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SUST
AINABI
LITYREPORT
2025
SHAPINGASUSTAINABLEECOSYSTEM,
SYNERGYFOR
SUSTAI
NABILITYLEADERSHIP
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2 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 3
Theme Explanation
Shaping a Sustainable Ecosystem,
Synergy for Sustainability Leadership
Bank Mandiri continues to strengthen its role as an ecosystem orchestrator in advancing the transition toward a low-
carbon and inclusive economy through the theme, “Shaping a Sustainable Ecosystem, Synergy for Sustainability
Leadership”. This theme reflects the Company’s commitment to building an integrated sustainability ecosystem,
grounded in strong governance and supported by transparency and high-quality, reliable disclosures.
Through an ecosystem-based approach, Bank Mandiri serves not only as a provider of financing but also as a catalyst for
collaboration among businesses, regulators, investors, and communities. The strengthening of its intermediation function
is directed toward priority sectors with strategic impact on achieving national development targets and advancing the
energy transition, including renewable energy, sustainable agriculture, environmentally friendly transportation, and MSME
empowerment.
Through close collaboration with a broad range of stakeholders, including government institutions, industry players,
communities, and international organizations, Bank Mandiri continues to expand its strategic role in supporting Indonesia’s
sustainable development agenda. Sustainability leadership is demonstrated not only through the growth of its sustainable
portfolio, but also through enhanced governance, deeper risk integration, and disclosure standards that are increasingly
aligned with global best practices.
Through an integrated approach that aligns business strategy, governance, risk management, and transparency, Bank
Mandiri remains committed to shaping a resilient, inclusive, and adaptive sustainability ecosystem, while ensuring the
balanced and sustainable creation of economic, social, and environmental value.
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 3
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Table of Contents
Theme Explanation���������������������������������������������������������������������������������������������������������������������������������������������������� 3
Table of Contents������������������������������������������������������������������������������������������������������������������������������������������������������� 4
Introduction����������������������������������������������������������������������������������������������������������������������������������������������������������������������������6
Sustainability Performance Overview 2025��������������������������������������������������������������������������������������������������������������������������08
Message from the Board of Commissioners and Directors��������������������������������������������������������������������������������������18
Bank Mandiri Profile������������������������������������������������������������������������������������������������������������������������������������������������ 30
About the Report������������������������������������������������������������������������������������������������������������������������������������������������������ 39
Strengthening Corporate Governance�������������������������������������������������������������42
Corporate Governance������������������������������������������������������������������������������������������������������������������������������������������� 44
ESG Governance������������������������������������������������������������������������������������������������������������������������������������������������������� 70
Business Ethics���������������������������������������������������������������������������������������������������������������������������������������������������������� 80
Accelerating Bank Mandiri’s Sustainability Vision����������106
Sustainability Strategy��������������������������������������������������������������������������������������������������������������������������������������������������������������������� 108
Sustainability Journey���������������������������������������������������������������������������������������������������������������������������������������������������������������������� 110
Sustainability Culture�������������������������������������������������������������������������������������������������������������������������������������������� 112
Stakeholder Engagement����������������������������������������������������������������������������������������������������������������������������������� 115
Materiality Assessment�������������������������������������������������������������������������������������������������������������������������������������������������������������������� 118
Sustainability Issues Management: PSPK 1 Overview������������������������������������������������������������������������������� 123
Climate Change Management: PSPK 2 Overview��������������������������������������������������������������������������������������� 134
Products and Services Supporting Climate Change Mitigation������������������������������������������������������������ 167
Contribution to Sustainable Development Goals������������������������������������������������������������������������������������������������������� 169
Driving Innovation through Sustainable Banking����������174
ESG Risk Management Oversight and Engagement in Financing������������������������������������������������������� 176
Integration of ESG Risk Management into Credit Risk Assessment����������������������������������������������������� 181
Environmental Financing Opportunities��������������������������������������������������������������������������������������������������������������������������� 202
4 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Advancing Performance through Sustainable
Operations��������������������������������������������������������������������������������������������������������������������������������������������������������������������������220
Creating Value for Our Customers������������������������������������������������������������������������������������������������������������������� 222
Driving Excellence Through Talent and Leadership���������������������������������������������������������������������������������� 282
Achieving Sustainable Environmental Performance�������������������������������������������������������������������������������� 335
Broadening Impact Beyond Banking����������������������������������������������������������������346
Access to and Affordability of Financial Services��������������������������������������������������������������������������������������� 348
Products and Services to Support Financial Inclusion������������������������������������������������������������������������������ 352
Non-Financial Support for Communities������������������������������������������������������������������������������������������������������ 382
Financial Literacy to Support Inclusive Finance������������������������������������������������������������������������������������������������������������ 394
Policy Advocacy and Sustainability Research���������������������������������������������������������������������������������������������� 400
Sustainability Performance Data���������������������������������������������������������������������������������������������������������������������� 402
GRI Content Index�������������������������������������������������������������������������������������������������������������������������������������������������� 436
Financial Services Authority Reference���������������������������������������������������������������������������������������������������������� 444
SASB Content Index���������������������������������������������������������������������������������������������������������������������������������������������� 446
Sustainable Banking Assessment (SUSBA) Reference������������������������������������������������������������������������������� 447
Feedback Form�������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� 448
Independent Assurance Statement��������������������������������������������������������������������������������������������������������������������������������������� 449
Greenhouse Gas Emissions Verification Report������������������������������������������������������������������������������������������ 451
Green Bond Phase I Report������������������������������������������������������������������������������������������������������������������������������������������������������������� 452
Green Bond Phase II Report����������������������������������������������������������������������������������������������������������������������������������������������������������� 464
Sustainability Bond Report������������������������������������������������������������������������������������������������������������������������������������������������������������� 476
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 5
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Introduction
Sustainability Performance Overview 2025���������������������������������������� 8
• Sustainability Performance Achievements in 2025
• ESG Ratings and Awards
Message from the Board of Commissioners and Directors������������� 18
• Message from the President Commissioner
• Message from the President Director
• Statement of Responsibility for the 2025 Sustainability Report
Bank Mandiri Profile� ������������������������������������������������������������������������������ 30
• Company Information
• Vision and Mission
• Corporate Culture
• Scale and Operational Network
• Membership in Associations
About the Report������������������������������������������������������������������������������������ 39
• Reporting Period
• Reporting Standards
• Reporting Boundary
• Independent Review and Assurance
• Sustainability Report Contact
6 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 7
Page 8
Introduction Sustainability Performance Overview 2025
Sustainability Performance Achievements in 2025 [OJK B.1, B.2, B.3]
Economic Highlights [OJK B.1]
Consolidated Profit Before Tax (IDR trillion) Sustainable Financing Products
2025 2024 2023
Green Loan IDR3.80 trillion
76.42 76.40 74.68
Sustainability-
Linked Loan
IDR4.11 trillion
Net Consolidated Profit (IDR trillion)
2025 2024 2023
Green Mortgage IDR0.71 trillion
56.3 55.78 55.06
Sustainable Funding Products
Operating Income (IDR trillion) Sustainability Bond (2021) USD300 million
2025 2024 2023 Green Social
155.23 146.60 138.66 46% 54%
ESG Repo (2022) USD500 million
Green Social
Total Consolidated Assets (IDR trillion)
74% 26%
2025 2024 2023
2,829.95 2,427.22 2,174.21 Green Bond Phase 1 (2023) IDR5 trillion
Sustainable Natural
Renewable Resources and
Energy Land Use
Dividend Payments (IDR trillion) 56% 44%
2025 2024 2023
Green Bond Phase 2 (2025) IDR5 trillion
52.5 33.04 24.70 Sustainable Natural
Resources and Clean
Land Use Transportation
72% 28%
Sustainability Bond Phase 1 (2025) IDR5 trillion
Sustainability-linked Term Loan USD339 million
Facility for Overseas Branches (2025)
8 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 9
Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Sustainable Financing Based on Sustainable Business Activity Categories (KKUB)
under POJK No. 51/2017
Sustainable Financing of Total
Green Portfolio Social Portfolio
Loans (Bank Only)
IDR315.8 trillion IDR166.2 trillion IDR149.6 trillion
8.0% YoY 11.7% YoY 4.1% YoY
Sustainable Business Activity Category
Renewable Energy Clean Transportation
IDR12.9 trillion IDR10.3 trillion
9.4% YoY 36.5% YoY
Sustainable Natural Resources Products that Reduce Resource Use
and Land Use and Generate Less Pollution (Eco-Efficient)
IDR115.7 trillion IDR15.0 trillion
3.8% YoY 41.7% YoY
Sustainable Water and Business Activities and/or Other Activities
Wastewater Management of Micro, Small, and Medium Enterprises (MSMEs)
IDR5.8 trillion IDR140.1 trillion
392.2% YoY 4.5% YoY
*Energy Efficiency, Pollution Prevention and Control, Conservation of Terrestrial and
Others* IDR16.0 trillion 0.6% YoY
Aquatic Biodiversity, Climate Change Adaptation, Environmentally Friendly Buildings
that Meet National, Regional, or Internationally Recognized Standards or Certifications,
and Business Activities and/or Other Activities Related to Other Environmentally
Friendly Business Activities.
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 9
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Introduction Sustainability Performance Overview 2025
Environmental Highlights [OJK B.2]
3 Green Building Certified
by GBCI
The management of plastic bottle
waste through Reverse Vending
Machines (RVM) reached
• Indjoko Building, Surabaya*
2,303 kg
• Mandiri Digital Tower, Jakarta*
or 123,155
• Wisma Danantara Indonesia
plastic bottles*
*GBCI by design
*cumulative data
up to December 2025
Green Building: An operational building that has been
assessed and certified by GBCI, with its operations
verified as meeting green building standards.
244
• Wisma Danantara Indonesia
• Mandiri Digital Tower
• Menara Mandiri Sudirman
• Sentra Mandiri Smart Branch
• Wisma Mandiri
10
• Menara Mandiri Bekasi
870
• Menara Mandiri Denpasar
• Menara Mandiri Jayapura
• Menara Mandiri Palembang
Green Offices
• Menara Mandiri Wijayakusuma
Solar Panel Units
Green Office: An office building that implements at least one environmentally friendly initiative, such as
LED lighting, solar panels, water recycling systems, low-emission façade glass, or inverter air conditioning
31
Electric Vehicle
521
Environmentally Friendly
Charging Stations Operational Vehicles
Livin’ Planet is a feature within Livin’ SUKHA designed to enhance customers’ environmental
awareness and engagement through a carbon footprint calculator, tree-planting
contributions, educational content, and progress reports on those contributions.
IDR135.2 million in tree transaction value on Livin’ Planet from
1,398 transactions
1,292 45.32
tCO₂e of Livin’ Planet
trees planted
users’ emissions offset
10 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 11
Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
GHG Emissions Scope 1 and 2 (tCO2e) Use of Recycled Water (m³)
Bank Mandiri has measured Scope 1 and Scope 2 carbon 2025 62,367
emissions and set 2019 emissions as the baseline
2024 88,788
2023 141,106
52,816
2025
190,920
Electricity Consumption (GJ)
46,741 2025 849,889
2024
192,853 2024 863,024
2023 1,040,756
43,077
2023
252,636
Fuel Consumption (GJ)
42,698
2022 2025 763,822
260,082
2024 642,865
2023 599,749
64,319
2021
249,938
Financed Emissions
61,105
20.32
2020
254,173
million tCO2e
75,640 (60.9% of the bank’s total financing portfolio)
2019
283,113
Financed Emissions
Bank Mandiri historical data of Scope Scope 1 Intensity (tCO2e/IDR billion)
1 & 2 carbon emissions of (tCO2e) Scope 2
2025 23.12
Scope 1 and 2 Emissions from
32% the 2019 baseline 2024 26.40
Emission intensity of 3.3 tCO2e/ Bank Mandiri recorded a 12.4% YoY reduction
2% employee from the 2019 baseline in financed emissions intensity
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 11
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Introduction Sustainability Performance Overview 2025
Social Highlights [OJK B.3]
Total Employees (People)
38,732 2025
111,035 Mandiri Agents
38,874 2024
38,940 2023
Gender Diversity 3.5 millions 963 thousand
Board of Commissioners and Directors
of Bank Mandiri accounts debtors received
successfully opened through Government-subsidized
Mandiri Agents Loan (KUR)
84% 16%
Male Female
17.6 thousand
Management Level
MSMEs have received training through
the Rumah BUMN program
54% 46%
Male Female
21,074
Total Employees
Indonesian Migrant Workers (PMI)
are actively involved in Pokjar activities
48% 52%
Male Female
3,535,976 20 finalists 531
Total training hours completed by
Entrepreneurs mentored Village and Subdistrict
all Bank Mandiri employees through the Mandiri Young Cooperatives
Entrepreneur (WMM)
Program
90.48%
Employee engagement rate
12 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 13
Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Livin’ Merchant
A point-of-sale (POS) application that helps businesses
enhance customer service, featuring sales management, 3.13 million
acceptance of payments through multiple methods, and
business development support through online stores, registered merchants
table QR, and kiosks.
Region IX
Region I 200 thousand Region X
212 thousand 253 thousand Region XII
45 thousand
Promoting financial
Region III, IV, V
191 thousand
access for MSMEs in
non-urban areas
Region VII
268 thousand
1.96 million
Region XI
138 thousand
Region II users in non-urban areas
193 thousand Region VI
204 thousand Region VIII
259 thousand
Mandiri Pintar
Mandiri Pintar is a strategic
initiative of Bank Mandiri to
deliver digital solutions that
support a proactive approach
to microfinance for MSMEs,
particularly underserved
segments that have historically
faced constraints in accessing
conventional financial services.
Livin’ #BeyondSuperAPP 641,647
Livin’ by Mandiri is dedicated to
reaching all segments of society by Debtors
providing innovative, inclusive, and
easily accessible features, aimed
at providing convenient financial
services for everyone.
IDR50.4 trillion
37.3 million 27% YoY
Total Microfinance
registered users Distribution Limit
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 13
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Introduction Sustainability Performance Overview 2025
Governance Highlights
Strengthening the Publication of Policies
Related to ESG
Environmental
95.36 • Sustainable Financing Policy
• Sustainable Project Finance Policy
Most Trusted Company Social
• Respectful Workplace Policy (RWP)
Guidelines
Bank Mandiri is recognized as one of the top • Freedom of Association Policy
performers in the Corporate Governance & • Debt Collection Policy
Perception Index (CGPI) • Occupational Health and Safety (OHS)
Policy
*) Previous CGPI rating: 95.30
Governance
• Code of Conduct
• Anti-Money Laundering (AML), Counter
Disclosure of GHG emissions Financing for Terrorism CFT), and
from financing and investment Counter-Proliferation Financing of
Weapons of Mass Destruction (CPF-WMD)
activities committed through
Policy
membership in the Partnership • Political Engagement Policy
for Carbon Accounting • Anti-Corruption and Anti-Bribery Policy
Financials (PCAF) • Bank Mandiri Tax Commitment Policy
Bank Mandiri is the first national bank to develop SFF and TFF initiatives to support
sustainable development and a low-carbon economy
Sustainable Finance Transition
Framework (SFF) Finance
Framework (TFF)
14 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Bank Mandiri has established and implemented internal policies and procedures to support
information security management, including:
1. Information Technology Procedures, which govern information technology security
and cybersecurity practices.
2. Data Management Procedures, which regulate data governance across all Bank
Mandiri business units, both domestic and overseas.
3. Technical Guidelines on Data Retention, which stipulate data retention periods and
mechanisms for data deletion/destruction.
4. Technical Guidelines on Security Baseline, which define the minimum requirements
for safeguarding data and information technology systems.
5. Other Technical Guidelines, which regulate the end-to-end implementation of
information technology security controls, including network security, endpoint
protection, vulnerability assessment, third-party security management, and cyber
incident response procedures.
Bank Mandiri has established the Mandiri Subsidiaries Management Principles Guideline
(MSMPG), which includes provisions governing cooperation with subsidiaries in the areas
of information technology and data management.
Implementation of the Information Security Management System (ISMS) in
accordance with ISO 27001:2022 standards, covering:
Provision of information security services Provision of application development and
by the Security Operations Center (SOC) to information technology (IT) operations
manage cybersecurity threats to banking related to Livin’ by Mandiri
systems and cyber operations
Provision of Data Center and Disaster Provision of application development
Recovery Center infrastructure and and IT operations related to Kopra by
operations Mandiri
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 15
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Introduction Sustainability Performance Overview 2025
ESG Ratings and Awards
ESG Ratings
ESG Rating
AAA 28.4 ESG Risk Rating
AA LEADER
AA 9.5 NEGLIGIBLE
BBB A
BB BBB
BB
B
*the lower the risk score,
2023 2024 2025
CCC 2024 the better 2025
Severe 40+ High (30-40) Medium Low (10-20) Negligible
(20-30) (0-10)
Laggard Average Leader
CGPI
Overall Score
Increased from 95.30 in 2024 CSA Score
95.36 54
95.30
95.22 33
2023 2024 2025 2024 2025
Climate Change
B
B-
2024 2025
16 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 17
Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Awards
FinanceAsia: Awards 2025
Best Sustainable Bank ( Indonesia) – Domestic
Biggest Sustainable Impact– Banks (Indonesia) – Domestic
17 June 2025 MostSustainable
Best DEI Progressive– Banks (Indonesia) – Domestic
Bank
FinanceAsia: Asia’s Best Company 2025
Most Committed to ESG (Indonesia) – Gold
17 June 2025 Most Committed to DEI (Indonesia) – Gold
IDX Channel: Anugerah ESG 2025
Special Category Award – Financial Services Sector
4 July 2025
ASEAN Corporate Governance Scorecard Assessment 2025
Top 5 Public Listed Companies Indonesia
ASEAN Top 50 Public Listed Companies
24 July 2025 ASEAN
Best Asset Class PLCs
Sustainable Bank
KEHATI: ESG Awards 2025
Sector: Capital Market. Category: Best Listed Company
31 July 2025
Katadata SAFE 2025
Highest ESG Score in the Financial Sector
Highest ESG Score in the Gender Pillar
10 September 2025
BGK Foundation: Indonesia ESG Leadership Awards
Leadership AAA - Indonesia’s Leader in ESG Transparency
12 November 2025
TEMPO Energy Day 2025: Green Corporate Movement
Green Economy Movement Awards
10 December 2025
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 17
Page 18
Introduction Sustainability Performance Overview 2025
Message from the
President Commissioner [GRI 2-22] [OJK A.1, D.1]
Distinguished stakeholders,
We express our sincere gratitude
to Almighty God for His abundant
blessings, which enabled PT Bank
Mandiri (Persero) Tbk (hereinafter
referred to as the “Company” or
“Bank Mandiri”) to maintain a solid
performance, deliver healthy growth
throughout the 2025 financial year,
and remain firmly on the path of
sustainable growth.
Zulkifli Zaini
President Commissioner / Independent Commissioner
18 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 19
Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Synergy Maintains the Quality of Growth
In 2025, the global economic landscape continued to be To reinforce these efforts, the Company prioritized multi-
shaped by a slowdown in economic growth and international stakeholder synergy with business actors, government
trade. This was driven by trade wars and heightened institutions, and various related entities, further reinforced
geopolitical uncertainty, which in turn affected volatility in by the acceleration of continuing digital transformation. This
both international and domestic financial markets. These synergy is now a key foundation for the Company in ensuring
external pressures were reflected in growing stress on asset that credit growth is not only sound and of high quality, but
quality within the banking industry, particularly across the also delivers equitable benefits to society.
consumer, micro, and MSME segments, which are more
vulnerable to economic slowdowns and shifts in consumer Concordant with the Company’s commitment to preserving
purchasing power. Concurrently, the banking sector faced growth quality, Bank Mandiri ensured that every enhancement
liquidity challenges amid relatively constrained growth in third- in performance was consistently accompanied by an
party funds and intensifying competition from a wide range of increasingly robust adherence to sustainability. The Company
alternative investment instruments. continued to increase the growth of its sustainable financing
portfolio, encompassing both green and social, to support
Against this backdrop, Bank Mandiri pursued a series of targeted energy transition and the expansion of inclusive social impacts.
policies and innovations aimed at expanding access to financial The maturing digital transformation further strengthened
services while generating tangible value for society at large. financial inclusion, enhanced service efficiency, and supported
These efforts targeted risk-based sustainable growth through MSMEs in non-urban areas. By taking into account national
strengthened intermediation in productive sectors, expanded policy directions and evolving sustainability regulations, Bank
support for MSMEs and retail customers, and developed a more Mandiri ensured that the achieved growth remained resilient
inclusive and resilient financing ecosystem nationwide. Bank and generated long-term value for the Indonesian economy.
Mandiri also ensured that its intermediation role was executed
in a focused and impactful manner, aligned with national
development priorities that emphasize the strengthening of
productive sectors, downstream industrial development, food
security, and the empowerment of MSMEs across regions.
Strengthening Governance and Oversight
In carrying out supervisory functions, governance is the central to assess the resilience of its portfolio under various scenarios.
foundation of the resilience of Bank Mandiri’s sustainability As part of Bank Mandiri’s commitment to safeguarding the
ecosystem. The Board of Commissioners ensures that the credibility and integrity of its sustainability management,
Company’s policies and business processes consistently we have also obtained independent third-party assurance
operate within the principles of prudence and remain aligned on the calculation of Scope 1 and Scope 2 greenhouse gas
with best practice standards. Through oversight of risk (GHG) emissions. This step was taken to ensure data reliability,
management, transparency, and the effectiveness of internal prevent potential greenwashing practices, and strengthen
controls, sustainability considerations are fully integrated into governance as well as the Board’s oversight function in
strategy and decision-making processes. managing environmental risks and impacts in a transparent
and accountable manner.
Throughout 2025, the Company strengthened its governance
through more comprehensive risk oversight, including ESG and Meanwhile, the strengthening of Good Corporate Governance
climate-related risks. As part of the continued enhancement (GCG) practices across all operational lines was carried out
of its overall risk management framework, the Company also consistently and measurably as part of the Company’s efforts
conducted climate risk management & scenario analysis (CRMS) to build long-term trust and ensure business resilience amid
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 19
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Introduction Sustainability Performance Overview 2025 increasingly complex risk dynamics. These efforts yielded with a “Negligible Risk” level in the ESG Risk Rating released by tangible results, as reflected in Bank Mandiri’s achievement of Morningstar Sustainalytics. Collectively, these achievements the “Most Trusted” distinction in the 2025 Corporate Governance demonstrate that the Company’s governance framework and Perception Index (CGPI), underscoring the Company’s ESG risk management mechanisms have become increasingly commitment to ethical, transparent, and responsible business credible and are well positioned to support sustainable finance. practices. Bank Mandiri was also categorized as an institution Shaping Sustainability Priorities The establishment of sustainability priorities represents During 2025, significant progress in strengthening the a strategic step to ensure that the Company’s efforts are management of sustainability issues ranged from data security focused on issues that determine the resilience of the business and customer protection to commitments in energy transition ecosystem and the creation of long-term value for stakeholders. financing, and talent development to support the evolving Materiality priorities are now regarded not only as a response needs of organizational transformation. Taken together, it to risk, but as a foundation that shapes policy direction, growth is clear that sustainability has become a critical element in discipline, and the ongoing quality of sustainability governance safeguarding the Company’s long-term resilience. of Bank Mandiri. 20 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Closing
On behalf of the Board of Commissioners, we extend our Looking ahead, Bank Mandiri will continue to enhance
appreciation to the Board of Directors, all employees, partners, disclosure quality, expand innovation in sustainable products
and stakeholders for their hard work and dedication throughout and services, and further strengthen corporate governance
the year. We also express our gratitude to our customers, as a foundation for navigating an increasingly complex and
shareholders, and all stakeholders for their continued trust in evolving risk landscape. The Board of Commissioners remains
Bank Mandiri. committed to ensuring the Company’s strategic direction
remains aligned with regulatory developments, societal needs,
and national development aspirations.
Warm regards,
On behalf of the Board of Commissioners,
Zulkifli Zaini
President Commissioner / Independent Commissioner
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 21
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Introduction Sustainability Performance Overview 2025
Message from the
President Director [GRI 2-22] [OJK A.1, D.1]
Distinguished shareholders
and stakeholders,
With profound gratitude to Almighty God,
we present the 2025 Sustainability Report,
reflecting Bank Mandiri’s commitment
to accountability, transparency, and
responsibility in supporting inclusive
and sustainable national economic
development. 2025 marked a smooth
and successful governmental transition
in Indonesia, which preserved economic
stability, providing the banking sector with
greater scope to play a more significant
role in supporting national economic
transformation and strengthening long-
term resilience.
Riduan
President Director
22 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Strengthening the Ecosystem as a Response to Sustainability
Challenges
Indonesia’s post-transition economic stability has provided a To address these needs, Bank Mandiri strengthened its
broader scope for the banking sector to play a more proactive ecosystem-based approach as the foundation of sustainable
role in accelerating economic transformation. National policy financing. The role of corporate customers in reinforcing value
directions emphasizing industrial downstreaming, food security, chains with a strong commitment to the implementation of
energy transition, and supply chain strengthening have served sustainability principles has been optimized, while the potential
as a strategic compass for Bank Mandiri in shaping growth of the wholesale segment to reach a broader range of economic
strategies aligned with long-term development priorities. sectors requiring access to capital has been leveraged, thereby
enabling sustainable financing to deliver more widespread and
Amid these dynamics, we recognize that macroeconomic inclusive benefits for the national economy.
resilience can only be achieved when micro-level businesses
receive adequate financing, capacity-building support, and Aligned with the national agenda, Bank Mandiri continued to
access to enhance their competitiveness. This forms part reaffirm its role as a strategic government partner in advancing
of Bank Mandiri’s commitment to strengthening the social the clean energy transition and accelerating the green
dimension by creating employment opportunities, improving economy. During the reporting year, the Company successfully
welfare, and reinforcing community resilience. The role of realized sustainable financing through the disbursement
the banking industry as a financial intermediary has become of financing under Sustainable Business Activity Category
increasingly critical in supporting the government and financial (KKUB) amounting to IDR315.84 trillion, exceeding the target
sector regulators in promoting awareness of the growing risks of IDR294.25 trillion, and representing approximately 21.1%
associated with climate change. In relation to energy transition of total bank-only loan disbursement. This achievement was
and the development of clean and renewable energy, Indonesia driven by financing extended in green sectors, including
requires investment of approximately IDR2,967 trillion1, which renewable energy, which grew by 9.4% or equivalent to
presents significant opportunities for banks and other financing IDR12.9 trillion; clean transportation, which grew by 36.5% or
institutions to contribute to sustainable financing in the future. equivalent to IDR10.3 trillion; and sustainable natural resources
and land use, which grew by 3.8% or equivalent to IDR115.7
In contrast, policy directions from the government and trillion. Meanwhile, financing disbursement to the social sector
regulators regarding monetary stability, financial market for MSMEs grew by 4.5%, amounting to IDR140.1 trillion. [OJK F.3]
deepening, and the acceleration of sustainable finance have
served as an important foundation for the consistency of By maintaining close alignment with government policies
our actions. Bank Mandiri has translated these directions into and roadmaps, Bank Mandiri is building stronger and more
strategies that prioritize financial inclusion, service digitalization, integrated value chains, enabling the growth of its green
and the expansion of public access to safe and affordable portfolio, which has now reached IDR166.2 trillion, to deliver
financial services. The digital transformation we continue to tangible contributions to a more resilient, inclusive, and
advance not only enhances operational efficiency but also sustainable transformation of the Indonesian economy.
strengthens microeconomic capacity by extending access to
financial services across regions.
1
The Electricity Supply Business Plan (RUPTL) of PT PLN (Persero) for 2025–2034
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 23
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Introduction Sustainability Performance Overview 2025
Strategies to Achieve Sustainability Targets
In pursuing sustainability targets, Bank Mandiri recognizes the In line with global demands, Bank Mandiri has also begun
importance of strengthening the foundations of governance aligning its disclosure processes with the IFRS Sustainability
and risk management. Amid persistent global economic shifts Disclosure Standards (IFRS S1 and S2), which in Indonesia have
and increasingly complex climate dynamics, the ability to been adopted as the Statement on Sustainability Disclosure
assess risks from a long-term perspective has become a key Standards (PSPK 1 and 2). These standards emphasize four core
determinant of corporate resilience. Accordingly, we have pillars—governance, strategy, risk management, and metrics
strengthened our sustainability risk management framework and targets.
to better anticipate the environmental, social, and energy
transition impacts on our portfolio and the sectors we serve. The strengthening of committee roles, deeper integration
This approach ensures that every strategic decision brings Bank of climate considerations into corporate strategy, and the
Mandiri closer to its long-term sustainability objectives. development of more measurable indicators represent critical
steps in enhancing reporting readiness and credibility. In line
Enhancing ESG data quality has become a key element in with the PSPK 2 framework, Bank Mandiri has implemented
supporting these efforts. Accurate, integrated, and transparent comprehensive climate risk management and scenario
data provide a strong foundation for assessing risks, formulating analysis across 100% of its portfolio to assess the potential
strategies, and objectively measuring progress. Throughout impacts of physical and transition risks, test the resilience of
2025, we continued to improve data governance and strengthen its business strategy, and ensure that financing decisions and
the reliability of the information used as the basis for setting risk management processes are supported by comprehensive,
our business direction and responsible financing decisions. data-driven analysis.
Sustainability Performance Achievements
2025 marked a new era for Bank Mandiri as a national bank Risk score to 9.5, placing the Bank in the Negligible Risk category
that not only focuses on growth but is also internationally and ranking it among the best-performing banks in ASEAN in
recognized for its sustainability performance. This was reflected terms of ESG performance. These achievements are the result of
in the improvement of Bank Mandiri’s ESG rating by MSCI from the consistent and well-directed implementation of the Bank’s
BBB to AA in May 2025, positioning Bank Mandiri as an ESG leader sustainability strategy, carried out comprehensively through
in Indonesia. In addition, Sustainalytics’ assessment in August the three sustainability pillars: (1) Sustainable Banking, (2)
2025 recorded a significant improvement in Bank Mandiri’s ESG Sustainable Operations, and (3) Sustainability Beyond Banking.
Sustainable Banking
Under the Sustainable Banking pillar, Bank Mandiri has institutions that not only provide funding, but also ensure that
continued to strengthen its position as a market leader in such financing is aligned with robust governance principles
green financing in Indonesia. We recognize that accelerating and mature climate risk management practices.
the transition toward a low-carbon economy requires financial
24 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Throughout 2025, Bank Mandiri’s sustainable financing in Bank Mandiri’s sustainability strategy and climate risk
portfolio recorded a significant increase, with total financing management.
reaching IDR315.8 trillion. This comprised green financing of
IDR166.2 trillion and social financing of IDR149.6 trillion. This We also strengthened our ecosystem-based approach by
growth was accompanied by an improvement in the quality leveraging the depth of our relationships with corporate
of the low-carbon portfolio, as reflected in a reduction in customers to drive transformation across their value chains.
financed emissions of 12.4% compared with the previous Through this, sustainability is not confined to core customers,
year. This improvement can be attributed to a more targeted but extends to suppliers, MSMEs, and communities that form
transition strategy, including increased exposure to renewable part of the national business ecosystem. At the same time,
energy sectors and the provision of transition financing we continued to introduce a range of product innovations,
that supports carbon-intensive customers in gradually and including green mortgages, electric vehicle financing, and
measurably reducing their emissions profiles. sustainability-linked loans, to encourage the enhancement
of sustainability practices among customers and the broader
Aligned with a commitment to support the transition toward community.
a low-carbon economy, Bank Mandiri has consistently
developed sustainable financing instruments. Since 2021, Alongside the expansion of product innovation and the
we have issued Sustainability Bond totaling USD300 million strengthening of the business ecosystem, we have ensured
and ESG Repo facilities amounting to USD500 million as a that Bank Mandiri’s financing growth continues to be
combination of green and social funding. In 2023, we further conducted prudently and sustainably through the integration
advanced this initiative through the issuance of Phase I Green of ESG aspects into the risk management framework.
Bond valued at IDR5 trillion, allocated to the renewable energy The Industry Acceptance Criteria (IAC) serve as the initial
and sustainable agriculture sectors. In 2025, we successfully foundation to ensure alignment between business sectors
issued Green Bond Phase II amounting to IDR5 trillion, with an and the Company’s sustainability direction. This is further
oversubscription rate of 2.55 times. In addition, in December reinforced by the implementation of Environmental and Social
2025 we issued Sustainability Bond IDR Phase I amounting to Risk Management (ESRM), supported by the Environmental
IDR5 trillion, which recorded an oversubscription rate of 3.10 and Social Compliance Checklist (ESCC) which ensures debtor
times. These achievements reflect strong investor confidence compliance with applicable requirements.
Sustainable Operation
Under the Sustainable Operation pillar, Bank Mandiri recorded The commitment to sustainable operations is realized through
significant progress on its journey toward achieving Net Zero three primary focus areas: Achieving NZE in Operations,
Emission in Operations by 2030. Through a publicly accessible Broadening Equality & Diversity, and Leading Practices
Digital Carbon Tracking platform, we regularly monitor Scope in Data Privacy & Security. From a diversity perspective,
1 and Scope 2 emissions, both in terms of total emissions and women represent 36% of managerial positions and 52% of
emissions intensity per employee. By the end of 2025, total Bank Mandiri’s total employees, reflecting an increasingly
operational emissions had been reduced by approximately 32% inclusive organization. At the same time, we safeguard the
compared with the 2019 baseline. These achievements were trust of customers and stakeholders by applying the highest
supported by the strengthening of the green infrastructure, standards in data privacy and security, including strengthening
including 3 green building–certified facilities, 870 solar panels, monitoring capabilities, cyber incident response, and
521 operational electric and hybrid vehicles, and 31 charging continuous improvements to information security processes
stations, all of which form integral components of our emissions and infrastructure. With this foundation in place, the Board of
reduction roadmap. Directors believes that Bank Mandiri is operating in a manner
that is increasingly efficient, low-emission, inclusive, and
reliable.
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 25
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Introduction Sustainability Performance Overview 2025
Sustainability Beyond Banking
Through the Sustainability Beyond Banking pillar, Bank Mandiri This social commitment was further strengthened through
accelerates digital financial inclusion along with strengthening the Company’s Social and Environmental Responsibility (CSR)
targeted social programs for communities, and in so doing programs, which have been integrated with sustainability
upholds its commitment to “Catalyzing Multiple Growth for priorities. Throughout 2025, Bank Mandiri disbursed
Social Impact to Achieve the SDGs”. approximately IDR251.1 billion in CSR funds across the
four pillars social, environmental, economic, and legal and
We have advanced the Empowering Digipreneurship in Society governance, through 1,174 programs across 12 operational
initiative by leveraging technology as a key enabler. In addition regions. These programs were specifically designed to address
to Livin’ by Mandiri, we have developed Livin’ Merchant to community needs, strengthen social and economic resilience,
expand access to financial services and financial literacy for and ensure that Bank Mandiri’s growth progresses in tandem
MSMEs across Indonesia. As of December 2025, approximately with the sustainable improvement of the well-being of the
63% of 3.13 million Livin’ Merchant users were from non-urban Indonesian people.
areas, underscoring that Bank Mandiri’s digital transformation
reaches business actors across diverse regions and supports
their progression within the digital economy ecosystem.
26 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Closing
The Board of Directors believes that sustainability is a We wish to extend our sincere appreciation to the government,
fundamental element in safeguarding business resilience and regulators, shareholders, customers, business partners, and
creating long-term value. Through solid governance, adaptive all Mandiri employees for their continued support and trust.
strategies, and disciplined execution, Bank Mandiri will continue Together, we move forward toward a more resilient, inclusive,
to strengthen its role in Indonesia’s economic development. and sustainable future for the Indonesian economy.
Warm Regards,
On behalf of the Board of Directors
Riduan
President Director
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 27
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Introduction Sustainability Performance Overview 2025
Statement of Responsibility
for the 2025 Sustainability Report [GRI 2-14]
Declaration by the Members
of the Board of Directors on
Responsibility for the
2025 Sustainability Report of
Riduan Henry Panjaitan
PT Bank Mandiri (Persero) Tbk President Director Vice President Director
We, the undersigned, have reviewed and
hereby declare that all the information
contained in PT Bank Mandiri (Persero) Tbk’s
Sustainability Report for 2025 has been
presented comprehensively and that we
fully assume responsibility for the accuracy Timothy Utama Eka Fitria
of the report’s content. Director of Operations Director of Human Capital &
Compliance
This statement is made truthfully and in
good faith.
Danis Subyantoro Totok Priyambodo
Director of Risk Management Director of Commercial Banking
Jakarta, March 2026
Board of Directors
Mochamad Rizaldi Saptari
Director of Corporate Banking Director of Consumer Banking
Ari Rizaldi Novita Widya Anggraini
Director of Treasury & Director of Finance & Strategy
International Banking
Jan Winston Tambunan Sunarto
Director of Network & Retail Director of Information
Funding Technology
28 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Statement of Responsibility for
the 2025 Sustainability Report
Declaration by the Members
of the Board of Commissioners
Zulkifli Zaini M. Rudy Salahuddin Ramto
on Responsibility for the 2025 President Commissioner / Vice President Commissioner
Sustainability Report of PT Independent Commissioner
Bank Mandiri (Persero) Tbk
We, the undersigned, have reviewed and
hereby declare that all the information
contained in PT Bank Mandiri (Persero) Tbk’s
Muhammad Yusuf Ateh Luky Alfirman
Sustainability Report for 2025 has been
Commissioner Commissioner
presented comprehensively and that we
fully assume responsibility for the accuracy
of the report’s content.
This statement is made truthfully and in
good faith.
Yuliot Mia Amiati
Commissioner Independent Commissioner
Jakarta, March 2026
Board of Commissioners
B. Bintoro Kunto Pardewo
Independent Commissioner
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 29
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Introduction Sustainability Performance Overview 2025
Bank Mandiri Profile
Company Information [GRI 2-1] [OJK C.2, C.3, C.4]
Company Name
PT Bank Mandiri (Persero) Tbk
Business Activities Legal Form
Banking Limited Liability Company
Share Ownership
30.32% Foreign Institutions
PT Danantara 13.37% Domestic Institutions
Asset Management 52% 48%
(Persero) 4.28% Domestic Retail
0.03% Foreign Retail
Head Office Address
Menara Mandiri 1, Jl. Jenderal Sudirman Kav 54-55 Jakarta 12190 Indonesia
Operational Locations
Domestic: All provinces in Indonesia Overseas: Singapore, Malaysia, Hong Kong, Timor-Leste,
People’s Republic of China, the United Kingdom, and the
Cayman Islands
Phone Facsimile Website Call Center
(021) 5265045 (021) 5274477, 527557 www.bankmandiri.co.id 14000 - (021) 52997777
Company Email
Corporate Communications: corporate.communication@bankmandiri.co.id Investor Relations: ir@bankmandiri.co.id
30 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Vision and Mission [OJK C.1]
VISION
Bank Mandiri’s long-term vision for 2025–2029 is to become
“The Best Financial Institution in Southeast Asia”
This aspiration signifies Bank Mandiri’s ambition to become the best for all stakeholders, including customers, employees,
shareholders, society and the environment, as well as regulators
Bank Mandiri is committed to delivering best-in-class customer services recognized at the regional level, while continuing to
prioritize its role as a catalyst for national economic growth
MISSION
“Providing integrated and innovative financial solutions based on technology with excellent service,
focused on customer satisfaction, financial inclusion, and increasing value for shareholders, to drive
Indonesia’s economic growth to be competitive on a global level”
To support its vision, Bank Mandiri strives to effectively facilitate the interests of all stakeholders as follows:
1. Customers: Bank Mandiri is committed to being a trusted financial partner by providing innovative solutions,
enhancing services to lead the market, and remaining relevant in the financial industry.
2. Employees: Bank Mandiri is dedicated to creating an inspiring and progressive work environment, supported by
targeted development programs to foster employee growth and maximize contributions.
3. Shareholders: Bank Mandiri is committed to creating sustainable value for shareholders through healthy growth,
focusing on RoE, PBV, and increasing market capitalization, establishing itself as a symbol of credibility and
financial strength in the banking industry.
4. Community and Environment: Bank Mandiri is committed to Net Zero Emission and sustainable social initiatives
to support the environment, society, and sound corporate management.
5. Regulators: Bank Mandiri upholds superior governance and prudent principles to become a trusted institution in
the eyes of regulators, with stable performance and satisfactory ratings.
REVIEW OF VISION AND MISSION BY THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS
To ensure the alignment of Bank Mandiri’s Vision and Mission with its ongoing operations, the Bank routinely reviews its Vision
and Mission. The Bank’s Vision and Mission have been discussed and approved by the Board of Directors and the Board of
Commissioners. The new Vision and Mission have been formulated alongside the development of Bank Mandiri’s Corporate
Plan for 2025-2029, which continues to emphasize the Bank’s primary purpose, “Spirit to Prosper the Nation.” These new
Vision and Mission statements have also been incorporated into the Bank’s Business Plan for the 2025-2027 period.
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 31
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Introduction Sustainability Performance Overview 2025
Corporate Culture [GRI 2-23] [OJK F.1]
Since 2020, all State-Owned Enterprises (SOEs) have been required to implement the core values known as AKHLAK. This requirement
refers to the Circular Letter of the Minister of State-Owned Enterprises No. SE-7/MB/07/2020, issued on 1 July 2020, concerning the Core
Values of Human Resources in SOEs.
AKHLAK Core Values and Bank Mandiri’s 18 Behavioral Guidelines:
A Trustworthy L Loyal
Upholding the trust that has Being dedicated and prioritizing
been given the interests of the nation and
state
K Competent A Adaptive
Continuously learning and Continuously innovating and
developing capabilities Core Values showing enthusiasm in driving or
adapting to change
H Harmonious K Collaborative
Caring for and respecting Building synergistic
differences collaborations
Trustworthy Loyal
Upholding the trust that has been given. Behavioral Being dedicated and prioritizing the interests of the nation and state.
guidelines for the value of “Trustworthy”: Behavioral guidelines for the value of “Loyal”:
• Fulfilling promises and commitments; • Upholding the good reputation of colleagues, leaders, SOEs, and the
• Taking responsibility for tasks, decisions, and actions nation;
taken; • Willing to make sacrifices to achieve greater goals;
• Adhering to moral and ethical values. • Being obedient to leadership as long as it aligns with laws and ethics.
Competent Adaptive
Continuously learning and developing capabilities. Continuously innovating and showing enthusiasm in driving or adapting
Behavioral guidelines for the value of “Competent”: to change. Behavioral guidelines for the value “Adaptive”:
• Enhancing personal competencies to address ever- • Quickly adapting to become better;
changing challenges; • Continuously improving by keeping up with technological
• Helping others to learn; advancements;
• Completing tasks with the highest quality. • Acting proactively.
Harmonious Collaborative
Caring for and respecting differences. Behavioral guidelines Building synergistic collaboration. Behavioral guidelines for the value of
for the value of “Harmonious”: “Collaborative”:
• Respecting everyone, regardless of their background; • Providing opportunities for various parties to contribute;
• Being willing to help others; • Being open to collaboration to create added value;
• Creating a conducive work environment. • Mobilizing the use of diverse resources for shared goals.
32 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Bank Mandiri adopts AKHLAK as the fundamental foundation As a State-Owned Enterprise, Bank Mandiri integrates the
in human resource (HR) management. These values are core values of AKHLAK into its cultural programs, designed to
implemented through various Human Capital strategies and transform the mindset and behavior of our employees. These
initiatives to shape our employees into Strategic Business core values are applied in our daily work activities to develop
Leaders with AKHLAK who can compete globally. The employee resilience. This aligns with Bank Mandiri’s efforts to
application of these values also strengthens Bank Mandiri’s realize its Employee Value Proposition (EVP): Learn, Collaborate,
position as a talent factory, supporting the role of SOEs as Grow, and Contribute to Indonesia.
drivers of economic growth and accelerators of social welfare.
Employee Value Proposition (EVP)
Learn Synergy
Providing insight in order to acquire/reinforce Providing insight to cooperate and collaborate for
new and different knowledge, behaviors, skills the Company’s interests to achieve our vision and
or values. mission.
Grow Contribute to Indonesia
Providing insight to develop personally and Providing insight to contribute, share, and provide
professionally. meaning and benefit to Indonesia.
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 33
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Introduction Sustainability Performance Overview 2025
Scale and Operational Network [OJK C.3]
Subsidiaries
1. PT Bank Syariah Indonesia Tbk (BSI)
2. PT Bank Mandiri Taspen (Bank Mantap)
3. PT Mandiri Tunas Finance (MTF)
4. PT Mandiri Utama Finance (MUF)
5. PT AXA Mandiri Financial Services (AXA Mandiri)
6. PT Mandiri Sekuritas (Mansek)
Indonesia 7. PT Mandiri Capital Indonesia (MCI)
9. Bank Mandiri
(Europe) Limited
London
Malaysia
8. Mandiri International Remittance Sdn. Bhd. (MIR) United Kingdom
Second-Tier Subsidiaries
Bank Mandiri has four (4) entities that are classified as second-tier and third-tier subsidiaries, held through its subsidiaries.
Indonesia Singapore
• PT Mandiri Manajemen Investasi (MMI) • Mandiri Securities Pte. Ltd. (MSPL)
• PT Mitra Transaksi Indonesia (MTI) • Mandiri Investment Management Pte. Ltd. (MIMS)
34 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Operational Areas [GRI 2-6] [OJK C.3]
Domestic Offices
REGION I REGION II REGION IX REGION X | SULAWESI REGION XII
SUMATERA 1 SUMATERA 2 KALIMANTAN AND MALUKU PAPUA
Address: Address: Address: Address: Address:
Jl. Pulau Pinang No. 1, Jl. Kapten A. Rivai No. 1008, Jl. Lambung Mangkurat No. Jl. R.A. Kartini No. 12-14, Jl. Dr. Sutomo No.1, Jayapura
Medan 20111 Palembang 30135 3, Banjarmasin 70111 Makassar 90111 99111
Phone: Phone: Phone: Phone: Phone:
(061) 43000200 (0711) 5229300 (0511) 3365767, 3365770 (0411) 3629096, 3629097, (0967) 537081, 537183-4,
Fax: Fax: Fax: 3634811, 3633013 537189
(061) 4153273 - - Fax: Fax:
(0411) 3629095, 3650367 (0967) 537181
• 15 Branch Offices • 14 Branch Offices • 12 Branch Offices
• 184 Sub-Branch Offices • 200 Sub-Branch Offices • 115 Sub-Branch Offices • 19 Branch Offices • 10 Branch Offices
• 248 ATMs • 195 ATMs • 207 ATMs • 161 Sub-Branch Offices • 34 Sub-Branch Offices
• 182 ATMs • 73 ATMs
REGION VI | JAWA 1
Address : Jl. Soekarno Hatta No. 486, Bandung 40266
Phone : (022) 7506242, 7511878
Fax : (022) 7505810
• 9 Branch Offices
• 189 Sub-Branch Offices
• 301 ATMs
REGION III REGION IV REGION V REGION VII REGION VIII REGION XI
JAKARTA 1 JAKARTA 2 JAKARTA 3 JAWA 2 JAWA 3 BALI AND NUSA
TENGGARA
Address: Address: Address: Address: Address:
Jl. Daan Mogot Jakarta Jl. Kebon Sirih No. 83, Jl. Jend. Sudirman Kav. Jl. Pemuda No. 73 Jl. Basuki Rahmat No. Address:
Barat 11460 Jakarta Pusat 10340 54-55, Jakarta Selatan Semarang 50139 2-4, Surabaya 60271 Jl. Surapati No. 15-17,
Phone: Phone: 12190 Phone: Phone: Denpasar 80238
(021) 30723777-8 (021) 39833036 Phone: (024) 3520484, (031) 599205001 Phone:
Fax: Fax: (021) 5267337 3520486 Fax: (0361) 236118
- - Fax: Fax: - Fax:
(021) 5267371, (024) 3520485 (0361) 224077,
• 12 Branch Offices • 11 Branch Offices 5267365 • 13 Branch Offices 261453, 235924
• 197 Sub-Branch • 186 Sub-Branch • 11 Branch Offices • 232 Sub-Branch
Offices Offices • 8 Branch Offices • 219 Sub-Branch Offices • 5 Branch Offices
• 579 ATMs • 483 ATMs • 157 Sub-Branch Offices • 462 ATMs • 101 Sub-Branch
Offices • 328 ATMs Offices
• 452 ATMs • 133 ATMs
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 35
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Introduction Sustainability Performance Overview 2025
Overseas Offices
BANK MANDIRI HONG KONG REMITTANCE OFFICE HONG KONG BANK MANDIRI SHANGHAI
Address: Address: Address:
7th Floor Far East Finance Centre 16, Harcourt Shop 3. G/F. Keswick Court 3 Keswick Street, Room 4101, Shanghai Tower No. 501, Yin
Road, Hong Kong Causeway Bay, Hong Kong Cheng Zhong Road, Pudong New District,
Phone: Phone: Shanghai 200120, People’s Republic of China
+852-2881-3632 +852-2881-6650 Phone:
Fax: Fax: +86-21-2033-2625, +86-21-2028-2806, +86-21-
+852-2529-8131, +852-2811-0735 +852-2881-5386 5037-2509
Website: Fax:
www.bankmandirihk.com +86-21-5037-2707, +86-21-5037-2547
SWIFT Code: SWIFT Code:
BMRIHKHH BMRICNSH
BANK MANDIRI CAYMAN BANK MANDIRI SINGAPURA BANK MANDIRI DILI, BANK MANDIRI DILI, TIMOR
ISLANDS TIMOR LESTE PLAZA, TIMOR LESTE
Address:
Address: 12 Marina View, Address: Address:
Cardinal Plaza 3rd Floor, #30 #19-01 Asia Square Tower 2, 25 Rua de Abril No. 10 Colmera, Timor Plaza – Unit #/Unidade
Cardinal Avenue. Singapore 018961 Dili, Timor Leste No. #203; 233; 204; 230; 231; 232
PO BOX 10198, Grand Cayman Phone: Telp: Jl. Nicolau Lobato. Comoro, Dili,
KY 1 – 1002 Cayman Islands +65-6213-5688, +670-331-7777, Timor Leste
Phone: +65-6213-5680 +6221-526-3769, Phone:
+1-345-945-8891 Fax: +6221-527-1222 +670-7307-7777
Fax: +65-6844-9833, Phone:
+1-345-945-8892 +65-6844-9808 +670-331-7190, +670-331-7444,
SWIFT Code: Website: +6221-252-1652, +6221-526-3572
BMRIKYKY www.ptbankmandiri.com.sg
SWIFT Code:
BMRISGSG
36 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
Overseas Subsidiaries
BANK MANDIRI (EUROPE)
LIMITED LONDON
Address:
2nd Floor, 4 Thomas More Square,
Thomas More Street London, E1W
1 YW, United Kingdom
Phone:
+44-207-553-8688
Fax:
+44-207-553-8599 MANDIRI INTERNATIONAL REMITTANCE SDN BHD
Website: MALAYSIA
www.bkmandiri.co.uk
SWIFT Code: Address:
BMRIGB2L Wisma MEPRO, Ground & Mezzanine Floor, 29 & 31 Jl. Sultan
Azlan Shah, 51200 Kuala Lumpur
Phone:
+60192619200
Webstie:
www.mandiriremittance.com
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 37
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Introduction Sustainability Performance Overview 2025
Membership in Associations [GRI 2-28] [OJK C.5]
Bank Mandiri is a member of several industry associations within the industry. However, Bank Mandiri does not make
that are strategically relevant to its business activities. This any financial contributions other than the payment of regular
membership enables the Company to continuously monitor membership fees.
the latest developments, particularly in the banking sector, and
to play an active role in enhancing understanding and expertise Bank Mandiri is a member of the following associations:
Position in the Association
Association Name Scope
(Member/Management)
Association of Indonesian Publicly Listed Companies Member National
Banking Compliance Directors Communication Forum Management National
National Bank Association Management National
State-Owned Banks Association Member National
Indonesian Bankers Association Member National
Alternative Dispute Resolution Institution for the Financial Services Sector Member National
Bank Association for Risk Management (BARA) Management National
World Economic Forum (WEF) Member International
APEC Business Advisory Council (ABAC) Member Asia Pacific
Indonesian Chief Information Officer Association Management National
Indonesian Human Capital Forum Management National
Indonesia Foreign Exchange Market Committee (IFEMC) Management National
Indonesia Sustainable Finance Initiative Management National
Association Cambiste International - Financial Markets Association (ACI Management and Member National
FMA) Indonesia
Indonesian Bond Traders Association Management and Member National
Banking Archiving Communication Forum Member National
Indonesian Archivists Association Management and Member National
Indonesia Contact Center Association (ICCA) Management National
International Council of Museums (ICOM) Member International
Indonesian Museum Association Member National
Regional Museum Association Management and Member National
International Chamber of Commerce (ICC) Indonesia Management International
Indonesian Association of Banks Selling Mutual Fund Units (ABAPERDI) Management National
Indonesian Custodian Bank Association Management National
Indonesian Trustee Association Member National
Indonesian Banking Human Capital Forum Management National
38 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
About the Report
This report outlines Bank Mandiri’s commitment to advancing initiatives in supporting the achievement of the Sustainable
the sustainable finance mission through the development of Development Goals (SDGs) through the implementation of
innovative business models, financial products, and services. measurable performance across environmental, social, and
In addition, the report highlights Bank Mandiri’s strategic governance (ESG) aspects throughout 2025.
Reporting Period [GRI 2-3, 2-4, 2-6] [OJK C.6]
This report presents information on the Company’s operations January to 31 December 2025. This report is published annually
across Indonesia for the period from 1 January to 31 December and includes the restatement of information previously
2025 and serves as a continuation of the 2024 Sustainability disclosed in prior reports. During the reporting period, there
Report, which was published in March 2025. Bank Mandiri’s were no significant changes to the Company’s organizational
financial reporting period covers the same timeframe, from 1 structure.
Reporting Standards [OJK G.4]
Bank Mandiri’s Sustainability Report is prepared in accordance 3. Global Reporting Initiative (GRI) Standards 2021;
with various policies that support the implementation of 4. Sustainability Accounting Standards Board (SASB);
sustainability principles. The reporting standards applied are as 5. Sustainable Banking Assessment (SUSBA) Environmental,
follows: Social, and Governance (ESG) Integration Pillars of the World
1. Financial Services Authority Regulation (POJK) No. 51/ Wide Fund for Nature (WWF);
POJK.03/2017 on the Implementation of Sustainable 6. Task Force on Climate-Related Financial Disclosures (TCFD).
Finance for Financial Services Institutions, Issuers, and Public
Companies; This report has also been prepared based on the Bank’s early
2. Financial Services Authority Circular Letter (SEOJK) No. 16/ adoption of IFRS S1 and S2, which have been adopted in
SEOJK.04/2021 on the Form and Content of Annual Reports Indonesia as PSPK 1 and 2.
of Issuers or Public Companies;
Reporting Boundary [GRI 2-2]
Data and information related to environmental and social subsidiaries and second-tier or third-tier entities. Nevertheless,
aspects cover PT Bank Mandiri (Persero) Tbk, from the head Bank Mandiri conducts consolidated financial audits that
office through all operational offices, and do not include include its subsidiaries, second-tier, and third-tier entities.
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 39
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Introduction Sustainability Performance Overview 2025
Independent Review and Assurance [GRI 2-5, 2-14] [OJK G.1]
Bank Mandiri is responsible for ESG information and all assurance standard. The appointment of PT Sucofindo as the
supporting data disclosed in this report. This Sustainability independent assurance provider was based on considerations
Report has been reviewed, approved, and signed by the entire of expertise, reputation, and the absence of any potential
Board of Commissioners and Board of Directors, as stated in conflicts of interest or business relationships with Bank Mandiri.
the 2025 Sustainability Reporting Responsibility. This step was The appointment of the independent third party was delegated
taken to ensure that all material topics presented in this report by the Board of Directors to the ESG Group in accordance with
have been disclosed comprehensively and are aligned with the Standard Operating Procedures for Procurement and the
Bank Mandiri’s material issues. Operational Technical Guidelines.
This Sustainability Report has also undergone an internal review The scope of external assurance also covers environmental
process by the relevant units or groups and has been assured and social Key Performance Indicators (KPIs), as outlined in the
by an independent external party, namely PT Sucofindo, which attached Independent Assurance Statement.
is certified under the internationally recognized AA1000AS v3
Sustainability Report Contact [GRI 2-3]
Readers may submit requests for information, suggestions, or any feedback related to this Sustainability Report by contacting:
esggroup@bankmandiri.co.id
Jl. Jenderal Gatot Subroto Kav. 36-38, Jakarta 12190 Indonesia
(021) 5265045
(021) 5374477, 5275577
www.bankmandiri.co.id/en/esg
40 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Message from the Board of Commissioners Bank Mandiri Profile About the Report
and Directors
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Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 41
Page 42
Strengthening Corporate
Governance
Corporate Governance � �������������������������������������������������������������������������������� 44
• Corporate Governance Principles
• Governance Structure
• Effectiveness of the Implementation of Corporate Governance
• Governance Body Member Independence
• Competency and Diversity of Members of the Governance Bodies
• Policies and Processes for the Nomination and Remuneration of the Board of
Commissioners and Directors
• Share Ownership by the Board of Commissioners and Directors
• Risk Management
ESG Governance� ��������������������������������������������������������������������������������������������� 70
• ESG Governance Structure
• ESG Unit Structure
• ESG Unit Responsibilities
• ESG Governance Oversight and Evaluation
• ESG Risk Management
• Sustainable Finance
Business Ethics������������������������������������������������������������������������������������������������ 80
• Corporate Code of Conduct
• Oversight of Compliance with the Code of Conduct
• Whistleblowing System
• Anti–Financial Crime Policy
• Tax Governance
• Political Engagement and Lobbying
• Supplier Responsibility
42 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 43
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 43
Page 44
Strengthening Corporate Governance Corporate Governance
Corporate Governance
Bank Mandiri’s governance structure is based on a two-tier ensuring that they are applied comprehensively across all levels
system, which establishes a clear division of roles to optimize and activities of the Bank (bank-wide). [IDX G-03]
performance and accountability. The Board of Commissioners
serves as the highest supervisory body, responsible for ensuring In line with the mandates of shareholders and stakeholders,
full compliance with applicable regulations, providing strategic the Board of Directors holds collective responsibility for the
direction to the Board of Directors, and safeguarding the interests Bank’s day-to-day operational management, aiming to realize
of shareholders. This includes ensuring the implementation the Company’s vision and mission through the formulation
of Good Corporate Governance (GCG) principles as well as and execution of strategies, while periodically reporting
Environmental, Social, and Governance (ESG) principles, and performance and outcomes to the Board of Commissioners.
Corporate Governance Principles [GRI 2-24]
Bank Mandiri is committed to consistently implementing GCG principles across all business processes and operational activities at every
level. The core GCG principles applied by Bank Mandiri comprise:
Transparency Accountability Responsibility Independence Fairness
Furthermore, Bank Mandiri is strengthening and enhancing GCG Code of Corporate Governance (PUG-KI). In accordance with
implementation by aligning the Corporate Governance Principles updated KNKG guidelines, the key principles underpinning
with the latest standards issued by the National Committee the development of Bank Mandiri’s GCG framework are ethical
on Governance Policy (KNKG), namely the 2021 Indonesian conduct, accountability, and transparency.
44 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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ESG Governance Business Ethics
Governance Structure [GRI 2-9, 2-11, 2-12]
Bank Mandiri’s governance structure was established in and the Board of Directors, ensuring independence in the
accordance with Law No. 40 of 2007 on Limited Liability management of the Company in accordance with the Articles
Companies. This structure defines a clear division of functions of Association and applicable regulations.
and responsibilities between the Board of Commissioners
General Meeting of Shareholders (GMS)
The GMS is the highest governing body of the Company, holding The Annual GMS is convened at least once a year, while an
an authority not delegated to the Board of Commissioners and Extraordinary GMS may be held at any time as necessary to
Directors, and serves as an essential forum for shareholders to facilitate strategic decisions.
obtain comprehensive information regarding the Company
from both the Board of Commissioners and Directors.
Shareholders’ Rights
Within the shareholding structure, the Republic of Indonesia The Company is committed to ensuring fair and equal treatment
made an additional state capital injection into Danantara for all shareholders and stakeholders, with the principle of
Asset Management (DAM) through the transfer of all Series fairness upheld through information transparency, compliance
B shares owned by the Republic of Indonesia in the Bank to with applicable laws and regulations, and the conduct of GMS
DAM, totaling 48,533,333,333 Series B shares. Following the that guarantee equal opportunities for shareholders to express
transfer of all such Series B shares, the Republic of Indonesia their views and exercise their rights proportionately. [IDX G-08]
continues to hold 1 (one) Series A Dwiwarna share and retains
control over Bank Mandiri. Ownership of the Series A Dwiwarna In addition, the Series A Dwiwarna shareholder is entitled to
share confers special rights and authorities not held by other propose agendas for the GMS, access the Company’s data and
shareholders, particularly with respect to the approval of the documents, and nominate candidates for the Board of Directors
Company’s strategic decisions through the GMS. These include and the Board of Commissioners. Outside the GMS mechanism,
amendments to the Articles of Association, changes in capital certain actions of the Board of Directors that meet the criteria
structure, the appointment and dismissal of members of the stipulated in the Articles of Association are also required to
Board of Directors and the Board of Commissioners, as well as obtain written approval from the Board of Commissioners
the execution of material corporate actions. and the Series A Dwiwarna shareholder. These arrangements
reinforce the principles of accountability and prudence, while
These special rights substantively reflect the existence of specific ensuring that all strategic policies are implemented within a
approval authority (veto power) over certain decisions, serving robust and balanced governance framework that upholds the
as a safeguarding mechanism to ensure that fundamental interests of stakeholders.
decisions remain aligned with the Company’s long-term
interests, preserve stability of control, and prevent changes in
ownership structure or takeovers that may not be consistent
with the Company’s strategic direction and objectives.
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 45
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Strengthening Corporate Governance Corporate Governance
Board of Commissioners
The Board of Commissioners, as the Supervisory Board and evaluating the implementation of ESG principles across
stipulated under Law No. 40 of 2007, is responsible for Bank Mandiri, reviewing audit reports, and providing views on
supervising and providing strategic guidance to the Board the implementation of risk management.
of Directors in accordance with the Articles of Association.
The Board of Commissioners provides advice to the Board In 2025, the Board of Commissioners comprised seven
of Directors, requests and reviews various Company reports, members who met the independence criteria set by the
and approves the Annual Report. Furthermore, the Board of Financial Services Authority and reflected GCG practices, with
Commissioners holds an essential responsibility in ensuring the following composition:
Independent Commissioners Commissioners
(Independent Directors) (Other Non-Executive Directors)
3 4
In its engagement with shareholders, the Board of The Board of Commissioners is supported by four committees,
Commissioners acts as a strategic intermediary, providing namely:
recommendations on critical issues faced by the Company. 1. Audit Committee
All members of the Board of Commissioners have fulfilled the 2. Remuneration and Nomination Committee
fit and proper test requirements stipulated by the Financial 3. Risk Monitoring Committee
Services Authority and, in accordance with prevailing laws and 4. Integrated Governance Committee
regulations, none concurrently serve as members of the Board
of Directors.
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ESG Governance Business Ethics
Board of Directors
The Board of Directors of Bank Mandiri functions as the the Board level to deliberate, align, and ensure the effective
Management Board and comprises 12 members of the implementation of the Company’s strategies and policies in
Executive Management led by a President Director who holds accordance with their respective authorities. These committees,
a vital role in coordinating all Board activities. The Board of namely:
Directors is responsible for managing the Company’s day-to- 1. Risk Management Committee (RMC)
day operations, representing Bank Mandiri both in and out 2. Credit Policy Committee (CPC)
of court in accordance with the Articles of Association, and 3. Credit Committee / Credit Committee Meeting (RKK)
playing a strategic role in decision-making, including matters 4. Information Technology & Digital Banking Committee
related to sustainability and the management of social, (ITDC)
economic, environmental, and climate change impacts. To 5. Social and Environmental Responsibility Committee (TJSL)
ensure accountability, all members of the Board of Directors 6. Assets & Liabilities Management Committee (ALCO)
have passed the fit and proper test conducted by the Financial 7. Business Committee (BC)
Services Authority and are prohibited from holding concurrent 8. Capital & Subsidiaries Committee (CSC)
positions. 9. Human Capital Policy Committee (HCPC)
10. Integrated Risk Committee (IRC)
In carrying out its management functions, the Board of 11. Policy & Procedure Committee (PPC)
Directors is supported by the Corporate Secretary and 12 12. Transformation Committee (TFC)
Executive Committees, which serve as managerial forums at
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 47
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Strengthening Corporate Governance Corporate Governance
Organizational Structure of PT Bank Mandiri (Persero) Tbk
Board of Commissioners
Audit Committee Risk Monitoring Committee
Remuneration and Nomination Integrated Governance
Committee Committee
President Director
Vice President Director
Treasury & Commercial
International Corporate Risk
Banking Banking Management
Banking
Institutional Corporate Special Assets Commercial Wholesale
Relations Banking Management Banking Risk
Environmental Gov & Corporate Corporate Commercial Commercial Corporate
Treasury SAM I Market Risk
Social & Institutional 1 Banking 1 Banking 4 Banking 1 Banking 5 Risk 1
Governance
Gov & Transaction Corporate Commercial Commercial
Corporate SAM II Operational Corporate
Institutional 2 Banking Banking 5 Banking 2 Banking 6
Banking 2 Risk Risk 2
Wholesale
Executive
Government Strategic Corporate Corporate Commercial Business Credit Portfolio Commercial
SAM III
Solution Procurement Banking 3 Banking 6 Banking 3 Officer Risk Risk 1
Executive
Government Executive Relationship
Project Office of Chief Business Corporate Retail Collection Commercial Officer Policy & Commercial
Economist Officer Solution & Recovery Banking 4 Procedure Risk 2
Executive Executive
Relationship Overseas Relationship Consumer Executive
Officer Officer Commercial Credit
Banking Legal Credit Officer
Solution Risk & Analytics
Network
SORH
Wholesale
Financial Banking Executive
Business SME &
Institutions SME Banking Micro Risk
Officer
Business
Executive
Legal Data Protection
Litigation
& Fraud Risk
Board of Commissioners & Director Directors and Committees SEVP Group
Committees under the Commissioner under the Directors Head
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ESG Governance Business Ethics
Board of Directors
Information Social & Assets &
Risk
Credit Policy Credit Technology & Environmental Liabilities
Management
Committee Committee Digital Banking Responsibility Management
Committee
Committee Committee Committee
Capital & Human Capital Policy &
Business Integrated Risk Transformation
Subsidiaries Policy Procedure
Committee Committee Committee
Committee Committee Committee
Human Network
Operations Information Capital Finance & Consumer and Retail
Technology Compliance Strategy Banking Funding
Network Information
& Retail Internal Corporate
Technology Audit Relations
Operations
Wholesale &
Wholesale Business IT HC Strategy & Strategy & Micro Wealth
Digital Retail Regional CEO Corporate Enterprise Corporate
Credit Operations Infrastructure Talent Performance Development & Management
Banking 1 - 12 Center Legal Secretary
Operations Center Management Management Agent Banking
Audit
Electronic Digital IT
Retail Credit Human Capital Distribution Digital
Channel Wholesale Applications Accounting Personal Loan Retail Audit
Center Services Strategy Marketing
Operations Banking Support
Enterprise IT Digital Transaction
Cash & Trade Customer Mandiri Investor Credit Office of the
Data Analytics Channel Banking Retail IT Audit
Operations Care University Relations Cards Board
Delivery Sales
Business IT HC Engagement Strategic
IT Application Retail Deposit Senior
Continuity & Investment & Consumer
Strategy & Product & Investigator
Management Delivery Outsource Subsidiaries Loans
Architecture Solution
Management Management
SORH SORH HC
Operation Performance Business
Information CISO Office Transformation Corporate Real
Technology & Estate
Remuneration
Corporate SORH
Transformation Distribution &
Compliance
Consumer
SORH
Corporate
Center
AML - CFT
Senior HC
Business
Partner
Head of
Improvement
Project
Deputy Functional and
Group Head Not Structural Officials
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 49
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Strengthening Corporate Governance Corporate Governance
Effectiveness of the Implementation of Corporate Governance
Attendance at Meetings of the Board of Commissioners and Directors
[IDX G-02]
The effectiveness of corporate governance implementation is Meetings of the Board of Commissioners and Directors are a
key to the application of GCG, ensuring that the Company’s primary instrument for assessing the effectiveness of corporate
operations are conducted in alignment with the principles governance. Through these forums, strategic policies are
of transparency, accountability, and responsibility. Bank thoroughly deliberated and carefully decided, with the
Mandiri optimizes the implementation of GCG through the objective of safeguarding optimal business sustainability while
strengthening of robust oversight and control mechanisms, ensuring compliance with applicable laws and regulations.
while upholding integrity in every decision-making process.
Meetings of the Board of Commissioners
Meetings of the Board of Commissioners are governed by the Board of Commissioners’ Charter and Rules of Procedure,
with reference to POJK No. 33/POJK.04/2014. The Board of Commissioners is required to convene meetings at least
once a month and to hold joint meetings with the Board of Directors at least once every four months. A meeting is
deemed quorate if attended by at least two-thirds of the total members, whereby a Commissioner is permitted to
represent only one other member through a written power of attorney. Meeting materials must be distributed at
least five days prior to the meeting, except in emergency circumstances. The Board of Commissioners may conduct
meetings remotely, and formal resolutions may be adopted through circular resolutions with the written approval of all
members. All meeting outcomes are formally documented by the Company. Commitment to this supervisory function
is reflected in an average meeting attendance rate of 98%.
