyaratan personil auditor Audit Internal. Dalam menyusun Piagam Audit Internal, Perseroan senantiasa berpedoman pada standar Internasional bagi praktik profesi Audit Internal yang dikeluarkan oleh Institute of Internal Auditor (“IIA”) dan telah disetujui oleh Direktur Utama maupun Komite Audit pada 30 Juni 2009 perihal Internal Audit Charter.

Visi & Misi Audit Internal

Dengan berpedoman pada Piagam Audit Internal (Internal Audit Charter), Perseroan telah menetapkan visi dan misi bagi satuan unit kerja Audit Internal, yaitu:

Visi:

“Meningkatkan penerapan standar tata kelola perusahaan sebagai bagian yang tidak terpisahkan dari PT Astra Sedaya Finance ("Perseroan") dan kegiatan manajemen risiko Astra Credit Companies ("ACC") secara keseluruhan”.

Misi:

• Memfasilitasi pencapaian tujuan Perseroan; menjaga nilai dan reputasi Perseroan dengan melakukan evaluasi terhadap proses dan lingkungan pengendalian internal. • Membantu manajemen dalam mengelola risiko usaha sehingga sasaran bisnis dapat lebih mudah tercapai. • Bekerja secara independen, efektif, dan efisien dengan menggunakan metodologi audit internal berbasis risiko yang sesuai dengan standar internasional.

Tugas dan Tanggung Jawab Audit Internal

Dalam menjalankan tugasnya, audit internal diberikan kewenangan untuk melakukan audit sekaligus memberikan konsultasi terhadap permasalahan pengendalian internal dan aktivitas terkait lainnya pada seluruh proses dalam unit bisnis dengan memperhatikan tingkat risiko yang wajar. Sementara itu, tugas dan tanggung jawab unit Audit Internal adalah sebagai berikut:a) Mengembangkan dan melaksanakan rencana audit internal

berbasis risiko bagi Perusahaan.b) Memastikan bahwa struktur organisasi, kebijakan, prosedur

standar operasional, prinsip akuntansi, proses bisnis, manajemen risiko, pengendalian internal, pencegahan fraud, tata kelola dan sistem informasi Perseroan berjalan selaras,

Internal Audit Charter

The Internal Audit Unit is equipped by the Internal Audit Charter which contains the description of the vision, mission, structure, status, duties, responsibilities and authority, including the requirements of Internal Audit Auditors. In preparing the Internal Audit Charter, the Company always refers to the international standards for the profession practice of Internal Auditing which issued by the Institute of Internal Auditors ("IIA") and and has been approved by the President Director and Audit Committee on June 30, 2009 regarding the Internal Audit Charter.

Vision & Mission of Internal Audit

By referring to the Internal Audit Charter, the Company has defined the vision and mission of Internal Audit unit, namely:

Vision:

“To enhance overall implementation of corporate governance standard as an integral component of PT Astra Sedaya Finance (“Company”) and its Astra Credit Companies Group (“ACC”) overall risk management activities”.

Mission:

• To facilitate achievement of the Company’s objective; safeguard the Company’s value and reputation through evaluating processes and internal control environments.

• To help management to manage the business risks so that business objectives are more readily achieved.

• To operate independently, effectively and efficiently using risk based internal audit methodology that is in accordance with international standards.

Duties and Responsibilities of Internal Audit

In performing its duties, the internal audit is given the authority to conduct audits as well as providing consultations over internal control problems and other related activities in all processes within business units by taking into account the reasonable risk level. Meanwhile, the duties and responsibilities of the Internal Audit unit are as follows:a) Develop and execute risk-based internal audit plan for the

Companyb) Ensure the Company's organization structure, policies,

standard operating procedures, accounting principles, business processes, risk management, internal control, fraud prevention, governance and information systems are appropriately aligned



efektif dan efisien demi mencapai tujuan Perseroan dengan menekan risiko ke tingkat yang dapat diterima dan mematuhi hukum serta peraturan dan perundang-undangan yang berlaku.

c) Memastikan kepatuhan melalui Kebijakan dan Prosedur Kerja Audit Internal melalui peninjauan atas kualitas Kerja Audit Internal.

d) Mengidentifikasi peluang-peluang untuk meningkatkan efektivitas dan efisiensi penggunaan sumber daya audit internal.

e) Berkoordinasi dan bekerja sama dengan Unit Audit Internal pemegang saham (Astra International) untuk menilai kecukupan Rencana Audit Internal, cakupan audit, perkembangan aktivitas Audit Internal, me-review dan memantau permasalahan audit yang muncul dan melaporkannya secara triwulanan kepada entitas pemegang saham.

f) Melaksanakan penugasan khusus yang diminta oleh Presiden Direktur, Direksi atau Senior Management, Dewan Komisaris, dan Komite Audit dengan cara yang tidak bertentangan dengan prinsip independensi.

g) Berkoordinasi dengan Unit Audit Internal pemegang saham dan Auditor Eksternal untuk menghindari duplikasi dalam melaksanakan kegiatan audit.

h) Bekerja sama dan memberikan laporan kepada Komite Audit dan Dewan Komisaris.

i) Memberikan rekomendasi yang tepat sasaran, tepat guna, dan tepat waktu sehingga dapat memitigasi risiko bisnis dan permasalahan pengendalian internal yang dihadapi dalam aktivitas bisnis Perseroan.

j) Menjaga hubungan kerja yang baik dan positif dengan seluruh jajaran manajemen.

Independensi Unit Audit Internal

Mengacu pada Peraturan Bapepam-LK No.XI.2.7, disebutkan bahwa unit Audit Internal merupakan unit kerja yang independen terhadap unit-unit kerja lain dan bertanggung jawab langsung kepada Direktur Utama. Oleh karena itu, Kepala Audit Internal Perseroan diangkat dan diberhentikan oleh Direktur Utama dengan persetujuan Dewan Komisaris. Salah satu implementasi dari independensi Unit Audit Internal Perseroan antara lain tidak adanya perangkapan tugas ketua dan setiap anggota unit Audit Internal dengan unit kerja lain; membuat Laporan Audit Internal yang selain diberikan kepada Presiden Direktur, Direksi, juga kepada Komite Audit dan Dewan Komisaris, termasuk Laporan Tindak Lanjut atas rekomendasi audit yang dilakukan oleh seluruh unit kerja dari masing-masing Direktorat.

Kode Etik Audit Internal

Dalam menjalankan tugasnya sesuai dengan isi piagam audit internal, Auditor Internal Perseroan memiliki kode etik yang mengikat dalam berperilaku di lingkungan Perseroan, antara lain:1. Integritas2. Objektivitas3. Kerahasiaan4. Kompetensi

to effectively and efficiently achieve the Company's goal within an acceptable level of risk while complying with the appropriate laws and regulations.

c) Monitor compliance with Internal Audit Policies and Procedures through reviewing the quality of Internal Audit Work.

d) Identify opportunities to raise effectiveness and efficiency in the use of internal audit resources.

e) Coordinate and work closely with Internal Audit Unit of shareholders (Astra International) for assessing the adequacy of Internal Audit Plan, audit scope, progress of Internal Audit activities, review and monitor the audit issues that has raised and to report it on a quarterly basis to the shareholders of the entity.

f) Undertake special projects as requested by the President Director, Board of Directors or Senior Management, Board of Commissioners, and Audit Committee in a manner that does not conflict with the objective of independence.

g) Coordinate with the Internal Audit Unit of shareholders and External Auditors to avoid duplication in conducting audit activities.

h) Collaborate and provides report to the Audit Committee and Board of Commissioners.

i) Provide meaningful recommendations, in a timely manner to address business risk and internal control issues faced by the Company's business activities.

j) Maintain a positive and sound working relationship with all level of management.

Independence of Internal Audit Unit

In reference to Bapepam-LK Regulation No.XI.2.7, it is stated that the Internal Audit Unit is an independent work unit of other work units and directly responsible to the President Director. Therefore, the Head of Internal Audit of the Company is appointed and dismissed by the President Director with the approval of the Board of Commissioners. One of the implementations of the independence of the Company's Internal Audit Unit is the lack of concurrency of the Chairman and each member of the Internal Audit Unit with other work units; to prepare an Internal Audit Report that is given to the President Director, the Board of Directors, the Audit Committee, and the Board of Commissioners. This also includes the Follow-up Report on audit recommendations that conducted by all working units of each Directorate.

Code of Ethics of Internal Audit

In performing its duties which in accordance to the contents of the internal audit charter, Internal Auditor of the Company has a code of ethic that must be followed within the Company, among others:1. Integrity2. Objectivity3. Confidentiality4. Competency



Struktur dan Profil Keanggotaan Audit Internal

Dengan berpedoman pada Piagam Audit Internal, unit Audit Internal selalu berupaya mencari cara terbaik dalam bekerja sama dengan manajemen untuk memastikan bahwa pelaksanaan dan pengelolaan sistem pengendalian telah sejalan dengan tujuan Perseroan melalui berbagai upaya peningkatan kelayakan dan efektivitas sistem pengendalian internal dan pengelolaan risiko. Unit Audit Internal Perseroan dipimpin oleh seorang Kepala Unit Audit Internal yang diangkat dan diberhentikan oleh Presiden Direktur atas persetujuan Dewan Komisaris. Direktur Utama dapat memberhentikan Kepala Unit Audit Internal, setelah mendapat persetujuan Dewan Komisaris jika kepala Unit Audit Internal tidak memenuhi persyaratan sebagai auditor internal sebagaimana diatur dalam Piagam Audit Internal.

Secara struktural, Unit Audit Internal Perseroan bertanggung jawab langsung kepada Presiden Direktur. Dalam pelaksanaannya, Auditor Internal dilarang merangkap tugas dan jabatan terkait pelaksanaan kegiatan operasional baik di Perseroan maupun anak perusahaan. Komposisi keanggotaan Unit Audit Internal Perseroan terdiri dari 1 (satu) ketua dan 15 (lima belas) anggota. Profil ringkas Ketua Unit Audit Internal Perseroan per 31 Desember 2016 adalah sebagai berikut:

Profil Ringkas Antonius Januar SareKetua Unit Audit Internal/Head of Internal Audit

Dasar pengangkatan sebagai Ketua Audit Internal Perseroan berdasarkan Keputusan Dewan Komisaris Perseroan No. 41/CIR-BOC/PENGANGKATAN KEPALA INTERNAL AUDIT/ASF/XI/2011 tanggal 8 November 2011 yang telah dinyatakan kembali melalui Akta No. 536 tanggal 30 November 2011, Gunawan Budilaksono, S.H., M.Kn., Notaris Kota Bekasi.Basis of appointment as Chairman of the Company's Internal Audit is based on the decision of the Board of Commissioners No. 41/CIR-BOC/PENGANGKATAN KEPALA INTERNAL AUDIT/ASF/XI/2011 dated November 8, 2011 which have been restated by the Act No. 536 dated November 30, 2011, Gunawan Budilaksono, SH, M.Kn., Notary Bekasi.

Riwayat Pendidikan Educational Background1995 – 1999 Fakultas Teknologi Industri - Institut Teknologi

Bandung.Faculty of Industrial Technology - Bandung Institute of Technology.

Riwayat Pekerjaan Employment History2011 – sekarang/present Kepala Audit Internal di PT Astra Sedaya Finance. Head of Internal Audit at PT Astra Sedaya Finance.2009 – 2011 Internal Audit Manager PT Astra International Tbk. Internal Audit Manager PT Astra International Tbk.2004 – 2008 Auditor di PT Astra International Tbk & IT Auditor

untuk Astra Affiliated Company.Auditor at PT Astra International Tbk and IT auditor for Astra Affiliated Company.

2001 – 2003 Auditor - Sales Operation di PT Astra International Tbk. Auditor - Sales Operation di PT Astra International Tbk.

Kualifikasi Anggota Audit Internal

Dengan berpedoman pada Piagam Audit Internal, Perseroan telah menetapkan sejumlah kualifikasi yang harus dipenuhi sebagai syarat keanggotaan dalam Satuan Unit Kerja Audit Internal, meliputi:a) Bertanggung jawab kepada Kepala Internal Perseroan.b) Mempertahankan karakter integritas dan melaksanakan tugas

secara profesional, independen, jujur, dan objektif.

Structure and Profile of Internal Audit Member

By referring to the Internal Audit Charter, Internal Audit unit always attempt to find the best ways to cooperate with management to ensure that the implementation and management control system in line with the Company's objectives through various efforts to improve the feasibility and the effectiveness of internal control system and risk management. The Internal Audit Unit headed by a Head of Internal Audit Unit which is appointed and dismissed by the President Director upon the approval of the Board of Commissioners. The President Director may dismiss the Head of Internal Audit Unit, following the approval by the Board of Commissioners if the head of the Internal Audit Unit is not a qualified internal auditor as stipulated in the Internal Audit Charter.

Structurally, the Internal Audit Unit is directly responsible to the President Director. In practice, internal auditors are banned from concurrent office tasks and operational activities which is associated in both the Company and its subsidiaries. The membership composition of internal audit unit of the Company consists of one (1) chairman and 15 (fifteen) members. Brief profile of Internal Audit Unit members per December 31, 2016 were as follows:

Brief Profile

Member Qualification of Internal Audit

In reference to the Internal Audit Charter, the Company has set a number of qualifications that must be fulfilled as a terms and condition of the Internal Audit Unit membership, include:a) Be accountable to the Corporate Internal Audit Head.b) Maintain a character of integrity and carry out his/her duties

with professionalism, independence, honesty, and objectivity.



c) Be knowledgeable and experienced with auditing techniques and other disciplines relevant to his/her field of responsibilities.

d) Be knowledgeable with the rules and regulations of the stock market and other relevant rules and regulations that impact the Company’s operations.

e) Be able to communicate effectively using oral or written means.

f) Safeguard the confidentiality information and/or data received as a result of carrying out internal audit duties except where such information/data is required by regulations or court rulings.

g) Understand risk and business management principles.h) Seek to continuously improve his./her professional

knowledge, experience, and ability.i) Follow the Internal Audit Code of Ethics.

