PT Jasa Armada Indonesia Tbk (IDX: IPCM) has won the Annual Report Award (ARA) 2023, achieving 2nd place in the Non-Financial Public Companies category at the award ceremony held at the Main Hall of the Indonesia Stock Exchange in Jakarta.

The ARA assessment, conducted from June to October 2024, aims to encourage the implementation of corporate governance principles among companies in Indonesia through enhanced information disclosure and governance practices, with a focus on sustainability. This assessment evaluates the company’s annual and sustainability reports for the 2023 financial year to ensure they meet relevant guidelines and are presented fairly.

The theme for ARA 2023, “Internalizing Integrated Mindset Toward Sustainable Long Term Value Creation,” emphasizes the importance of integrating sustainability into strategic planning and business processes to generate long-term value, thereby improving the quality of information in both reports.

ARA 2023 has been organized by seven agencies: the Financial Services Authority (OJK), the Coordinating Ministry for Economic Affairs, the Ministry of State-Owned Enterprises (BUMN), the Directorate General of Taxes (Ministry of Finance), Indonesia Stock Exchange PT Bursa Efek Indonesia (BEI/IDX), the National Committee for Governance Policy (KNKG), and the Indonesian Institute of Accountants (IAI).

This year, a total of 167 participants competed in ARA 2023, which includes ten categories: (1) Public Finance; (2) Public Non-Financial; (3) Non-Public Finance; (4) Non-Public Non-Financial; (5) Financial BUMN; (6) Non-Financial BUMN; (7) Financial BUMD; (8) Non-Financial BUMD; (9) Non-BUMN/Non-Financial BUMD; (10) Financial Sharia.

The evaluation criteria for ARA 2023 are aligned with OJK Circular Letter 16/2021 regarding the Form and Content of Annual Reports, including technical guidelines for sustainability reports and references to OJK Regulation 51/2017 on Sustainable Finance Implementation. Additionally, these criteria accommodate the General Guidelines for Indonesian Corporate Governance (PUGKI) 2021 and the ASEAN CG Scorecard.

The judging process for ARA 2023 consists of two stages: a desk evaluation based on established criteria published on the KNKG website, followed by an interview stage. The interviews aim to gather insights from company leaders about their governance practices and the integration of sustainability aspects, while also verifying the desk evaluation results.

The Jury, chaired by Prof. Lindawati Gani, ensures objectivity and independence throughout the judging process. This commitment is reflected in the diversity of the Jury, which includes representatives from various institutions and professions, such as the Directorate General of Taxes – Ministry of Finance, Ministry of SOEs, PT BEI, KNKG, IAI, and academic members.