Meetings of the Board of Directors
These are carried out in accordance with the Board of Directors’ Charter, the Articles of Association, and POJK No. 33/
POJK.04/2014, with the Board of Directors required to hold meetings at least once a month, and others as deemed
necessary by members of the Board of Directors or upon a written request from the Board of Commissioners. In addition,
joint meetings with the Board of Commissioners must be held at least once every four months. A meeting of the Board
of Directors is deemed quorate if attended by more than two-thirds of the members, with meeting materials to be
distributed at least five days in advance. Meetings are chaired by the President Director or, in his or her absence, by
the Vice President Director or an appointed Director in accordance with applicable provisions. The Board of Directors’
commitment is reflected in an average meeting attendance rate of 98%.
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ESG Governance Business Ethics
Mandate of the Board of Commissioners
The policy governing multiple positions held by members of 1. Members of the board of directors of state-owned, regional-
the Board of Commissioners of Bank Mandiri falls under the owned, and/or private business entities.
Regulation of the Minister of SOEs No. PER-3/MBU/03/2023 and 2. Officials of political parties and/or candidates for, or members
POJK No. 17/2023. of, the House of Representatives, the Regional Representative
1. Members of the Board of Commissioners/Board of Council, Provincial Regional House of Representatives, or
Supervisors of SOEs may concurrently serve as members Regency/Municipal Regional House of Representatives, and/or
of the board of commissioners of other business entities, candidates for regional head or deputy regional head.
provided that such appointments comply with applicable 3. Other positions as stipulated under applicable laws and
sectoral laws and regulations. regulations.
2. Members of the Board of Commissioners/Board of 4. Any other positions that may give rise to conflicts of interest.
Supervisors of SOEs who hold concurrent positions as
members of the board of commissioners of other business The Bank Mandiri Board of Commissioners has formally declared
entities, as referred to in point (1), are required to maintain that none of its members hold concurrent positions outside the
a minimum attendance rate of at least 75% at meetings of Company that are prohibited under prevailing regulations or
the Board of Commissioners/Board of Supervisors of the that may potentially give rise to conflicts of interest. To safeguard
SOEs within one year, as a prerequisite for the entitlement effectiveness in the discharge of their duties and responsibilities, in
to tantiem/performance incentives/special incentives. 2025 members of the Board of Commissioners held one mandate,
in line with the principles of effective corporate governance.
The Company’s Articles of Association further prohibit members
of the Board of Commissioners from holding concurrent
positions, particularly as:
Assessment of Corporate Governance Performance [GRI 2-18] [IDX G-04]
The performance of the Board of Commissioners is assessed the Board of Commissioners and Directors for all management
collegially through a self-assessment process and reported to and supervisory functions carried out during the relevant
shareholders at the Annual GMS. Subsequently, the GMS holds financial year.
the authority to grant full release and discharge of liability to
Self-Assessment Procedure for the Performance of the Board of Commissioners
Report the results of the Accountability is
Apply key supervisory Through a self-assessment
Board of Commissioners’ accepted or rejected by
aspects methodology
performance assessment the GMS
to the GMS
1. Risk Profile Remuneration (Tantiem)
2. Good Corporate
Governance
3. Profitability
4. Bank Capitalization
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 51
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Strengthening Corporate Governance Corporate Governance
The performance of the Board of Directors is assessed both individually and collegially based on the achievement of Key Performance
Indicators (KPIs), evaluated by shareholders at the GMS. These KPIs include ESG aspects, with a particular focus on the Company’s
sustainability performance and the implementation of sustainable finance.
Board of Directors’ KPIs Related to Sustainability and ESG Aspects in 2025
Board of Directors’ KPI Weight Target Actual
Realization of Government-subsidized Loan (KUR) 7% 95% 106.5%
Cybersecurity Breach 5% 0 Incident 0 Incident
Number of Active Livin’ by Mandiri Users 5% 14,500,000 Users 20,389,333 Users
Environmental, Social, and Governance (ESG) Rating 5% BBB AA
Sustainable Financing/Credit 6% IDR294.25 Trillion IDR315.84 Trillion
Average Diversity in Top Talent (Women & Young) 4% Women: 26.5%; Young: 21% Women: 26.5%; Young: 21%
ESG-Related KPIs 32%
Assessment Score
Bank Mandiri also conducts an individual self-assessment of Corporate Governance for Commercial Banks. In the first
of the implementation of corporate governance on a semi- semester of 2025, Bank Mandiri conducted an individual
annual basis, carried out in accordance with POJK No. 17/2023 corporate governance self-assessment and achieved a score of
and SEOJK No. 14/SEOJK.03/2025 on the Implementation 1. The Financial Services Authority provided feedback on the
results, as follows.
Score Composite Definition
This reflects that the Company’s management has generally implemented Good Governance
effectively. This is evident from the adequate fulfillment of Governance Principles. In cases where
2
governance implementation weaknesses exist, they are generally insignificant and can be addressed
through normal corrective actions by the Bank’s management.
In the second semester of 2025, Bank Mandiri conducted an individual self-assessment of its corporate governance implementation
and obtained a rating of 1. As of the reporting period, the Financial Services Authority (OJK) has not yet provided feedback on the results
of this self-assessment. The assessment referred to is described as follows:
Score Composite Definition
This rating reflects that the Company’s management has implemented corporate governance
practices that are generally very good. This is evidenced by a very adequate level of compliance
1 with corporate governance principles. Should there be any weaknesses in the implementation of
these principles, such weaknesses are generally not significant and can be promptly addressed and
remedied by the Bank’s management.
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ESG Governance Business Ethics
External Assessment
In addition to conducting regulatory self-assessments, Bank The results of the CGPI assessment assist with the evaluation
Mandiri proactively undertakes external corporate governance and continuous improvement of Bank Mandiri’s GCG
evaluations to obtain objective and independent feedback. implementation. The Company’s commitment to governance
Bank Mandiri actively participates in the Corporate Governance excellence was reaffirmed in the CGPI assessment for 2024
Perception Index (CGPI) research and rating program organized (conducted in 2024), in which Bank Mandiri achieved the “Most
by The Indonesian Institute of Corporate Governance (IICG). Trusted” distinction with a score of 95.36. This award marked
the 19th consecutive recognition.
Results of the CGPI Assessment
Stage 2025 2024 2023
Governance Structure 25.77 31.85 31.53
Governance Process 34.85 31.61 31.24
Governance Outcome 34.74 31.84 31.45
Score 95.36 95.30 95.22
2025 GCG Awards
Award Category Award Category Award Category
Special Award Best in Class Most Trusted ASEAN Top 50 Public Listed
Banking GCG Companies
Award Title Award Title Award Title
CNBC Indonesia Awards 2025 Corporate Governance ASEAN Corporate Governance
Perception Index (CGPI) Scorecard Assessment 2025
Organized by Organized by Organized by
CNBC Indonesia The Institute Indonesian for ASEAN Capital Markets Forum
Corporate Governance (IICG) (ACMF)
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Strengthening Corporate Governance Corporate Governance
Governance Body Member Independence [GRI 2-15]
To safeguard the independence of the Board of Commissioners, The management of conflicts of interest involving the Board of
Bank Mandiri has established various guidelines, including the Directors is regulated within Bank Mandiri’s Policy Architecture,
management of conflicts of interest. These provisions are set which serves as the overarching governance framework for
out in detail in the Board of Commissioners’ Charter and Rules policy formulation and the conduct of the Bank’s activities. The
of Procedure, as outlined below: conflict-of-interest management framework for the Board of
1. Each Commissioner is required to safeguard information Directors includes the following provisions:
that must be kept confidential in accordance with prevailing 1. Members of the Board of Commissioners, the Board of
laws and regulations, including provisions on insider trading Directors, and executive officers are committed to avoiding
and other information that has not yet been publicly all forms of conflicts of interest.
disclosed by the Company. 2. If a member of the Board of Directors has a personal interest
2. Each Commissioner is required to disclose: in a transaction, contract, or proposed contract involving
a. Share ownership in the Company and in other Bank Mandiri as one of the parties, such personal interest
companies domiciled both within and outside must be disclosed in the Board of Directors’ meeting, and
Indonesia. the concerned Director is not entitled to cast a vote.
b. Financial and family relationships with other members 3. Each member of the Board of Commissioners, the Board
of the Board of Commissioners and members of the of Directors, and executive officers is required to submit a
Board of Directors, including their respective family declaration regarding the existence or absence of conflicts
members. of interest in relation to the Company’s activities on a
c. Other information that is required to be disclosed to the regular basis, at least once a year.
public under applicable laws and regulations. 4. Members of the Board of Commissioners, the Board of
3. The Board of Commissioners is prohibited from being Directors, and executive officers are prohibited from
involved in decision-making related to banking operational holding concurrent positions, as stipulated under applicable
activities and/or in decisions that may give rise to conflicts regulations.
of interest.
4. In carrying out their duties, responsibilities, and authorities, Detailed information on conflicts of interest, including cross-
members of the Board of Commissioners are prohibited from board memberships, shared ownership with suppliers and
using the Company for personal, family, other corporate, other related parties, controlling shareholders, as well as
or specific parties’ interests in a manner that contravenes relationships, transactions, and balances with related parties, is
applicable laws and regulations and the Company’s code disclosed in the Bank Mandiri 2025 Annual Report.
of conduct.
Competency and Diversity of
Members of the Governance Bodies [GRI 3-3, 405-1]
The diversity policy of the Company’s Board of Commissioners In the appointment process, members of the Board of
and Directors encompasses a broad range of backgrounds, Commissioners and Directors are assessed based on age,
including age, education, and relevant professional experience, gender, integrity, dedication, and relevant managerial expertise.
to ensure the effective discharge of duties and responsibilities. The nomination and appointment of Directors also emphasizes
The composition of the Board of Commissioners is specifically diversity of characteristics, particularly in terms of skills and
governed by the Articles of Association of Bank Mandiri, with experience aligned with the Company’s needs and its Articles
reference to Appendix of SEOJK No. 32/2015 and SEOJK No. of Association, while considering integrity, dedication, and
13/2017. compliance with applicable regulations.
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ESG Governance Business Ethics
In line with the government’s Top Talent BOD-1 target of 15% BOD-1, reflecting the Company’s readiness to strengthen
female leadership and 10% young leadership, Bank Mandiri top management succession within the SOEs/Danantara
has exceeded these targets with 26.5% female leadership environment. [IDX G-01]
and 21% young leadership out of a total of 23% Top Talent
Gender Diversity of the Gender Diversity of the Independence of the
Board of Commissioners Board of Directors Board of Commissioners
14% 17% 43%
Female Commissioners Female Directors Independent Commissioners
1 1(1Female Commissioner
out of 7 Members) 2 2(2Female Directors
out of 12 Members) 3 3(3Independent Commissioners
out of 7 Members)
Composition of the Board of Commissioners
Basis of Industry
Name Position Gender Age Expertise
Appointment Experience
President
Financial Holding
Commissioner Extraordinary GMS on 69 Years Accounting
Zulkifli Zaini Male Company and
/ Independent December 19, 2025 Old and Finance
Other Industries.
Commissioner
Public Policy Financial Industry
M. Rudy Salahuddin Vice President Extraordinary GMS on 57 Years
Male and Investment (Insurance) and
Ramto Commissioner December 19, 2025 Old
Governance Other Industries.
Annual GMS on March 61 Years Accounting
Muhammad Yusuf Ateh Commissioner Male Other Industries.
15, 2021 Old and Audit
Annual GMS on March 55 Years Economic
Luky Alfirman Commissioner Male Other Industries.
25, 2025 Old and Finance
Economic
Annual GMS on March 62 Years and Climate
Yuliot Commissioner Male Other Industries.
25, 2025 Old Investment
Governance
Independent Annual GMS on March 60 Years Human Capital
Mia Amiati Female Other Industries.
Commissioner 25, 2025 Old and Law
Financial Holding
Company,
B. Bintoro Kunto Independent Extraordinary GMS on 56 Years Economic and
Male Financial Industry
Pardewo Commissioner December 19, 2025 Old Finance
(Securities), and
Other Industries.
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Strengthening Corporate Governance Corporate Governance
Composition of the Board of Directors
Basis of Industry
Name Position Gender Age Expertise
Appointment Experience
Financial
Accounting, Finance, Holding
Extraordinary GMS 55 Years Audit, Risk Company
Riduan President Director Male
on August 4, 2025 Old Management, and and Financial
Banking. Industry
(Insurance).
Financial
Holding
Extraordinary GMS 56 Years Financial Management Company
Henry Panjaitan Vice President Director Male
on August 4, 2025 Old and Treasury. and Financial
Industry (Credit
Services).
Banking Operations, Financial
Extraordinary GMS 60 Years Treasury, Trade Services, Holding
Timothy Utama Director of Operations Male
on August 4, 2025 Old and Information Company.
Technology.
Financial
Director of Human Annual GMS on 47 Years Treasury and Human Holding
Eka Fitria Female
Capital & Compliance March 25, 2025 Old Resources. Company and
Other Industries.
Internal Audit, Banking Financial
Risk Management, Holding
Director of Risk Annual GMS on 57 Years
Danis Subyantoro Male Regulatory Compliance, Company.
Management March 7, 2024 Old
and Sustainable
Financing.
Banking Risk Financial
Management, Credit Holding
Director of Commercial Annual GMS on 51 Years
Totok Priyambodo Male Analysis, Project Company.
Banking March 7, 2024 Old
Financing, and Wealth
Management.
Banking Risk Financial
Director of Corporate Annual GMS on 44 Years
Mochamad Rizaldi Male Management and Asset Holding
Banking March 25, 2025 Old
Management. Company.
Financial
Director of Consumer Annual GMS on 56 Years Accounting, Economic,
Saptari Male Holding
Banking March 25, 2025 Old and Consumer Banking.
Company.
Financial
Director of Treasury & Annual GMS on 55 Years Accounting, Treasury,
Ari Rizaldi Male Holding
International Banking March 25, 2025 Old and Risk Management.
Company.
Financial
Director of Finance & Annual GMS on 49 Years Accounting and
Novita Widya Anggraini Female Holding
Strategy March 25, 2025 Old Financial Strategy.
Company.
Financial
Director of Network & Annual GMS on 57 Years Accounting and Retail
Jan Winston Tambunan Male Holding
Retail Funding March 25, 2025 Old Funding.
Company.
Information System, Financial
Director of Information Extraordinary GMS 43 Years
Sunarto Male Business Administration, Holding
Technology on August 4, 2025 Old
and Risk Management. Company.
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ESG Governance Business Ethics
Sustainable Capacity Building [GRI 2-17] [OJK E.2] [IDX G-05]
Bank Mandiri ensures that the Board of Commissioners, the These ESG capacity-building initiatives are grouped into three
Board of Directors, committees, and relevant units possess main categories, namely enhancing ESG awareness for all
adequate knowledge, skills, and resources to effectively carry employees, including members of the Board of Commissioners
out their responsibilities in managing sustainable finance and the Board of Directors; developing ESG expertise in priority
and ESG topics, actively providing training and educational sectors, particularly for employees in business units (Corporate
programs relevant to ESG. Banking, Commercial Banking, and Small and Medium
Enterprises) and Risk units; and strengthening individual
capacity through ESG-related certifications.
Board of Commissioners Competency Development in 2025
Name Position Training / Seminar Organizer Location Date
Risk Management
Certification (SMR) Levels 6 Bank Mandiri Online January 7, 2025
and 7 Refreshment
Risk Management
Muhammad Yusuf Certification (SMR) Level
Commissioner Bank Mandiri Jakarta May 25, 2025
Ateh 6 Fast Track Preparatory
Program
Risk Management Professional Certification
Certification Level 6 Institute for Banking Jakarta June 3, 2025
Examination (LSPP)
Risk Management Professional Certification
Luky Alfirman Commissioner Certification Level 6 Institute for Banking Jakarta May 20, 2025
Examination (LSPP)
Risk Management Professional Certification
Yuliot Commissioner Certification (SMR) Levels 6 Institute for Banking Jakarta May 16, 2025
and 7 Refreshment (LSPP)
Risk Management
Certification (SMR) Level
Bank Mandiri Jakarta May 24, 2025
6 Fast Track Preparatory
Independent
Mia Amiati Program
Commissioner
Risk Management Professional Certification
Certification Level 6 Institute for Banking Jakarta May 26, 2025
Examination (LSPP)
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Strengthening Corporate Governance Corporate Governance
Board of Directors Competency Development in 2025
Name Position Training / Seminar Organizer Location Date
Risk Management
President October 20,
Riduan Certification (SMR) Levels 6 Bank Mandiri Online
Director 2025
and 7 Refreshment
Risk Management
Certification (SMR) Level 7 Bank Mandiri Jakarta August 16, 2025
Vice President Preparatory Program
Henry Panjaitan
Director Risk Management
Risk Management
Certification Level 7 Jakarta August 16, 2025
Certification Body (BSMR)
Examination
Risk Management
Director of
Timothy Utama Certification (SMR) Levels 6 Bank Mandiri Online July 15, 2025
Operations
and 7 Refreshment
Director
PMS (Performance
of Human
Eka Fitria Management System) Bank Mandiri Online March 19, 2025
Capital &
Socialization Session 2025
Compliance
Director
Chief Risk Officer (CRO) September 24,
Danis Subyantoro of Risk BARA Jakarta
Roundtable 2025 2025
Management
Risk Management
Certification (SMR) Levels 6 Bank Mandiri Online April 22, 2025
Director of and 7 Refreshment
Novita Widya
Finance & Corporate Bank SPK
Anggraini Bank Mandiri E-Learning May 19, 2025
Strategy Assessment 2025
Credit Policy Assessment
Bank Mandiri E-Learning May 19, 2025
(KPKD) 2025
Director of
Risk Management Professional Certification
Jan Winston Network
Certification Level 7 Institute for Banking Jakarta May 27, 2025
Tambunan & Retail
Examination (LSPP)
Funding
Risk Management
Certification (SMR) Level 7 Bank Mandiri Jakarta August 24, 2025
Director of
Preparatory Program
Sunarto Information
Risk Management Professional Certification
Technology September 11,
Certification Level 7 Institute for Banking Jakarta
2025
Examination (LSPP)
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ESG Governance Business Ethics
Policies and Processes for the Nomination and Remuneration
of the Board of Commissioners and Directors [GRI 2-10, 2-19, 2-20] [IDX G-06]
The Board of Commissioners established a Remuneration and part of the Company’s corporate governance guidelines and
Nomination Committee to support the execution of its duties. serves as a reference for the Board of Commissioners and the
This Committee is entrusted with the primary responsibility of GMS in determining the remuneration of members of the
designing the remuneration system which forms an integral Board of Commissioners and/or the Board of Directors.
Composition of the Independent Remuneration and Nomination Committee Members
43%
(3 out of 7) Independent Remuneration and Nomination Committee Members
Name Position on the Committee Position at Bank Mandiri
President Commissioner / Independent
Zulkifli Zaini Chairperson & Member
Commissioner
M. Rudy Salahuddin Ramto Member Vice President Commissioner
Muhammad Yusuf Ateh Member Commissioner
Mia Amiati Member Independent Commissioner
Yuliot Member Commissioner
Luky Alfirman Member Commissioner
B. Bintoro Kunto Pardewo Member Independent Commissioner
SEVP/Group Head Human Capital Secretary & Ex-Officio Member SEVP/Group Head Human Capital
To ensure objective implementation and the absence of conflicts of interest, all members of Bank Mandiri’s Remuneration and
Nomination Committee have no financial, management, share ownership, or/and family relationships with the Board of Commissioners,
the Board of Directors, and/or the Controlling Shareholder.
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Strengthening Corporate Governance Corporate Governance
Nomination Policy
Pursuant to the Articles of Association, the GMS has the No. PER-11/MBU/07/2021 on the Requirements and Procedures
authority to appoint and dismiss members of the Board of for the Appointment and Dismissal of Members of the Board
Commissioners. Each member serves a term of 5 (five) years, of Commissioners and Supervisory Boards of State-Owned
commencing from the date of appointment as determined by Enterprises, as most recently amended by the Minister of SOEs
the GMS, without prejudice to the right to dismiss members of Regulation No. PER-3/MBU/03/2023 dated March 20, 2023 on
the Board of Directors at any time prior to the expiration of their the Organs and Human Resources of State-Owned Enterprises.
term of office, subject to the prevailing laws and regulations in
the Capital Market and Banking sectors. Bank Mandiri applies a structured merit-based approach
in identifying high-potential talent by taking into account
The appointment of the Board of Commissioners of Bank performance, potential, and competence, as well as alignment
Mandiri refers to POJK No. 33/POJK.04/2014 concerning the with the Company’s strategic needs to support future leadership
Board of Directors and Board of Commissioners of Issuers or and management succession.
Public Companies, as well as the Minister of SOEs Regulation
Procedures for the Appointment of the Board of Commissioners
The sources of prospective candidates for the Board of Commissioners/Board of Commissioners of SOEs are derived from:
1 a. Former members of the Board of Directors of SOEs.
b. Members of the Board of Commissioners/Supervisory Boards of SOEs.
c. Government structural and functional officials.
d. Other sources.
Prospective nominees for the Board of Commissioners have fulfilled the Formal Requirements, Substantive Requirements,
2 and Other Requirements.
Compliance with the Substantive Requirements is conducted by:
3 a. Reviewing a curriculum vitae and supporting documents.
b. Assessing integrity through a written statement from the respective candidate, as stipulated in the Minister of SOEs
Regulation No. PER-11/MBU/07/2021.
c. Conducting interviews.
For certain SOEs as designated by the Minister, candidates for President Commissioner/Members of the Board of
4 Commissioners are required to undergo a fit and proper test conducted by a professional institution appointed by the
Minister.
Specifically for state-owned banks, prospective candidates to be proposed at the GMS are assessed by a team established
5 by the Minister, involving the Chairperson of the Board of Commissioners’ Committee responsible for the Nomination
function. If the Chairperson of the Board of Commissioners’ Committee is unable to perform such a role, the function may
be assumed by a Committee member from among the Independent Commissioners who carries out the Nomination
function.
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ESG Governance Business Ethics
Nomination Procedures
The nomination and selection process for the Board of Members of the Board of Commissioners and the Board of
Commissioners is conducted through proposals from the Directors are appointed simultaneously at the GMS, rather than
Series A Dwiwarna Shareholder to the GMS, taking into account on a staggered basis. Upon completion of one term of office (a
recommendations from the Board of Commissioners as well five-year period), members of the Board of Commissioners and
as the Remuneration and Nomination Committee. Prior to the the Board of Directors may be reappointed for one subsequent
GMS deliberating on any appointment or dismissal, all GMS term with a maximum duration of five years. As of 2025, the
participants are provided with comprehensive information on average tenure of the Board of Commissioners and the Board
the profiles of the candidates for the Board of Commissioners, of Directors is five (5) years. The average tenure of Independent
including both newly proposed and reappointed candidates. Commissioners (Independent Directors) is five (5) years, while
that of Commissioners (Non-Other Executive Directors) is five
(5) years.
Remuneration Policy
Bank Mandiri has established its remuneration governance 3. Minister of SOEs Regulation No. PER-2/MBU/03/2023 dated
policy in accordance with POJK No. 45/POJK.03/2015 on March 3, 2023 on Guidelines for Governance and Significant
the Implementation of Governance in the Provision of Corporate Activities of State-Owned Enterprises.
Remuneration for Commercial Banks. Remuneration is provided 4. Financial Services Authority Regulation No. 55/POJK.03/2016
to the Board of Commissioners, the Board of Directors, and dated December 9, 2016 on the Implementation of
employees in both fixed and variable forms, in cash and non- Governance for Commercial Banks, as amended by OJK
cash, and is aligned with their respective responsibilities. The Regulation No. 17 of 2023 dated 14 September 2023 on the
primary objective of this policy is to encourage prudent risk- Implementation of Governance for Commercial Banks.
taking in order to safeguard the continuity and sustainability of 5. Financial Services Authority Regulation No. 45/POJK.03/2015
Bank Mandiri’s business. dated December 23, 2015 on the Implementation
of Governance in the Provision of Remuneration for
Bank Mandiri’s remuneration policy was approved through a Commercial Banks.
Joint Decree of the Board of Commissioners and the Board of 6. The Company’s Articles of Association.
Directors on March 20, 2018. In determining the remuneration
of the Board of Commissioners, Bank Mandiri refers to the The Company has the authority to defer payment of variable
following regulations: remuneration (malus) or reclaim previously paid variable
1. Minister of SOEs Regulation No. PER-04/MBU/2014 on remuneration (clawback) under specific conditions, without
Guidelines for Determining the Remuneration of the Board of finding any wrongdoing by the executive. The implementation
Directors, Board of Commissioners, and Supervisory Boards of these authorities takes into account factors such as the
of State-Owned Enterprises, as most recently amended by magnitude of losses incurred by the Company, the level of
Minister of SOEs Regulation No. PER-3/MBU/03/2023 dated employee involvement, and the requirement to defer variable
March 20, 2023. remuneration by a certain percentage. ensuring alignment
2. Minister of SOEs Regulation No. PER-01/MBU/2011 on the with sustainable practices. This policy applies to officials
Implementation of Good Corporate Governance in State- classified as Material Risk Takers (MRTs) and those proven to be
Owned Enterprises, as most recently amended by Minister involved in losses or actions detrimental to the bank, including
of SOEs Regulation No. PER-09/MBU/2012 on Amendments fraud, violations of law, unethical conduct, or falsification. The
to Minister of SOEs Regulation No. PER-01/MBU/2011 determination of remuneration policies refers to applicable OJK
concerning the Implementation of Good Corporate regulations, regulations of the Ministry of SOEs, and the internal
Governance in SOEs. policies of Bank Mandiri.
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Strengthening Corporate Governance Corporate Governance
Scope and Implementation of the Remuneration Policy
The remuneration policy of the Board of Commissioners and Bank Mandiri formulates its total reward policy in accordance
Directors also serves as the basis for regulating remuneration for with the Manpower Law and Financial Services Authority
employees at certain levels classified as MRTs. The identification regulations, with the objective of ensuring that the Bank
and determination of MRTs are carried out through both remains highly competitive in the market. In general, Bank
qualitative and quantitative approaches. Furthermore, the Mandiri targets its total reward positioning at the 75th
Remuneration and Nomination Committee considers several percentile. However, for top talent and critical positions, the
factors in determining remuneration for employees, executive positioning may be set at up to the 90th percentile to attract
officers, the Board of Directors, and the Board of Commissioners, and retain the best talent.
including:
1. The results of remuneration benchmarking for employees, Bank Mandiri aligns remuneration with performance through
executive officers, members of the Board of Directors, periodic policy evaluations at the individual, work unit,
and members of the Board of Commissioners against and overall Bank levels. If the agreed KPIs are not achieved,
comparable industry peers. remuneration adjustments will be made accordingly. This
2. The size and complexity of the Company’s operations. strategy ensures that remuneration levels, after taking into
3. Remuneration components comprising salaries/honoraria account individual, unit, and overall Bank performance, remain
and standardized benefits, including Religious Holiday within the approved budget limits.
Allowance, annual leave, official housing, official vehicles,
health and utility facilities, and other benefits. Meanwhile, Each year, Bank Mandiri participates in an Annual Salary Survey
performance-based remuneration is provided in the form conducted by an independent and competent third party to
of bonuses/incentives for employees and tantiem for the assess the Bank’s remuneration positioning relative to market
Board of Directors and the Board of Commissioners. conditions. The results of the survey act as the basis for refining
Bank Mandiri’s remuneration strategy, which is subsequently
proposed at a Board of Directors’ Meeting for approval.
Procedures for the Remuneration of the Board of Commissioners and
Directors
The determination of remuneration for the Board of Commissioners and the Board of Directors, including:
1 The Remuneration and Nomination Committee conducts a review of remuneration.
The Remuneration and Nomination Committee coordinates with the Director and officers in charge of Human Capital, as well
2 as relevant work units, in preparing the remuneration proposal.
The Remuneration and Nomination Committee coordinates with the Risk Management Unit in determining variable
3 remuneration policies.
The Remuneration and Nomination Committee prepares remuneration recommendations based on the reviews conducted
4 and submits them to the Board of Commissioners and Directors.
The Board of Commissioners submits proposals and recommendations, based on the review of the Remuneration and
5 Nomination Committee, to the shareholders through the GMS for approval.
The proposals and recommendations of the Board of Commissioners to the GMS may take the form of:
6 a. Approval of the form and amount of remuneration; or
b. Approval to grant authority to the Board of Commissioners to determine the form and amount of remuneration.
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ESG Governance Business Ethics
Approval Process for the Remuneration of the Board of Commissioners and the Board of Directors
1 2 3 4 5
Remuneration General Meeting
Board of Series A Dwiwarna Financial Services
and Nomination of Shareholders
Commissioners Shareholder Authority
Committee (GMS)
Prepares and • Reviews the • Evaluates the Appoints and • Conducts the
proposes proposals of the fulfillment of determines the fit and proper
recommendations Remuneration requirements succession of the test
for the succession and Nomination of candidates Board of Directors • Grants
of the Board of Committee for members approval for
Directors • Proposes the of the Board of candidates for
succession Directors members of
of the Board • Approves the the Company’s
of Directors succession of management
to the Series the Board of
A Dwiwarna Directors
Shareholder
Remuneration Structure of Members of the Board of Commissioners
and the Board of Directors
Bank Mandiri provides remuneration to members of the Board 2. Variable remuneration, namely remuneration that is linked
of Commissioners and the Board of Directors in accordance to performance and risk, including bonuses, tantiem/
with the applicable remuneration provisions, as follows: performance incentives, or other equivalent forms.
1. Fixed remuneration, namely remuneration that is not
linked to performance or risk, including salaries/honoraria, Remuneration in the form of bonuses, tantiem, and incentives
facilities, transitional allowances, health benefits, education may be provided in cash, shares, or share-based instruments
allowances, religious holiday allowances, and post- issued by the Company, subject to specific provisions. These
employment benefits. Remuneration in the form of salaries/ provisions include the requirement that remuneration for
honoraria, facilities, religious holiday allowances, and post- members of the Board of Commissioners be provided in shares
employment benefits is provided in cash. or cash in order to avoid conflicts of interest in the performance
of their supervisory duties.
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Strengthening Corporate Governance Corporate Governance
Remuneration Structure of the Board of Commissioners and the Board of Directors [GRI 2-21]
Provisions
No Type of Income
Board of Commissioners Board of Directors
1 Honorarium / Salary Job level factor Job level factor
• President Commissioner: 45% of the • Vice President Director: 95% of the President
President Director Director
• Vice President Commissioner: 42.5% of the • Director in charge of Human Resources: 90% of
President Director the President Director
• Commissioner: 90% of the President • Other Directors: 85% of the President Director
Commissioner
2 Allowances
Religious Holiday 1 (one) time honorarium 1 (one) time salary
Allowance
Housing Allowance Not provided Monthly housing allowance if not occupying official
housing, up to a maximum of IDR27,500,000
Transportation 20% of honorarium Not provided
Allowance
Annual Leave Not provided Not provided
Allowance
Post-Employment Insurance premium up to a maximum of 25% Insurance premium up to a maximum of 25% of
Benefit of honorarium per year honorarium per year
3 Facilities
Official Vehicle Facility Provided in the form of transportation One (1) official vehicle provided on a rental basis in
allowance equal to 20% of honorarium accordance with established criteria
Health Facilities Medical reimbursement in accordance with Medical reimbursement in accordance with internal
internal policy No. KEP.KOM/011/2024 policy No. KEP.KOM/011/2024
Professional Association Maximum of two (2) memberships relevant Maximum of two (2) memberships relevant to the
Membership to the Company’s activities Company’s activities
Legal Assistance Facility Legal assistance facility in accordance with Legal assistance facility in accordance with internal
internal policy No. KEP.KOM/011/2024 policy No. KEP.KOM/011/2024
4 Bonus, Tantiem, May be provided in the form of shares or May be provided in the form of shares or cash
Incentives cash
Variable Remuneration
Bank Mandiri provides variable remuneration, which is Bank Mandiri grants Long-Term Incentives (LTI) in the form
remuneration linked to performance and risk, including of shares to members of the Board of Directors. LTI indicators
bonuses, tantiem/performance incentives, or other equivalent include the achievement of ESG aspects, encompassing
forms. This remuneration may be granted in the form of cash, the distribution of Kredit Usaha Rakyat (KUR), cybersecurity
shares, or share-based instruments issued by Bank Mandiri. breaches, ESG rating, the number of active Livin’ by Mandiri
However, Board of Commissioners receive remuneration in users, sustainable financing/credit, and average diversity in top
cash to avoid potential conflicts of interest in carrying out their talent (women & young talent), with a total weighting of 32%.
supervisory functions. In addition, Independent Commissioners
receive remuneration in cash in accordance with the provisions
of OJK Regulation No. 45/POJK.03/2015.
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ESG Governance Business Ethics
Share Ownership by the Board of
Commissioners and Directors
Bank Mandiri operates a policy governing share ownership by members of the Board of Commissioners and Directors as part of
executive remuneration, aiming to balance leadership responsibilities with performance incentives, while ensuring transparency in
share ownership by senior management.
In 2025, on a cumulative basis, the Board of Commissioners held a total 27,095,700 shares. Meanwhile, the total share ownership of the
members of the Board of Directors reached 31,622,916 shares, with the President Director owning 17,075,116 shares.
Risk Management [GRI 2-15] [OJK E.3]
Bank Mandiri places risk management at the core of its banking The Internal Audit Unit provides essential support through its
operations, enabling the Company to achieve sound and role in independent assurance by conducting regular internal
responsible financial and operational growth. Bank Mandiri audits in accordance with the annual audit plan to ensure that
not only ensures compliance, but also actively manages risks all three components of the Risk Management Framework
and makes decisions based on its Risk Management Policy operate effectively. These audits are conducted using a Risk-
(KMNR). Management formulates the KMNR in accordance Based Audit (RBA) approach, which identifies key risks and
with applicable regulations and industry best practices, with focuses on most critical areas to the organization’s sustainability.
the KMNR setting out the fundamental policy principles and The results are then reported to the Board of Commissioners,
serves as the primary guideline and the highest-level regulation Board of Directors, Audit Committee, and regulators to ensure
in the area of risk management, which subsequently becomes follow-up actions, continuous improvement of Bank Mandiri’s
the reference for the development of other risk management risk management system.
policies, procedures, and guidelines.
Bank Mandiri implements its risk management process through
Bank Mandiri’s Risk Management Policy (KMNR) comprises an Enterprise Risk Management (ERM) framework, adopting
three main components: a two-pronged approach, ensuring that risks are not only
1. Risk Oversight: Comprehensive risk oversight to ensure that effectively mitigated through day-to-day business processes,
risk management is implemented effectively. but also adequately addressed under unexpected or downturn
2. Risk Policy and Management: Risk policies and management conditions through sufficient capital buffers.
practices that are aligned with regulatory standards and
business needs.
3. Risk Identification, Measurement, Mitigation, and Control:
Comprehensive processes for identifying, measuring,
mitigating, and controlling risks.
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Strengthening Corporate Governance Corporate Governance
Risk Oversight [GRI 2-12, 2-16]
Risk oversight at Bank Mandiri is carried out through a 1. Risk Monitoring Committee
governance structure that clearly delineates the roles between 2. Audit Committee
the oversight function and the managerial function. The Board 3. Integrated Governance Committee
of Directors is responsible for establishing risk management
strategies and overseeing their implementation, including Throughout the reporting period, a total of 33 meetings were
ensuring that policies, processes, systems, and controls are convened by the Board of Commissioners and the respective
adequately implemented across all organizational lines. committees in order to oversee risk management and evaluate
Meanwhile, the Board of Commissioners performs the risk the effectiveness of its implementation.
oversight function over the Bank’s risk profile and the adequacy
of internal controls, while ensuring the consistent application of At the operational level, the Risk Management Work Unit,
prudential principles. In carrying out this function, the Board of together with Business Units and the Compliance Work
Commissioners is supported by Executive Committees related Unit, conducts risk oversight. These units are responsible for
to risk management, namely: risk identification, measurement, mitigation, and control. In
addition, the Risk Management Work Unit periodically evaluates
the Company’s risk exposures.
Risk Identification, Measurement, Mitigation, and Control
The risk management process of Bank Mandiri comprises several stages:
1 Risk Identification 3 Risk Monitoring
Aims to identify the types of risks inherent in each Aims to compare established risk limits with the risk
functional activity that may potentially result in exposures currently managed by the Bank.
losses for the Bank.
2 Risk Measurement 4 Risk Control
Measures the level of risk exposure arising from the Seeks to control risks that may exceed the
Bank’s activities and compares it with the Bank’s established risk limits and the level of risk tolerance
risk appetite. This measurement enables the Bank acceptable to the Bank.
to implement appropriate risk mitigation measures
and to determine the capital required to cover
residual risks.
Bank Mandiri implements the Three Lines of Defense policy to manage risks effectively across all work units, ensuring that risk
management is conducted in accordance with applicable standards and regulations.
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Three Lines of Defense
1 2 3
Work units, as risk owners, serve The Risk Management Unit acts The Internal Audit Unit serves
as the first line of defense and as the second line of defense, as the third line of defense,
are responsible for managing performing oversight and providing independent
risks within their respective units. monitoring functions. assurance.
Bank Mandiri also applies a 1.5 Line of Defense, comprising the Fraud Detection Unit and the Senior Operational Risk Head. These
support work units acting as the first line of defense in ensuring that risk controls are implemented effectively.
Bank Mandiri manages 10 (ten) types of risk on a consolidated basis, namely:
1 Credit Risk 6 Reputational Risk
2 Market Risk 7 Strategic Risk
3 Liquidity Risk 8 Compliance Risk
4 Operational Risk 9 Intragroup Transaction Risk
5 Legal Risk 10 Insurance Risk
The Risk Management Unit conducts stress testing for the Mandiri Group on a semi-annual basis to assess the Bank’s resilience to
various risks. Meanwhile, the Internal Audit Unit, acting as the third line of defense, continuously performs assurance and advisory
activities, evaluating the adequacy of the internal control system, risk management, and the Bank’s governance in accordance with
applicable laws and regulations as well as the Bank’s policies.
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Emerging Risks
Bank Mandiri identifies Climate and Environmental Risk as an emerging risk that is cross-cutting in nature and may potentially affect the
Bank’s overall risk profile, particularly credit, market, operational, legal, and reputational risk.
Impact
1. Physical Climate Risk, which includes but is not limited to storms, floods, landslides, forest fires,
heatwaves, and sea level rise, may increase debtor’ probability of default due to operational
disruptions and declining business performance, reduce the value of debtors’ assets/collateral,
Emerging
trigger drawdowns of credit facilities up to the approved limits, and result in operational losses
Risk
arising from damage to assets/infrastructure and service disruptions.
Cybersecurity 2. Transition Climate Risk, which includes but is not limited to changes in carbon pricing, policies/
and Data regulations, technological developments, and social/market dynamics in line with the shift
Protection Risk toward a low-carbon economy, may increase debtor’ probability of default and reduce the value
of debtors’ assets due to changes in cost structures and demand. It may also affect market risk
through rating downgrades, asset devaluation, and reduced effectiveness of hedging transactions
on the Bank’s assets; increase legal risk due to claims/lawsuits from customers, business partners,
and/or other parties related to alleged environmental impacts of business practices; and heighten
reputational risk through negative media coverage regarding climate change management and
public perception of the Bank’s policies and practices.
Mitigation
Category
The integration of Environmental and Social Risk Management (ESRM), assessments based on the Industry
Environment
Acceptance Criteria (IAC), and the implementation of Climate Risk Management and Scenario Analysis
(CRMS). More detailed information can be found in the Climate Change Strategy section (p. 136–140).
Impact
1. Data Theft Risk, including but not limited to illegal activation, internal data leakage, and leakage
of prospective debtor’ personal data, may result in operational losses and business process
disruptions; increased compliance risk related to the fulfillment of data protection regulations and
Emerging
Risk process governance requirements; heightened legal risk in the form of potential claims/lawsuits
from consumers and/or other parties; and increased reputational risk due to negative media
Cybersecurity coverage and declining public trust.
and Data 2. Cyber Threat and Data Breach Risk, including but not limited to inadequate monitoring of software
Protection Risk system license status, failure to perform system updates as required, and failure of the Bank to
detect cyber threats, may result in operational, reputational, and compliance impacts, including
service disruptions, financial losses, and decreased stakeholder confidence arising from data
breach incidents.
Mitigation
Appointment of a Personal Data Protection Officer (PDPO), the establishment of a dedicated Chief
Category
Information Security Officer (CISO) unit, the ratification of data protection-related policies, the
Technology
implementation of ISO 27001 continuous 24/7 monitoring by the Security Operations Center (SOC),
as well as the strengthening of internal controls and activity monitoring to prevent fraud and abuse
of authority.
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Strengthening Risk Culture and Management
Bank Mandiri implements an integrated risk culture framework included vigilance against digital fraud (Think Before You Click
to ensure the effectiveness of risk management across the and QR Code Bisa Menipu), strengthening internal controls
organization. In implementing the principles of the risk (Dual Control), data protection (Keep It Secure, Do Not
culture awareness, particularly in relation to operational risk, Overshare, and Stop Uploading Internal Data), understanding of
and integrating with the corporate culture, Bank Mandiri Credit, Counterparty, and Underwriting, as well as operational
implements the OPERA (OPErational Risk Awareness) program resilience (Stay Resilient, Stay Trusted). These initiatives
since 2017 with the tagline DARE (Detect, Secure, and REspond). reached all employees, including those in overseas branches,
The OPERA program is designed based on operational risk subsidiaries, and business partners.
trends derived from internal data, including CT/operational risk
loss and audit findings and external sources such as top global The strengthening of the risk culture was also reflected in
risk and the macroeconomic outlook. The program is further enhanced cross functional collaboration through the Alignment
strengthened through thematic enrichment and collaborative Risk Awareness initiative, which was implemented through
development of risk awareness content, which is managed quarterly survey and/or checklist programs (OPR and BCM). In
in the structured manner by the Operational Risk Group to addition, risk culture was expanded to external stakeholders,
orchestrate the continuous enhancement of risk culture. particularly customers, through the #KelasMandiri program
with the theme “Raising Awareness of Fraud Schemes Using
Throughout 2025, OPERA was implemented through various QRIS”. These efforts contributed to an improvement in the 2025
media, including the dissemination of 12 OPERA posters, Risk Maturity Index score for the Risk Culture and Risk Capability
12 OPERA toons, 4 OPERA letters, 1 OPERA booklet, 1 OPERA dimension to 4.3, representing an increase of 0.07 and placing
clip, 3 OPERA classroom sessions, and 6 sharing sessions with the Bank in the Better Practice Phase.
subsidiaries and regulators. The main themes addressed
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ESG Governance
Bank Mandiri’s sustainability vision “Becoming Indonesia’s practices. These efforts aim to ensure that the Bank internalizes
Sustainability Champion for a Better Future”, operates sustainability principles across all aspects of its operations and
through 3 (three) strategic pillars and a range of supporting decision-making.
initiatives, all aligned with the Sustainable Development Goals
(SDGs). To ensure their effectiveness, Bank Mandiri has built To further strengthen ESG governance, Bank Mandiri has
a strong sustainability governance foundation that focuses established a sustainability governance structure that involves
on strengthening sustainability governance, enhancing all policy setting bodies, decision makers, oversight functions,
capacity building, and improving disclosures in line with best and implementers of the ESG strategy.
ESG Governance Structure [GRI 2-9, 2-12, 2-13, 2-24]
Sustainability Governance Structure
Board of Commissioners/ Relevant Board of Commissioners Committees
Board of Directors/Relevant Board of Directors Committees
ESG Working Group
1. ESG Coordinator Unit
2. ESG Contributor Unit
• Business Units
• Risk Management Unit
• Supporting Units
• Regional Offices I to XII
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The duties and responsibilities within the sustainability governance structure of Bank Mandiri include, among others, the following:
Roles and Responsibilities of the Board of Commissioners
Monitor and evaluate the Company’s compliance with the Articles of Association, regulatory authorities’ provisions,
and regulations related to risk management.
Roles and Responsibilities of the Board of Directors
Establish strategies and ensure the implementation of the Company’s ESG initiatives.
Roles and Responsibilities of the ESG Coordinator Unit [GRI 2-12, 2-13, 2-14]
1. Collaborate with ESG Contributor Unit in preparing the RAKB report and the Sustainability Report annually in
accordance with prevailing regulations.
2. Work jointly with ESG Contributor Unit in developing ESG frameworks and policies aligned with best practices
and national regulations.
3. Coordinate the development of frameworks, vision, commitments, strategies, and initiatives to integrate ESG
aspects into all of the Bank’s business and operational activities.
4. Monitor the progress and realization of RAKB initiatives and report them to management and stakeholders.
5. Perform the function of aligning and integrating Sustainable Finance initiatives and ESG aspects on a bankwide
basis across financing/investment and operational activities.
6. Evaluate prospective debtor proposals to ensure compliance with sustainable financing requirements and
alignment with applicable taxonomies and regulations.
7. Collect and manage data for the calculation of Scope 1, Scope 2, and Scope 3 carbon emissions.
8. Conduct assessments on the implementation needs of carbon neutrality initiatives to achieve Net Zero
Emissions (NZE).
9. Execute the purchase and retirement of Carbon Units and/or Renewable Energy Certificates (REC) through
trading mechanisms.
10. Monitor the sustainable financing portfolio in accordance with prevailing regulations.
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ESG Unit Structure [GRI 2-9, 2-12, 2-13, 2-24]
ESG Unit Structure
President Director
Vice President Director Other Directors
Other Work Units Environmental, Social, and Governance Group
ESG Communication ESG Framework & Product & Portfolio
ESG Operations Dept
Dept Sector Policy Dept Management Dept
Sustainable
External ESG Internal ESG Framework & Sustainable
Engagement Engagement Policy Sector Policy
Sustainable Sustainable
Environmental Sustainable
Product Portfolio
Future Operation
Development Management
The ESG Unit of Bank Mandiri was established to ensure the consistent integration of sustainability principles into the Company’s
strategy, policies, business processes, and communications. Structurally, the ESG Unit operates under the coordination of the Company’s
management and collaborates across business units to strengthen governance, accelerate the implementation of environmental and
social agendas, and maintain the quality of ESG performance disclosures in accordance with applicable standards.
ESG Unit Responsibilities [GRI 2-12, 2-13, 2-14] [GRI G4 FS12]
ESG Communication Department ESG Framework and Sector Policy Department
1. Prepare ESG disclosures. 1. Develop frameworks and policies related to ESG.
2. Formulate strategies to enhance the Company’s ESG 2. Integrate ESG aspects into business processes and internal
rating. policies.
3. Promote stakeholder engagement through various 3. Develop sustainable financing schemes, including client
internal and external activities and publications. advisory and engagement.
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ESG Operations Department
1. Develop the management framework and strategies for reducing operational greenhouse gas (GHG) emissions.
2. Develop and monitor the implementation of the Sustainable Finance Action Plan.
Product and Portfolio Management Department
1. Formulate strategies and monitor the Sustainable Portfolio.
2. Develop various sustainable financial products and/or services.
3. Develop transition strategies to reduce financed emissions in alignment with the National Net Zero Emissions (NZE) target.
4. Conduct policy advocacy on sustainable finance taxonomy and climate risk management.
ESG Governance Oversight and Evaluation [GRI 2-16]
Bank Mandiri ensures that the management of ESG policies is ESG strategies and implementation. In addition, Bank Mandiri
carried out effectively and remains aligned with stakeholder approved the ESG Guiding Principles through the Decision of
expectations, applicable regulations, as well as banking the Risk Management and Credit Policy Committee (RMPC) No.
practices and global initiatives. In general, The Board of RMPC/051/2023 dated December 13, 2023. The ESG Guiding
Directors establishes sustainability policies, strategies, and Principles serve as a strategic document that provides direction
targets, and manages the associated social, economic, and guidance for Bank Mandiri in integrating LST aspects into all
environmental, and climate impacts. Meanwhile, the Board internal policies related to the Bank’s business and operational
of Commissioners performs an oversight function over the activities.
Oversight by the Board of Commissioners
The Board of Commissioners performs an oversight of ESG matters, including climate change–related issues, by reviewing reports on
sustainable financial performance, the implementation of the sustainability framework, and the achievement of the SDGs. The ESG Unit
subsequently submits performance reports, including periodic updates on ESG performance.
Oversight by the Board of Directors
At the executive level, the Board of Directors establishes responsible for formulating strategies and overseeing the
the implementation of ESG management, including climate implementation of ESG aspects across all functions of Bank
change-related risks, through the Risk Management Committee. Mandiri. The outputs of the ESG Group are reported to the RMC
This Committee plays a key role in reviewing, developing, and and KPR for review and may subsequently be submitted to the
aligning the achievement of sustainable finance initiatives with Board of Directors as necessary.
current ESG issues and stakeholder expectations.
The Board of Directors also oversees the implementation
The management of sustainability impacts is delegated to the of integrity and ethics through the Internal Control System
ESG Group, which operates under the supervision of the Vice to ensure a corporate culture that upholds ethics and risk
President Director. This ESG Group consists of 32 members management across all levels of the organization.
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Responsibilities for Oversight and Evaluation of ESG Governance
ESG Group
Monitor and periodic report of the implementation of ESG, including the execution of sustainable finance initiatives
carried out by the ESG Group and ESG Contributor Work Units, as well as other sustainability issues related to climate
management in support of the achievement of the SDGs.
RMC/Board of Directors
Guidance is provided to the ESG Group and ESG Contributor Unit to conduct reviews, develop initiatives, and align
the achievement of sustainable finance initiatives with current ESG issues and stakeholder expectations.
Board of Directors
1. Quarterly reports to the Board of Commissioners through the Risk Monitoring Committee on the achievement of
sustainable finance initiatives, sustainability commitments and frameworks, as well as other sustainability matters
related to climate management and the achievement of the SDGs.
2. Regularly present achievements, plans, and sustainable finance initiatives to investors, the media, and regulators
through analyst meetings, public exposés, the GMS, the sustainability landing page, website, and prudential
meetings.
ESG Risk Management [OJK E.3]
Bank Mandiri classifies environmental and social risks, including The Risk Management Unit is responsible for providing
climate change, data privacy, and data security issues, as independent oversight of the measurement, monitoring, and
reputational and legal risks. Accordingly, Bank Mandiri control of environmental risks, under the direct leadership of
assesses and mitigates these risks through the Reputational the Director of Risk Management. This Unit collaborates with
Risk Management Framework and related policies. In its the ESG team, Business Units, and functional groups to ensure
implementation, Bank Mandiri applies the four eyes principle to that environmental and social risks are integrated into Bank
ensure transparency and accuracy in decision-making related Mandiri’s ESG strategy. This process aims to ensure that current
to ESG risks. industry standards on environmental responsibility are applied
across banking services, stakeholder engagement, and the
management of operational facilities.
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The Board of Commissioners and oversees the implementation of ESG risk management, including climate change, data privacy, and
data security issues, through the Risk Monitoring Committee and the Risk Management Committee, as outlined below.
1 Risk Monitoring Committee
This Committee assists the Board of Commissioners by providing advice to the Board of Directors to obtain reasonable
assurance that the Bank’s risk management implementation continues to meet adequate procedural and methodological
standards. This ensures that the Bank’s business activities remain controlled within acceptable risk limits and are conducted
in a prudent and profitable manner.
Members, Roles, and Responsibilities of the Risk Monitoring Committee
Members
1. The Risk Monitoring Committee consists of at least 3 (three) members, comprising Independent Commissioners
and Independent Parties who are not Commissioners.
2. The composition of the Risk Monitoring Committee includes at least 1 (one) Independent Commissioner serving
as Chairperson and member, with experience in finance, risk management, and/or business, as well as one
Independent Non-Commissioner Party with expertise in risk management.
Roles and Responsibilities
1. Monitor and evaluate risk management policies, including their implementation and compliance with applicable
regulations.
2. Review risk profile reports, bank soundness reports, and other risk-related reports.
3. Provide recommendations to enhance the effectiveness of risk management.
4. Hold regular meetings with relevant work units.
5. Report the results of oversight activities periodically to the Board of Commissioners.
6. Prepare and periodically review the working guidelines.
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2 Risk Management Committee (RMC)
The RMC assists the Board of Directors by confirming the adequacy of risk identification, measurement, and monitoring,
as well as by proposing risk management policies and strategies for approval by the Board of Directors. The RMC holds
regular meetings to monitor ESG targets and performance.
Risk Management Committee Structure
Chairperson Secretary Alternate Secretary
Vice President Director Group Head of Credit Portfolio Risk Group Head of Market Risk
Permanent Members with Voting Rights
1. Vice President Director 6. Director of Information Technology
2. Director of Human Capital & Compliance 7. Director of Risk Management
3. Director of Network & Retail Funding 8. SEVP of Information Technology
4. Director of Operations 9. SEVP of Wholesale Risk
5. Director of Finance and Strategy
Non-Permanent Members with Voting Rights: Members of the Board of Directors and relevant Senior Executive
Vice Presidents (SEVPs) attending as invitees, depending on the agenda.
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Sustainable Finance [GRI G4 FS1]
Bank Mandiri integrates sustainable finance principles across data security and privacy, strategies towards operational NZE
all business processes. This action plan focuses on developing 2030, financial inclusion, and adjustments to organizational
a sustainable financial portfolio and risk management with an structure, governance, and disclosure.
emphasis on ESG aspects, improving human resource capacity,
Responsibility for Sustainable Finance [OJK E.1]
Bank Mandiri reaffirms its commitment to sustainable finance Furthermore, Bank Mandiri established the ESG Group as a
through the formulation of the Sustainable Finance Action dedicated unit pursuant to a Board of Directors’ Decree to
Plan (SFAP) for the period 2025 – 2029, which strategically manage sustainable finance in accordance with POJK 51/2017.
outlines programs to achieve sustainability targets. Bank The ESG Group operates under the supervision of the Vice
Mandiri submitted the SFAP document to the Financial President Director and serves as the primary overseer of ESG
Services Authority in November 2024. To ensure optimal implementation. This unit is responsible for managing the
implementation, the Board of Directors holds full responsibility sustainability framework, ensuring regulatory alignment,
for the establishment and execution of the SFAP, particularly in overseeing the sustainable portfolio, formulating operational
relation to climate change and the SDGs. Meanwhile, the Vice strategies, and handling communication and reporting. With
President Director coordinates the overall management of ESG regard to the G-SIB score, Bank Mandiri is not currently classified
across all directorates. as a Global Systemically Important Bank. [FN-CB-550a.1.]
Opportunities and Challenges in Sustainable Finance [OJK E.5]
Growing expectations from the global community and Recognizing that the implementation of sustainable finance
government regarding the management of ESG issues have initiatives is a long-term journey with inherent challenges, Bank
driven a shift toward more environmentally friendly and Mandiri identifies and evaluates potential issues and proactively
inclusive business practices, particularly in efforts to achieve a establishes mitigation measures to address these challenges.
low-carbon economy and the Net Zero Emission (NZE) target.
While ESG issues introduce new risks and challenges, they also
create significant positive business opportunities.
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Challenges in the Implementation of Sustainable Finance
1 Uneven internal understanding and capabilities related to sustainable finance
Bank Mandiri enhances employee awareness and capabilities through various initiatives, including training programs,
workshops, and comparative studies to best practices.
2 Limited understanding of ESG aspects among customers and business partners
Bank Mandiri conducts outreach and socialization initiatives, including workshops involving customers, ESG experts, and
relevant stakeholders, to promote the adoption of ESG aspects across priority sectors.
3 Readiness of systems and processes to support the integration of sustainable finance into the Bank’s business
activities
This includes the development of monitoring and reporting systems related to the Sustainable Business Activity Categories
(KKUB) and the Indonesian Sustainable Finance Taxonomy (TKBI), including systems for calculating, recording, and reporting
emissions, both operational greenhouse gas (GHG) emissions and emissions from financing activities.
4 Technological disruption, particularly digitalization, has increased cyber and IT risks
Bank Mandiri strengthens various mechanisms to mitigate cyber and IT-related risks.
5 Evolving sustainable finance regulations
To ensure effective implementation, Bank Mandiri develops standards and technical guidelines in response to new and
emerging regulations.
6 Policies, stimulus measures, and incentives from various government institutions are required to encourage
financial institutions
These efforts aim to support business actors in implementing sustainable finance.
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Bank Mandiri demonstrates a strong commitment not only by identifying and mitigating risks related to ESG issues, but also by actively
capitalizing on emerging opportunities through a wide range of sustainable finance initiatives. In order to optimize these opportunities,
Bank Mandiri has undertaken several strategic actions, including:
1. Building ESG expertise
To accelerate the development of a low carbon business ecosystem, Bank Mandiri builds ESG expertise
through various training programs, certifications, and workshops involving industry experts, customers,
banking peers, regulators, and relevant institutions.
2. Developing sustainable financial products and services [GRI G4 FS4]
Bank Mandiri develops a wide range of sustainable financial products and services across both funding and
financing activities, supporting customers in sectors with higher ESG risks in their transition toward more
responsible and environmentally friendly business practices. By providing sustainable finance instruments,
Bank Mandiri helps customers reduce carbon emissions and supports the transition of supply chains toward
a low-carbon ecosystem.
3. Promoting digitalization
Bank Mandiri promotes digitalization through the launch of various digital products, including Livin’ by
Mandiri for the retail segment and Kopra by Mandiri for the wholesale segment.
4. Enhancing community empowerment and financial inclusion
Bank Mandiri enhances community empowerment and financial inclusion through financing to the MSME
segment and Mandiri Agents.
5. Collaborating with regulators and relevant institutions
Bank Mandiri collaborates with regulators and related institutions to support government programs
addressing climate change issues and the achievement of the SDGs.
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Business Ethics
Corporate Code of Conduct [IDX G-07]
Bank Mandiri requires the Board of Commissioners, the Board Bank Mandiri supports the implementation of the Code of
of Directors, and all employees, both permanent and contract Conduct through various internal policies and compliance
based, to comply with the Code of Conduct. This outlines statements, such as integrity pacts and annual disclosures.
the fundamental principles of personal and professional These measures reflect a commitment to addressing key risks
behavior applicable across all levels of Bank Mandiri. Through related to business ethics. In addition, this commitment is
its implementation, the Code of Conduct serves as a guideline supported by routinely conducting internalization of the Code
governing the Bank’s operations, ensuring that environmental of Conduct, beginning with an onboarding program for new
and social risks are taken into account. employees, which introduces the Code of Conduct, business
ethics, and the compliance statement. [GRI 2-23]
At Bank Mandiri, the Board provides active oversight and
formally approves the business ethics framework, including the The Bank Mandiri Code of Conduct governs seven main topics
Code of Conduct, as well as any subsequent material updates. covering a range of critical aspects, ensuring transparent and
The Board’s approval and sign-off process ensures that ethical responsible business while supporting sustainable governance
standards are consistently embedded across the organization practices. Bank Mandiri has made information related to all of
and aligned with regulatory requirements and global best these topics publicly available. [GRI 2-22, 2-23, 2-24]
practices.
Topics in the Code of Ethics
1 Conflict of Interest 5 Sustainable Finance System
2 Confidentiality of Information 6 Integrity of the Banking System
3 Abuse of Position and Gratification 7 Integrity and Accuracy of Bank Data
4 Insider Behavior
Conflict of Interest [GRI 2-15] [IDX G-09]
A conflict of interest arises when Bank Mandiri personnel have interests. In addition, Bank Mandiri personnel are required to
personal, family, or third-party interests that may influence refrain from working for or engaging in business relationships
their objectivity in carrying out their duties and authorities. with other companies without prior written approval from
To prevent such situations, all Bank personnel are required to the Bank. Overall, Bank Mandiri personnel must ensure that
disclose any potential conflicts and ensure there is no misuse of all transactions conducted comply with applicable regulatory
the Bank’s facilities or assets for personal, family, or third-party provisions related to insider trading and conflicts of interest.
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Confidentiality of Information
All Bank Mandiri personnel are required to maintain of information relating to Bank activities, internal policies,
confidentiality of information in accordance with applicable employee data, or business operations only with the approval
provisions, including using information solely for the Bank’s of authorized officials or as required by prevailing laws and
interests and exercising due care when disclosing it to regulations. This obligation to maintain confidentiality also
authorized parties. Bank Mandiri permits the dissemination applies to former employees.
Abuse of Position and Gratification
Bank Mandiri personnel are prohibited from abusing their With regard to benefits provided by Bank Mandiri personnel in
authority or deriving personal, family, or third-party benefits the context of fund-raising activities or other business activities,
from knowledge obtained through Bank business activities. In the Bank stipulates that such benefits must be granted based
addition, Bank personnel are not permitted to request, receive, on the principles of transparency and business ethics and
allow, or approve the receipt of gratuities that are related to in compliance with applicable regulations. Bank Mandiri
their position and contrary to their duties. Bank personnel must provides remuneration solely to support promotional efforts,
also refuse any form of remuneration from third parties who market development, and other operational activities through
obtain or seek to obtain procurement contracts for goods or mechanisms that are in accordance with prevailing laws and
services from the Bank, as in all procurement processes, the regulations, and such remuneration is not provided directly to
Bank is required to obtain the best price that delivers maximum individual civil servants or state officials.
benefit to the Bank. Furthermore, Bank personnel are prohibited
from borrowing from or becoming indebted to customers, or
from using the Bank’s facilities for personal purposes outside
the applicable provisions.
Insider Behavior
Bank Mandiri personnel who have access to confidential available. In addition, Bank Mandiri does not allow the abuse
information are prohibited from using such information for of position to obtain personal or third-party benefits that may
personal, family, or third-party gain. Bank Mandiri only permits influence decision-making. Accordingly, decisions related to
the use of internal information for the purchase or trading of the sale or purchase of the Bank’s assets and other services
securities once such information has been made publicly must always prioritize the Bank’s interests above all else.
Sustainable Finance System
The alignment of economic, social, and environmental aspects and decision-making processes, Bank Mandiri is required to
as part of the Company’s efforts to achieve progress and long- consider potential adverse impacts on economic, social, and
term sustainability must be upheld at all times by Bank Mandiri environmental conditions, including related risks. In addition,
personnel. All personnel actively contribute to sustainable Bank Mandiri avoids establishing cooperative relationships with
development, environmental preservation, community parties that may cause environmental harm.
welfare, as well as occupational health and safety. In all policies
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Integrity of the Banking System
Bank Mandiri personnel are responsible for upholding integrity Bank Mandiri is committed to avoiding unfair competition and
by ensuring that they are not involved in activities that violate to maintaining healthy and fair competition in the conduct of
laws and regulations in the financial and banking sectors that its business. Bank Mandiri also supports transparency and fair
could undermine public trust. This includes preventing practices competition by refraining from unethical practices, such as
such as money laundering, terrorist financing, corruption, as collusion or actions that may harm competitors. In addition,
well as anti-competitive behavior and antitrust violations. all Bank Mandiri personnel are expected to proactively identify
suspicious transactions and to take preventative measures
to detect and address accounts suspected of being linked to
illegal activities.
Integrity and Accuracy of Bank Data
Bank Mandiri personnel are required to ensure that all data legitimate basis. Any changes to or deletion of data may only be
presented are is accurate and accountable. Bank Mandiri carried out with authorization from the appropriate officials and
strictly prohibits any actions intended to obscure transactions, in accordance with established procedures. In addition, Bank
including recording, altering, or deleting data without a Mandiri does not permit any form of document manipulation.
Code of Conduct Systems and Procedures
Bank Mandiri implements systems and procedures for the Bank Mandiri requires all employees to sign the integrity pact
Code of Conduct that are designed to ensure all employees at the beginning of each year, either manually or through the
perform their duties and responsibilities. The Director of Human Mandiri CLICK system. The integrity pact includes commitments
Capital and Compliance is responsible for the internalization to comply with applicable regulations, perform duties in
and oversight of the Code of Conduct across all levels of the accordance with the values of the organizational culture, and
organization. Supported by the Compliance Unit, the Internal maintain professional relationships. In addition, employees
Audit Unit, the Data Protection and Fraud Risk Unit, and the are required to complete an Annual Disclosure that records
Senior Investigator Unit. potential situations that may give rise to non-compliance with
the Code of Conduct, such as conflicts of interest, acceptance
Bank Mandiri also implements operational guidelines on a of gifts, or insider trading. These declarations are confidential
regular basis to strengthen compliance with the Code of and are intended to ensure transparency and integrity in all
Conduct, including the preparation of integrity pacts and the banking activities.
implementation of annual disclosures.
The Code of Conduct is communicated and disseminated to the Board of Commissioners and its supporting organs,
the Board of Directors, executives one level below the Board of Directors, as well as all employees through the following
channels:
1. The Policy & Corner (PoPCorn) Portal
2. The Company website
3. Administrative emails distributed to all employees of the Company
4. Signing of the Collective Labor Agreement between the Company’s labor union and management
5. Standing banners, flyers, and other advertising media displayed within the Company’s office areas
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Employee Training on Ethical Standards [GRI 404-2] [OJK F.22]
Bank Mandiri regularly conducts annual training on ethical all Company operations. These efforts serve as guidance on
standards, including the Code of Conduct and behavioral acceptable behavior, reinforce internal management practices,
guidelines, covering all employees, whether full time, part time, and strengthen the institutional foundation to continuously
or contract based, strengthening it’s implementation across advance Bank Mandiri’s business ethics standards.
Annual Training on Ethical Standards
Training Scope
Business Ethics, Bank Mandiri Code of Conduct, Mandatory E-Learning on Anti-Fraud Strategy & Personal Data Protection,
Ethical Decision-Making in Business, Ethics in Cybersecurity, Leadership Ethics, Practical Ethics for Business and Individuals,
Implementation of Anti-Fraud Strategy and Fraud Control in Financial Institutions, and other related topics.
Number of Training Titles Total Training Hours Number of Training
Participants
68 76,374 37,325
Titles Hours Participants
Oversight of Compliance with the Code of Conduct
Oversight of Ethics Issues
Oversight of ethical issues involves the Board of Directors in organization. These efforts are undertaken to create a credible
upholding integrity and ethical implementation, which form and accountable working environment that supports effective
an integral part of the implementation of the Internal Control risk management within sustainable financial practices.
System. In carrying out this oversight, the Board of Directors
ensures the continuous development of a corporate culture Meanwhile, the Board of Commissioners, through the Audit
that upholds high ethical standards. Furthermore, the Board of Committee, oversees the implementation of the Bank’s code
Directors sets the tone at the top by positioning management of ethics by monitoring internal audit activities. The Audit
as role models who foster broad engagement and ensure Committee consists of two independent members with
that a risk-aware culture is embedded at every level of the expertise in finance.
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Internal Audit Governance
Bank Mandiri has an Internal Audit function that plays a key role To support its independence and ensure the smooth conduct
in overseeing and auditing the implementation of the code of of audits, as well as the authority to monitor follow-up actions,
ethics across the organization. Internal Audit is responsible for the Chief Audit Executive (CAE) is authorized to communicate
assessing the effectiveness of the internal control system and directly with the Board of Commissioners and the Audit
ensuring that all employees, including management members, Committee to provide information related to audit matters.
adhere to the established ethical values. The governance of Internal Audit can be illustrated as follows.
Internal Audit Governance
Board of Commissioners
• Establishes the Audit Committee
• Approves the Annual Audit Plan (AAP)
• Ensures the effectiveness of independent audit and investigation activities
Integrated Governance
Audit Committee Committee
Internal Audit
• Evaluates the work plan, scope, and Assists the Board of Directly accountable to the President Director and
activities of Internal Audit Commissioners in authorized to communicate directly with the Board
• Ensures that Internal Audit operates monitoring and evaluating of Directors, the Board of Commissioners, and the
objectively, independently, and with the implementation of Audit Committee.
high integrity Integrated Governance
• Requests Internal Audit to conduct through assessments of Conducts internal audit activities across all work
audits and investigations when the adequacy of integrated units within the Bank.
necessary internal controls
• Communicates with Internal Audit Plans, carries out, develops, provides
and providing input to the Board of recommendations for, and is accountable for audit
Commissioners and investigation activities, in coordination and
collaboration with all relevant stakeholders.
President Director
• Establishes the Internal Audit Charter
Clients Other Work Units
• Monitors and evaluates Internal Audit
• Approves the Annual Audit Plan (AAP) • Provide all data Internal work units
and information that, based on Internal
required for the Audit’s consideration,
conduct of audits need to be involved in
and investigations the implementation
Board of Directors
• Respond to and of internal audit and
Ensures follow-up on audit findings and recommendations from follow-up on audit investigation activities
and investigation
internal audit, external auditors, and regulators by the units under its
results
management, and performing oversight functions within its area of
responsibility
Line of accountability Monitoring and Line of involvement in Reporting line
communication line the process
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Audit Scope
Internal Audit prepared 41 assignments under the 2025 Annual Audit Plan, consisting of:
Other Activities
Activities other than assurance and consulting
Thematic Audits in the form of reviews or assessments, whether Mandatory Audits
Audits with specific themes and/or end- mandatory or non-mandatory in nature. Audits of specific objects required by
to-end coverage. The results of thematic regulators and/or local authorities and/or
audits are comprehensive and intended conducted at the request of management.
to provide input and recommendations
for significant business process
improvements to management.