Responsible Party for Appointing and Dismissing the Chairman of Internal Audit Unit

Chairman of Internal Audit Unit is appointed and dismissed by the President Director of the Company and with the approval of the Board of Commissioners.

Education/Training of Internal Audit Unit in 2016Comprehensive description about the detail of educational/trainings activities that were completed by the Internal Audit Unit of the Company during 2016 can be seen in the Chapter "Company Profile", Sub-Chapter "Training/Education", page 76.

Internal Audit Activities In 2016

Throughout 2016, the internal audit activity as a business partner in the implementation of operational activities of the Company focused on improving internal controls across all business units to mitigate risk that could hamper the Company's achievement. During this year, the internal audit activity was held at 73 branch offices including head office. Meanwhile, implementations of consultancy functions focused on improving the effectiveness of business processes and strengthening control over the implementation without compromising the independence of audit activities including running awareness control programs.

c) Berpengetahuan dan berpengalaman dalam menerapkan teknik audit dan disiplin ilmu lain yang relevan dengan bidang dan tanggung jawabnya.

d) Memiliki pengetahuan tentang ketentuan dan peraturan pasar saham dan aturan serta peraturan lainnya yang memengaruhi kegiatan operasional Perusahaan.

e) Mampu berkomunikasi secara efektif baik secara lisan ataupun tulisan.

f) Menjaga informasi kerahasiaan informasi dan/atau data yang diterima sebagai hasil atas pelaksanaan tugas audit internal kecuali informasi dan/atau data tersebut diperlukan untuk kepentingan hukum atau pengadilan.

g) Memahami risiko dan prinsip-prinsip manajemen bisnis.h) Berusaha untuk terus meningkatkan profesionalisme,

pengalaman, dan kemampuan.i) Mematuhi Kode Etik Audit Internal.

Pihak yang Mengangkat dan Memberhentikan Ketua Unit Audit Internal

Ketua Unit Audit Internal diangkat dan diberhentikan oleh Presiden Direktur Perseroan dan melalui persetujuan dari Dewan Komisaris.

Program Pendidikan/Pelatihan Audit Internal Tahun 2016Penjelasan lengkap mengenai rincian kegiatan pendidikan/pelatihan yang telah diikuti oleh Unit Audit Internal Perseroan di sepanjang 2016 dapat dilihat pada Bab “Profil Perusahaan”, Sub-Bab “Pelatihan/Pendidikan”, halaman 76.

Kegiatan Audit Internal Tahun 2016

Di sepanjang 2016, kegiatan audit internal sebagai mitra bisnis dalam penyelenggaraan kegiatan operasional Perseroan berfokus pada peningkatan kontrol internal di seluruh unit bisnis untuk memitigasi risiko yang dapat menghambat pencapaian tujuan Perseroan. Kegiatan audit internal pada tahun ini diselenggarakan di 73 kantor cabang termasuk kantor pusat. Sementara itu, pelaksanaan fungsi konsultasi difokuskan untuk meningkatkan efektivitas proses bisnis dan memperkuat pengendalian tanpa mengurangi independensi atas pelaksanaan aktivitas audit yang termasuk di dalamnya menjalankan program-program control awareness.



Guna meningkatkan efisiensi dan efektivitas kerja serta mengoptimalkan penggunaan sumber daya audit, Perseroan telah menerapkan sistem informasi audit berbasis IT system yang dibangun berdasarkan metodologi standar audit dalam pengelolaan proses kerja audit untuk mengidentifikasi risiko-risiko kritis dan pengaturan sumber daya audit yang optimal, termasuk penggunaan tools continuous auditing yang dikembangkan secara terus menerus mengikuti perubahan bisnis dan risiko operasional.

Selain itu, Perseroan secara periodik juga melakukan kajian secara internal maupun independen atas quality assurance unit audit internal demi memastikan bahwa proses audit yang dilaksanakan oleh Perseroan telah sesuai dengan standar yang berlaku dan juga untuk mendeteksi potensi pengembangan proses audit secara berkesinambungan.

Secara keseluruhan, implementasi kegiatan Audit Internal Perseroan dilakukan dengan mengacu kepada rencana audit, permasalahan yang ditemukan, dan aspek yang memerlukan perbaikan diidentifikasi dan tindak lanjut atas rekomendasi rencana perbaikan dipantau secara terus menerus. Pelaporan atas seluruh aktivitas tersebut dilakukan oleh Perseroan secara triwulan dan didiskusikan dengan Direksi serta Dewan Komisaris melalui Komite Audit.

Pada tahun 2016, Satuan Kerja Audit Internal telah melaksanakan tugas-tugas sebagai berikut:1. Menyusun rencana dan pelaksanaan audit tahunan tahun

2016 dengan mempertimbangkan alokasi waktu, skala prioritas, sumber daya audit dan anggaran yang tersedia.

2. Pemeriksaan atas kegiatan operasional kantor cabang, unit khusus terkait operasional cabang (centro) dan unit kerja di kantor pusat pada tahun 2016 telah dilaksanakan terhadap73 kantor cabang, 3 unit khusus dan 4 unit kerja kantor pusat.

In order to improve efficiency and effectiveness along with the optimizing the use of audit resources, the Company has implemented an IT-based audit information systems that built based on audit standard in processing information to identify any critical risks and to allocate the resources in an optimal manner. This includes the use of continuous auditing tools that is expanded continuously following the progress of business and operational risks.

In addition, the Company also periodically conducted an internal and independent study over the quality assurance of the internal audit unit to ensure that the audit process conducted by the Company is in accordance to the applicable standards and also to detect development potential of the audit process sustainably.

Overall, the implementation of the Company's internal audit is carried out by referring to the audit plan, the problems identified, and aspects that require improvement are identified and followed up using the recommendation for improvement. The reporting of all activities carried out by the Company on a quarterly basis and discussed with the Board of Directors and the Board of Commissioners through the Audit Committee.

In 2016, the Internal Audit Unit has carried out several tasks as follows:1. To plan and implement an annual audit in 2016 by considering

the allocation of time, the scale of priorities, resources and the availability of audit budget.

2. The examination over operational activities of branch office, a special unit related to branch operations (centro) and work units at headquarters in 2016 were conducted at 73 branch offices, 3 special units and 4 work units at head office.



Rapat Umum Pemegang Saham Tahunan tahun buku 2015 yang diselenggarakan tanggal 20 April 2016 telah menunjuk Kantor Akuntan Publik (KAP) Tanudiredja, Wibisana, Rintis & Rekan untuk melakukan audit terhadap Laporan Keuangan Perseroan tahun buku 2016. Biaya jasa untuk audit Laporan Keuangan Perseroan beserta anak perusahaan di tahun 2016 disetujui sebesar Rp1.515juta. Berikut adalah KAP yang telah melakukan audit Laporan Keuangan Perseroan selama 5 (lima) tahun terakhir:

TahunYear

Nama KAPName of KAP

Nama Akuntan PublikName of Public Accountant

Biaya (Rp Juta)Fee (Rp Million)

2016 Tanudiredja, Wibisana, Rintis & Rekan Lucy Luciana Suhenda, S.E., Ak., CPA 1,515

2015 Tanudiredja, Wibisana, Rintis & Rekan Lucy Luciana Suhenda, S.E., Ak., CPA 1,407

2014 Tanudiredja, Wibisana & Rekan Lucy Luciana Suhenda, S.E., Ak., CPA 1,165

2013 Tanudiredja, Wibisana & Rekan Drs. M. Jusuf Wibisana, M.Ec., CPA 1,109

2012 Tanudiredja, Wibisana & Rekan Drs. M. Jusuf Wibisana, M.Ec., CPA 1,004

Di samping jasa audit sebagaimana dijelaskan di atas, KAP tersebut tidak memberikan jasa lainnya kepada Perseroan.

Penerapan Manajemen Risiko

Perseroan menyadari bahwa implementasi manajemen risiko yang efektif dan efisien merupakan hal penting dalam mengelola risiko perusahaan. Dalam implementasinya, pengelolaan manajemen risiko Perseroan dilakukan secara sistematis, terstruktur dan diterapkan di seluruh bagian perusahaan guna meminimalisir kemungkinan terjadinya risiko-risiko yang dapat berakibat negatif atau menghambat pencapaian sasaran Perseroan. Sebagai perusahaan yang memiliki jaringan yang luas, sistem manajemen yang kompleks, serta keterkaitan dengan pihak luar yang besar dalam menjalankan bisnisnya, Perseroan memerlukan sebuah perencanaan dan pengelolaan terhadap keseluruhan risiko yang telah terjadi maupun yang diperkirakan akan terjadi melalui proses identifikasi, analisis/pengukuran, pemantauan, dan pengendalian risiko. Melalui penerapan kebijakan Enterprise Risk Management (ERM) yang terpadu dan berdasarkan prinsip-prinsip pengendalian risiko yang diadopsi dari ISO 31000 yang mengatur tentang guideline dan prinsip-prinsip manajemen risiko. Terkait hal tersebut,

AUDIT EKSTERNALEXTERNAL AUDIT

MANAJEMEN RISIKORISK MANAGEMENT

The General Meeting of Shareholders for the financial year 2015 which was held on April 20, 2016 has appointed Public Accounting Firm (KAP) of Tanudiredja, Wibisana, Rintis & Rekan to conduct an audit of Financial Statements for the financial year 2016. Total fee that has approved in 2016 for conducting Audit of Financial Statements of the Company and its subsidiaries was amounted to Rp1,515 million. Here are the KAP which had conducted audit of Financial Statements of the Company in the last 5 (five) years:

In addition to audit services as explained above, the KAP does not provide other services to the Company.

Implementation of Risk Management

The Company realizes that the implementation of effective and efficient risk management is essential in managing enterprise risk. In the implementation, the management of the Company's risk management in a systematic manner and structured and implemented throughout the Company in order to minimize the possibility of risks that could negatively impact or impede the achievement of Company goals. As a company that has an extensive network, complex management system, and linkages with external parties were great in its business, the Company requires a planning and management towards the overall risk which has occurred or predicted to occur through the process of identification, analysis/measurement, monitoring, and risk control. Through the implementation of Enterprise Risk Management (ERM) which an integrated policy and based on the principles of risk management adopted by the ISO 31000 that govern about guidelines dan risk management principles. The implementation of this policy focused on Business Continuity Plan, insurance

10492

Stamp



pengelolaan risiko Perseroan tidak hanya terbatas pada risiko kredit tetapi juga pada seluruh proses yang melekat pada fungsi-fungsi yang crucial di seluruh lapisan manajemen untuk memastikan bahwa kelangsungan operasional bisnis Perseroan telah berjalan dengan efisien dan efektif. Pelaksanaan Kebijakan ini berfokus pada Business Continuity Plan, pengelolaan asuransi, penentuan Key Risk Indicators (KRI), Top Risk Report, dan laporan penilaian risiko kepada OJK (Otoritas Jasa Keuangan) secara berkala. Dalam menyosialisasikan kebijakan ERM, Perseroan telah melakukan beberapa kegiatan seperti mendistribusikan kebijakan ERM melalui sistem Perseroan, adanya PIC kebijakan untuk menjawab pertanyaan terkait ERM, Risk Bulletin, training dan workshop, dll.

Struktur dan Organisasi Pengelolaan Manajemen Risiko Struktur dan organisasi Perseroan telah disesuaikan dengan POJK No: 1/POJK.05/2015 tentang Penerapan Manajemen Risiko Bagi Lembaga Jasa Keuangan Non-Bank dan SEOJK No: 14/SEOJK.03/2015 tentang Penerapan Manajemen Risiko Terintegrasi Bagi Konglomerasi Keuangan.

management, the determination of Key Risk Indicators (KRI), Top Risk Report, and the risk assessment report to the FSA (Financial Services Authority) regularly. In socializing the ERM policy, the Company has conducted several activities such as distributed ERM policy by the Company's system, the existence of PIC policy to answer questions related to ERM, Risk Bulletin, training and workshops, etc.

Structure and Organization Management of Risk Management

The Company's structure and organization have been adjusted to the POJK No: 1/POJK.05/2015 regarding Application of Risk Management for Non-Bank Financial Services Institutions and SEOJK No. 14/SEOJK.03/2015 regarding Integrated Risk Management Application for Financial conglomerate.

