Elnusa Petrofin (EPN), a subsidiary of Elnusa Tbk (ELSA), has been honored as Indonesia Excellence Good Corporate Governance Ethics in Providing Integrated Chemical Commodities Supporting Upstream, untuk kategori Energy and Mining Industry for its exemplary corporate governance practices in providing integrated chemical commodities supporting upstream operations in the energy and mining industry category. The award was received during the Indonesia Excellence Good Corporate Governance Awards 2023 ceremony, which was held virtually on Tuesday, 31 January 2023.
Under the theme “Managing a High Level of Company Performance in GCG Ethics.” The awards, given by Warta Ekonomi Media in collaboration with INDEF (Institute for Development of Economics and Finance), acknowledge national companies from diverse industries that consistently uphold Good Corporate Governance (GCG) principles in their business operations. Two assessments, including financial performance and the company’s strategic policies in product and service innovation, business strategy, integration, or business expansion, are used to determine the winners. Warta Ekonomi research team utilizes desk research, media monitoring, and expert panels approaches in their evaluation.
The Director of Operations & Marketing of PT Elnusa Petrofin, Nur Kholis, expressed gratitude for the award, stating that “it was a testament to the hard work of Perwira Elnusa Petrofin’s employees and an encouragement to continue to uphold the principles of GCG.” Nur Kholis emphasized the company’s commitment to being trustworthy and prudent while balancing the interests of all stakeholders and the environment in which it operates.
Elnusa Petrofin’s continuous efforts to encourage and strengthen accountability, fairness, responsibility, and independence are reflected in its various internal initiatives implemented quarterly. The company also ensures transparency in its operations by providing a communication channel for complaints through the Elnusa Petrofin Employee Online Reporting System (SPOKEN), a Whistle Blowing System (WBS) within the Elnusa Petrofin environment.
From an operational perspective, Elnusa Petrofin’s Chemical business unit, which provides chemical materials and services for the Upstream Oil and Gas market, implements various innovative products that support the industry. These products include FIN HIB, which functions as an additive drilling fluid to inhibit shale, FIN LUBE, a lubricant that reduces friction during drilling activities, and OSD FIN, an Oil Spill Dispersant (OSD) product to deal with oil spills in waters and on land. The FIN LUBE and FIN OSD innovations are vegetable-based, and the raw materials and production processes are carried out independently by Elnusa Petrofin.
According to Aditya Budi Prabowo, Elnusa Petrofin’s President Director, the company is committed to implementing GCG not only limited in the Chemical business line but also in all business activities and company operations.
Aditya emphasized, “Elnusa Petrofin has implemented various efforts to encourage GCG implementation by following the implementation of GCG policies that in line with GCG guidelines at Elnusa Group and Sub Holding Upstream of PT Pertamina (Persero) as well as following the development of regulations and laws relating to the company’s business and trying to fulfill it.
Muhammad Ihsan, the CEO & Chief Editor of Warta Ekonomi and the chairman of the organizers of the Indonesia Excellence Good Corporate Governance Awards 2023, congratulated the companies that won the award, emphasizing that the selected companies demonstrated a strong commitment to always improving and maintaining corporate value through comprehensive implementation of GCG principles. “The selected companies implement GCG principles in a comprehensive manner which is a strong commitment by the company to always improve and maintain corporate value. It also encourages more professional company management, so that the company’s fundamentals and competitiveness become better,” concluded Muhammad Ihsan.
Along with Elnusa Petrofin, several other national companies were also recognized for their exemplary corporate governance practices in various industries during the Indonesia Excellence Good Corporate Governance Awards 2023 ceremony. These companies include PT Pertamina (Persero), PT Pertamina Hulu Energi, PT Hutama Karya (Persero), PT Sarana Multi Infrastruktur (Persero), PT. Multigriya Financial Facilities (Persero), PT Pegadaian, PT. Reinsurance Indonesia Utama (Persero), PT Kimia Farma Tbk, PT Pharos Indonesia, and others. The awards were given by Warta Ekonomi in collaboration with INDEF (Institute for Development of Economics and Finance), and the winners were determined based on two assessments: financial performance and the company’s strategic policies in product and service innovation, business strategy, integration, or business expansion.