2 Subsidiary Audits
General Audits
1 13 Audits conducted to provide input and
recommendations on improvements to
Audits of specific objects such as units, the implementation of internal control,
activities, products, information technology,
or transactions other than those required 19 41 6
risk management, and governance of
subsidiaries, as part of the execution of the
by regulators. Assignments Integrated Internal Audit Function (SKAIT).
Regular Audits of Ethical Standards
In conducting the annual audit, Bank Mandiri refers to four standards, as part of efforts to strengthen a culture of integrity,
main components, namely Policy, Process, System, and People, accountability, and risk control across all operational lines of
as the foundation to ensure the effectiveness and sustainability the company. The following illustrates the audit examination
of corporate governance. Each audit theme is designed to building blocks.
include the People component, which encompasses ethical
Annual Audit Building Blocks
Policy Regulations and Internal Provisions Related to Core Operational Activities
Process Core Operational Activities
System Information Technology and Systems Supporting Core Operational Activities
Integrity
Workload Job Scope of
People Competency Awareness Discipline Audit Review
Management Description
Related
to Ethical
Standards
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Internal Audit has full authority to conduct independent audits Division Directors, SEVPs, the Director of Human Capital and
and investigations related to fraud and violations of the code Compliance, and the President Director, and are periodically
of ethics within the Bank and all its affiliates. At least once reported to the Board of Commissioners through the Audit
every three years, Internal Audit conducts audits on ethical Committee.
standards across all Bank operations, aimed at evaluating the
alignment between the formulation and implementation of In addition, a Quality Assurance Review is conducted by an
Bank Mandiri’s Code of Ethics with applicable standards to external independent assessor team every three years to
ensure effective oversight. The audit results, presented in the evaluate the implementation of the Internal Auditor’s code of
form of an Executive Summary, are submitted to the relevant ethics.
Investigation of Code of Conduct Breaches
Bank Mandiri has established a structured and systematic Bank Mandiri also ensures that responsibilities, principles of
mechanism to ensure the effective implementation of the Code accountability, and reporting lines are clearly implemented
of Conduct. This comprises various channels and procedures across all divisions and throughout the Mandiri Group to
that support oversight and disciplinary actions for breaches, safeguard corporate transparency and integrity. Through
including a help desk, designated focal points, an ombudsman, this mechanism, the Company fosters a professional working
and complaint channels or hotlines. Every report received is environment that upholds compliance with the Code of
followed up and investigated, and firm disciplinary measures Conduct and ethical behavior.
are imposed in accordance with the severity of the breaches,
ranging from warnings to a zero-tolerance policy.
Implementation Mechanism of the Code of Conduct
Identification and Reporting of Breaches
Employees who become aware of or experience breaches of the Code of Conduct and ethical behavior may submit
reports through the available channels, including direct written submissions and internal mechanisms.
Receipt and Preliminary Review of Reports
Reports are subject to an initial verification of accuracy and relevance by the authorized parties.
Investigation and Examination of Reports
If a report is deemed valid, an investigation is conducted by the authorized parties to collect evidence, analyze facts, and
determine the level of the breach.
Determination of Sanctions Based on Investigation Results
Disciplinary sanctions are categorized into three levels, namely minor, moderate, and severe.
Follow-Up on Sanction Decisions
Sanction decision letters are signed by the relevant units and authorized officials.
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Monitoring and Documentation
Audit result reports are formally documented, and the implementation of the Code of Conduct and ethical behavior is
monitored on a regular basis.
Evaluation and Enhancement of the Code of Conduct and Ethics
Evaluations and improvements are carried out when weaknesses are identified in existing rules and mechanisms.
In addition to implementing the Code of Conduct, Bank In managing ethical issues, the Senior Investigator (SIV)
Mandiri adopts proactive measures to prevent unethical is responsible for conducting thorough, objective, and
behavior and reduce the potential for breaches. The Bank independent investigations into every reported violation to
applies an integrated approach, embedding compliance with ensure accurate and balanced fact finding. All investigation
the Code of Conduct into the employee performance appraisal results are reported periodically to the Board of Directors as
system and remuneration policies. Through this approach, part of the accountability mechanism and senior management
employee performance is assessed not only based on business oversight.
achievements, but also on the level of adherence to applicable
ethical principles. If, during the investigation process, indications of breaches of
Bank Mandiri’s Code of Conduct and Business Ethics Regulations
Any breaches of the Code of Conduct and behavioral standards are identified, the case is escalated to a Board level decision-
is subject to sanctions in accordance with prevailing Employee making forum or committee. Decisions in this forum are taken
Disciplinary Regulations, including potential criminal sanctions by at least three relevant members of the Board of Directors,
as stipulated under applicable laws and regulations. Bank which may include:
Mandiri categorizes Code of Conduct breaches into several • Director of Risk Management
levels, ranging from minor to severe, depending on the • Director of Human Capital and Compliance
seriousness of the breach and its impact on the organization. • Relevant Director in charge of the related business area
Disciplinary sanctions, whether minor or moderate, may affect • and/or other relevant Directors, depending on the
considerations for promotion, bonus payments, performance characteristics and materiality of the case.
evaluations, and even demotion. The types of sanctions for
violations of the Code of Conduct are as follows: In 2025, a total of 15 Board level forums/committees were
1. Minor Breaches convened during the period of January to November 2025 to
Sanctions in the form of written warnings, which may specifically deliberate on and decide the handling of ethical
result in delays in promotion for several months and partial cases. These forums form an integral part of Bank Mandiri’s
reductions in incentives. governance framework to ensure that every ethical breach is
2. Moderate Breaches addressed firmly, consistently, and fairly.
Sanctions include restrictions on performance evaluations,
partial reductions in bonuses, and the revocation of certain The active involvement of the Board of Directors in decision-
allowances for a specified period. making on ethical issues underscores that the implementation
3. Severe Breaches of business ethics and integrity standards is not merely an
Violations involving actions that undermine organizational operational responsibility, but a strategic priority overseen
integrity or constitute serious regulatory breaches may result directly at the Board level. This approach reflects Bank Mandiri’s
in termination of employment. In such cases, all employee commitment to upholding GCG principles, maintaining
rights and benefits will be terminated in accordance with stakeholder trust, and ensuring that a strong culture of integrity
applicable provisions. is embedded across all business lines and organizational levels.
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Significant findings or reports will be followed up in accordance with applicable procedures, as described in the following flowchart.
Significant Findings* Reporting Process
Step 1 Step 2 Step 3 Step 4
Audit Manager Audit Operation Conducts a tiered Submission to the
prepares a Department review by the President Director
summary of compiles the Chief Auditor and and the Board of
Significant Findings Significant Findings the Chief Audit Commissioners
and submits Report from all Executive through the Audit
itthem to the audit departments Committee
Audit Operation
Department
Basis for Audit Implementation:
• Internal Audit Standard Procedures (SPIA) No. K2.SP1, • Human Resources Standard Procedures No. S.14.
IAU 2025 P1.SDM of 2022
• Internal Audit Technical Guidelines (PTIA) No. K2.SP1, • Internal Control Policy K.2 of 2025 (Edition 3)
PTI IAU 2025
Throughout the reporting period, a total of 9 violation reports were received, comprising 2 cases related to conflicts of interest and
7 other cases. All reports were handled and resolved comprehensively in accordance with the Bank’s internal policies and applicable
laws and regulations. [GRI 205-3]
*Significant findings are findings that constitute violations of regulatory requirements and may result in sanctions or fines; indicate potential fraud; cause financial losses; and/or involve other situations of
similar severity that, in the view of the Head of the Internal Audit Unit, require escalation.
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Whistleblowing System [GRI 2-25, 2-26] [FN-CB-510a.2] [OJK F.24]
Whistleblowing System Mechanism
HC Engagement
& Outsource
1b Management Group
RWP, employment
4a
1 3a provisions, employee
grievances
• Website
• Email 2 3 3b
• WhatsApp Other Work Units
• SMS Third Secure
Customer Complaints,
• Letter
5 4 Feedback/Ideas
Reporter Party Compliance Email
Fraud, Code of
6 3c Conduct, Business
4b Ethics
1a Senior Investigator
RHS Notes
To support the implementation of the Code of Conduct, safeguarding integrity, while enhancing the Bank’s reputation
Bank Mandiri has implemented a whistleblowing system, in the eyes of stakeholders through the consistent application
known as the Whistleblowing System – Letter to CEO (WBS- of Good Corporate Governance principles.
LTC), which serves as a reporting channel for employees and
other stakeholders to report or submit complaints regarding All reports received are managed professionally by an
indications of fraud and/or non-fraud misconduct, including independent third party. In the reporting year, Bank Mandiri
violations of ethics, integrity, norms, and applicable regulations, appointed PT DC Solutions to handle the WBS-LTC. Each report
as well as actions that may adversely affect the environment submitted is processed in a structured manner, analyzed
and other related matters. comprehensively, and forwarded to the WBS-LTC managing
work unit, which subsequently channels the report to the
Through the WBS-LTC, Bank Mandiri seeks to strengthen early relevant follow-up unit based on the type of report, ensuring
detection of potential violations that may cause losses to that each case is addressed appropriately and in accordance
customers, the Bank, or other parties. In addition, this system with applicable provisions.
promotes awareness and vigilance among all employees in
Confidentiality and Protection of Whistleblowers
Bank Mandiri guarantees the confidentiality of the also extended to employees who report suspected violations
whistleblower’s identity and the contents of the report from of disciplinary rules and applicable policies or regulations,
unauthorized parties. In addition, whistleblowers are given provided that the reports are accurate, factual, and supported
the option to submit reports anonymously or through full by evidence, are not false or defamatory in nature, and do not
disclosure by providing complete identification. Protection is involve the reporting party.
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Bank Mandiri does not tolerate any form of retaliation against whistleblowers or parties involved in the investigation process, provided
that they act in good faith, in accordance with applicable provisions, and are not involved in the reported violation. To uphold this
principle, the Bank takes the necessary measures to ensure full protection for whistleblowers.
Reporting Channels
SMS & WhatsApp Letter
0811-900-7777 PO BOX 1007 JKS 12007
Telephone Website
0811-900-7777 bmri-wbsltc.tipoffs.info
Email
bmri-wbsltc@tipoffs.info
Management of WBS-LTC Reporting [GRI 205-2]
Description 2025 2024 2023
Reporting Channels Letter 2 4 9
Email 103 52 42
Website 79 79 55
SMS/WhatsApp 227 122 60
Report Classification Fraud 47 38 46
Non-Fraud 364 219 121
Reports Followed Up 411 257 167
Reports Declared Resolved 411 257 167
Training on the Use of Reporting Channels [GRI 404-2] [OJK F.22]
Bank Mandiri provides training on the implementation and including vendor meetings conducted both online and offline.
use of reporting channels for employees, vendor, and other This training aims to enhance understanding of reporting
external parties, including WBS-LTC dissemination, WBS-LTC procedures and objectives, ensure accessibility and effective
reporting mechanisms, and the prohibition of gratuities. The use of the reporting channels, and foster a culture of openness
training is delivered through various platforms, such as training and compliance among all Bank personnel and external parties.
classes, work unit sessions, social media, and activities or forums,
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Training on the Use of Reporting Channel and AML-CFT Compliance
Training Scope
KYC Anti–Money Laundering, New Anti–Money Laundering (AML) System, Implementation of the Anti–Money Laundering
Program, Prevention of Terrorism Financing, Prevention of Financing of the Proliferation of Weapons of Mass Destruction,
Characteristics of Money Laundering, Internal Gratification at Bank Mandiri, Official/Duty-Related Gratification, and other
relevant topics.
Number of Training Titles Total Training Hours Number of Training
Participants
99 93,840 37,298
Titles Hours Participants
Dissemination of Reporting Channels
Bank Mandiri consistently and continuously conducts blasts to Bank Mandiri personnel, as well as through the
socialization of the WBS-LTC through various means, including Bank’s print and social media channels. These initiatives aim
the dissemination of short videos, the display of posters within to enhance a greater understanding of the WBS-LTC across all
the work environment, the use of PC screen savers, and email levels of the organization.
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Anti–Financial Crime Policy
Anti-Bribery and Anti-Corruption Policy [GRI 2-27]
Bank Mandiri has established comprehensive internal policies In defining gratuities, Bank Mandiri refers to Law No. 31 of 1999
aimed at preventing corruption, including the Internal Control on the Eradication of Corruption Crimes, as amended by Law
Policy, Operational Policies, Employee Disciplinary Regulations, No. 20 of 2001. Under this framework, gratuities are defined
the Code of Conduct and Business Ethics, as well as the as the receipt of gifts, whether in the form of money or other
Gratification Policy and the Anti-Bribery Management Policy. All items that can be equated to monetary value, including goods,
of these policies are formulated in alignment with an integrated rebates or discounts, memberships, commissions, interest-
anti-fraud strategy and encompass operational standards free loans, tickets, accommodation facilities, travel packages,
and other provisions in accordance with applicable laws and scholarships, free medical services, and other facilities, whether
regulations. This reflects Bank Mandiri’s commitment to a zero- provided through electronic or non-electronic means. Such
tolerance principle toward all forms of corruption, fraud, and gratification is classified into two main categories:
gratification.
1 Gratification That Requires Reporting
a. Gratification Deemed as Bribes
Gratification related to one’s position and contrary to the recipient’s duties or obligations. Gratification is deemed to
constitute bribes when they include the following:
• Gratuities that may reasonably be suspected of influencing policies, decisions, or the conduct of an authority holder.
• Gratuities received in connection with services related to duties, authority, or responsibilities.
• Gratuities received during official business trips that are not related to official duties.
• Gratuities provided in the context of employee recruitment, employee transfers, or promotions.
b. Gratification Related to Celebrations, which are classified into:
• Gratuities received in connection with religious celebrations from customers, debtors, business partners, suppliers,
or other parties with conflicts of interest.
• Gratuities received in connection with other celebrations, such as engagements, weddings, births, or customary or
religious ceremonies, exceeding the maximum threshold of one million rupiah.
2 Gratification Not Requiring Reporting
a. Gratuities related to official duties, such as serving as a speaker or official resource person, participating in official
activities, or undertaking official travel, provided that they comply with internal provisions.
b. Other gratuities that are exempt from mandatory reporting in accordance with the Corruption Eradication Commission
regulations on gratuity reporting.
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Bank Mandiri implements specific policies and strategies to 7. Implementing the principle of continual improvement
prevent bribery and corruption, including prohibitions on all within the Anti-Bribery Management System.
forms of bribery, such as kickbacks, direct or indirect political 8. Assigning responsibility, authority, and independence to
contributions, as well as charitable donations and sponsorships the Anti-Bribery Compliance Function.
that may be subject to misuse. All policies are publicly 9. Imposing sanctions for violations of the provisions set out in
disclosed to ensure transparency and accountability in their the Anti-Bribery Management System policy.
implementation.
Bank Mandiri implements an internal oversight system by
Bank Mandiri defines corruption as the abuse of public placing supervisory units at every level, including the head office,
or private positions to obtain personal or group benefits. branches, and regional offices. These units specifically focus
Bribery, meanwhile, is defined as the giving or receiving of operational oversight on functions with a high risk of fraud and
gifts, services, or unlawful compensation with the intent to corruption, covering procurement processes, the management
influence business decisions. Fraud encompasses all forms of of cash and valuable assets, and financial transactions involving
misconduct in banking practices, including deception, misuse customers. In response to these risks, the Company actively
of assets, disclosure of confidential information, and corrupt strengthens oversight mechanisms, enhances transparency in
acts that contravene applicable laws and regulations as well as procurement processes, and provides anti-corruption training
employee disciplinary rules. for all employees. This training delivers operational guidance
covering record-keeping procedures, approval procedures, and
As part of its ongoing efforts to prevent corruption, Bank Mandiri appropriate behavior, with the objective of effectively reducing
has implemented the Anti-Bribery Management System in potential risks. [GRI 205-1]
accordance with ISO 37001:2016 through certification, audits,
and verification against international standards, fully integrated In mitigating the risks of fraud and gratuities, Bank Mandiri
as a key element of the Bank’s Code of Conduct. [GRI G4 FS9] enforces a strict policy prohibiting all forms of improper
payments, including facilitation payments, whether made
Bank Mandiri first obtained the ISO 37001:2016 Anti- directly or indirectly. The Bank defines facilitation payments as
Bribery Management System certification for the scope of small payments intended to expedite administrative processes
Procurement and Vendor Management on August 10, 2020. that should be completed in accordance with applicable
Bank Mandiri subsequently expanded the scope of this regulations without any additional charges.
certification by integrating internal audit processes, thereby
covering Procurement, Vendor Management, and Internal Bank Mandiri implements a systematic gratuity control program
Audit Processes as of September 20, 2022. Bank Mandiri’s through the following measures:
commitment was reaffirmed through the renewal of its 1. Establishing a Gratuity Control Unit, which serves as the
ISO 37001:2016 certification on October 13, 2023, and Bank coordinator of gratuity control at Bank Mandiri. This Unit
Mandiri successfully maintained this certification based on the forms part of the Compliance Work Unit and was established
recommendation letter issued on October 29, 2025. [GRI G4 FS9] pursuant to a Board of Directors’ Decree, most recently
updated under Decree No. KEP.DIR/64/2021.
The Anti-Bribery Management System ensures that Bank 2. Issuing provisions on gratuity control within the Bank
Mandiri adheres to the following principles: Mandiri environment, the Company periodically reviews
1. Prohibiting bribery practices and similar acts within the and enhances these on an annual basis or as necessary, in
Company. line with internal developments within the Bank and/or to
2. Complying with applicable laws and regulations, as well as comply with prevailing laws and regulations, with the most
other relevant anti-bribery provisions. recent update conducted in 2025.
3. Aligning anti-bribery policies with the Company’s objectives. 3. Conducting comprehensive socialization of the gratuity
4. Implementing corporate governance practices that support control program to all employees and stakeholders of Bank
the achievement of anti-bribery objectives. Mandiri.
5. Committing to the fulfillment of Anti-Bribery Management
System requirements.
6. Enhancing anti-bribery awareness among relevant
stakeholders.
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Gratification Control Scheme
Reports are submitted directly to the KPK through GOL KPK (with a copy to the UPG)
1a
4
1b gomandiri 3
Log in / Submit Online Gratification Review & Verification
Check Status
Reporter UPG
2
Email Notification
Gratification Determination Letter Upload Gratification Determination Letter
6 5
Anti-Fraud Strategy
Pillar 1: Prevention
Across all work units to reduce the potential occurrence of fraud.
• Anti-fraud awareness through the dissemination of the Anti-Fraud Statement, Employee Awareness Program, and Customer
Awareness Program.
• Identification of vulnerabilities through policies and procedures, job descriptions, and annual disclosures.
• Employee policy (Know Your Employee/KYE) implemented during the recruitment process.
Pillar 2: Detection
Across all units, including the first, second, and third lines of defense, to identify and detect fraud in the Bank’s business activities.
• Whistleblowing system.
• Fraud detection systems in retail transaction channels and retail credit segments (micro, consumer, and MSMEs).
• Surprise audits, particularly in high-risk business units or those vulnerable to fraud.
• Monitoring systems to observe and test the effectiveness of internal control systems.
Pillar 3: Investigation, Reporting, Sanctions, and Legal Processes
Handling fraud through investigation and reporting to the President Director, the Board of Commissioners, and regulators.
• Delegation of authority for conducting investigations and imposing sanctions to respective regions to accelerate case handling
and recovery processes.
Pillar 4: Monitoring, Evaluation, and Follow-Up
Monitoring follow-up actions on investigation results and evaluating fraud incidents to address weaknesses and strengthen
internal control systems to prevent recurrence.
• Written reporting to the President Director and the Board of Commissioners conducted in an orderly manner to monitor the
list of established follow-up actions.
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Communication and Training on Anti-Corruption and Anti-Fraud by Work Region in 2025 [GRI 205-2]
Has been communicated by the
Has participated in Anti-Corruption and
Company on Anti-Corruption and Anti-
Anti-Fraud Training
Work Area Fraud Policies and Procedures
Total % Total %
Head Office 16,016 100.00% 14,872 92.86%
Sumatra (Regions 1, 2) 4,949 100.00% 4,570 92.34%
Jakarta (Regions 3, 4, 5) 7,015 100.00% 6,382 90.98%
Java (Regions 6, 7, 8) 7,825 100.00% 7,288 93.14%
Kalimantan (Region 9) 1,810 100.00% 1,686 93.15%
Sulawesi and Maluku (Region 10) 2,050 100.00% 1,879 91.66%
Bali and Nusa Tenggara (Region 11) 1,200 100.00% 1,075 89.58%
Papua (Region 12) 687 100.00% 616 89.67%
Total 41,552 100.00% 38,368 92.34%
In 2025, Bank Mandiri also conducted various socialization activities on anti-fraud and anti-corruption policies for all employee
categories, covering 100% of employees. [GRI 205-2]
Implementation of the Anti-Money Laundering (AML), Counter Financing of Terrorism
(CFT), and Prevention of Proliferation Financing of Weapons of Mass Destruction (PF-
WMD) Programs
Bank Mandiri has proactively responded to the rapid Crimes, and/or the Financing of the Proliferation of Weapons of
development of innovation and technology in the financial Mass Destruction.
services sector by implementing a digital based business
transformation. This constitutes a fundamental component of The strengthening of the Anti-Money Laundering (AML),
the bank wide business strategy to enhance competitiveness, Counter Financing of Terrorism (CFT), and Prevention of
operational efficiency, and the quality of services provided to Proliferation Financing of Weapons of Mass Destruction
customers. programs (PF-WMD) is carried out in reference to applicable
regulations, risk management practices, the Bank’s Business
Alongside the digital transformation, trends in cybercrime, Plan, and international best practices. Bank Mandiri’s vision,
such as hacking, online gambling, and online fraud, have also “The Best Financial Institution in Southeast Asia,” is realized
increased and increasingly exploit banking services. Bank through a series of strategic initiatives focused on procedures
Mandiri balances its digital transformation efforts by upholding and processes, systems and technology, as well as human
the principles of prudence, security, and confidentiality, while capital development. This approach is designed to enhance the
implementing adequate risk mitigation measures. These effectiveness and optimization of the AML, CFT, and PF-WMD
actions are intended to prevent the misuse of the Bank by programs.
perpetrators of Money Laundering Crimes, Terrorist Financing
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In 2025, Bank Mandiri once again reaffirmed its commitment to Risk Assessments; contributing as a Subject Matter Expert in
integrity in the implementation of the AML, CFT, and PF-WMD the Tactical Hub Project – Public Private Partnership for the
programs by achieving the highest rating in the 2025 Financial development of Operational Alerts on Criminal Offenses; and
Integrity Rating on Money Laundering and Terrorism Financing providing analysis-based insights to enhance policy quality.
for the Core Capital-Based Bank Group 4 category, with a score
of 9.55. Bank Mandiri’s score exceeded the aggregate score of Bank Mandiri also delivered significant contributions through
National Commercial Banks at 8.95, as well as the aggregate its support for national strategic programs that are a focus
score of all National Reporting Entities (500 reporting entities) of monitoring by PPATK and the Mutual Evaluation Review
at 8.03. The commitment to integrity is further evidenced by (MER) process. These efforts positively impacted Indonesia’s
Bank Mandiri’s active participation in various strategic forums assessment, leading to the achievement of Indonesia’s full
and coordination programs organized by regulators, which membership in the Financial Action Task Force (FATF) in 2023. All
include serving as an Industry Practitioner Partner and Primary of these achievements and contributions further strengthened
Respondent in the assessment of the Effectiveness Index of Bank Mandiri’s role in supporting the AML, CFT, and PF-WMD
the AML, CFT, and PF-WMD Regime; acting as a Drafting Team regime in Indonesia, reflecting the Bank’s participation in
Member and Primary Respondent in the National and Sectoral enhancing national and global integrity standards.
Organizational Structure for AML, CFT, and PF-WMD
As part of strengthening the AML, CFT, and PF-WMD regime, fulfilling regulatory reporting obligations, and overseeing the
Bank Mandiri has established governance bodies that place implementation of AML, CFT, and PF-WMD programs across the
strategic oversight and management of the AML, CFT, and Financial Conglomerate.
PF-WMD programs directly under the Board of Directors and
the Board of Commissioners. These bodies are responsible for The AML & CFT Group is led by the Group Head of AML &
ensuring the effective implementation of the AML, CFT, and PF- CFT, a designated officer at Bank Mandiri who supervises the
WMD programs through discussions of strategic issues related implementation of the AML, CFT, and PF-WMD programs, which
to program implementation, including follow-up strategies are carried out through four departments. The departments
on matters of concern to regulators and/or stakeholders, as within the AML & CFT Group have the following duties and
deliberated in meetings of the Board of Directors and the Board responsibilities, among others:
of Commissioners. 1. Formulate, evaluate, and update policies and procedures
related to AML, CFT, and PF-WMD.
In 2025, Bank Mandiri reorganized, establishing the AML & CFT 2. Prepare and update Individual Risk Assessments (IRA) for
Group, which was previously integrated within the Compliance money laundering, terrorist financing, and/or proliferation
Unit. As a result, the AML & CFT Group now operates as a financing risks within the Bank.
dedicated unit reporting directly to the Director in charge of 3. Oversee the implementation of AML, CFT, and PF-WMD
the Compliance Function, with responsibility for managing programs across members of the Financial Conglomerate.
AML, CFT, and PF-WMD strategies. This step aims to optimize 4. Submit AML, CFT, and PF-WMD reports to regulators,
the focus on oversight, risk management, and compliance in including ensuring the quality of such reporting.
the independent implementation of AML, CFT, and PF-WMD, 5. Develop and enhance applications and supporting systems
while also serving as a strategic response to emerging threats. for the implementation of AML, CFT, and PF-WMD programs.
Organizational strengthening of the AML & CFT function has 6. Manage relationships and coordinate with regulators, law
been further emphasized through a clearer delineation of the enforcement agencies, and/or competent authorities in the
Group’s duties and responsibilities, particularly in enhancing the implementation of AML, CFT, and PF-WMD programs.
detection of Indications of Suspicious Financial Transactions,
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Bank Mandiri has appointed an Anti–Money Laundering Officer The AMLO serves as a primary safeguard in the implementation
(AMLO) in each Region (I–XII) across Indonesia and designated of the AML, CFT, and PF-WMD programs within the respective
each Branch Manager as the Person in Charge for the region. In carrying out this role, the AMLO maintains a direct
implementation of the AML, CFT, and PF-WMD programs at the coordination line with the AML & CFT Group and is responsible
regional and branch levels. These role assignments are intended for submitting regular reports on the execution of duties to
to optimize quality and ensure the effective implementation of the Group. Furthermore, the AML & CFT Group enhances
the AML, CFT, and PF-WMD programs at regional and branch the competencies of AMLOs through training programs and
levels, reflecting Bank Mandiri’s commitment to supporting the attachment assignments.
AML, CFT, and PF-WMD regime.
Organizational Structure of AML, CFT, and PF-WMD
Head Office Regions
Director of Human Capital & Compliance
Group Head of AML & CFT Regional CEO
RBC Head Area Head
AML-CFT AML-CFT AML-CFT AML-CFT System
Advisory Transaction Reporting & & Data Analytics TL AMLO Branch Manager*
& Business Monitoring Liaison Dept. Dept.
Strategy Dept. Dept.
AMLO
*Acts as the PIC for AML & CFT at the Branch.
Coordination line related to the implementation of the AML, CFT, and PF-WMD programs
• RBC: Regional Business Control • AMLO: AML Officer • TL: Team Leader
Policies and Procedures for the Implementation of the AML, CFT, and PF-WMD Programs
Bank Mandiri’s AML, CFT, and PF-WMD programs are set out 2. The implementation of Know Your Customer (KYC)
in the AML, CFT, and PF-WMD Policies and Procedures, which procedures for prospective customers, existing customers,
are have been developed in reference to applicable laws and walk-in customers (WIC), and beneficial owners (BO).
regulations as well as international best practices. The policies 3. The implementation of AML, CFT, and PF-WMD programs in
cover the following aspects: the provision of high-risk products and services.
1. The roles and responsibilities of the Board of Directors, the 4. The implementation of AML, CFT, and PF-WMD programs in
Board of Commissioners, and the dedicated AML, CFT, and the use of supporting professional services.
PF-WMD Work Units.
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5. The refusal of business relationships, transactions, and/or 8. Human resources management and training.
the termination of business relationships. 9. The implementation of AML, CFT, and PF-WMD programs
6. AML, CFT, and PF-WMD related reporting. at overseas branches and within members of the financial
7. Document management and record-keeping. conglomerate.
10. Management information systems.
The key elements of the implementation of the AML, CFT, and PF-WMD programs, as stipulated in the relevant policies and procedures,
are as follows:
Due Diligence Process
Bank Mandiri conducts due diligence using a risk-based approach through the implementation of Customer Due
Diligence (CDD) and/or Enhanced Due Diligence (EDD) for prospective customers, existing customers, walk in customers
(WIC), and beneficial owners (BO). This process is applied during the establishment of business relationships, the
execution of transactions, and ongoing monitoring, based on the results of Bank Mandiri’s risk assessment of money
laundering, terrorist financing, and/or proliferation financing risks as reflected in the Individual Risk Assessment.
1. Customer Due Diligence (CDD)
CDD is conducted to identify, verify, and monitor prospective customers, existing customers, WICs, and BOs in order
to ensure that transactions are consistent with the customer’s profile, characteristics, and transaction patterns. CDD
is applied in the following circumstances:
a. When establishing a relationship with a prospective customer.
b. When establishing a business relationship with a WIC.
c. When conducting fund transfer transactions.
d. When there are indications of suspicious financial transactions related to money laundering, terrorist financing,
and/or proliferation financing.
e. When there is doubtful information provided by the customer, authorized representative, and/or BO.
Bank Mandiri is required to conduct identification by requesting data, information, and supporting documents from
prospective customers when establishing a business relationship, in order to understand the customer’s profile.
Such information is verified through the following mechanisms:
a. Direct face-to-face meetings.
b. Electronic face-to-face meetings.
c. Non-face-to-face electronic interactions.
Non-face-to-face electronic interactions may be conducted using software owned by Bank Mandiri or third parties
and hardware owned by Bank Mandiri or third parties. This mechanism optimizes population data sourced from
the Civil Registration Authority, while applying three authentication factors, namely:
• Something you are, such as facial recognition and retinal pattern identification.
• Something you have, such as an identity card and a one-time password (OTP).
• Something you know, such as a username, password, and Personal Identification Number (PIN).
This mechanism is applied in electronic or online account opening processes, including through Livin’ by Mandiri.
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2. Enhanced Due Diligence (EDD)
Money laundering, terrorist financing, and/or proliferation financing risks are reviewed periodically with reference
to the National Risk Assessment (NRA) and Sectoral Risk Assessment (SRA), as well as the Bank’s most recent internal
assessments based on customer profiles, countries or geographic areas, products, services, transactions, and
distribution channels. The results of the Individual Risk Assessment are then used to determine the risk level of
prospective customers, existing customers, WICs, and/or BOs into three categories, namely high risk, medium risk,
and low risk.
If prospective customers, existing customers, WICs, and/or BOs are identified as having backgrounds, identities,
histories, and/or profiles that present a high risk of money laundering, terrorist financing, and/or proliferation
financing, Bank Mandiri applies EDD procedures through more in-depth information gathering. At a minimum,
this includes an assessment of the source of funds and other sources of wealth, the purpose and nature of the
relationship with the Bank, participation in certain organizations or associations, links to Politically Exposed Persons
(PEPs), and parties listed on sanctions lists or subject to adverse media.
The risk assessment conducted by Bank Mandiri includes the determination of whether prospective customers, WICs,
and/or BOs qualify as PEPs, whether foreign, domestic, or individuals entrusted with prominent public functions by
international organizations. For PEPs, Bank Mandiri conducts periodic EDD, at a minimum in the form of analyses
of customer and BO information, sources of funds and wealth, and more intensive monitoring of the business
relationship.
Example of high risk area, including:
a. Occupational Profiles, such as State Officials or Government Officials (PEP), lawyers, and notaries.
b. Business Sector Profiles, including financial service providers and forestry.
c. Geographical Areas, including Russia, Belarus, and Myanmar.
d. Products, Services, and Transactions, including Priority Services (Private Banking).
The establishment of business relationships and/or the execution of transactions involving high-risk prospective
customers, existing customers, WICs, and/or BOs, including PEPs, must obtain approval from a senior officer (Branch
Manager/Head of Unit/other authorized officials).
Watchlist Screening
Bank Mandiri ensures that it does not establish business relationships with parties included on Sanctions Lists, in
accordance with the Sanction Policy, by conducting screening of prospective customers, existing customers, WICs,
and/or BOs based on Bank Mandiri’s Watchlist. The Sanction Policy has beenis developed in reference to regulatory
requirements, international best practices, and Bank Mandiri’s internal needs, and principally governs the following:
1. The Bank does not accommodate the establishment of business relationships with certain parties included on the
Bank’s Watchlist, including:
a. Parties listed by regulators or competent authorities, such as the List of Suspected Terrorists and Terrorist
Organizations and the List of Proliferation Financing of Weapons of Mass Destruction.
b. Parties listed by sanctioning authorities, including the OFAC, EU, UN, and OFSI lists.
2. The Bank is required to maintain and regularly update the Watchlist.
Bank Mandiri applies an automated system to conduct screening during the account opening process, transaction
execution, and ongoing monitoring. Furthermore, Bank Mandiri continuously enhances and updates its screening
system on a periodic basis, including adjustments to matching accuracy thresholds, to ensure the adequacy and quality
of the screening process.
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Reporting of Suspicious Financial Transactions
Bank Mandiri monitors customer profiles and transactions to ensure that the Bank’s products, services, and facilities
are not misused to facilitate money laundering, terrorist financing, and/or proliferation financing of weapons of mass
destruction. If indications of suspicious activities and/or financial transactions are detected, Bank Mandiri conducts an
analysis and reports such suspicious activities and/or financial transactions to the Indonesian Financial Transaction
Reports and Analysis Center.
Examples of activities and/or financial transactions that may be reported as suspicious or unusual include, but are not
limited to:
1. Financial transactions that deviate from the customer’s profile, characteristics, or customary transaction patterns.
2. Financial transactions that are reasonably suspected to be conducted for the purpose of avoiding reporting
requirements.
3. Financial transactions that are conducted or canceled using assets suspected to be derived from the proceeds of
criminal activities.
4. Financial transactions requested by the Indonesian Financial Transaction Reports and Analysis Center to be reported
because they involve assets suspected to be derived from the proceeds of criminal activities.
Document Administration
Bank Mandiri maintains records related to customer and/or WIC data for a minimum period of five years from the
following events:
1. The termination of the business relationship or transactions with the customer or WIC.
2. The identification of transactions that are inconsistent with their economic purpose and/or business objectives.
Bank Mandiri also retains records related to customer or WIC financial transactions for periods determined in accordance
with applicable laws and regulations.
Training [GRI 404-2] [OJK F.22]
Bank Mandiri conducts training on the implementation of the AML, CFT, and PF-WMD programs at least once a year
for all employees, with a primary focus on AML, CFT, and PF-WMD officers at the head office/regional offices/branches,
as well as frontliners, business units, and new employees. The training is designed to enhance employee awareness
and understanding of regulations, implementation practices, and current issues related to money laundering, terrorist
financing, and/or proliferation financing of weapons of mass destruction. The training programs have been developed
in a proportional and tailor-made manner in accordance with employees’ roles, functions, and needs, ensuring that each
employee receives content relevant to the risks associated with their business activities. Training is delivered through
offline and online sessions, focus group discussions, and e-learning, featuring thematic materials and refresher courses.
In 2025, the average training duration per employee was 2 (two) hours.
Training on AML, CFT, and PF-WMD covers various topics, including:
1. Implementation of laws and regulations related to the AML, CFT, and PF-WMD programs.
2. Techniques, methods, and typologies of money laundering, terrorist financing, and/or proliferation financing of
weapons of mass destruction (including tax evasion, green financial crime, and business email compromise).
3. Policies and procedures for implementing the AML, CFT, and PF-WMD programs, as well as the roles and responsibilities
of employees in preventing and combating money laundering, terrorist financing, and/or proliferation financing of
weapons of mass destruction.
4. International best practices in the implementation of AML, CFT, and PF-WMD, including considerations of geopolitical
risks and compliance with international sanctions.
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Annual Independent Assessment of Monitoring Procedures
Bank Mandiri has an independent internal control system to assess the effectiveness of the AML, CFT, and PF-WMD
programs. This process includes:
1. An evaluation of the adequacy of policies, procedures, and systems in detecting and preventing the use of the
Bank’s products, services, and technologies as a means of money laundering, terrorist financing, and/or proliferation
financing of weapons of mass destruction.
2. An assessment of the operational effectiveness of the monitoring activities that have been implemented.
3. Verification of compliance with regulations related to AML, CFT, and PF-WMD through internal and external audits,
control testing, and self-assessments.
These activities are carried out through internal and external audits, control testing, and self-assessments.
In 2025, there were no significant findings arising from the examinations, evaluations, or reviews conducted by internal
and external parties on the implementation of the AML, CFT, and PF-WMD programs, which focused on policy and
procedure processes, KYC processes, and reporting. All recommendations for improvement or enhancement resulting
from such examinations, evaluations, or reviews will be followed up in accordance with the agreed commitments and
timelines.
Tax Governance
As a domestic corporate taxpayer, Bank Mandiri is entitled to Bank Mandiri is committed to complying with applicable tax
receive government tax incentives in the form of a reduced regulations across all jurisdictions in which it operates and to
corporate income tax rate pursuant to Article 17 paragraph ensuring efficient and transparent tax management. [GRI 3-3, 201-4]
(2b) of Law No. 7 of 1983 on Income Tax, as amended from
time to time, most recently by Law No. 6 of 2023 on the In managing its tax obligations, Bank Mandiri prioritizes
Stipulation of Government Regulation in Lieu of Law No. 2 of compliance with all applicable tax laws and regulations, with
2022 on Job Creation into Law. Under this provision, publicly a tax policy and strategy that are developed, approved, and
listed companies with at least 40% of their total paid-up shares reviewed annually by the Director of Finance, including the
traded on the Indonesian stock exchange and meeting certain submission of the Annual Corporate Income Tax Return. [GRI 207-1]
requirements are eligible for a tax rate that is 3% lower than the
prevailing rate of 22% for the 2025 tax year. [GRI 3-3, 207-4] Bank Mandiri has established a comprehensive and structured
process for tax governance and control, as follows: [GRI 207-2]
Based on the above provisions, in 2025 Bank Mandiri received 1. The Director of Finance, as the executive governance body,
a corporate income tax rate reduction of 3%, resulting in is responsible for the implementation of the tax strategy.
a corporate income tax rate of 19%. In 2025, Bank Mandiri 2. The tax approach is embedded within the Company through
paid taxes amounting to IDR9,046 billion to the government. the availability of Tax Standard Operating Procedures, the
development of application systems embedded in tax
processes, and the enhancement of tax awareness through
training and socialization programs.
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3. Tax risks are identified, managed, and monitored through including Indonesia and several overseas branches, to ensure
continuous monitoring and reconciliation conducted by transparency and compliance with applicable regulations.
the Accounting Group and relevant work units, as well as
periodic monitoring and review by Senior Operational Risk As the Company’s primary stakeholder in tax matters is
(SOR), internal audit, and external audit (Public Accounting the government, through the tax authority, Bank Mandiri
Firm). consistently maintains constructive relationships with the tax
4. Compliance with tax governance and tax control is evaluated authorities. Nevertheless, Bank Mandiri is not involved in public
and overseen on a regular basis by the Accounting Group policy advocacy related to taxation or in any other efforts
and relevant work units, with periodic monitoring by SOR aimed at influencing decisions of tax authorities. Bank Mandiri
and internal audit. Bank Mandiri does not engage assurance complies with all applicable laws and regulations, and as the
providers for tax control. Company operates in Indonesia with several overseas branches,
all tax reporting is conducted in Indonesia. [GRI 207-3, 207-4]
Bank Mandiri regularly discloses key business, financial, and tax
information in each jurisdiction in which its entities operate,
Taxes Paid by Bank Mandiri in 2025
Consolidat-
Description Unit Indonesia Asia West Europe Cayman Islands
ed
Operating Revenue IDR Million 151,022,472 2,907,616 96,659 1,199,283 155,266,031
Commissions IDR Million (11,066,570) (264,585) 446 (178) (11,330,887)
Operating Expenses IDR Million (66,997,230) (480,913) (70,606) (35,656) (67,584,405)
Non Operating Income IDR Million 533,562 1,099 - (427,837) 106,824
Tax Expense IDR Million (14,702,559) (364,851) (4,020) - (15,071,430)
Net Profit for the Year IDR Million 58,789,676 1,798,366 22,479 735,612 61,346,133
In 2025, the Company conducted various training and dissemination programs on avoiding tax evasion facilitation for all Bank Mandiri
employees. Through these programs, employees were equipped with an understanding of prohibited tax avoidance practices to
strengthen compliance and uphold integrity in all operational activities.
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Political Engagement and Lobbying
Bank Mandiri upholds a policy of political neutrality and lobbying activities or allocate funds to support political
independence that has been approved by senior management. interests, all Company expenditures are allocated solely
In operational activities, Bank Mandiri does not support or for legitimate business activities and in compliance with
affiliate with any political party, either directly or indirectly. This applicable regulations, and any interaction with public officials
commitment is aligned with the Bank’s efforts to safeguard or government institutions is carried out transparently and in
business integrity and professionalism, under which all accordance with prevailing laws and regulations. Company
employees are prohibited from using Company resources for expenditures are subject to regular monitoring to ensure that
political purposes. there is no misuse of corporate funds for political purposes. Bank
Mandiri also commits to transparently disclosing any political
Bank Mandiri also closely monitors any activities that may contributions and/or expenditures related to lobbying activities
give rise to conflicts of interest with the established principles in line with the principles of transparency and accountability.
of neutrality. The Company does not engage in political
Description 2025
Lobbying, interest representation, and similar activities 0
Campaign activities and local, regional, and national political 0
candidates or organizations
Trade associations or tax-exempt groups 0
Other expenditures, such as expenses related to vote counting 0
for elections or referendums
Total Coverage
IDR0 100%
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Membership in Financial and Climate Industry Associations
Bank Mandiri actively participates in various financial industry In addition, Bank Mandiri supports the objectives of the Paris
associations that are strategically relevant to its business Agreement to limit the increase in global temperatures to below
activities, staying informed about the latest regulatory 2°C and aligns with global efforts toward Net Zero Emission. As
developments and industry dynamics, while also contributing a tangible expression of this commitment, Bank Mandiri has set
to the advancement of knowledge and practices in sustainable a target to achieve Net Zero Emission in Operations (Scope 1
and responsible banking. and Scope 2) by 2030.
Bank Mandiri participates in PERBANAS’ sustainability working As part of its commitment to climate policy, Bank Mandiri
group with three main areas of focus, such as supporting the supports the implementation and strengthening of climate-
enhancement of awareness and education within the financial related regulations in Indonesia, including the Indonesian Green
ecosystem, providing evidence-based insights on challenges, Taxonomy, the Indonesian Sustainable Finance Taxonomy,
opportunities, and local context in the development of and Climate Risk Management and Scenario Analysis. Bank
sustainable finance ecosystem, and developing accessible Mandiri’s support for strengthening these regulations is carried
toolkits, guidelines, and supporting instruments for sustainable out through the provision of feedback to the Financial Services
finance. This participation aligns with Bank Mandiri’s Authority. This policy alignment is consistent with the Paris
commitment to maintaining transparency, regulatory Agreement and the national transition strategy, while also
compliance, and the long-term stability of the national financial taking into account economic stability and financial inclusion.
system.
Bank Mandiri affirms its position of political neutrality and
does not make contributions in any form to political parties,
candidates, or lobbying activities.
Supplier Responsibility
Anti-Corruption Policy for Suppliers
Bank Mandiri requires all suppliers to have anti-corruption 1. A prohibition on business partners providing gratuities, as
policies and programs in place. This requirement is intended stated on Bank Mandiri’s procurement website (https://
to verify suppliers’ compliance with anti-corruption, anti- procurement.bankmandiri.co.id/).
fraud, and anti-gratification principles in the conduct of their 2. A requirement for all business partners to sign an Integrity
business. Through this approach, Bank Mandiri ensures that Pact.
its commitment to anti-bribery and anti-corruption policies is 3. A Statement of Commitment to Comply with Procurement
communicated comprehensively and effectively implemented Ethics during the procurement process for all invited
by all business partners and suppliers. suppliers of goods and services.
4. The inclusion of anti-bribery and anti-corruption provisions
To strengthen anti-corruption and anti-fraud practices and to in contracts/agreements.
ensure that business partners comply with the highest ethical 5. Socialization on gratuities conducted at least once a year
standards, Bank Mandiri has implemented several strategic through meetings with suppliers.
initiatives, including:
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In 2025, all Bank Mandiri business partners across all regions (100%) received socialization through as to the relevant policies. In addition,
Bank Mandiri has obtained ISO 37001:2016 ABMS certification within the scope of Procurement and Vendor Management. [GRI 205-2]
Environmental and Social Policy for Suppliers [GRI G4 FS1, FS5]
To ensure sound and transparent governance, Bank Mandiri’s Under the social criteria, Bank Mandiri requires suppliers to
procurement of goods and services is guided by Standard safeguard workers’ rights, including compliance with labor
Operating Procedures and Operational Technical Guidelines standards, the prevention of forced labor and child labor,
for procurement. These documents require compliance with protection against discrimination in any form, protection
all applicable laws and regulations, including those applicable from violence and harassment, the provision of decent living
to overseas branches, and provide comprehensive guidance to conditions, respects for of association and/or collective
standardize processes, clarify responsibilities, and strengthen bargaining, compliance with the applicable provisions on
control functions. The procurement system is designed maximum working hours limits, and the provision of fair wages,
to prevent abuse of authority, collusion, and conflicts of as well as ensuring occupational health and safety (OHS).
interest. Accordingly, all parties involved are required to avoid
corruption, collusion, nepotism, and any form of gratuity. [GRI 3-3, Bank Mandiri conducts periodic evaluations of registered
204-1] suppliers through annual reassessments to maintain their
eligibility for future cooperation. In addition to evaluating
In line with SDG 12 on Responsible Consumption and supplier performance, Bank Mandiri also reviews documents
Production, Bank Mandiri encourages suppliers to apply submitted annually as part of the data update process,
sustainability principles and integrate environmental, social, including the Company Declaration Letter, which is required to
and governance (ESG) aspects into their business practices. be renewed each year.
The Company refers to ISO 20400:2017 to integrate sustainable
procurement and is committed to achieving Net Zero Based on the results of these assessments, Bank Mandiri regularly
Emission (NZE) in Financing by 2060 or earlier through the undertakes initiatives to enhance supplier competencies,
implementation of sustainable procurement policies. particularly for suppliers with lower performance levels,
through various measures such as continuous training focused
Bank Mandiri has established environmental and social on carbon emission reduction, coaching, vendor meetings, and
criteria within its procurement process. The environmental quality control. The outcomes of these evaluations serve as
criteria include compliance with environmental obligations one of the key considerations for Bank Mandiri in the supplier
in accordance with applicable laws and regulations, as well selection process, particularly for certain types of work.
as the implementation of a commitment to environmental
sustainability in operations and/or products and/or services
to minimize negative environmental impacts. In addition, this
policy encompasses energy efficiency, waste segregation, water
conservation, and other environmentally friendly practices.
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Sustainability Vision
Sustainability Strategy�������������������������������������������������������������������������������� 108
Sustainability Journey��������������������������������������������������������������������������������� 110
Sustainability Culture � ���������������������������������������������������������������������������������� 112
Stakeholder Engagement��������������������������������������������������������������������������� 115
Materiality Assessment� ������������������������������������������������������������������������������� 118
Sustainability Issues Management: PSPK 1 Overview��������������������� 123
Climate Change Management: PSPK 2 Overview������������������������������ 134
Products and Services Supporting Climate
Change Mitigation����������������������������������������������������������������������������������������� 167
Contribution to Sustainable Development Goals������������������������������ 169
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Sustainability Sustainability
Accelerating Bank Mandiri’s Sustainability Vision Strategy Journey
Sustainability Strategy [OJK A.1] [IDX E-06] [GRI 2-22]
Bank Mandiri has formulated its long-term sustainability Net Zero Emissions (NZE) in Operations by 2030, and Catalyzing
strategy for the 2026–2030 period under the theme “Becoming Multiple Growth for Social Impact to Achieve the Sustainable
Indonesia’s Sustainability Champion for a Better Future.” In Development Goals (SDGs). Bank Mandiri’s sustainability
support of this vision, Bank Mandiri is committed to Leading strategy is articulated through a framework comprising three
Indonesia’s Transition to a Low-Carbon Economy, achieving main pillars and encompassing eight key initiatives, as follows:
Vision Becoming Indonesia’s Sustainability Champion for a Better Future
Pillar Sustainable Banking Sustainable Operation Sustainability Beyond Banking
Lead Indonesia’s Transition Net Zero Emission (NZE) Catalyzing Multiple Growth for
Commitment
to Low Carbon Economy in Operations by 2030 Social Impact to Achieve SDGs
Ongoing 1. Integrating ESG Aspect 4. Leading Practice in Data 7. Empowering
Initiatives in Business Process Privacy & Security Digipreneurship in
(Sustainable Finance 5. Diversity, Equity & Society (Indonesia
Framework, Sector Inclusion Migrant Worker, Young
Policy Enhancement) 6. Achieving NZE in Entrepreneur, KUR,
2. Develop Sustainable Operations by 2030 Branchless Banking)
Portfolio & Products/ a. Green Business
Services (Sustainability/ Mindset
Green Bond, ESG Repo, b. Digital Carbon
Sustainability Linked Tracking &
Loan, Green/Social/ Monitoring
Corporate-in-Transition c. Carbon Neutral
Financing) Initiatives through
3. Influencing Key Policy Green Operational &
Maker to Accelerate Carbon Offsetting
Indonesian Low Carbon
Economy
Enablers 8. Strengthening ESG Governance, Capacity Development & Disclosure
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Sustainability Issues Climate Change Products and Services Contribution to
Sustainability Stakeholder Materiality
Management: PSPK 1 Management: PSPK 2 Supporting Climate Sustainable
Culture Engagement Assessment
Overview Overview Change Mitigation Development Goals
Sustainability Strategy Pillars
Bank Mandiri’s sustainability strategy is built on three main pillars: Sustainable Banking, Sustainable Operation, and Sustainability
Beyond Banking. These pillars reflect a holistic approach to integrating Environmental, Social, and Governance (ESG) principles into
Bank Mandiri’s business and operational aspects.
Sustainable Banking Sustainable Operations Sustainability Beyond Banking
Under the first pillar, Bank Mandiri Under the second pillar, Bank Under the third pillar, Bank Mandiri strengthens
focuses on conducting sustainable Mandiri is committed to supporting its sustainability agenda by reinforcing its core
business operations with a sustainability targets, aiming business through leveraging its business strategy
commitment to leading Indonesia’s to achieve carbon neutrality in and digital platform capabilities to empower
transition to a low-carbon economy. operations by 2030 in alignment with communities and expand the economic scale of
This commitment is realized through the NZE aspirations. local communities. Through the Digipreneurship
the integration of ESG aspects into This commitment is approach, Bank Mandiri promotes capacity
all of the Bank’s business activities, realized by ensuring ESG aspects are building for entrepreneurs and communities—
including risk management and the integrated into all our operational including digital literacy and adoption, expanded
development of sustainable financial activities, including raising awareness, market access, as well as access to financial
products and services. implementing environmentally services and financing—to drive inclusive and
friendly operations, adopting sustainable growth.
Additionally, Bank Mandiri consistently technology that ensures the
serves as a collaborative partner protection of customer Initiatives under this pillar are implemented in
for stakeholders in formulating personal data. alignment with Bank Mandiri’s business targets
sustainability-related policies to support the achievement of the Sustainable
and as a strategic partner for In addition, Bank Mandiri also focuses Development Goals (SDGs) through the
clients transitioning toward more on human capital management by commitment “Catalyzing Multiple Growth for
environmentally friendly business emphasizing the enhancement of Social Impact to Achieve SDGs.” These initiatives
practices. diversity, equity, and inclusion in the include expanding access to financial services
workplace. for underserved markets through Mandiri Agent
Branchless Banking, upgrading the business
capacity of KUR beneficiaries, and implementing
CSR programs, thereby creating measurable social
impact.
Strengthening Enablers to Reinforce Vision
and Sustainability Commitment
As the foundation of these efforts, the Company has also competency enhancement initiatives, including mandatory
established the necessary enablers and governance framework ESG e-learning programs, to ensure a consistent
to ensure that the implementation of all initiatives is carried out understanding and application of ESG principles across all
effectively and sustainably, which include: levels of the organization. [GRI G4 FS4]
3. The preparation and delivery of sustainability disclosures
1. Periodic monitoring of the strategy through a structured that are transparent, structured, and verifiable, through the
evaluation mechanism, with direct oversight from the Board adoption of internationally recognized reporting standards,
of Directors and the Board of Commissioners, to ensure the strengthening of data quality and internal control
alignment between the strategy, its implementation, and processes, and the conduct of independent assurance/
the established sustainability targets. verification, in order to mitigate greenwashing risks and
2. The development of employee capabilities to build enhance the credibility of sustainability information for
ESG expertise in the banking sector through various investors and stakeholders.
training programs, awareness campaigns, and integrated
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Accelerating Bank Mandiri’s Sustainability Vision Strategy Journey
Sustainability Journey [GRI G4 FS1]
Bank Mandiri’s sustainability journey began with a strong commitment to advancing and realizing the Bank’s sustainability vision. Bank
Mandiri implements strategic measures to integrate sustainability principles into its operational and business aspects.
Journey to Becoming Indonesia’s Sustainability Champion for a Better Future
• First Movers of IKBI
(Indonesia Sustainable Alignment of SFAP and
Finance Initiative) sustainability report
• Developed SFAP in disclosures with SDGs, GRI,
accordance with POJK SASB, and MSCI
51/2017.
2018 2020
2019 2021
Implementation of SFAP • Member of the
across 3 Pillars: National Task Force for
1. Sustainable Banking Sustainable Finance
2. Sustainable Operation • Issuance of Sustainability
3. Sustainable CSR & Bond of USD300 million
Financial Inclusion • Calculation of
operational carbon
Comprising 14 initiatives emissions
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Culture Engagement Assessment
Overview Overview Change Mitigation Development Goals
• Establishment of • Commitment to supporting the
• MSCI ESG Rating improved to BBB
Sustainability Vision and NDC at the Mandiri ESG Festival:
• Issuance of ESG Guiding Principles and
Commitment “Bank Mandiri has committed to
Sustainable Finance Standard Operating
• Enhancement of the 3 Pillars achieving NZE in Operations by
Procedures
with 9 initiatives: 2030, Financing by 2060 (or sooner),
• Pilot CRMS covering 50% of the
• Sustainable Banking and empowering Digipreneurship”
portfolio
• Sustainable Operation • Streamlining the SFAP 2024–2028
• Pilot Taxonomy Reporting for Indonesia
• Sustainability Beyond into 8 key initiatives
Sustainable Finance (TKBI) Version 1 in
Banking • First national bank to issue eco-
the energy sector
• Establishment of the ESG friendly bank cards (recycled prepaid
• Launch of Green Mortgage and Livin’
Group as a control tower for and debit cards)
Planet
ESG implementation • Pioneer in introducing cardless
• Establishment of a Personal Data
• Nature-Based Solutions credit card products
Protection (PDP) Unit and Adjustments
through land conservation • Pioneer in implementing Digital
to Affected Internal Regulations
and restoration Carbon Tracking
• Issuance of a Sustainable Finance
• Credit policies for the palm • Issued Green Bond Phase I (IDR5
Framework and Transition Finance
oil and CPO, energy, coal, trillion)
Framework
mining, and FMCG sectors • Launched ESG Mutual Funds
• Calculation of Financed Emissions for
• Indonesia’s first ESG Repo • Member of the Partnership for
Second-Year Disclosure
transaction valued at Carbon Accounting Financials
• Development of Sustainable Portfolios
USD500 million (PCAF)
and Products (Wholesale Financing &
• Participated in Indonesia’s first
Retail Products)
carbon exchange
2022 2023 2024
2025
• Sustainalytics ESG Risk Rating achieved the Negligible Risk • Integration of ESG aspects into 12 internal policies,
category (highest in ASEAN) including the debt collection policy, tax commitment
• MSCI ESG Rating improved from BBB to AA policy, and others
• S&P Global ESG Score increased to 55 • ESG-Based Financing Agreement: Sustainability-Linked
• Piloting TKBI Version 2 for the Energy sector and the Loan to the Petrochemical Sector (limit IDR1.5 trillion)
addition of the Construction & Real Estate, Transportation, • First ESG-Based Financing in the Wholesale Segment:
and AFOLU for Forestry and Palm Oil Plantations sectors Sustainability-Linked Loan Scheme (USD399 million)
• Piloting CRMS covering 100% of the financing portfolio • Issuance of Green Bond Phase 2 IDR5 Trillion
• Development of a Digital Carbon Tracking system as a • Issuance of Sustainability Bond IDR Phase 1 IDR5 Trillion
monitoring tool for operational units • Launch of the Livin’ Planet x Mandiri Looping for Life
• Participation in Indonesia’s inaugural International Carbon initiative
Exchange and a series of seller meets buyers` meetings at • Financed emissions calculation coverage expanded to
COP 30 in Brazil 60.9% of the total bank-wide portfolio in 2025
• Strengthening of ESG aspects across 4 ecosystems within • Alignment of the Mandiri Group SFAP
the Industry Acceptance Criteria (IAC) technical guidelines,
namely Agriculture & Forestry, Household Appliances,
Electronics, and Livestock & Fisheries
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Sustainability Culture [OJK F.1]
The implementation of sustainable finance begins with The active participation of all Mandirians is essential in driving
enhancing the capacity of Mandirians to understand ESG issues this transformation, particularly in fostering a sustainability-
relevant to the Company’s business. Building sufficient capacity oriented culture. The initial step in cultivating this culture
among Mandirians forms the foundation for developing involves raising employee awareness of the importance of
innovative financial products and services and for adapting protecting and preserving the environment in their daily
organizational structures to integrate ESG aspects into our activities.
banking systems and procedures.
Formation of ESG Group and Culture Squad
To support the development of a sustainability culture, Bank Mandiri also implements activities that align with its
Bank Mandiri has established an ESG group, which acts sustainability strategy to fulfill its commitment to achieving
as the coordinator for ESG issues across all areas of the its Net Zero Emission (NZE) in Operations by 2030. Achieving
Bank. Recognizing the vital role of individuals in fostering this target requires the active participation and collaboration
a sustainability culture, the ESG group collaborates with of all our employees in daily operational activities, including
the Culture Squad within each work unit, overseen by the the organization of events, meetings and other initiatives, in
Internal Culture team. The Culture Squad serves as a liaison, accordance with the provided guidelines.
disseminating ESG-related information within their respective
work environments, promoting each unit to take a more
proactive role in supporting the Company’s sustainability
initiatives in daily operations and in business decision-making
processes.
Mandiri Looping for Life
Mandiri Looping for Life is Bank Mandiri’s public education As an applied sustainability movement, Mandiri Looping
initiative aimed at building awareness and encouraging tangible for Life promotes the principle of transforming waste into
action to reduce carbon emissions through the processing of added value while encouraging simple actions that generate
textile waste into new value-added products (upcycled textiles) meaningful environmental and social impacts. The initiative
and through tree planting. This initiative forms an integral part is implemented through two integrated flagship programs.
of Bank Mandiri’s sustainability commitment, particularly in The first is a collaborative Upcycled Textile Product: Mandiri
supporting the agenda of Catalyzing Multiple Growth for Social Looping for Life x Othman, which represents a synergy between
Impact to Achieve the Sustainable Development Goals (SDGs) Bank Mandiri, local fashion brands, and the community in
by sustainably integrating environmental, social, and economic advancing responsible consumption and production. Through
aspects. this collaboration, textile waste is repurposed into functional
products with economic value, while also raising public
awareness of the circular economy.
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Culture Engagement Assessment
Overview Overview Change Mitigation Development Goals
Through the Mandiri Looping for Life x Othman collaborations The second program is Carbon Offsetting Activation through
(Editions 1 and 2), with a total production of 1,000 outerwear the Livin’ Planet feature, designed as an educational and
pieces, more than 3,000 unused garments were absorbed, interactive initiative. This program introduces the public to the
contributing to savings of over 8 million liters of water and concept of calculating carbon emissions on a daily basis. and
a reduction of 22 tons of CO₂e emissions. This reflects Bank carbon offsetting mechanisms through the Livin’ Planet feature
Mandiri’s tangible commitment to advancing the fashion sector in the Livin’ by Mandiri application. Here, the community is
as a high-potential creative industry in a more sustainable and encouraged to directly engage in tree purchasing and planting
responsible manner. as a tangible contribution to carbon offsetting efforts. In 2025,
Bank Mandiri planted 1,292 trees, equivalent to a reduction of
45.32 tons of CO₂e emissions, or approximately ±598,300 km of
motor vehicle travel.
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In 2025, Bank Mandiri implemented various programs aimed at enhancing ESG-related technical capacity and expertise across all
employee levels and operational units. These programs included:
Summary of ESG Capacity Building in 2025 [GRI 404-2] [OJK.F22] [GRI G4 FS4]
Training Topics: Participants of ESG Awareness
• The Business Sector and the Sustainable and Training included:
Development Goals
• Orchestrating the Ecosystem with • 17 Work Units
Implementation of Sustainable Finance
• 46 ODP and SDP Batches
Framework and Transition Finance Framework
• Digital Sustainability: How to Reduce Your • 9 Subsidiaries
Digital Footprint • 2 Overseas Branches
• ESG for Commercial Lenders • 493 Partners
• Climate Change: A Top ESG Concern
Routine Activities
32,553
Mandirians
75,100 • Desktop Wallpaper
• Mandiri Magazine
• ESG Awareness
Campaigns participated in the ESG
Training Hours • Podcast • Sustainability Bulletin Driving Sustainability
related to ESG • E-Learning Champion E-Learning
57,905 Units computers and laptops have been standardized and reached through the LST
campaign via the installation of desktop wallpapers as an information medium.
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Culture Engagement Assessment
Overview Overview Change Mitigation Development Goals
Stakeholder
Engagement [GRI 2-29, 3-1] [OJK E.4] [GRI G4 FS5]
In the materiality assessment process, stakeholder participation Bank Mandiri distributes materiality questionnaires to gather
plays a critical role. Their involvement serves not only as support insights and feedback from stakeholders. The questionnaire was
but also as an essential element of the overall assessment distributed to key stakeholder groups, including employees,
process. Through this engagement, Bank Mandiri ensures communities, customers, regulators, business partners, and
that the diverse interests and expectations of stakeholders are academics. This approach aimed to obtain comprehensive
accommodated, enabling the materiality assessment results to insights into issues considered material by stakeholders, which
reflect not only internal priorities but also respond effectively to were then used to inform Bank Mandiri’s sustainability strategy
external expectations. and policies going forward.
Criteria for Stakeholder Assessment and Selection
Willingness to Influence on Bank Dependence on
Needs Diversity
participate Mandiri Bank Mandiri
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Internal Stakeholder
Stakeholder
Engagement Method Key Issues Frequency Bank Mandiri’s Response
Group
Mandirians • Employee • Employee Rights As needed • Providing full rights to employees as
(Employees) Engagement • Enhancing the stipulated in the Collective Labor Agreement
• Employee Effectiveness of (CLA)
Satisfaction Survey Management- • Conducting regular meetings across
• Performance Employee various forums between management and
Evaluation Relations employees
• Assessing aspects such as organization,
leadership, career development,
relationships and communication,
compensation benefits, job fit, opportunities
to contribute/perform at their best, and
workgroups
• Socialization Fostering ESG Regularly • Conducted ESG implementation socialization
• E-Learning awareness among for employees
• Campaigns employees • Organized the mandatory ESG Driving
• Materiality surveys Sustainability
• Champion E-Learning completed by 32,553
employees
• Carried out a campaign through desktop
wallpapers installed on 57,905 standardized
computers and laptops used by Mandirian
employees.
External Stakeholder
Stakeholder
Engagement Method Key Issues Frequency Bank Mandiri’s Response
Group
Shareholders • General Meeting of • Improved As needed • Periodic disclosure of the Company’s
Shareholders performance of Bank performance information
• Routine meetings Mandiri • Implementation of communication,
and other • Positively growing both directly and through analytical
engagements share value publications, to ensure the delivery of
• Materiality surveys material information
• Organization of the Annual GMS
Community • Corporate Social • Community welfare As needed • Optimizing CSR programs
Responsibility (CSR) • Financial literacy • Increasing the number of partner
programs beneficiaries
• Financial literacy • Providing broader consultation and
education and training on financial planning
awareness of • Engagement in materiality assessment
effective financial
service usage
• Materiality surveys
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Culture Engagement Assessment
Overview Overview Change Mitigation Development Goals
Stakeholder
Engagement Method Key Issues Frequency Bank Mandiri’s Response
Group
Regulators • Annual Reports • Compliance with As needed • Conducting regular evaluations to
and Sustainability regulations assess the effectiveness of compliance
Reports • Corporate • Implementing programs for:
• Payment of taxes, governance a. Anti-Corruption
retributions, b. Anti-Money Laundering (AML),
and non-tax Counter Financing for Terrorism
state revenue CFT), and Counter-Proliferation
(PNBP) following Financing of Weapons of Mass
regulations Destruction (CPF-WMD)
• Participation • Enhancing collaboration with CSR
in regulatory programs involving the government
communication • Engagement in materiality assessment
activities
• Materiality surveys
Customers • Complaint • Financial literacy As needed Conducting consultations and
mechanisms • Access to financial disseminating information, including:
• Customer services • Ensuring service quality and
satisfaction surveys • Product security guarantees
• High-quality services • Data security • Organizing complaint mechanisms
and products and follow-up procedures
• Customer forums • Conducting customer satisfaction
• Materiality surveys surveys
• Maintaining customer privacy
• Providing customer forums
• Engagement in materiality assessment
Partners • Work contracts • Transparency As needed Collaborating and disseminating
• Evaluation of work in procurement information, including:
contracts processes • Creating work contracts
• Materiality surveys • Business practices • Conducting evaluations and reviews
that consider ESG of work contracts
aspects, particularly • Imposing sanctions in the form of
in the procurement terminating cooperation contracts in
process the event of violations
• Organized a Vendor Meeting
attended by 493 vendors, with the
theme “Synergizing Growth through
Strategic Partnership”.
• Engagement in materiality assessment
Academics • Collaborative studies Policy studies and the As needed • Collaborating with academics
and research implementation of in policy studies and the
• Materiality surveys sustainable finance implementation of sustainable finance
frameworks.
• Engagement in materiality assessment
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Materiality Assessment [GRI 3-1] [GRI 3-2]
Materiality assessment is a fundamental element in achieving material topics. This approach aims to ensure that the issues
sustainable progress, as it helps the Company identify and addressed remain aligned with evolving business dynamics
prioritize issues that are most critical to business continuity and and stakeholder expectations, enabling Bank Mandiri to
stakeholder interests. In this context, Bank Mandiri regularly respond effectively to sustainability-related challenges and
conducts evaluations and in-depth analyses of relevant opportunities.
Materiality Assessment Process
Bank Mandiri adopts the principle of double materiality in In determining materiality, Bank Mandiri considered an
determining its material topics. Through the application of this integrated Enterprise Risk Management (ERM) process to
principle, Bank Mandiri not only assesses sustainability factors ensure that sustainability-related risks and opportunities were
that are relevant to supporting long-term value creation, identified, assessed, and managed in support of the Company’s
but also considers the reciprocal relationship between the objectives.
Company’s external impacts on society and the environment
and the internal impacts that influence corporate value. This materiality assessment process was assured by an
independent third party, namely PT Sucofindo, to ensure the
Bank Mandiri identifies material issues with reference to credibility and accuracy of the double materiality assessment
the latest GRI Universal Standards 2021 and the AA1000 and the selection of material topics. Through this assurance,
Accountability Principles Standard, which encompass the Bank Mandiri ensured that the methodology applied in
principles of materiality, inclusivity, responsiveness, and impact. identifying and prioritizing relevant sustainability issues was
The Company also evaluates the impacts of each material independently verified, thereby providing greater confidence
issue on economic, environmental, and human rights aspects. to stakeholders regarding the validity and transparency of the
The results of this materiality assessment serve as a primary process.
foundation for formulating the Company’s sustainability
strategy and as a reference for disclosure.
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Culture Engagement Assessment
Overview Overview Change Mitigation Development Goals
Steps of the Materiality Assessment Process
Identification of • Collecting and screening sustainability issues through benchmarking with peers, global standards (GRI, OJK, SASB,
Sustainability ESRS, IFRS, PSPK 1 and 2), and ESG rating agencies (MSCI, S&P Global, Sustainalytics, CDP), while also referring to
Issues previous reports and feedback from internal and external stakeholders.
• The issues collected were then categorized and prioritized to identify the topics considered most relevant.
Assessment of • Engagement with subsidiaries through workshops to obtain perspectives and inputs on relevant sustainability
Sustainability issues.
Issues through • Distribution of materiality questionnaires to stakeholders, both internal (such as employees) and external
Double Materiality
(including customers, regulators, business partners, academics, and the community). The objective was to gather
Assessment
their views on the significance and prioritization of sustainability issues.
• Assessment using a double materiality approach.