BOD

BOC Komite Pemantau Risiko (RMoC)

RMCH (Risk Management Committee Head)

Co-Leader (Internal Audit Head)

Risk Owner & Supporting Functions









Steering Committee

SKMR (Satuan Kerja Manajemen Risiko)

Komite Manajemen RisikoRisk Management Committee

Risiko Kepengurusan

Stewardship Risk

Risiko Aset & Liabilitas/Pasar

& Likuiditas

Asset & Liability/Market &

Liquidity Risk

Risiko Strategis & Reputasi

Strategic & Reputation

Risk

Risiko Dukungan

Dana

Financial Supporting Risk

Risiko Tata Kelola &

Kepatuhan

Governance & Compliance

Risk

Risiko Pembiayaan/

Kredit

Credit Risk/Financing

Risiko Operasional

Operational Risk

Risiko Hukum

Legal Risk

Risiko Intra-Group

Intra-GroupRisk



Pelatihan & Sertifikasi Manajemen Risiko

Adapun pelatihan yang diikuti oleh unit Manajemen Risiko di tahun 2016, adalah sebagai berikut:



TanggalDate

Program Eksekutif Sertifikasi Manajemen Risiko Bagi Perusahaan PembiayaanExecutive Certification Program of Risk Management for Financing Company

PT Badan Sertifikasi Manajemen Risiko (BSMR)

Jakarta, 3 November 2016

Program Eksekutif Sertifikasi Manajemen Risiko Bagi Perusahaan PembiayaanExecutive Certification Program of Risk Management for Financing Company

PT Daya Makara Universitas Indonesia (DMUI) bekerja sama dengan PT Badan Sertifikasi Manajemen Risiko (BSMR)PT Daya Makara Universitas Indonesia (DMUI) in collaboration with PT Badan Sertifikasi Manajemen Risiko (BSMR)

Jakarta, 1 Desember/December 2016

Enterprise Risk Management Berbasis Good Corporate Governance (GCG)Enterprise Risk Management Based on Good Corporate Governance (GCG)

Komite Nasional Kebijakan Governance (KNKG) bekerja sama dengan PT Dinamika Pasifik Solusindo (DPS Consulting)Komite Nasional Kebijakan Governance (KNKG) in collaboration with PT Dinamika Pasifik Solusindo (DPS Consulting)

Jakarta, 24 – 25 Agustus/August 2016

Sertifikasi/Kualifikasi Manajemen Risiko

Seluruh top risk management telah memiliki sertifikasi Manajemen Risiko bagi Perusahaan Pembiayaan dari Badan Sertifikasi Manajemen Risiko (BSMR).

Identifikasi & Upaya Mitigasi Risiko

Pada tahun 2016, kebijakan Perseroan terkait manajemen risiko telah disesuaikan dengan POJK No. 1/POJK.05/2015 dan SEOJK No. 14/SEOJK.05/2015, dimana terdapat 11 (sebelas) jenis risiko yang perlu dimonitor dan dikontrol oleh Perseroan:

1. Risiko Kredit/Pembiayaan

Untuk meminimalisasi risiko ini, Perseroan menerapkan pemberian pembiayaan dengan prinsip kehati-hatian yang dimulai dengan proses survei ke lapangan, dilanjutkan dengan proses analisa pembiayaan yang memadai. Begitupun dalam melakukan penagihan, Perseroan memiliki berbagai metode mulai dari pesan singkat, telepon ataupun kunjungan langsung berdasarkan suatu sistimatika yang sesuai dengan kondisi lapangan. Bila terjadi pengambilalihan atas kendaraan jaminan, maka selanjutnya Perseroan akan melakukan proses lelang terbuka guna melindungi hak-hak konsumen yang kendaraannya diambil-alih. Strategi penyedian dana dan kecukupan pencadangan juga dilakukan secara matang untuk meminimalisir kerugian dari debitur yang gagal memenuhi kewajibannya.

2. Risiko Hukum

Perseroan memperkuat aspek yuridis dengan mempunyai fungsi legal dan litigasi yang berfungsi sebagai penasihat

Risk Management Training & Certification

Trainings which were completed by the Risk Management unit in 2016, were as follows:

Certification/Qualification of Risk ManagementThe entire top risk management team have obtained Risk Management Certification for Financial Services from Risk Management Certification Body (BSMR).

Identification & Risk Mitigation Efforts

In 2016, the Company's policies related to risk management has been adapted to POJK No. 1/POJK.05/2015 and SEOJK No. 14/SEOJK.05/2015, of which there are 11 (eleven) types of risks that need to be monitored and controlled by the Company:

1. Credit Risk/Financing

To minimize this risk, the company implements the provision of financing with the precautionary principle which started with the survey process to the field, followed by the sufficient financial analysis process. Likewise in collections from customers, the company has various methods ranging from short messages, telephone or direct visit by a systematic method in accordance with field conditions. In the event of the warranty vehicles being taken over, the company will conduct an open bidding process in order to protect the rights of consumers in whose the vehicle was taken over. The strategy of fund provision and reserves adequacy also performed carefully to minimize losses from borrowers who fail to meet their obligations.

2. Legal Risk

The Company strengthens the juridical aspects by having legal and litigation function that serves as legal advisor to



hukum untuk memperkaya pengetahuan hukum dan perundang-undangan sehingga risiko tidak terpenuhinya syarat perjanjian dan pengikatan agunan yang tidak sempurna dapat dihindari.

3. Risiko Operasional

Perseroan melakukan manajemen risiko operasional secara komprehensif. Untuk memastikan operasional Perseroan berjalan dengan baik, Perseroan mengimplementasikan teknologi informasi yang mutakhir didukung oleh fungsi Information Technology yang memadai. Selain itu, Perseroan memiliki fungsi Human Capital dan Fraud untuk memastikan sumber daya manusia terpenuhi sesuai dengan kebutuhan perusahaan serta menjaga kredibilitas karyawan agar kegiatan operasional perusahaan dapat berjalan dengan baik. Dalam hal memastikan keberlangsungan operasional dari kejadian eksternal, perusahaan telah memiliki contingency plan.

4. Risiko Likuiditas

Perseroan melakukan diversifikasi pendanaan melalui sejumlah instrumen, baik dari dalam maupun luar negeri, seperti pinjaman bank bilateral, pinjaman sindikasi, club loan, pembiayaan bersama, penerbitan medium term loan, ataupun penerbitan obligasi. Dengan diversifikasi ini, Perseroan dapat menjalankan usahanya dengan skema yang fleksibel dan kompetitif dan dapat memenuhi kewajiban yang jatuh tempo dari pendanaan tanpa mengganggu aktivitas dan kondisi keuangan.

5. Risiko Pasar

Perseroan menerapkan kebijakan keselarasan antara profil jatuh tempo piutang dengan profil jatuh tempo liabilitas agar dapat meminimalkan kerugian akibat perubahan variabel pasar seperti suku bunga, nilai tukar, nilai komoditas, dan ekuitas.

6. Risiko Kepatuhan

Dalam menghadapi risiko kepatuhan, Perseroan menerapkan aspek kehati-hatian sesuai dengan etika bisnis yang ada, termasuk dengan menjalankan good corporate governance dan compliance.

7. Risiko Reputasi

Perseroan melakukan monitoring secara berkala terhadap reputasi perusahaan dengan melihat keluhan nasabah dan melakukan monitoring terhadap kredibilitas pemilik dan perusahaan terkait.

8. Risiko Stratejik

Perseroan menyusun stratejik perusahaan dengan matang untuk mencegah terjadinya risiko atas kegagalan dalam pengambilan keputusan strategis serta kegagalan dalam mengantisipasi perubahan lingkungan bisnis.

9. Risiko Kepengurusan

Beberapa hal yang diperhatikan Perseroan pada risiko kepengurusan antara lain penunjukan dan pemberhentian pengurus dilakukan dengan memadai, komposisi dan proporsi pengurus mencukupi dan sesuai dengan kebutuhan

enrich the knowledge of the laws and regulations so that the risk both unfulfilled terms of agreement and imperfect collateral binding can be avoided.

3. Operational Risk

The Company conducts a comprehensive operational risk management. To ensure the Company's operation runs well, the Company implements the cutting edge information technology supported by an adequate Information Technology function. In addition, the Company has the function of Human Capital and fraud to ensure that human resources meets the company's needs while maintaining the employees’ credibility to ensure smooth operations. This is done to ensure operational continuity from any negative external events as the company now own a contingency plan.

4. Liquidity Risk

The Company diversified its funding through a number of instruments, both from within and overseas, such as bilateral bank loans, syndicated loans, club loans, co-financing, the issuance of medium term loan, or the issuance of bonds. With this diversification, the Company can conduct its business with a flexible and competitive scheme and able to meet matured liabilities of funding without disrupting activities and financial condition.

5. Market Risk

The Company implemented an alignment policy between receivables maturity profile with liabilities maturity profile in order to minimize losses due to changes in market variables such as interest rates, exchange rates, the value of commodities, and equities.

6. Compliance Risk

In facing compliance risk, the Company implements prudential aspects which in accordance with the existing business ethics, includes by running good corporate governance and compliance.

7. Reputation Risk

The Company made periodic monitoring towards the company reputation by seeing customer complaints and monitoring the credibility of the owners and related companies.

8. Strategic Risk

The Company has developed a mature strategic plan to prevent the risk of failure in strategic decision making and failure to anticipate changes in the business environment.

9. Stewardship Risk

Few things to be considered by the Company on stewardship risk, among others, the appointment and dismissal of the Board performed adequately, the composition and the proportion of the board already sufficient and appropriate to the needs of the Company, adequate competence and integrity of the



Perseroan, kompetensi dan integritas pengurus memadai dan menunjang tugas dan wewenang pengurus serta tersedianya sistem remunerasi yang memadai bagi Direksi dan Dewan Komisaris.

10. Risiko Tata Kelola

Perseroan membuat pedoman tata kelola yang memadai untuk Perseroan dan terus menjaga serta mengawasi prinsip-prinsip tata kelola yang baik di dalam Perseroan. Selain itu, Perseroan mencegah terjadinya intervensi dari pihak lain yang dapat mengakibatkan kegagalan dalam pelaksanaan tata kelola yang baik.

11. Risiko Dukungan Dana

Dalam menghadapi risiko dukungan pendanaan, Perseroan selalu menjaga kondisi kemampuan pendanaan yang baik dan berimbang dengan memperhatikan posisi Asset dan Liabilities agar Perseroan memiliki struktur pendanaan yang kuat.

Kegiatan Manajemen Risiko Tahun 2016

Direksi Perseroan bertanggung jawab untuk memonitor dan menyempurnakan penilaian dan identifikasi risiko yang dilakukan minimal 2 (dua) kali dalam setahun. Audit Internal telah melakukan penilaian atas implementasi dari kerangka manajemen risiko di Perseroan yang terdiri dari proses identifikasi, penilaian, monitor, dan kontrol.

Evaluasi Efektivitas Implementasi Manajemen Risiko

Untuk memastikan penerapan manajemen risiko dilakukan secara memadai, tepat guna, dan konsisten dalam mengidentifikasi, mengukur, mencegah dan menanggulangi terjadinya risiko di lingkungan bisnis Perseroan, dilakukan evaluasi secara menyeluruh dan independen oleh unit kerja Audit Internal. Disesuaikan dengan standar pemenuhan ketentuan POJK No. 1/POJK.05/2015 tentang Penerapan Manajemen Risiko Bagi Lembaga Jasa Keuangan Non-Bank yang disertai laporan tahunan RBS (Risk Based Supervision) dengan nilai sangat baik pada tahun 2016 dan SEOJK No.14/SEOJK.03/2015 tentang Penerapan Manajemen Risiko Terintegrasi Bagi Konglomerasi Keuangan yang disertai laporan semester Manajemen Risiko Terintegrasi Konglomerasi Astra dengan nilai sangat baik pada tahun 2016. Evaluasi difokuskan untuk mengetahui dan mengukur kesesuaiannya dengan kebutuhan operasional bisnis Perseroan serta efektivitas implementasinya. Dalam hal ini, Perseroan dinilai telah dapat menerapkan sistem manajemen risiko secara memadai, terutama dalam memitigasi risiko-risiko signifikan yang berpengaruh pada bisnis Perseroan baik risiko saat ini maupun dalam mengidentifikasi dan merencanakan antisipasi atas risiko-risiko di masa yang akan datang. Beberapa perbaikan dan pengembangan dalam sistem manajemen risiko Perseroan akan ditindaklanjuti oleh manajemen untuk memastikan kesinambungan pengelolaan risiko Perseroan dalam jangka panjang.

Board and support duties and authority of the Board as well as the availability of sufficient remuneration system for the Board of Directors and the Board of Commissioners.

10. Governance Risk

The Company made adequate governance guidelines for the Company and continue to maintain and oversee the principles of good governance in the Company. In addition, the Company prevents the intervention of other parties which can lead to failure in the implementation of good governance.

11. Financial Supporting Risk

In facing the risk of financial support, the Company always maintains its adequate funding capacity condition and balanced with attention to the position of Asset and Liabilities so that the Company has a strong funding structure.

Risk Management Activities in 2016

The Board of Directors are responsible for monitoring and enhance risk assessment as well as risk identification which carried out minimum 2 (two) times a year. Internal Audit has assessed the implementation of the Company's risk management framework that consists of identification, assessment, monitoring, and control.

Effectiveness Evaluation of the Risk Management Implementation

To ensure the implementation of risk management has performed adequately, appropriate, and consistent in identifying, measuring, preventing and controlling the risk in the business environment of the Company, the Company has conducted a comprehensive evaluation and independent by the Internal Audit unit. Adjusted to the compliance standards of FSA No. 1/POJK.05/2015 regarding Implementation of Risk Management for Non-Bank Financial Institutions Services that attached with the annual report of RBS (Risk Based Supervision) with excellent score in 2016 and SEOJK 14/SEOJK.03/2015 regarding Integrated Risk Management Implementation for Financial Conglomerates that appended by the semester report of Integrated Risk Management on Astra Conglomerate with excellent score in 2016. The Evaluation was focused to identify and measure its conformity to the needs of the business operations of the Company as well as the effectiveness of its implementation. In this regard, the Company considered has able to implemented an adequate risk management system, particularly in mitigating significant risks that affect the Company's business risks either the existing risk or in identifying and planning anticipation of risks in the future. Some improvements and development in the Company's risk management system will be acted upon the management to ensure the sustainability the Company's risk management in the long term.



