Following its IPO, Blue Bird approached International Finance Corporation (IFC) to support the company’s efforts to strengthen its corporate governance (CG) framework and policies to go beyond compliance with local regulations and align the company’s governance with international leading practices and standards. The company wanted to set a tone at the top that highlights the importance of CG. In collaboration with IFC, Blue Bird developed a comprehensive CG manual to clearly outline how the company should be governed. To enhance the effectiveness of its boards and more clearly delineate their roles and responsibilities, terms of references (TORs) were created for Board of Commissioners (BoC) and Board of Directors (BoD) members as well as for board-level Committees and the Corporate Secretary. To improve the capacity for monitoring risks, the company strengthened its internal audit unit and established a more formal risk management framework. With expectations of transforming from a privately held family business to a rapidly growing public company, the founders explored the development of a family governance framework, including a family constitution, in order to set the vision, values, and policies regulating the family relationship with the business and ensure the continuity of Blue Bird for generations to come.
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Data do documento
2021/07/27
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TIpo de documento
Report
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No. do relatório
162165
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Nº do volume
1
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Total Volume(s)
1
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Região
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Data de divulgação
2021/07/27
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Disclosure Status
Disclosed
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Nome do documento
Indonesia - Corporate Governance Case Studies
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Palavras-chave
corporate governance; access to capital; good corporate governance; related party transactions; registered trademark; layer of bureaucracy; capital market regulation; management control structure; risk management process; formal governance structures; Integrated Risk Management; property of ifc; markets where competition; corporate governance principle; corporate governance structure; right to information; international corporate governance; amount of dividends; cost of capital; segregation of duty; investee companies; shareholder protection; succession planning; best practice; insider trading; Natural Resources; taxi service; consumer product; transparent governance; long-term sustainability; minority shareholder; internal control; change management; board meeting; public company; independent director; active investment; governance framework; car rental; governance practice; Risk Awareness; management position; industry benchmark; oversight duty; board papers; HR Programs; international standard; disclosure practices; functional skill; ethical value; good governance; investment advice; holding company; interest risk; shareholder value; subsidiary right; transportation provider; parent company; investment committee; governance issue; Dividend policies; new venture; Informal Work; governance function; business decision; applicable law; market capitalization; passenger transportation; market expectation; primary focus; annual reporting; responsible business; evaluation process; competence development; blue chip; cash collection; special situation; technical error; account audit; bus service; funding source; Credit Score; transportation service; management framework; bus location; business segment; new business; total fleet; taxi business; investment risk; continuous training; shareholder relation; equitable treatment; shareholder meeting; meeting papers; business practice; value creation; voting mechanism; net profit; family relationship; audit review; new investment
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