• Environmental and social materiality (impact materiality): assesses the magnitude of sustainability impacts on
external stakeholders, including the environment and society, by considering the severity and likelihood of each
impact.
• Financial materiality: evaluates the potential impact of sustainability issues on the Company’s financial
performance and business continuity by assessing the significance of risks (magnitude) and the likelihood of
financial consequences.
Review and • Following a comprehensive assessment, the selected material topics were reviewed and approved (signed off)
Approval of by the Board of Directors. The material topics relevant to value creation were then aligned with the Company’s
Material Topics strategy and their relevance to business risks and opportunities. [GRI 2-14]
Through a series of assessment processes that have been conducted, 10 material topics were identified, consistent with the previous
reporting period, with adjustments made to the terminology of the topics. These topics were considered the most relevant to Bank
Mandiri’s sustainability context and strategy, as reflected in the materiality matrix. [GRI 3-2]
Materiality Matrix
Material Topics
higher
1. Personal Data Protection and Information
Security
2. Sustainable Finance Portfolio
1
4 3. Digitalization & Financial Inclusion
2
5 4. Community Development
3 5. Environmental Footprint and Impact
Impact Materiality
Management (Energy, Waste, Water)
8
7 6. ESG Integration in Banking Products and
6 Services
9
10 7. Climate Risk & Financed Emissions
8. Employment and Employee Development
9. Business Ethics (Ethics and Anti-Corruption)
10. Diversity, Equity, and Inclusion
Financial Materiality
higher
The management of material topics is carried out through the PSPK 1 and PSPK 2 frameworks, as described in the sections Sustainability
Issues Management: PSPK 1 Overview and Climate Change Issues Management: PSPK 2 Overview.
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Management of Priority Material Topics [GRI 3-2]
Based on the results of the double materiality assessment, These topics are considered relevant as they affect various aspects
Bank Mandiri identified three material topics that have a of the business, including risk management, revenue growth, cost
significant impact on value creation: Personal Data Protection efficiency, and corporate reputation. To address these issues, Bank
and Information Security, Sustainable Finance Portfolio, and Mandiri has implemented strategies encompassing dedicated
Digitalization and Financial Inclusion. initiatives, ranging from strengthening digital infrastructure
and upholding governance with integrity to implementing
In this section, the discussion focuses on the Sustainable Finance competency-based talent development programs. In addition,
Portfolio topic. Meanwhile, explanations regarding Personal Data the targets established for each topic are directly linked to the
Protection and Information Security as well as Digitalization and Board of Directors’ KPIs, which serve as the basis for determining
Financial Inclusion are presented separately under the disclosure remuneration, thereby ensuring a high level of accountability in
on Sustainability Issues Management: PSPK 1 Overview. supporting the Company’s sustainability.
KPIs Linked
Material Key Impacts (Risks and to Board of KPI
Impact Type Strategy
Topic Opportunities) Directors’ Achievement
Compensation
Sustainable The Sustainable Finance Bank Mandiri Positioning the green economy Sustainable Sustainable
Finance Portfolio represents one of views the as a source of business growth credit/financing financing/credit
Portfolio Bank Mandiri’s key priorities transition toward a by strengthening financing disbursement disbursement
in strengthening the banking green economy as exposure to the Sustainable amounting to amounted to
sector’s role in advancing the a tangible avenue Business Activities Category IDR294.25 trillion IDR315.84 trillion,
climate agenda, particularly for business (KKUB) and expanding green comprising
in supporting the transition expansion. Growth financing schemes through the IDR166.2 trillion in
toward a low-emission in sustainable issuance of and participation Green Financing
economy. In this context, Bank revenue can be in green instruments, as well and IDR149.6
Mandiri must manage potential driven through as the provision of thematic trillion in Social
exposure to climate-related strengthened financing such as Green Financing.
risks, including transition risks financing Mortgages and Sustainability-
arising from evolving policies, exposure to Linked Loans. Implementation
standards, and investor and the Sustainable is carried out by establishing
customer preferences, as well as Business Activities priorities across key sectors,
physical risks that may affect the Category (KKUB), including Agriculture, Coal,
performance of certain sectors alongside the Energy, Construction, Mining,
within its financing portfolio. broader utilization Other Transportation Equipment
of various (Shipbuilding), Fast Moving
At the same time, economic green financing Consumer Goods (FMCG), Oil
transformation creates growth schemes. These and Gas, Industrial Plantation
opportunities driven by initiatives Forests (HTI) & Forest Product
increasing demand for financing range from the Processing Industry, Healthcare
sustainable initiatives, including issuance of and Services, Pharmaceuticals,
the development of clean participation in Transportation, Pulp and Paper,
energy and environmentally green instruments Metals, Telecommunications,
responsible infrastructure to the provision of Hotels, Restaurants and
projects. Through strengthened thematic financing Accommodation, Fertilizers
strategies and the expansion of products such as and Agrochemicals, Cement,
sustainable financing products Green Mortgage Automotive, Chemicals,
and services, and Sustainability- and sectors sensitive to ESG
Linked Loans, aspects. In addition, ESG
including criteria are integrated into
financing for the credit approval process,
renewable energy accompanied by strengthened
development and monitoring mechanisms to
environmentally ensure that sustainable revenue
sustainable growth remains prudent and
infrastructure. measurable.
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Culture Engagement Assessment
Overview Overview Change Mitigation Development Goals
KPIs Linked
Material Key Impacts (Risks and to Board of KPI
Impact Type Strategy
Topic Opportunities) Directors’ Achievement
Compensation
Bank Mandiri is expected to
capture these opportunities
to drive responsible growth,
enhance financial resilience,
and reinforce its position as a
financial institution that actively
contributes to sustainable
development at both the
national and international levels.
Management of Material Topics with Impacts
on External Stakeholders
With respect to material topics that have significant impacts on In this regard, the Company has identified two primary
external stakeholders, Bank Mandiri evaluates its contributions topics, namely Community Development and Environmental
and operational impacts by linking the outcomes to defined Footprint and Impact Management, as the most relevant focus
targets and measurable performance achievements, in order areas for managing sustainability impacts affecting external
to effectively manage its impact on the external environment. stakeholders.
Material Topics
Relevant Direction Quantitative
for External Impact on Stakeholders Achievement
Stakeholders of Impact Target
Stakeholders
Community Communities, Positive Bank Mandiri has taken an active role in CSR disbursement CSR disbursement
Development Regulators community development through various amounted to IDR250 amounted to
economic empowerment initiatives, billion. IDR251.1 billion.
strengthening of MSMEs, and expanded access
to education and healthcare. These efforts help KUR disbursement KUR disbursement
create business opportunities and employment, reached 95%. reached 106.5%.
while enhancing community capacity and
independence to become more resilient and
competitive. For regulators, these programs
represent tangible support for national
development and financial inclusion agendas,
by strengthening the community’s economic
base, improving welfare, and implementing
measurable programs aligned with sustainable
development priorities.
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Material Topics
Relevant Direction Quantitative
for External Impact on Stakeholders Achievement
Stakeholders of Impact Target
Stakeholders
Environmental Communities, Positive Bank Mandiri has strengthened its commitment Operational During the
Footprint Regulators to managing its environmental footprint within carbon emissions reporting period,
and Impact Scope 1 and 2 through enhanced energy (Scope 1 and 2) Bank Mandiri’s
Management efficiency, reduction of operational emissions, amounted to total operational
more disciplined waste management, and
265,730 tCO₂e. emissions
the adoption of environmentally friendly
amounted to
technologies. These measures contribute
243,736 tCO₂e,
to resource efficiency and the reduction of
environmental impacts in areas surrounding
representing a
its operations, thereby delivering benefits 32% reduction,
to communities. For regulators, these or 115,018 tCO₂e,
initiatives demonstrate compliance and the compared to 2019
implementation of sound environmental baseline.
governance, while supporting the achievement
of measurable sustainability and emission
reduction targets.
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Sustainability Stakeholder Materiality Management: PSPK 1 Management: PSPK 2 Supporting Climate Sustainable
Culture Engagement Assessment Overview Overview Change Mitigation Development Goals
Sustainability Issues Management:
PSPK 1 Overview
Within the PSPK 1 framework, Bank Mandiri focuses its sustainability management and reporting on material topics with a high level of
significance to the Company, namely Personal Data Protection and Information Security as well as Digitalization and Financial Inclusion.
Bank Mandiri classifies the impacts of risks and opportunities related to sustainability issues into short-term (≤ 1 year), medium-term
(2–5 years), and long-term (more than 5 years) time horizons.
Personal Data Protection and Information Security
Governance
Roles and Responsibilities
Bank Mandiri has established governance structures and a framework for Personal Data Protection and
Information Security. In managing the risks and opportunities related to Personal Data Protection and Information
Security, the Board of Directors holds the highest level of responsibility through:
1. Risk Management Committee, a Board of Directors committee responsible for overseeing Bank Mandiri’s risk
management, including matters related to Personal Data Protection and Information Security.
2. Risk Oversight Committee, a Board of Commissioners committee responsible for overseeing the Bank’s risk
management, including matters related to Personal Data Protection and Information Security.
3. Integrated Governance Committee, a Board of Commissioners committee responsible for overseeing the
alignment of subsidiaries within the Mandiri Group with Bank Mandiri’s policies, including matters related to
Personal Data Protection and Information Security.
Operationally, Personal Data Protection and Information Security at Bank Mandiri are managed by:
1. Personal Data Protection Management, carried out by the Data Protection & Fraud Risk Group, which serves as
the Personal Data Protection Officer. This function implements activities within the Personal Data Protection
framework, formulates internal standards and policies, operationalization of initiatives, and mitigates the
risk of Personal Data Protection breaches. The Data Protection & Fraud Risk Group operates under the direct
supervision of the Director of Risk Management.
2. Information Security Management, conducted by a dedicated unit, the Chief Information Security Officer
Office Group, which is responsible for planning, formulating internal policies, and implementing information
security measures. The Chief Information Security Officer Office Group operates under the direct supervision of
the Director of Information Technology.
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Reporting
Reporting on the implementation of Personal Data Protection management is conducted through:
1. Data Protection Monthly Report
The Data Protection Monthly Report is submitted by the Data Protection & Fraud Risk Group to the Director of
Risk Management to provide updates on the progress of strategies and the implementation of Personal Data
Protection initiatives.
2. PDP Metric Monitoring
A periodic report on the monitoring of business unit compliance in implementing Personal Data Protection,
based on activity parameters defined within the Personal Data Protection framework.
Reporting related to Information Security, including the results of control testing concerning resilience and
information security risks, is submitted on a quarterly basis to the Director of Risk Management and the Director of
Information Technology.
Evaluation
The evaluation of Personal Data Protection implementation is conducted through:
• Periodic audits, either internal or external, on Personal Data Protection matters to ensure alignment between
implementation practices and applicable standards.
• Regular reviews of internal Personal Data Protection policies to accommodate changes in external regulations as
well as adjustments to internal processes.
The evaluation of Information Resilience and Security implementation is conducted through:
• The preparation of a Risk Control Self-Assessment on the implementation of Information Resilience and Security
processes, carried out collaboratively between the CISO and Senior Operational Risk.
• Periodic internal audits on information resilience and security.
• Regular reviews of internal policies related to the implementation of Information Resilience and Security.
Strategy
Timeframe
Impact
Category Risk Factor Potential Financial Impact
Level
Short Medium Long
1 Operational Failure in Personal Compensation, fines, and High
Risk Data Protection caused sanctions resulting from failures
by human, process, in implementing Personal Data
technology, and Protection
governance factors.
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Culture Engagement Assessment Overview Overview Change Mitigation Development Goals
Impact of Strategy Implementation on Financial Performance
Risk Factor Strategy Metric Target
Short Medium Long
1 Failure in Protection of Investments or costs Reduction • Strengthened Number of 0 material
Personal Data Personal Data incurred to support of financial financial resilience personal personal
Protection by adhering the operational use exposure to through mitigation data data
caused by to regulatory of systems for the incidents related of risks related to breach breach
human, compliance and implementation to data breaches sanctions, litigation, incidents incidents
process, implementing of personal data or data security and compensation
technology, information protection and through the arising from data
and security information implementation breach incidents.
governance standards. security, as well as of personal data • A strong reputation
factors. to mitigate financial protection and supports long-
losses arising from information term stability and
regulatory penalties security profitability
and cyber incident strategies.
recovery.
Timeframe
Potential Impact
Category Opportunity Factor
Financial Impact Level
Short Medium Long
1 Reputational Increased trust from customers, Increased profit in line Moderate
Opportunity investors, and stakeholders in with higher customer
Bank Mandiri’s commitment to trust and customer
engagement
implementing Personal Data
Protection and Information Security.
Impact of Strategy Implementation on Financial Performance
Opportunity
Strategy Metric Target
Factor
Short Medium Long
1 Increased Obtain Privacy Costs related to Maintain the Long-term Privacy and Certified
trust from and Information preparation and Company’s strong financial Information
customers, Security-related implementation reputation, which performance Security
investors, and certification to of Privacy and contributes to stability and
certified in
stakeholders in ensure that the Information revenue stability growth through
Bank Mandiri’s implementation Security-related and the continuity sustained accordance
commitment of Personal Data certification of business market trust, with
to Protection and in accordance relationships, thereby revenue international
implementing Information with applicable minimizing potential continuity, standards
Personal Data Security international financial pressures and the
(ISO)
Protection and complies with standards that may arise from protection of
Information applicable declining market corporate value,
Security. international trust, operational supported
standards or disruptions, or by consistent
best practices delays in commercial governance
partnerships in the and risk
event of a Personal management of
Data Protection Personal Data
incident. Protection.
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Accelerating Bank Mandiri’s Sustainability Vision Strategy Journey
Risk Management
Risk Management Policies and Processes
The Company identifies, assesses, and manages risks and opportunities related to Personal Data Protection and
Information Security through the following:
• Standard Operating Procedures on Personal Data Protection, which serve as the fundamental provisions
governing the protection of personal data.
• Standard Operating Procedures on Information Technology, which regulate information technology security
and information security.
• Standard Operating Procedures on Data Management, which govern data governance across all Bank Mandiri
business units, both domestically and internationally.
• Technical Guidelines on Personal Data Protection, covering the legal basis for Personal Data processing,
the rights of Personal Data Subjects, Records of Processing Activities, Data Protection Impact Assessments,
cooperation in Personal Data processing, and other Personal Data Protection obligations.
• Technical Guidelines on Data Retention, which regulate data retention periods and deletion or destruction
mechanisms.
• Technical Guidelines on Information Security, which establish the minimum requirements for data and
information technology security.
Risk Management Oversight
The monitoring of the effectiveness of risk management related to Personal Data Protection and Information
Security is conducted by:
• The Risk Oversight Committee at the Board of Commissioners level
• The Risk Management Committee at the Board of Directors level
• Integrated Governance Committee, at the Board of Commissioners level, for the scope of alignment with
subsidiaries.
Metrics and Targets
Metrics: Targets:
• Number of Personal Data breach incidents • 0 (zero) material incidents of Personal Data
• Privacy and Information Security breaches
certification in accordance with • Privacy and Information Security standard
international standards certification
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Culture Engagement Assessment Overview Overview Change Mitigation Development Goals
Digitalization and Financial Inclusion
Governance
Roles and Responsibilities
Bank Mandiri has established governance for the development and management of digital banking services as
part of the Bank’s digital transformation strategy.
1. Information Technology & Digital Banking Committee, a Board of Directors committee responsible for
formulating and determining strategies for the development of digital banking services, including Livin’
by Mandiri, Livin’ Merchant, and Kopra by Mandiri, as well as ensuring their implementation is aligned with
business strategy, risk management, and applicable regulations.
2. Risk Management Committee, a Board of Directors committee responsible for identifying, measuring, and
monitoring risks, as well as establishing risk management policies and strategies in the digital product
development process.
3. Business Committee, a Board of Directors committee responsible for formulating and determining business
development strategies in the wholesale and retail segments, including digital banking products and services.
The development and management of digital banking services are carried out by the product owners of
Digital Retail Banking and Digital Wholesale Banking, with support from related units, including Enterprise Data
Analytics, IT Strategy & Architecture, as well as other IT units responsible for system development, cybersecurity,
and information technology functions. All of these activities are conducted within an integrated information
technology management framework and are directly supervised by the Director of Information Technology to
ensure alignment between technology development and the business needs of Bank Mandiri. All development
and management of digital services are also aligned with relevant business units to support the achievement of
Bank Mandiri’s targets and performance.
Reporting
Development plans related to Livin’ by Mandiri and Livin’ Merchant are discussed through the relevant committees,
namely the Information Technology & Digital Banking Committee, Risk Management Committee, and Business
Committee. During the delivery stage, where direction or decisions from project stakeholders are required,
discussions are conducted through the Project Steering Committee forum. The Steering Committee is attended
by members of the Board of Directors, Executive Officers, SEVPs, Group Heads, and Department Heads, with the
objective of ensuring comprehensive product refinement, including technical readiness, communication strategy,
business aspects, and other elements related to the launch of digital features or products.
Follow-up actions on the directions and recommendations of the Steering Committee are carried out through
subsequent forums to ensure that implementation proceeds in line with the agreed direction and decisions.
In addition, the Bank submits reports and conducts evaluations on product development to the regulator in
accordance with applicable regulations and timelines.
Evaluation
The performance of digital products is evaluated through Key Performance Indicators (KPIs) as part of the control
and oversight mechanism monitored by the Board of Directors, with key indicators including the number of active
users of Livin’ by Mandiri and Livin’ Merchant as measures of digital service adoption. The evaluation is conducted
through periodic reporting and review processes in Board of Directors meetings, and also encompasses other
derived KPIs, including transaction volume and value, customer experience quality, service stability and reliability,
as well as risk and compliance indicators.
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Strategy
Timeframe
Potential Impact
Category Risk Factor
Financial Impact Level
Short Medium Long
1 Strategic Risk Low financial and Slower adoption of digital products, High
digital literacy among potentially suppressing growth in the
customers, limiting digital customer base, transaction
understanding and frequency, and fee-based income
utilization of digital
financial products
2 Misalignment of Reduced adoption and utilization of High
digital services and applications, lower transaction frequency,
features with customer and limited growth in fee-based income
characteristics and from digital channels
needs (including
differences in literacy
levels, business scale,
transaction patterns,
and regional socio-
economic conditions)
Financial Impact of Strategy Implementation
Risk Factor Strategy Metric Target
Short Medium Long
1 Low financial Livin’ by Mandiri and Livin’ Merchant • Increase in IT • Increase in • Accumulation Number Livin’ by
and serve as primary platforms for education, investment the active of a large- of active Mandiri:
digital literacy inclusion, and the promotion of responsible costs or system user base scale digital users of Achieved
among financial behavior through simplified access, development. of Livin’ by customer base, Livin’ by 95%
customers, transparent information, and the provision of • Increase in user Mandiri forming a Mandiri
limiting relevant insights. acquisition and Livin’ foundation for and Livin’ Livin’
understanding costs and Merchant, the long-term Merchant Merchant:
and a. Livin’ by Mandiri educational driving stability and Increased
utilization of 1. Strengthening as a primary channel for programs. higher growth of fee- by 80%
digital expanding inclusion digital based income. compared
financial • Seamless digital onboarding and transaction to the
products activation through e-KYC, supported volumes • Structural previous
by interactive guidance, enabling and improvement year’s
customers to access banking services supporting in the cost- active
anytime and anywhere. the to-income users
• Provision of essential transaction growth of ratio and
features, including QR payments, top- fee-based strengthened
ups, and various daily bill payments, to income. long-term
gradually build digital usage habits. profitability
from a more
integrated
digital
ecosystem.
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Culture Engagement Assessment Overview Overview Change Mitigation Development Goals
Financial Impact of Strategy Implementation
Risk Factor Strategy Metric Target
Short Medium Long
2. Enhancement of homescreen design
and user journey to improve ease of use
and customer understanding of digital
services
• Priority menus on the landing page
and favorite transaction settings to
create more concise navigation and
faster access.
• Bill Reminder feature to help
customers make timely payments and
foster financial discipline.
• Personalized campaigns based on
customer profiles and transaction
behavior, ensuring product
information is more relevant and
easier to understand.
• Credit simulation and installment
estimation features to help customers
assess repayment capacity before
making financing decisions.
3. Strengthening literacy through Livin’
Sukha
Provision of informational content,
tutorials, education, and tips through
Sukha Reels, Sukha TV, and Sukha
News related to the use of services
and products within Livin’ by Mandiri,
enhancing customer understanding,
confidence, and independence in
utilizing digital financial services.
b. Livin’ Merchant
1. Strengthening its role as a primary
channel for MSME transaction
digitalization
• Seamless digital merchant onboarding
to facilitate business owners’ access
to payment acceptance and digital
banking services.
• Provision of essential transaction
features through payment acceptance
to support the gradual transition from
cash to digital transactions.
2. Simplification of transaction flow and
management to enhance merchants’
understanding of digital financial literacy
• Real-time transaction settlement
supported by voice-based
confirmation for each transaction,
assisting merchant operations and
reducing potential fraud.
• Structured transaction records
and sales reports that are easy to
understand through a simple POS
system, enabling merchants to
monitor daily business activities
effectively.
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Financial Impact of Strategy Implementation
Risk Factor Strategy Metric Target
Short Medium Long
2 Misalignment Livin’ by Mandiri and Livin’ Merchant are • Increased • Increased • Increased Number Livin’ by
of developed to deliver comprehensive, integrated, investment in utilization of customer of active Mandiri:
digital services and adaptive services that align with the needs, technology features and lifetime value users of Achieved
and preferences, and financial capacities of various and the transaction (CLV) and Livin’ by 95%
customer segments.
features with development frequency more stable Mandiri
customer a. Livin’ by Mandiri of analytics per user, recurring and Livin’ Livin’
characteristics Availability of a Wide Range of Transaction and AI driving revenue Merchant Merchant:
and Use Cases A broad suite of products and capabilities, higher through cross- Increased
needs services is provided to accommodate diverse including fee-based selling of by 80%
(including daily financial needs across regions and enhancements income products and compared
differences in varying levels of economic activity, including: to features and interest strengthened to
literacy • Merchant payments through QRIS and more revenue per customer the
levels, business supported by multiple funding segmented customer. loyalty. previous
sources, offering flexibility in line with
scale, user year’s
customers’ preferences and financial
transaction capacity. experiences. • Improved • Structural active
patterns, • Top-ups for various e-wallets and operational improvement users
and regional electronic money. cost in the cost-to-
socioeconomic • Payments for utilities, education, efficiency, income ratio
conditions) transportation, taxes, and other routine supported and enhanced
needs.
by the long-term
1. Integration with Holding Products Within a
Single Ecosystem shift of profitability
Livin’ by Mandiri provides integrated access to transactions through
subsidiary entities for a range of solutions and to digital a more
services, including financing and protection, channels. integrated
through features such as Livin’ KPR, Livin’ digital
Auto, and insurance product purchases in ecosystem.
collaboration with AXA Mandiri.
2. Provision of Flexible and Relevant Product
Schemes
Product options, financing mechanisms (tenor
and limit), and various payment methods are
designed to align with customers’ preferences
and financial capabilities.
b. Livin’ Merchant
1. Availability of Relevant Operational and
Transaction Solutions for MSMEs Solutions
are tailored to differences in business scale,
digital literacy levels, and regional conditions,
including:
• Non-cash payment acceptance
through static and dynamic QRIS that
is easy to use as an alternative to cash
transactions.
• A simple POS system for transaction
recording and digital menu or product
catalog management.
• Voice-based transaction amount
notifications to assist MSME owners in
directly verifying payment receipts.
2. Provision of Sector-Specific Solutions,
Including F&B: Designed to improve efficiency
and ease of business management, including:
• QR Table features to support self-ordering and
self-payment by customers.
3. Flexible Features Aligned with Business Scale
and Growth
• Real-time or scheduled fund settlement
options to accommodate business liquidity
and operational needs.
• Multi-outlet management support for
growing MSMEs operating more than one
business location.
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Timeframe
Impact
Category Opportunity Factor Potential Financial Impact of Opportunities
Level
Short Medium Long
1 Technology Expansion of digital banking Potential to drive growth in the customer base across Indonesia, High
Opportunity access to reach customers including non-urban areas, as well as internationally, and to increase
across Indonesia and overseas digital transaction volumes and frequency, contributing to the growth
through the utilization of of fee-based income.
digital banking channels.
2 Market Growing customer demand Potential to enhance customer engagement and loyalty through the High
Opportunity for integrated digital financial utilization of a closed-loop digital ecosystem that encourages greater
and lifestyle services within a frequency and variety of service usage, cross-product and merchant
comprehensive ecosystem, utilization, and the development of adjacent business offerings,
including connectivity with an thereby driving transaction volume growth and increasing fee-based
extensive merchant network. income and interest revenue.
Opportunity Financial Impact of Strategy Implementation
Strategy Metric Target
Factor
Short Medium Long
1 Expansion of Livin’ by Mandiri and Livin’ Merchant serve as primary platforms • Increase in IT • Increase in the • Accumulation Number of Livin’ by
digital banking for strengthening digital customer acquisition and activation investment active user of a largescale active users Mandiri:
access to reach to expand the reach of digital banking services in Indonesia or system base of Livin’ digital of Livin’ by Achieved
customers and internationally through simplified onboarding processes, development by Mandiri, customer Mandiri 95%
across enhanced essential transaction features, and the development costs. driving base and Livin’
Indonesia of value-added services. higher digital forming the Merchant Livin’
and overseas transaction foundation Merchant:
• Increase in user
through a. Livin’ by Mandiri volumes and for long-term Increased
acquisition
the utilization of 1. Optimization of digital registration and onboarding to supporting stability of by 80%
expenses and
digital banking support customer acquisition the growth feebased compared
public education
channels. • Provision of digital onboarding services for program costs.
of fee-based income to the
Indonesian citizens and foreign nationals, both income. growth. previous
domestically and overseas, supported by local year’s active
and international mobile numbers to broaden • Improved users
geographic customer acquisition. operational
• Development of multi-currency savings features cost efficiency
to support cross-border customer needs and supported by
enhance the attractiveness of digital banking the shift of
services. transactions
2. Provision of basic transaction services to replace to digital
branch visits channels.
• Cardless cash withdrawal and deposit features
as a transitional solution for customers who still
require cash transactions while accessing digital
banking services.
• QRIS payments with Multi-Source of Funds,
enabling non-cash transactions using various
funding sources for daily needs.
• Digital bill payments, including electricity, BPJS,
telecommunications, water, education, and other
routine expenses.
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Opportunity Financial Impact of Strategy Implementation
Strategy Metric Target
Factor
Short Medium Long
b. Livin’ Merchant
1. Optimization of merchant acquisition and onboarding
in non-urban areas through digital channels
• Provision of digital, simple, and fast merchant
registration and onboarding processes to reach
micro and small businesses in non-urban areas,
while maintaining compliance with Know Your
Merchant (KYM) requirements.
2. Provision of digital payment acceptance access for
non-Urban merchants
• Non-cash payment acceptance through QRIS as
an alternative to cash transactions in non-urban
areas.
• Real-time and scheduled transaction notifications
and fund settlement to enhance merchant
confidence and ease of use in digital banking
services.
3. Digitalization of basic transaction services to support
business activities
• Provision of simple digital transaction records
and sales reports to assist business owners in
managing their finances in a more structured
manner.
2 Growing The integration of Livin’ by Mandiri, Kopra by Mandiri, Livin’ • Investment • Increased • Increased Number of Livin’ by
customer Merchant forms a closed-loop digital ecosystem across retail, in platform cross-product customer active users Mandiri:
demand SME, and wholesale, MSME segments, driving sustainable development utilization, lifetime value, of Livin’ by Achieved
for integrated transactions and monetization, while strengthening strategic and crossservice driving higher recurring Mandiri 95%
digital financial partnerships through the SUKHA feature to enhance lifestyle system transaction- revenue, and and Livin’
and lifestyle experiences and customer engagement. integration based long-term Merchant Livin’
services within revenue and profitability Merchant:
a a. Integration of Livin’ by Mandiri and Kopra by Mandiri operational through Increased
comprehensive 1. Bill Reminder Feature: Enables retail customers cost economies of by 80%
ecosystem, to receive, monitor, and settle bills from business efficiency. scale within compared
including partners and wholesale clients directly through Livin’ the digital to the
connectivity by Mandiri. ecosystem. previous
with an 2. Supplier Financing Feature: Facilitates accelerated year’s active
extensive invoice payments to suppliers through end-to-end users
merchant integration between Kopra by Mandiri (wholesale) and
network. Livin’ by Mandiri (retail), supporting smoother cash
flow for business partners.
b. Integration of Livin’ by Mandiri and Kopra by Mandiri
1. Kopra Partnership Feature: Enables Kopra by Mandiri
customers (wholesale or distributors) to register and
manage product catalogs directly within Kopra by
Mandiri, allowing products to be discovered, ordered,
and paid for digitally by merchants or SMEs through
Livin’ Merchant.
2. Bank Mandiri’s wholesale clients can list their products
on the Kopra platform, enabling MSMEs to discover,
order, and make digital payments through Livin’
Merchant. This initiative connects MSMEs with suppliers
within the corporate ecosystem and expands the
distribution of wholesale clients’ products across Bank
Mandiri’s merchant ecosystem.
c. Integration of Livin’ Merchant and Livin’ by Mandiri
1. Closed-Loop Transactions and Incentive Programs:
Leverages the strength of Livin’ by Mandiri’s retail user
base (issuing) to drive transactions on Livin’ Merchant
through incentive and promotional programs,
creating a closed-loop retail–merchant transaction
ecosystem within Mandiri.
d. SUKHA in Livin’ by Mandiri
1. Lifestyle Ecosystem Enhancement: Enhances the
overall customer lifestyle experience through strategic
partnerships with top partners, merchants, and
organizers of key events.
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Culture Engagement Assessment Overview Overview Change Mitigation Development Goals
Risk Management
Risk Management Policies and Processes
Bank Mandiri ensures that all development and implementation of features for Livin’ by Mandiri, Kopra by Mandiri, and Livin’ Merchant
are carried out in a planned, measurable, and controlled manner, in accordance with the Bank’s internal policies and applicable laws
and regulations. This implementation includes conducting compliance assessments against regulatory requirements. As a governance
foundation, all feature development and implementation activities refer to the Bank’s internal policies, including:
1. Risk Management Policy, as a guideline for implementing risk management both individually and on a consolidated/integrated basis
with subsidiaries.
2. Operational Policy, as a guideline for carrying out operational activities as well as information technology functions.
3. Treasury, Funding, and Services Policy, as a guideline for feature development and enhancing the quality of the Bank’s service offerings.
4. Legal and Compliance Policy, as a guideline for all employees in conducting banking business activities in accordance with applicable
laws, regulations, and provisions.
To support the enhancement of customer services and the optimization of digital technology, Bank Mandiri continues to drive innovation
and align operational policies with business direction, technological developments, operational processes, organizational structure, and the
Bank’s Policy Architecture. As an implementation of these internal policies, all feature development and implementation activities for Livin’
by Mandiri, Kopra by Mandiri, and Livin’ Merchant are carried out in accordance with standard procedures and technical guidelines, which
include:
1. Standard Procedures and Technical Guidelines on Digital Services, which serve as the baseline provisions governing aspects to be
considered in the development and operation of digital services.
2. Standard Procedures and Technical Guidelines on New Products, which govern the processes of planning, development, risk
acceptance, launch approval, implementation, monitoring and evaluation, and product discontinuation.
3. Standard Procedures and Technical Guidelines on Information Technology, which govern the processes of planning, development, and
operational management of information technology.
4. Technical Guidelines for Kopra by Mandiri, which govern service registration, service operations, complaint handling, service
monitoring, and system maintenance.
5. Technical Guidelines for Livin’ Merchant, which govern merchant business activities and the operation of Livin’ Merchant in
collaboration with third parties.
Risk Management Oversight
Risk management oversight of digital banking products and services is carried out through:
1. Information Technology & Digital Banking Committee at the Board of Directors level
2. Business Committee at the Board of Directors level
3. Risk Management Committee at the Board of Directors level as well as by the Board of Commissioners in accordance with its
supervisory function.
The oversight process is supported by the establishment of guidelines as the basis for conducting periodic control testing of features.
In addition, post-implementation oversight is conducted through automated monitoring of performance and risk indicators, including
transaction volumes, transaction anomalies, fraud indicators, and operational incidents in Livin’ by Mandiri and Livin’ Merchant.
Cross-functional governance is implemented in an integrated manner between Digital Retail Banking and Digital Wholesale Banking,
together with relevant units within Group IT, as well as the Risk Management, Compliance, Legal, and IT Security groups in the process of
evaluating, approving, and monitoring risks associated with Livin’ by Mandiri digital products.
Metrics and Targets
Metric: Target:
Number of active users of Livin’ by Mandiri: Livin’ Merchant:
Livin’ by Mandiri and Livin’
Merchant Achieved
95% Increased
by 80%
compared to the
previous year’s
active users
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Climate Change Management:
PSPK 2 Overview
Addressing climate change is a critical priority given its urgency In line with this commitment, Bank Mandiri reports its climate
and its interlinkages with broader sustainability challenges. For change management practices in accordance with the PSPK 2
Bank Mandiri, accelerating climate action is not only part of its framework, serving as the basis for identifying, assessing, and
social responsibility, but also a key element of risk management disclosing climate-related risks and opportunities in a more
and a driver of new business opportunities. transparent and structured manner.
Climate Change Governance
Bank Mandiri’s climate change governance framework The Board of Directors is actively involved in ensuring and
ensures robust oversight of its climate strategy, strengthening making decisions on climate-related matters, and participates
the integration of the NZE commitment into the Bank’s in discussions on climate change and broader ESG issues,
business processes. The Board of Directors holds the highest including Climate Risk Management and Scenario Analysis
level of responsibility in managing climate related risks and (CRMS). In addition, the Board of Directors has approved
opportunities, including ensuring the achievement of progress the Sustainable Finance Action Plan (SFAP), which outlines
toward the target NZE in Operation 2030. strategic initiatives that have been implemented, including the
Decarbonization Pathway plan, the piloting of the Indonesian
In addition to the Board of Directors’ Meetings, the Risk Sustainable Finance Taxonomy implementation, the Piloting of
Management Committee (RMC) supports the Board of the CRMS, and the development of Digital Carbon Tracking. [FN-
Directors in implementing risk management processes and CB-550a.2]
systems in accordance with Board of Directors Decree No. KEP.
DIR/028/2025 concerning the Risk Management Committee. The Board of Commissioners, through the KPR, has also
The risk management process encompasses the management approved the SFAP and provided several notes and directives,
of all types of risks, including the impact of climate change risks which have subsequently been followed up by the Bank.
on the Bank’s principal risks. Climate risk monitoring is carried Meetings and forums addressing this topic are conducted
out by the Board of Directors through the Board of Directors’ as part of the oversight mechanism and strategic decision-
Meetings, RMC, and the ESG Forum, each of which is held at making process. During these meetings, the Board of Directors
least six times per year. Meanwhile, oversight by the Board and relevant units review developments in climate-related
of Commissioners is conducted through the Risk Oversight issues, discuss the results of risk and opportunity analyses, and
Committee (KPR). ensure the integration of climate considerations into the Bank’s
strategy and policies. The agenda items discussed include:
In its implementation, the Board of Commissioners and the
Board of Directors delegate responsibility for managing climate-
related risks and opportunities to the ESG Unit, under the
direct oversight of the Vice President Director, with reporting
submitted to the Board of Directors’ Meetings, RMC, and KPR.
The ESG Unit’s reports are submitted periodically to the Board
of Directors and the Board of Commissioners.
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Sustainability Issues Climate Change Products and Services Contribution to
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Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Forum /
Date Topics and Key Discussion Points Participants
Committee
Risk 23 January 2025 Publication of the Allocation & Impact Report • RMC Committee Members
Management for Sustainability Bonds, ESG Repo, and Green • Environmental, Social & Governance
Committee Bonds
CRMS Project 20 August 2025 Steering Committee: Reporting CRMS • Director of Risk Management
Steering progress • Credit Portfolio Risk
Committee • Environmental, Social & Governance
• Market Risk
• Operational Risk
• Strategy & Performance
Management
1 December 2025 Steering Committee: Reporting CRMS results • Vice President Director
• Director of Risk Management
• Credit Portfolio Risk
• Environmental, Social & Governance
• Market Risk
• Operational Risk
• Strategy & Performance
Management
Weekly (April– Weekly CRMS Project Meeting • Credit Portfolio Risk
December 2025) • Environmental, Social & Governance
• Market Risk
• Operational Risk
• Strategy & Performance
Management
Risk Oversight 6 November 2025 Proposed Sustainable Finance Action Plan • Members of the Risk Oversight
Committee (SFAP) for 2026–2030 Committee
• Director of Corporate Banking
• Environmental, Social & Governance
• Credit Portfolio Risk
• Data Protection & Fraud Risk
In 2025, RMC carried out collective decision-making, including on climate-related matters, including the approval of the Allocation and
Impact Report for the Sustainability Bond, ESG Repo, and Green Bond.
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Climate Change Strategy [GRI 201-2]
As part of its commitment to mitigating the impacts of analysis, Bank Mandiri refers to the Network for Greening the
climate change, Bank Mandiri aligned its actions with the Paris Financial System (NGFS) framework.
Agreement and Indonesia’s Second Nationally Determined
Contribution (SNDC). Bank Mandiri seeks to reduce carbon At the operating unit level, the Company has established
emissions and support the global goal of limiting temperature commitments that incorporate ESG-related indicators,
rise to 1.5°C, including by committing to achieve Net Zero including the performance of climate change strategies
Emissions (NZE) in Operations by 2030 and NZE in Financing through the reduction of Scope 1 and 2 greenhouse gas (GHG)
by 2060 or sooner. emissions, with the ESG Group serving as the control tower.
Further information on GHG emissions is presented in the
Bank Mandiri’s climate change strategy is anchored in three Metrics and Targets subsection.
main approaches, namely strengthening the commitment
and implementation of sustainability strategies in responding Bank Mandiri has conducted a comprehensive climate
to climate change, providing financing to support customers’ resilience assessment to ensure that the Company’s strategy
transition toward NZE and promoting GHG emission reduction and business model are capable of addressing climate-related
initiatives through carbon offsets by participating in carbon changes, developments, and uncertainties. This assessment
markets or climate change mitigation activities. was carried out by taking into account the identified climate-
related risks and opportunities.
Bank Mandiri conducts comprehensive materiality assessments
of climate change-related business risks. This process includes Bank Mandiri classifies the impacts of climate-related risks and
scenario modelling and sensitivity analysis to understand the opportunities into short-term (≤ 1 year), medium-term (2–5
potential impacts of climate change on business performance years), and long-term (more than 5 years) time horizons.
and resilience. In conducting scenario modelling and sensitivity
Transition Risks
The identification of climate transition risks is conducted comprehensively across Bank Mandiri’s business activities, taking into account
the following relevant quantitative and qualitative factors:
Timeframe
Potential Financial Impact
Category Risk Factor
Impact Level Short Medium Long
Scope: Policy & Regulatory Changes, Technological Changes, Market Sentiment Changes
1 Credit Risk Credit risk related to the An increase in NPLs and the High
climate transition, which may need for higher loan loss
increase the potential for provisions (CKPN), as well as
debtor defaults, particularly a decline in interest income
among debtors in high- due to the deterioration in the
emission sectors due to quality of the loan portfolio.
rising compliance costs and
declining demand from
buyers.
2 Market Risk Market risk arising from the Potential mark-to-market High
climate transition, which may losses on the Bank’s asset
trigger changes in monetary portfolio (e.g., securities) due
policy (interest rates) and to repricing resulting from
exchange rate volatility, changes in interest rates and/
thereby affecting the value of or exchange rates.
the Bank’s financial assets.
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Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Timeframe
Potential Financial Impact
Category Risk Factor
Impact Level Short Medium Long
3 Operational Operational risk arising from Increased operating costs Moderate
Risk increased operating costs (energy, maintenance, and
due to the climate transition, efficiency investments), as
particularly from rising well as potential service
energy and utility costs, the disruptions or process errors
need for building and data during system or procedural
center retrofits/efficiency changes, may result in
improvements, as well as operational losses.
adjustments to work processes
and vendor management.
4 Liquidity Risk Liquidity risk arising from Potential declines or volatility Moderate
changes in interest rate in third-party funds (DPK) and
policies influenced by climate increased cost of funds, which
transition dynamics, which may put pressure on the
may affect customer behavior Bank’s liquidity profile and its
in placing funds. liquidity buffer requirements.
5 Strategic Risk Strategic risk related to the Strategic and portfolio High
need to adjust the Bank’s adjustments may affect the
business strategy in response growth of earning assets and
to the direction of the the composition of revenue,
climate transition, including and may require investments
setting sector priorities and and implementation
developing sustainable costs to support business
financing. transformation.
6 Reputational Reputational risk arising Potential decline in trust, Moderate
Risk from negative stakeholder leading to customer attrition,
perceptions regarding the reduced revenue, and
Bank’s commitment to the increased cost of funds due to
climate transition and its lower preference for placing
management of climate funds with the Bank
change and sustainability
issues.
7 Compliance Compliance risk arising from Potential sanctions or fines, Moderate
Risk misalignment with regulations as well as restrictions on
and requirements related to certain activities that may
the climate transition and reduce revenue and increase
sustainability disclosures, compliance costs.
including the fulfillment of
reporting requirements.
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Bank Mandiri has established strategies to respond to transition risks and implement relevant follow-up actions.
Timeframe
Risk Factor Strategy
Short Medium Long
1 Credit risk related to the climate transition, Strengthening climate Conducting initial Integrating stress Gradually
which may increase the potential for transition–based credit stress tests on high- test results into rebalancing the
debtor defaults, particularly among debtors policies and implementing emission sectors pricing, sector portfolio toward
in high-emission sectors due to rising default simulations/stress and updating/ limits, and transition low-carbon sectors
compliance costs and declining demand testing to control credit enhancing sector covenants, while and using stress
from buyers. costs (CKPN) that may policies and risk conducting periodic testing as part of
affect capital adequacy, appetite, as well as monitoring and BAU processes to
while directing the portfolio activating an early enhanced due reduce NPL/CKPN,
toward lower-risk sectors. warning system diligence for priority control Credit Risk
(watchlist) for at- debtors. RWA (ATMR), and
risk debtors. maintain strong
capital adequacy
(CAR).
2 Market risk arising from the climate Implementing market Conducting Optimizing hedging Adjusting long-
transition, which may trigger changes risk stress testing (interest interest rate and strategies and term investment
in monetary policy (interest rates) and rate and exchange exchange rate adjusting the and asset allocation
exchange rate volatility, thereby affecting rate) related to climate stress tests based portfolio structure strategies to
the value of the Bank’s financial assets. transition scenarios, and on transition (both duration enhance portfolio
strengthening hedging scenarios, and and composition resilience by
strategies to mitigate establishing early of securities) to managing mark-
potential mark-to-market warning/stop-loss reduce sensitivity to to-market risks,
losses that may affect triggers. repricing. thereby reducing
capital adequacy (CAR), valuation losses,
while optimizing portfolio maintaining market
management to prevent risk RWA (ATMR)
increases in market risk under control, and
RWA. preserving capital
adequacy (CAR).
3 Operational risk arising from increased Developing energy Conducting energy Conducting gradual Modernizing assets
operating costs due to the climate efficiency programs and consumption retrofits/upgrades, and implementing
transition, particularly from rising energy strengthening operational audits, optimizing low-carbon
and utility costs, the need for building resilience, including energy implementing data centers, operational
and data center retrofits/efficiency management, gradual quick-win and enhancing designs (more
improvements, as well as adjustments to retrofitting, data center energy-saving operational SOPs energy-efficient
work processes and vendor management. optimization, as well as measures (AC to ensure that the buildings, the use of
enhanced SOPs and vendor settings, lighting, transition process renewable energy,
management. and equipment), does not disrupt and the adoption of
and monitoring services. green procurement
vendors/utilities to standards),
stabilize costs. thereby stabilizing
energy costs and
reducing the risk
of operational
disruptions.
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Sustainability Issues Climate Change Products and Services Contribution to
Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Timeframe
Risk Factor Strategy
Short Medium Long
4 Liquidity risk arising from changes in Strengthening liquidity Monitoring the Diversifying Establishing
interest rate policies influenced by climate management (ALM) and movement of funding sources a more stable
transition dynamics, which may affect diversifying funding sources third-party funds and strengthening long-term funding
customer behavior in placing funds. to maintain the stability (DPK) by segment, maturity gap structure (including
of third-party funds (DPK) preparing a management (ALM) sustainable
and control the cost of contingency to maintain a sound financing
funds amid interest rate funding plan, and liquidity profile. instruments where
changes driven by transition adjusting fund relevant) to ensure
dynamics. pricing strategies liquidity resilience
to reduce the risk is less sensitive to
of outflows. interest rate cycles.
5 Strategic risk related to the need to adjust Aligning portfolio strategies Expanding green Establishing a The portfolio
the Bank’s business strategy in response and developing sustainable and transition transition roadmap, becomes more
to the direction of the climate transition, financing products to financing as defining KPIs and resilient and
including setting sector priorities and capture opportunities well as advisory sector/segment competitive, with
developing sustainable financing. arising from the climate services, including priorities, and long-term revenue
transition. the development developing opportunities
of ESG-based a pipeline of increasing as a
products, while sustainable customer base in
reallocating credit products. low-carbon sectors
limits and business is established.
capabilities toward
high-growth
sectors.
6 Reputational risk arising from negative Strengthening governance Enhancing Enhancing Building a long-
stakeholder perceptions regarding and transparent transparency and the quality of term reputation
the Bank’s commitment to the climate communication on climate fostering positive disclosures and through consistent
transition and its management of climate transition through the perceptions of the conducting implementation
change and sustainability issues. preparation and submission Bank’s sustainability assurance/ and reporting,
of reports that are accurate, commitments validation, while thereby
consistent, and periodic to through early strengthening strengthening
regulators and stakeholders communication engagement with stakeholder trust
in accordance with and disclosure, customers and and supporting
applicable regulations, while while leveraging investors in priority business stability
also managing stakeholder the strengthened sectors. as well as cost of
issues and grievances. reputation to funds.
expand the
customer base and
drive business and
product growth.
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Timeframe
Risk Factor Strategy
Short Medium Long
7 Compliance risk arising from misalignment Strengthening internal Conducting a Developing stronger Establishing
with regulations and requirements related compliance systems and gap assessment internal monitoring a compliance
to climate transition and sustainability risk management related of existing and control systems system that is
disclosure, including the fulfillment of to climate transition regulations, to track regulatory fully integrated
reporting obligations. regulations, including updating internal compliance, while into all business
policy updates and policies, and enhancing the and operational
reporting processes to assigning a quality of reporting processes,
meet applicable disclosure person in charge and internal audit supported by
requirements. (PIC) for climate processes. strengthened
transition reporting reporting and
compliance and audit mechanisms
the management that operate
of required automatically and
documentation. on a regular basis.
Physical Risk
The identification of climate physical risks is conducted comprehensively across Bank Mandiri’s business activities by considering
relevant quantitative and qualitative factors as follows:
Timeframe
Potential Financial Impact
Category Risk Factor
Impact Level
Short Medium Long
Scope: Acute (Floods, Storms, Forest Fires, Extreme Rainfall), Chronic (Rising Temperature, Heat Stress, Water Stress, Sea
Level Rise)
1 Credit Risk Credit risk arising from Potential deterioration High
physical damage (e.g., in asset and collateral
floods, fires, or earthquakes) quality, as well as an
that affects high-risk sectors increase in NPLs due
or debtors located in to physical losses
vulnerable areas. that disrupt debtors’
operations.
2 Market Risk Market risk arising from Potential mark-to-market Moderate
physical losses in affected losses and declines in
sectors or industries (e.g., the prices of assets and
property or energy) due to financial instruments
natural disasters, leading (such as equities, bonds,
to a decline in asset and commodities) in
valuations. affected sectors.
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Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Timeframe
Potential Financial Impact
Category Risk Factor
Impact Level
Short Medium Long
3 Operational Operational disruptions Potential operational High
Risk caused by natural disasters downtime, service
(such as floods, fires, or disruptions, and
earthquakes) that hinder increased operational
access to the Bank’s critical costs for facility repair
facilities and branches. and recovery.
4 Liquidity Risk Liquidity disruptions due Urgent liquidity needs to Moderate
to fund outflows driven meet customer demands
by market uncertainty in affected areas, as well
following natural as higher operational
disaster events (such as costs for post-disaster
earthquakes, floods, or response and recovery.
fires).
5 Strategic Risk Strategic risk arising Declining business Moderate
from changes in market opportunities, particularly
conditions and business in sectors exposed
models affected by physical to natural disasters,
disasters, which may alter accompanied by rising
customer preferences and costs and shifts in
impact certain economic consumer preferences.
sectors.
6 Reputational Reputational risk arising Decline in stakeholder Moderate
Risk from the Bank’s insufficient trust (customers and
preparedness and timely regulators) regarding
response to physical the Bank’s readiness
impacts such as natural to manage physical
disasters that affect disasters and service
customer services disruptions.
7 Compliance Compliance risk arising Potential sanctions or Moderate
Risk from non-compliance fines from regulators
with regulations due to related to the reporting
natural disaster events, and management of
particularly in relation natural disaster impacts,
to new requirements on as well as compliance
response and physical risk with operational
management. obligations.
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Bank Mandiri has established strategies to respond to physical risks and implement relevant follow-up actions.
Financial Impact of Strategy Implementation
Risk Factor Strategy
Short Medium Long
1 Credit risk arising from physical Portfolio review Assessing Strengthening Rebalancing the
damage (e.g., floods, fires, or based on disaster- geographic risks monitoring and portfolio toward
earthquakes) that affects high- prone geographic and allocating portfolio oversight sectors that are
risk sectors or debtors located in locations and the contingency for affected more resilient to
vulnerable areas. implementation of funds for debtors sectors. physical disasters.
stress testing in vulnerable
areas.
2 Market risk arising from physical losses Optimizing stress Implementing Reducing Optimizing
in affected sectors or industries (e.g., testing on assets hedging exposure to portfolio
property or energy) due to natural exposed to natural strategies to sectors that are diversification to
disasters, leading to a decline in asset disasters and manage market highly vulnerable reduce the impact
valuations. mitigating the impact risks arising from to long-term of sectors exposed
on their valuations. recurring natural physical disaster to disaster risks.
disasters. risk
3 Operational disruptions caused by Reviewing the Reviewing the Integrating Developing
natural disasters (such as floods, fires, preparedness of preparedness of technology more disaster-
or earthquakes) that hinder access branches and critical branches, and supporting resilient branch
to the Bank’s critical facilities and critical branches, as well as systems to infrastructure, as
branches. and developing developing and accelerate the well as modernizing
emergency plans regularly testing recovery of critical backup and
for physical disasters emergency branch services recovery systems
through the response plans and ensure to support long-
implementation of for natural operations can term operational
Business Continuity disasters. resume quickly. continuity.
Management (BCM) in
accordance with ISO
22301:2019.
4 Liquidity disruptions due to fund Preparing emergency Developing a Diversifying Building a more
outflows driven by market uncertainty funding reserves and contingency funding sources stable funding
following natural disaster events (such establishing liquidity funding plan to (including structure through
as earthquakes, floods, or fires). strategies to enable address liquidity sustainable long-term
a rapid response to fluctuations financing) to instruments and
natural disasters. caused by maintain liquidity safeguards against
natural disasters. resilience during disaster-related
natural disasters. risks.
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Sustainability Issues Climate Change Products and Services Contribution to
Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Financial Impact of Strategy Implementation
Risk Factor Strategy
Short Medium Long
5 Strategic risk arising from market and Adjusting the business Increasing Rebalancing the Developing
business model changes driven by model and product financing to portfolio to reduce products and
physical disasters, which may alter portfolio to meet the sectors that are concentration in services focused on
customer preferences and affect needs of customers in more resilient high-risk sectors physical resilience
certain economic sectors. affected sectors. to disasters and locations. to address changes
and focusing caused by natural
on emerging disasters.
markets.
6 Reputational risk arising from Developing Strengthening Enhancing Building a long-
insufficient preparedness and slow an emergency internal transparency term reputation as
response by the Bank to physical communication plan awareness regarding an institution that
impacts, such as natural disasters, that and ensuring clear regarding the Bank’s is responsive to
affect customer services. communication rapid disaster preparedness to physical impacts
channels for response and the manage physical and committed to
customers affected by management disruptions and sustainability.
disasters. of external their impact on
communications. services.
7 Compliance risk related to non- Conducting internal Developing Establishing Establishing a long-
compliance with regulations audits to ensure internal policies a compliance term compliance
arising from natural disaster compliance with new that incorporate team dedicated system capable
events, particularly in light of new regulations related to regulations on to monitoring of addressing
requirements regarding the response natural disasters and natural disaster policies and various physical
to and management of physical risks. the management of response and regulations risks through
physical risks. the evolving related to natural standardized
management of disasters and the operational policies.
physical risks. management of
physical risks.
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Climate Transition Opportunities
The identification of climate transition opportunities is conducted comprehensively across Bank Mandiri’s business activities by
considering relevant quantitative and qualitative factors as follows:
Financial Impact of Strategy Implementation
Opportunity
Category Strategy
Factor
Short Medium Long
Scope: Policy & Regulatory Changes, Technological Changes, Market Sentiment Changes
1 Sustainable Development • Provision of comprehensive sustainable Increased costs Increased Sustainable and
Financial of innovative financing solutions and products. for product, financing stable revenue
Products and relevant system, and volume and growth.
sustainable process portfolio
financial products development. diversification
aligned with
customer needs.
2 Access to Increased access to • Bank Mandiri has established an ESG Desk Initial Lower funding Improved long-
Funding funding from ESG- that serves as a coordination and advisory issuance and costs (cost of term profitability
oriented investors. center for customers in transitioning toward management fund) through through funding
more sustainable business practices. Through costs of access to ESG cost efficiency.
the ESG Desk, the Bank supports customers sustainable investors with
in understanding sustainable financing funding medium- to
needs, ESG readiness, and transition-related instruments. long-term
financing opportunities, thereby gradually investment
and measurably increasing sustainable horizons.
financing.
3 Operational Operational • Customer transition assistance through the Increased capital Gradual Improved
Efficiency efficiency through ESG Desk. expenditure reduction in profitability and
digitalization for investment operational costs business model
and the use of in digital through digital resilience against
environmentally technology and optimization regulatory
friendly environmentally and energy changes and
technology. friendly efficiency. energy cost
infrastructure. volatility.
4 New Business Development • Bank Mandiri provides various sustainable Initial Increased Growth in
Model of new business financing solutions and comprehensive investment transaction sustainable
Development models based on ESG-based products for both wholesale and in product volume and revenue and
digital services retail segments. Products such as green development, non-interest improved
and low-emission loans, sustainability-linked loans, and other technology, income. long-term
products. financing solutions enable the Bank to meet and digital profitability.
diverse customer needs while increasing ecosystem.
sustainable financing adoption across
business segments. On the funding side, Bank
Mandiri issues Green Bonds and Sustainability
Bonds in domestic and international markets
to support green and transition projects
in line with international standards (ICMA,
ASEAN Green Bond Standards) and national
regulations.
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Sustainability Issues Climate Change Products and Services Contribution to
Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Physical Climate Opportunities
The identification of climate physical opportunities is conducted comprehensively across Bank Mandiri’s business activities by
considering relevant quantitative and qualitative factors as follows:
Financial Impact of Strategy Implementation
Opportunity
Category Strategy
Factor
Short Medium Long
Scope: Acute (Floods, Storms, Forest Fires, Extreme Rainfall), Chronic (Rising Temperature, Heat Stress, Water Stress, Sea Level
Rise)
1 Financing Improvement in Integration of physical climate risk analysis • Increased • More • Business
Portfolio Quality financing portfolio into the credit assessment process by volume of green diversified resilience
quality through adjusting existing credit policies, ensuring financing. and resilient against
2 Climate adjustment of that financing products such as Micro • Access to portfolio. structural
Adaptation credit policies Credit (KUR) and Working Capital Loans green funding • Reduction climate risks.
Financing based on physical incorporate relevant climate risk factors in (green bonds, in transition • Reduced
climate risk. creditworthiness evaluation. sustainability- risk & NPL stranded
3 Portfolio linked funding). in carbon- asset risk.
Structure • Early intensive • Lower cost of
compliance sectors. capital.
with IFRS S2. • Stable • Stronger
revenue from long-term
sustainable valuation.
sectors.
• Improved
asset quality
(lower
expected
credit loss).
4 Operational & Strengthening Updating internal policies and procedures • Reduced • Reduced • Long-term
Infrastructure operational and to mitigate potential operational disruptions operational financial losses resilience to
Resilience infrastructure caused by climate change impacts or other downtime due from physical structural
resilience through natural disasters. to disasters. disruptions. climate
implementation of • Continuity of • Increased change.
Business Continuity critical services customer and • Stable cash
Management (ATM, mobile investor trust. flow and
(BCM). banking). • Improved ROA.
• Compliance operational • Lower cost of
with regulator risk rating. capital.
and auditor • Competitive
expectations. advantage
based on
service
reliability.
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Climate Change Scenario Analysis
Bank Mandiri conducts climate scenario analysis to assess the potential impacts of climate change. Bank Mandiri applies climate-related
scenarios that are aligned with the Company’s characteristics and operating conditions to evaluate its climate resilience, enabling
strategic measures to be adjusted based on the findings.
Measurement and Target Strategy Taking
Disclosure Setting Development Action
Net Zero Emission
in Financing by 2060
(or sooner)
Climate Risk Management & Scenario Analysis
Collaboration with policymakers, particularly the Financial Bank Mandiri’s CRMS analysis under the OJK Pilot Project
Services Authority, constitutes one of the key drivers of Bank CRMS 2025 covered 100% of its portfolio in accordance with
Mandiri’s climate strategy. As a member of the Task Force on OJK requirements. For KBMI 3 and 4 banks, the 2025 CRMS
Climate-Related Financial Risk, Bank Mandiri participated in the Pilot Project calculation was conducted on 100% of the total
Pilot Project on Climate Risk Management & Scenario Analysis portfolio, using flood and forest fire scenarios for physical risk,
(CRMS). as well as climate scenarios developed by the Network for
Greening the Financial System (NGFS), including the Current
Policies, Delayed Transition, and Net Zero 2050 scenarios for
transition risk.
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Sustainability Issues Climate Change Products and Services Contribution to
Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
NGFS Climate Scenarios
Current Policies
High
Disorderly Too little, Assumes that current climate policies remain unchanged, leading to
too late an increase in physical risks as global temperatures rise above 1.5°C
or 2°C. Transition risks remain low due to minimal changes in policies
and technology.
Delayed Transition Delayed Transition
Transition Risk
Assumes that annual emissions will not decrease until 2030.
However, stricter policies will be implemented afterward to limit
Net Zero 2050 Current Policies global warming to 2°C and control CO2 emissions.
(1,5°C)
Net Zero 2050
Hot house Assumes aggressive measures are taken to achieve net zero emissions
Orderly world by 2050, with stringent policies and rapid economic changes aimed
Low
at limiting global temperature rise to below 1.5°C.
Low Physical Risk High
Overview of CRMS Portfolio
Bank Mandiri has conducted climate 12.7% 9.5%
scenario analysis covering 100% of its
financing portfolio at the sectoral level. 11%
The key sectors assessed include: (1)
Agriculture, Forestry, and Fisheries; (2) 3.8%
Mining and Quarrying; (3) Electricity,
Gas, Steam/Hot Water, and Air
Conditioning Supply; (4) Construction; 31.5%
(5) Transportation and Warehousing; 6.2%
(6) Manufacturing; and (7) Consumer
Financing for Property Ownership. 5.0% 6.2%
14.1%
Other Consumer Sectors Electricity, Gas, Steam/Hot Water, Manufacturing
excluding Property Ownership and Air Conditioning Supply
Agriculture, Forestry, Transportation and Consumer Financing for
and Fisheries Warehousing Property Ownership
Mining and Construction Other Productive
Quarrying Sectors
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Probability of
Macro Level default (PD)
Policy and • Carbon emission
Loss Given
legal changes reduction targets
• Carbon revenue Default (LGD)
Credit Risk
• Carbon tax
• Exchange rates Expected
• Commodity price Credit Loss
shifts (ECL)/CKPN
• Inflation
• Others Non-
Performing
Transition Technological Loan (NPL)
changes Micro Level
Risks
Securities
Market Risk
Debtors Ratings
Income Statement / Balance Sheet / Bank Cash Flow Statement
• Stranded assets
Debtor’s Income Statement/Balance Sheet/Cash Flow Report
• Changes in Capital
Securities
Expenditure (Capex)
Yields
Impact on the economy and the bank’s debtors
• Increases in
Capital
Operational
Market Expenditure (Opex)
sentiment • Carbon costs • Stranded
shifts • Revenue changes bank assets
• Others and Capex
• Increased
Opex
Operational Risk
• Carbon
costs
CAR
Acute Risks • Asset
Macro Level damage
1. Heatwaves • Asset
2. Floods • Government devaluation
expenditure • Increased
3. Wildfires • Inflation operational
4. Storms • Exchange rates costs
ATMR
(hurricanes, • Trade balance
cyclones, • Unemployment rates
typhoons, • Labor productivity
and
extreme
Physical rainfall) Micro Level
Risks Corporate Debtors
• Asset damage
Chronic Risks • Asset devaluation Other Risks
• Decreased (Liquidity risk,
1. Rising sea production strategic risk,
levels • Increased reputation risk,
operational costs compliance risk)
2. Increase
• Revenue changes
in average
temperatures Individual Debtors
3. Ocean • Asset damage
acidification • Asset devaluation
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Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Physical Risk Scenario Analysis
Bank Mandiri has conducted an analysis of physical risks, in collection of location data and risk category mapping, covering
accordance with the OJK CRMS 2025 guidelines, and projected information such as city, province, postal code, asset values,
the potential damage impacts arising from floods and forest and net annual income. Flood risk data sourced from BNPB
fires on the Bank’s asset portfolio. Bank Mandiri applies the 2024, obtained through OJK, is used to classify flood risk at
Representative Concentration Pathway (RCP) 8.5 scenario the regency/municipality level into high, medium, and low
to assess the impacts of climate change on its assets and categories. Meanwhile, data for mapping other physical risk
operations, with RCP 8.5 representing a high-emissions scenario categories is derived from Moody’s Climate on Demand tool.
with no significant mitigation efforts, in which emissions
continue to increase, leading to rapid global warming and Data from Moody’s Climate on Demand subsequently serves
heightened risks to ecosystems and infrastructure. Under this as the basis for climate risk modelling. The RCP 8.5 scenario
scenario, global temperature increases are projected to reach projections are also applied to assess the impacts of high
up to 4.2°C by the end of the century, with a projected range greenhouse gas emissions, supporting the evaluation of future
of 3.7°C to 5.0°C. physical risks. The calculation of operational losses focuses
on facilities classified as high risk. For facilities with negative
Bank Mandiri has also identified the transmission impacts income, losses are capped at zero, and asset value losses for
of flood-related and other physical risks on credit risk and leased assets are also assumed to be zero.
operational risk. The analysis process begins with the
Flood Scenario
Based on the assessment results, Bank Mandiri has identified The identification results for the Flood scenario indicate the
the proportion of flood risk exposure across the Company’s distribution of risk for office buildings in the short term (one
activities using flood hazard scores derived from data provided year), including Branch Offices, Functional Offices, Head Office,
by OJK and Moody’s Climate on Demand. Regional Offices, and Sub-Branch Offices. The distribution is
categorized as 10% Red Flag, 32% High Risk, 11% Medium Risk,
and 47% Low Risk.
10%
32%
47%
11%
Red Flag High Medium Low
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The flood risk index map is presented based on the 2024 Indonesian Disaster Risk Index (IRBI):
No Regency/City Risk Class
1 West Bandung, West Java High Risk (Flood Prone)
2 Cirebon, West Java High Risk (Flood Prone)
3 Luwu, South Sulawesi Medium Risk (Flood Alert)
4 Garut, West Java Medium Risk (Flood Alert)
5 Lembata, East Nusa Tenggara Low Risk (Flood Safe)
6 East Flores, East Nusa Tenggara Low Risk (Flood Safe)
And so on.
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Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Forest and Land Fire Scenario
Based on the hazard score generated by Moody’s Climate on and Sub-Branch Offices in the short term (one year), with 9%
Demand, the identification results for the Wildfire scenario categorized as High Risk, 70% as Medium Risk, and 21% as Low
indicate the distribution of risk across office buildings, including Risk. No exposures were identified under the Red Flag category.
Branch Offices, Functional Offices, Head Office, Regional Offices,
9%
21%
70%
High Medium Low
The forest and land fire risk index map is presented based on the 2024 Indonesian Disaster Risk Index:
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No Regency/City Risk Class
1 Nganjuk, East Java High Risk (Forest Fire Prone)
2 Cimahi, West Java Medium Risk (Forest Fire Prone)
3 Jayapura, Papua Low Risk (Forest Fire Prone)
And so on.
Financial Impacts of Physical Climate Risks
A more robust physical risk scenario analysis is conducted Through this analysis, Bank Mandiri projects the potential
through an integrated approach that considers six types of level of damage that physical risks may impose on collateral
physical risks in combination. These include acute physical risks, values within its financing portfolio. The analysis indicates that
namely floods, forest fires, and storms, including typhoons, under the RCP 8.5 scenario, should greenhouse gas emissions
cyclones, and extreme rainfall, as well as chronic physical risks continue at current levels, the potential decline in collateral
comprising heat stress, water stress, and sea level rise. values is estimated to reach approximately minus -3% year
on year. In addition, the Company presents the average
percentage change in collateral values attributable to physical
risks by province as follows:
Percentage Change in Collateral Values Attributable to Physical Risks by Province
Central Sulawesi:
Aceh: -5.44% West Kalimantan: -4.37% -7.66%
Riau Islands: -3.13% North Sulawesi: West Papua:
Central Kalimantan: -3.39%
-9.88% -7.58%
North Sumatra: North Kalimantan: Gorontalo: -8.30%
-7.09% -3.29%
North Maluku:
Riau: -2.86% East Kalimantan: -7.46%
-4.29%
Maluku: -9.39%
Jambi:
West Sulawesi:
-3.24% Southeast Papua: -5.74%
-0.46%
West Sumatra: Sulawesi:
-8.52% -2.26%
Bangka Belitung
Islands: South Sulawesi:
Bengkulu: -9.98% -2.40% South Kalimantan: -0.66%
-5.34%
South Sumatra:
-5.47%
East Nusa
Lampung: -4.17% DKI Jakarta: Tenggara: -7.08%
-6.44% East Java:
-2.47% West Nusa
West Java: Tenggara: -5.63%
Banten: -6.22% Central Java: Bali:
-6.72%, -1.39% -4.63%
DI Yogyakarta:
-4.37%
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Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Bank Mandiri also calculates the potential financial impacts This is driven by the characteristics of the collateral types and
of physical risks on credit exposures extended to customers, their concentration in disaster-prone areas exposed to acute
as measured through Expected Credit Loss (ECL). The highest physical risks, including floods, forest fires, and storms, as well
increase was observed in the Electricity, Gas, Steam/Hot as chronic physical risks comprising heat stress, water stress,
Water, and Air Conditioning Supply sector, amounting to 9%, and sea level rise.
with an estimated nominal increase in ECL for this sector of
approximately ±IDR100 billion.
Sector Increase in ECL (stress relative to baseline)
Agriculture, Forestry, and Fisheries 4%
Mining and Quarrying 2%
Electricity, Gas, Steam/Hot Water, and Air Conditioning Supply 9%
Construction 4%
Transportation and Warehousing 3%
Manufacturing 3%
Consumer Financing for Property Ownership 3%
Other Productive Sectors 5%
Other Consumer Sectors excluding Property Ownership 2%
Total 3%
Transition Risk Scenario Analysis
In the context of transition risks, the Company faces challenges applies NGFS 5 scenarios in accordance with OJK guidance. This
and opportunities arising from carbon taxation, changes in represents a change from the previous year, when OJK referred
energy prices, shifts in the energy mix, and the adoption of to NGFS 4 in the implementation of the CRMS Pilot Project.
green technologies. To assess these transition risks, Bank Mandiri
Summary of Climate Risk-Adjusted Probability of Default (PD) Results
Agriculture, Forestry, and Fisheries
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0,00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Mining and Quarrying
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Electricity, Gas, Steam/Hot Water, and Air Conditioning Supply
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Construction
12.00% 12.00%
8.00% 8.00%
4.00% 4.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Transportation and Warehousing
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Manufacturing
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Consumer Financing for Property Ownership
12.00% 12.00%
8.00% 8.00%
4.00% 4.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Other Productive Sectors
6.00% 6.00%
4.00% 4.00%
2.00% 2.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Other Consumer Sectors excluding Property Ownership
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Assessment Results [GRI 201-2]
The results of the CRMS 2025 Pilot Project assessment indicate risks in the early stages, particularly under the Current Policy
an increase in the Non-Performing Loan (NPL) ratio, particularly scenario. Despite the potential increase in NPL levels, Bank
under the Net Zero 2050 (NZE) scenario. Simulations of physical Mandiri remains able to maintain its capital adequacy, both in
and transition risks suggest that Bank Mandiri may face an the short and long term, above the regulatory thresholds.
elevated NPL ratio, with the Current Policy scenario projected
to reach 1.4% during the 2025–2026 period. Bank Mandiri is committed to gradually transitioning its loan
portfolio through a sustainable approach, in order to support
The Expected Credit Loss (ECL) estimation results further the Bank’s business interests as well as Indonesia’s overall
indicate that under the Net Zero 2050 scenario, ECL coverage economic development. As a state-owned enterprise, the
is projected to increase by approximately 11%-12% compared government mandate to support the national economy is
with the 2025 baseline. aligned with the transition plan toward a low-carbon economy.