Permasalahan Hukum yang Dihadapi oleh Dewan Komisaris dan Direksi

Selama tahun 2016, Dewan Komisaris dan Direksi Perseroan secara personal tidak terlibat permasalahan hukum apapun dengan pihak manapun.

Permasalahan Hukum yang Dihadapi oleh Perusahaan

Perseroan terlibat dalam beberapa perkara hukum material. Perkara-perkara hukum material yang dihadapi oleh Perseroan pada umumnya timbul dalam kaitannya kegiatan bisnis yang dijalankan oleh Perseroan. Perseroan terlibat dalam 5 (lima) perkara hukum material yang sedang dalam proses di badan peradilan di Indonesia dengan perincian sebagai berikut:

No Perkara HukumLawsuit

Posisi Perseroan

The Company’s

Position

Pihak LawanCounter Party

Materi PerkaraLegal Case

Nilai Amount

Hasil Status PerkaraResolution Status

621/Pdt.G/2013/PN.Jkt.Sel TergugatDefendant

Epi Yuliana PMH BPKB Mobil dan Rp10.000.000.000Car BPKB and Rp10,000,000,000

KasasiCassation

647/Pdt.G/2014/PN.Jkt.Sel Tergugat IDefendant I

Epi Yuliana PMH Rp30.000.000.000Rp30,000,000,000

Kasasi/CassationTingkat Banding (menang)/Appeal level (win)

Pengadilan Negeri (kalah)/District Court (lost)

406/Pdt.G/2015/PN.Jkt.Sel PenggugatClaimant

Epi YulianaAde KusumaIndarto T.

PMH Rp30.381.000.000Rp30,381,000,000

Perlawanan/OppositionPembuktian/Proof

143/Pdt.G/2015/PN.Jkt.Sel Tergugat IDefendant I

Epi Yuliana PMH Rp30.000.000.000Rp30,000,000,000

Tingkat Banding/Appeal level

554/Pdt.G/2015/PN.Jkt.Sel PenggugatClaimant

PT Inti Alam MurniPT Atlas

Wanprestasi Rp6.880.840.000Rp6,880,840,000

Tingkat Banding/Appeal level

571/Pdt.G/2016/PN.Sby TergugatDefendant

PT Uni Ratna Gading

PMH Ganti Rugi Immateril Rp16.000.000.000Compensation for immaterial Rp16,000,000,000

Tingkat Pertama/First Level

Dari seluruh perkara yang dihadapi Perseroan, Perseroan telah mempersiapkan strategi hukum yang diimplementasikan dengan baik guna mengantisipasi segala dampak yang bersifat material bagi kelangsungan dan kegiatan Perseroan apabila badan peradilan tersebut diatas memutuskan Perseroan sebagai pihak yang dikalahkan. Manajemen Perseroan telah mengungkapkan semua perkara material yang dihadapi.

PERMASALAHAN HUKUMLITIGATION ISSUES

Legal Issues Faced by the Board of Commissioners and the Board of DirectorsDuring 2016, the Board of Commissioners and the Board of Directors were not involved in any legal problems with any parties.

Legal Issues Faced by the Company

The Company is involved in several material legal cases. Material lawsuits faced by the Company in general arise in relation to the business activities run by the Company. The Company involve in 5 (five) material legal cases that still in progress in judicial body in Indonesia with the following details:

From all cases faced by the Company, the Company has prepared a legal strategy to be implemented properly in order to anticipate any material impact for the sustainability and activities of the Company if the judicial body decides the Company as the defeated party. The Company's management has disclosed all material cases encountered.



Pada tanggal Laporan Tahunan ini dibuat, Perseroan tidak terlibat dalam suatu sengketa hukum/perselisihan material lain yang terjadi di luar pengadilan dengan atau memperoleh teguran (somasi) dari pihak ketiga yang dapat berpengaruh secara material terhadap kondisi keuangan dan kegiatan usaha Perseroan.

Permasalahan Hukum yang Dihadapi Entitas Anak

Pada tanggal Laporan Tahunan ini dibuat, Entitas Anak Perseroan tidak terlibat dalam suatu sengketa hukum/perselisihan yang dapat berpengaruh secara material terhadap kondisi keuangan dan kegiatan usaha Perseroan.

SANKSI ADMINISTRATIFADMINISTRATIVE SANCTION

Selama tahun 2016 Perseroan tidak pernah menerima sanksi administrasi apapun dari pihak manapun.

AKSES DAN TRANSPARANSI INFORMASITRANSPARENCY AND ACCESS TO INFORMATION

Perseroan menyediakan akses informasi dan data yang dibutuhkan oleh pemangku kepentingan, antara lain melalui situs www.acc.co.id. Selain melalui situs Perseroan, para pemangku kepentingan dapat menghubungi [email protected] untuk mendapatkan informasi yang relevan sedangkan untuk informasi-informasi tertentu Perseroan juga menginformasikan melalui surat kabar atau media sosial.

KODE ETIK DAN BUDAYA PERSEROANCODE OF ETHICS AND CORPORATE CULTURES

Pengungkapan Kode Etik Berlaku Bagi Seluruh Level Organisasi

Perseroan senantiasa memegang teguh moral dan etika yang menjadi landasan atas implementasi GCG yang mengedepankan prinsip kewajaran (fairness) di lingkungan perusahaan. Untuk mendukung hal tersebut, Perseroan telah memiliki Kode Etik yang menjadi pedoman perilaku bagi seluruh insan Perseroan dalam menjalankan kegiatan usaha di lingkungan perusahaan. Etika bisnis Perseroan memiliki ruang lingkup yang luas meliputi pemegang saham, pelanggan, pesaing, investor, afiliasi, penyelenggara negara, penyalur dan pemasok, serta masyarakat dan media

At the date of this Annual Report was made, the Company was not involved in any legal disputes/other material disputes that occurred outside the court with or obtained a reprimand (subpoena) from third parties which can be a material adverse effect on financial and operations condition of the Company.

Legal Issues Faced by Subsidiaries

On the date of Annual Report was made, the Subsidiary Company did not involve in any legal dispute that could materially affect the financial condition and business activities of The Company.

During 2016, The Company never received any administrative sanction from any party.

The Company provides access to information and data required by stakeholders, among others through websites www.acc.co.id. In addition through the Company's website, stakeholders can contact through [email protected] to obtain relevant information, while for certain information of the Company also informed through newspapers or social media.

Disclosure of Code of Ethics that Apply to all Organization Level

As part of the foundation on the GCG implementation that emphasizes fairness principles in the office environment, the Company upholds its morality and ethics. To support this goal, the Company has a Code of Ethics that guides human behavior of all the Company's employees in conducting business activities in the office environment. The Company's business ethics has a wide scope including shareholders, customers, competitors, investors, affiliates, state administrators, distributors and suppliers, as well as community and media massa. To ensure



massa. Guna menjamin interaksi yang baik dan kondusif serta bertanggung jawab di antara seluruh individu dengan Perseroan, serta dalam rangka menjunjung tinggi nilai-nilai budaya Perseroan, maka Perseroan telah membentuk sebuah etika kerja yang harus dipahami dan dipatuhi oleh seluruh jenjang karyawan dari tingkatan manajemen atas hingga bawah yang meliputi direksi dan seluruh karyawan Perseroan termasuk Dewan Komisaris.

Pernyataan Nilai-Nilai Budaya Perusahaan

Perseroan menilai bahwa keberlangsungan bisnis perusahaan bergantung pada nilai-nilai budaya yang dimiliki demi terciptanya iklim usaha yang kondusif serta untuk mendukung daya saing perusahaan dalam menghasilkan produk dan jasa yang bernilai tinggi bagi pelanggan. Budaya Perseroan telah dibentuk dari seperangkat sistem dan nilai berdasarkan prinsip-prinsip etika bisnis dan etika kerja, nilai-nilai Perseroan, dan Prinsip Dasar Astra (Catur Dharma). Nilai-nilai perusahaan berpedoman pada: • Integritas: Berani menaati peraturan berlandaskan asas dan

etika yang berlaku serta menunjukkan sikap profesional dan bertanggung jawab.

• Kerja Sama: Bersinergi melalui interaksi yang positif dan terbuka, dengan komitmen mencapai target Perseroan.

• Kualitas: Proses yang cepat dan akurat dengan mentalitas perbaikan secara terus-menerus untuk hasil yang terukur dan terbaik.

• Kepuasan Pelanggan: Memberikan pengalaman terbaik bagi pelanggan melalui pelayanan yang andal dan terpercaya.

Keempat nilai-nilai Perseroan berikut dua belas perilaku kuncinya yang termasuk kode etik dan tidak terlepas dari Budaya Perseroan, telah menjadi dasar bagi seluruh karyawan untuk berpikir, bertindak, dan berperilaku dalam menjalankan seluruh aktivitas operasional sehari-hari baik di dalam maupun di luar Perseroan selama aktivitas karyawan tersebut mewakili atau mengatasnamakan Perseroan. Selain itu, Kode Etik merupakan bagian yang tidak terpisahkan dalam pembentukan setiap kebijakan yang terdapat dalam Peraturan Perseroan.

Sosialiasi Kode Etik dan Nilai-Nilai Budaya

Nilai-nilai budaya dan etika Perseroan senantiasa disosialisasikan pada setiap kegiatan yang diselenggarakan oleh Perseroan, termasuk di dalamnya sebagai materi training dasar bagi karyawan baru. Perseroan juga menyediakan saluran komunikasi bagi karyawan untuk menyampaikan setiap pelanggaran yang terjadi atas nilai dan etika Perseroan yang dilanggar untuk kemudian ditindaklanjuti oleh manajemen dan bagian terkait.

Selain itu, Perseroan juga telah membagikan satu buku/salinan Peraturan Perusahaan yang di dalamnya terdapat pemaparan lengkap terkait Kode Etik dan Budaya Perusahaan kepada seluruh karyawan, termasuk pada setiap karyawan baru. Terkait hal tersebut, guna memastikan bahwa setiap karyawan telah membaca, memahami dan siap melaksanakan Kode Etik dan Budaya Perusahaan, maka setiap karyawan diwajibkan untuk menandatangani buku/salinan peraturan Perusahaan tersebut.

there's a meaningful and conducive as well as responsible interactions among all individuals with the Company, and in order to uphold the Company's cultural values, then the Company has established work ethics that must be understood and complied by all level of employees from top management level up to lower level that covers the Board of Directors and the Company's employees, including the Board of Commissioners.

Statement of Corporate Cultures

The Company considers that the sustainability of the company's business relies on culture values in order to create conducive business climate as well as to support the competitiveness of the company in providing highly value of products and services for the customer. The Company culture has been formed from a set of system and value system based on the principles of business ethics and work ethic, corporate values, and the Basic Principles of Astra (Catur Dharma). The corporate values are guided by:• Integrity: Brave to obey the rules based on the principles

and ethics as well as showing professional attitude and responsibility.

• Teamwork: Synergy through positive and open interaction, with a commitment to achieve targets of the Company.

• Quality: The rapid and accurate process with the mentality of continuous improvement for the best and measurable result.

• Customer Satisfaction: Deliver the best experience for customers through a reliable and trustworthy service.

The fourth values of the Company which followed by twelve key behaviors that incorporated in the Code of Ethics and can not be separated from the Company’s culture, has become the basis for all employees to think, act, and behave in carrying out all daily operations activities both inside and outside of the Company as long as the employee activity is representing or acting on behalf of the Company. In addition, the Code of Ethics is unnseparable from the formation of any policy which contained in the Company Regulations.

Socialization of Code of Conduct and Cultural Values

The cultural value and code of ethics of the Company are continuously disseminated in any activities organized by the Company, including as basic training materials for new employees. The Company also provides a communication channel for employees to raise any violations that occur on the Company's values and ethics being infringed and then followed up by the management and related unit.

In addition, the Company has also distributed books/copies of Company regulations which included a complete explanation which associated with Code of Conduct and Corporate Culture to all employees, including to new employees. Related to this, in order to ensure that every employee has read, understand and ready to implement the Code of Conduct and Corporate Culture, so, every employee is required to sign books/copies of the Company Regulations.



Evaluasi Implementasi Etika Bisnis dan Budaya Perusahaan

Pada tahun 2016, sebagaimana tahun-tahun sebelumnya unit kerja kepatuhan telah melaksanakan kegiatan survei kepada seluruh karyawan Perseroan terkait implementasi Kode Etik dan tingkat penerapan kepatuhan. Untuk meningkatkan nilai tambah Perseroan di mata para pemegang saham dan pemangku kepentingan, maka sejalan hasil survei tersebut, Perseroan akan terus mengusahakan konsistensi implementasi Kode Etik dan tingkat kepatuhan yang baik melalui serangkaian kegiatan perbaikan untuk:

1. Meningkatkan pengetahuan dan kepedulian seluruh karyawan dalam hal perilaku yang sesuai dengan etika bisnis dan etika kerja Perseroan sesuai kondisi lingkungan bisnis terkini dan tantangan yang dihadapi.

