Two state mining firms meet ADB standards of good corporate governance

State gold and nickel mining firm PT Aneka Tambang (Antam) Tbk and state tin mining company PT Timah Tbk have met the standards of good corporate governance, according to the Asian Development Bank (ADB).

ADB consultant Bernard Carmody said the two state mining companies are among companies listed at the Jakarta Stock Exchange participated voluntarily in the valuation on good corporate governance conducted by ADB and JSX.

Besides Antam and Timah, six other companies have also met the good corporate governance standards, Carmody said. They are PT Astra International Tbk, PT Bank Universal Tbk, PT Bank Central Tbk, PT Bank Niaga Tbk, PT Bank NISP Tbk, and PT Unilever Tbk.

Meanwhile, JSX marketing director Sihol Siagian said ADB conducted most of the valuation works, while JSX provided only supports. "So, it's not JSX that named the winners."

The valuation program was conducted in the period of July through October. In the first phase, participants filled out forms, provided by ADB, and then, their representatives were interviewed by ADB and JSX experts, and the last stage was scoring.

"Only the companies that have met the standards would be revealed," Sihol said. (*)