Based on the results of the CRMS Pilot Project, Bank Mandiri is
In addition, Bank Mandiri has calculated the impact of climate- currently developing a more comprehensive transition plan.
related risks. The analysis indicates that under the Net Zero
2050 scenario, the CAR is projected to remain at approximately One of the key approaches is close collaboration with customers,
18%-19%, representing a decline of around 1% compared with particularly those in high carbon-emitting sectors, to understand
the baseline. their transition plans and support the optimization of strategies
to reduce emissions and manage transition risks. Bank Mandiri
The electricity supply sector has emerged as a key area of has established strong engagement with customers on ESG
focus, in line with Indonesia’s international commitments to and sustainability and is committed to strengthening and
reduce emissions and transition toward renewable energy. The expanding these efforts by leveraging insights gained from the
strategies implemented in this sector indicate higher transition CRMS Pilot Project.
Summary of Climate Risk-Adjusted Non-Performing Loan (NPL) Results
Agriculture, Forestry, and Fisheries
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Mining and Quarrying
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Electricity, Gas, Steam/Hot Water, and Air Conditioning Supply
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Construction
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Transportation and Warehousing
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Manufacturing
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Consumer Financing for Property Ownership
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Other Productive Sectors
6.00% 6.00%
4.00% 4.00%
2.00% 2.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Other Consumer Sectors excluding Property Ownership
6.00% 6.00%
4.00% 4.00%
2.00% 2.00%
0.00% 0.00%
2024 2025 2026 2027 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Estimated Impacts of Climate-Related Risks and Opportunities on Bank
Mandiri’s Financial Performance and Position [GRI 201-2]
Bank Mandiri conducted an assessment of the financial impacts This assessment links various types of climate risks to key
of climate-related risks and opportunities to understand how financial risks, their potential impacts on financial statement
transition and physical factors may affect the Company’s risk line items, as well as mitigation and response strategies that
profile, financial performance, and business sustainability. are integrated into the Bank’s risk management framework and
decision-making processes.
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Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Assessment of Financial Impacts of Climate-Related Risks and Opportunities
Risk Financial Impact Strategy
Transition Risk
Increase in PD,
Credit Risk
LGD, NPL
Policy & Legal ESRM Integration
Changes
Technological Product adjustment Impairment
Changes Market Risk & portfolio pricing/
structure
of Financial
Assets
Market Sentiment Implementation
Changes of IAC
Operational Increase in
Risk operational costs
Physical Risk Policy & Increase in
Net Interest Implementation
Legal Risk compliance costs Income of CRMS
Acute (Floods,
Storms, Forest
Fires, Extreme Reputational Decline in investment/
Rainfall) Risk profitability Integration of climate
risk into capital
Chronic (Rising management
Temperature, Equity
Increase in
Heat Stress, Water Technology
technology
Stress, Sea Level Risk
operational costs
Rise) Development of
sustainable financial
products
General &
Opportunities Administrative
Expenses
Strengthening of
BCM
Sustainable Financial Products
Other Enhancement of
Increased access to funding Operating Human Capital
Expenses Capabilities
Operational efficiency through
Opportunities digitalization and environmentally
friendly technology Adjustment of
Internal Policies
Development of new business models Fixed Asset
based on digital services and low-
emission products
Strengthening of
Improvement in financing portfolio Infrastructure
quality
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Climate Change Risk Management
Bank Mandiri identifies and analyzes the impacts of climate- Climate risk monitoring is conducted periodically through
related risks by classifying them into transition risks and physical Bank Mandiri’s internal risk oversight mechanisms. The ESG
risks. In managing climate risks, the Bank has established (Environmental, Social, and Governance) Risk Management
comprehensive processes and policies to identify, measure, framework and governance structure involve the active role
monitor, and control climate-related risks in an integrated of the Board of Commissioners through the Risk Oversight
manner. Committee, as well as the Board of Directors through the
Risk Management Committee. In the event of changes in
In implementing these processes, Bank Mandiri utilizes various environmental conditions or developments in climate-related
supporting data sources and parameters, including historical policies, Bank Mandiri proactively adjusts its risk management
data, climate change-related hazard projections, and relevant processes to ensure that the policies and approaches
information from third parties. In addition, the Bank leverages implemented remain relevant, effective, and aligned with
climate scenario analysis, or Climate Risk Management & current conditions compared to the previous reporting period.
Scenario Analysis (CRMS), to support the risk identification
and measurement process by considering a range of potential As part of strengthening risk management practices,
future impacts. Bank Mandiri also identifies and measures risk Environmental & Social Risk Management (ESRM) is applied as
transmission channels from transition and physical risks to the a method to assess debtors’ readiness to address the impacts
principal risks managed by the Bank across short-, medium-, of climate change, while enhancing the Bank’s risk analysis and
and long-term horizons. mitigation processes. The implementation of ESRM covers all
of Bank Mandiri’s lending services, including retail, treasury,
The identification of transition risks encompasses potential corporate finance, and consumer finance segments, thereby
impacts arising from changes in climate policies and ensuring that environmental and social risks are managed
regulations, including the implementation of new climate comprehensively and consistently across all business lines.
policies, carbon taxes, and the need for technology investments
and adjustments to operational or production processes In 2025, the strengthening of risk management was reflected
toward more environmentally sustainable practices. These through several key initiatives, including the implementation
factors may increase debtors’ operational and investment of the Indonesia Sustainable Finance Taxonomy (TKBI) in
costs, pressure profitability, and weaken their capacity to meet the Energy, Construction & Real Estate, Transportation, and
financial obligations. Transition risks are primarily mapped Agriculture, Forestry, and Other Land Use (AFOLU) sectors as
to credit risk, which may be reflected in an increase in the an initial step to integrate sustainability considerations into
Probability of Default (PD). Meanwhile, market risk is assessed the credit disbursement process. In addition, Bank Mandiri
based on the Bank’s investment assets, such as bonds held in strengthened ESG aspects across four priority ecosystems within
the Bank’s portfolio, while liquidity risk is evaluated in relation the Industry Acceptance Criteria (IAC) technical guidelines,
to the Bank’s third-party funds (DPK). Market risk may be namely Agriculture & Forestry, Household Equipment,
influenced by changes in asset valuations and market volatility, Electronics, and Livestock & Fisheries to ensure that sectoral
whereas liquidity risk is more closely associated with potential risk assessments are conducted in a more granular manner and
disruptions in fund flows or the Bank’s ability to meet its short- aligned with industry characteristics.
term obligations.
In line with Bank Mandiri’s sustainable initiatives roadmap, the
Meanwhile, the identification of physical risks focuses on the strengthening of ESRM is further supported by the development
potential impacts of extreme climate events, particularly floods, of sustainable financial products and the gradual integration
which may result in asset damage and a decline in property of risk management processes, including integration with
values. Such declines are assumed to directly affect the quality the Risk Appetite Framework, incorporation into the Risk
of credit collateral, thereby influencing Loss Given Default (LGD) Acceptance Criteria (RAC) and Early Warning Analysis, as well
through a reduction in realizable collateral value. Physical risks as the expansion of TKBI implementation across ENDC sectors
are mapped to credit risk as well as operational risk, including in accordance with the regulatory timeline. Moreover, Bank
potential disruptions to debtor and Bank operations due to Mandiri is progressively developing and operationalizing
infrastructure damage and limited operational access. Decarbonization Pathways for ENDC sectors as part of its efforts
to manage transition risks and achieve medium- and long-term
decarbonization targets.
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Sustainability Stakeholder Materiality Management: PSPK 2
Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Metrics and Targets
Bank Mandiri has set a medium-term target to achieve net zero emissions (NZE) in its operations by 2030 and a long-term target to
achieve NZE in Financing by 2060, in line with global commitments to limit the increase in global temperature to 1.5°C above pre-
industrial levels.
Greenhouse Gas (GHG) Emissions Scope 1 and 2 [GRI 305-1, 305-2] [IDX E-06]
Bank Mandiri’s Scope 1 and Scope 2 greenhouse gas (GHG) emissions recorded a 32% reduction compared to the baseline, driven by
the implementation of environmentally friendly operations, energy efficiency measures, and the use of renewable energy through solar
panels. Further information on Scope 1 and Scope 2 emissions is discussed in the sub-chapter “Achieving Sustainable Environmental
Performance.”
Operational Carbon Emissions Reduction Roadmap
Scope 1 and 2 Emissions Carbon Emissions in
2025
Emission intensity per
employee in 2025
32% 29%
Cakupan
Scope 2 2 Realisasi
Realization compared to the 2019 compared to the 2019
Scope 1 1
Cakupan Target
Target baseline baseline
(ribuan tCO2e)
359
(thousand
315 314 303 296
265
239
244 200
283
254
250
260
253
192
191
Target
NZE
76 61 64 43 43 47 53 NZE
Target
2019 2020 2021 2022 2023 2024 2025 2028 2030
Baseline
Baseline
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Financed Emissions [GRI 305-3]
In calculating emissions from financing activities (financed In 2025, Bank Mandiri reaffirmed this commitment by
emissions), Bank Mandiri refers to the GHG Protocol Scope 3 strengthening customer engagement through the active
Category 15 technical guidance1 and the OJK CRMS guidelines2. role of Relationship Managers (RMs) in obtaining data and
In addition, Bank Mandiri also adopts the PCAF3 methodology, understanding customers’ emissions profiles. As a result of
which represents best practice standards in the financial these efforts, Bank Mandiri successfully increased the coverage
industry for the calculation and reporting of financed emissions. of data included in financed emissions calculations, particularly
[FN-CB-410b.4] loan asset exposure, to 60.9% of the Bank’s total financing
Bank Mandiri has been a PCAF signatory since 2023 and is portfolio, equivalent to IDR798 trillion, representing an increase
committed to transparent and credible reporting of financed of 31% compared with the previous year.
emissions. Furthermore, Bank Mandiri is a member of the
PCAF4 Working Group, actively contributing inputs to the Following the expansion in calculation coverage, Bank Mandiri
development of GHG accounting methodologies for green and recorded total absolute financed emissions of 20.3 million
transition financing. tCO₂e, comprising 18 million tCO₂e from Loan Assets and 2.3
million tCO₂e from Other Assets. However, when viewed in
As part of its commitment to transparency regarding the terms of emissions intensity per billion Rupiah financed, Bank
impacts of its financing activities, Bank Mandiri continues to Mandiri recorded a decline in total financed emissions intensity
enhance the quality and completeness of financed emissions to 23.1 tCO₂e per IDR billion. [FN-CB-410b.2] [FN-CB-410b.3]
reporting data on an ongoing basis. The Bank also consistently
keeps abreast of regulatory developments and the latest best
practices.
Financed Emissions 26.4 Financed Emissions Intensity
(tCO2e /IDR billion)
Portfolio Coverage 23.1
(tCO2e /IDR billion)
2024 56.1%
19.4 20.3
2025 60.9% million
tCO2e
million
tCO2e
NZE
Target
2024 2025 2060
Notes:
• Scope 3 emissions calculations are expressed in tCO₂e.
• In 2023, Bank Mandiri established its financed emissions calculation using 2022 data as the baseline year, which also marked the Bank’s first year of financed emissions
calculation.
• Portfolio coverage refers to financed emissions from loan assets relative to the loan portfolio (bank-only basis).
1. Greenhouse Gas (GHG) Protocol Technical Guidance for Calculating Scope 3 Emissions
2. Climate Risk Management & Scenario Analysis (CRMS) 2024 Handbook, Financial Services Authority (Otoritas Jasa Keuangan/OJK)
3. Partnership for Carbon Accounting Financials (PCAF) Global GHG Accounting and Reporting Standard Part A: Financed Emissions
4. PCAF Standard Development Working Group 2024 kategori Green & Transition Finance
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Management: PSPK 1 Supporting Climate Sustainable
Culture Engagement Assessment Overview
Overview Change Mitigation Development Goals
Financed Emissions by Asset Class
Financed Emissions (million tCO2e)
Asset Class6 Data Quality Score1
20233 20244 20255
Loan Asset
Business Loans 2.0 10.7 12.3 14.0
Project Finance2 2.0 0.6 0.5 0.7
Sovereign Loans 2.0 1.1 1.8 2.4
Commercial Real Estate 4.0 0.3 0.2 0.1
Mortgages 4.0 0.4 0.4 0.5
Motor Vehicle Loans 4.0 0.4 0.4 0.3
Total Loan Asset 13.5 15.6 18.0
Other Asset
Sovereign Bonds 2.0 4.5 3.7 2.2
Corporate Bonds 2.0 0.1 0.1 0.1
Total Other Asset 4.6 3.8 2.3
Total Financed Emissions 18.1 19.4 20.3
1. In accordance with the PCAF guidelines.
2. Includes power generation projects (Independent Power Producers/IPP).
3. Based on financing data and customers’ emissions reports as of December 2022 (baseline).
4. Based on financing data and customers’ emissions reports as of December 2023.
5. Based on financing data and customers’ emissions reports as of December 2024.
6. For the Business Loans, Project Finance, and Corporate Bonds asset classes, the data covers only customers that have reported their emissions (Reported Emissions).
Net Zero Emission (NZE) in Financing by 2060
Bank Mandiri has set a NZE in Financing by 2060 target to be achieved by 2060. This target forms part of the Bank’s long-term
commitment to support the transition toward a low-carbon economy and is aligned with Indonesia’s Net Zero ambition.
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Largest Financed Emissions by Sector
By Absolute Emissions in 2025 (Million tCO2e) By Emission Intensity in 2025 (tCO2e/IDR Billion)
Cement 375.3
Oil & Gas 3.1
Power 2.3 Livestock 224.3
Generation
1.0 Oil & Gas 148.4
Coal
1.0
Power 88.7
FMCG
Generation
Chemicals & 0.9 Iron & Steel 75.2
Petrochemicals
0.9 Chemicals & 65.9
Agriculture
Petrochemicals
Iron & Steel 0.8 Healthcare 52.7
Non-Ferrous 0.6 Shipping 45.5
Mining
Livestock 0.6 Pulp & Paper 35.4
Construction 0.4 Agriculture 31.0
Overall, most sectors with the largest emissions, both in absolute terms and intensity, remain consistent with the previous year’s report;
however, the expansion of emissions data coverage and the increase in the number of debtors that have calculated and reported their
emissions across sectors have led to some changes in sector rankings.
Sustainable Finance Portfolio
Bank Mandiri is committed to implementing sustainable finance by providing comprehensive support for sustainable economic
growth aligned with economic, social, and environmental aspects. This commitment is realized through the Sustainable Banking pillar
by channeling sustainable financing in accordance with the Sustainable Business Activity Categories (KKUB) as stipulated under POJK
51/2017.
Bank Mandiri has established the following metrics and targets for KKUB financing disbursement:
Metric: 2025 Target:
Sustainable Business Activity Category (KKUB) Financing The Company successfully realized sustainable financing through the
disbursement of KKUB financing amounting to IDR315.84 trillion, exceeding
the target of IDR294.25 trillion.
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Sustainability Stakeholder Materiality Supporting Climate
Management: PSPK 1 Management: PSPK 2 Sustainable
Culture Engagement Assessment Change Mitigation
Overview Overview Development Goals
Products and Services
Supporting Climate Change
Mitigation
In response to climate change, Bank Mandiri recognizes the importance of meeting customer needs through product and service
innovation. The products and services that support climate change mitigation offered by Bank Mandiri in 2025 are presented in the
table below.
Wholesale Segment
Financing
Sustainability-Linked Loan Corporate-in-Transition Financing Green and Social Loan
Bank Mandiri provides Sustainability-Linked Loans Bank Mandiri provides financing to support clients Bank Mandiri provides loan products specifically
(SLL), a financing instrument that offers incentives in transitioning their businesses in alignment designed to finance projects and initiatives that
to debtors based on the achievement of previously with the goals of the Paris Agreement or NDC generate positive environmental impacts (green
agreed Key Performance Indicators (KPI) related to targets. Clients must have a clear transition loans), social impacts (social loans), or both
sustainability performance. This loan is designed strategy, measurable targets, and evidence of (sustainability loans). This financing follows the
to encourage debtors to achieve ambitious implementation within the past 12 months. Green Loan and Social Loan principles issued by the
sustainability targets across environmental, social, Loan Market Association (LMA) and the regulations
and governance (ESG) aspects. stipulated under POJK 51/2017.
Funding
Sustainability-Linked Term Loan
Sustainability Bond ESG Repo Green Bond
Facility for Overseas Branches
Bank Mandiri issues Sustainability Bank Mandiri issues ESG Repo Bank Mandiri issues Green Bond to Bank Mandiri provides a
Bonds, whereby the proceeds transactions for financing or channel financing in accordance Sustainability-Linked Term Loan
from the bond issuance are used refinancing sustainable projects with sustainability principles. In the Facility for Overseas Branches, a
to finance or refinance eligible that meet the criteria stipulated in allocation of proceeds from the financing scheme linked to the
sustainable projects in accordance Bank Mandiri’s Sustainability Bond green bonds, the Bank adheres to achievement of sustainability
with the criteria set out in Bank Framework, in order to support 11 Eligible Green Business Activities targets (Sustainability-Linked),
Mandiri’s Sustainability Bond measurable and sustainable (KUBL), which include areas such specifically designed to support
Framework. initiatives. as Renewable Energy, Clean the funding needs of Bank Mandiri’s
Transportation, Environmentally overseas branch offices.
Friendly activities, Sustainable
Natural Resource Management,
and Sustainable Land Use, in line
with Bank Mandiri’s Green Bond
Framework.
Untuk informasi lebih lanjut mengenai masing-masing produk, silakan merujuk ke Bab
“Mendorong Inovasi Melalui Perbankan Berkelanjutan”.
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Sustainability Sustainability
Accelerating Bank Mandiri’s Sustainability Vision Strategy Journey
Retail Segment
Financing
Battery-Based Electric Vehicle (BEV)
Green Mortgage MSMEs Credit
Financing
Bank Mandiri promotes green financing through Bank Mandiri has strong policies to support the Bank Mandiri, through Mandiri Tunas Finance
Green Mortgage products for properties that growth and strengthening of the MSME sector, and Mandiri Utama Finance, offers electric vehicle
have obtained green building certification, recognizing the significant role of MSMEs in (KBLBB) financing with competitive interest rates
such as NavaPark BSD City, which is certified Indonesia’s economy. This is implemented and special programs to support the transition
Greenship Platinum by GBCI. Customers receive through the provision of Government- toward clean energy.
preferential interest rates as a form of support subsidized Loan (KUR), Micro Business Credit
for sustainable development. (KUM), Working Capital Loans, and Investment
Loans to empower MSMEs.
Investment
Green Sukuk ESG Mutual Funds
Bank Mandiri markets Green Sukuk through its digital platform, Livin’ Bank Mandiri markets ESG Mutual Funds designed for retail investors,
by Mandiri, as one of the government’s distribution partners. The funds accessible through Livin’ by Mandiri, offering diversification and
raised are allocated to finance green projects in accordance with the transparency. These ESG products focus on investments in issuers that
framework issued by the government. demonstrate strong environmental, social, and governance practices.
Lifestyle and Services
Livin’ Planet Digital Banking Cardless Credit Card Recycled Card [OJK F.5]
Bank Mandiri launched Livin’ Planet, Bank Mandiri leverages digital Bank Mandiri launched a virtual Bank Mandiri continues to innovate
an innovative feature within the banking to support climate change credit card without a physical in developing more environmentally
Livin’ by Mandiri application aimed mitigation through the Livin’ card to reduce carbon waste from friendly products, such as debit and
at increasing customer awareness by Mandiri application for retail production, printing, and delivery of prepaid cards made from recycled
and participation in environmental customers and Kopra by Mandiri cards to customers. PVC materials.
preservation. Through Livin’ for wholesale customers, enabling
Planet, customers can calculate easier access to financial services
their carbon footprint from daily without the need to visit branch
activities using an integrated offices. In addition, Bank Mandiri
carbon calculator, participate operates Smart Branches as part of
in tree-planting programs, and its digital transformation, delivering
monitor their tree-planting fast, convenient, and secure
contributions. banking services. These initiatives
not only enhance customer
convenience but also reduce
carbon emissions by minimizing
the use of physical documents
and transportation, in line with the
Bank’s sustainability commitment.
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Sustainability Issues Climate Change Products and Services Contribution to
Sustainability Stakeholder Materiality Sustainable
Management: PSPK 1 Management: PSPK 2 Supporting Climate
Culture Engagement Assessment Development Goals
Overview Overview Change Mitigation
Contribution to Sustainable
Development Goals [GRI 2-22] [OJK F.25]
The implementation of Bank Mandiri’s social and environmental Republic of Indonesia No. 59 of 2017. Each of the Company’s
responsibility (CSR) programs was directed toward contributing CSR programs has been mapped against the relevant SDGs, as
to the achievement of Indonesia’s 17 Sustainable Development presented below.
Goals (SDGs), in line with Presidential Regulation of the
Mandiri Bersama Mandiri
Mandiri Sahabatku
Empowerment training for Indonesian Migrant
Workers (PMI) was provided to 21,074 participants
in Hong Kong, Malaysia, South Korea, Taiwan,
Japan, and Indonesia.
Aksi Bersih Mandiri
Supported the reduction of 12.7 tons of
plastic waste across 30 strategic locations,
involving 1,350 volunteers.
Wirausaha Muda Mandiri (WMM)
Competition concluded with the participation
of 20 finalists.
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Sustainability Sustainability
Accelerating Bank Mandiri’s Sustainability Vision Strategy Journey
Rumah BUMN Bank Mandiri
23 Rumah BUMN supporting a total of 17.6
thousand of Bank Mandiri’s fostered MSMEs.
Mudik Bersama Mandiri
Transported more than 8,000
homecoming travelers using a fleet of
170 buses.
Mandiri Sahabat Desa
Infrastructure support and financial
literacy initiatives for 18 villages.
Mandiri Bakti Kesehatan
Integrated healthcare services for over 7,000
underprivileged communities, supported by 42
ambulances and free mass circumcision programs
for more than 5,000 children.
Mandiri Sahabat Difabel
Training and education programs
for 210 persons with disabilities.
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Sustainability Issues Climate Change Products and Services Contribution to
Sustainability Stakeholder Materiality Sustainable
Management: PSPK 1 Management: PSPK 2 Supporting Climate
Culture Engagement Assessment Development Goals
Overview Overview Change Mitigation
Mandiri Lingkar Hijau
465 community beneficiaries
supported through 4 training
sessions and the provision of
17 business support facilities.
Mandiri Air Bersih
34 locations across various regions in Indonesia.
Mandiri Peduli Sekolah
Improvement of educational facilities and
infrastructure at 27 schools, benefiting
7,118 students.
Bangkit Bersama Mandiri
Mandiri Berbagi Kebaikan
A total of 57,600 Ramadan packages, 50,000
affordable Pasar Murah Mandiri packages, and
5,000 cans of ready-to-eat meat were distributed to
orphans, underprivileged communities, the elderly,
and low-income families across Indonesia.
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Sustainability Sustainability
Accelerating Bank Mandiri’s Sustainability Vision Strategy Journey
Disaster Response
300,000 packages containing food,
medicines, and other essential necessities.
Development of Public Facilities and Infrastructure
The development of public facilities was
carried out at more than 400 locations across
various regions in Indonesia.
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Sustainability Issues Climate Change Products and Services Contribution to
Sustainability Stakeholder Materiality Sustainable
Management: PSPK 1 Management: PSPK 2 Supporting Climate
Culture Engagement Assessment Development Goals
Overview Overview Change Mitigation
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Driving Innovation through
Sustainable Banking
ESG Risk Management Oversight and Engagement
in Financing������������������������������������������������������������������������������������������������������� 176
• Management of Climate Change-Related Risks to Business and the
Financing Portfolio
• Sustainable Finance Framework
• Internal Engagement Related to ESG Risk Management in Financing
• Engagement with Policymakers
Integration of ESG Risk Management into Credit
Risk Assessment���������������������������������������������������������������������������������������������� 181
• Process for Integrating ESG Risk Management into Financing Activities,
Including Corporate Finance and Project Finance
• ESG Risk Assessment in the Credit Approval Process
• ESG Risk Assessment Tools
• Environmental and Social Compliance Checklist (ESCC) as a Tool for ESG
Maturity Level Assessment and Customer Engagement
Environmental Financing Opportunities���������������������������������������������� 202
• Sustainable Financing
• Sustainable Financing Portfolio
• Sustainable Products and Services
• Sustainable Investment Approach
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Driving Innovation through Sustainable Banking
ESG Risk Management
Oversight and Engagement
in Financing
Bank Mandiri’s commitment to achieving Net Zero Emission In line with this commitment, Bank Mandiri has continued to
(NZE) in Financing by 2060 is based on the understanding that strengthen its ESG risk management framework, particularly in
Environmental, Social, and Governance (ESG) issues present financing activities, to ensure that credit decisions increasingly
both risks and opportunities that must be managed responsibly. reflect the principles of prudence and sustainability.
ESG Risk Management Governance and Oversight in Financing
Bank Mandiri Board of Commissioners
Oversight of ESG risk management in financing activities
President Director of Bank Mandiri
Primary person in charge of ESG risk management in financing
Risk Management Committee Risk Monitoring Committee (KPR) Credit Policy Committee (CPC)
(RMC)
Integration of ESG aspects into core Monitors risks, establishes policies, and Evaluates and oversees the
business processes, including through the formulates risk management strategies, implementation of credit policies, provides
strengthening of sector-based credit policies, including aspects related to ESG recommendations for improvements
implementation of Environmental and to the Board of Directors regarding
Social Risk Management (ESRM), Climate Risk credit policies, monitors and evaluates
Management & Scenario Analysis (CRMS), compliance with Maximum Limit of Credit
Environmental and Social Compliance Checklist Extension, and conducts evaluations of
(ESCC), Early Warning Analysis, and monitoring management limits.
of various other ESG risk aspects.
Chairperson: Vice President Director Chairperson: Independent Commissioner Chairperson: President Director
Members: Director of Human Capital & Members: Independent Commissioner Voting members: Director of Corporate
Compliance, Director of Network & Retail and Independent Non-Commissioner Party Banking, Director of Commercial Banking,
Funding, Director of Operations, Director of Director of Network & Retail Funding,
Finance & Strategy, Director of Information Director of Operations, Director of Risk
Technology, Director of Risk Management, Management, and SEVP Internal Audit
SEVP of Information Technology, and SEVP
of Wholesale Risk.
Primary responsibility for ESG risk management in financing established a Risk Management Committee (RMC). The
activities at Bank Mandiri is held by the President Director. A Committee focuses on integrating ESG into core business
strategic measure to strengthen governance and enhance processes, including the strengthening of sector-based credit
oversight of ESG risk management, Bank Mandiri has policies, the implementation of Environmental and Social Risk
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Engagement in Financing Credit Risk Assessment Opportunities
Management (ESRM), the Climate Risk Management System CPC is chaired by the President Director, with voting members
(CRMS), and the monitoring of various other ESG risk aspects. comprising the Director of Corporate Banking, Director of
The Committee is chaired by the Vice President Director, with Commercial Banking, Director of Operations, Director of Risk
members drawn from the Board of Directors, who bring diverse Management, and the SEVP of Internal Audit. The Committee is
backgrounds in business and risk management to ensure responsible for evaluating and overseeing the implementation
synergy of expertise and experience. of credit policies, providing recommendations for improvement
to the Board of Directors in relation to credit policies, monitoring
In addition to the RMC, Bank Mandiri has also established a Risk and evaluating compliance with Maximum Limit of Credit
Monitoring Committee (KPR) at the Board of Commissioners Extension, and conducting evaluations of management limits.
level, chaired by the Independent Commissioner. The Policies that have been evaluated are subsequently submitted
members of the RMC include the Director of Risk Management, to the Board of Commissioners for approval. As part of the
Independent Commissioner and Independent Non- implementation of Good Corporate Governance, credit policies
Commissioner Party. The Committee monitors risks, establishes are reviewed annually to ensure alignment with best practices
policies, and formulates risk management strategies, including and compliance with applicable laws and regulations.
aspects related to ESG. KPR holds quarterly meetings to discuss
strategic risk management topics. KPR and RMC regularly convene meetings to discuss various
topics related to ESG risk management in financing activities. In
Bank Mandiri has further strengthened its risk governance by 2025, out of a total of 45 meetings held, 12 meetings specifically
separating the functions of the Credit Policy Committee (CPC) addressed topics related to ESG risk management in financing
from those of the Risk Management Committee (RMC). The activities, including:
Meeting Date Meeting Agenda Meeting Participant
Approval of the Allocation and Impact Report for the Sustainability Bond, ESG Repo,
January 23, 2025 RMC
and Green Bond
February 21, 2025 Approval of the Risk Appetite Threshold (RAT) for 2025 RMC
Update on Wholesale Segment Watchlist Debtors with limits above IDR3 trillion Q4
March 20, 2025 KPR
2024
Bank Soundness Level II Semester 2024 and Risk Dashboard January & February
April 10, 2025 KPR
2025
April 17, 2025 Individual and consolidated Risk Profile Self-Assessment as of March 31, 2025 RMC
Report on Wholesale Segment Watchlist Debtors and Debtors with limits above
June 26, 2025 KPR
IDR3 trillion Q1 2025
Individual Risk Profile and Bank Mandiri Soundness Level Self-Assessment as of
July 15, 2025 RMC
June 30, 2025
July 17, 2025 Development of Loan at Risk (LAR), Q1 2025 Stress Test KPR
Subsidiaries’ Risk Profile and Soundness Level Self-Assessment for integrated and
July 30, 2025 RMC
consolidated reporting as of June 30, 2025
September 15, 2025 Approval of the 2025 Risk Maturity Index (RMI) Assessment Results RMC
Individual and consolidated Bank Mandiri Risk Profile Self-Assessment as of
October 16, 2025 RMC
September 30, 2025
November 6, 2025 Proposal of the Sustainable Finance Action Plan (SFAP) for 2026–2030 KPR
The results of discussions and recommendations from these committees are regularly communicated to the Board of Directors and the
Board of Commissioners. This mechanism ensures accountability, transparency, and optimal integration in strategic decision-making
processes.
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Driving Innovation through Sustainable Banking
Management of Climate Change-Related Risks to Business
and the Financing Portfolio
The Board of Directors holds the highest responsibility for sectoral level, using flood and forest fire scenarios for physical
managing climate change-related risks and opportunities, while risk, as well as climate scenarios developed by the Network for
oversight at the Board of Commissioners level is conducted by Greening the Financial System (NGFS), including the Current
the Risk Monitoring Committee (KPR). Climate change-related Policies, Delayed Transition, and Net Zero 2050 scenarios for
issues have been incorporated into the Board of Directors’ transition risk.
agenda and are scheduled for regular discussion. Further details
are presented in the Climate Change Issue Management: IFRS Results indicate that climate change risks have the potential to
S2 Overview. affect financing quality, as reflected in an increase in the Non-
Performing Loan (NPL) ratio, Expected Credit Loss (ECL), and
Bank Mandiri conducted a comprehensive climate risk capital implications under certain scenarios. Further details on
materiality assessment at the group level through the 2025 the analysis results are presented in the Climate Change Issue
Climate Risk Management & Scenario Analysis (CRMS) Pilot Management: IFRS S2 Overview.
Project. This covered 100% of the financing portfolio at the
Sustainable Finance Framework [GRI G4 FS1]
• Green Bond Principles (2021), Social Bond Principles (2023),
Sustainability Bond Principles (2021), and Sustainability-
Linked Bond Principles (2023) managed by the International
Capital Markets Association (ICMA)
• Green Loan Principles (2023), Social Loan Principles (2023),
and Sustainability-Linked Loan Principles (2023) managed
by the Loan Market Association (LMA)
• Climate Bonds Taxonomy (2021) managed by the Climate
Bonds Initiative (CBI)
• European Union Taxonomy (2021 and 2022) managed by
the European Commission
• ASEAN Green Bond Standards (2018), Social Bond Standards
(2018), Sustainability Bond Standards (2018), Sustainability-
In 2024, Bank Mandiri issued the Sustainable Finance Linked Bond Standards (2023), and the ASEAN Sustainable
Framework as part of its strategy to guide stakeholders, Finance Taxonomy Version 2 (2023) managed by the ASEAN
including regulators, clients, investors, and internal parties in the Capital Markets forum
classification, monitoring, and reporting of sustainable finance. • POJK No. 51/2017 and POJK No. 18/2023 regulated by the
The commitment is realized through the mobilization of capital Financial Services Authority (OJK)
for projects focused on environmental sustainability and social • Indonesian Sustainable Finance Taxonomy (2024) managed
well-being, enabling the issuance of sustainable financial by the Financial Services Authority (OJK)
instruments, such as Green, Social, and Sustainability Bonds, as
well as instruments linked to sustainability. In developing this The framework includes several key elements, including the use
framework, Bank Mandiri contributes to the achievement of the of proceeds, the evaluation and selection process for proposals,
Sustainable Development Goals and aligns with the following management of proceeds, reporting, and external review. It is
standards and principles, which are not limited to: dynamic, applicable to transactions submitted after its issuance,
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ESG Risk Management Oversight and Integration of ESG Risk Management into Environmental Financing
Engagement in Financing Credit Risk Assessment Opportunities
and is updated in line with the development of sustainability Furthermore, Bank Mandiri has issued a Transition Finance
standards and principles. Framework to support the process towards a low-carbon
economy, taking into account the socio-economic context
Bank Mandiri has obtained a Second Party Opinion (SPO) from of Indonesia. This framework refers to the ASEAN Taxonomy
the renowned independent institution S&P Global Ratings for Sustainable Finance (2023), the ASEAN Transition Finance
to ensure that the Sustainable Finance Framework aligns Guidance (2023), the Indonesian Taxonomy for Sustainable
with international standards and principles. This SPO affirms Finance (2024) issued by OJK, and the Climate Transition
Bank Mandiri’s commitment to implementing responsible Finance Handbook (2023) published by ICMA. Transition
sustainable finance practices and supporting the achievement finance is essential to bridging the gap by mobilizing capital
of ESG goals. to drive climate solutions, support emission reduction, and
facilitate industries in a gradual and structured manner toward
environmentally friendly practices that achieve a low-carbon
economy.
Internal Engagement Related to ESG Risk
Management in Financing [GRI G4 FS4] [GRI 404-2] [OJK F.22]
Bank Mandiri has developed sectoral expertise among and capabilities in effectively identifying ESG risks, ensuring
Relationship Managers (RM) and credit analysts to ensure a risk management practices are aligned with sustainability
comprehensive understanding of sector-specific material principles.
issues related to environmental and social aspects. Bank Mandiri
also provides training to RMs to enhance their knowledge Credit risk management training related to ESG in 2025 covered:
Topic: Number of Participants
ESG Industry Risk Assessment, Credit Policy Assessment (KPKD) and SPK, Credit Analyst
Program, and Orchestrating the Ecosystem through the Implementation of the Sustainable
Finance Framework and Transition Finance Framework.
3,069
In 2025, Bank Mandiri actively engaged with its Subsidiaries into internal policies, taking into account the specific business
to strengthen corporate governance. These engagement characteristics of each Subsidiary. The process was carried out
initiatives were undertaken to enhance alignment with Bank through mentoring, training sessions, and technical meetings.
Mandiri’s sustainability strategy and to integrate ESG aspects
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Driving Innovation through Sustainable Banking
Engagement with Policymakers
Bank Mandiri engages with policymakers and industry stakeholders to promote sustainable practices in Indonesia through technical
committees, forums, and bilateral meetings. In addition, Board-level management are involved in climate risk strategy discussions as
part of a proactive approach that is integrated with business strategy.
From a regulatory perspective, Bank Mandiri promotes sustainability practices through initiatives such as:
1 Climate Risk Testing through Scenario Modeling or Sensitivity Analysis
Bank Mandiri has developed climate risk management and scenario analysis, submitted to the Financial Services Authority
(OJK) to identify the impact of climate risks on the bank’s portfolio. In addition, feedback is provided to the regulator on
climate risk testing in the banking sector, particularly with regard to challenges, methodologies, and methodological
developments based on available data.
2 Support for the Sustainable Finance Taxonomy
Bank Mandiri is one of the institutions participating in the task force for the development of the Indonesia Sustainable
Finance Taxonomy (TKBI) and the Green Taxonomy (THI) and is among the banks implementing the first THI pilot project.
Bank Mandiri’s role includes providing feedback to the regulator on taxonomy and participating proactively in focus
group discussions (FGDs) with the OJK, banking associations, and other industry stakeholders.
Throughout 2025, Bank Mandiri participated in various coordination activities and discussions. In addition, Bank Mandiri
consistently submitted quarterly reports on the Indonesia Green Taxonomy (THI) and the Indonesia Sustainable Finance
Taxonomy (TKBI) to the Financial Services Authority.
3 Collaboration with Relevant Ministries
Bank Mandiri initiatives are aligned with national and SOE policies, including synergies in renewable energy projects,
carbon trading mechanisms, incentive schemes for industry players, and the identification of required private investments
through strategic collaboration. In 2025, Bank Mandiri actively participated in various forums, initiatives, and cross-
stakeholder collaborations to support this agenda.
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Engagement in Financing into Credit Risk Assessment Opportunities
Integration of ESG Risk
Management into Credit Risk
Assessment [FN-CB-410a.2] [GRI G4 FS2]
Process for Integrating ESG Risk Management into
Financing Activities, Including Corporate Finance and
Project Finance
PRE-APPROVAL APPROVAL POST-APPROVAL
PRE-SCREENING CREDIT ANALYSIS CREDIT DOCUMENTATION
(Business Unit + Risk Management (Business Unit + Risk Management Unit) (Business Unit + Risk Management Unit + Credit
Unit) Operations Unit)
Conducting credit analysis by reviewing various aspects, including:
• Feasibility assessment based on • Qualitative aspects, including industry and market outlook as • Business Unit:
the IAC, including ESG aspects, well as the quality of company management; Fulfillment of required credit documentation
and the exclusion list • Compliance and legal documentation, including AMDAL, and execution of the credit agreement.
• Name clearance (KYC and AML- UKL, PROPER, OHS, and other applicable environmental • Risk Management Unit:
CFT) and historical negative requirements; Review of the alignment of credit agreement
list checks through the Radar • Quantitative aspects, covering the company’s financial documents with the outcomes of credit
Engine performance; committee decisions.
• Pipeline discussion • Risk assessment and mitigation, including ESG risks, in the • Credit Operations Unit:
credit decision-making process. Preparation of credit agreements, collateral
and insurance arrangements, and review of
compliance with credit conditions.
LEGAL AND COMPLIANCE REVIEW
(Legal + Compliance)
CREDIT DISBURSEMENT
(Credit Operations Unit)
• Providing legal opinions and solutions related to legal aspects,
including ESG considerations, in the credit process; • Compliance review to ensure fulfillment of all
• Reviewing applicable internal policies and external regulations credit requirements;
(laws and regulations). • Loan activation to activate the approved credit
facilities;
• Loan disbursement as the final stage of fund
CREDIT COMMITTEE MEETING disbursement to the debtor.
(Business Unit + Risk Management Unit)
IAC Aspect
• The credit approval process is conducted through the Credit CREDIT MONITORING
Committee Meeting forum, which consists of at least two (Business Unit + Risk Management Unit + Credit
1. Management members, each representing the Business Unit and the Risk Operations Unit)
Management Unit. Both parties play a role in the decision-
making process related to credit approval. Credit quality is monitored through the following
2. Technical activities:
• Periodic calls and on-site visits;
3. Financial • Compliance with credit requirements in
CREDIT APPROVAL accordance with applicable provisions;
4. Marketing
(Authorized Officers) • Annual review of credit facilities;
• Stress testing and sensitivity analysis to identify
• Credit approval is granted by authorized officers in accordance potential risks;
5. Legal
with the credit authority limits stipulated in Bank Mandiri’s • Monitoring of credit document maturity;
internal regulations. Such authority is vested in officers holding • Early Warning Mechanism;
6. Environmental, Social, positions ranging from Vice President and Senior Vice President • Environmental and Social Compliance
and Governance (ESG) up to the Board of Directors level. Checklist (ESCC).
ESG Risk Assessment Tools: ESG Risk Assessment Tools: ESG Risk Assessment Tools:
• Industry Acceptance • Pipeline Management System (PMS) • Environmental and Social Compliance
Criteria (IAC) • Integrated Processing System (IPS) Checklist (ESCC)
• Radar Engine (Radar) • Early Warning and Credit Quality Analysis
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ESG Risk Assessment in the Credit Approval Process
ESG risk assessment in lending activities is conducted on an sectoral credit policies. The Business Unit then proceeds with
end-to-end basis across all stages of credit disbursement and the pre-approval process using credit risk tools, including the
integrated across the Business Unit, Credit Operation Unit, and application of ESG. For the wholesale segment, assessments are
Credit Risk Management Unit. Bank Mandiri establishes the level based on the Industry Acceptance Criteria (IAC) and credit risk
of risk that the Bank is willing to accept (risk appetite) as well scorecards, in accordance with the applicable risk acceptance
as industry risk tolerance (industry appetite), aligned with ESG criteria for each product.
aspects as stipulated in Bank Mandiri’s policies. The outcomes of
this determination are subsequently formalized in the technical As a result of ESG risk assessments, Bank Mandiri has integrated
guidelines of the Industry Acceptance Criteria (IAC). ESG into the Company’s credit policies and established both
a Sustainable Finance Framework and a Transition Finance
Each Business Unit performs assessments based on the Loan Framework to identify financing and projects that are aligned
Portfolio Guidelines, which encompass Industry Classifications with applicable regulations and global standards.
(IC), Industry Limits (IL), Industry Acceptance Criteria (IAC), and
ESG Risk Assessment Tools [GRI G4 FS2]
Bank Mandiri’s ESG risk assessment tools are key instruments in the financing process, supporting Relationship Managers’ financing
analysis through:
Identification and assessment of ESG risks faced by customers;
Evaluation of mitigation measures implemented by customers to manage ESG risks; and
Assessment of the extent to which financing provided to customers is aligned with the commitments set out in Bank Mandiri’s
ESG requirements.
These tools also include a set of specific questions to assess the compliance with applicable environmental and social criteria,
alignment of financing provided to customers with debtors’ in accordance with prevailing regulations.
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Engagement in Financing into Credit Risk Assessment Opportunities
Industry Acceptance Criteria (IAC) as an Initial ESG
Risk Pre-Screening Tool [GRI G4 FS2]
IAC is a front-end tool in the early stage of the credit process used to support Business Units in conducting pre-screening or identifying
targeted customers within specific sectors or industries. The criteria established for each industry sector represent Bank Mandiri’s risk
appetite, as stipulated in Internal Regulation No. K5.SP1.PT9.
The IAC is a checklist defined for each industry sector or sub-sector, covering the following 6 (six) aspects:
1 Management 4 Marketing
Criteria related to a company’s organizational and Criteria related to a company’s marketing activities,
management, such as the capability and experience such as the products sold, market prospects, and
of company management in the business sector distribution channels.
for which credit facilities are proposed.
2 Technical 5 Legal
Criteria related to technical issues in business Criteria related to legal compliance, such as a
operations, such as production processes. company’s legal status, business legality, and
business licenses.
3 Financial 6 Environmental, Social, and Governance (ESG)
Criteria related to a company’s financial condition, Criteria related to a company’s responsibilities
including profitability, liquidity, solvency, and the and governance toward environmental and social
scale of business activities. aspects, employees, and stakeholders.
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Driving Innovation through Sustainable Banking
The ESG aspects within the IAC are embedded in Bank Mandiri’s Policy Architecture (AKBM), which positions the principles of sustainable
development as the primary guideline in conducting business and operational activities. In every decision-making process, Bank Mandiri
actively assesses potential adverse environmental impacts as well as various social and environmental risks.
Bank Mandiri has established the following key criteria within its ESG-based credit policies:
General Environmental Criteria
Bank Mandiri has established criteria related to environmental aspects in the selection of prospective debtors, including
the following:
X Have environmental management documents in accordance with the industrial sector and applicable regulations,
including Environmental Impact Analysis (AMDAL)* documents for mandatory business/activity plans or
Environmental Management Effort (UKL) and Environmental Monitoring Effort (UPL) documents;
X Provide the results of the Company Performance Rating Program in Environmental Management (PROPER)
assessment, as required by applicable regulations;
X Hold relevant environmental management permits/certifications or meet other applicable environmental criteria
in compliance with prevailing laws and regulations.
X Implement energy efficiency measures through environmentally friendly and efficient distribution processes,
supported by documentation acceptable to the Bank.
ESG impacts considered in AMDAL include but are not limited to: (1) forestry sector: avoiding disturbances to forest
ecosystems, hydrology, biodiversity, pests, landscapes, and social conflicts; (2) agricultural sector: soil erosion, changes
in water availability and quality due to land clearing, spread of pests, diseases, and weeds during operations, and
changes in soil fertility due to the use of pesticides/herbicides.
* Referring to the Regulation of the Minister of Environment and Forestry of the Republic of Indonesia Number P.38/MENLHK/SETJEN/KUM.1/7/2019
concerning Types of Business Plans and/or Activities Required to Have an Environmental Impact Analysis (AMDAL), which mandates debtors to comply
with the conclusions and recommendations of AMDAL as required by the Ministry of Environment and Forestry (KLHK).
General Social Criteria
Bank Mandiri has established criteria related to social aspects in the selection of prospective debtors, including the
following:
X Have internal policies on Environmental Management and Occupational Health and Safety (OHS) Management
that are acceptable to the bank;
X Hold relevant environmental management permits/certifications or meet other applicable social criteria in
accordance with prevailing laws and regulations.
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General Governance Criteria
Bank Mandiri has established criteria related to governance aspects in the selection of prospective debtors, including
the following:
X The composition of the Board of Directors (skills and experience) is a key consideration in credit analysis, including
the directors’ professional backgrounds. Changes to the Board of Directors typically require the Bank’s approval
and are stipulated in the credit covenant;
X Financially, the Relationship Manager (RM) requests audited financial statements from clients. However, audited
financial statements are not mandatory for retail clients.
X Public companies are required to prepare sustainability reports in accordance with the provisions of the Industry
Acceptance Criteria (IAC).
Exclusion List
Bank Mandiri is committed to not providing credit financing for business activities that may have negative impacts on the
environment and society, as outlined in the following exclusion/negative list:
1. Environmental Aspects
a. Illegal logging;
b. Land clearing on peatland;
c. Business activities that disrupt protected areas, such as World Heritage Sites (UNESCO World Heritage Sites),
wetlands meeting Ramsar Convention* criteria, and areas with high biodiversity categorized as protected areas
under IUCN Categories I and II, as well as in accordance with the Convention on Biological Diversity**.
2. Social Aspects
a. Human rights violations as stipulated in labor laws and ILO Conventions***;
b. Drug abuse;
3. Governance Aspects
a. Other business activities that are not in compliance with applicable laws, including but not limited to: pornography,
gambling, money laundering, corruption, collusion, and nepotism, as well as goods and services that violate
prevailing legal regulations.
*The Ramsar Convention on Wetlands, ratified through Presidential Regulation No. 48 of 1991.
**The Convention on Biological Diversity (CBD), ratified through Law No. 5 of 1994, with reference to the guidelines for the use of IUCN protected area categories
under the CBD.
***Applicable labor regulations in accordance with ILO standards, namely: Law No. 21 of 2000 on Trade Unions; Law No. 13 of 2003 on Manpower as amended
by Law No. 11 of 2020 on Job Creation; Law No. 2 of 2004 on Industrial Relations Dispute Settlement; as well as laws related to the ratification of ILO conventions.
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Credit Policy for Priority Sectors [GRI G4 FS1, FS2]
Bank Mandiri’s sectoral risk appetite policies are set out in the Industry Acceptance Criteria (IAC) No. K5.SP1.PT9 document. Policies
for each sector are reviewed periodically to ensure continued alignment with business dynamics and are subject to strict oversight,
consistent with formal credit policies. Credit policies incorporating ESG aspects are also subject to approval by senior management.
In determining priority sectors, Bank Mandiri takes into account sectoral exposure and direct involvement of Group Credit, including
in-depth assessments of industries with high ESG risk intensity.
The priority sectors include Agriculture, Coal, Energy, Construction, Mining, Other Transportation Equipment Manufacturing (Shipyard),
Fast Moving Consumer Goods (FMCG), Oil and Gas, Industrial Plantation Forest (HTI) and Forest Product Processing Industry, Healthcare
Services, Pharmaceuticals, Transportation, Pulp and Paper, Metals, Telecommunications, Hotels, Restaurants and Accommodation,
Fertilizers and Pesticides, Cement, Automotive, Chemicals, Household Equipment, Livestock & Fisheries, Electronics, and Sectors
Sensitive to ESG Aspects.
Agriculture
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a minimum PROPER rating of Blue and/or at least an AMDAL or UKL-UPL report approved by the
Environmental Agency (BLH).
2. Having a Wastewater Treatment Facility (IPL) with a study that ensures the IPL is operational and that water quality
parameters are within the specified limits.
3. Having a commitment to the No Deforestation, No Peat, and No Exploitation (NDPE) Policy, covering land clearance
and development, conservation of High Conservation Value (HCV) and/or High Carbon Stock (HCS) areas, and
peatland.
4. Having no new facilities allowed for development in peatland, whether for new or existing debtors.
5. Having a Wastewater Treatment Facility (IPL) with a study related to the availability of operational IPL and that water
quality parameters are within the specified limits.
6. Having ISPO and/or RSPO certification, or at least proof of registration in the form of a receipt from the certification
body, for the palm oil plantation subsector.
7. For palm oil plantations that do not yet have ISPO and/or RSPO certification, the following criteria apply:
a. Having a business ethics code, environmental policy, and labor policy (including Occupational Health and Safety).
b. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the bank.
c. Having SOPs for fire prevention and management, fire-fighting equipment suitable for land conditions, fire
monitoring towers, and a trained fire response team according to the standards of the Directorate General of
Plantations (Ditjenbun).
d. Having plantation companies with land areas of 250 hectares or more facilitate the development of community
plantations covering at least 20% of the area outside the IUP-B (Plantation Business Permit) or IUP (Plantation
Permit) or as specified in the location permit.
e. Having a system/procedure to identify the origin of plantations/sources of the palm oil used.
f. Having technical approval documentation for the management of hazardous and toxic waste (B3 waste).
g. Having an internal policy on No Deforestation, No Exploitation (NDPE), covering land clearing and development,
conservation of High Conservation Value (HCV) areas, and peatlands.
h. If the (prospective) debtor owns a Palm Oil Mill, the facility must be equipped with a Wastewater Treatment Plant
(WWTP/IPL) and hold a Wastewater Discharge Permit (IPLC).
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Coal
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Not providing financing to new mining operations (exploration phase).
2. Having a minimum PROPER rating of Green and/or at least an AMDAL or UKL-UPL report (including reclamation and
post-mining guarantees) approved by the Environmental Agency (BLH).
3. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents accepted
by the bank.
4. For financing mining operations as suppliers to coal-fired power plants (PLTU), the financing term must consider a
coal phase-out strategy in line with the applicable PLN’s RUPTL (Electricity Supply Business Plan).
5. If mining is conducted in forested areas, the mining company must have a Forest Area Borrowing Permit issued by
the Ministry of Environment and Forestry.
6. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
Energy
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a PROPER rating and/or at least an AMDAL or UKL-UPL report approved by the Environmental Agency (BLH).
2. For financing the development of new coal-fired power plants (PLTU) with PLN as the off taker, the financing term
must consider the alignment with the coal phase-out strategy in accordance with the applicable PLN’s RUPTL
(Electricity Supply Business Plan).
3. For power plants that are already operational, having environmental management certification such as ISO 14001/
ISO 45001 or other similar documents accepted by the nank.
4. For operational power plants, having a Code of Ethics, environmental policies (such as carbon emissions, coal ash,
and water and waste management), and labor policies.
5. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
6. Specifically for Hydroelectric Power Plants (PLTA), having a Feasibility Study that is prepared or reviewed by an
independent consultant, including a Hydrological Study related to the adequacy of river water flow, to ensure that it
does not disrupt the sustainability of the ecosystem (biodiversity and local communities’ access to clean water).
Construction
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents accepted
by the bank.
2. Having internal policies (code of ethics) related to the environment and labor.
3. Having internal policies and standard operating procedures (SOP) related to accident handling for toll road operators.
4. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
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Mining
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a minimum PROPER rating of Green and/or at least an AMDAL or UKL-UPL report (including reclamation and
post-mining guarantees) approved by the Environmental Agency (BLH).
2. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents accepted
by the bank.
3. The company applies good mining practices in accordance with applicable laws and regulations, including
submitting the Work Plan and Budget (RKAB) for the relevant year approved by the Ministry of Energy and Mineral
Resources (ESDM), and/or other required documents related to good mining practices.
4. Having internal policies (Code of Ethics) related to the environment and labor.
5. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
Other Transport Equipment Industry (Shipyard)
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having efforts to implement energy efficiency and emission reduction, supported by documents that are acceptable
to the bank.
2. For public companies, having a Sustainability Report is mandatory.
3. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
Fast Moving Consumer Goods (FMCG)
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a minimum PROPER rating of Blue and/or at least an AMDAL or UKL-UPL report approved by the
Environmental Agency (BLH).
2. Having a code of ethics, environmental policies (such as the use of chemicals, and water and waste management),
and labor policies (including OHS).
3. For distributors, having provisions for packaging recycling or clear targets to reduce plastic waste with
environmentally friendly materials.
4. For the bottled mineral water industry:
a. Having provisions for packaging recycling or clear targets to reduce plastic waste with environmentally friendly
materials.
b. Using spring water in accordance with applicable laws and regulations, including maintaining water sources for
sustainability and ensuring the availability of water for the surrounding environment.
5. Paying attention to labor aspects such as minimum wages and not employing workers under the legal age.
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Oil and Gas
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents accepted
by the bank.
2. Having an AMDAL or UKL-UPL report approved by the Environmental Agency (BLH).
3. Oil and gas business activities must have documentation stating the fulfillment of all oil and gas safety requirements
(for installations and equipment, workers, the general public, and the environment), with specific supporting
documentation proven by a Supporting Business Certificate (SKUP).
4. Having policies/standards and procedures related to environmental management, and Occupational Health and
Safety (OHS), in accordance with the applicable oil and gas regulatory authorities at the business location.
Industrial Plantation Forest (HTI) Sector and Forest Products Processing Industry
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having an AMDAL (Environmental Impact Assessment) in accordance with the requirements of the relevant
authorities.
2. Fulfilling the forest management permit documents for industrial timber plantations, including the Timber Forest
Product Utilization Business Permit (IUPHHK) and/or Non-Timber Forest Product Utilization Business Permit
(IUPHHBK), along with the approved Business Work Plan (RKU) from the Ministry of Environment and Forestry.
3. Where customary land is utilized, implementing measures to empower indigenous and/or local communities in
accordance with applicable regulations, and obtaining consent through the Free, Prior and Informed Consent (FPIC)
process from the relevant indigenous/local communities.
4. Having human resources and/or experts in the field of natural resource and ecosystem conservation, supported by
competency certificates issued by authorized institutions.
5. Implementing forest protection measures, including the prohibition of land burning practices, environmental
restoration, and land rehabilitation.
Healthcare Services
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having internal policies on environmental management and Occupational Health and Safety (OHS) management
that are acceptable to the bank.
2. The hospital must have a Wastewater and Medical Waste Management Permit, as well as AMDAL/UKL/UPL
documents.
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Pharmaceutical
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having internal policies on environmental management and Occupational Health and Safety (OHS) management
that are acceptable to the bank.
2. The pharmaceutical company must have a Wastewater and Medical Waste Management Permit, as well as AMDAL/
UKL/UPL documents.
3. Having environmental permits and/or certifications (commensurate with the risks posed by waste-related hazards
and in accordance with the requirements of the Ministry of Environment).
Transportation
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having environmental management certification such as ISO 14001/ISO 45001, as well as Occupational Health and
Safety (OHS) management certification like ISO 45001 or other similar documents accepted by the bank.
Pulp and Paper
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having environmental management certification such as ISO 14001 and Occupational Health and Safety (OHS)
management certification like ISO 45001, or other documents accepted by the bank.
2. Having a minimum PROPER rating of Blue and/or at least an AMDAL or UKL-UPL report approved by the
Environmental Agency (BLH).
3. The company must have a wastewater treatment facility (IPAL), waste treatment facility (IPL), Liquid Waste Disposal
Permit (IPLC), and hazardous and toxic waste (B3) treatment facility, supported by documents that are acceptable to
the bank.
4. For the pulp and paper trade, the company must have efforts/statements/self-declarations to meet the following
principles/commitments:
a. Selling products or services that aim to minimize environmental harm.
b. A more environmentally friendly, efficient, cost-effective, and energy-efficient distribution process.
c. Allocating a budget for environmentally friendly marketing.
d. Not overusing resources.
e. Having sustainability certifications such as Forest Stewardship Council (FSC), Programme for the Endorsement of
Forest Certification (PEFC), or ecolabel certifications.
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Metals
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a minimum PROPER rating of Green and/or at least an AMDAL or UKL-UPL report (including reclamation and
post-mining guarantees) approved by the Environmental Agency (BLH).
2. The company applies Good Mining Practices in accordance with applicable laws and regulations.
3. Having Occupational Health and Safety (OHS) certification (such as OHSAS 18001 or other similar documents
accepted by the bank).
4. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents accepted
by the Bank.
5. Having Environmental and Social requirements such as UKL-UPL or AMDAL (including reclamation and post-mining
guarantees), achieving at least a Blue PROPER rating, as well as holding Occupational Health and Safety certification
(such as OHSAS 18001 or other equivalent documents acceptable to the Bank) and environmental management
certification.
6. Having a Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with wastewater quality
standards, as well as SOPs for the operation and maintenance of Wastewater Treatment Facilities (IPAL) for
companies generating liquid waste.
7. Having technical approval documents for the self-management of hazardous and toxic (B3) waste and/or
cooperation agreements with licensed third parties for B3 waste treatment.
Telecommunications
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents accepted
by the bank.
2. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
3. Having internal policies related to data privacy in accordance with applicable regulations, as well as having high-level
systems and capabilities related to cybersecurity.
Hotels, Restaurants, and Accommodation
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a PROPER rating and/or at a minimum have an AMDAL, UKL-UPL, or SPPL report that has been approved by
the Environmental (BLH).
2. Holding environmental management certifications such as ISO 14001 and/or ISO 45001 ISO 22483 related to tourism
management systems, or other equivalent documents acceptable to the bank.
3. Having policies and/or certifications related to Occupational Health and Safety (K3), in accordance with applicable
regulations.
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Fertilizers & Pesticides
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a PROPER rating and/or at least an approved AMDAL/UKL-UPL/SPPL report from the Environmental Agency
(BLH).
2. Having environmental management certifications such as ISO 14001/ISO 45001 or other equivalent documents
accepted by the bank.
3. Having compliance with applicable Occupational Health and Safety (OHS) regulations and/or relevant certifications.
4. Having a sustainable CSR program with measurable impact, supported by documents acceptable to the bank (for the
group or its subsidiaries).
5. Having technical approval documents for hazardous waste (B3) management and/or a legally licensed agreement for
hazardous waste (B3) processing.
6. Having an Industrial Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with wastewater
quality standards, along with SOPs for the operation and maintenance of the wastewater treatment plant (IPAL).
Cement
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a PROPER rating and/or at least an approved AMDAL/UKL-UPL/SPPL report from the Environmental Agency
(BLH) (for cement plants).
2. Having environmental management certifications such as ISO 14001/ISO 45001 or other equivalent documents
accepted by the bank.
3. Having compliance with applicable Occupational Health and Safety (OHS) regulations and/or relevant certifications.
4. For cement plants, holding technical approval documentation for the management of hazardous and toxic waste (B3
waste) and/or cooperation agreements with licensed hazardous and toxic waste (B3 waste) treatment providers.
5. Having an Industrial Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with wastewater
quality standards, along with SOPs for the operation and maintenance of the wastewater treatment plant (IPAL) (for
cement plants).
Automotive
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having an approved AMDAL/UKL-UPL/SPPL report from the Environmental Agency (BLH).
2. Having environmental management certifications such as ISO 14001/ISO 45001 or other equivalent documents
accepted by the bank.
3. Having compliance with applicable Occupational Health and Safety (OHS) regulations and/or relevant certifications.
4. For the automotive industry, having an Industrial Wastewater Discharge Permit (IPLC) or Technical Approval
for compliance with wastewater quality standards, along with SOPs for the operation and maintenance of the
wastewater treatment plant (IPAL).
5. For the automotive industry, having technical approval documents for hazardous waste (B3) management and/or a
legally licensed agreement for hazardous waste (B3) processing.
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Chemical
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having an approved AMDAL/UKL-UPL/SPPL report from the Environmental Agency (BLH).
2. Having environmental management certifications such as ISO 14001/ISO 45001 or other equivalent documents
accepted by the bank.
3. Having compliance with applicable Occupational Health and Safety (OHS) regulations and/or relevant certifications.
4. Having an Industrial Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with wastewater
quality standards, along with SOPs for the operation and maintenance of the wastewater treatment plant (IPAL).
5. Having technical approval documents for hazardous waste (B3) management and/or a legally licensed agreement for
hazardous waste (B3) processing.
Household Appliances
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a minimum PROPER rating of Blue.
2. Having an approved AMDAL document, UKL-UPL Recommendation, or Environmental Management Statement
Letter (SPPL) endorsed by the Environmental Agency (BLH).
3. For large-scale companies, having Environmental Management certification such as ISO 14001, Occupational Health
and Safety (OHS) Management certification such as ISO 45001, and other relevant certifications.
4. Having initiatives to improve energy efficiency and reduce emissions in operational activities, including
environmentally friendly, efficient, and cost- and energy-efficient distribution processes, supported by documents
acceptable to the Bank (e.g., SOPs, policies, or other relevant documentation).
5. Having technical approval documents for the self-management of hazardous waste and/or cooperation agreements
with licensed third parties for B3 waste treatment, where applicable.
6. Having a Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with wastewater quality
standards, as well as SOPs for the operation and maintenance of wastewater treatment facilities (IPAL).
Livestock & Fisheries
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having an approved AMDAL document, UKL-UPL Recommendation, or Environmental Management Statement
Letter (SPPL) endorsed by the Environmental Agency (BLH).
2. For large-scale companies, having Environmental Management certification such as ISO 14001, Occupational Health
and Safety (OHS) Management certification such as ISO 45001, or other relevant certifications.
3. Having initiatives to improve energy efficiency and reduce emissions in operational activities, including
environmentally friendly, efficient, cost- and energy-efficient distribution processes, supported by documents
acceptable to the Bank (e.g., SOPs, policies, or other relevant documentation).
4. Having a Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with wastewater quality
standards, as well as SOPs for the operation and maintenance of Wastewater Treatment Facilities (IPAL).
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Electronics
Bank Mandiri has established ESG-related criteria for prospective debtors in this sector, with the following provisions:
1. Having a minimum PROPER rating of Blue.
2. Having an approved AMDAL document, UKL-UPL Recommendation, or Environmental Management Statement
Letter (SPPL) endorsed by the Environmental Agency (BLH).
3. For large-scale companies, having Environmental Management certification such as ISO 14001, Occupational Health
and Safety (OHS) Management certification such as ISO 45001, or other relevant certifications.
4. Having initiatives to improve energy efficiency and reduce emissions in operational activities, including
environmentally friendly, efficient, and cost- and energy-efficient distribution processes, supported by documents
acceptable to the Bank (e.g., SOPs, policies, or other relevant documentation).
5. Having technical approval documents for the self-management of hazardous waste and/or cooperation agreements
with licensed third parties for B3 waste treatment, where applicable.
6. Having a Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with wastewater quality
standards, as well as SOPs for the operation and maintenance of Wastewater Treatment Facilities (IPAL).
Sectors Sensitive to ESG Aspects
For other sensitive sectors, Bank MandiriBank Mandiri has established binding credit policies requiring clients in this sector
to comply with applicable regulations and standards related to ESG aspects, which includes fulfilling environmental
management certification such as ISO 14001 and OHS certification like ISO 45001 or other similar standards. For debtors
who are unable to meet the established requirements, there is a monitoring mechanism and the development of an
action plan aimed at improving ESG aspects.
Bank Mandiri actively engages with customers in priority sectors to ensure the full integration of sustainability strategies.
Through regular dialogue, Bank Mandiri supports customers in developing sustainability action plans, including carbon
emission reduction and alignment with global ESG standards.
Pre-Screening Process for Prospective Debtors Through the IAC ESG Risk Assessment Tool
[GRI G4 FS2]
At the pre-screening stage, Bank Mandiri conducts feasibility procedures (Know Your Customer (KYC) as well as Anti-Money
assessments of prospective debtors based on the Industry Laundering and Counter-Terrorism Financing (AML/CTF)) and
Acceptance Criteria (IAC) and the exclusion list to ensure sector historical negativity checks through the Radar Engine system
or industry alignment with the Bank’s risk policies and ESG by the Business Unit and the Credit Risk and Transaction Unit
requirements. This process is conducted by the Business Unit (CRTU).
and the Risk Management Unit, and includes name clearance
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The feasibility assessment process for prospective debtors uses the following mechanisms:
Prospective Debtors
No Does it meet the IAC Yes Yes
Included in Next Credit
criteria, including ESG Loan Analysis
Exclusion List? Process
aspects?
Yes No Yes
Corrective Actions No
Corrective Actions Pipeline Rejected
Met?
Pre-Selection Results of Prospective Debtors through the IAC ESG Risk Assessment Tool
[GRI G4 FS2]
Bank Mandiri conducts ESG risk assessments using the IAC to 2025 2024 2023
evaluate prospective debtors based on six key aspects. Following
Number of rejected
this assessment process, decision-making is carried out through applications 181 348 102
a pipeline approval mechanism by the Director of Corporate
Banking, Director of Commercial Banking, Director of Risk Number of rejected applications
Management, Business Unit, and Credit Risk Taking Unit (CRTU). due to non-compliance with IAC 94 149 41
requirements
During 2025, a total of 181 applications were rejected, of which 94 Percentage of rejected applications
applications, or equivalent to 52% of the total rejections, were due due to non-compliance with IAC 52% 43% 40%
to non-compliance with the IAC requirements. requirements
From 2023 to 2025, Bank Mandiri implemented increasingly stringent customer pipeline screening through the application of the IAC,
which includes ESG aspects.
Early Warning and Credit Quality Analysis as Tools for Monitoring
ESG Risk [GRI G4 FS3]
Bank Mandiri consistently monitors compliance with Bank Mandiri has an early warning analysis through the initiation
environmental and social requirements stipulated in credit of a forum involving the Business Unit and the Risk Management
terms as part of its enhanced due diligence process. This process Unit. This forum is conducted quarterly and serves to identify and
is carried out by the Business Unit, Risk Management Unit, and monitor risks that may affect credit quality, including risks related
Credit Operations Unit, with a focus on several key activities, to ESG aspects, financial performance, and industry outlook. In
including periodic calls and site visits, fulfillment of credit addition, the forum evaluates debtors’ implementation of ESG
conditions, annual reviews, early warning mechanisms, stress practices, assesses business sustainability, and monitors climate
testing and sensitivity analysis, and monitoring of document change mitigation measures. The results of monitoring through
expiry. this early warning mechanism are reported and communicated
regularly to the Risk Monitoring Committee.
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ESG Due Diligence [GRI G4 FS3]
Bank Mandiri identifies ESG risk triggers, with clearly defined and evaluation of an action plan, further corrective action may be
thresholds for ESG due diligence and risk escalation processes taken to ensure the customer’s compliance. Additional feasibility
to ensure that all identified risks are addressed appropriately in assessments are conducted if the customer fails to meet the
line with ESG principles. Bank Mandiri has established threshold established financing criteria. Subsequently, the case will be
criteria, such as compliance with environmental certifications or escalated to the Risk Monitoring Committee through the forum
standards and social aspects in accordance with applicable laws if ESG-related risk findings cannot be resolved at the technical
and regulations, as primary triggers for due diligence. When risks level between the Business Unit, Risk Management Unit, and the
reach these thresholds, Bank Mandiri requires debtors to have debtor. In such cases, oversight by the credit decision-making
an action plan that fulfills ESG requirements within a timeframe authority is required. This oversight is exercised by officials at the
appropriate to the nature of the customer’s business. These Senior Vice President level up to the Board of Directors to ensure
action plans are reviewed periodically to ensure the debtor’s appropriate mitigation measures and further decision-making.
compliance with the established standards. If ESG impacts are identified as highly material during the due
diligence process, further escalation is carried out to the Board of
If the results from the forum indicate that a debtor remains non Directors up to the CEO level for decision-making.
compliant with ESG, despite having undergone the preparation
Monitoring ESG Aspects in the Early Warning Analysis Forum
Continue the monitoring
process and the next credit
process stages
Compliant Yes
Non-
Implementation Account compliant
of ESG Aspect Strategy
Review
Monitoring Compliant Monitoring Exit
Results
through the (Cooperative
forum Customer)
Non-
compliant Non-
compliant
Preparation Evaluation
Escalation Process
of Customer of Customer
to the Authorized
Action Plan Action Plan
Decision Maker
Fulfillment
Enhanced ESG Risk Due Diligence
As an example of additional due diligence triggered by experienced a downgrade in their PROPER rating, generally due
noncompliance with a debtor’s ESG performance, Bank Mandiri to business activities with potentially adverse environmental
refers to the Program Penilaian Peringkat Kinerja Perusahaan impacts, such as improper management of hazardous and toxic
(PROPER), a government-administered corporate environmental waste, as well as emissions exceeding the prescribed regulatory
performance rating program, in assessing a debtor’s thresholds.
environmental performance/ The minimum requirement is a
Blue PROPER rating. There have been cases in which debtors
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In these cases, Bank Mandiri escalates the matter to senior Subsequently, during senior management meetings, the
management, where issues related to the downgrade in debtor’s improvement plan is discussed in detail, including the
the PROPER rating are reported and discussed to determine formulation of an action plan with measurable targets. These
the appropriate strategic actions. Debtors are encouraged targets are then incorporated into the credit agreement. Bank
to improve their PROPER rating to at least “Blue” within an Mandiri periodically monitors the progress of the debtor’s
agreed timeframe, using a tailored approach that takes into action plan and conducts evaluations to ensure that corrective
account the specific conditions and needs of each case. Bank measures are implemented in accordance with the agreed
Mandiri provides guidance for the preparation of an action timeline. This monitoring continues until the debtor has fully
plan that includes concrete corrective measures to address the implemented the action plan and completed the required
underlying causes of the PROPER downgrade. improvements.