2. Meningkatkan pengetahuan seluruh karyawan terkait peraturan-peraturan terbaru yang dikeluarkan oleh pemerintah (regulatory concerns) melalui sosialisasi secara berkala atas setiap peraturan-peraturan terbaru yang dikeluarkan terutama yang relevan dengan industri bisnis Perseroan.

3. Mengoptimalkan penggunaan sistem untuk pelaporan, pemantauan, dan tindak lanjut pelanggaran whistleblowing system termasuk dalam menjamin kerahasiaan para pelapor.

Pelanggaran Kode Etik

Bagi karyawan yang melakukan pelanggaran terhadap Kode Etik Perseroan terkait tata tertib dan aturan kedisiplinan maka akan dikenakan sanksi sesuai dengan yang tercantum pada Peraturan Perusahaan. Adapun jenis sanksi yang diberikan berkenaan dengan pelanggaran yang dilakukan antara lain:1. Surat Teguran.2. Surat Peringatan Pertama.3. Surat Peringatan Kedua.4. Surat Peringatan Ketiga.5. Pemutusan Hubungan Kerja (PHK).

Sepanjang tahun 2016, seluruh pelanggaran yang terkait dengan Kode Etik Perseroan telah ditangani oleh divisi yang berwenang dan sudah diberikan sanksi sesuai dengan tingkat pelanggarannya.

Evaluation of The Implementation of Business Ethics and Corporate Culture

In 2016, as in previous years the compliance work unit has been conducting a survey to all employees regarding the implementation of Code of Conduct and the implementation level of compliance. In order to enhance the added value of the Company in the eyes of shareholders and stakeholders, then based on these survey results, hence aligned to these survey results, the Company will continue to implement the Code of Conduct consistently and the good level of compliance through a series of improvements following:

1. To increase knowledge and awareness of all employees in terms of behavior related to the business ethics and work ethics of the Company according to the condition of current business environment and challenges faced.

2. To improve knowledge of all employees related to the recent regulations issued by the government (regulatory concerns), through socialization at regular intervals for any recent regulations issued specifically which relevant to the Company's business industry.

3. To optimize the use of systems for reporting, monitoring, and follow up violations of whistleblowing system included in guaranteeing confidentiality of the complainant.

Violation of Code of Ethics

Employees who have violated the Company's Code of Conduct that related to the code of ethics and rules of discipline will be penalized in accordance with the Company's Regulation. As for type of sanctions given in accordance with the violation committed include:1. Letter of Reprimand.2. First Warning Letter.3. Second Warning Letter.4. Third Warning Letter.5. Termination of Employment (PHK).

In 2016, whole violations that associated with the Company's Code of Conduct have been addressed by the authorized division and has been sanctioned in accordance with the level of violation.



Dalam rangka menegakkan peraturan serta etika dan nilai-nilai budaya perusahaan, Perseroan telah membangun suatu mekanisme penanganan pelanggaran mulai dari pelaporan, proses penanganan, dan umpan balik kepada manajemen dan pelapor, yang bernama Whistleblowing System dimana sistem tersebut merupakan bagian yang tidak terpisahkan dari Anti Fraud Management System Perseroan. Lebih luas, pelaporan melalui whistleblowing system tidak hanya dibatasi pada permasalahan fraud semata, tetapi juga pelaporan atas kepatuhan dan/atau pelanggaran terhadap kebijakan dan prosedur serta etika dan nilai-nilai Perseroan. Sistem pelaporan ini memungkinkan pelapor tidak hanya dari karyawan internal namun juga dari pihak ekternal atau intermediary dan masyarakat umum yang memiliki kepentingan dengan Perseroan baik secara langsung maupun tidak langsung. Identitas pelapor bersifat rahasia dan laporan dapat disampaikan oleh pelapor tanpa mencantumkan identitasnya (anonim).

Mekanisme Penyampaian dan Pengelolaan Pelaporan Pelanggaran

Perseroan senantiasa menyosialisasikan whistleblowing system yang telah digunakan, baik kepada pihak internal maupun eksternal. Oleh karena itu, mekanisme pelaporan atas pelanggaran dapat disampaikan kepada Perseroan melalui berbagai media komunikasi seperti surat elektronik (email), surat pos dan telepon yang nantinya dilanjutkan kepada unit kerja yang telah ditunjuk untuk kemudian ditindaklanjuti.

Perlindungan bagi Whistleblower

Perseroan senantiasa menjamin kerahasiaan identitas whistleblower untuk melindungi pelapor dari hal-hal yang merugikan atau bahkan membahayakan pelapor.

Pihak yang Mengelola Pengaduan

Pelaporan atas pelanggaran maupun dugaan pelanggaran dapat disampaikan melalui berbagai media komunikasi kepada unit kerja yang telah ditunjuk untuk kemudian ditindaklanjuti. Khusus untuk pelanggaran fraud akan ditindaklanjuti dalam forum Fraud Oversight Committee (FOC) yang memiliki gugus tugas Fraud Risk Management Team untuk menentukan menindaklanjuti pelaporan permasalahan fraud, menentukan langkah-langkah tindak lanjut, hingga umpan baliknya kepada pelapor.

SISTEM PELAPORAN PELANGGARAN WHISTLEBLOWING SYSTEM

In order to enforce the rules and ethics and cultural values of the company, the Company has established a mechanism for addressing violations ranging from reporting, handling process, and feedback to the management and the complainant. It is called Whistleblowing System, an integral part of the Anti-Fraud Management System of the Company. Wider, the reporting through whistleblowing system is not only restricted to the fraud problem only, but also reporting on compliance and / or violations of policies and procedures and the ethics and values of the Company. This reporting system allows the complainant of not only internal employees but also from external parties or the intermediary and the general public who have an interest with the Company, either directly or indirectly. The reporter's identity will be confidential and the complainant can submit the report without specifying the identity (anonymous).

Mechanism for Submission and Management Reporting of Violations

The Company always socialize the whistleblowing system which has been used both to internal and external parties. Therefore, a reporting mechanism for violations can be submitted to the Company through various communication media such as electronic mail (email), regular mail and phone that will proceed to work units that have been designated for following up later.

Protection for Whistleblower

The Company always ensures the confidentiality of the whistleblower's identity to protect the complainant from things that detrimental or even harmful to the complainant.

Complaint Handling Party

Reporting over the violations or alleged violations can be delivered through various communication media to the unit that has been designated to be followed up later. Especially for the fraud offense will be followed up in the forum of Fraud Oversight Committee (FOC) which has a task force Fraud Risk Management Team to determine follow-up reporting of fraud issues, determine the follow-up steps, until giving feedback to the complainant.



Jumlah Pengaduan Pelanggaran dan Tindak Lanjut

Selama tahun 2016, seluruh pelaporan pelanggaran yang masuk telah dibahas dan ditindaklanjuti serta diberikan umpan baliknya kepada manajemen dan pelapor. Adapun pelaporan pelanggaran yang masuk di sepanjang 2016 telah diklasifikasikan kedalam 5 (lima) macam tindakan yaitu:

1. Penggelapan.2. Penipuan.3. Gratifikasi.4. Penyuapan.5. Pencurian.

Sanksi/Tindak Lanjut atas Pengaduan yang Telah Selesai Diproses pada Tahun 2016

Sepanjang 2016, seluruh pelaporan pelanggaran telah dibahas dan ditindaklanjuti, diberikan umpan baliknya kepada manajemen dan pelapor serta telah dijatuhkan putusan sanksi sesuai dengan tingkat pelanggaran yang dilakukan. Adapun jenis sanksi yang diberikan berkenaan dengan pelanggaran yang dilakukan antara lain:

1. Surat Teguran.2. Surat Peringatan Pertama.3. Surat Peringatan Kedua.4. Surat Peringatan Ketiga.5. Pemutusan Hubungan Kerja (PHK).6. Penurunan pangkat dan/atau jabatan dan/atau pengalihan tugas.7. Sanksi Pidana/Perdata.

Number of Violation Complaints and Follow-Up

During 2016, all of incoming reports have been discussed and acted upon as well as given feedback to the management and the complainant. As for number of incoming violations reporting during 2016 have been classified into 5 (five) kinds of action, namely:

1. Embezzlement.2. Fraud.3. Gratification.4. Bribery.5. Theft.

Sanctions/Follow-Up to the Complaint that has Finished Processed in 2016

During 2016, all of violation reports have been addressed and acted upon, given feedback to the management and the complainant and has imposed sanctions verdict in accordance with the violation level. As for the type of sanction given in accordance with the violations committed include:

1. Letter of Reprimand.2. First Warning Letter.3. Second Warning Letter.4. Third Warning Letter.5. Termination of Employment (PHK).6. Demotions and/or positions and/or handover.7. Criminal/Cilvil Sanctions.



TANGGUNG JAWAB SOSIAL

PERUSAHAANCORPORATE SOCIAL

RESPONSIBILITY




PENDAHULUANPREFACE

Perseroan menyadari bahwa kelangsungan bisnis suatu usaha tidak semata hanya diukur dari keberhasilan pada aspek finansial atau ekonomi semata, melainkan juga dipengaruhi oleh kinerja pada aspek sosial maupun lingkungan. Oleh karena itu, Perseroan sebagai anak perusahaan PT Astra International Tbk (“Astra”) yang tergabung dalam grup Astra Financial Services secara berkala selalu memperhatikan, menerapkan dan mengembangkan program-program pengembangan di bidang sosial dan lingkungan hidup guna mendorong partisipasi seluruh komunitas yang berada di sekitar lingkungan usaha Perseroan agar turut terlibat dalam kegiatan sosial dan lingkungan hidup yang diadakan oleh Perseroan. Dalam pelaksanaannya, kegiatan Corporate Sosial Responsibility (“CSR”) Perseroan berpedoman pada CSR grup Astra yang terbagi dalam 4 (empat) pilar utama yaitu:

1. Pilar Pendidikan, mencakup kegiatan yang mendukung kegiatan pendidikan.

2. Pilar Lingkungan, merupakan bentuk kepedulian Perseroan terhadap lingkungan sekitar baik internal maupun eksternal.

3. Pilar Kesehatan, merupakan bentuk kepedulian Perseroan dalam bidang kesehatan.

4. Pilar Pengembangan UKM, merupakan bentuk kepedulian Perseroan terhadap pemberdayaan masyarakat khususnya dalam bidang usaha kecil menengah.

Oleh karena itu, di sepanjang 2016 Perseroan kembali mengadakan berbagai kegiatan CSR sebagai bentuk tanggung jawab sosial perusahaan terhadap lingkungan, masyarakat dan stakeholders lainnya. Perseroan meyakini bahwa pelaksanaan kegiatan CSR yang berkelanjutan dapat meningkatkan nilai perusahaan di mata masyarakat luas sebagai sebuah entitas yang beretika dan bertanggung jawab.

The Company realizes that business continuity does not solely measured by the success in financial or economic aspects, but also influenced by the Company’s performance on social and environmental aspects. Therefore, the Company as a subsidiary of PT Astra International Tbk (“Astra”) which incorporated in the group of Astra Financial Services always pays attention, implement and developed programs in the areas of social development and the environment in order to encourage the participation of the communities who lived around the Company’s business areas to involve themselvesin social and environmental activities conducted by the Company. In practice, the implementation of the Company’s Corporate Social Responsibility (“CSR”) was guided by the Astra Group CSR which divided into 4 (four) main pillars, namely:

1. Educational Pillar, includes activities that support educational activities.

2. Environmental Pillar, a form of the Company’s concern to the surrounding environment either internal or external.

3. Healthcare Pillar, a form of the Company’s concern to the health sector.

4. SME Development Pillar, a form of the Company’s concern to the empowerment of society, especially in the field of small and medium enterprise.

Therefore, in 2016 the Company continued to hold various CSR activities as a form of corporate social responsibility to the environment, society and other stakeholders. The Company believes that the implementation of sustainable CSR activities may increase the company’s value in the eyes of the community as an ethical and responsible entity.



KALEIDOSKOP CSR 2016CSR KALEIDOSCOPE 2016

28 Maret 2016 March 28, 2016

Perseroan bekerja sama dengan Rumah Zakat menyelenggarakan kegiatan “Pemeriksaan Kesehatan dan Pengobatan Gratis” yang menyasar sekitar 200 warga, bertempat di Gedung Baru ACC Medan, Jl. SM Raja No. 41, Siti Rejo, Medan.

The Company in cooperation with Rumah Zakat held “Health Examination and Free Medical Treatment” which targeting to serve 200 citizens, located at new building of ACC Medan, Jl. SM Raja No. 41, Siti Rejo, Medan.

2 April 2016 April 2, 2016

Perseroan bekerja sama dengan Rumah Zakat mengadakan kegiatan “Pemeriksaan Kesehatan dan Pengobatan Gratis” kepada 100 warga Kota Bandung, bertempat di Kantor Cabang ACC, Jl. Naripan No. 24-26, Bandung.

The Company in cooperation with Rumah Zakat held “Health Examination and Free Medical Treatment” which expected to serve 100 citizens of Bandung, that located at ACC branch office, Jl. Naripan No. 24-26, Bandung.

Pada tahun 2016, Perseroan kembali mengadakan berbagai kegiatan CSR sebagai bentuk tanggung jawab terhadap lingkungan dan masyarakat untuk memastikan bahwa Perseroan telah berhasil membangun sinergi dengan seluruh pemangku kepentingan, antara lain:

In 2016, the Company held several CSR activities as a form of its responsibility to the environment and the community in order to ensure that the Company has successfully built synergy with all stakeholders, among others:

22 April 2016 April 22, 2016

Perseroan bekerja sama dengan Rumah Zakat menggelar “Pemeriksaan Kesehatan dan Pengobatan Gratis” kepada 209 warga Surabaya, bertempat di Halaman Masjid Baitullah, Jl. Bungur Asih Timur I No. 17, Surabaya.

