Matahari Awarded as the Top 3 Best Non-Financial Sector and Top 10 Mid- Capitalization Market Issuers based on ASEAN Corporate Governance Scorecard

Tangerang, 4 June, 2021 – The 12th Corporate Governance (CG) Conference and Award marks the seventh year that PT Matahari Department Store Tbk (“Matahari” or “the Company”; stock code: “LPPF”) has proven its best Corporate Governance practices by winning the Top 3 Best in Non-Financial Sector category. At the same event, Matahari also received an award as the Top 10 Middle Market Capitalization Issuers (Mid Cap PLCs). The event was held by the Indonesian Institute for Corporate Directorship (IICD), a prominent organization in Corporate Governance society, on Monday, 31 May 2021 at the Ballroom Financial Hall Jakarta, Jl. Jendral Sudirman Kav. 52, Jakarta.


In line with IICD's mission to internalize best CG practices and best directorship in Indonesia, IICD has selected around 600 issuers listed on the Indonesia Stock Exchange (IDX). They selected and assessed 200 companies with the largest and medium market capitalizations based on the ASEAN CG Scorecard. The assessment is carried out in two stages: Assessment, carried out by IICD internal team which consists of experienced and trained assessors; and Expert Review, carried out with intensive discussion between the assessor and the reviewer team which come from prominent CG experts. From the assessment, the Top 50 Issuers with the largest and medium market capitalization with the highest GCG practice values were selected, and Matahari was awarded as the Top 3 Best Non-Financial Sector category and Top 10 Middle Market Capitalization Issuers.


“Good Corporate Governance is a very important focus to be applied to daily business activities in order to maintain the highest standards of transparency and accountability. Our Board of Directors and Management Team are striving to improve the Good Corporate Governance beyond the market practice and glad that our effort is recognized by receiving the awards,” said Miranti Hadisusilo, Corporate Secretary and Legal Director.

The 12th IICD CG Conference and Award this year was held in 2 (two) separate events, namely the IICD CG Conference with the theme, The 10th ACGS Implementation: Road to ESG in Indonesia" which was held virtually, and "The 12th IICD CG Award" which was held offline at the Ballroom Financial Hall, Jakarta by implementing  tandard health protocols under the supervision of the Covid-19 Task Force. Matahari did not receive the Awards in person due to the strict advice of Matahari’s Internal Safe Team Office  Management regarding the ongoing Covid-19 pandemic.