Early Warning Analysis Forum Results [GRI G4 FS3]
In 2025, through the early warning analysis forum, Bank Mandiri monitored a total of 1,864 Number of debtors
debtors. From this monitoring process,10 debtors were identified as having environmental
with environmental
issues
10
issues, of which 7 were categorized under the watchlist and 3 were classified as non-
watchlist. With respect to these debtors, Bank Mandiri conducts periodic monitoring of
the progress of the agreed action plans. The evaluation is carried out to ensure that the
Number of
watchlist debtors 7
implementation of corrective measures proceeds in accordance with the established
3
Number of non-
watchlist debtors
timeline and agreed commitments.
Environmental and Social Compliance Checklist (ESCC) as
a Tool for ESG Maturity Level Assessment and Customer
Engagement [GRI G4 FS2]
Environmental and Social Compliance Checklist (ESCC) to ESG aspects, underpinned by prudential principles and
serves as a qualitative assessment tool to ensure debtors’ intensive monitoring. The scope of the management system
compliance with applicable environmental and social criteria, for assessing ESG risks in financing applies the ESCC and credit
while continuing to support Bank Mandiri’s business growth. policies and covers wholesale debtors (financing above IDR25
Furthermore, Bank Mandiri has binding credit policies related billion), including project finance and corporate finance.
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Sectors with higher environmental and social risks are The results of the ESCC evaluation serve as the basis for
required to undergo more stringent due diligence processes, determining action plans for customers to address unmet
as stipulated in sectoral policies. Customers’ ESG maturity environmental and social criteria and for defining financing
levels are assessed through a questionnaire developed strategies aligned with the NZE in Financing by 2060 target or
based on eight parameters aligned with the principles of the earlier.
International Finance Corporation (IFC). These parameters
serve as a global reference for Bank Mandiri in identifying and This process includes an analysis of debtors’ environmental
managing environmental and social risks, while ensuring the and social risk profiles, which serves as a key reference in the
implementation of sustainable business practices in project development of Bank Mandiri’s Decarbonization Plan in 2025.
financing, including corporate finance schemes. In this context, management, including the Board of Directors,
proactively establishes business strategies aligned with the
outcomes of the ESG assessment.
The ESCC questionnaire comprises a structured set of questions designed to assess customers’ ESG maturity level and transition
readiness, with the general overview outlined as follows:
1. The extent to which the ESG framework is implemented across customers’ business lines and operations.
2. The level of alignment of customers’ transition plans with the Paris Agreement, particularly the target of limiting global
temperature increase to 1.5°C.
3. Challenges faced by customers in implementing the ESG framework and transition plans.
4. Support needs that Bank Mandiri can provide to help customers address these challenges.
5. Identification of sustainability-related risks and opportunities.
The 8 (eight) IFC parameters applied in the ESCC are as follows:
Physical Risks, Transition Risks, & Emission Calculations (Scope 1, 2, & 3)
This underscores the importance of assessing, managing, and monitoring environmental and social risks and
impacts in every project. Project managers are encouraged to develop effective environmental and social
management systems to ensure sustainability. Bank Mandiri encourages companies to take preventive measures
to address climate risks, including both physical risks and transitional risks, while conducting comprehensive
emission calculations covering Scope 1, 2, and 3 from their business activities and operations. Additionally, publicly
listed companies must transparently disclose the results of these calculations in their sustainability reports.
Human Rights
This stresses the importance of fair treatment of workers, encompassing non-discrimination, occupational health
and safety, and freedom of association. It also prohibits forced labor and the exploitation of child labor. Bank
Mandiri requires clients to establish policies that support the protection of human rights and ensure the fulfillment
of fundamental labor rights in accordance with ILO conventions. These policies must include respect for freedom
of association, the implementation of Occupational Health and Safety (OHS) procedures, and mitigation measures
against prohibited labor practices.
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Resource Efficiency and Pollution Prevention
This focuses on the efficient use of natural resources, including water and energy, as well as preventing
environmental pollution through effective waste and emissions management. In the Environmental and Social
Compliance Checklist (ESCC), Bank Mandiri encourages clients to adopt resource efficiency measures, such as
energy and water conservation, tailored to the specific characteristics and needs of their respective sectors.
Community Health, Safety, and Security
This emphasizes the importance of identifying, preventing, and managing risks that may affect the health, safety,
and security of communities surrounding the project. Additionally, it promotes the establishment of constructive
relationships with local communities. Bank Mandiri encourages its clients to implement procedures or mitigation
measures aimed at minimizing negative impacts on the health and safety of communities near the project.
Land Acquisition and Resettlement
Guidance is provided to ensure that land acquisition processes are conducted fairly, minimizing forced evictions.
If evictions are unavoidable, the project must offer adequate compensation and ensure the restoration of
livelihoods for affected communities. If a company’s business activities require land acquisition, Bank Mandiri
mandates that customers have land acquisition policies and/or procedures that comply with applicable laws
and regulations. Additionally, Bank Mandiri encourages customers to monitor and evaluate the impacts of land
acquisition and resettlement during and/or after project implementation.
Biodiversity Conservation and Sustainable Management of Living Natural Resources
This parameter aims to safeguard biodiversity, preserve ecosystems, and ensure the sustainable management
of biological natural resources, including those within protected areas. Bank Mandiri integrates biodiversity
considerations into its sustainability risk management policies, particularly in the forestry, mining, and agriculture
sectors. Customers are required to possess approved environmental documents (AMDAL/UKL-UPL/SPPL)
issued by the relevant authorities, as well as established mitigation procedures addressing potential impacts on
protected species (CITES) where business activities may affect natural habitats.
Indigenous Peoples
This aims to ensure respect for the rights, culture, and values of indigenous communities. Companies are required
to obtain Free, Prior, and Informed Consent (FPIC) before initiating projects that could have significant impacts
on indigenous peoples. Bank Mandiri encourages its customers to implement programs and/or initiatives that
empower indigenous communities, enhance their well-being, and preserve the surrounding environment,
which is an integral part of their lives.
Cultural Heritage
This aims to protect cultural heritage, both tangible (such as historic buildings, monuments, or archaeological
sites) and intangible (such as traditions, customs, and local wisdom), from potential negative impacts caused
by a project. Bank Mandiri is committed to refraining from financing projects located in or near UNESCO World
Heritage Sites or government-protected cultural heritage sites, unless such projects are intended for conservation
purposes. In such cases, customers are required to have adequate procedures and mitigation measures in place
to minimize potential adverse impacts on cultural heritage sites.
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Transition Plan Assessment Framework and Customer Engagement through ESCC [GRI G4 FS3]
Customers’ transition plans, particularly in high-emission to transition toward more sustainable business practices. In
sectors, enable Bank Mandiri to better understand and support this regard, Bank Mandiri has established a Transition Plan
their efforts to adapt and respond to climate change challenges. Assessment and Customer Engagement Framework through
This understanding provides a more comprehensive view ESCC, as follows:
of customers’ strategic direction and their level of readiness
Pre-Assessment Assessment Post-Assessment
Develop the Environmental and Conduct customer engagement ESG Desk:
Social Compliance Checklist (ESCC) and assess ESG maturity levels and Conduct further customer engagement as a
questionnaire based on the eight transition readiness using the ESCC. follow-up to the assessment results.
IFC parameters to assess customers’
ESG maturity level. Credit Risk Sustainability Team:
• Review proposed customer assessments.
Credit Risk Sustainability Team Relationship Manager and Credit • Discuss the initial evaluation results with
Analyst the ESG Desk prior to recommending
the customer’s transition plan assessment.
• Follow up on the ESCC assessment results,
particularly for customers whose ESG maturity
scores have not yet reached the mature stage.
ESG Desk and Credit Risk Sustainability Team
ESCC Assessment Results [GRI G4 FS3, FS10]
The ESCC assessment is used to measure the level of LST In 2025, the ESCC assessment was conducted on the 50 largest
maturity and customers’ transition readiness. The ESCC results emitting customers (top emitters). Based on the assessment
classify customers’ LST maturity into three categories: High with results, 76% of customers were categorized as High, 10% as
a score above 80, Medium with a score between 63 and 80, and Medium, and 14% as Low.
Low with a score below 63.
ESCC Assessment Results for 50 Top Emitters Customers
Low
(<63)
14%
High
10% (>80)
Medium
76%
(63-80)
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The Role of the ESG Advisory Desk and the Credit Risk Sustainability
Team in Supporting Customer Transition [GRI G4 FS3]
The ESG Desk and the Credit Risk Sustainability Team serve as By emphasizing its advisory role, the ESG Desk acts as a bridge
the frontline units of Bank Mandiri in integrating sustainability between customers’ transition needs and financial solutions
considerations into customer relationships. Through the ESG aligned with Bank Mandiri’s sustainability strategy. Through this
Desk, Bank Mandiri fosters ongoing dialogue with various mechanism, Bank Mandiri strengthens its position as a strategic
customer segments to better understand their transition partner in customers’ transformation journeys, while driving
pathways, as well as the challenges and opportunities financing innovation that is responsive to evolving market
relevant to their respective business dynamics. This approach developments and sustainability policies.
enables Bank Mandiri to provide more targeted support while
identifying opportunities to expand sustainable financing in
line with the shift toward a low-carbon economy.
Through the ESG Desk, Bank Mandiri has undertaken several key initiatives, including:
Consultation and Provision of Sustainable Training and Capacity-
Financial Products and Sustainability Research
Advisory Support Building Programs Report
Services
Plays an advisory role in Offers a range of financial Organizes training sessions Through the Mandiri
ESG financing to support products, including green and workshops to enhance Institute, the Sustainability
customers in their financing, social financing, customer understanding Research Report is available
transition toward more transition financing, and capabilities in applying to customers to support
environmentally sustainable sustainable bonds, and sustainability principles, their understanding and
business activities. ESG-based investment including through identification of
instruments. the development of a sectorspecific
Sustainability Research sustainability
Report as a research-based risks, while also exploring
guidance tool. sustainable business
opportunities.
In addition, Relationship Managers actively communicate Bank Mandiri’s sectoral credit policies and gather feedback from companies
to strengthen these policies in alignment with applicable regulations and global best practices.
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Environmental Financing
Opportunities [GRI G4 FS7, FS8]
Bank Mandiri continues to develop ESG-related products Bank Mandiri is committed to implementing sustainable
and integrates ESG analysis with fundamental analysis. Bank finance by providing comprehensive support for sustainable
Mandiri has taken a proactive approach in integrating and economic growth derived from the alignment of the economic,
aligning ESG aspects to evaluate exposure risks and their social, and environmental aspects. This commitment is realized
management, as well as to access opportunities related to through the Sustainable Banking pillar, in the form of sustainable
sustainability. Furthermore, Bank Mandiri is actively investing financing and sustainable funding. [GRI G4 FS7, FS8]
in and developing data and ESG integration solutions. In 2025,
we expanded the use of ESG data and analytical tools to other
internally managed equity strategies.
Sustainable Financing Activities
IDR344.1 Trillion
Sustainable Financing in Sustainable
accordance with Funding
POJK 51/2017
IDR28.3 Trillion
IDR315.8 Trillion
Sustainable Financing
Sustainable financing refers to the credit provided by Bank portfolio, including the Sustainable Business Activity Categories
Mandiri to support business activities aimed at enhancing (KKUB). Based on the Sustainable Finance Framework, Bank
environmental preservation and social well-being. In line with Mandiri classifies sustainable activities into three main
POJK No. 51/2017, financing for sustainable activities is a key categories, namely:
focus in the development of Bank Mandiri’s sustainability
Green Activities Social Activities Transition Activities
Activities that support environmental Activities that directly address social Activities that are not yet fully
sustainability or low or zero emissions issues and provide positive impacts, categorized as green activities but are
that contribute to the target of limiting particularly for targeted groups, in line aimed at achieving significant emissions
global temperature rise to below 2°C, in with national programs. reductions in the short to medium-term.
alignment with national targets.
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This classification serves as the foundation for Bank Mandiri in primary objective, which is to support business activities aimed
developing Sustainable Financing, ensuring that it meets its at enhancing environmental preservation and social well-being.
The total allocation for Sustainable Business Activity Categories amounted to IDR315.8 trillion, or 21.1% of the total
credit distribution* in 2025
Green Activities [GRI G4 FS7] Social Activities [GRI G4 FS8]
IDR166.2 trillion, or 11.1% of the total credit IDR149.6 trillion, or 10.0% of the total credit
distribution* distribution*
* bank only * bank only
Sustainable Financing Portfolio
Green Portfolio Category [GRI G4 FS8]
Financing under the Green Portfolio refers to the Sustainable Management, Climate Change Adaptation, as well as Other
Business Activities Categories as stipulated in OJK Regulation Environmentally Friendly Business Activities.
No. 51/POJK.03/2017, which include Renewable Energy, Energy
Efficiency, Pollution Prevention and Control, Sustainable Natural In 2025, financing for green activities aligned with the
Resources and Land Use, Terrestrial and Aquatic Biodiversity Environmentally Sustainable Business Activities (KUBL) is as
Conservation, Eco-efficient Products, Clean Transportation, follows:
Green Building, Sustainable Water and Wastewater
Green activities in accordance with POJK No. 51/2017 amounted to IDR166.2 trillion, or 11.1%
11.7% YoY
of Bank Mandiri’s total loan portfolio*.
Renewable Energy Sustainable Natural Resources Clean
and Land Use Transportation
IDR12.9 trillion 9.4%
YoY
IDR115.7 trillion 3.8%
YoY
IDR10.3 trillion 36.5%
YoY
Sustainable Water and Eco-efficient Products Green Building
Wastewater Management
IDR5.8 trillion 392.2% IDR15.0 trillion 41.7% IDR6.5 trillion 4.3%
YoY YoY YoY
* bank only
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Green Activities Financing by Segment [GRI G4 FS8]
Green Activities IDR166.2 trillion
Corporate Segment Commercial Segment Consumer Segment
IDR92.0 trillion or 55.4% IDR71.7 trillion or 43.1% IDR2.5 trillion or 1.5%
Bank Mandiri’s Green Portfolio in 2025 grew by 11.7% to the sustainable management of natural resources and
compared to 2024, reinforcing the Bank Mandiri’s position as land, renewable energy, eco-efficient products, and clean
a market leader with a market share of more than 35% among transportation sectors.
the four largest banks. The financing was primarily channeled
Renewable Energy
Solar Power Plants (PLTS)
The Solar Power Plants (PLTS) have a total installed capacity of approximately ±5.4 MWp, distributed across 36 locations in
Kutai Timur, Paser, and Kutai Kartanegara Regencies, East Kalimantan Province. The project is scheduled to commence
phased operations during the 2025–2026 period. The PLTS installations are designed to replace diesel fuel usage in supplying
electricity to residential housing and office facilities within plantation areas. In 2025, the average electricity generated reached
approximately ±160,597 kWh per month, with an average daily utilization of around 8 hours.
Micro Hydropower Plant (PLTMH)
The Micro Hydropower Plant, with an installed capacity of 2×2.45 MW and a contracted PPA capacity of 2×2.15 MW, is located in
Tolitoli Regency, Central Sulawesi. The project is currently under construction and is targeted to achieve Commercial Operation
Date (COD) in January 2027. The plant harnesses the water flow of the Batunobotak River, which has a watershed area of 38.12
km² and an average discharge of 5.067 m³ per second, supporting stable and sustainable power generation.
Clean Transportation
Bank Mandiri extended financing to a company operating in the transportation sector to support the operational strengthening
of 60 electric buses and 18 public EV charging stations (SPKLU) currently deployed in Medan. This initiative forms part of broader
efforts to accelerate the national energy transition. This collaboration reflects the shared commitment and strategic steps of
both parties in advancing energy transition and reducing emissions in the public transportation sector, while reinforcing the
role of the private sector in supporting Indonesia’s Net Zero Emission agenda through the adoption of electric vehicles.
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Products that Reduce Resource Use & Generate Lower
Pollution (Eco-Efficient)
Bank Mandiri provided financing to a company operating in the paper manufacturing industry (paper mill), specifically producing
packaging paper made from 100% environmentally friendly recycled paper waste. This initiative contributes to global waste
reduction efforts and minimizes deforestation. The company focuses on eco-friendly products certified by the Programme for
the Endorsement of Forest Certification (PEFC).
Environmentally Sustainable Buildings Meeting Recognized Standards/Certifications
Bank Mandiri financed a company engaged in premium property and hospitality development, involved in the construction
of a building project in Kuningan, Jakarta. The project obtained the Green Mark Platinum certification from the Building and
Construction Authority (BCA) of Singapore in 2025, reflecting a strong commitment to sustainability and energy efficiency
through environmentally friendly features such as energy- and water-efficient systems, as well as water recycling facilities.
Sustainable Water Supply & Wastewater Management
A clean drinking water service provider located in Jatiluhur commenced operations in December 2024 with a production
capacity of 4,750 liters per second (lps). The project is expected to provide piped water connections to approximately 380,000
households, benefiting an estimated population of more than 300,000 people with access to clean water services.
Sustainable Biodiversity Management & Land Use
As one of the largest lenders to Indonesia’s palm oil sector, Bank Mandiri is committed to managing environmental and social
risks associated with this industry through the implementation of sustainable agricultural practices. The Bank aims to lead the
transition toward a more equitable and sustainable palm oil industry for a better future, including by encouraging various
environmental initiatives. This commitment is reflected in Bank Mandiri’s support for debtors in the palm oil sector to obtain
Indonesian Sustainable Palm Oil (ISPO) and Roundtable on Sustainable Palm Oil (RSPO) certifications, as presented in the table
below.
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Percentage of Customers that Have Obtained or Are in the Process of Obtaining ISPO/RSPO
Certification [GRI G4 FS10]
2023 88%
2024 81%
2025 91%
Social Portfolio Category [GRI G4 FS7]
Eligible social activities under this framework are projects that 1. Communities living below the poverty line
align with applicable standards and principles, focusing on basic 2. Populations and/or communities that are marginalized
infrastructure, access to essential services, affordable housing, and/or excluded
job creation, food security, and socio-economic improvements 3. Vulnerable groups, including those affected by natural
for targeted groups or regions. Examples of targeted groups disasters
and regions include, but are not limited to: 4. Unemployed individuals
5. People with disabilities
6. Migrants and/or refugees
7. The under-educated
8. Communities with limited access to quality goods and
services
MSMEs Credit [GRI G4 FS7]
Bank Mandiri has established a strong policy to support the In 2025, Bank Mandiri disbursed IDR140.1 trillion in MSME
growth and strengthening of the Micro, Small, and Medium credits, representing growth of approximately 4.5% compared
Enterprises (MSMEs) sector, given its vital role in the Indonesian to the previous year. The Non-Performing Loan (NPL) ratio
economy. Through this policy, Bank Mandiri provides access remained well maintained at 1.46%. Bank Mandiri continued to
to capital and financial services aimed at increasing MSMEs’ focus on selective growth by strengthening ecosystem value
contribution to job creation and poverty alleviation. MSME chains. In addition, Bank Mandiri provides various financing
loans disbursed by Bank Mandiri also form part of the Bank’s facilities, including Working Capital Loans, Investment Loans,
social financing activities. By providing access to capital for Micro Business Loans (KUM), and actively participates in the
MSMEs, Bank Mandiri not only encourages business growth but Government-subsidized Loan program to support MSMEs
also contributes directly to improving community welfare. empowerment across Indonesia.
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Financing of Micro, Small, and Medium Enterprise Activities by Sector [GRI G4 FS7]
Sector Total
Palm Oil Plantations and CPO IDR25.0 trillion
Retail Trade in Food, Beverages, and Tobacco IDR20.3 trillion
Hotels, Restaurants, and Accommodation IDR9.7 trillion
Retail Trade in Household Equipment IDR7.1 trillion
Agriculture IDR6.7 trillion
Non-Financial Business Services IDR5.8 trillion
Social Services and Institutions IDR5.0 trillion
Land Transportation Services IDR5.0 trillion
Livestock and Animal Feed IDR4.9 trillion
Retail Trade of Agricultural and Forestry Products IDR4.4 trillion
Others IDR46.2 trillion
*bank Only
Financing of Micro, Small, and Medium Enterprise Activities by Segment [GRI G4 FS7]
MSMEs activities amounted to IDR140.1 trillion or 9.4% of the total loan disbursement* 4.5% YoY
Micro Segment SMEs Segment
IDR99.4 trillion or 70.9% IDR40.7 trillion or 29.1%
* bank only
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Sustainability Products and Services [OJK F.26]
Bank Mandiri demonstrates significant business involvement In line with the strengthening of sustainable financial product
in the development of sustainability-related financial products development, the contribution of revenue from Bank Mandiri’s
by actively integrating sustainability considerations into its sustainable financing portfolio also showed an increase.
product innovation and financing strategies. Through close Revenue generated from sustainable products, such as
collaboration between business units, risk management, and Sustainability-Linked Loans and the Green Portfolio, accounted
sustainability functions, Bank Mandiri continuously develops for approximately 12.9% of total revenue contribution (bank
and enhances sustainability-linked financial products that only), increasing by 5.5% compared to 7.4% in 2024, while the
support clients’ transition towards more sustainable business Non-Performing Loan (NPL) ratio remained well maintained at
practices. These products incorporate measurable sustainability 0.01%.
performance indicators and clear incentive mechanisms to
encourage improvements in environmental performance.
Financing Funding
Sustainability-Linked Green and Sustainability Bond
Social Loan ESG Repo
Loan (SLL) Sustainability Bond USD (2021)
Limit
USD300 million
IDR4.11 Green Loan
USD500 Sustainability Bond IDR Phase 1 (2025)
trillion Limit million IDR5 trillion
IDR3.80
trillion
Green Bond Sustainability-Linked
Term Loan Facility for
Social Loan Green Bond IDR Phase I (2023) Overseas Branches
Limit IDR5 trillion
IDR250 Wholesale Segment Green Bond IDR Phase II (2025) USD339
billion
IDR5 trillion million
Retail Segment
Funding Investment
Green Battery-Based Green Sukuk Green Bond
Mortgage Electric Vehicle
(BEV) Financing
Realization
Outstanding Outstanding IDR4.4 IDR88
trillion billion
IDR0.71 IDR1.8
trillion trillion
Lifestyle
Livin’ Planet
Number of Transactions Number of Trees
1,398 1,292
Wholesale Segment
Sustainable Financing
Bank Mandiri has taken significant steps to support Indonesia’s products are designed for clients in carbon-intensive sectors,
transition toward a low-carbon economy by providing a range such as the cement, livestock, and petrochemical, through the
of sustainable financing products, including Sustainability- provision of the following financial solutions:
Linked Loans and Corporate-in-Transition Financing. These
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Sustainability-Linked Loan (SLL)
Sustainability-Linked Loan (SLL) aims to support clients in targets (SPTs). By utilizing KPIs, this financing not only supports
improving their sustainability profile over the term of the projects focused on sustainability but also provides incentives
loan, without requiring the allocation of financing for specific for debtors to achieve the agreed-upon ESG targets. This
sustainable projects or activities. This financing is based on approach reflects a close collaboration between the lender and
aligning loan terms with sustainability goals that have been the debtor in promoting more sustainable business practices
set, which are measured through key performance indicators and transition projects towards a low-carbon economy.
(KPIs) and evaluated based on sustainability performance
Cement Livestock Petrochemicals
Reduction of net specific CO₂ • Maintain annual Somatic Cell • Improvement in ESG Rating
emissions Scope 1 Count levels • Reduction in GHG emissions
• Reduction in GHG emissions intensity Scope 1 and 2
Pricing Incentive: 1–7.5 basis points
Corporate-in-Transition Financing
Corporate-in-Transition Financing is a type of financing Clients are eligible for this financing if they demonstrate a clear
applied at the client entity level, aimed at supporting clients climate transition strategy with measurable targets, and have
in transitioning or aligning their business and/or operations evidence of implementing this transition strategy and targets
with pathways that are consistent with the goals of the Paris in the past 12 months, for example, divesting from carbon-
Agreement or Nationally Determined Contributions (NDC) intensive assets, diversifying from carbon-intensive activities, or
targets. Compliance with these goals is measured through decarbonizing by reducing overall emissions intensity.
strategies and targets that have been approved by Bank
Mandiri.
Example of Targets in Corporate-in-Transition Financing:
Mining: Reducing the proportion of total revenue from thermal coal projects
Sustainable Client Financing
Represents the types of financing provided at the client entity applicable framework and aligned with relevant regulations and
level with the objective of supporting business activities that international best practices. A client qualifies for this financing
promote environmental sustainability or contribute to the if its primary business, or at least 90% of its total revenue, is
transition toward a sustainable economy. This financing is derived from activities that meet the eligible activity criteria
extended in accordance with eligible activity criteria under the under the respective framework.
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Green and Social Loan
Green loan and social loan are financing facilities specifically In 2024, as part of its commitment to sustainability, Bank
designed to support projects and initiatives that generate Mandiri took strategic steps by providing loan facilities for the
positive environmental and social impacts This financing electricity and transportation sectors. For the electricity sector,
follows the Green Loan Principles issued by the Loan Market Bank Mandiri acted as ESG Coordinator, offering a Green Loan
Association (LMA). As a commitment to sustainability, in 2022, of IDR3.5 trillion to support the energy transition program.
Bank Mandiri took a significant step by providing a Green Loan Meanwhile, for the transportation sector, Bank Mandiri provided
facility for the electric vehicle (EV) battery components industry a Green Loan of USD226 million to support the distribution
in Hong Kong. As the Mandated Lead Arranger, Bank Mandiri of electric vehicles, including the development of charging
played a crucial role in organizing a Green Loan syndication infrastructure, vehicle procurement, and providing financing to
worth a total of USD300 million. This facility supports the facilitate customer access.
development of the lithium battery industry, including research,
development, processing, production, and sales of cathode
precursor materials and recycled materials within the new and
renewable energy sector.
Sustainable Funding
As a pioneer in the First Movers on Sustainable Banking Bank Mandiri has issued various funding instruments, including
initiative, Bank Mandiri has proactively strengthened its Sustainability Bond USD amounting to USD300 million, Green
sustainable funding structure through the issuance of green Bond Phase I amounting to IDR5 trillion, ESG Repo amounting
bonds, sustainability bonds, and innovations such as ESG Repo to USD500 million, Green Bond Phase II amounting to IDR5
transactions. Since 2021, Bank Mandiri has not only successfully trillion, and Sustainability Bond IDR Phase I amounting to IDR5
mobilized sustainable funds but also expanded its financing trillion.
portfolio to support the transition toward a low-carbon
economy, further reinforcing its role as a key driver within the
sustainable finance ecosystem.
Sustainability Green Bond Green Bond Sustainability
Bond USD ESG Repo Phase I Phase II Bond IDR Phase I
2021 2022 2023 2025 2025
Nominal Nominal Nominal Nominal Nominal
USD300 million USD500 million IDR5 trillion IDR5 trillion IDR5 trillion
Counterparty A Counterparty B Series A Series B Series A Series B Series A Series B
Coupon 2,00%
(Semi annual) USD225 USD275 5.80% 6.10% 6.35% 6.65% 4.85% 5.45%
5 Years million million 4-4.5 Years 4-4.5 Years 370 Days 3 Years 370 Hari 3 Tahun
4-5 Years 4-4.5 Years
Oversubscription Series C
Rate 8,3x
Issuance A
Oversubscription Oversubscription 5.95%
Rate 3,7x Rate 2,55x 5 Years
22 February 2022
Issuance
19 April 2021 Issuance Issuance
Issuance B 4 July 2023 25 March 2025 Oversubscription
25 February 2022 Rate 3,10x
Maturity
19 April 2026 Maturity Maturity Issuance
Series A: 4 July 2026 Series A: 5 April 2026 19 December 2025
Series B: 4 July 2028 Series B: 25 March 2028
Maturity
Series A: 29 December 2026
Series B: 19 December 2028
Series C: 19 December 2030
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Sustainability Bond USD & ESG Repo
Sustainability Bond & ESG Repo Framework USD of Bank Mandiri is aligned with the four core components of the Sustainability Bond
Guidelines issued by International Capital Market Association (ICMA, 2021). These components include:
1 Use of Proceeds 3 Management of Proceeds
The proceeds are used to finance environmental The proceeds are managed through tracking
and social projects that meet the sustainability and monitoring mechanisms for unallocated
criteria. proceeds, to ensure their proper and transparent
use.
2 Project Evaluation and Selection 4 Reporting
The selection process for underlying assets Bank Mandiri publishes an Allocation Report
is carried out by the Business Units and the and an Environmental Impact Report, which are
Sustainable Finance Working Group, with approval verified through a Second Party Opinion (SPO)
from the Risk Management Committee (RMC). to ensure the transparency and accuracy of the
information.
In 2021, Bank Mandiri successfully raised USD300 million its allocations are reviewed annually. As part of its reporting
through the inaugural issuance of its Sustainability Bond. The obligations regarding the use of funds and their environmental
funds were used to finance or refinance environmentally and and social impacts, Bank Mandiri regularly publishes an annual
socially responsible projects, in line with the criteria outlined in Sustainability Bond Report. This report provides detailed
the Bank Mandiri’s Sustainability Bond Framework. During the information on the use of funds and their impacts. For more
offering process, the bond received demand exceeding USD2.5 information, you can access the report via the following link:
billion, which is 8.3 times the target fundraising amount, https://bankmandiri.co.id/en/web/ir/ sustainability-bond
indicating a significant oversubscription. The Sustainability
Bond Framework has been aligned with international In 2022, Bank Mandiri successfully executed an ESG Repo
market standards, such as the Sustainability Bond Guidelines, transaction worth USD500 million with two counterparties.
Green Bond Principles, and Social Bond Principles from the This transaction marked a significant milestone, as it was the
International Capital Market Association (ICMA). Additionally, first ESG Repo transaction in Indonesia and one of the first in
the framework is also in compliance with the Sustainability Southeast Asia. The funds raised from this transaction were used
Bond, Green Bond, and Social Bond standards set by ASEAN. to finance or refinance assets related to environmental, social,
To enhance transparency and credibility, this framework has and governance (ESG) factors, thereby supporting broader
received a second party opinion (SPO) from Sustainalytics, and sustainability efforts in the banking and financing sectors.
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Green Bond
The Green Bond Framework of Bank Mandiri, which supports the issuance of Rupiah-denominated Green Bond, has been developed in
alignment with OJK Regulation No. 60/ POJK.04/2017 and encompasses the following four core pillars:
1 Use of Proceeds 3 Management of Proceeds
The proceeds obtained from the issuance of The proceeds from the issuance of green bonds
environmentally friendly debt instruments or are managed through tracking and monitoring
green bonds are used to finance projects that mechanisms for unallocated funds, to ensure their
meet the eligibility criteria within the green proper and transparent use.
categories.
2 Project Evaluation and Selection 4 Reporting
The selection process for underlying assets Bank Mandiri publishes an Allocation Report and an
is carried out by the Business Units and the Environmental Impact Report, which are verified by
Sustainable Finance Working Group, with approval environmental experts and Second Party Opinion
from the Risk Management Committee (RMC). (SPO) to ensure transparency and compliance with
applicable environmental criteria.
Bank Mandiri has launched a Sustainable Public Offering (PUB) In 2025, Bank Mandiri continued this initiative by issuing
Program for Green Bond with a total target value of IDR10 trillion. Sustainability Bond IDR 2025 totaling IDR5 trillion, with an
In 2023, Bank Mandiri successfully issued Green Bond Phase I oversubscription rate of 2.55 times. In accordance with the
2023 amounting to IDR5 trillion, achieving an oversubscription applicable framework, Bank Mandiri publishes annual allocation
rate of 3.7 times, as part of its ongoing commitment to finance and impact reports, which have been subject to external review.
projects that generate positive environmental benefits.
Sustainability Bond IDR
As part of the Sustainability Bond I 2025 issuance, Bank Mandiri Mandiri, and periodic reporting on the allocation and use of
established the Sustainability Bond Framework As part of the proceeds., which sets out the policies governing the use of
2025 IDR Sustainability Bond issuance, Bank Mandiri established proceeds in accordance with eligible criteria, the process for
the Sustainability Bond Framework 2025 IDR, which sets out project evaluation and selection serving as the underlying
the policies governing the use of proceeds in accordance with assets of the bonds, the management of proceeds once the
eligible criteria, the process for project evaluation and selection funds are effectively received by Bank Mandiri, and periodic
serving as the underlying assets of the bonds, the management reporting on the allocation and use of proceeds. The four pillars
of proceeds once the funds are effectively received by Bank regulate the following aspects:
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1 Use of Proceeds 3 Management of Proceeds
The proceeds obtained from the issuance of The proceeds from the issuance of the
the Bank Mandiri Sustainability Bond IDR 2025 Sustainability Bond IDR are managed through
are allocated to finance projects that meet the a tracking and monitoring mechanism for
eligibility criteria under environmentally and/or unallocated funds, ensuring that the use of
socially responsible business categories. proceeds remains appropriate, transparent, and in
line with the established framework.
2 Project Evaluation and Selection 4 Reporting
The selection process for the underlying assets is Bank Mandiri publishes an Allocation Report
carried out by the Technical Team, comprising the and an Environmental Impact Report, which are
Treasury Group and the ESG Group. Subsequently, verified by an independent environmental expert
the authorized Head of Unit determines the to ensure transparency and compliance with the
allocation of funds in accordance with the criteria applicable environmental criteria.
stipulated in the established framework.
In December 2025, Bank Mandiri issued an Sustainability Bond that generate positive environmental and social impacts.
IDR with a total value of IDR s5 trillion. This issuance forms The proceeds will be allocated to fund eligible projects in
part of the Bank’s ongoing commitment to financing projects accordance with the established framework.
Sustainability-Linked Term Loan Facility for Overseas Branches
Bank Mandiri has established a Sustainability-Linked Term Through this scheme, Bank Mandiri strengthens its overall
Loan Facility for Overseas Branches, a term loan facility that sustainability accountability and commitment, while ensuring
links funding costs to the achievement of sustainability targets that the funding requirements of its overseas branches remain
(Sustainability Performance Targets), specifically designed to aligned with the Bank’s transition strategy and commitment
support the funding needs of Bank Mandiri’s overseas branches. toward Net Zero Emission (NZE).
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Driving Innovation through Sustainable Banking
Involvement in Green Bonds
Mandiri Group is actively identifying clients who wish to integrate sustainability into their financial strategies, helping them
develop ESG-based financing frameworks, such as the use of proceeds or sustainability-linked frameworks. Each framework
created in collaboration with clients is reviewed by a reputable second party opinion.
In 2025, Mandiri Sekuritas supported the development of the sustainable finance market in Indonesia through its involvement
in various issuances of ESG-based financial instruments with a total value of IDR28.91 trillion. These included Bank Mandiri’s
Sustainability & Green Bonds valued at IDR10 trillion, BTN’s Social Bonds totaling IDR300 billion, Permodalan Nasional Madani’s
Orange Sukuk & Bonds amounting to IDR3.77 trillion, Sarana Multigriya Finansial’s Social Bonds & Sukuk valued at IDR1.9
trillion, BNI’s Sustainability Bonds totaling IDR1 trillion, BRI’s Social Bonds amounting to IDR5 trillion, BSI’s Sustainability Sukuk
valued at IDR5 trillion, and Pegadaian’s Social Bonds totaling IDR1.94 trillion. Through these engagements, Mandiri Sekuritas
contributed to expanding access to sustainable financing while strengthening Indonesia’s investment ecosystem oriented
toward sustainability principles.
In the same year, Mandiri Sekuritas also acted as one of the Joint Lead Underwriters for the issuance of Social Bonds by PT
Pegadaian amounting to IDR252 billion and PT Sarana Multigriya Finansial (Persero) amounting to IDR5.64 trillion, as well
as Green Bonds issued by PT Oki Pulp & Paper amounting to IDR7.59 trillion. All of these issuances underwent independent
verification. In addition, Mandiri Sekuritas also provided advisory support to several companies across the financial services,
property, agriculture, energy, and pulp and paper sectors.
Retail Segment
Financing
Green Mortgage
Bank Mandiri continues to encourage retail customer Greenship Platinum certification from the Green Building
participation in green financing through the Green Mortgage Council Indonesia (GBCI). Through Green Mortgage, customers
product. This product is designed to support the purchase can benefit from incentives such as lower interest rates and
of properties in residential areas that have obtained green reduced down payments, providing added value to customers
building certification from recognized institutions. As part while supporting sustainable development. Total Green
of this initiative, Bank Mandiri has partnered with NavaPark Mortgage disbursement in 2025 reached IDR0.71 trillion.
BSD City, South Tangerang, a project that has achieved the
Battery-Based Electric Vehicle (BEV) Financing
In the retail segment, amid the rapid advancement of including various dedicated programs and product promotions
environmentally friendly transportation, electric vehicles (EVs) specifically tailored to the retail segment. In 2025, total loan
have emerged as a dynamic and transformative technology. disbursement for this segment reached IDR1.8 trillion.
Bank Mandiri actively supports the development of a green
transportation ecosystem through electric vehicle financing,
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Engagement in Financing Credit Risk Assessment Financing Opportunities
Lifestyle
Livin’ Planet
Bank Mandiri also drives climate awareness through Livin’ Planet
in Livin’ Sukha, and offered our clients to support sustainable practices
Carbon Calculator Tree Planting Contribution
Identifying emissions Identifying emissions
from daily activities from daily activities
Beyond SuperApp Report
Livin’ Planet is available Offering transparent report
within the Livin’ Sukha via Livin’ Planet and Email
platform
In 2024, Bank Mandiri launched the Livin’ Planet feature Third, customers can monitor their tree-planting
within Livin’ Sukha to enhance customer awareness and contributions through the reporting feature on Livin’
engagement regarding environmental stewardship. The Planet. Monitoring is conducted by conservation
feature offers several key activities that customers can partners once annually over a three-year period, with
access through Livin’ Planet. updates communicated to customers via Livin’ Planet
and other communication channels designated by the
First, customers can calculate the carbon footprint Bank.
generated from their daily activities, such as riding
motorcycles and driving cars, as well as using electronic In 2025, Livin’ Planet received the Best Green Financial
devices including air conditioners, televisions, laptops, Lifestyle Initiative award from The Asian Banker at the
and mobile phones, through the Carbon Calculator Indonesia Excellence in Retail Finance and Financial
available on Livin’ Planet. The calculation methodology Tech Innovation Awards. Throughout 2025, Bank
applied in the Carbon Calculator refers to the standards Mandiri collaborated with various MSMEs and local
of the Intergovernmental Panel on Climate Change brands to provide merchandise as part of Livin’ Planet
(IPCC) and applicable regulations. activation initiatives. These collaborations generated
direct economic impact for participating communities
Second, through Livin’ Planet, customers can contribute through a series of educational programs and public
to tree-planting initiatives. In addition to helping mitigate engagement activities aimed at raising awareness
global warming, these initiatives also empower local and encouraging tangible actions to reduce carbon
communities that actively participate in environmental emissions. The initiative was implemented through 13
conservation efforts. events across 9 cities in Indonesia.
Environmental and Social Impact Collaboration with MSMEs and local brands in providing
merchandise as a form of appreciation for participation in the
Livin’ Planet activation.
Tree Contributions through Livin’ Planet Activation • More than 1 ton of plastic waste processed, contributing to
• Carbon sequestration of 45.32 tons of CO₂e, equivalent to an additional emissions reduction of approximately ±2 tons
approximately 598,300 km of vehicle travel. of CO₂e.
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Driving Innovation through Sustainable Banking
Sustainable Investment Approach
Bank Mandiri integrates environmental, social, and governance Investment Exclusions Based on ESG Factors
(ESG) considerations into its investment activities as part of As part of its responsible investment approach, Bank Mandiri
its broader sustainable finance commitment. Bank Mandiri’s applies ESG-based considerations in determining investment
sustainability strategy aims to support responsible financial eligibility. Investments may be restricted or avoided in sectors or
practices, strengthen risk management, and contribute to activities that conflict with applicable regulations, sustainability
sustainable development objectives. commitments, or internal risk management policies. These
exclusion considerations help ensure alignment between the
Responsible investment practices are implemented across Bank’s investment portfolio and its broader sustainable finance
the Bank and its subsidiaries engaged in investment activities, framework.
including Mandiri Manajemen Investasi, which manages
investment products in capital market instruments, and Managerial Responsibility for Responsible Investment
Mandiri Capital Indonesia, which focuses on venture capital The implementation of responsible investment practices
investments in technology companies and digital ecosystems. is supported by a governance structure that involves
Through these roles, these entities support the Bank Mandiri senior management oversight and coordination across
Group’s commitment to responsible investment by integrating relevant functions, including investment management,
ESG factors into investment portfolios and decision- risk management, and sustainability units. This governance
making processes through structured governance, ESG risk framework ensures that ESG considerations are consistently
management, and engagement with investee companies, integrated into investment decision-making processes across
thereby ensuring sustainable long-term growth and generating the Bank Mandiri Group, including its investment subsidiaries.
positive impacts for society.
Responsible Investment Implementation Process
Active Ownership The investment process is carried out using a combination of
Bank Mandiri Group encourages responsible business practices quantitative and qualitative methods to assess the ESG factors
among investee companies through active ownership. Bank of each company. This analysis covers various aspects that not
Mandiri Mandiri and its investment subsidiaries engage with only consider corporate sustainability performance, but also
investee companies to encourage improvements in governance leverage data to identify potential future alpha. As a reference,
practices, transparency, and environmental and social risk this approach is aligned with the Financial Times Stock Exchange
management. Engagement may take place through dialogue (FTSE) ESG Index, which is designed to comprehensively assess
with company management, participation in shareholder issuers’ ESG performance.
meetings, and the exercise of shareholder voting rights to
support sustainable and responsible corporate practices. Bank Mandiri’s ESG factors account for 10% of the total 30%
weighting within the Value Sustainability component, alongside
Continuous Monitoring of ESG Risks factors such as the company life cycle, scalability, regulatory
ESG considerations are integrated into investment evaluation risk, and management quality. This assessment complements
and monitoring processes. Bank Mandiri and its subsidiaries the other key components, namely Value Creation (50%) and
conduct periodic reviews of their investment portfolios to Financial Power (20%). In assessing ESG profiles, Bank Mandiri
assess potential ESG risks, including environmental impacts, has developed an internal checklist designed to ensure that
social considerations, governance practices, and regulatory ESG evaluations are conducted in a measurable, consistent, and
compliance. Continuous monitoring enables Bank Mandiri company-specific manner.
Group to identify emerging risks and implement appropriate
risk mitigation measures, including engagement with investee
companies or portfolio adjustments when necessary.
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Measurement Metrics
Environment Social Governance
• Total GHG emissions per sales • Employee diversity: % of female • Does the company have a
• To what extent do the company’s employees proper, clear, and transparent
products/services impact the • % of expenditures for the governance structure?
environment? community compared to pre-tax • Does the company ensure the
• Does the company have short, profit accuracy and integrity of its
medium, and long-term plans • Do the company’s products/ financial reports?
for environmentally friendly services meet the social needs of the • Does the company maintain the
development? community? independence and effectiveness
• Does the company have plans to • Does the company track and of the Board of Directors?
measure and reduce its carbon evaluate social indicators, such as • Does the company protect the
footprint/greenhouse gas gender equality, employee retention, rights of shareholders?
emissions? and workplace safety?
• Does the company have plans for • Does the company support
transitioning to renewable energy? local communities through
empowerment programs?
• Does the company emphasize
community engagement and
empowerment?
Weight: 33.33% Weight: 33.33% Weight: 33.33%
Mandiri Capital has established Environmental and Social criteria for every investment made. These criteria not only refer to local
standards but also comply with international guidelines to ensure a positive impact on the environment and society.
Environment
Referring to the Indonesian Sustainable Finance Taxonomy (TKBI) set by the OJK. Several environmental parameters used
in the assessment include:
• Climate Change Mitigation
• Climate Change Adaptation
• Protection of Healthy Ecosystems and Biodiversity
• Resource Resilience through Circular Economy
Social
Referring to the United Nations Development Programme (UNDP) Impact Measurement Management Framework, the
social aspect parameters include:
• Protection and respect for human rights
• Employment, including decent work, prevention of forced labor, protection of women and child workers, and human
resource development
• Impact on communities living near the investment companies, including job creation, efforts in poverty alleviation,
and economic growth.
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Driving Innovation through Sustainable Banking
Investment
Green Sukuk
Green Sukuk and Green Bond
Bank Mandiri proactively introduces retail investment products aligned Green Sukuk
with ESG principles, such as the Indonesia Green Sukuk offering and IDR4.4 trillion
green bonds issued by the Government of the Republic of Indonesia,
Green Bonds
based on The Republic of Indonesia Green Bond and Green Sukuk
IDR88 billion
Framework.
ESG Mutual Funds
ESG Mutual Funds
Bank Mandiri markets ESG mutual fund products specifically designed for the retail market and mark an important
milestone in sustainable finance. The addition of these ESG-based investment products demonstrates Bank Mandiri’s
commitment to leading the low-carbon economy in Indonesia. As demand for sustainable investments rises, these
products aim to meet customer needs while encouraging responsible investment practices.
ESG Mutual Fund Portfolio
Batavia Global ESG Sharia Equity USD Mandiri FTSE Indonesia ESG Index Mutual Fund
is invested in issuers that focus on ESG or The Mandiri FTSE Indonesia ESG Index Mutual Fund is
have high ESG scores. the first mutual fund in Indonesia that uses the FTSE
Indonesia ESG benchmark index, featuring stocks that
have undergone an ESG rating process by FTSE Russell.
Bank Mandiri not only markets sustainable funding instruments Bank Mandiri targets the allocation of green and sustainability
and acts as an advisor, but also actively invests in green bonds bonds in 2026 approximately 0.1–0.2% of its total investment in
and sustainability bonds, allocating IDR283 billion in 2025, securities. However, the achievement of this target will depend
representing 0.13% of Bank Mandiri’s Asset Under Management on the Company’s liquidity needs and financial management
(AUM). strategy.
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Advancing Performance
through Sustainable
Operations
Creating Value for Our Customers��������������������������������������������������������� 222
• Consumer Financial Protection
• Financial Product Complaint Handling
• Customer Satisfaction
• Privacy Management, Data Governance, and Information Security
• Privacy Management and Information Security Framework
• Data Governance, Personal Data Protection, and Information Security
• Implementation of Personal Data Protection and Information Security within
the Mandiri Group
• Personal Data Protection and Information Security Audit
• Certification
• Policy Alignment with Subsidiaries
Driving Excellence Through Talent and Leadership����������������������� 282
• Employment Practices
• Inclusive Culture and Respect for Human Rights
• Support for Employee Well-Being
• Occupational Health and Safety (OHS)
Achieving Sustainable Environmental Performance��������������������� 335
• Environmental Policy
• Green Business Mindset
• Measurement and Monitoring of Operational Carbon Emissions
• Carbon Neutral Initiatives
• Environmental Conservation Cost
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Advancing Performance through Sustainable Operations
Creating Value for Our
Customers
Consumer Financial Protection [GRI G4 FS15]
Bank Mandiri is committed to protecting customer rights Bank Mandiri has established consumer protection aspects in
and supporting the development of a sustainable and stable detail through the Bank Mandiri Consumer Protection Policy,
financial services ecosystem, via the protection of consumer which is governed by the Consumer Protection Standard
interests in accordance with OJK Regulation (POJK) No. 22 Operating Procedures and understood and implemented by
of 2023 on Consumer and Community Protection in the all Bank Mandiri employees as the foundation for delivering
Financial Services Sector. Bank Mandiri provides equitable and consumer protection throughout the entire lifecycle of the
responsible financial products and services, with each product Bank’s products and/or services. The products and services
and service designed with due consideration for customer referred to encompass all of the Bank’s business activities in
well-being, while emphasizing transparency and accessibility providing products, services, and/or offerings for customers,
throughout every process. [OJK F.17] including deposit and lending products, as well as digital
banking services such as ATM, EDC, Livin’ by Mandiri, and Kopra
by Mandiri, in accordance with the applicable provisions for
each product and service.
The consumer protection aspects are implemented in accordance with the following guidelines:
1 Good Faith in every interaction and transaction with
customers. 6 Marketing of Products and/or Services that protects
customers from misleading information.
Preparation of Product Usage Agreements that ensure
2 Customer Data Protection to safeguard the
confidentiality and security of personal information. 7 balance, fairness, and propriety, and prevent any abuse of
customers’ circumstances.
Provision of Services Related to Product Usage
3 Product and Service Design that ensures suitability and
appropriateness for customers. 8 by providing equal access to all customers, including
services for persons with disabilities and elderly customers.
4 Provision of Product and/or Service Information to
enable customers to make informed decisions. 9 Complaint Handling and Dispute Resolution
as a form of commitment to customer satisfaction.
Enhancement of Financial Literacy and Inclusion
5 Transparent Disclosure of Product and/or Service
Information in the offering of products and services. 10 to support prudent and responsible financial decision-
making.
In order to implement consumer protection in a comprehensive is aligned with customers’ needs. Furthermore, this process
manner, Bank Mandiri adopts an approach that encompasses is carried out through advertising and collection activities, as
the entire product and service lifecycle. This approach well as restructuring and loan modification options, to ensure
begins with the responsible provision of financial products that customers are able to manage their financial obligations
and services, aimed at ensuring that each product offered prudently.
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Customers Talent and Leadership Environmental Performance
In addition, Bank Mandiri also focuses on fair resolution of non- To ensure consistent understanding across all levels of
performing loans, efficient handling of customer complaints, the organization, Bank Mandiri actively carries out various
and the enhancement of customer satisfaction. All consumer socialization and capacity-building activities for all employees
protection principles are implemented comprehensively through the following strategic measures:
throughout the product and service lifecycle, from design and
marketing to after-sales services.
1 Multiple Internal Platform Socialization
Socialization initiatives are delivered to all employees through various internal Bank channels/platforms, including:
1. Display of information on PC wallpapers.
2. Email blasts via corporate email.
3. WhatsApp blasts through the Culture Squad across the Group.
4. Dissemination through BCMAG Survey, podcasts, and Mandiri Magazine.
2 Implementation of Consumer Financial Protection E-Learning
E-learning training is provided to all employees as part of regulatory compliance requirements mandating capacity building
to ensure employees’ understanding of provisions related to consumer protection.
Employee Training on Consumer Financial Protection [GRI 404-2] [F.22]
Bank Mandiri’s consumer financial protection training is mandatory every year for all relevant personnel at all levels of
the Bank who interact with customers. This training has fully covered (100%) senior and middle management, front-line
business personnel, and new employees, through annual training and comprehension tests.
In 2025, Bank Mandiri delivered four socialization materials to all employees to strengthen the role of its personnel in
providing fair, transparent, and responsible services to customers, while also mitigating potential complaint and reputational
risks. In addition, a total of 53,456 employees participated in consumer protection training delivered through e-learning
programs.
This structured, annually delivered training supported by defined learning scope, topic-based socialization materials, and
comprehension tests reflects best practice in ensuring consistent customer protection knowledge and application across
all customer-facing employees.
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Customer Financial Protection Training in 2025 [GRI 404-2] [OJK F.22]
Bank Mandiri Consumer Protection E-Learning Program
Training Scope
1. Understanding the concept of consumer protection
2. Understanding the implementation of consumer protection at Bank Mandiri
3. Identifying risks related to consumer protection within Bank Mandiri’s business activities
Socialization Topics
1. Edition 1: Adequate Education and Product and Service Design
2. Edition 2: Transparent, Clear, and Accurate: The Key to Customer Communication
3. Edition 3: Crafting Product Agreements: Simple to Draft, Serious in Protection
4. Edition 4: Clear Services, Effective Complaint Resolution
Total Training Hours Number of Training
Participants
2 53,456
Hours Participants
More detailed information on training related to customer financial protection associated with personal data protection
can be found in the section on Awareness and Training on Privacy and Data Security (p270-274).
3 Employee Awareness Survey
To measure the effectiveness of consumer protection capacity building, Bank Mandiri conducts employee awareness
surveys following socialization and learning activities. The survey is used to assess employees’ level of understanding and
the effectiveness of message delivery, ensuring that key consumer protection principles are well-communicated and
consistently implemented. Survey results serve as an input for continuous improvement of future training content, delivery
methods, and internal communication approached related to consumer protection.
Responsible Product Offering [GRI G4 FS15]
Bank Mandiri has policies governing the development and risk assessments and potential impact evaluations into the
introduction of new products through the Standard Operating new product development process through an end-to-end
Procedures (SOP) for New Product Development and the approach, as regulated under risk acceptance and new product
Technical Operational Guidelines (PTO) for New Product development frameworks. In addition, Bank Mandiri conducts
Development. These reflect responsible product and service monitoring and evaluation of new products to ensure product
risk management practices, including the integration of performance as well as ongoing oversight of risks and potential
impacts after product launch. [GRI 3-3]
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Customers Talent and Leadership Environmental Performance
Bank Mandiri provides transparent disclosure of risk-related Directors’ Resolution issued in 2025, these recommendations
information to customers, ensuring that information is clear, are further evaluated through forums coordinated by the
accurate, honest, easily accessible, and not misleading; Corporate Secretary of Business Committee Working Group
presenting a balanced view of potential benefits and risks; for both wholesale and retail segments. The final outcome
and ensuring that no material risk information is concealed or is submitted to the Board of Directors’ Committee, namely
understated. the Business Committee (BC), to ensure that every product
and service has undergone evaluation in accordance with
Recommendations on the status of new products at Bank applicable policies and supervisory standards.
Mandiri are submitted through a structured process, beginning
with discussions in Technical Meetings and coordination
from the New Product Coordinator. Pursuant to the Board of
Committee Oversight Process Flow for New Product Implementation
1 2 3 4 5
Technical New Product Working Group Business
BC Secretary
Meeting Coordinator BC Committee (BC)
Discusses and Coordinates Organizes the Determines the Discusses and
recommends new product Business Committee status of new evaluates the
the status of new proposals and Working Group products and their development and
products submits Product (WGBC) and inclusion in the RPPB, discontinuation of
Development reports the and proposes the Bank products
Progress Reports outcomes of WGBC results of product
implementation development
and Product evaluations as
Development well as product
Progress Reports to discontinuation to
the BC the BC
BoD-2
BoD-1 BoD
Vice President (VP)
Senior Vice President (SVP) Level Board Level
Level
In line with the oversight exercised by the Business Committee, requirements, including limited pilot testing where necessary.
the development and implementation of new products After obtaining approval from the relevant authorities, the
also follow a series of structured stages, ranging from the product is implemented under strict supervision and is
collection of initiatives and determination of product status periodically evaluated to ensure compliance, reliability, and
to risk approval. Each new product is evaluated through a risk safety for customers.
assessment and licensing process in accordance with regulatory
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Primary Initiative Post-
Risk Assessment Licensing Implementation
Determination Implementation
• Initiative collection • Risk review • Regulatory Approval • Product • Reporting
• Technical • Risk acceptance Required: implementation and post-
1. Fulfillment of
meetings implementation
documentation
• Working Group requirements monitoring
• Bank Product 2. Compliance
Implementation checklist
Plan (RPPB) 3. Licensing in
accordance with
the regulator’s
Service Level
Agreement (SLA)
provisions
• No Regulatory
Approval Required
1. Implementation
report
2. Implementation
preparation
In 2025, Bank Mandiri launched 22 products as listed in the In the development of sustainable financial products and/or
New Product Implementation Plan. These spanned various services through to their distribution, Bank Mandiri ensures
categories, including bancassurance, mutual funds, and a range that all stages are carried out in accordance with the Standard
of digital financial transaction innovations delivered through Operating Procedures (SOP) and the Technical Operational
the Livin’ by Mandiri and Kopra by Mandiri applications. Each Guidelines for New Product Development. This approach
product was developed in accordance with internal policies, enables the Company to identify and manage potential impacts
regulatory requirements, and relevant sustainability guidelines. from the planning stage onward. The sustainable financial
In addition, digitalbased products underwent a review by products and services offered generate positive impacts for
independent external parties prior to the submission of customers and the broader economy, and up to the reporting
licensing applications to the regulator. period, no negative impacts have arisen from the sustainable
financial products and/or services provided.
During the reporting period, all (100%) of Bank Mandiri’s new
products and services were evaluated against security aspects During the reporting period, the Company did not disclose
and other criteria established by the Company and applicable information regarding any incidents of non-compliance with
regulatory provisions. All (100%) products and services were regulations on product and service labeling and information,
also reviewed to ensure compliance with product labeling and as well as product communication or advertising, taking into
disclosure procedures. Futhermore, three financial products or account confidentiality and sensitivity considerations. Any
services were withdrawn or discontinued by Bank Mandiri. customer complaints related to product information and
labeling, as well as marketing communications, are followed up
in accordance with the Bank’s established complaint handling
procedures. [GRI 417-2, 417-3] [OJK F.27, F.29]
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Bank Mandiri Products and Services [GRI G4 FS15]
Bank Mandiri continues to innovate sustainable financial products and services to deliver greater convenience and an enhanced
banking experience. In 2025, a wide range of products and services were developed, encompassing both existing innovations and
those introduced during the year.
Livin’ by Mandiri
Livin’ by Mandiri is a financial super app that delivers comprehensive banking services accessible via smartphones.
It offers a range of up-to-date solutions tailored to customers’ financial and non-financial needs. Livin’ by Mandiri
integrates multiple conveniences, including account opening in more than 120 countries, cardless cash deposits and
withdrawals, e-wallet linkage, Smart Payment, instant transfers via BI-FAST, Instant Access, QR Pay and Receive Transfer,
Tap to Pay, PayLater, foreign currency transfers, investment product purchases, and Livin’ Sukha, along with various
other features designed to enhance customer convenience.
Livin’ Merchant
This entrepreneurship application provides point-of-sale (POS) services, ranging from sales recording and product
inventory management and monitoring, to the acceptance of various payment methods and the settlement of sales
proceeds.
Mandiri e-money
A chip-based electronic money instrument issued as a cash substitute for payment transactions, including toll roads,
parking facilities, TransJakarta, trains, minimarkets, and other various merchants.
Livin’ Sukha
One of the flagship features of Livin’ by Mandiri designed to address customer lifestyle needs, SUKHA enables customers
to purchase airline and train tickets, buy medicines and healthcare products, purchase game vouchers and subscribe to
streaming services, purchase concert and entertainment tickets, shop for daily necessities and electronics, order food
and beverages, and book appointments for health check-ups. In addition, SUKHA offers a blend of entertainment and
educational content through articles, live streaming, and reels. SUKHA serves as an integrated solution for entertainment
and shopping needs, delivering a comprehensive lifestyle experience for customers.
Mandiri Paylater
Mandiri Paylater, also known as Livin’ Paylater is a loan facility to finance QR-based transactions at all participating
merchants, based on a buy-now-pay-later concept with repayment tenors of 1, 3, 6, or 12 months. Customers can apply
for Livin’ Paylater online through the Livin’ by Mandiri application.
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Mandiri Direct Debit
A service that enables merchants partnering with Bank Mandiri to accept Mandiri Card transactions. This service
provides a seamless and convenient transaction experience through an integrated transaction flow.
Mandiri Chat Banking
A communication service between Bank Mandiri and customers through the official WhatsApp Business account,
WhatsApp Bank Mandiri, at +62 811 8414 000. Through this service, Bank Mandiri delivers information and notifications
and interacts directly with customers. Customers may also inquire about Bank Mandiri’s products and services via the
same WhatsApp number.
ATM
Banking transaction services provided through ATM machines that enable customers to access their accounts and
perform cash withdrawals, balance inquiries, transfers, payments, and purchases using Mandiri Cards. Bank Mandiri
ATMs also support transactions using cards issued by other banks through domestic networks and international
payment networks. Currently, Bank Mandiri has enhanced its services by deploying ATMs that support both cash
deposit and cash withdrawal transactions.
Mandiri EDC
Bank Mandiri collaborates with stores and merchants to provide Electronic Data Capture (EDC) machine services.
Mandiri EDC facilitates the electronic acceptance of purchase transactions, payments, cash withdrawals, and e-money
top-ups using Mandiri Cards as well as cards issued by other banks, through domestic networks, international payment
networks, and Bank Mandiri’s network.
Kopra by Mandiri
Kopra by Mandiri is a wholesale super digital platform that provides digital single-access services and serves as a central
hub for financial information and transaction activities for the wholesale business community, supporting an end-to-end
ecosystem from upstream to downstream. Kopra by Mandiri consists of three variants, namely:
1. Kopra Portal: A front-end digital service variant that functions as a single-access portal.
2. Kopra Host to Host: A single-access digital service variant based on system integration between the customer’s
systems and the Bank’s systems.
3. Kopra Partnership: A digital solution that connects wholesale and retail segment customers by providing
comprehensive business ecosystem solutions, thereby strengthening customer engagement across the Bank’s group.
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Mandiri E-Commerce
A payment acceptance service that enables online merchants partnering with Bank Mandiri to receive transactions
using Mandiri Cards as well as cards issued by other banks. Mandiri E-Commerce provides a convenient transaction
experience through an integrated payment system flow, without the need to access other banking channels.
Mandiri QRIS
This payment acceptance service enables merchants partnering with Bank Mandiri to receive payments via QR Code
using server-based electronic money or other funding sources. The QR code is standardized by Bank Indonesia,
allowing interoperable transactions through Livin’ by Mandiri as well as other bank and non-bank (fintech) applications
that are registered with and approved by Bank Indonesia. Mandiri QRIS provides merchants with a convenient cashless
transaction solution.
Digital Lending for Ecommerce and Fintech
Bank Mandiri collaborates with digital companies in Indonesia to provide non-revolving working capital loans to
MSMEs registered as online sellers or merchants. Loan applications are submitted online through partner platforms and
transmitted to Bank Mandiri via API. Upon approval, the loan proceeds are credited directly to the customer’s account.
For digital companies that do not yet have a financing application platform, Bank Mandiri provides an onboarding
website that enables the processing of loan applications.
Digital Lending for Value Chain Business
A business financing product provided by Bank Mandiri to customers who conduct sales through digital platforms.
Customers may draw down loans on a revolving basis in amounts of their choice, as long as the outstanding balance
does not exceed the approved credit limit. The application process is conducted online through partner platforms that
collaborate with Bank Mandiri and is submitted to the Bank via API. Customers can subsequently monitor the status of
their loan applications through the partner platforms.
Mandiri Customer Service Machine (CSM)
Bank Mandiri’s latest digital banking service is equipped with biometric verification technology to support card
replacement services, including card type changes, replacement of damaged cards, and even lost card replacement, as
well as new account opening services. Customers can conduct transactions on a self-service basis through CS Machines
with a practical transaction flow that requires no form completion, offers fast processing, operates 24 hours a day, and
eliminates the need to visit a branch office.
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Oversight of Financial Product and Service Evaluation [GRI G4 FS15]
Bank Mandiri provides equitable products and services to financial products and services, the Business Committee (BC),
all customers. Each new or enhanced financial product and chaired by the President Director, is responsible for ensuring,
service is designed with due consideration for customer needs, overseeing, and reviewing the development of all products and
including features, convenience, and compliance. In addition, services, including confirming that the necessary regulatory
the security of financial products and services is tested to approvals have been obtained and/or realization reports have
ensure that personal data protection and transaction security been submitted to the regulator.
are adequate and meet applicable standards. In evaluating
Business Committee (Board-level
Duties and Responsibilities
Committee)
• President Director
• Vice President Director Evaluating the development, enhancement, and
• Director of Corporate Banking discontinuation of the Bank’s products, both credit
• Director of Network & Retail Funding and non-credit and including digital banking
• Director of Finance & Strategy products and services, in accordance with the
• Director of Treasury & International Banking applicable regulations and policies at Bank Mandiri.
• Director of Risk Management
• SEVP of Corporate Banking
• SEVP of Wholesale Risk
• SEVP of Micro & Consumer Finance
Marketing Policy Based on Fair Advertising Principles [GRI G4 FS15]
All advertising and promotional materials for Bank Mandiri’s Marketing and communication activities for products and
financial products and services are designed to provide services are overseen by the Board of Directors, with support
information that is accurate, clear, honest, and not misleading. from the designated Managing Unit. The Managing Unit
This aligns with Bank Mandiri’s fair marketing policy and submits reports to the Board of Directors at least once a year,
complies with regulatory provisions governing advertising in containing comprehensive details of all product and service
the financial services sector. marketing communication activities that have been carried out.
Bank Mandiri’s product and service marketing communications
Bank Mandiri is committed to applying the highest standards aim to enhance brand awareness through digital and
of transparency and ethics in fair and responsible advertising conventional media, as well as the organization of events.
practices, as set out in the Overview of the Fair Advertising and
Responsible Marketing Policy. This policy includes the delivery Bank Mandiri applies risk management principles, namely risk
of accurate, complete, and understandable information in all identification, measurement, monitoring, and control to ensure
marketing practices, ensuring that consumers are able to make that marketing communication activities are conducted in
informed decisions. Bank Mandiri also ensures that marketing a safe, accurate, and timely manner, and has established the
materials disclose relevant product or service risks, and in following measures: [GRI 3-3]
addition, is committed to responsibly targeting appropriate 1. Clearly defining roles and responsibilities among relevant
audiences, so that products and services are promoted to units (segregation of duties).
relevant stakeholders in an ethical and inclusive manner.
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2. Implementing a check-and-balance process through dual terms as well as the inclusion of the word “free” or other
control in the execution of product and service marketing words with similar meaning.
communications. 4. Providing explanations of any terms, phrases, sentences,
3. Ensuring full compliance with internal and external and/or symbols, diagrams, and signs that may not yet be
regulations. understood by customers.
4. Applying risk management principles. 5. Providing a summary of product and/or service
5. Conducting product and service marketing information in both general and personalized versions,
communications in alignment with the Company’s Core which includes:
Values, AKHLAK (Trustworthy, Competent, Harmonious, a. Information related to:
Loyal, Adaptive, and Collaborative), good corporate 1) Product description/explanation.
governance principles, corporate culture, code of ethics, 2) Product advantages and benefits.
business ethics, and the prudential banking principle. 3) Product features.
4) Product terms and conditions.
Bank Mandiri provides customers with detailed information of 5) Instructions/tutorials for product or application
the features, implications, and risks of all products, including usage.
digital products and services, ensuring the provision of product 6) Product or promotion validity period (if applicable,
and service information as follows: [GRI 417-1] for example for limited-edition products).
1. Providing product and/or service information that is clear, 7) Communication channels that customers may
accurate, truthful, and easily accessible, and asterisks (*) in contact to obtain further information or clarification.
advertisements must not be used to conceal or mislead b. Simulations and/or historical data for products and/or
customers and/or the public regarding the actual quality, services involving fund mobilization, fund distribution,
performance, or price of the advertised product and/or and/or fund management activities.
service, or regarding the availability of promotional gifts
associated with the product and/or service. Bank Mandiri ensures that every customer receives accurate
2. Using the Indonesian language that is easy to understand information by requiring all marketing personnel to participate
and legible text for all written information provided. in product and financial services knowledge training, as well as
3. Using letters, text, symbols, diagrams, and signs that are annual refresher training.
clearly readable, and refraining from the use of superlative
Responsible Marketing and Product Offering Training in 2025 [GRI 404-2] [OJK F.22]
Training Scope
SOP for Product and Service Marketing Communications, Basic Marketing, Marketing Foundations: Consumer
Behavior, Marketing Analytics Foundations, Digital Marketing Foundations, Product Marketing Foundations, Marketing
Communication, and other related programs.