The Company in cooperation with Rumah Zakat held “Health Examination and Free Medical Treatment” to 209 citizens in Surabaya, that located at Baitullah Mosque, Jl. Bungur East Asih No. 17, Surabaya.

26 Mei 2016 May 26, 2016

Perseroan bekerja sama dengan Rumah Zakat mengadakan kegiatan “Pemeriksaan Kesehatan dan Pengobatan Gratis”, bertempat di Jl. T. Imum Lueng Bata No. 3/14, Simpang Surabaya, Banda Aceh.

The Company in cooperation with Rumah Zakat held “Health Examination and Free Medical Treatment”, that located at Jl. T. Imum Lueng Bata No. 3/14, Simpang Surabaya, Banda Aceh.



30 Mei 2016 May 30, 2016

Unit Usaha Syariah Astra Credit Companies (ACC) bekerja sama dengan Permatabank Syariah menggelar “Pelatihan Kompetensi Guru” untuk yang kedua kalinya kepada 100 guru Pendidikan Anak Usia Dini (PAUD) se-DKI Jakarta dengan mengusung tema “Transformational Leadership (Menanamkan Akhlak, Ilmu dan Peradaban)”, bertempat di Gedung Permatabank Bintaro.

Sharia Unit of Astra Credit Companies (ACC) cooperated with Permatabank Syariah in conducting “Training of Teacher Competence” for the second times to 100 teachers of Early Childhood Education (ECD) in DKI Jakarta with the theme of “Transformational Leadership (Cultivating Morals, Science and Civilization)”, that held at Permatabank Building, Bintaro.

23 Agustus 2016 August 23, 2016

Perseroan mengadakan kegiatan “Pemeriksaan Kesehatan dan Pengobatan Gratis” sebagai bagian dari rangkaian kegiatan CSR perusahaan di bidang kesehatan, bertempat di kantor cabang ACC, Jl. Bethesda No. 34, Manado.

The Company in cooperation with Rumah Zakat held “Health Examination and Free Medical Treatment”, as part of the company’s CSR activities in the field of health, that located at ACC branch office, Jl. Bethesda No. 34, Manado.

25 Agustus 2016 August 25, 2016

Perseroan bekerja sama dengan Rumah Zakat cabang Makassar mengadakan kegiatan ACC Berbagi melalui sejumlah pelatihan dan pendampingan terhadap Himpunan Wanita Disabilitas Indonesia (HWDI), bertempat di kantor HWDI Makasar di Jl. Melati I No. 3, Komplek Maizonet, Makassar.

The Company in cooperation with Rumah Zakat Makassar branch held an event ACC Sharing through a number of training and assistance to the Association of Women with Disability Indonesia (HWDI), that held at the office of HWDI Makassar, Jl. Melati I # 3, complex Maizonet, Makassar.

8 September 2016 September 8, 2016

Dalam rangka memperingati hari raya Idul Adha 1437 H, Perseroan menyalurkan 10.430 Paket Superkurban kepada seluruh masyarakat yang tinggal di sekitar kantor cabang yang tersebar di seluruh Indonesia. Penyerahan paket tersebut secara simbolis dilakukan pada tanggal 8 September 2016 bertempat di kantor pusat ACC, Jl. TB. Simatupang No. 90, Jakarta Selatan.

In order to celebrate Eid al-Adha 1437 H, the Company has channelled 10,430 Superkurban packages to communities around branch offices throughout Indonesia. The distribution of the package was symbolically held on September 8, 2016 at the ACC head office, Jl. TB. Simatupang No. 90, South Jakarta.




Perseroan mengadakan “Pemeriksaan Kesehatan dan Pengobatan Gratis” bertempat di Kantor Cabang ACC Jambi, Jl. Sumantri Brojonegoro No.96, Jambi.

The Company held "Health Examination and Free Medical Treatment" that took place at ACC branch office, Jl. Sumantri Brojonegoro 96, Jambi.


Perseroan mengadakan “Pemeriksaan Kesehatan dan Pengobatan Gratis” bertempat di Kampung Berseri Astra, Balikpapan.

The Company held "Health Examination and Free Medical Treatment" that took place at Berseri Astra Village, Balikpapan.


Perseroan melalui perwakilan Area Manager Operation ACC - Jawa Barat, Dominicus, Area Manager AR ACC - Jawa Barat, Nikmatullah dan Branch Manager ACC - Tasikmalaya, Budiman merespons bencana banjir bandang yang terjadi di Garut dengan turun langsung membagikan bantuan kepada warga Kampung Mekar Sari, Kampung Bojong Sudika dan Kampung Cimacan di Desa Haur Panggung, Kecamatan Tarogong Kidul, Garut.

The Company through the representative of Operational Area Manager ACC - West Java, Dominicus, Area Manager AR ACC - West Java, Nikmatullah and Branch Manager ACC - Tasikmalaya, Budiman responded to the flood disaster that occurred in Garut by directly distributing all assistances to citizens of Kampung Mekar Sari, Kampung Bojong Sudika and Kampung Cimacan in Haur Panggung Village, Subdistrict of Tarogong Kidul, Garut.

3 Oktober 2016 October 3, 2016

Perseroan mengadakan kegiatan ”Pemeriksaan Kesehatan dan Pengobatan Gratis” yang menyasar 100 warga Yogyakarta, bertempat di kantor ACC, di Ruko Sumber Baru Square 2 Kav. G-H, Jl. Ring Road Utara Sendangadi Mlati, Sleman, Yogyakarta.

The Company held "Health Examination and Medical Treatment Guide" which expected to serve 100 citizens of Yogyakarta, located at ACC branch office, Ruko Sumber Baru Square 2 Kav. G-H, Jl. Ring Road Utara Sendangadi Mlati, Sleman, Yogyakarta.




Perseroan mengadakan kegiatan ”Pemeriksaan Kesehatan dan Pengobatan Gratis”, bertempat di halaman gedung baru ACC Solo, di Kompleks Office Park Unit B1 – The Park Solo, Madegondo Grogol, Sukoharjo, Solo.

The Company held "Health Examination and Free Medical Treatment", that located at new building of ACC branch office, Kompleks Office Park Unit B1 – The Park Solo, Madegondo Grogol, Sukoharjo, Solo.


Perseroan menyelenggarakan ACC Berbagi Ilmu di Kediri dan Malang, dalam rangka mengeksekusi kegiatan CSR di bidang pendidikan serta untuk mendukung program Literasi dan Inklusi Keuangan yang diselenggarakan oleh Otoritas Jasa Keuangan (OJK).

The Company conducted ACC Sharing Knowledge in Kediri and Malang, in order to implement CSR activities in the field of education and to support Literacy and Financial Inclusion program that organized by the Financial Services Authority (FSA).

22 Desember 2016 December 3, 2016

Perseroan mengadakan kegiatan penghijauan di Kota Binjai dengan melakukan penanaman pohon buah dan pembangunan Rumah Kebun di Kampung Cengkeh Turi, Binjai, Sumatera Utara.

The Company held reforestation activities in Binjai by planting fruit trees and building the house of garden in Clove Turi Village, Binjai, North Sumatra.



TANGGUNG JAWAB SOSIAL TERHADAP LINGKUNGAN HIDUPSOCIAL RESPONSIBILITY TOWARD THE ENVIRONMENT

Dalam menjalankan kegiatan operasional bisnis perusahaan, Perseroan senantiasa menjamin kelestarian lingkungan hidup sebagai bentuk komitmen dan tanggung jawab dalam membangun iklim bisnis yang harmonis dengan seluruh pemangku kepentingan. Oleh karena itu, poin kebijakan mengenai aspek kelestarian lingkungan hidup selalu menjadi bagian yang melekat pada standar sistem operasional demi menjaga keseimbangan ekosistem lingkungan hidup.

• Program Penghijauan: ACC Productive Garden Perseroan menyelenggarkan program peduli lingkungan

dengan mengembangkan taman produktif dengan berbagai macam tanaman obat dan buah-buahan sebanyak 200 bibit tanaman. Program ini dilakukan di kampung Cengkeh Turi, Kampung Berseri Astra (KBA) di Kota Binjai, Medan.

• Penggunaan Material Dalam rangka mendukung terciptanya keseimbangan

ekosistem lingkungan hidup, Perseroan telah menerapkan kebijakan pemanfaatan air limbah STP di lingkungan kantor pusat yang dikelola oleh pihak ke-3. Selain itu, Perseroan juga telah menerapkan kebijakan lainnya seperti penggunaan reuse paper, mengoptimalkan penggunaan email sebagai media untuk menyebarluaskan pengumuman atau sosialisasi di internal perusahaan, dan melakukan simplifikasi dokumen kontrak agar menjadi lebih tipis.

• Penghematan Energi Perseroan senantiasa melakukan penghematan energi

dalam menjalankan kegiatan operasional perusahaan. Untuk mewujudkan hal tersebut, Perseroan telah melakukan beberapa upaya penghematan energi, antara lain dengan mengganti lampu neon menjadi lampu berjenis LED, mematikan AC sentral selama jam istirahat yang sudah diberlakukan di kantor pusat dan kantor cabang Perseroan di Fatmawati, dan pemasangan stiker yang berisi himbauan untuk menghemat air di toilet.

Selama tahun 2016, Perseroan belum memiliki sertifikasi di bidang lingkungan hidup.

In running the Company's business operations, the Company always ensures the preservation of the environment as a form of commitment and responsibility in creating the harmonious business climate with all stakeholders. Therefore, the policy point regarding aspects of environmental sustainability has always been a part attached to the standard operating system in order to maintain the ecosystem environmental balance.

• Greening Program: ACC Productive Garden The Company held the environmental awareness program to

develop a productive garden with a variety of herbs and fruits as much as 200 seedlings. This program was conducted at Cengkeh Turi village, Kampung Berseri Astra (KBA) in Binjai, Medan.

• Use of Materials In order to support the creation of balance environmental

ecosystem, the Company has implemented a policy of using the STP waste water at head office area which currently managed by the 3rd party. In addition, the Company also implemented other policies such as reuse of paper, optimization the use of email as a medium to disseminate announcements or internal socialization, and simplify the contract document in order to be thinner.

• Energy Consumption The Company continuously saves more energy in running

the company's operation activities. In order to realize it, the Company has implemented several energy saving efforts, among others replacing all fluorescent lamps into LED lamp type, turning off the central air conditioner during the break time which has been implemented at the head office and Fatmawati branch office, and putting stickers in toilets to remind about saving the water.

During 2016, the Company has not been certified yet in the environmental field.



TANGGUNG JAWAB TERHADAP KETENAGAKERJAAN, KESEHATAN DAN KESELAMATAN KERJA (K3)SOCIAL RESPONSIBILITY TOWARD THE OCCUPATIONAL, HEALTH AND SAFETY (K3)

Dalam menjalankan kegiatan bisnisnya terutama yang berkaitan dengan tenaga kerja, Perseroan senantiasa berpedoman pada UU No. 1 Tahun 1970 tentang Keselamatan Kerja, UU No. 23 Tahun 1992 tentang Kesehatan, dan UU No. 13 Tahun 2003 tentang Ketenagakerjaan. Menyadari bahwa keselamatan dan kesehatan kerja (K3) karyawan merupakan hal penting yang dapat menunjang produktivitas kerja perusahaan secara optimal, maka Perseroan selalu menjaga komitmen untuk secara konsisten memberikan perhatian serta menjamin keselamatan dan kesehatan kerja seluruh karyawan yang merupakan aset penting bagi perusahaan. Setiap tahun, Perseroan selalu melakukan review terhadap kebijakan yang ada dan menyesuaikannya dengan kebijakan terbaru yang memiliki korelasi yang relevan dengan perusahaan. Selain itu, manajemen juga melakukan sosialisasi kepada seluruh karyawan setiap tahunnya untuk bersama-sama menerapkan kebijakan tersebut.

Penerapan Ketenagakerjaan, Kesehatan dan Keselamatan Kerja (K3)

Perseroan senantiasa memperhatikan dan menjamin aspek keselamatan dan kesehatan kerja seluruh karyawan sebagai prioritas utama yang menunjang keberlangsungan operasional bisnis Perseroan. Untuk mewujudkan hal tersebut, Perseroan berupaya menciptakan lingkungan kerja yang kondusif melalui pelaksanaan berbagai program guna meningkatkan kesadaran karyawan terhadap pentingnya Keselamatan dan Kesehatan Kerja (K3). Sebagai wujud nyata atas komitmen tersebut, Perseroan telah melaksanakan beberapa kegiatan CSR terkait sistem manajemen keselamatan dan kesehatan kerja adalah sebagai berikut:

1. Bidang Ketenagakerjaan

• Kesejahteraan Karyawan

Sebagai perusahaan pembiayaan terkemuka di Indonesia, Perseroan senantiasa memerhatikan kesejahteraan seluruh karyawannya agar dapat saling bersinergi demi terciptanya produktivitas kerja yang optimal. Program peningkatan kesejahteraan karyawan diberikan dalam bentuk tunjangan transportasi, tunjangan makan, tunjangan pensiun, tunjangan hari raya, tunjangan jabatan, bonus, sumbangan pendidikan, tunjangan pengobatan, seragam perusahaan, tunjangan cuti, sumbangan dukacita dan sumbangan pernikahan. Selain dalam bentuk materi, Perseroan juga berupaya meningkatkan kesejahteraan karyawannya dengan menyediakan ruang laktasi khusus bagi karyawan perempuan yang sedang menyusui di kantor pusat. Selain

In running its business activities especially in relation to employment, the Company always refers to the Law No. 1 Year 1970 on Work Safety, Law No. 23 of 1992 on Health, and Law No. 13 Year 2003 on employment. Recognizing that the occupational, health and safety (K3) of employees is an important thing to support the optimum productivity of the Company's works therefore the Company always maintains its commitment to consistently provide attention and ensure the safety and health of all employees which are important assets for the Company. Every year, the Company always conducted review over the existing policy and adapt those policies to the current policy which have a relevant correlation with the Company. In addition, the management also socializes to all employees every year to jointly implement those policies.

The Implementation of the Occupational, Health and Safety (K3)

The Company always pays attention and ensures the health and safety of all employees as the top priority which support the sustainability of the Company's business operations. In order to realize it, the Company strives to create conducive working environment through the implementation of various programs for increasing the employees' awareness of the importance of Occupational Health and Safety (K3). As a concrete manifestation of its commitment, the Company has undertaken several CSR activities that related to the safety and health management system of work, among others:

1. Employment Practices

• Employee Welfare

As a leading finance company in Indonesia, the Company pays attention to the welfare of its employees in order to build synergy and create the optimal work productivity. The enhancement of the Company's employees welfare programs are given in the form of transportation allowance, meal allowance, pension allowance, holiday allowance, functional allowance, bonuses, education donation, medical allowance, uniforms, leave pay, bereavement and wedding donation. In addition to a material form, the Company also attempts to improve the welfare of its employees by providing lactation room for its woman employees whom still breastfeeding at the head office. In addition to facilitating the lactation room, the Company



memfasilitasi ruang laktasi, Perseroan juga menyediakan fasilitas kepada para karyawan yang sudah memiliki anak dengan membuka Tempat Penitipan Anak (TPA) yang beroperasi selama 1 minggu setelah masa masa libur hari Raya Idul Fitri. Perseroan juga menyediakan toilet disabilitas di kantor pusat.

• Kesetaraan Gender dan Kesempatan Kerja

Dalam melakukan perekrutan karyawan, Perseroan senantiasa memberikan hak dan kesempatan yang sama kepada semua pendaftar tanpa memandang perbedaan agama, etnis, ras, status sosial, warna kulit, jenis kelamin, ataupun kondisi fisik lainnya. Demikian juga dalam hal pengangkatan calon pekerja, Perseroan tidak melakukan diskriminasi atas alasan apapun karena mendasarkan keputusannya pada hasil seleksi, hasil evaluasi pada masa percobaan dan orientasi pekerja.

• Kesetaraan Dalam Program Pendidikan dan Pelatihan

Dalam rangka meningkatkan kemampuan dan kapasitas karyawan, Perseroan secara berkesinambungan menyelenggarakan beberapa program pendidikan dan pelatihan untuk menunjang kegiatan operasional perusahaan. Dalam pelaksanaannya, Perseroan senantiasa menjamin bahwa setiap karyawan memiliki kesempatan yang sama untuk mengikuti setiap program pendidikan dan pelatihan yang dibuka sesuai dengan kebutuhan dan rencana pengembangan perusahaan. Penjelasan lebih lanjut mengenai Program Pelatihan dan Pendidikan yang telah dilaksanakan di sepanjang 2016 dapat dilihat pada Bab “Sekilas Perusahaan”, sub-bab “Profil Karyawan”, halaman 60-61.

• Ikatan Karyawan

Dalam rangka mendukung iklim kerja yang harmonis antara perusahaan dengan seluruh karyawan, Perseroan memfasilitasi seluruh karyawannya untuk bergabung dalam sebuah organisasi bernama Ikatan Karyawan ACC (IKAR-ACC). Pembahasan lebih lanjut mengenai hal ini dapat dilihat pada Bab “Sekilas Perusahaan”, Sub-Bab “Profil Karyawan”, halaman 62.

• Remunerasi

Perseroan telah menaati semua regulasi yang berlaku terkait remunerasi karyawan, dimana besaran remunerasi seluruh karyawan telah disesuaikan berada di atas standar Upah Minimum yang berlaku di wilayah operasional Perseroan.

also provides facility to its employees whose children by opening Daycare (TPA), which operates during the first week after Eid Al-Fitr Holiday.The Company also provides disabled toilet in the head office.

• Equality in Gender and Employment

In recruiting employees, the Company always provides an equal rights and opportunities to all applicants regardless of religion, ethnicity, race, social status, skin color, gender, or other physical conditions. Likewise in the case of the appointment of a worker, the Company does not discriminate on any reason because the decision is based on the results of selection, evaluation results on probation period and orientation of workers.

• Equality in Education and Training Program

In order to improve the capability and capacity of its employees, the Company continuously organizes several educational and training programs to support the company's operations. In practice, the Company always ensures that every employee has an equal opportunity to participate in any education and training programs that opened according to the needs and development plans of the company. Further explanation of Training and Education Programs which has been implemented throughout 2016 can be seen in Chapter "Corporate Overview", sub-chapter "Employee Profile", page 60-61.

• Employees Relation

In order to support a harmonious working climate between the Company and all employees, the Company facilitates all of its employees to join an organization called the Association of Employees ACC (IKAR-ACC). Further discussion on these subject matters can be seen in Chapter "Corporate Overview", Sub-Chapter "Employee Profile", page 62.

• Remuneration

The Company has been complied with all applicable regulations that related to employee remuneration, where remuneration of all employees has been adjusted to be above the minimum wage standards applicable in the Company's operational areas.



• Tingkat Turnover Karyawan

Pada tahun 2016 jumlah karyawan Perseroan mengalami peningkatan sebesar 1,26% dari tahun sebelumnya, dan perputaran (turnover) karyawan Perseroan masih dalam batas yang wajar.

• Mekanisme Pengaduan Masalah Ketenagakerjaan

Dalam rangka menciptakan iklim kerja yang kondusif, Perseroan menjamin agar hak seluruh karyawan senantiasa terpenuhi. Oleh karena itu, Perseroan menyediakan fasilitas pengaduan bagi karyawan yang berkaitan dengan ketenagakerjaan yaitu berkonsultasi ke departemen Human Capital – Industrial Relation. Baik mengenai Hak-hak karyawan atau kewajiban karyawan yang terkait dengan ketenagakerjaan.

2. Bidang Kesehatan Perseroan menyadari bahwa kualitas kesehatan seluruh

karyawan merupakan salah satu hal penting karena dinilai memiliki peranan penting dalam mendukung kinerja karyawan sebagai individu maupun perusahaan secara keseluruhan. Oleh karenanya, Perseroan senantiasa berupaya menunjang kualitas kesehatan seluruh karyawan dengan memberikan fasilitas general medical check-up dan fasilitas jaminan kesehatan kepada seluruh karyawan baik yang berstatus karyawan tetap maupun tidak tetap dengan harapan agar setiap karyawan dapat lebih termotivasi dalam menjaga kesehatannya masing-masing. Selain itu, Perseroan juga memberikan fasilitas kesehatan kepada keluarga karyawan. Sepanjang tahun 2016, Perseroan telah mengadakan serangkaian kegiatan untuk menunjang kualitas kesehatan seluruh karyawannya, antara lain:

• Medical check-up Perseroan secara berkala memfasilitasi karyawannya

untuk melakukan medical check-up. Pada tahun ini, kegiatan tersebut sudah dilakukan pada tanggal 29 – 30 Maret 2016 di kantor pusat dan tanggal 4 sampai dengan 8 April 2016 di kantor cabang Perseroan.

• Fogging

Guna menjamin lingkungan kerja yang aman bagi seluruh karyawan, Perseroan secara rutin melakukan fogging di area kantor pusat secara rutin minimal setiap 2 (dua) minggu sekali. Selain itu, kegiatan fogging juga dilakukan di kantor-kantor cabang Perseroan sesuai dengan jadwalnya masing-masing.

• Employee Turnover Level

The Company's number of employees in 2016 increased by 1.26% compared with the previous year and the Company's employee turnover was still remained stable.

• Complaints Mechanism

In order to create a conducive working environment, the Company ensures that the rights of all employees always be fulfilled. Therefore, the Company provides complaints facility for employees that in relation with manpower namely consulted with the Human Capital department - Industrial Relations. Either on the rights of employees or the employee obligation that associated with manpower.

2. Health Sector The Company realizes that the health quality of all employees

is one of important things because it is considered to have an important role in supporting the performance of employees as individuals and the company as a whole. Therefore, the Company strives to support the health quality of all employees by providing facility of general medical check-up and health insurance facility to all employees either to permanent employees status or temporary status with the expectation that every employee can be motivated to maintain their health. In addition, the Company also provides health facilities to the employee's family. Throughout 2016, the Company has held a series of activities to support the health quality of all employees, among others:

• Medical check-up

The Company periodically facilitates employees to conduct medical check-up. This year, these activities has been held on 29 - 30 March, 2016 at the head office and 4 - 8 April 2016 at the branch office of the Company.

• Fogging

In order to ensure a safe working environment for employees, the Company routinely does fogging in the head office area regularly at least once every 2 (two) weeks. In addition, fogging activities are also conducted at the branch offices of the Company that in accordance to the respective schedule.



3. Bidang Keselamatan Kerja

Sepanjang tahun 2016, Perseroan telah mengadakan beberapa kegiatan di bidang keselamatan kerja, di antaranya:

• Latihan Kesiapan Prosedur Tanggap Darurat Sosialisasi Pelatihan Pemadaman Api dilakukan secara

rutin minimal 1x setiap tahun dan diikuti oleh seluruh karyawan yang tergabung dalam Tim Tanggap Darurat.

• Sosialisasi Tanggap Darurat Gedung

Kegiatan ini dilakukan secara rutin minimal 1x setiap tahun dan diikuti oleh seluruh karyawan di kantor pusat.

• Sosialisasi Pelatihan First Aid

Kegiatan ini dilakukan secara rutin minimal 1x setiap tahun dan diikuti oleh seluruh karyawan yang tergabung dalam Tim Tanggap Darurat.

• Inspeksi Alat-Alat Kebakaran

Selain memberikan pelatihan kesiapan prosedur tanggap darurat, Perseroan juga secara berkala melakukan pengecekan peralatan dan sarana keselamatan gedung. Pengecekan dilakukan secara internal dan eksternal. Pengecekan internal dilakukan oleh Divisi General Affairs minimal 1x di setiap bulan, sedangkan pengecekan eksternal dilakukan oleh Dinas Pemadam Kebakaran yang rutin dilakukan setiap bulan April di setiap tahunnya.

Terkait bidang keselamatan kerja, Perseroan telah mendapatkan sertifikasi yang mendukung jaminan keselamatan kerja karyawan sebagai berikut:

Jenis SertifikasiType of Certification

Pemberi Sertifikasi Institution Name

Masa BerlakuValidity Period

OHSAS 18001 PT SGS Indonesia 2015-2018

3. The Field of Work Safety

During 2016, the Company has organized several activities in the field of work safety among others:

• The Readiness Practice of Emergency Response Procedures

The socialization of fire extinguishing training has been carried out regularly at least once every year and followed by all employees who are members of the Emergency Response Team.

• Socialization of Building Emergency Response

This activity is carried out regularly at least once every year and followed by all employees in the head office.

• Socialization of First Aid Training

This activity is carried out regularly at least once annually and followed by all employees who are members of the Emergency Response Team.

• The Inspection of Fire Tools

In addition to provide training about the readiness of emergency response procedure, the Company also periodically checks the equipment and means of building safety. The checking is conducted internally and externally. The checking carried out by the Division of General Affairs at least once a month, while the external check that carried out by the Fire Department is conducted routinely every April in each year.

Related to the occupational safety, the Company has obtained certification that supports assurance of employees' safety as follows:



TANGGUNG JAWAB SOSIAL TERHADAP SOSIAL DAN MASYARAKATSOCIAL RESPONSIBILITY TOWARD SOCIAL AND COMMUNITY

Perseroan senantiasa menjaga komitmen untuk tidak semata hanya mementingkan keuntungan finansial bagi perusahaan, tetapi juga mewujudkan kesejahteraan masyarakat dan lingkungan sekitar. Oleh karena itu, di sepanjang 2016, Perseroan telah melaksanakan berbagai kegiatan CSR di bidang sosial dan masyarakat, meliputi:

1. Bidang Pendidikan Pilar bidang pendidikan mencakup kegiatan yang mendukung

kegiatan pendidikan. Beberapa kegiatan yang sudah dilaksanakan Perseroan, antara lain:• ACC Educlass Program pendidikan yang ditujukan kepada siswa sekolah

mulai tingkat dasar sampai menengah atas yang telah dilaksanakan di 5 (lima) kota, yaitu Tangerang, Jakarta, Bogor, Kediri dan Malang, dengan total 670 jumlah jam mengajar. Program pendidikan ini turut mendukung kegiatan edukasi literasi keuangan dan kampanye inklusi keuangan yang dicanangkan OJK.