Number of Training Titles Total Training Hours Number of Training
Participants
167 7,672 3,485
Titles Hours Participants
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Debt Collection Policy [GRI G4 FS15]
Bank Mandiri ensures full compliance with all applicable laws applicable credit agreements. Bank Mandiri ensures that all
and regulations governing debt collection management, collection activities, whether conducted directly or indirectly,
implementing practices that are responsible, respectful, and comply with both internal and external requirements, thereby
fair to all customers. Bank Mandiri also requires every employee maintaining transparency and integrity in its relationships with
or authorized party involved in the debt collection process to customers.
uphold the highest ethical standards and to respect the rights
of debtors. Bank Mandiri ensures that debt collection activities conducted
by third-party collection service providers are carried out only
The Debt Collection Policy applies to all Bank Mandiri when a debtor’s account has reached non-performing status.
employees and subsidiaries, covering both retail and wholesale Bank Mandiri ensures that all collection activities are conducted
products and services, as set out in the publicly available without physical or verbal intimidation and are not directed
document entitled Overview of the Debt Collection Policy. at any parties other than the debtor concerned. In addition,
This comprises procedures and governance arrangements collection communications must comply with non-intrusive
and establishes operational mechanisms for debt collection, communication requirements, including being conducted only
including collection methods, frequency, and applicable at the registered collection address or the debtor’s domicile,
requirements. In addition, the policy requires employees who from Monday to Saturday excluding national holidays, between
are directly involved in debt collection activities to participate 08:00 and 20:00 local time.
in periodic training on the implementation of standardized
collection procedures. The debt collection policy refers to Bank Mandiri requires employees handling credit and collection
the internal Credit Collection & Recovery policy, which covers officers to undergo training and certification, both internal
the management of non-performing loans and collection and external programs. For debtors that remain under the
procedures. The implementation of debt collection activities management of the business unit (BU), Bank Mandiri provides
is overseen by the Wholesale Credit Recovery Unit for the assistance through joint efforts between the BU and the relevant
wholesale segment and the Retail Credit Recovery Unit for the divisions. Accordingly, Bank Mandiri ensures that collection
retail segment. officers have completed training modules related to collection
activities, including basic collection, collection negotiation,
At every stage of the collection process, Bank Mandiri anti-fraud strategies, and operational risk in collections. These
applies consumer financial protection principles that respect training programs are conducted in collaboration with the
customers’ fundamental rights in accordance with the Mandiri University Group.
Debt Collection Policy Training in 2025 [GRI 2-24, 404-2] [OJK F.22]
Training Scope
Basic Collection for operational-level employees and outsourced personnel, Operational Risk Management
for Collectors, Retail Collection Product Knowledge, Negotiation Collection, Collection for Business,
Solution: Sequenced Collections, and other related programs.
Number of Training Titles Total Training Hours Number of Training
Participants
8 2,750 756
Titles Hours Participants
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Loan Modification Policy [GRI G4 FS15]
Bank Mandiri closely monitors and identifies factors that may process commences upon receipt of a formal written request
affect a debtor’s financial condition and repayment capacity, such from the debtor, accompanied by the debtor’s consent, which
as business and income conditions, employment stability, health serves as the basis for the Bank to undertake a comprehensive
conditions, as well as external events that impact economic assessment of the debtor’s financial condition and business
activities (e.g., disasters or extreme weather). This monitoring is prospects in accordance with the prudential principles. The
conducted on an ongoing basis through various mechanisms, available restructuring options include:
including a watchlist that serves as an Early Warning Signal. 1. Reduction in loan interest rates;
This mechanism evaluates the debtor’s business prospects, 2. Extension of the loan tenor;
financial performance, and payment history. If the monitoring 3. Reduction of outstanding loan principal arrears;
results indicate a deterioration in credit quality, Bank Mandiri will 4. Reduction of outstanding loan interest arrears;
implement remedial measures for debtors who still have viable 5. Additional credit facilities; and/or
business prospects and repayment capacity, in order to minimize 6. Conversion of loans into temporary equity participation.
potential losses and recover the credit that has been extended.
Information on restructuring schemes, including the applicable
Bank Mandiri fully understands customers’ needs and terms and conditions, is formally communicated through a
proactively assists them in addressing financial challenges Restructuring Application Approval Letter once the application
through appropriate options. Accordingly, Bank Mandiri offers has been approved by Bank Mandiri. Bank Mandiri also ensures
loan modification or restructuring options in accordance with the availability of clear escalation channels for debtors who
applicable regulations and tailored to debtors’ needs, including require further clarification or are dissatisfied with the outcome
to modify loan agreements and adjust credit limits. The loan or restructuring decision. Debtors may submit objections
modification options are provided in a clear and structured through Bank Mandiri’s official channels, including Branch
manner based on the debtor’s condition. In determining Offices, Mandiri Call 14000, and the “Contact Us” feature on Bank
restructuring schemes, Bank Mandiri takes into account the Mandiri’s website, as well as through assistance from an Account
results of internal monitoring, the debtor’s financial condition, and Manager or Relationship Manager. Debtors may also use the
repayment capacity based on income or cash flow information complaint-handling mechanism through the Financial Services
as well as existing obligations, ensuring that the solutions offered Authority (OJK) as the financial services regulator, in accordance
are aligned with the debtor’s financial capacity. with applicable regulations.
The implementation of credit restructuring policies is governed A structured workflow for the execution and oversight of credit
by the Credit Collection & Recovery Standard Operating restructuring is implemented, in accordance with the following
Procedures (SOP) and POJK No. 40 of 2019. The restructuring scheme:
Implementation & Oversight Flow of Wholesale and Retail Segment Credit Restructuring
Restructuring Completeness
1 2 3 Negotiation of 4 Proposal to 5 Decision by
Application of Restructuring
(Initiated by the Application Restructuring the Authorized the Authorized
Debtor / Bank) Documents Scheme Decision Maker Decision Maker
Monitoring
9 Restructuring
of Debtor 8
Payments and Becomes 7a Approved
Credit Quality Effective
10 Completed 6 Decision
7b Rejected
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In addition, Bank Mandiri ensures the credit restructuring 1. Business prospects, covering:
process is carried out by officers or employees who were not a. Potential for business growth
involved in the original credit approval. This process adheres b. Market conditions and the debtor’s competitive
to the key principles underlying credit restructuring, including: position
1. Four-Eye Principle c. Management quality and workforce-related issues.
2. Exposure Consolidation Principle d. Support from business groups or affiliated entities.
3. One Obligor Principle e. Efforts undertaken by the debtor to maintain
4. Credit restructuring is not undertaken solely to avoid: environmental sustainability
a. A downgrade in credit quality classification 2. Business performance, covering:
b. An increase in the allowance for asset quality a. Profitability
impairment (PPKA) b. Capital structure
c. The suspension of accrual-based interest income c. Cash flow
recognition d. Sensitivity to market risks
3. Repayment capacity, covering:
Bank Mandiri conducts comprehensive assessments and a. Timeliness of principal and interest payments
applies specific criteria when considering credit restructuring b. Availability and accuracy of financial information
applications. The aim is to identify opportunities for debtors’ c. Completeness of credit documentation
credit recovery so that the restructured loans can return to a d. Compliance with credit agreements
productive status and deliver benefits to both parties. The e. Appropriateness of fund utilization
assessment factors include: f. Reasonableness of sources of repayment
Non-Performing Loan (NPL) Resolution
Bank Mandiri applies a systematic approach in managing non-performing loans by implementing a series of measures tailored to the
conditions and recovery potential of each debtor to ensure an appropriate and effective resolution.
Non-Performing Loan (NPL) Handling Process
Diagnosis Monitoring Write-Off
Identification of the root cause of Monitoring the fulfillment of Removal of non-performing
non-performing loans and analysis of obligations by the debtor to loans from the Bank’s balance
the debtor’s condition to determine ensure that credit quality is sheet; however, credit recovery
the appropriate account strategy maintained efforts continue to be pursued
Review Restructuring Exit Strategy
Periodic evaluation of credit Credit recovery measures Resolution of credit exposure for debtors
quality based on the three for debtors who still have for whom recovery measures cannot be
assessment criteria of Bank viable business prospects and implemented or for whom recovery efforts
Indonesia demonstrate good faith have been implemented but were unsuccessful
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Financial Product Complaint Handling [GRI G4 FS15]
Bank Mandiri recognizes that customer loyalty is built on by after-sales services provided by Bank Mandiri, including
satisfaction derived from excellent service, appropriate a customer complaint handling mechanism designed in
solutions and meeting their financial needs. The Company accordance with regulatory requirements and with customer
maintains customer loyalty by fostering strong relationships convenience as a key priority. This mechanism is implemented
and developing a deep understanding of customer needs, through internal procedures, namely the Customer Complaint
thereby encouraging referrals of Bank Mandiri’s services to Management SOP.
other potential customers. These efforts are further supported
Independent Complaint Handling Structure [GRI G4 FS15]
Bank Mandiri has established a Customer Care Unit as an independent internal body to ensure transparency and the quality of complaint
resolution. This unit is responsible for:
Managing and monitoring customer complaints in accordance with the established Service Level Agreement (SLA).
Handling customer complaints accurately and effectively, in line with or exceeding the stipulated SLA.
Coordinating with internal and external parties to review resolved and unresolved complaint handling processes in
compliance with applicable regulations.
Customers may submit inquiries and complaints, either in writing or verbally, through various easily accessible communication channels.
Complaint Communication Channels
Mandiri Call: 24-hour service via Line 14000 Official Bank Mandiri Social Media
@mandiricare and @bankmandiri
Website: www.bankmandiri.co.id by selecting the
“Contact Us” menu
“Mandiri Care” and “Bank Mandiri”
mandiricare@bankmandiri.co.id @bankmandiri
MITA WhatsApp 0811-8414-000
Formal written correspondence addressed to
Bank Mandiri, either delivered in person or sent
by post
Bank Mandiri Branch Offices throughout Indonesia
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Customer Complaint Handling Process [GRI G4 FS15]
Bank Mandiri has clear and effective mechanisms for handling customer complaints to ensure customer satisfaction and convenience,
carried out through the following stages:
1
Bank Mandiri’s Internal Process
Customers may submit
complaints through the Complaint
available complaint intake Resolution
channels, as outlined below:
2 3 4 5 6 Ya
Verbal Channels Data Complaint Customer Resolution Is the customer
• Mandiri Call, 24-hour service Verification Registration Receives a Unit satisfied?
Complaint • Conducts
via Line 14000 Registration Investigation
• Bank Mandiri Branch Offices Number • Decision- No
(nationwide) Making
Case
Completed
Written Channels
• Bank Mandiri Branch Offices
(nationwide) External Parties
• Email: mandiricare@
bankmandiri.co.id Court proceedings
• Bank Mandiri website or
(bankmandiri.co.id) via the
“Contact Us” menu Out-of-Court Proceedings
• WhatsApp MITA: +62 811-
8414-000 Financial Services Authority (OJK)
Facilitation/Mediation
• Official Bank Mandiri Social
Alamat: Website:
Media Gedung Perkantoran Bank https://kontak157.ojk.go.id/
• X (formerly Twitter): @ Indonesia appkpublicportal/
mandiricare and @ Menara Radius Prawiro
bankmandiri Jl. MH. Thamrin no. 2 Jakarta
Pusat 10110.
• Facebook: Mandiri Care and
Bank Mandiri Alternative Dispute Resolution Institution for
• Instagram: @bankmandiri the Financial Services Sector (LAPS SJK)
• Official letters Financial Services Dispute Resolution
Address: Website:
Menara Karya Tower 25th, G-H https://lapssjk.id/
Unit
HR. Rasuda Said street Blok X-5, Email:
Kav 1-2, Jakarta 12950. info@lapssjk.id
The Ombudsman of the Republic of Indonesia
Public Service Oversight and Alleged Maladministration, or Other Institutions
Address: Website:
HR. Rasuda Said Street Kav. C-19 www.ombudsman.go.id
Kuningan, South Jakarta.
12920. Email:
pengaduan@ombudsman.go.id
and/or other institutions
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Step 1 Customer Submits a Complaint
Customers submit complaints through the complaint intake channels provided by Bank Mandiri, either via oral
or written means.
Step 2 Data Verification
Upon receipt of the complaint, Bank personnel conduct data verification to ensure the accuracy of the customer’s
identity and the completeness of the complaintinformation. The entire complaint handling process is managed
and monitored by the Customer Care Unit.
Step 3 Complaint Registration
Complaints that have been verified are formally received and recorded in Bank Mandiri’s complaint management
system.
Step 4 Customer Receives a Complaint Registration Number
Bank Mandiri issues a complaint registration number to the customer as an official reference to facilitate status
tracking and follow-up of the complaint.
Step 5 Investigation and Decision-Making by the Resolution Unit
The complaint Resolution Unit conducts an investigation based on the nature of the complaint and determines
the resolution in accordance with the applicable provisions and service level agreements (SLAs).
Step 6 Complaint Resolution
Bank Mandiri communicates the resolution outcomes of customer complaints no later than 10 working days from
the date the complaint is received, in accordance with the category and level of complexity of the complaint,
as stipulated by the regulator (with a maximum of 10 business days). During the reporting period, 81% of total
complaints were successfully resolved within less than 2 working days.
If the customer confirms satisfaction with and acceptance of the resolution, the case is deemed closed.
If the customer is not satisfied with the resolution, they are entitled to escalate their complaints and/or dispute resolutions provided by
Bank Mandiri, either through judicial proceedings or non-judicial channels. Non-judicial avenues may include facilitation or mediation
by the regulator (including the Financial Services Authority/OJK and/or Bank Indonesia, in accordance with their respective authorities),
the Alternative Dispute Resolution Institution for the Financial Services Sector (LAPS SJK) for disputes related to financial products or
services, and the Ombudsman of the Republic of Indonesia for complaints concerning alleged maladministration in public services, as
well as other external mechanisms. These external institutions can be contacted through their respective official complaint channels,
including official website/online portals, email, call centers, and in-person service offices, in accordance with each institution’s applicable
procedures. The case is considered resolved once the chosen escalation process results in a binding decision, settlement, or ruling.
For further information on complaint handling mechanisms and available complaint channels, customers may access Bank Mandiri’s
website under the Customer Complaint section and subsequently followed up by the Resolution Unit for investigation and decision-
making in accordance with the established SLA. The entire complaint handling process is managed and monitored by the Customer
Care Unit.
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Customer Complaint Oversight and Audit [GRI G4 FS9, F15]
Bank Mandiri conducts regular oversight and audits of the The scope of the audit includes an evaluation of the entire
quality and effectiveness of complaint management as part of complaint management process, covering the receipt, handling,
the annual special audit on consumer protection. These audits escalation, and resolution of customer complaints. The audit
are carried out by the Ombudsman through the following results are subsequently reported to the Board of Directors and
mechanisms: the Board of Commissioners for oversight and further follow-up
1. Internal Audit: Conducted by the Internal Independent actions. Based on these audit outcomes, Bank Mandiri focuses
Review Body, managed by Senior Operation Risk (SOR) – on improving complaint management processes to enhance
Operations, through quarterly control testing to ensure efficiency and the quality of customer service.
compliance with applicable policies, procedures, and service
level agreements (SLAs). This process includes evaluations Bank Mandiri operates a customer complaint resolution
of the quality of complaint resolution and the provision of strategy in accordance with established authorities, taking into
recommendations for continuous improvement. account decision-making authority levels and the complexity
2. External Audit: Conducted by regulators and independent of complaints. The Customer Care Unit regularly collaborates
institutions to ensure transparency, integrity, and with Product Owners to review received complaints in order
compliance with regulatory requirements. These audits to enhance service quality and accelerate complaint resolution.
assess the effectiveness of internal control systems, validate
complaint escalation processes, and provide improvement
recommendations based on independent evaluations.
Oversight of the Complaint Resolution Process [GRI G4 FS15]
The Risk Monitoring Committee at the level of the Board of In addition, the Customer Care Group regularly reports
Commissioners with responsibility for overseeing the overall the progress of initiatives related to the management and
review of customer complaints. In addition, the Director of resolution of customer complaints to the Director of Operations
Operations receives direct reports on customer complaint on a bi-weekly basis, this includes progress in implementing
management performance and complaint summaries from corrective actions, accelerating complaint resolution, and
the Customer Care Unit. This ensures that customer complaints evaluating the overall effectiveness of complaint reduction
are effectively monitored and receive the necessary follow-up initiatives, to ensure the effective implementation of service
for timely improvements. In conducting oversight, monitoring improvement initiatives. Furthermore, the Director of
is carried out by tracking trends in the number of complaints, Operations presents the Service Transformation strategy to the
resolution rates in accordance with SLAs, key complaint Risk Monitoring Committee, including initiatives to strengthen
categories, as well as recurring and/or high-impact complaints, the management and resolution of customer complaints as
as the basis for prioritizing improvement actions. part of efforts to achieve the Service Wins vision. Customer
complaints escalated to external institutions are also closely
As part of this oversight, Bank Mandiri regularly collects and sort monitored by the Customer Care Group, particularly those with
key customer complaint cases, which are subsequently reported significant impact. The outcomes of these reports are reported
by the Customer Care Group to the Risk Monitoring Committee to the relevant members of the Board of Directors as part of
in relation to the management of customer complaints. The management oversight and as reference for future process
report includes complaint resolution achievements as well as improvements. In certain cases, complaints that attract public
initiatives undertaken to reduce the number of complaints, attention or have significant impact may be escalated and
including the implementation of root cause analysis to identify reported to the relevant management to ensure a responsive
underlying issues and promote continuous improvement. and well-coordinated resolution.
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Bank Mandiri’s complaint target for 2025 is set at 80 complaints satisfaction survey on the complaint resolution handling,
per one million transactions, as agreed by the Operational resulting in a score of 8.5 out of a maximum scale 10. The
Risk Unit in coordination with the Risk Management & Credit survey results serve as an important indicator in evaluating the
Committee (RMC), and approved by the Board of Directors and effectiveness of Bank Mandiri’s complaint management system
the Board of Commissioners. To assess the quality of complaint and provide a basis for further improvements. [OJK F.30]
handling, PT NielsenIQ Services Indonesia conducts customer
Summary of Customer Complaints
During the reporting year, a total of 888,126 customer complaints were received, representing a 10% decrease compared to the
previous year. Of these complaints, 100% were resolved in accordance with the established SLA.
Description 2025 2024** 2023**
Total Customer Complaints 888,126 983,547 1,082,133
Complaints Under Resolution by Reporting Year - - -
Complaints Resolved 888,126 983,547 1,082,133
Total Transactions 8,234,088,665 7,364,173,976 8,866,317,376
RAS Metrics Target 80 - -
RAS Metrics Realization 75 114 149
Resolution Rate 100% 100% 100%
*RAS Metrics: ratio of the number of complaints per one million transactions.
**In 2025, Bank Mandiri adjusted its methodology for calculating the number of transactions, from previously using the Defect per Million Opportunities (DPMO) method
which measures the potential occurrence of transaction failures across each activity in the process, to the Defect per Million Transactions (DPMT) method which treats an
entire transaction activity sequence as a single unit.
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Customer Satisfaction [OJK F.30]
Bank Mandiri implements service excellence to ensure a positive Kopra by Mandiri, and ATM/CRM. As a result, the survey findings
customer experience and customer satisfaction across all Bank were relevant in reflecting the overall customer experience.
Mandiri service touchpoints. Each year, Bank Mandiri measures
customer satisfaction through the Customer Satisfaction and The CX Survey measured two key indicators; the Customer
Loyalty Survey conducted via a structured survey, namely Satisfaction Score (CSAT) and the Net Promoter Score
the Customer Satisfaction and Loyalty Survey, Bank Mandiri (NPS), using a combination of Face-to-Face Interviews (F2F),
applies both quantitative and qualitative methods based Computer-Assisted Personal Interviewing (CAPI), Focus Group
on random sampling that represents all customer segments Discussions (FGDs), and In-Depth Interviews (IDIs). Meanwhile,
and service regions. The sampling frame is developed from the SES applied a mystery shopping methodology to assess
the database of active customers across branch, digital, and the consistency of Bank Mandiri’s service standards across all
ATM channels, with proportional distribution by region, measured service touchpoints. In the 2025 implementation, the
service type, and main transaction categories. The survey is CX Survey and SES included observations and/or visits across
conducted during the third and fourth quarters to ensure data various service touch points and channels, namely the Walk-
representativeness and minimize potential bias. Data collection in Channel, Digital Channel, Contact Center, and Self-Service
is carried out through a combination of face-to-face interviews Machines. The composition of respondents and observations
and online surveys, supported by respondent validation was maintained in alignment with the distribution of Bank
using Customer Information File (CIF) numbers to ensure the Mandiri’s customer base by region, age group, and gender.
legitimacy of participation. Strict quality control mechanisms Where deviations occurred, adjustments or weighting were
are implemented, including automated logic checks, duplicate applied in accordance with the vendors’ methodologies to
removal, response pattern monitoring, as well as regular ensure representativeness.
sampling audits and field verifications, to ensure the reliability
and accuracy of the survey results. The survey implementation demonstrated strong engagement,
with participation levels exceeding the set target by more
In 2025, Bank Mandiri collaborated with PT NielsenIQ Services than 1.6 times, resulting in a significant overachievement of
Indonesia to conduct the Customer Experience Survey (CX the survey target.The survey results indicated improvements
Survey) and with PT Morrigan Services to conduct the Service in the Customer Satisfaction Score (CSAT) of 86.69, the Net
Excellence Survey (SES) on a sampling basis. The surveys Promoter Score (NPS) of 71, and the SES score of 93.08, with the
achieved 100% respondent coverage representing Bank targets set at CSAT of 85, NPS of 64, and SES of 90. The survey
Mandiri’s customer base, drawn from 503,500 valid samples. outcomes were utilized to formulate and strengthen various
The respondents covered the Retail, Wholesale, and Priority service improvement initiatives, including the enhancement of
segments; a diverse range of savings, wealth, and investment digital banking services, refinement of the customer complaint
products; as well as multiple service channels, including handling system, and capacity-building programs for frontline
Branches, Priority Outlets, the Contact Center, Livin’ by Mandiri, employees.
Customer Satisfaction Score in 2025
Customer
Bank Mandiri: 86.69 Net
Bank Mandiri: 71 Service
Bank Mandiri: 93.08
Satisfaction Promoter Excellence
Score Score (NPS) Survey (SES)
(CSAT)
Industry*: 86.64 Industry*: 67 Industry*: 87.71
*Bank Group Based on Core Capital Tier IV.
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Privacy Management, Data Governance,
and Information Security
The advancements of the digital era and the adoption of Accordingly, Bank Mandiri places privacy and information
emerging technologies have not only created opportunities security as core elements in the delivery of secure banking
but also introduced risks to information security. These include services, aimed at safeguarding the Company from potential
data theft, manipulation, and misuse, which may compromise financial losses, reputational damage, and legal exposures. [FN-
the confidentiality, integrity, and availability of information. CB-230a.2]
Responsibility for Privacy Management, Data Governance,
and Information Security
Bank Mandiri assigns responsibility at the level of the Board of Oversight by the Board of Commissioners and the Board
Commissioners and the Board of Directors for managing privacy of Directors through these committees is conducted
(personal data protection in accordance with the Personal Data strategically via a structured mechanism. Previously, a Personal
Protection Law), data governance, and information security Data Protection Steering Committee was established as
(including personal data in accordance with the Personal Data a manifestation of the Company’s commitment to data
Protection Law). This responsibility is supported by committees protection regulation. However, as these matters have now
established to assist the Board of Directors in decision-making, been integrated into Bank’s business and operational processes,
in line with the company’s internal provisions at the Policy and the performance of privacy management, data governance,
Standard Procedure levels. and information security is formally discussed and reported
within the following board-level committees:
1 Risk Monitoring Committee
This Committee assists the Board of Commissioners with conducting oversight and advisory functions to the Board of
Directors. The objective is to obtain reasonable assurance that the implementation of the Bank’s risk management remains
adequate in terms of risk management procedures and methodologies. The Committee helps ensure that the Bank’s
business activities are conducted within acceptable risk limits and support a sustainable and profitable performance.
2 Audit Committee
This Committee assists the Board of Commissioners in carrying out its oversight function over the financial reporting process,
the effectiveness of internal controls, the implementation of internal and external audits, and compliance with applicable
laws and regulations, including matters related to privacy management and cybersecurity. The Audit Committee ensures
that audit processes are conducted independently and objectively, and in accordance with prevailing standards, in order to
safeguard the integrity and credibility of the Bank’s reports.
3 Integrated Governance Committee
This Committee assists the Board of Commissioners in overseeing the implementation of integrated governance within Bank
Mandiri’s financial conglomeration. The Committee ensures the alignment of policies, strategies, and governance practices
between Bank Mandiri and its subsidiaries, thereby ensuring that prudential principles and good governance are consistently
implemented across all entities within the Group.
4 Risk Management Committee
This Committee assists the Board of Directors in implementing effective risk management processes and systems by ensuring
the adequacy of risk identification, measurement, and monitoring. It also proposes risk management policies and strategies
for subsequent approval by the Board of Directors.
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Bank Mandiri has also established a Data Governance Body to for deliberating strategic issues for the Bank, including data
support an efficient and effective data management strategy. governance frameworks, policies, and strategic compliance
This framework has been developed in accordance with best matters, as well as issues escalated by the Data Governance
practices, external regulations, and Bank Mandiri’s internal Council that require recommendations from the Board of
policies, and involves all work units to ensure integrated data Directors or Management.
management. Management-level oversight is carried out
through the Data Steering Forum, which comprises the Director Detailed information on the responsibilities of the Board of
of Information Technology, the Director of Risk Management, Directors and the Board of Commissioners in their oversight
the Director of Human Capital and Compliance, the Director functions related to privacy and information security
of Operations, and relevant Directors/SEVPs. It is responsible management is presented in the “ESG Risk Management” section.
Privacy, Data Governance, and Information Security
Management Organization
To support comprehensive information security management and cyber resilience across all operational lines, Bank Mandiri has adopted
the 3 Lines Model, as follows:
Line Model: Chief Information Security Officer (CISO) Office Group, Enterprise Data Analytics, and
1st Data Protection & Fraud Risk Group
Responsible for managing cyber resilience and cybersecurity by implementing operational security controls,
ensuring the application of data governance across the Bank, as well as ensuring protection, including controls
over personal data processing and compliance with applicable regulations, in order to prevent data breaches
and mitigate fraud risks.
1,5 Line Model: Senior Operational Risk Information Technology (SOR IT)
Responsible for conducting testing to assess the effectiveness of the implemented operational controls.
2nd Line Model: Operational Risk Group
Responsible for developing the operational risk management strategy and establishing the related cybersecurity
framework.
3rd Line Model: IT Audit Group
Responsible for carrying out internal audit activities (assurance and consulting) to provide an independent
assessment of internal controls, the implementation of IT risk management, and IT governance processes within
the company’s organization.
In 2018, Bank Mandiri established a dedicated unit, namely implementation of information security and cyber resilience
the Chief Information Security Officer (CISO) Office Group, to across all operational lines (bank-wide). The unit adopts a
manage information security and cyber resilience, operating cyber resilience framework that is aligned with international
under the direct supervision of the Board of Directors/ standards and best practices.
executive management (C-level) to ensure the comprehensive
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In 2024, the Board of Directors approved the appointment of monitoring activities and guidance provided to its subsidiaries.
a Personal Data Protection Officer (PPDP) or Data Protection Bank Mandiri adopts a collaborative approach across relevant
Officer (DPO), along with the establishment of a dedicated work work units to ensure optimal data protection.
unit, namely the Data Protection & Fraud Risk Group, to support
privacy management function. Through this PPDP unit, Bank The duties and responsibilities of the unit responsible for
Mandiri coordinates the implementation of data protection privacy, data, and information security governance include the
across the Mandiri Group Financial Conglomeration through following elements:
Unit Roles and Responsibilities
Chief Information The management of information security and cyber resilience through:
Security Officer 1. Designing, implementing, and evaluating information security architecture.
(CISO) Office 2. Managing policies, standards, processes, and baselines related to information technology security
Group in accordance with best practices and compliance with regulatory and government requirements.
3. Ensuring the effective implementation of security reviews in application design, application security
testing, and penetration testing as part of information technology application system development
requirements under the System Development Life Cycle framework.
4. Identifying and analyzing cybersecurity threats through continuous monitoring functions.
Data Protection Implementing risk mitigation measures and personal data protection through:
Officer and Data 1. Providing reviews and recommendations to Work Units to ensure compliance with applicable laws
Protection & and regulations on Personal Data Protection.
Fraud Risk Group 2. Monitoring and evaluating compliance with Personal Data Protection laws and regulations, as
along with the Bank’s policies and/or Personal Data Processors.
3. Advising on Personal Data Protection Impact Assessments and monitoring the performance
of relevant Work Units in relation to Personal Data Processing, including other Personal Data
Controllers and/or Personal Data Processors.
4. Coordinating and acting as the liaison for matters related to personal data processing.
5. Following up on and developing internal procedures to address requests related to Data Subject
Rights, in accordance with applicable laws, regulations and business processes.
6. Issuing and submitting written notifications to Data Subjects and the Personal Data Protection
Authority in the event of a personal data protection breach.
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Unit Roles and Responsibilities
Enterprise Data The Group performs the Data Governance function and serves as Data Steward, by:
Analytics Group 1. Ensuring that the Bank’s business strategy, development, and policies are supported by accurate
and timely data, with a strong orientation toward trends, patterns/data-driven.
2. Ensuring the availability of data management and data governance policies that support the
quality of data services across Work Units, strengthening the implementation of data management
to maintain data availability, integrity, and integration throughout the organization.
3. Ensuring the effectiveness of reporting provision activities and project initiatives to achieve and
realize “Bank Mandiri Data Center /single source of truth within Bank Mandiri”.
4. Overseeing work programs related to the development of data management strategies and policies
for Bank Mandiri and its subsidiaries, in accordance with established requirements and timelines,
and making effective adjustments where necessary to support continuous improvement.
Operational Risk Conducts cyber risk management, by:
Group 1. Providing input to management on the formulation, development, and review of the cyber risk
management framework, including strategy, policies, and the adequacy of organizational structures
and resources, as well as the implementation of cybersecurity risk management.
2. Monitoring the implementation of the cyber risk management framework established by the Board
of Directors and approved by the Board of Commissioners.
3. Conducting testing to assess the impact of the implementation of cyber risk management
strategies and policies on the Bank’s overall risk profile.
4. Providing review and recommendations on the implementation of cyber risk management to the
Board of Directors and/or other Work Units.
5. Developing and implementing a risk awareness program to foster a strong culture of cybersecurity
risk management.
6. Coordinating, preparing, and submitting the Bank’s Cybersecurity Assessment Report and the
Information System Security and Cyber Resilience Report to the regulator on a periodic basis.
SOR IT Group Performs an internal control function over cybersecurity risk management that is independent from
business units, including conducting testing to assess the effectiveness of control implementation.
IT Audit Group A third-line function that supports the President Director and the Board of Commissioners in carrying
out their oversight responsibilities, by:
1. Planning the audit function and conducts internal audit activities focused on IT and cybersecurity,
while ensuring the effectiveness of implemented controls.
2. Providing recommendations based on audit results and monitors the follow-up of internal and
external audit findings related to IT and cybersecurity.
3. Identifying areas for improvement and enhances the efficient use of IT resources.
4. Providing improvement recommendations and objective information based on the evaluation of
controls reviewed at all levels of management.
5. Delivering advisory services and assurance on strategic matters, both during the planning stage
and throughout operational implementation.
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Privacy Management and Information Security Framework
Personal Data Protection Implementation Framework
RESPONSIBLE AND
TRUSTWORTHY DATA PROTECTION
Enhanced Customer Trust | Improvement of Risk Mitigation | Compliance with Regulations
I Assess II Protect III Sustain IV Respond
Gap assessment Implementation of Ongoing monitoring Fulfillment of personal
identification for PDP personal data protection of personal data data subject requests and
Law implementation strategy management handling of personal data
failures
1.1 Record of Processing 2.1 Lawful Basis for 3.1 4.1
Activities (RoPA) Processing & Consent
Management Training & Awareness
1.2 Data Subject Request
Data Protection Impact
2.2 Privacy Governance
Assessment (DPIA)
3.2
2.3 Information Security
1.3 Third Party Contract Data Protection Report
Management Data Classification
2.4 4.2
1.4 Physical and Environment Data Retention
2.5 3.3 Data Breach Management
Assessment Restriction
& Recovery
PDP Audit
1.5 2.6 Cross Border Transfer
Corporate Action
Restriction
DPO Role Data Quality Technology & Infrastructure
Bank Mandiri has established a framework to support the implementation of Personal Data Protection (PDP) with the vision of
“Responsible and Trustworthy Data Protection,” aimed at enhancing customer trust, strengthening risk mitigation, and ensuring
regulatory compliance. In its implementation, the framework is underpinned by four key pillars, namely assess, protect, sustain, and
respond.
Assess Protect Sustain Respond
1.1. Record of Processing 2.1. Lawful Basis for 3.1. Training & Awareness 4.1. Data Subject Request
Activities Processing & Consent Socialization, The Bank’s response
Identification and Management awareness programs, to accommodating
documentation Establishment of the and mandatory training the rights of Customer
of personal data legal basis for personal on Personal Data Personal Data Subjects
processing activities, data processing and Protection, taking into in accordance with
including data flow the management of account the roles and the procedures and
mapping and other consent provided by responsibilities of each timeframes stipulated
information required personal data subjects. Work Unit in personal under applicable laws
under applicable laws data processing and regulations.
and regulations. activities. This includes
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Assess Protect Sustain Respond
1.2. Data Protection 2.2. Privacy Governance the establishment of 4.2. Data Breach
Impact Assessment Development of internal regulations for Management &
(DPIA) internal policies and employees to ensure Recovery
Impact analysis/ provisions related compliance with the Handling personal data
assessment conducted to Personal Data PDP Law, as well as protection incidents,
to evaluate personal Protection, including the clarification of including reporting
data processing the alignment and key do’s and don’ts in to the PDP Authority
activities that pose high adjustment of existing the implementation and notification to
potential risk. regulations with of personal data affected Data Subjects,
the requirements of protection. in accordance with
1.3. Third Party Contract the Personal Data Media: newsletters, applicable regulations.
Management Protection Law. podcasts, videos, online
Incorporation of PDP and offline training
clauses and data 2.3. Information Security sessions, and pulse
protection security Ensuring the security checks.
standards within of processed personal
partnerships with third data through: 3.2. Data Protection
parties. • The implementa- Report
tion of pseud- Periodic reporting to
1.4. Physical & onymization, the Director of Risk
Environment encryption, and/ Management in the
Assessment or data masking form of a monthly
Covers risk mechanisms. report.
management related • Regular testing and
to physical facilities review of security 3.3. PDP Audit
and the surrounding control measures Audit processes
environment to ensure their conducted by
against human effectiveness and independent parties,
threats, disasters, sustainability. both internal and
and environmental external, on the
vulnerabilities, through 2.4. Data Classification implementation of PDP
the implementation Implementation of to ensure compliance
of controls such as data classification with and alignment to
access cards, access mechanisms to applicable laws and
control systems, alarms, protect sensitive and/ regulations.
and video surveillance or personal data from
(CCTV). unauthorized access.
1.5. Corporate Action 2.5. Data Retention
In the event of Restriction
mergers, demergers, Strategies for the
acquisitions, deletion or destruction
consolidations, and/ of personal data that
or dissolution of has exceeded the
legal entities, Bank retention period.
Mandiri is required to
provide notification 2.6. Cross Border Transfer
to Personal Data Restriction
Subjects and relevant Policies governing the
authorities through transfer of personal
Information Disclosure, data outside the
in accordance with jurisdiction of the
applicable regulations. Republic of Indonesia.
This document subsequently focuses on providing further explanations of several initiatives, namely the Lawful Basis for Processing,
Third-Party Contract Management, Data Subject Requests, Information Security, Data Breach Management and Recovery, Data
Retention Restriction, and the PDP Audit.
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Information Security Risk Management
In managing the bank’s information security resilience and effective approach to addressing cyber threats. Bank
and security, Bank Mandiri separates the cybersecurity risk Mandiri establishes the implementation of both functions
management function from the operational management through the Cybersecurity Risk Management Framework and
function for cybersecurity resilience and security. This the Operational Management Framework of Cybersecurity
separation is intended to ensure a more strategic, independent, Resilience and Security.
Cybersecurity Risk Management
In order to strengthen the implementation of cybersecurity This framework comprises 3 (three) main pillars. Pillar 1 covers the
risk management processes, Bank Mandiri has developed, Cybersecurity Risk Management Strategy, Pillar 2 encompasses
implemented, and periodically reviewed the Cybersecurity Risk the organizational structure related to cybersecurity, and Pillar
Management Framework. This framework not only complies 3 includes cybersecurity-related policies, procedures, and risk
with national regulations issued by Bank Indonesia and the limits, all of which are designed to achieve the cybersecurity
Financial Services Authority (OJK), but is also aligned with objective of Zero Security Breaches.
international standards and industry best practices, including
ISO 27001, the NIST Cybersecurity Framework, CIS Benchmarks,
and the PIC Security Standard.
Cybersecurity Risk Management Framework
Cybersecurity Risk Management Organizational Structure Related Cybersecurity Policies,
Strategy to Cybersecurity Procedures, and Risk Limits
1. Scope of the Cybersecurity 1. Cybersecurity Organizational 1. Cybersecurity Policies and
Risk Management Strategy Structure Procedures
2. Roles and Responsibilities of a. Units responsible for 2. Cybersecurity Risk Appetite,
Units Related to Cybersecurity cyber resilience and Tolerance, and Thresholds
3. Communication of cybersecurity maintain 3. Documentation and
the Cybersecurity Risk cyber resilience Communication of Policies,
Management Strategy b. SKMR is responsible for the Procedures, and Limits
4. Periodic Review of implementation of MRKS 4. Periodic Review of
the Cybersecurity Risk c. The Internal Control Unit Cybersecurity Policies,
Management Strategy performs functions related Procedures, and Risk Limits
to testing the effectiveness
of controls and providing
independent assurance
2. Review of Organizational
Adequacy Related to
Cybersecurity
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Pilar The Cybersecurity Risk Management Strategy encompasses six (6) key areas as follows:
1 1. Comprehensive understanding of cyber risks and their linkage to the Bank’s business, including the level
of exposure to cybersecurity-related risks and the Bank’s current cybersecurity posture. To foster a strong
cybersecurity risk culture, awareness programs are conducted consistently for all employees and customers
through all communication channels.
2. Identification, classification, and prioritization of critical functions, information technology assets, and system
interconnections to ensure a comprehensive and accurate understanding of the cyber risk profile.
3. Identification of cyber threats and mitigation of cybersecurity issues, including measures to address
potential reputational risks to the Bank. Through Risk Control Self Assessment (RCSA) and robust risk testing,
cyber risks are continuously evaluated and appropriate mitigation strategies are implemented. The Bank also
conducts ongoing monitoring and undertakes preventive actions to address potential cybersecurity risks.
4. Security controls are implemented to protect the Bank’s IT assets against evolving cyber threats. To protect IT
assets from increasingly sophisticated cyber threats, the Bank implements data security management, endpoint
security, and protection of software, hardware, and network infrastructure. In addition, data protection is ensured
through effective user access management, whereby only authorized personnel are granted access to sensitive
information.
5. Timely detection of cyber incidents through continuous oversight and monitoring. The Bank operates a
Security Operations Center team to monitor suspicious anomalies or cyber threats perpetrated by cybercriminals,
supported by the use of Security Information and Event Management (SIEM) systems and Threat Intelligence
thereby strengthening Bank Mandiri’s resilience against global cyber threats.
6. Comprehensive cyber incident response to support rapid and effective recovery from resulting impacts. This
includes timely incident escalation, clear definition of team roles and responsibilities, post-incident analysis, and
continuous testing to enhance resilience against future cyber risks.
Pilar Organizational structures related to cybersecurity are established to support comprehensive information security
2 management and cyber resilience across all operational lines. To this end, Bank Mandiri applies the 3 Lines Model.
Pilar Cybersecurity policies, procedures, and risk limits comprise the policies and procedures established by the Bank as
3 part of cybersecurity risk management, as stipulated in internal regulations. The Bank also defines a Risk Appetite
Statement (RAS) for cyber risk as part of the operational risk of Risk Appetite Statement on a bank-wide basis. The RAS
for cyber risk is further quantified into cyber risk thresholds and monitored on a regular basis.
The Cybersecurity Risk Management Framework is regularly After the Cybersecurity Risk Management Framework was
reviewed for continued relevance to business strategy, cyber established, and to ensure the effective implementation of
risk exposure, and the evolving cyber landscape. The review cybersecurity risk management, an Information System Security
of Pillar 1 focuses on aligning its relevance with the prevailing and Cyber Resilience Strategic Plan was developed, which
business strategy and emerging risk developments. Pillar includes a roadmap for the implementation of Cybersecurity
2 covers the fulfillment of strategies to ensure adequate Risk Management. The roadmap is subsequently implemented,
quantity and quality of human resources in cybersecurity risk with each implementation process governed by internal
management, including staffing, training, certification, talent policies. A process-based approach embeds security into every
management, and competitive remuneration. Pillar 3 includes phase, from the initial planning stage (Pre-Operational), to the
periodic evaluations of the Risk Appetite, Risk Tolerance, and operational and maintenance stage (Operational), and through
cyber risk thresholds, or ad hoc evaluations when specific to the termination stage (Post-Operational). This approach
conditions arise that require evaluation. enables the Bank to act proactively in anticipating and
managing risks from the beginning to the end of the process.
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During the Pre-Operational stage, the Bank conducts security parties. Risk controls are further strengthened through the
reviews of products and Information Technology infrastructure inclusion of security clauses in service agreements, periodic
prior to launch or deployment. These security reviews are compliance monitoring, and the evaluation of concentration
aligned with regulatory requirements and widely adopted IT and service dependency risks. This approach ensures that
security standards within the banking industry, as well as other external risks do not significantly increase the Bank’s overall risk
relevant security standards, and continue to evolve in response exposure.
to emerging risks. In addition, risk identification is carried out
from the outset through risk assessments for product initiatives, During the Post-Operational stage, cybersecurity risk
including cybersecurity risks and third-party dependency risks. management is conducted through reviews of products
and IT infrastructure that are no longer in use and require
During the Operational and Maintenance stage, cyber risk decommissioning. At a minimum, this includes the deactivation
management is conducted through continuous monitoring of accounts and network connections of employees, third
of system availability, capacity, and potential vulnerabilities. parties, or subcontractors deemed no longer secure, deletion
The Bank maintains monitoring mechanisms and early of sensitive data, revocation of access rights, and termination of
warning systems to detect anomalies and indications of cyber all related services.
incidents. Incident management processes are carried out in a
structured manner, including impact classification, root cause In addition, as part of the implementation of its cybersecurity
analysis, and the development of lessons learned to prevent risk management strategy, particularly in strengthening cyber
recurrence. To ensure service continuity, the Bank maintains resilience and security operations, Bank Mandiri remains
a Business Continuity Plan (BCP), a disaster recovery site, and committed to continuously enhancing its cybersecurity posture
recovery time objectives aligned with system criticality levels. through the implementation of a Comprehensive, Proactive,
IT risk management also includes oversight of third-party IT and Reactive Cybersecurity Framework, built upon three main
service providers. Prior to engagement, the Bank conducts due pillars: Governance and Awareness, Protection, & Operations.
diligence on the cybersecurity and resilience aspects of third
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Operational Management of Cyber Resilience and Security
Bank Mandiri strengthens its cyber resilience posture through a comprehensive, proactive, and reactive Cyber Resilience Framework,
which consists of three main pillars, namely Governance and Awareness, Protection, and Operations.
Cyber Resilience Framework
Governance and
Protection Operations
Awareness
1. Security Awareness 1. Defense Mechanisms 1. Security Operations Center (SOC)
Employee education is focused on Digital asset protection using up-to- Maintaining system resilience
cybersecurity practices and personal date technologies, including antivirus proactively and reactively against
data protection and customer solutions, encryption, and access cyber threats through 24/7 Security
education covers digital transaction restrictions, as part of a multilayered Operations Center (SOC) monitoring.
security as well as the prevention defense mechanism to prevent cyber
of fraud and cybercrime (cyber risk threats. 2. Cyber Threat Intelligence
awareness). The process of collecting, analyzing,
and leveraging information related
2. Penetration Test
to threats and indicators of cyber
2. IT Security Policies & Standards Periodic hacking simulations are
threat actors to support the Bank in
Fostering a strong security culture conducted to ensure security controls
effectively preventing, detecting, and
through the establishment of operate optimally.
responding to cyberattacks.
information security policies
3. Access Management
and standards that are aligned
Restriction of access to data in 3. Vendor and Supply Chain Security
with applicable regulations and
accordance with with the prevailing
international standards, and Assessment
authorities and regulations and the
consistently implemented across the Evaluating security aspects, including
implementation of regular password
organization. the adequacy and competence of
changes. vendors.
3. Organizational Structure and
Personnel
Establishing a dedicated cyber
resilience operations team
through capacity fulfillment and
the enhancement of personnel
capabilities by obtaining up-to-date
professional certifications.
Regulation: International Standard: International Best Practice:
Bank Mandiri continues to enhance the quality of its implementation of adequate internal controls by both internal
cybersecurity risk management and operational cyber resilience and external parties, and the measurement and evaluation of
management through Information Security Management information security controls to identify areas for improvement
Certifications, both at the national and international levels, the that can be implemented.
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Data Governance, Personal Data Protection, and
Information Security
Bank Mandiri regards the development of data and information data management through data backup arrangements, risk
protection as a core component of the corporate sustainability mitigation measures, and systematic documentation and
strategy. Bank Mandiri does not rent, sell, or disclose personal monitoring. Bank Mandiri has refined its policies by mandating
data to third parties for purposes other than transaction the application of personal data protection principles in
processing or service delivery, and minimizes risks related to accordance with the PDP Law.
Data and Personal Data Protection
Regarding privacy, Bank Mandiri has a comprehensive Personal 9. Data Security Management
Data Protection (PDP) policy in the form of Standard Operating 10. Data Integration and Interoperability Management
Procedures and Operational Technical Guidelines for Personal 11. Data Provisioning Management
Data Protection. Personal data protection at Bank Mandiri is also 12. Big Data Analytics Management
reflected in a detailed Privacy Policy that is accessible to Personal 13. Data Backup Management
Data Subjects at bmri.id/KebijakanPrivasi, and comprises: 14. Content and Document Management
1. Privacy Policy for Individual Customers; 15. Risk Mitigation, Documentation, and Monitoring
2. Privacy Policy for Corporate Customers
Standards and Procedures related to Personal Data Protection
Internal regulations provide for the Personal Data Protection and Data Management also stipulate several prohibitions
Operational Standards and Technical Operational Guidelines, regarding the management of customer data. Examples
which govern all aspects of Data Protection. This includes include:
the legal basis for personal data processing, handling of data 1. Using personal data of prospective customers whose
subject rights requests, recording of personal data processing applications have been rejected, except where there is
activities, and reporting in the event of a personal data breach. written or electronic consent from the customer or where
required by applicable laws and regulations.
In terms of data governance, Bank Mandiri has established 2. Disclosing customer personal data and/or information to
and continuously updates Data Management SOPs covering third parties.
the governance of all data stored in Bank Mandiri’s database 3. Requiring prospective customers to share personal data as
systems that affect assets and liabilities, including commitments a condition for entering into a product/service agreement.
and contingencies. These SOPs regulate data management
activities and data governance as the foundation for end-to- As part of harmonization with its subsidiaries, Bank Mandiri
end data management processes, encompassing: applies the Mandiri Subsidiaries Management Principles
1. Data Input Management Guideline (MSMPG), which governs information technology
2. Data Architecture Management and data management practices adopted and aligned
3. Metadata Management across Bank Mandiri’s subsidiaries. Oversight of subsidiaries is
4. Master Data Management conducted through Progress Report Monitoring on key PDP
5. Data Quality Management activities, including Privacy Governance, Consent Management,
6. Data Storage Management and Record of Processing Activities.
7. Data Development Management
8. Data Modeling Management
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Bank Mandiri Privacy Policy
Bank Mandiri informs customers of the purposes and legal processing, the types and relevance of personal data to be
bases for personal data processing, with any consent given processed, the retention period for documents containing
knowingly and based on a clear understanding. Bank Mandiri personal data, detailed information on the data collected, the
discloses its Privacy Policy, which includes details on the legality duration of personal data processing, and the rights of personal
of personal data processing, the legal basis and purposes of data subjects.
1 Legal Basis for Personal Data Processing
Bank Mandiri has established legal bases for personal data processing as stipulated in its internal provisions on Personal
Data Protection, which include:
1. Consent of the Personal Data Subject to the Privacy Policy, provided through an inseparable consent form.
2. Agreements with the Personal Data Subject.
3. Compliance with applicable laws and regulations.
4. Protection of the vital interests of the Personal Data Subject.
5. Carrying out duties in the interest of public service.
6. Fulfillment of other legitimate interests, taking into account a fair balance between Bank Mandiri’s interests and the
rights of Personal Data Subjects.
Bank Mandiri manages customer consent for personal data processing by prioritizing transparency and compliance with
Law No. 27 of 2022 on Personal Data Protection. The consent management system enables customers to grant, modify, or
withdraw their consent.
2 Purposes of Personal Data Processing
In processing personal data, Bank Mandiri only carries out such processing based on the applicable legal bases and
purposes that have been approved by the Personal Data Subject.
The purposes of personal data processing and the types of data processed have been comprehensively identified and are
set out in Bank Mandiri’s Privacy Policy, which include:
1. Management of Bank Mandiri’s products, services, and/or offerings, including profiling and scoring, to enhance
customer service and support Bank Mandiri’s risk management.
2. Provision of Bank Mandiri promotions or programs, which may involve partnership with other parties, for products and/
or services already used by customers.
3. Marketing and/or offering of Bank Mandiri’s products, services, and/or offerings and/or those of other entities within
the Mandiri Group and/or third parties partnering with Bank Mandiri, for products and/or services not yet used by
customers.
4. Compliance with applicable laws and regulations, as well as instructions from regulators, law enforcement authorities,
and other competent authorities.
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3 Types and Relevance of Personal Data to Be Processed
The collection, use, and storage of customer information are carried out in accordance with the principles of prudence and
transparency. All data collected by Bank Mandiri is determined based on applicable transaction requirements. Nevertheless,
Bank Mandiri is committed to minimizing requests for personal data and ensuring that the data collected is relevant and in
compliance with regulatory requirements. The types of personal data processed are set out in Bank Mandiri’s Privacy Policy.
4 Personal Data Retention Period
Personal data retention periods are decided in accordance with applicable laws and regulatory requirements.
5 Details of Information Collected
Details of information collected are disclosed under the categories of personal data collected and set out in Bank Mandiri’s
Privacy Policy. Personal data that may be processed by Bank Mandiri includes identification data, correspondence details,
education and employment information, family data, financial data, digital activity data, and personal preferences, which
are obtained directly from customers or through third parties in accordance with applicable provisions.
6 Duration of Personal Data Processing
Bank Mandiri processes personal data from the point at which a lawful basis is obtained. Such processing continues for
the duration of the use of Bank products, services, and/or offerings, or in accordance with applicable laws and regulations.
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Rights Granted to Customers to Control Their Data
(Individual/Personal Data Subject Rights)
Bank Mandiri guarantees customers’ rights of access, rectification, deletion, correct, destroy, and obtain individual/personal data in
accordance with applicable regulations. Bank Mandiri ensures the fulfillment of customers’ rights related to individual/personal data
management, as set out in its Privacy Policy, which includes the following:
Right to Information and Access
1 Individual/Personal Data Subjects are entitled to obtain information regarding the identity of parties requesting individual/
personal data, the purpose of such requests, and access to copies of their individual/personal data.
Right to Data Rectification
2 Individual/Personal Data Subjects have the right to complete, update, and/or correct inaccurate or incorrect individual/
personal data.
3 Right to Obtain, Use, and/or Transfer Individual/Personal Data to Another Party
Individual/Personal Data Subjects have the right to obtain, utilize, or transfer individual/personal data held by Bank Mandiri to
third parties, provided that the communication systems used by Bank Mandiri and such third parties are secure.
4 Right to Termination of Processing, Deletion and/or Destruction of Individual/Personal Data
Individual/Personal Data Subjects have the right to termination of processing of their individual/personal data, as well as to
request deletion and/or destruction of their individual/personal data. Individual/Personal Data Subjects agree to allow Bank
Mandiri a reasonable period of time to process the termination of processing, deletion, and/or destruction of individual/
personal data to the extent necessary for Bank Mandiri.
5 Right to Withdraw Consent
Individual/Personal Data Subjects have the right to withdraw consent previously granted to Bank Mandiri for the processing
of individual/personal data. Individual/Personal Data Subjects agree to allow Bank Mandiri additional time to process the
termination of individual/personal data processing, as necessary.
6 Right to Object to Automated Processing Results
Individual/Personal Data Subjects have the right to object to decisions resulting from automated individual/personal data
processing that produce legal effects or have a significant impact on the Individual/Personal Data Subject, including profiling
and/or credit scoring.
7 Right to Delay or Restrict Processing
Individual/Personal Data Subjects have the right to delay or restrict the processing of individual/personal data in a
proportionate manner in accordance with the purposes of such processing. To exercise this right, Individual/Personal Data
Subjects may contact Bank Mandiri through the communication channels specified in section H of the Privacy Policy.
8 Other Rights in Accordance with Applicable Laws and Regulations
Individual/Personal Data Subjects are entitled to exercise other rights related to the processing of individual/personal data as
provided for under applicable laws and regulations.
Bank Mandiri communicates the mechanism for fulfilling its obligation to respond to requests from Individual/Personal Data Subjects
by providing the contents of its Privacy Policy through branches, the corporate website, and other channels that serve as touchpoints
for Individual/Personal Data Subjects.
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Information Security
In the area of information security governance, Bank Mandiri Bank Indonesia and the Financial Services Authority (Otoritas
establishes and regularly updates policies and procedures Jasa Keuangan/OJK), as well as international best practices,
governing the requirements and mechanisms for managing including ISO 27001, the NIST Cybersecurity Framework, CIS
information security across all of the Bank’s information Benchmarks, and the PCI Security Standards. These policies
technology systems. These policies and procedures are regulate information security activities on an end-to-end basis,
designed to protect information assets, including customer covering risk identification, access control, threat mitigation, and
data, transactions, and operational systems, while ensuring continuous monitoring. In detail, Bank Mandiri’s information
compliance with national regulations, such as those issued by security governance encompasses:
1 Governance
Bank Mandiri establishes and implemts supporting internal policies related to information security management,
including:
1. Internal policies on information technology security and cybersecurity, which set out minimum requirements for
data and information technology protection, as well as end-to-end security controls.
2. Internal policies on data management, covering governance aspects including data retention, applied bank-wide.
3. Internal policies on monitoring and response for handling cyber incidents.
2 Identify
Bank Mandiri routinely conducts security risk assessments to identify vulnerabilities, potential threats, and mitigation
priorities.
3 Protect
Bank Mandiri implements various security controls, including:
a. Network Security
b. Endpoint and Server Security
c. Application Security
d. Identity and Access Management
e. Vulnerability and Patch Management
f. Encryption and Data Loss Prevention
g. System and Configuration Hardening
h. Security Awareness and Training
i. Third-Party Security (Vendor Security)
4 Detect
Bank Mandiri utilizes real-time security monitoring systems supported by a Security Operations Center (SOC) team that
operates 24/7. System activities and logs are regularly analyzed to detect anomalies or indications of breaches, enabling
fast and structured response actions.
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5 Respond & Recovery
Bank Mandiri establishes procedures governing incident handling mechanisms, covering identification, isolation,
mitigation, root cause analysis, incident post-mortem (lessons learned), and incident reporting. In addition, the Bank has
procedures in place for the recovery of critical systems to ensure service availability is maintained following an incident.
Bank Mandiri also conducts cybersecurity testing, including incident response simulations, to ensure team readiness,
minimize potential impacts on customers and operations, and strengthen the Bank’s capability in managing cyber risks.
Bank Mandiri has Personal Data Protection Policy, Privacy Policy, requirements established by Bank Mandiri in connection with
and Information Security that apply across all business lines/ such third-party engagements.
operational activities Mandiri, covering all financial products
delivered through both branch networks and digital platforms. Bank Mandiri conducts evaluations of all internal provisions
These policies provide protection for customer and vendor data, at least once a year (annual review), or in accordance with
both domestically and at Bank Mandiri’s overseas branches. In regulatory requirements, and at any time there are changes in
particular, overseas branches of Bank Mandiri are also required external regulatory provisions that affect internal policies, or
to comply with the applicable local laws and regulations in each changes in business/operational needs. Bank Mandiri provides
country of operation. In addition, all third parties that cooperate an internal platform/application accessible to all employees for
with Bank Mandiri and/or act on behalf of the Bank are required obtaining information on applicable policies and procedures.
to comply with the security and data protection standards and
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Artificial Intelligence Management
Bank Mandiri has implemented comprehensive Artificial Bank Mandiri has established AI governance framework based on
Intelligence (AI) governance covering traditional AI, generative three primary aspects, namely Compliance, Risk Management,
AI, and next-generation AI. This implementation is regulated and the AI Lifecycle. These three aspects are further reinforced
under internal provisions on Artificial Intelligence Governance, by the foundational pillars of Data Governance, Data Privacy &
requiring every AI model to be systematically documented, Protection, Technology & Infrastructure, Cybersecurity, and AI
subjected to rigorous feasibility testing, and monitored on Competency, thereby ensuring that AI implementation within
a regular basis. Through this approach, the deployment of AI the Bank remains controlled, value-driven, and aligned with
at Bank Mandiri is conducted in a secure, ethical, transparent sound governance principles.
manner and in alignment with applicable regulations.
a. AI Foundation
The AI Foundation comprises the essential components that must be fully established and integrated to support compliance, risk
management, and a robust AI lifecycle. The elements of the AI Foundation include:
1. Data Governance: Adequate data governance, including data quality and quantity as well as data security, constitutes a
fundamental prerequisite for reliable and responsible AI implementation.
2. Data Privacy & Protection: Any AI system development involving the processing of personal data is required to apply the
principle of privacy by design, ensuring that personal data protection is embedded from the planning stage through to system
implementation.
3. Technology & Infrastructure: The Bank establishes policies and manages the role of technology and infrastructure to ensure that
AI implementation operates securely, efficiently, and in accordance with operational standards.
4. Cybersecurity: Cybersecurity principles are comprehensively applied across all AI systems to safeguard against potential threats
and to ensure that such systems operate securely, reliably, and in line with their intended objectives.
5. AI Competency: AI competency is a critical prerequisite in governance, ensuring that the roles and responsibilities of each
unit are clearly defined, including the segregation of duties to support effective oversight and management, drive business
enhancement, and ensure compliance with applicable regulations.
b. Aspect 1: Compliance
(1) AI Ethics Principles
AI must be developed and utilized in an ethical manner through the following principles:
a. Reliability: AI must be reliable and accurate, and subject to periodic testing to maintain performance quality.
b. Transparency & Explainability: AI-driven decisions must be clearly explainable through proper documentation and
informative user interfaces.
c. Security & Resilience: Systems must be designed and operated in a reliable manner and be resilient against disruptions and
cyber threats.
d. Accountability: All AI processes and decisions must be traceable through comprehensive documentation and activity logs.
e. Data Privacy: AI must implement privacy by design, encryption, access controls, and comply with personal data protection
regulations.
f. Inclusivity, Ethics & Fairness: AI must be developed and applied ethically, without bias that could disadvantage certain groups.
g. Human Oversight: Significant decisions remain under human supervision through mechanisms such as human-in-the-loop,
human-on-the-loop, and human-in-command.
h. Sustainability: AI development must take into account resource efficiency and environmental impact.
(2) Regulatory Compliance
AI implementation must comply with all applicable regulations.
(3) Audit
AI audits serve as an oversight instrument to manage risks arising from the use of AI by ensuring that technological implementation
is conducted transparently, accountably, securely, and in compliance with applicable regulations.
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c. Aspect 2: Risk Management
(1) Risk Identification and Assessment
AI-related risks are identified and assessed to determine the level of risk exposure.
(2) Risk Monitoring
The Bank is required to implement periodic and systematic risk monitoring across all stages of the AI lifecycle, with reference to
the established risk identification and assessment results.
(3) Risk Control and Mitigation
Risk control is carried out preventively through the implementation of applicable policies and procedures, as well as through the
follow-up of control weaknesses identified during the monitoring process or as a result of incident evaluations.
d. Aspect 3: AI Lifecycle
The AI Lifecycle encompasses the end-to-end management of AI, beginning with strategy formulation and development stages,
followed by operational implementation and periodic evaluation, and continuing through enhancement or decommissioning
processes based on monitoring results, to ensure performance, security, and regulatory compliance.
Implementation of Personal Data Protection and
Information Security within Bank Mandiri
Data Management and Personal Data Protection
Personal Data Management and Protection
Bank Mandiri ensures that any use of data is supported by 1. Implementing data classification mechanisms to protect
valid consent or other lawful bases, subject to periodic review. sensitive data from potential access by unauthorized parties.
Personal data processing is carried out in a limited manner and 2. Implementing access restrictions and controls over data
strictly in accordance with its intended purposes, while ensuring repositories based on the principle of least privilege to
the accuracy, completeness, and reliability of information. Bank ensure that only authorized parties can access such data.
Mandiri also safeguards personal data against loss, misuse, 3. Implementing Data Loss Prevention (DLP) mechanisms
unauthorized disclosure, and alteration or destruction, while across all of the Bank’s IT assets that support business
clearly informing customers of the purposes of data collection activities to prevent the loss of sensitive data or information.
and related processing activities. 4. Secure file-sharing mechanisms integrated into data
management technologies covering data collection,
Bank Mandiri is committed to managing data independently, processing, storage, and transfer.
including the processing and deletion of data that is unlawful 5. Security awareness and risk awareness programs for all
or unintentionally collected. This commitment is implemented employees to ensure adequate human resource capabilities
through the application of data security management in safeguarding and managing data.
practices that encompass monitoring of asset management, 6. Conducting data backups, switch-over, and disaster
protection during data migration and transfer processes, and recovery training to ensure the resilience of data and
data destruction in accordance with applicable procedures. business-supporting IT assets.
Additional security measures implemented include:
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Personal Data Processing Consent Management
Bank Mandiri manages customer consent for personal data also serves as the legal basis for personal data processing
processing by prioritizing transparency and compliance activities, including the collection, use, storage, updating, and
with Law No. 27 of 2022 on PDP. A consent management deletion of personal data. Bank Mandiri informs customers of
system enables customers to grant, modify, or withdraw their the purposes and legal bases for personal data processing,
consent at any time as required. Customer consent applies ensuring that consent is given knowingly and based on a
to the offering of the Bank’s products and services as well clear understanding. In addition, Bank Mandiri does not use
as the selection of communication channels in accordance customer data for secondary purposes beyond the scope of
with customer preferences. Consent provided by customers approved transactions.
Data Collection, Use, Storage, and Retention
The collection, use, and storage of customer information are Bank Mandiri is committed to minimizing requests for personal
carried out in accordance with the principles of prudence data and ensuring that the data collected is relevant and
and transparency, with all data collected by Bank Mandiri compliant with regulatory provisions, both general personal
determined based on applicable transaction requirements. data and specific personal data.
General Personal Data Specific Personal Data
1 Full name 1 Health-related data and information
2 Gender 2 Biometric data
3 Nationality 3 Genetic data
4 Religion 4 Criminal records
5 Marital status 5 Children’s data
6 Other personal data that may be combined 6 Personal financial data
to identify an individual
7 Other data as regulated under applicable
laws and regulations
The use of customer data is strictly limited to legitimate banking of 30 years after the End of Business (when the customer no
transaction purposes, in accordance with applicable security longer holds any active products or services with Bank Mandiri).
and data protection regulations and customer consent. Such Upon the expiration of the retention period, personal data is
data is utilized to support the smooth execution of banking destroyed. Bank Mandiri also does not collect personal data
transactions, enhance service quality, fulfill legal obligations, from third parties, except where required by law.
and deliver an improved customer experience through the
provision of relevant product and/or service offerings. All Bank Mandiri manages personal data through various channels,
data usage is subject to strict oversight and remains in full including branch offices, call centers, and the Livin’ by Mandiri
compliance with applicable data protection regulations. application. Bank Mandiri applies data masking features to
sensitive data in accordance with internal provisions set out
Referring to Law No. 27 of 2022 on Personal Data Protection in the Technical Guidelines on Security Baselines. In addition,
(PDP) and internal provisions in the form of Operational Bank Mandiri implements data transmission limitations through
Technical Guidelines (PTO) on Data Retention, Bank Mandiri Data Loss Prevention (DLP) tools, in line with internal provisions
retains personal data in accordance with a retention policy governed by the Technical Guidelines on Data Loss Prevention.
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Disclosure and Control of Data to Suppliers and Business Partners (Third Parties)
To safeguard the confidentiality and security of personal data, Data disclosure is conducted in a limited and consistent manner
Bank Mandiri does not rent, sell, or provide personal data to third in accordance with the Company’s Privacy Policy and is made
parties for purposes other than the completion transactions or only to relevant third parties, including suppliers, regulators, law
services, in accordance with applicable laws and regulations. enforcement authorities, or business partners with appropriate
Bank Mandiri also minimizes the disclosure of personal data authorization. The policy also governs disclosures to parties
based on transactional necessity and retains personal data such as joint controllers, processors, or other counterparties,
only as permitted under prevailing regulations. Bank Mandiri subject to strict oversight. In particular, requests for data
has established stringent policies governing the disclosure of from law enforcement authorities or regulators are managed
customer data to ensure regulatory compliance and protect in accordance with data management policies governing
customer privacy, as stipulated in its internal Personal Data disclosures related to anti-money laundering (AML), counter
Protection provisions issued in 2024. financing for terrorism (CFT), or specific audit requirements. Any
third-party receiving customer data is required to enter into a
These policies restrict data disclosure to legitimate purposes confidentiality agreement or Non-Disclosure Agreement (NDA)
only, such as fulfilling legal and regulatory obligations and to ensure the continued protection of such data.
supporting the execution of banking transactions or services.
As part of risk mitigation measures related to partnerships with suppliers and business partners
(third parties), Bank Mandiri has implemented the following actions:
1 Inclusion of Personal Data Protection clauses in partnership agreements with third parties
Establishment of personal data protection security standards as an integral part of partnership agreements, with a
2 focus on security aspects in personal data processing
Incorporation of Personal Data Protection implementation requirements into procurement processes through the
3 Partnership Assessment Criteria (PAC)
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Data Protection Programs Covering Suppliers and Business Partners (Third Parties)
Bank Mandiri conducts and reviews data security and Personal In addition, as part of Personal Data Protection measures,
Data Protection risks related to third parties, including suppliers the Data Protection & Fraud Risk Group implements security
and business partners, to ensure compliance of the Bank’s safeguards by incorporating contractual clauses related to
management of third party cooperation and to strengthen risk personal data processing and applying Partnership Assessment
controls. Through the CISO Office Group, Bank Mandiri routinely Criteria (PAC) in accordance with internal provisions prior to
inspects the security performance of third parties in protecting entering into partnership with third parties. This is intended
customers’ personal information, covering aspects of human to ensure that third parties use Bank Mandiri’s customer
resources, processes, and technology to verify their compliance. information lawfully and in compliance with applicable
These inspections are carried out through questionnaires, requirements. The Partnership Assessment Criteria as referred
interviews, and on-site visits to third-party locations. to above include:
1 The existence of internal policies and provisions of prospective vendors related to personal data protection
2 Restrictions on the purposes of personal data processing by prospective vendors
3 Recording of personal data processing activities conducted by prospective vendors
4 Measures for safeguarding and maintaining the confidentiality of personal data by prospective vendors
This is to ensure that third parties use the Bank’s customer information legally and in accordance with regulations.
Personal Data Protection Program
One of Bank Mandiri’s efforts to ensure compliance with the The comprehensive personal data protection program has
Personal Data Protection Policy is a personal data protection been developed by the Data Protection and Fraud Risk Group
strengthening program, which is embedded into the Bank’s in coordination with related units, including the CISO Office
compliance governance, risk management, and technical Group, Enterprise Data Analytics Group, IT Application Support
operational systems through the Personal Data Protection Group, Operational Risk Group, and Human Capital Strategy
Program (PPDP). In addition, Bank Mandiri periodically evaluates & Talent Management Group. The personal data protection
the policies and procedures implemented by relevant units and program covers:
conducts internal audits as well as audits by independent third
parties to assess compliance with the Personal Data Protection
Policy.
1 Improvement of business processes 3 Refinement of internal provisions
2 System development 4 Organizational strengthening
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Bank Mandiri’s personal data protection strengthening program Bank Mandiri also conducted a comprehensive review of
covers not only customer personal data, but also the personal its personal data protection program to ensure operational
data of employees and third parties partnering with the Bank. compliance with the PDP Law. In addition, Focus Group
During the reporting period, Bank Mandiri reviewed its internal Discussions (FGDs) with various associations in Indonesia,
regulations and appointed PDP officers, provided Records of international institutions, and consultants to discuss best
Processing Activities, and conducted Data Protection Impact practices in personal data protection were organized.
Assessments. The programs implemented included metadata
management, data quality improvement, and adjustments to
customer requirements, supported by personal data protection
training delivered through the Mandiri University Group.
Integration of Data Protection in Product and Service Development
Bank Mandiri integrates data protection into the development 3. Privacy embedded into design, personal data protection
of products and services to ensure data security across all is embedded into the design and planning of products and
business processes, from planning through implementation. services.
Minimum security requirements and standardized security 4. Full Functionality, personal data protection does not
controls to mitigate vulnerabilities during the development restrict functionality for services that are not related to
stage have been implemented in accordance with internal personal data processing.
provisions set out in the Technical Guidelines on Security 5. End-to-end security, data security is applied
Baselines, under which every information technology initiative comprehensively throughout all stages of personal data
and application development is required to meet established processing.
security requirements. 6. Visibility & transparency, personal data processing is
conducted in a transparent and accountable manner.