• Kampanye Indonesia Ayo Aman Berlalu Lintas (IAABL)

Kampanye keselamatan berkendara dalam mendukung program pemerintah dengan fokus sosialisasi paparan keselamatan berkendara dan pembentukan Pelopor IAABL. Perseroan telah melaksanakan sosialisasi paparan keselamatan berkendara dengan menyumbangkan 3.500 (tiga ribu lima ratus) traffic cone dalam menyukseskan Mudik Lebaran tahun 2016 di jalur DKI dan Jawa Tengah. Pembentukan Pelopor IAABL dilakukan dengan penyuluhan program safety riding kepada 600 (enam ratus) siswa menengah atas di DKI Jakarta dan pemberian SIM gratis yang bekerja sama dengan Polda Metro Jaya.

2. Bidang Kesehatan Merupakan bentuk kepedulian Perseroan dalam bidang

kesehatan dengan berbagai macam kegiatan yang telah dilaksanakan, antara lain:• Pengobatan Gratis & Penyuluhan Kesehatan

Kegiatan pemeriksaan kesehatan, pengobatan, dan penyuluhan kesehatan diberikan kepada masyarakat di lingkungan sekitar kantor cabang Perseroan yang telah dilaksanakan di 11 (sebelas) kota di Indonesia, antara lain Aceh, Medan, Pekanbaru, Jambi, Bandung, Yogyakarta, Solo, Surabaya, Manado, Balikpapan, Samarinda. Pada kegiatan ini, tercatat sebanyak 1.116 (seribu seratus enam belas) penerima manfaat telah menerima manfaat program ini.

• Donor Darah

Kegiatan donor darah dilaksanakan di Perseroan bekerja sama dengan Palang Merah Indonesia (PMI) dengan

The Company always keeps its commitment to not solely concern about the Company's benefit financially, but also realizes the public welfare and the environment. Therefore, in 2016, the Company has implemented several CSR activities in the field of social and community, include:

1. Educational Sector

Educational Pillar includes activities that support educational activities. Some activities already carried out by the Company, among others:• ACC Educlass

The education program which addressed to school students start from primary to senior high level has been implemented in 5 (five) cities, namely Tangerang, Jakarta, Bogor, Kediri and Malang, with the total of 670 teaching hours. This educational program also supports educational activities of financial literacy and financial inclusion campaign which launched by the FSA.

• Kampanye Indonesia Ayo Aman Berlalu Lintas (IAABL)

The safety riding campaign in terms of supporting the government program was conducted by focusing on exposure socialization of driving safety and the establishment of the Pioneer of IAABL. The Company has conducted exposure socialization of driving safety by donating 3,500 (three thousand five hundred) traffic cones in supporting the success of "Mudik Lebaran 2016" in areas of Jakarta and Central Java. The establishment of the Pioneer of IAABL was conducted through safety riding socialization program to 600 (six hundred) high school students in Jakarta and the provision of free SIM together with Polda Metro Jaya.

2. Health Sector

A form of the Company's concern in the health sector through several activities that have been conducted, among others:

• Free Medical Treatment & Health Counseling

The activity of health examination, medical treatment and health counseling to residents in the Company's branch offices neighborhood which have been implemented in 11 (eleven) cities in Indonesia, including Aceh, Medan, Pekanbaru, Jambi, Bandung, Yogyakarta, Solo, Surabaya, Manado, Balikpapan, Samarinda. In this activity, there were 1,116 (one thousand one hundred and sixteen) beneficiaries whom have received benefits of this program.

• Blood Donation The blood donation activity was held at the Company

which in cooperation with the Indonesian Red Cross



(PMI) by involving all employees, customers and public. This blood donation program has been implemented throughout 2016 and has produced 1,822 (one thousand eight hundred and twenty two) bags of blood.

• Mass Circumcision

Mass circumcision programs as well as health counseling programs were given to 50 (fifty) boys who lived around the Company's branch office at Samarinda.

3. SMEs Sector

A form of the Company's concern about the empowerment of society, especially in the field of small and medium enterprise that manifested by the convening of several activities, among others:

The SME Program: "Moving for Disability"

The Company provided SME mentoring program for disabled women who has already be members of the Association of Women with Disability Indonesia (HWDI), located in Makassar. This program was a vocational training program that include the provision of working capital and the provision of work production tools, and were also a mentoring program which performed continuously by the Company. Through these activities, there were 34 (thirty four) disabled women have received benefits of the program.

4. Other CSR Programs

In addition to three types of CSR activities mentioned above, the Company also has carried out several CSR activities in other forms to the community and society, among others:• Let’s Go ACC

Free bus borrowing program was given to the people and communities who need transportation modes to support social and educational activities. Through these activities, there were 17,427 (seventeen thousand four hundred and twenty seven) people have received benefits from the free bus program which has operated across the Greater Jakarta.

• Ramadhan Spirit 1437 H

As a gratitude in welcoming the month of Ramadhan and Eid al-Fitr, the Company held social activity with orphan children and duafa at the orphanage that located in the Company's office area. These social activities conducted by giving donations and education gifts in the form of school supplies.

• Happy Qurban

The Company celebrated the Eid al-Adha by giving sacrifice animals to communities which lived around the

melibatkan partisipasi dari karyawan, pelanggan serta masyarakat umum. Kegiatan donor darah ini dilakukan di sepanjang tahun 2016 dan telah menghasilkan 1.822 (seribu delapan ratus dua puluh dua) kantong darah.

• Khitanan Massal

Program khitanan massal serta penyuluhan kesehatan yang diberikan kepada 50 (lima puluh) orang anak laki-laki yang berada di sekitar lingkungan kantor cabang Perseroan di Samarinda.

3. Bidang UKM

Merupakan bentuk kepedulian Perseroan terhadap pemberdayaan masyarakat khususnya dalam bidang usaha kecil menengah, diwujudkan dengan diselenggarakannya berbagai kegiatan, antara lain:Program UKM: “Bergerak untuk Disabilitas

Perseroan memberikan program pendampingan UKM kepada perempuan disabilitas yang tergabung dalam Himpunan Wanita Disabilitas Indonesia (HWDI), bertempat di Makassar. Program ini merupakan program pelatihan keterampilan yang meliputi penyediaan modal kerja dan alat – alat kerja produksi, dan sekaligus merupakan program pendampingan yang dilakukan terus-menerus oleh Perseroan. Melalui kegiatan ini, tercatat sebanyak 34 (tiga puluh empat) perempuan disabilitas telah mendapatkan manfaat program ini.

4. Program CSR Lainnya

Selain ke-3 jenis kegiatan CSR di atas, Perseroan juga melaksanakan kegiatan CSR dalam bentuk lainnya kepada komunitas dan masyarakat, antara lain:• Let’s Go ACC

Program peminjaman bus gratis diberikan kepada masyarakat dan komunitas yang membutuhkan moda transportasi untuk menunjang kegiatan sosial dan pendidikan. Melalui kegiatan ini, tercatat sejumlah 17.427 (tujuh belas ribu empat ratus dua puluh tujuh) orang sudah merasakan manfaat program bus gratis yang beroperasi di seluruh wilayah Jabodetabek.

• Spirit Ramadhan 1437 H

Sebagai rasa syukur dalam menyambut bulan ramadhan dan Idul Fitri, Perseroan mengadakan kegiatan bakti sosial dengan anak-anak yatim dan dhuafa di panti asuhan yang terletak di area Kantor Perseroan. Kegiatan bakti sosial ini dilakukan dengan berbagi dalam bentuk pemberian sumbangan dan kado pendidikan berupa alat-alat sekolah.

• Gembira Ber-Qurban

Perseroan merayakan Idul Adha dengan memberikan hewan Qurban kepada masyarakat yang tinggal di sekitar



kantor Perseroan yang pelaksanaannya dilakukan pada bulan September 2016, dimana sejumlah 10.430 paket Qurban telah tersalurkan.

• Donasi Program

Aktivitas donasi yang dilakukan perseroan merupakan bentuk tanggung jawab sosial dan respons Perseroan terhadap dinamika masyarakat dan perubahan lingkungan yang terjadi. Donasi yang telah disalurkan adalah sebagai berikut:

- Program Sosial: Mobil Disabilitas TransJakarta

Perseroan menyumbangkan 2 (dua) unit minibus untuk moda transportasi bagi penyandang disabilitas kepada Pemprov DKI yang dikelola oleh TransJakarta.

- Bantuan Tanggap Bencana: Banjir Bandang Garut

Aksi cepat tanggap dalam memberikan bantuan obat-obatan, makanan serta pakaian bagi korban banjir bandang garut di bulan September 2016.

- Bantuan donasi lainnya diberikan kepada masyarakat dan komunitas sekitar di lingkungan kantor Perseroan.

Company's office which carried out on September 2016, where a total of 10,430 Qurban packages have been channeled.

• Donation Program

The donation activity which conducted by the company was a form of social responsibility and the Company's response to the dynamics of society and the changing environment. Donations that have been channeled were as follows:

- Social Program: Car Disability of TransJakarta

The Company donated 2 (two) units of minibus for transportation modes specifically for disable people to the city government of DKI Jakarta which run by TransJakarta.

- Aid Disaster Response: Garut Flood

Fast Action Response in providing medical aid, food and clothing for Garut flood victims in September 2016.

- Other donation assistances were given to the society and its surrounding communities at the Company's office neighborhood.



TANGGUNG JAWAB SOSIAL TERHADAP PRODUK DAN NASABAHSOCIAL RESPONSIBILITY TO THE PRODUCT AND THE CUSTOMER

Perseroan senantiasa memenuhi tanggung jawab sosial terhadap konsumen/pelanggan demi meningkatkan kepuasan dan kenyamanan seluruh pelanggan dengan senantiasa memberikan pelayanan yang prima. Sebagai wujud atas komitmen Perseroan tersebut, di sepanjang 2016, Perseroan telah menjalankan berbagai kegiatan CSR di bidang konsumen/pelanggan melalui berbagai implementasi kegiatan, antara lain:

• Turut serta dalam kegiatan Pasar Keuangan Rakyat yang diadakan oleh Otoritas Jasa Keuangan di Medan pada tanggal 20 – 21 Oktober 2016 dalam rangka mendukung Gerakan Inklusi Keuangan;

• Turut serta dalam kegiatan Multifinance Day di Bandar Lampung yang diadakan oleh Asosiasi Perusahaan Pembiayaan Indonesia bekerja sama dengan Otoritas Jasa Keuangan pada tanggal 26 - 27 November 2016 dalam rangka kegiatan Edukasi dan Literasi Keuangan serta Inklusi Keuangan; dan

• Operasional Mobil Literasi Keuangan (SiMOLEK) OJK di wilayah kantor cabang Perseroan, antara lain di Cirebon dan Malang dalam rangka kegiatan Edukasi dan Literasi keuangan.

The Company always fulfills its social responsibility to the consumer/customers in order to increase the satisfaction and convenience of all customers by constantly providing excellent service. As a manifestation of the Company's commitment, in 2016, the Company has conducted several CSR activities in the field of consumer/customer through the implementation of various activities, among others:

• The Company has participated in the People's Financial Markets activity which held by the Financial Services Authority in Medan on October 20 – 21, 2016 to support the Financial Inclusion Movement;

• Participate in Multifinance Day activities in Bandar Lampung which held by the Indonesian Financial Services Association which in collaboration with the Financial Services Authority on November 26 - 27, 2016 in order to conduct activities of Education, Financial Literacy and Financial Inclusion; and

• The Operational of Financial Literacy Cars (SiMOLEK) of the FSA in the area of the Company's branch offices, among others in Cirebon and Malang in order to carry out several activities of education and financial literacy.

GUNAWAN GENIUSAHARDJAPresiden Komisaris | President Commissioner

JODJANA J.Presiden Direktur | President Director

SUPARNO DJASMINWakil Presiden Komisaris

Vice President Commissioner

SAMUEL MANASSEHDirektur | Director

HANDOKO LIEMDirektur | Director

DJONY BUNARTO TJONDRO Komisaris | Commissioner

WIE MIADirektur | Director

H. MOHAMMAD HUSNI Komisaris Independen


SISWADIDirektur | Director

HENRY SANTOSOKomisaris | Commissioner

ANTON RUSLIDirektur | Director

BUYUNG SYAMSUDINKomisaris Independen


PERNYATAAN DEWAN KOMISARIS DAN DIREKSITENTANG TANGGUNG JAWAB ATAS LAPORAN TAHUNAN TAHUN 2016

PT ASTRA SEDAYA FINANCESTATEMENT OF THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS

REGARDING THE RESPONSIBILITY FOR THE 2016 ANNUAL REPORT OF PT ASTRA SEDAYA FINANCE

Kami yang bertanda tangan dibawah ini menyatakan bahwa semua informasi dalam Laporan Tahunan PT Astra Sedaya Finance Tahun Buku 2016 telah dimuat secara lengkap dan bertanggung jawab penuh atas kebenaran isi Laporan Tahunan Perseroan.

Demikian pernyataan ini dibuat dengan sebenarnya.

Dewan Komisaris | The Board of Commissioners

We the undersigned hereby declare that all the information contained in the 2016 Annual Report of PT Astra Sedaya Finance has been completed and we are fully responsible for the accuracy of the content of the Company’s Annual Report.

This statement has been made truthfully.


Direksi | The Board of Directors



INFORMASIKEUANGANFINANCIALINFORMATION

Halaman ini sengaja dikosongkanThis page is intentionally left blank


Laporan Tahunan

A n n u a l R e p o r t2 0 1 6

Jl. TB. Simatupang No. 90Tanjung BaratJakarta Selatan 12530IndonesiaTelp. (021) 7885 9000 Fax. (021) 7885 1182Kontak ACC1500999www.acc.co.id

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