Bank Mandiri has also implemented the Privacy by Design 7. Respect for user privacy, personal data processing is user-
concept, whereby personal data protection is integrated from centric and oriented toward Personal Data Subjects.
the development stage. Privacy by Design encompasses 7 main
implementation principles, namely: Privacy by Design aims to ensure compliance with the Personal
1. Proactive not reactive, personal data protection is Data Protection Law throughout all stages of processing,
implemented to prevent incidents or personal data mitigate the risk of data breaches that may adversely affect the
protection failures. Bank, and optimize the operational effectiveness of personal
2. Privacy by default, personal data is minimized from the data protection.
outset of processing by limiting processing to data that is
strictly necessary.
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Testing & Monitoring &
Planning Developing
Deployment Evaluation
1. Preparation of Feasi- 1. Preparation of 1. Execution of SIT and Monitoring and
bility Study (FS) the Functionality UAT. evaluation of
2. Preparation of Specification 2. Release Control implemented products
Required Documen- Document (FSD) Board approval for and systems to enable
tation and Technical migration. further enhancements.
3. Risk review of the Specification 3. Migration process
business process Document (TSD). and Production Trial
and/or system flow 2. Implementation of Run (PTR).
to be developed system development, 4. Live
including integration
with surrounding
systems.
1. PPDP identify and Verification of the Review and
review personal completeness of final evaluation of PDP
data processing in PDP documents: RoPA, across processes and
accordance with Data Flow Mapping, products, conducted
privacy principles. and DPIA, prior to proactively and upon
2. Preparation of RoPA, migration. request from Work
Data Flow Mapping, Units.
and DPIA.
Remarks:
1. Record of Processing Activities (RoPA) is an inventory of personal data processing activities within a product or activity.
2. Data Flow Mapping refers to the mapping of data flows for a specific product or activity.
3. Data Protection Impact Assessment (DPIA) is an assessment of personal data protection related to high-risk personal data processing activities, including the associated
mitigation measures.
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Information Security Implementation
Bank Mandiri implements various security measures, including encryption, access controls, and regular security audits. The Personal
Data Processing Unit ensures the security of customers’ personal data by applying physical and electronic data security controls,
data retention mechanisms, strict access management, and measures to prevent personal data protection failures. The unit is also
responsible for managing data storage locations and media, following up on requests for data copies from data subjects, and recording
and adjusting data storage processes as necessary.
Strengthening Information Security
Bank Mandiri adopts a multi-layered defense strategy to ensure the Bank’s data on the dark web. The Bank also proactively
information security by protecting applications, networks, and conducts threat hunting activities and takes down fraudulent
systems using advanced technologies that are continuously websites impersonating Bank Mandiri to mitigate cybersecurity
updated. The Bank implements a robust cybersecurity system risks and protect customer data.
with 24/7 continuous monitoring through an intelligence-
driven Security Operations Center (SOC), leveraging machine Bank Mandiri’s IT security capabilities are enhanced through
learning and AI technologies. This monitoring covers endpoints, strategic investments across all security layers, including
networks, applications, and servers to detect, prevent, and endpoints, networks, applications, data, and infrastructure.
anticipate cyber threats, including potential data breaches and Network and account anomaly detection is strengthened
advanced persistent threats (APTs). The system also enables using artificial intelligence and machine learning, while layered
rapid and effective incident response to minimize impacts and best-in-class security architectures are implemented to
on operations and data protection. In addition, Bank Mandiri safeguard the Bank’s systems and data and to identify and block
utilizes Cyber Threat Intelligence services to monitor and detect security anomalies at every layer.
emerging cyberattack trends, including potential exposure of
1 Endpoint Security
Bank Mandiri implements stringent security measures to address potential vulnerabilities in user endpoints through the
application of various security controls, including the use of Virtual Private Networks (VPNs), Network Access Control
(NAC), antivirus and anti-malware protection, Endpoint Detection and Response (EDR), disk encryption, and Multi-Factor
Authentication (MFA). With respect to server security, both branch servers and data center servers are protected through
the application of security patches and anti-malware solutions to ensure system integrity and prevent potential cyber
threats. These endpoint security measures are implemented consistently and are continuously monitored and updated.
2 Network Security
Internal network security is strengthened through the deployment of layered and redundant security devices, including
Intrusion Prevention Systems, Anti-DDoS solutions, Antispam, Virtual Patch, and Web Application Firewalls. These controls
are deployed at both the Data Center and the Disaster Recovery Center to ensure service availability and readiness in
emergency situations in accordance with the Business Continuity Plan.
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3 Application Security
To identify and address potential security gaps, Bank Mandiri conducts security assessments for all applications under
development. The Bank implements a Secure System Development Life Cycle at every stage of system and application
development to identify and mitigate security vulnerabilities at an early stage. Bank Mandiri also adopts Agile Development
to respond swiftly to business needs. Both approaches are reinforced through Dynamic Application Security Testing
(DAST) and Static Application Security Testing (SAST). Source code management is carried out centrally through the use
of repositories, version control, and secure source code reviews. The Bank also performs penetration testing to assess
system resilience against potential real-world attacks, ensuring that vulnerabilities are identified and remediated before
new applications or features are deployed.
In addition, Bank Mandiri has digital forensics capabilities to support security incident investigations, post-incident
recovery, and the enhancement of its overall security posture. Furthermore, applications accessed by customers and
employees are equipped with Multi-Factor Authentication (MFA) and PIN-based transaction security to strengthen
protection against unauthorized access and digital transactions.
4 Encryption and Data Protection
Data at Bank Mandiri is protected through encryption during Data-in-Use and Data-in-Transit to prevent unauthorized
access. These measures include Secure Managed File Transfer (MFT) for data transfers, Advanced Encryption Standard
(AES) for electronic data, and Transport Layer Security (TLS) for communications. Personal data is also safeguarded through
Data Loss Prevention (DLP) and Identity and Access Management (IAM), as well as de-identification techniques such as
anonymization and pseudonymization.
5 Infrastructure Security
The IT infrastructure is strictly managed through routine activities such as vulnerability analysis, including patching and
hardening, penetration testing, and cyberattack simulations.
6 Identity and Access Management
User access rights are managed centrally through Identity Management, while high-privilege access is governed through
Privileged Access Management (PAM), which is equipped with Privileged Threat Analytics (PTA) to detect potential threats
and generate alerts in accordance with predefined rules.
7 Third-Party IT Security
Bank Mandiri recognizes the information security risks arising from third-party IT service providers engaged by the Bank.
Accordingly, the Bank implements risk-based third-party risk management to ensure the adequacy and capability of third-
party IT resources across people, process, and technology aspects. Prior to and throughout the engagement, the Bank
requires the execution of Non-Disclosure Agreements (NDAs) and conducts vendor security assessments coordinated
by the CISO Office. Information security reviews are performed based on the level of vendor involvement and criticality,
using methods such as questionnaires, interviews, and/or site visits, to ensure that appropriate security controls are
implemented by third-party IT providers.
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Encryption is used as a protective measure to prevent unauthorized access to sensitive and personal data. And applied in data
management processes, both during data transmission (Data-in-Transit) and when data is at rest (Data at Rest), ensuring that data
remains secure from unauthorized parties. Encryption controls include:
1 Data Transfer, using Secure Managed File Transfer (MFT) for data exchange with third parties.
2 Drive Encryption, applying encryption controls to data storage media.
3 Advanced Encryption Standard (AES), encrypting electronic data.
Communication Encryption, encrypting communication channels through the implementation of Transport Layer
4 Security (TLS).
User access rights are centrally managed through the Identity Management system. For the management of highly privileged access
(power users), Bank Mandiri uses Privileged Access Management (PAM) equipped with Privileged Threat Analysis (PTA) features to
detect and generate notifications in accordance with established rules.
Information Security Testing
Bank Mandiri routinely maintains its IT infrastructure security To maintain and evaluate cybersecurity resilience and security,
tools by taking into account the technological lifecycle and any as well as to train readiness in incident response processes,
obsolescence in the systems in use. Security enhancements Bank Mandiri periodically conducts cybersecurity resilience and
are carried out through periodic activities such as vulnerability security testing in accordance with SEOJK No. 29/SEOJK.03/2022
analysis conducted by independent third parties, including on Cybersecurity Resilience and Security for Commercial Banks.
penetration testing and simulated hacker attacks.
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1 Vulnerability-Based Testing
Penetration testing for every new application development and periodically for internet-facing and or highly critical
applications, at least once a year. Penetration testing is performed by independent external parties holding internationally
recognized certifications.
2 Scenario-Based Testing
Scenario-based testing through various activities, including the following:
a. Table-top Exercise
Discussion-based testing involving cross-functional personnel from relevant work units. Each unit discusses response
and mitigation measures for cyber incidents in accordance with their respective roles and responsibilities. Tested
scenarios include ransomware attacks, illegal hacking, unauthorized access, data breaches, and email-based threats
b. Phishing Drill
Social engineering attack simulations in the form of phishing emails designed to prompt employees to disclose
sensitive information, such as passwords. These simulations are carried out using phishing email training tools that
automatically distribute simulated phishing emails to all employees. The simulations aim to help employees identify
and report phishing emails under conditions closely resembling real-world scenarios.
c. Adversarial Attack Simulation Exercise (AASE)
Real-life hacker attack simulations performed by independent parties to test cyber resilience and to identify potential
security gaps and vulnerabilities from people, process, and technology perspectives at Bank Mandiri. One form of its
implementation is the Adversarial Attack Simulation Exercise (AASE), which involves attack simulations conducted by
independent third parties on the Bank’s internal systems. AASE includes testing of third-party connections that interact
with the Bank’s systems and data through best practices adoption in cybersecurity testing, in line with the prudential
principle.
Examples of tested scenarios include unauthorized access, theft of source code from code repositories, interception
of unencrypted API communications, disabling of defense systems, and theft of confidential data from data centers.
Identified vulnerabilities, including third-party attack surfaces that could be exploited to compromise the Bank’s
systems and data, become a key focus of Bank Mandiri’s continuous improvement program for cybersecurity controls.
Simulation results indicate that attack objectives are not achieved across all scenarios, with all security control aspects
receiving a “Good” rating. Reports on the results of cyber resilience and cybersecurity testing are submitted to the
Board of Directors and regulators in accordance with applicable requirements. Through these simulations, Bank Mandiri
successfully reduces risks arising from third-party attack surfaces while strengthening its overall cybersecurity posture.
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Information Security Breach Management
Bank Mandiri uses Data Loss Prevention (DLP) tools, Identity and accordance with the cyber incident response framework, which
Access Management (IAM), and Multi-Factor Authentication generally includes:
(MFA) to prevent both intentional and unintentional data 1. Identification and analysis of the incident scope and
leakage. In addition, personal data is safeguarded through determination of appropriate response measures.
de-identification techniques such as anonymization and 2. Containment, through mitigation processes to prevent
pseudonymization, ensuring that data cannot be directly further damage.
identified without authorized access. These proactive measures 3. Eradication and recovery, comprising actions to terminate
prevent threats and enable effective incident response, thereby the incident and restore affected systems.
ensuring that customer data protection remains in line with the
highest security standards. [GRI 3-3] Bank Mandiri not only focuses on incident responses
through the CSIRT, but also strengthens early reporting by
Bank Mandiri has the capability to detect and respond to implementing a clear and documented escalation process
cyber-attacks through a Security Operations Center (SOC) that through the designated email service provided. This can be
operates 24/7. The SOC is consistent, effective, and measurable, used by employees when identifying anomalies related to
a reactive response to information security incidents. As information security and data protection. Information regarding
a proactive measure, Bank Mandiri conducts continuous this reporting channel has been regularly communicated to all
monitoring and risk mitigation in response to evolving cyber employees through posters, newsletters, and podcasts.
threats using leading Threat Intelligence Services, and has
developed internal through cyber security defender to protect Bank Mandiri has also developed recovery and business
its brand and websites from phishing threats, online fraud, continuity management strategies to mitigate impacts and
unauthorized access, and impersonation. restore the security of systems and networks, which are
specifically governed under internal policies. Bank Mandiri
Bank Mandiri has a Computer Security Incident Response also maintains digital forensic capabilities to support security
Team (CSIRT), registered with the National Cyber and Crypto incident investigations, facilitate post-incident recovery,
Agency (BSSN), to facilitate collaboration, coordination, and strengthen its security posture, and prevent the recurrence
information sharing in the handling of cyber incidents. CSIRT of similar incidents. The cyber incident response framework
conducts regular testing and security incident simulations to is continuously enhanced based on lessons learned from
strengthen preparedness in responding to incidents. The SOC previously resolved incidents. In addition, Bank Mandiri has
team, together with CSIRT, responds swiftly and effectively by mechanisms for handling Personal Data Protection failures
carrying out response actions, remediation, or mitigation in (data breaches), as stipulated in internal regulations.
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Data Breach Handling Mechanism
Identification Analysis Containment Response and Reporting and
Recovery Lessons Learned
Collecting basic Detecting and Initial mitigation Handling and Delivering written
information related verifying indications actions in response recovering PDP notifications to
to PDP failure and/or complaints to indications failure incidents regulators, personal
data subjects, and
incidents based on related to and/or reports of based on incident
the public in the
complaint reports. incidents based on incidents, based on classification and event of personal
classification. the results of impact analysis results. data disclosure, as
and risk analysis well as submitting
on Personal Data reports and
documentation to
Subjects, to prevent
regulators related
the disclosure of to PDP failure
personal data. incidents, whereby
such reports are also
submitted to the
relevant Director and
SEVP (board-level
committee).
The allocation of roles to work units as module users in handling PDP failures includes the following:
1. Users with the Super Admin and Organization Admin roles are assigned to the CISO Office Group – IT Security Services &
Subsidiary Support.
2. Users with the Operator role are assigned to the IT Applications Support Group (Application SMEs) – IT Information and
Data Services, IT Wholesale and Supporting Applications, IT Delivery Channels, IT Onboarding and Servicing, and IT Core
Banking Systems.
3. Users with the Data Protection Officer (DPO) role are assigned to the Data Protection and Fraud Risk (DFR) Group – Data
Protection Operations and Data-Fraud System Monitoring.
During the reporting period, Bank Mandiri recorded no cases of breaches or misuse of customer data and privacy. In over three
consecutive years (2023–2025), there have been no information security breaches, resulting in zero impact on customers, clients, or
employees. Any complaints related to privacy breaches are followed up in accordance with the applicable incident handling procedures
at Bank Mandiri. [GRI 418-1]
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In the event of a customer personal data breach, Bank Mandiri As stipulated in the Bank’s internal regulations on cyber incident
promptly handles the incident in accordance with its internal handling, the CISO Office Group is responsible for coordinating
policies governing cyber incident handling and its internal and managing all stages of cyber incident response, ranging
policies on the management of personal data protection from identification, analysis, isolation, eradication, and recovery,
failures which include breach notification of the personal data to the conduct of post-incident evaluation and lessons learned
protection failure to regulators and the affected data subjects, once the incident is formally closed. Throughout the incident
as well as other relevant Technical Guidelines. handling process, Bank Mandiri assesses the impact and
urgency level of the incident, which serves as the basis for
In the event of a personal data breach, Bank Mandiri undertakes determining escalation requirements as well as the appropriate
prompt and structured handling in accordance with internal form and mechanism of reporting.
provisions governing the management of personal data
protection failures. If the breach is caused by a cyber incident, This approach reflects a commitment to safeguarding
Bank Mandiri immediately activates the cyber incident response data security, strengthening information technology risk
mechanisms as stipulated in the relevant internal regulations. governance, and continuously enhancing cyber resilience.
Awareness and Training on Privacy and Data Security [GRI 404-2] [OJK F.22]
Mandatory training and capability development provided to Security Certified Professional (OSCP), eLearn Security Junior
all employees, vendors, and contractors at least once a year Penetration Tester (eJPT), Computer Hacking Forensic
strengthens the management of personal data protection and Investigator (CHFI), Palo Alto Networks Certified Network
information security. The training and certifications cover both Security Engineer (PCNSE), Certified Network Defender (CND),
technical and non-technical competencies, including Certified Certified SOC Analyst (CSA), Certified Encryption Specialist
Information Privacy Manager (CIPM), Certified Ethical Hacker (ECES), cybersecurity awareness training, as well as product
(CEH), Certified Information Systems Security Professional knowledge enhancement to deepen understanding of the
(CISSP), Certified Information Systems Auditor (CISA), Offensive Bank’s security systems.
Personal Data Protection, Information Security, and Cybersecurity Awareness
Information security awareness programs are conducted Bank Mandiri implements mandatory learning programs
regularly on a bank-wide basis to enhance understanding and on information security and data protection in the form of
foster a work culture oriented toward information security. e-learning for all employees as part of employee compliance
These programs include information security campaigns evaluations. The implementation and completion rates
delivered through various media, such as monthly bulletins, of these trainings are systematically monitored to ensure
quarterly posters, quarterly podcasts, and quarterly phishing employees’ understanding of and compliance with applicable
simulation exercises. Topics covered include data protection security policies and standards. The programs that have been
and confidentiality, emerging cyberattack trends, phishing implemented are as follows:
identification and prevention, and secure digital transactions.
In addition, Bank Mandiri conducts annual cyber risk awareness
certification programs for all employees, vendors, and
contractors.
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Phishing Drill
The implementation of information security is key elements in employee performance assessments, evaluated through
employees’ understanding and responses during training, vigilance in phishing simulations, compliance with information
security policies, and awareness of potential cyber threats. The results of this phishing simulation serve to enhance employees’
understanding of phishing cyberattacks via email and to strengthen the security culture within the workplace.
Bank Mandiri routinely conducts phishing drills, which are social engineering simulations designed to train employees in
recognizing and reporting phishing emails. These simulations use emails containing messages intended to manipulate
employees into entering credentials (such as usernames, passwords, or corporate personal email information). Therefore, this is
expected to build employees’ muscle memory and readiness in responding to real attacks.
During the reporting period, Bank Mandiri implemented various training and awareness programs on personal data protection to
enhance employees’ knowledge and awareness. All employees, regardless of position or function, are required to participate in training
related to information security and data protection. The programs that have been implemented include the following:
Personal Data Protection Awareness Activities
Personal Data Protection awareness is governed under the Operational Technical Guidelines on Personal Data Protection – Awareness.
The implementation of awareness activities includes:
Personal Data Protection (PDP)
1 Personal Data Protection (PDP) Poster 4 Narrative Video
A one-page poster containing quotations or call- Short-duration videos containing information,
to-action messages encouraging employees to calls to action, and awareness messages regarding
be more vigilant regarding potential risks and the implementation of personal data protection,
mitigation measures related to the implementation including applicable sanctions.
of personal data protection.
2 Newsletter 5 Personal Data Protection (PDP) Pulse Check
Articles/infographics providing comprehensive Surveys/checklists consisting of short questions
explanations of risk issues and tips related to for employees regarding readiness for the
personal data protection. implementation of personal data protection in each
work unit, both at the Head Office and Regional
Offices.
3 Personal Data Protection (PDP) Cartoon 6 Personal Data Protection (Consent) Education
Short, cartoon-style comics featuring light and Education for customers through social media in
contemporary content that depicts daily work the form of videos and posters on Meta, TikTok,
activities. Google Android and iOS, and X. Video campaigns
are conducted on Meta (consent), TikTok, and
Google.
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7 Personal Data Protection Guidebook
A summary of policies related to Personal Data Protection, distributed to all
employees in the form of a booklet to enhance understanding of the key aspects
of Personal Data Protection implementation.
Cybersecurity Awareness Activities
Cybersecurity awareness activities are governed by the Operational Technical Guidelines on Risk Awareness (OPERA) and the Operational
Technical Guidelines on Security Awareness. The implementation of awareness initiatives includes:
Posters on Operational Risk (including
1 cybersecurity-related risks) 5 Checklists
One-page posters containing key messages or Surveys or checklists consisting of brief questions
reminders encouraging employees to understand to assess employees’ readiness in implementing
and internalize controls over cybersecurity-related personal data protection measures across both
risks. Head Office and Regional Offices.
2 Newsletters 6 Learning Programs
Articles or infographics providing explanations Operational risk management learning modules
of risk issues and corresponding controls related delivered through online and offline training
to cybersecurity risks, serving as guidance for all sessions, e-learning platforms, and employee
employees. handbooks.
3 Comics/Cartoons 7 Forums
One-page comic or cartoon articles featuring Broadcasts or live video streaming sessions
fictional characters and addressing current featuring current operational risk topics, including
operational risk themes, including cyber risks, to cybersecurity risk issues, followed by interactive
reinforce employee awareness. question-and-answer sessions to enhance
employee understanding.
4 Clips
Short videos highlighting operational risk issues and
mandatory controls that employees are required to
implement.
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Vendor Training and Capability Development
In 2025, Bank Mandiri once again held its annual Vendor Meeting under the theme “Synergizing Growth through Strategic
Partnership” to strengthen collaboration with strategic partners. The forum was conducted on 4 December 2025 and attended
by 493 vendors, comprising 168 construction vendors, 208 non-IT vendors, and 117 IT vendors.
During the forum, several key topics were presented, including:
1 Vendor-Related Refreshment
A refreshment session on vendor management at Bank Mandiri, including the importance of updating vendor
data, ensuring data entry accuracy, and evaluating vendor data that is not updated on a regular basis.
2 Implementation of the Personal Data Protection Law (PDP Law)
A refreshment session on the completion of the Personal Data Protection Partnership Assessment Criteria (PAC),
which vendors are required to complete during registration as Bank Mandiri vendors and when undertaking
assignments related to Personal Data Protection.
3 Gratification Control and Whistleblowing System Letter to CEO (WBS-LTC)
A refreshment session on anti-gratification provisions as well as the Whistleblowing System - Letter to CEO (WBS-
LTC) at Bank Mandiri, including the steps for their implementation within Bank Mandiri.
In addition, Bank Mandiri has developed a Personal Data Protection Playbook for Vendors to facilitate vendors in carrying out
their responsibilities within the scope of cooperation related to the processing of personal data, thereby ensuring data security
and compliance with the Personal Data Protection Law (PDP Law).
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Privacy and Data Security Training in 2025 [GRI 2-24, 404-2] [OJK F.22]
Training Scope
Certified Information Privacy Manager (CIPM), Certified Ethical Hacker (CEH), Certified Information Systems Security
Professional (CISSP), Certified Information Systems Auditor (CISA), Offensive Security Certified Professional (OSCP), eLearn
Security Junior Penetration Tester (eJPT), Computer Hacking Forensic Investigator (CHFI), Palo Alto Networks Certified
Network Security Engineer (PCNSE), Certified Network Defender (CND), Certified SOC Analyst (CSA), Certified Encryption
Specialist (ECES), Personal Data Protection Law (PDP Law) E-Learning, Implementation of the Personal Data Protection Law
in the Banking Industry, Record of Processing Activities (RoPA), Cyber Risk Awareness, product knowledge enhancement
to deepen understanding of the Bank’s security systems, and other relevant programs.
Number of Training Titles Total Training Hours Number of Training
Participants
186 93,220 42,697
Titles Hours Participants
Discipline and Sanctions for Violations
Provisions on compliance with personal data protection as stipulated in the Human Resources Standard Procedures
incorporated into the Employee Integrity Pact, under which (SPSDM). Disciplinary measures may range from a first written
employees commit to protecting and safeguarding the warning to termination of employment. For levels and
confidentiality, reputation, credibility, and interests of Bank sanctions for Code of Ethics violations, refer to the chapter on
Mandiri. This also includes an active role in supporting the Strengthening Governance and Sustainability Commitment.
implementation of personal data protection and preventing the In addition, Bank Mandiri refers to Law No. 27 of 2022 on Personal
misuse of personal data that could cause harm to individuals or Data Protection, Articles 25–46, which regulate administrative
other parties. sanctions for data controllers. These sanctions include:
1. Written warnings.
Bank Mandiri imposes sanctions on employees who violate 2. Temporary suspension of personal data processing
and/or fail to fulfill their obligations as stipulated in regulations activities.
related to Personal Data Protection. Sanctions are imposed 3. Deletion or destruction of personal data.
in accordance with the Employee Disciplinary Regulations 4. Administrative fines of up to 2% of annual revenue or
as governed under the relevant Human Resources Standard income, depending on the nature and severity of the
Operating Procedures. violation.
Bank Mandiri classifies violations related to privacy, data security, All employees are responsible for information security and
or cybersecurity as breaches of the Code of Ethics. Employees personal data protection at Bank Mandiri, as stipulated in the
who commit such violations are subject to disciplinary actions relevant information security and data protection policies and
in accordance with the Employee Disciplinary Regulations, procedures, including:
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1. Internal provisions related to information technology and 2. Operational Technical Guidelines on Personal Data
cybersecurity safeguards are applicable to all employees. Protection, covering:
They include, but are not limited to, the use of strong a. Lawful Basis for Processing (Personal Data Processing
passwords, the use of standardized work devices, secure Grounds)
network usage, and the obligation to maintain the b. Third-Party Contract Management
confidentiality of the Bank’s data and information. In c. Records of Processing Activities and Data Protection
addition, all employees are expected to play an active role in Impact Assessments
preventing cyber risks by promptly reporting any suspicious d. Data Subject Requests
activities to the CISO Office Group or via email at lapor.ciso@ e. Data Breach Management
bankmandiri.co.id.
Personal Data Protection and Information Security Audit
[GRI G4 FS9]
As part of the Bank’s commitment to implementing the principles of Good Corporate Governance and supporting the sustainability of
its business operations, Bank Mandiri conducts reviews of information security controls. Subsequently, the audit results are reported to
the Board of Commissioners and the Audit Committee.
In 2025, the Internal Audit function conducted audits aimed at ensuring cybersecurity and data security across critical business process
areas, namely:
Information Security and Data Privacy Audit
The Information Security and Data Privacy Audit focused on evaluating the adequacy and effectiveness of the information
security control framework and personal data management.
Personal Data Protection Audit
The Personal Data Protection Audit directed at assessing the safeguarding of personal data management implementation
within business processes, as well as compliance with the Personal Data Protection Law (UU PDP).
Information Security Safeguard Audit
The Information Security Safeguard Audit assessed the effectiveness of security controls and the strengthening of cybersecurity
across critical information technology assets and applications, as well as overall cyber resilience capabilities.
The implementation of these audits was designed based on an analysis of key risks that formed the basis for the 2025 Annual Audit Plan
(AAP). Accordingly, the audit scope was aligned with the Bank’s risk profile, the need to strengthen cyber resilience, strategic priorities,
and applicable regulatory requirements.
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External Audit [GRI G4 FS9]
Based on the 2025 Annual Audit Plan (AAP), a Data Privacy Audit systems, the standards for which are also governed by Bank
conducted by an independent external auditor was carried out Indonesia Regulation No. 23/6/PBI/2021 on Payment Service
to evaluate the adequacy and effectiveness of Personal Data Providers.
Protection controls (Privacy Data Security) and Information
System Security, including applications of Payment Service Audits conducted by external parties form part of the
Providers (PJP), as well as cyber resilience. independent assurance mechanism over the effectiveness of
security controls and cyber resilience. This includes validation
External independent audits are conducted at least once a year, of the level of compliance, the effectiveness of the risk
in accordance with PADG No. 24 of 2024 on Information System management system, and the implementation of personal data
Security and Cyber Resilience (KKS), covering a number of protection practices.
critical application systems. This included payment application
The scope of the external audit examination includes the following areas:
1. Governance and Risk Management
The design of operation and risk management controls within policies, standard procedures, and operational mechanism of
service systems.
2. Operation and Infrastructure
IT RASS (reliability, availability, scalability, and security) of service systems, infrastructure, and networks in accordance with the
business impact analysis.
3. Business Continuity Plan and Disaster Recovery Plan
Disaster recovery planning and testing for critical service systems.
4. Consumer Protection
The design and implementation of controls for handling customer complaints.
5. Information Security and Data Protection
The design of controls over application user access and the safeguarding of superuser accounts in accordance with the principle
of least privilege.
6. Fraud Management
The identification of potential fraud at the account, transaction, and network levels, as well as the implementation of anti-
money laundering and counter-terrorism financing measures.
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7. Management of Goods and/or Services Providers
Security controls over the due diligence process, personal data protection clauses, and the periodic evaluation of vendor
performance.
8. Cyber Incident Prevention and Response
The identification of security vulnerabilities, the implementation of detection controls, and the follow-up response to
cyberattacks.
Internal Audit [GRI G4 FS9]
Through its Internal Audit function, Bank Mandiri has conducted information security controls, and cyber resilience, particularly
Personal Data Protection (PDP) Audits and Information across information technology assets and applications that
Security Safeguard Audits. These evaluated the adequacy are critical to the Bank’s operations, including those of its
and effectiveness of personal data protection safeguards, subsidiaries, as follows:
Personal Data Protection Audit
In 2025, through its Internal Audit function, Bank Mandiri The audit was conducted in a phased and risk-based manner,
conducted a Personal Data Protection (PDP) Audit to evaluate taking into account the characteristics of personal data
the adequacy of policies, processes, and controls in the processing activities within critical business processes. The
management of personal data. The PDP Audit was carried out examination was divided into two (2) phases, as follows:
with reference to Law No. 27 of 2022, with the audit scope
covering the implementation of personal data protection
across head office operations, regional/branch offices, and
subsidiaries.
Phase – 1
The audit focused on assessing the appropriateness of the legal basis for personal data processing and consent mechanisms,
as well as the effectiveness of education programs and efforts to enhance understanding (training and awareness) related to
PDP implementation.
Phase – 2
The audit focused on evaluating the implementation of PDP within operational processes, including the management of data
retention periods and data minimization, the recording of personal data processing activities, and the conduct of initial risk
assessments through Data Protection Impact Assessments (DPIA).
In addition, the audit also reviewed the management of third parties involved in personal data processing, as well as the
adequacy of personal data information security controls across the stages of data management, storage, and distribution of
customer personal data.
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Information Security Safeguard Audit
Bank Mandiri has conducted Information Security Safeguard Audits with a focus on strengthening cybersecurity and assessing the
adequacy of information security controls. These were carried out based on the risk profile and the criticality level of information
technology assets.
Phase – 1
Information Security Safeguard Audit of the Sharia Subsidiary. This examination covered the evaluation of security controls over
internet-facing IT assets, particularly business-supporting applications, as well as the adequacy of endpoint security, including
servers, laptops, and desktop computers.
Phase – 2
Information Security Safeguard Audit at the Head Office. This focused on Cyber Threat Intelligence, including the evaluation of
activities for detecting potential data leakage, identifying external cyber threats, and monitoring and following up on incident
alerts.
Phase – 3
This examination covered the evaluation of security controls over internet-facing IT assets of subsidiaries, particularly mobile
banking applications, security operations, the implementation of security controls on endpoints, Core Banking Systems projects,
and the adequacy of cyber resilience and cybersecurity governance.
Certification
Information Management Systems Certification
ISO/IEC 27001:2022
Bank Mandiri is committed to implementing an Information Security Management System in accordance with ISO/IEC
27001:2022 by applying the principles of confidentiality, integrity, availability, reliability, continuity, and compliance, while
emphasizing effectiveness and efficiency through the bank-wide implementation of internal information technology policies.
Bank Mandiri obtained Information Security Management System (ISMS) certification in accordance with the ISO/IEC 27001:2022
standard. In 2025, Bank Mandiri renewed its certification covering information security services provided by the Security
Operations Center (SOC) for managing cybersecurity threats across banking systems and cyber operations, the provision of
application development and IT operations related to Livin’ by Mandiri and Kopra by Mandiri, as well as the provision of Data
Center and Disaster Recovery Center infrastructure and operations.
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ISO/IEC 17025:2017
Bank Mandiri operates a digital forensic laboratory managed by the CISO Office Group and has obtained certification for
compliance with ISO/IEC 17025:2017, as assessed and issued by the National Accreditation Committee (KAN). Examinations
are conducted on digital evidence through process stages that include identification, collection, acquisition, and preservation.
Through the conduct of investigations and the operation of the digital forensic laboratory, Bank Mandiri has been able to
identify the causes, impacts, and risks of incidents affecting the Bank’s systems and applications.
Policy Alignment with Subsidiaries
Bank Mandiri aligns with its subsidiaries through the Integrated to standardize the evaluation mechanism for cyber maturity
Governance Committee (KTKT), one of whose key agendas reports that are regularly submitted to the regulator, thereby
is to ensure consistency in the implementation of Personal eliminating gaps in the assessment process and ensuring that
Data Protection and information security across subsidiaries, the maturity scores of Bank Mandiri and its subsidiaries are
including through the adoption and application of established comparable. With comparable results in place, the evaluation
frameworks and standards. In the area of personal data of the implementation of risk management practices across
protection, Bank Mandiri’s Personal Data Protection Officer Bank Mandiri and its subsidiaries can be conducted effectively
(PPDP)/Data Protection Officer (DPO) also aligns data and optimally.
protection implementation across the Mandiri Group Financial
Conglomeration through monitoring and assistance provided In the area of information security, the CISO Office Group works
to subsidiaries to ensure readiness in implementing personal in synergy with subsidiaries on information resilience and
data protection in accordance with Bank Mandiri’s standards. security by establishing Mandiri Group information security
Throughout 2025, Bank Mandiri organized 4 (four) personal data standards that include non-negotiable controls to anticipate
protection forums for all subsidiaries to ensure that personal cyber-attacks, while taking into account the system complexity
data protection has been implemented comprehensively and of each subsidiary. Compliance with these standards and
in compliance with applicable laws. In addition, all Bank Mandiri controls is monitored and periodically reported to the Boards
subsidiaries have established privacy policies published on of Commissioners and Directors of Bank Mandiri and its
their respective corporate websites. subsidiaries.
From cybersecurity risk management aspects, in 2025, Bank In 2025, the CISO Office Group organized knowledge-sharing
Mandiri through its Operational Risk Group, conducted forums to further strengthen cyber resilience and information
socialization sessions on the Cybersecurity Risk Management security across the Mandiri Group. In general, information
Framework with its subsidiaries to align the cyber risk security policies at subsidiaries refer to the information security
management framework between the Bank and its subsidiaries policies applicable at Bank Mandiri, while remaining tailored to
In addition, the Bank harmonized the cyber maturity assessment the operational conditions of each entity.
methodology with its subsidiaries. This initiative was undertaken
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Information Security and Personal Data Protection Policies at Subsidiaries
Mandiri Taspen | https://www.bankmandiritaspen.co.id/article/en-privacy-policy/en
PT Bank Mandiri Taspen (hereinafter referred to as “Bank Mandiri Taspen”), as the Personal Data Controller, is committed to
ensuring security and protection to provide a safe and comfortable transaction experience.
With full responsibility, this Privacy Policy details the definitions, types, legality, and purposes of personal data processing. In
addition, Bank Mandiri Taspen explains the management and transfer of personal data, the duration of processing, and the
procedures for amending the privacy policy.
Bank Syariah Indonesia | https://www.bankbsi.co.id/kebijakan-privacy/bsi
The Privacy Policy of PT Bank Syariah Indonesia regulates provisions related to the acquisition, collection, and other activities
concerning Customer Data, including the Personal Data of customers of PT Bank Syariah Indonesia Tbk.
The BSI Privacy Policy applies to all customers and forms an integral part of the terms and conditions applicable to each BSI
product and service.
Mandiri Utama Finance | https://www.muf.co.id/kebijakan-privasi/
MUF ensures that customers are informed about how MUF collects, uses, and protects Personal Data when they agree to
use the products and/or services provided.
The processing of Personal Data by MUF is intended to facilitate financing applications or product management processes,
including profiling, scoring, credit analysis, surveys, and assessment of creditworthiness, conducted in accordance with the
principles of Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
Mandiri Tunas Finance | https://www.mtf.co.id/id/kebijakan-privasi-mtf1access
The MTF Privacy Policy applies to each product and/or service offered by MTF that can be utilized, used, or accessed by
customers through financing facilities for any type of financing.
MTF makes every effort to ensure that customers’ personal data remains secure and confidential, in accordance with the
applicable laws and regulations on personal data protection.
AXA Mandiri Financial Services | https://www.axa-mandiri.co.id/en/web/customer/kebijakan-privasi
AXA Mandiri innovates to enhance customer transaction experiences while safeguarding personal data through tailor-made
protection, simplified information, and streamlined procedures. AXA Mandiri is responsible for maintaining the security and
confidentiality of customers’ personal data in accordance with applicable laws and regulations.
AXA Mandiri is committed to protecting customer data by implementing physical, technical, and organizational measures
to prevent unauthorized access, use, or disclosure. Personal data will not be provided or disclosed without consent, and
customer identities are verified prior to any access to or modification of data.
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Mandiri Sekuritas | https://www.mandirisekuritas.co.id/en/privacy-policy
Mandiri Sekuritas safeguards the privacy and security of customers’ and prospective customers’ personal data in accordance
with applicable laws and regulations. The privacy policy covers various aspects of personal data management, ranging from
data collection and use to data disclosure when customers use or access Mandiri Sekuritas’ electronic systems. The policy
also includes detailed provisions regarding customer preferences, including data collection, use, and tracking, cookies, data
transfer and disclosure, data security, the use of third-party service providers, links to other websites, and the applicability
of the privacy policy.
Mandiri Capital Indonesia | https://mandiri-capital.co.id/kebijakan-privasi
MCI provides information on its privacy policy on its website, including the collection and use of personal information such
as names, addresses, and email addresses that are voluntarily provided by visitors. Such personal data is used to enhance
services for customers in accordance with applicable laws and regulations. While customers are not required to provide
all personal data, the absence of certain information may affect access to features on the website. MCI also collects data
through cookies and statistics to understand visitor behavior and improve service quality. Users have the right to disable
cookies when accessing the website.
Bank Mandiri (Europe) Ltd. | https://www.bkmandiri.co.uk/media/2024/12/2-Privacy-Policy.pdf
Bank Mandiri (Europe) Limited protects customer privacy through the implementation of a clear privacy policy. This policy
outlines procedures to safeguard data confidentiality, including the use of cookies, and ensures that all communications
and personal identification information are not disclosed without consent or beyond the provisions set out in the privacy
policy. Any inquiries related to privacy are also governed under this policy to ensure the security of customer data.
Mandiri International Remittance Sdn. Bhd. | https://www.mandiriremittance.com/privacy-policy/
The Privacy Notice of Mandiri International Remittance Sdn. Bhd. (MIR) explains the use of customers’ personal data. MIR
ensures that the processing of personal data complies with the Personal Data Protection Act 2010. This notice applies to
personal data voluntarily provided by customers when accessing MIR services, as well as to the website and all products and
services offered. The policy governs the purposes and types of personal data, disclosure, security, storage, integrity, and the
principles of access to personal data processed by MIR.
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Driving Excellence Through
Talent and Leadership
Employment Practices
Bank Mandiri has a range of strategic programs aimed at To promote employee welfare and work-life balance, Bank
enhancing employee well-being, competencies, and potential Mandiri applies policies focused on avoiding and reducing
to foster an inclusive, fair, and supportive work environment excessive overtime, setting maximum working hours in
that enables individual development across the organization. accordance with prevailing labor regulations. Overtime is
This commitment is implemented through the fulfillment of monitored to ensure it remains within reasonable and regulated
labor rights and the provision of safe, equitable, and dignified limits, while all employees are paid for annual leave, enabling
working conditions for all employees, contractors, and partners adequate rest and recovery.
throughout the Bank’s value chain.
The Company also upholds its commitment to equal
As part of paying a living wage, the Company ensures that remuneration for men and women, ensuring that compensation
all employees receive remuneration above the applicable is determined without discrimination. Regular evaluations are
statutory minimum wage, not only to meet regulatory conducted to identify and address potential remuneration
requirements but also to support a decent standard of living. gaps, reinforcing fairness and consistency across the workforce.
Wage levels are reviewed periodically to maintain fairness and [IDX S-01]
internal equity, including ensuring proportional pay gaps across
roles. This approach is further strengthened through market In managing employment transitions, Bank Mandiri complies
and peers benchmarking to safeguard the competitiveness of with applicable laws and regulations by setting minimum
compensation and support talent attraction and retention. consultation and notice periods prior to employment
termination, at least 7-14 working days, supported by transparent
communication between management, employees, and labor
unions.
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Human Capital Management Responsibilities
Human capital management is carried out in a structured manner through a clear allocation of roles and responsibilities across each
governing body and work unit in accordance with their respective authorities.
1 Board of Commissioners
Has the authority to ratify strategic policies in the field of human capital in accordance with the Articles of Association.
2 Board of Directors
Holds the authority to approve policies and determine the strategic direction in the field of human capital.
3 Board Committees
a. Policy & Procedure Committee (PPC)
Discusses and recommends adjustments/refinements to policies and establishes Company procedures related to
human capital management.
b. Human Capital Policy Committee (HCPC)
Establishes and develops the organizational structure, determines the Company’s Human Capital management
strategy, and sets the strategic direction for the development of the Human Capital Information System.
4 Mandiri University Governing Board
Acts as the steering board responsible for determining the strategy and policies of Mandiri University, as well as training
and development (learning & development) strategies and policies.
The duties and responsibilities of work units responsible for human capital governance include the following elements:
Work Unit Duties and Responsibilities
The Human 1. Analyze, conduct assessments, and provide recommendations on human capital management
Capital policies/strategies to ensure alignment with the Bank’s vision, corporate strategy, and capabilities.
overseeing the 2. Formulate and evaluate ongoing human capital management policies/strategies related to talent
Strategy & Talent management and talent analytics & strategy, and carry out necessary enhancements.
Management 3. Integrate the implementation of strategic initiatives and business process improvements within
function (HCSTM) Human Capital.
4. Develop strategies, plans, and monitor executive-level and top managerial-level talent development
programs.
5. Develop strategies and work plans; communicate, implement, measure/evaluate, and refine bank-wide
corporate culture internalization strategies and programs.
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Work Unit Duties and Responsibilities
Human Capital 1. Analyze, conduct assessments, and provide recommendations on human capital management
overseeing the policies/strategies to ensure alignment with the Bank’s vision, corporate strategy, and capabilities,
Performance & including but not limited to:
Remuneration a. Assessment of the establishment and alignment of organizational structures.
function (HCPR) b. Workforce capacity planning analysis based on the Bank’s short-term and long-term business
strategy.
c. Preparation and monitoring of the Bank-wide Personnel Expense Budget (BTK).
d. Assessment and analysis of adjustments to remuneration, benefits, and recognition policies.
e. Development of strategies and coordination of employee performance appraisal implementation.
2. Formulate and evaluate ongoing human capital management policies/strategies related to
organizational development, performance management, and rewards management, and carry out
necessary enhancements.
Human Capital 1. Implement all human capital policies/procedures approved by the Board of Directors or Committees
overseeing the under the Board of Directors, including but not limited to:
Services function a. Following up on approvals for the establishment or alignment of organizational structures,
(HCS) including adjustments to employee data.
b. Developing policies and plans for workforce fulfillment from both external and internal sources
based on capacity planning.
c. Implementing Bank-wide workforce fulfillment in coordination with the Human Capital Business
Coordination function and Regional Human Capital units.
d. Updating employee databases in the eHCMS system, as well as managing service centers and
employee services.
e. Following up on remuneration, benefits, and recognition policies through payroll processing.
f. Coordinating reporting for Executive Officers and Asset Disclosure Reports for State Officials
(LHKPN) from each Executive Officer.
2. Coordinate the implementation of human capital policies/procedures related to workforce fulfillment,
operations, and human capital services Bank-wide.
Human Capital 1. Plan and manage the employee training and development budget.
overseeing the 2. Formulate Bank-wide training and development policies/strategies in coordination with the Strategy &
Training and Talent Management function.
Development 3. Develop annual employee training and development plans.
function (MUG) 4. Prepare training and development implementation guidelines.
5. Provide and manage systems, infrastructure, and facilities supporting training and development
programs.
6. Coordinate and implement Bank-wide training and development activities.
7. Evaluate the implementation of training and development programs and provide improvement
solutions aligned with business needs.
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Work Unit Duties and Responsibilities
Human Capital 1. Communicate all human capital management policies/procedures to all work units.
overseeing the 2. Develop and establish harmonious industrial relations policies and strategies within the Bank, including
Engagement managing retiree relations.
and Outsource 3. Develop and implement initiatives to enhance employee engagement.
Management 4. Manage the Special Employee Development Unit.
function (HCEOM) 5. Coordinate the drafting and refinement of all human capital management policies/procedures in
alignment with the Bank’s Policy Architecture and perform dual control over such provisions.
6. Conduct outsourced workforce capacity planning analysis based on short-term and long-term business
strategies.
7. Develop policies and plans for outsourced workforce fulfillment based on capacity planning.
8. Be responsible for vendor management of outsourced workforce services in accordance with
established regulations.
9. Monitor outsourced workforce service budget utilization and manage and monitor the Kriya Mandiri
Internship Program budget process based on workforce planning needs.
10. Prepare accurate and timely reports on outsourced workforce services and the Kriya Mandiri Internship
Program for regulatory reporting purposes.
11. Execute approved actions related to remuneration, benefits, and recognition policies for outsourced
personnel and the Kriya Mandiri Internship Program.
Human Capital 1. Act as a partner to Heads of Work Units in performing human capital management functions within
overseeing their coordination scope, including:
the Business a. Providing input regarding the establishment and/or adjustment of organizational structures.
Coordination b. Analyzing the calculation of human resource requirements in the work units within their
function (HCBP) coordination.
c. Conducting workforce fulfillment processes within their coordination scope in accordance with
authority.
d. Analyzing and proposing training and development program needs in the work units under their
coordination in coordination with MUG.
e. Advising Heads of Work Units (EMM) in determining talent groups and proposing them to the
relevant Director.
f. Determining successors and proposing them to the relevant Director in coordination with Heads
of Work Units.
g. Establishing and monitoring development plans for talent and successors in coordination with
related work units.
h. Implementing the employee performance management process in the work units within their
coordination, in coordination with the respective Heads of Work Units.
i. Assisting the rewards management function in communicating employee recognition.
j. Assisting the industrial relations function in resolving employment cases.
2. Communicating and implementing human capital policies/procedures to employees within their
coordination scope.
3. Providing feedback on policies/procedures, including analyzing specific needs of each coordinated
work unit and coordinating with relevant subject matter experts.
4. Specifically for HCBP overseeing Regions, responsible for coordinating Regional HC functions.
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Work Unit Duties and Responsibilities
Regional Human 1. Providing input to the Heads of Work Units under their coordination regarding human resource
Capital Office (HC management functions, including:
Region) a. Analyzing and proposing the calculation of human resource requirements in the work units in
the Region under their coordination.
b. Actively participating in the process of fulfilling human resource needs in the work units in the
Region under their coordination in accordance with their authority.
c. Coordinating the preparation of training and employee development program requirements in
the work units in the Region under their coordination, in coordination with the Human Capital
Work Unit overseeing the Business Coordination and MUG functions.
d. Determining the talent group in the Region and proposing it to the relevant officials in
accordance with their authority, in coordination with the Heads of Work Units and the Human
Capital Work Unit overseeing the Business Coordination function.
e. Determining the list of successors in the Region and proposing it to the relevant officials in
accordance with their authority, in coordination with the Heads of Work Units and the Human
Capital Work Unit overseeing the Business Coordination function.
f. Implementing the performance management process in the Region and proposing it to the
relevant officials in accordance with their authority, in coordination with the Heads of Work Units
and the Human Capital Work Unit overseeing the Business Coordination function.
g. Supporting the industrial relations function in resolving employment-related cases.
h. Updating employee data in each Region in a timely and accurate manner in accordance with
their authority.
i. Coordinating and monitoring processes related to Executive Officers and LHKPN reporting for
employees under their supervision.
2. Communicating and implementing human resource policies/procedures to employees in the Region
under their coordination.
3. Providing feedback on human resource policies/procedures, including conducting analyses of
the specific needs of each Work Unit under their coordination, and coordinating with the relevant
human resource subject matter experts and the Human Capital Work Unit overseeing the Business
Coordination function.
Corporate 1. Together with the Human Capital Work Unit overseeing the Performance & Remuneration function,
Transformation conducting a review of proposals for the establishment or alignment of Group-level/equivalent
organizational structures.
2. Conducting a review of the establishment or alignment of the organizational structure to ensure
alignment with the Bank’s long-term plan.
3. Conducting a review to ensure that the functions of work units do not overlap.
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Work Unit Duties and Responsibilities
Related Work 1. Being responsible for human resource management activities in their unit in accordance with the
Units – Work units established authority, including:
involved in human a. Calculating the human resource requirement plan in their work unit by considering productivity,
capital management efficiency, and organizational effectiveness as input for calculating capacity planning.
or those with b. Actively participating in the process of fulfilling human resource needs in their work unit in
human capital accordance with their authority.
requirements, c. Analyzing training and employee development needs in their work unit.
consisting of Group- d. Conducting the employee performance appraisal process in their work unit.
Level/Equivalent e. Coordinating the implementation of training and employee development activities in their work
Units, Regional unit.
Offices, Areas, and f. Communicating human resource policies/procedures to employees in their work unit.
Branch Offices g. Controlling the updating of employee data under their supervision.
2. Making efforts to ensure the implementation of industrial relations in their work unit runs harmoniously.
Human Capital Development [GRI 404-2]
The Employee Value Proposition (EVP) encompasses four pillars, namely Learn, Synergize, Grow, and Contribute to Indonesia, and
ensures that each employee not only develops professionally but is also able to make meaningful contributions to the Company and
to society. [GRI 3-3]
Employee Value Proposition (EVP) Mandirian
Learn Synergize Grow Contribute to Indonesia
Acquiring and Collaborating for mutual Developing both personally Making meaningful
strengthening new and interests in achieving the and professionally. contributions and playing
distinct knowledge, Company’s vision and an active role in delivering
behaviors, skills, or values. mission. value and benefits for
Indonesia.
The EVP is reinforced by the AKHLAK Core Values, the unique Mandirian DNA (M-DNA), and the Human Capital Strategy, which focuses
on developing transformative business leaders with strong risk management capabilities and an orientation toward the principles of
‘Always Deliver and Always Ahead’.
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AKHLAK Core Values and Bank Mandiri’s Unique Characteristics
Since 2020, all State-Owned Enterprises (SOEs) have been of unique characteristics shared by all employees. The M-DNA
required to implement the AKHLAK core values, as stipulated is the embodiment of the AKHLAK values, namely Trustworthy,
in the Circular Letter of the Minister of SOEs Number SE-7/ Competent, Harmonious, Loyal, Adaptive, and Collaborative.
MB/07/2020 dated July 1, 2020 concerning the Core Values of
Human Resources in SOEs. In support of the achievement of Bank Mandiri’s vision and
aspirations, these characteristics are actualized through
To strengthen the sustainable implementation of AKHLAK, Bank the collective Bergerak Berdampak movement to cultivate
Mandiri has developed the Mandirian DNA (M-DNA) framework Mandirians who adhere to ‘Always Deliver and Always Ahead’.
1 Think Big & Deliver Beyond Expectation 4 Fast, Detail & Don’t Want to Fail
Mandirians who possess a broad spectrum of thinking Mandirians who execute swiftly and accurately to
and strong ambition to deliver meaningful impact and deliver outputs of exceptional quality.
extraordinary contributions.
2 Start from The End 5 Go to Z
Mandirians who are able to develop plans based Mandirians who demonstrate strong resilience in
on clear end goals, enabling initiatives to be more fulfilling responsibilities and ensuring sustainability.
strategic and tactical.
3 Create Our Own Game
Mandirians who are able to design unique strategies
based on specific strengths, resulting in differentiated
solutions that are not easily replicated.
Human Capital Strategy
THE BEST FINANCIAL INSTITUTION IN SOUTHEAST ASIA
Developing transformative business leaders who are capable of managing risks and committed to being always deliver & always ahead
1 2 3
Building World-Class Top Elevating a Future-Fit Strengthening People Mindset and
Leaders Talent Factory Organization and Highly Groupwide Culture through Ethics and
Productive Workforce Integrity
Aligning the Bank’s vision and strategy to Transforming organizational structure and Cultivating outstanding Mandirians
drive progressive execution. employee productivity. through the internalization of M-DNA
values.
Developing employee capabilities through Achieving superior talent performance
“Beyond Learning”. through strategic remuneration schemes Creating a positive employee experience
and the Performance Management and becoming an employer of choice.
System (PMS).
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In support of Bank Mandiri’s 2025 strategy, Human Capital focuses on three main strategic initiatives: Capability (Building World-
Class Top Leaders Talent Factory), Capacity (Elevating a Future-Fit Organization and Highly Productive Workforce), and Work Culture
(Strengthening People Mindset and Groupwide Culture through Ethics and Integrity). These three initiatives were then implemented
into six focus areas of the Human Resources Strategic Plan, with the following explanations:
1. Capability aligns the Bank’s vision and strategy to drive progressive execution, while also developing employee capabilities through
the Beyond Learning approach, with a focus on strengthening leadership and future business readiness.
2. Capacity transforms the organizational structure, enhances employee productivity, and creates superior talent performance
through the implementation of strategic remuneration schemes and a competitive Performance Management System (PMS).
3. Work Culture aims to cultivate outstanding Mandirians through the internalization of M-DNA values, creating a positive employee
experience that strengthens employee engagement and positions Bank Mandiri as an employer of choice.
Bank Mandiri regularly evaluates human capital risks to ensure that its workforce remains competent, motivated, and aligned with
business needs. The key risks include:
X Amid a high retirement rate of leaders at the BOD-1 level, potential leadership gaps and unpreparedness may mean the
acceleration of successor development and readiness has not been fully optimized.
X Organizational unpreparedness in responding to future business needs, due to individual and organizational productivity that is
not yet fully aligned with the Bank’s strategic direction and transformation agenda.
X Declining employee motivation and performance, influenced by performance management systems and remuneration
schemes that are not yet fully linked to strategic targets and superior performance outcomes.
X Low employee engagement and productivity, resulting from human capital processes that have not been optimally digitalized
and limited utilization of technology, including artificial intelligence.
X High employee turnover, driven by job dissatisfaction and challenges in retaining talent amid increasingly intense competition
within the same industry.
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A range of strategic measures mitigate these risks, including:
1 Acceleration of successor readiness through accelerated and expanded development
Bank Mandiri ensures that top talent projected as BOD-1 successors receives structured leadership development programs
through a blended learning approach, developing resilient Mandirians who are ready to assume strategic positions within
the Bank.
2 Alignment of the Bank’s vision and strategy to drive progressive execution
Bank Mandiri continuously strengthens the understanding of its Strategic Vision across all levels of the organization and
ensures alignment with the Strategic Business Journey through various forums and initiatives, including the Mandiri
Leadership Forum, Board Retreat, Leaders Connect, Mandiri Strategic Thinking Initiatives (MSTI), and the Mandiri Human
Capital Forum.
Creation of superior talent performance through strategic remuneration schemes and the
3 Performance Management System (PMS)
A competitive remuneration strategy and PMS foster a transparent and accountable work culture, motivating employees
to deliver beyond expectations.
4 Development of employee capabilities through the “Beyond Learning” approach
Bank Mandiri enhances employee capabilities through integrated leadership and technical competency development to
build a strong and sustainable learning culture.
Creation of a positive employee experience and a strengthening of position
5 as an employer of choice
Bank Mandiri builds employee well-being and enhances engagement through the implementation of a Well-being
Framework that drives employee engagement and productivity.
In preparing high-potential talent to become future leaders in strategic positions, Bank Mandiri implements a structured approach
focused on the identification, development, and retention of individuals with strong leadership potential. This approach is carried out
through four main stages, namely:
1 2 3 4
Talent Talent Talent Strategic
Identification Profiling Development People Review
A process of A talent mapping The formulation and A review process
identifying talent process that assesses implementation of of development
based on performance, track records, technical talent development plans and their
leadership character, competencies, plans based on implementation
capabilities, agility, and leadership capabilities, identified capability to ensure the
engagement. and personal character. gaps. sustainability of
optimal succession
management.
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To ensure that every employee has equal opportunities to develop, Bank Mandiri provides a range of learning and competency
development programs for all employees, including both permanent and contract employees.
Leadership Development Training Programs [GRI 404-2] [OJK F.22]
Bank Mandiri has a comprehensive succession planning and Singapore Management University, IMD Business School,
development program implemented through structured INSEAD, London Business School, as well as the Bandung
and tiered leadership development training programs. In Institute of Technology. In addition, Bank Mandiri also partners
its implementation, Bank Mandiri collaborates with various with the Danantara School of Excellence (DSE) in delivering its
educational institutions, including top universities such as Leadership Development Programs.
Orientation Phase (Onboarding)
Orientation for new employees and employees assuming new positions (rotation or promotion).
Onboarding for New Officer Development Program (ODP) and Staff Development Program
(SDP) Employees
A flagship talent development program designed to prepare Mandirians as Leaders of
the Future, equipped with comprehensive banking knowledge, mastery of future-ready ODP
competencies, and strategic leadership characteristics.
681
Employees
Talent development is delivered through an experiential learning journey based on business
cases, namely WholesaleX, BranchX, and DigitalX. This provides in-depth exposure to the
Bank’s core banking businesses, combined with hands-on experience through real-case SDP
assignments.
945
Employees
Participants receive mentorship from top management, including Senior Executive Vice
Presidents (SEVPs) and members of the Board of Directors, to accelerate the development of
future leaders who are ready to support the achievement of Bank Mandiri’s three Strategic
Objectives, namely Main Transaction Bank, Largest Lender, and Leader in Low-Cost Funding.
Onboarding - Executive
An orientation program for L2 employees (BOD-1 level, Group Heads, RCEOs, and
equivalents) aimed at strengthening leadership characteristics as strategic business leaders. 29
Employees
Mandiri People Manager - Executive
Training programs for L2 employees (BOD-1 level, including Group Heads, RCEOs, and
equivalent positions) are designed to formulate strategic objectives, uphold integrity, and 74
Employees
strengthen leadership capabilities. They also aim to enhance adaptability, foster innovation,
and prepare leaders to respond to change with flexibility while remaining relevant amid an
increasingly dynamic business environment.
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Mandiri People Manager - Mastery
Training for L3 employees (BOD-2 level, including Department Heads and Area Heads)
integrates M-DNA as a core work approach and leadership style. The program enhances
116
Employees
effectiveness in leading teams through productive communication and high-performance
team management, while fostering a strong sense of purpose in every aspect of work.
Mandiri People Manager - Advance Fundamental
Training programs for L3 employees (BOD-2 level) enhance managerial and leadership skills
in line with the Mandirian characteristics of Always Deliver and Always Ahead, enabling 247
Employees
them to drive superior performance and proactively address business challenges.
Equipping Phase
Practical managerial skills training related to leadership capabilities.
Mandiri Strategic Thinking Initiatives (M-STI) and Mandiri Sticky Relationship Academy (M-SRA)
M-STI provides a comprehensive framework and set of tools to support effective strategy
execution and address a wide range of strategic challenges. Through interactive, simulation- 292
Employees
based approaches and case studies, the program encourages participants to develop
strategic thinking capabilities and deliver performance that delivers beyond expectations.
M-SRA is a development program designed to strengthen relationship management capabilities, both
internally across work units and externally with customers and strategic partners. The program aims to build
strong, sustainable, and mutually beneficial relationships, thereby fostering a more effective collaboration
and supporting improved business performance. Through focused training, M-SRA equips participants with
communication, empathy, and collaboration competencies as the foundation for effective professional
relationships.
Managerial Series Program
A managerial skills training program aimed at building employee understanding and
capabilities in line with the Mandirian Way, to shape an effective leadership mindset.
2,803
Employees
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Developing Phase
Accelerating high-potential talent to enhance capabilities toward the next level.
Executive Development Program (EDP)
A program for the Board of Commissioners, Board of Directors, and SEVPs, aimed at enhancing leadership and
technical capabilities in line with Bank Mandiri’s business needs through training at global universities, while also
strengthening relationships with stakeholders.
In 2025, there were no members of the Board of Commissioners, Board of Directors, or SEVPs
participating in the EDP
Mandiri Advance Senior Leaders Program (MASLP)
A program designed to prepare top talent at the BOD-1 level for the next leadership level, with a focus on
enterprise thinking, strategic leadership, people focus, and digital leadership.
As of 2025, a total of 77 employees have participated in the MASLP program
Mandiri Advance Leaders Program (MALP)
A program that prepares top talent at the BOD-2 level for the next leadership level, with a focus on
intrapreneurship, strategic leadership, people focus, and digital leadership.
As of 2025, a total of 268 employees have participated in the MALP program
Mandiri Advance First Leaders Program (MAFLP)
A program for top talent at the BOD-3 level (Team Leaders, Branch Managers, or equivalent), focusing on people
management, digital mindset, strategy, and innovation.
As of 2025, a total of 1,192 employees have participated in the MAFLP program
Graduates Scholarship Program
A postgraduate scholarship program at leading global universities for L3 and L4 employees, fully funded by
Bank Mandiri.
As of 2025:
• 254 employees have received scholarships to pursue master’s degrees overseas
• 76 employees have received scholarships to pursue master’s degrees domestically
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Mission-Based Development
Leadership programs at Bank Mandiri focus on Human Capital efforts to strengthen the culture of Mandirian Pembelajar
Tangguh. To support this culture, Human Capital applies a gamification approach in employee development through
the concept of mission-based development. Each position level at Bank Mandiri is assigned specific missions designed
to accelerate competency development and leadership capabilities.
Missions Assigned to Employees Across Different Levels:
BOD-1 Mission
Discuss team development and succession plans to serve as a role model in building and developing capabilities.
BOD-2 Mission
Propose development initiatives with superiors and actively participate in reviewing development missions to
accelerate capability building.
BOD-3 Mission
Engage in dialogue with superiors to design development plans and implement capability development in line
with the agreed plans.
BOD-4 Mission
Engage in dialogue with superiors to support development planning and proactively implement development
initiatives.
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Graduate Traineeship/Apprenticeship Programs
In response to increasingly competitive industry dynamics, Bank to equip them with industry-relevant skills and practical
Mandiri is committed to supporting the younger generation in experience. The available training programs include:
preparing for entry into the workforce, providing training and
internship programs for fresh graduates that are designed
Officer Development Program (ODP)
A flagship talent development program designed to prepare through real-case assignments.
Mandirians as Leaders of the Future with comprehensive In addition, participants receive mentorship from Top
banking knowledge, mastery of future-ready competencies, Management, including Senior Executive Vice Presidents
and strong strategic leadership character. (SEVPs) and members of the Board of Directors, to accelerate
the development of future leaders who are ready to support
Talent development is delivered through an experiential the achievement of Bank Mandiri’s three Strategic Objectives,
learning journey based on business cases, namely WholesaleX, namely Main Transaction Bank, Largest Lender, and Leader in
BranchX, and DigitalX providing in-depth exposure to the Low-Cost Funding.
Bank’s core banking businesses as well as hands-on experience
In 2025, the ODP program recorded a total of 681 participants
My Digital Academy
A talent acceleration program focused on enhancing Stream, which are designed in alignment with strategic needs.
engagement and early recruitment for final-year students and The program consists of two main phases as follows:
fresh graduates from leading universities in Indonesia. The
program is delivered through two tracks, IT Stream and Business
1 National Camp for Future-Ready Talent (6 weeks)
An intensive bootcamp aimed at strengthening participants’ capabilities in business application development and data
analytics, enriched with business cases and project simulations to build problem-solving skills and an innovation mindset.
2 Internship (3 months)
Hands-on, on-the-job experience within strategic business units to equip participants with a comprehensive, end-to-end
understanding of business processes. Participants also manage mini-projects and contribute to real projects, with early
exposure to leadership from the initial stages of their career development.
Through a targeted sourcing approach, this flagship talent pipeline prepares a future-ready workforce that is relevant and capable of
supporting organizational needs.
In 2025, the number of My Digital Academy participants reached 415 individuals (internship participants)
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Internship
As part of its support for and contribution to government the professional world. Bank Mandiri’s Internship Program is
programs aimed at encouraging and providing opportunities designed to offer students and fresh graduates opportunities
for the younger generation to gain exposure to the world to broaden their understanding of the workplace and develop
of work and enhance their competencies as preparation competencies essential for building a professional career. The
for becoming professionals, Bank Mandiri participates in program aims not only to deliver practical work experience, but
two partnership-based internship programs. These include also to foster the development of participants’ interests, talents,
the Magang Generasi Bertalenta (MAGENTA) Program, and new skills. In addition, the Internship Program contributes
implemented in collaboration with the Forum Human Capital to strengthening Bank Mandiri’s brand as an employer of choice
Indonesia (FHCI) and State-Owned Enterprises (SOEs) since in support of its recruitment strategy.
2023, as well as the National Internship Program, conducted in
cooperation with the Ministry of Manpower since 2025. In 2025, a total of 1,550 participants joined the Internship
Programs under the two schemes, with the following details:
The program offers hands-on experience in a real banking
environment while building the skills needed to transition into
Ministry of Manpower Internship Program: 1,345 participants MAGENTA Program and General Internship: 205 participants
Field Work Practice
As part of Bank Mandiri’s social responsibility to the community, provided. This program provides hands-on work experience,
particularly in the field of education, opportunities for senior encouraging the development of participants’ interests, talents,
high school students or equivalent to participate selectively in and skills to prepare them for entry into the professional world.
Field Work Practice programs across various Bank work units are
In 2025, the number of PKL participants reached 22 students
Kriya Mandiri Program: Bank Mandiri’s Tangible Contribution to National Development
The Kriya Mandiri Program is an integrated internship initiative sharpening their competencies to be competitive in the job
aimed at supporting the development of high-quality human market. The program combines theoretical learning with
resources as a key asset in driving corporate progress and practical experience, equipping participants with relevant
national economic growth. Aligned with the Employee banking knowledge and skills. Kriya Mandiri offers opportunities
Value Proposition “Learn, Synergize, Grow, and Contribute across various positions, including front office roles (Tellers and
to Indonesia,” this program provides opportunities for fresh Customer Service Officers) at branch units, as well as back-office
graduates to gain exposure to the world of work while roles at the Head Office and branch offices.
In 2025, the number of participants in the Kriya Mandiri Program reached 3,571 individuals
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Technical Development Programs
To ensure employees possess the skills required for their partnerships are complemented by collaborations with other
respective roles, Bank Mandiri delivers a range of job-specific institutions and industry practitioners that offer specialized
development and certification programs tailored to technical expertise and advanced professional capabilities.
and role-based competencies, partnering with educational
institutions to develop and deliver joint training programs for These competency development programs are managed by
staff, collaborating with organizations such as the National the Mandiri University Group, which applies the Leadership
Professional Certification Agency (BNSP), the Banking Capability Model (LCM) and the Technical Capability Model
Professional Certification Institute (LSPP), the Risk Management (TCM) to ensure structured and relevant capability development,
Certification Agency (BSMR), the Indonesian Mutual Fund and and include:
Investment Association (APRDI), and the Indonesian Capital
Market Professional Certification Institute (LSPPMI). These
Upskilling & Reskilling
This training program supports employees in adapting to The scope of training includes enhancing and adjusting
industry dynamics and evolving roles arising from the Bank’s competencies relevant to current roles as well as emerging
strategy to optimize the potential of its customer ecosystem. roles, including strengthening capabilities in service
Through skill enhancement (upskilling) to support new digitalization, process automation, financial crime risk
roles and the development of new capabilities (reskilling) for management, and understanding changes in regulations and
employees undergoing role transitions, the program aims to customer expectations. The program also supports employee
minimize potential negative impacts on individual roles and readiness in addressing the impacts of industry transitions,
work processes, while maintaining operational continuity and including climate transition, by strengthening understanding
organizational competitiveness. of business risks and opportunities such as green financing, as
well as adjusting skills for employees affected by role transitions
to support increased transactions and business acquisition
within the business ecosystem.
Training Scope
Upskilling Organization on AI, Cybersecurity Framework, AI for Lifelong Learning, Leadership in the Zoom Economy, Team
Upskilling, Reskilling for Successor Branch Managers, Strategic Business Leadership, Learning Strategies, Business Segment
Solutions, Development Accelerator, and New Banking Staff Training.
Number of Training Programs Total Training Hours Number of Participants
13 2,818 666
Programs Hours Participants
Including permanent and contract employees
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Operation Transformation
This training strengthens employees’ capabilities to support These competencies are delivered through various training
comprehensive business transformation, ranging from initiatives at strategic moments such as onboarding, job
process simplification and improved operational efficiency to rotations, the introduction of new systems, and regular annual
the effective use of digital technologies. Through the Digital training, thereby optimizing performance and ensuring that
Transition Program, Bank Mandiri equips employees with digital transformation across the organization is effective and
relevant competencies to adapt to new operating models as aligned with Bank Mandiri’s operational modernization targets.
well as updated work systems, processes, and technologies.
Training Scope
Digital Banking Transformation, Data Analytics & Transformational Mindset, Business Analysis Techniques, Digital
Transformation in Supply Chains, Generative AI and Workplace Transformation, Leading Secure Digital Transformation,
Agile Leadership Transformation, Ecological Transformation, Real-World Data Transformation, and the Mandiri Leadership
Forum.
Number of Training Programs Total Training Hours Number of Participants
34 3,570 1,349
Programs Hours Participants
Including permanent and contract employees
Beyond Lending
Training for commercial (wholesale) business units to enable employees to offer transaction solutions beyond lending to customers
Training Scope
Wholesale Transaction Banking Program, Credit Analyst Program, Financial Modelling, Structured Finance, Microsoft Power
Automate, SAP S/4HANA Beyond the Basics, Delivering Excellent Service to Drive Business Growth, Indonesia Human
Capital & Beyond Summit, Learning Reimagined: Workforce for 2030, and Digital Banking Solutions.
Number of Training Programs Total Training Hours Number of Participants
28 17,832 584
Programs Hours Participants
Including permanent and contract employees
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Mandirian Ready to Go Digital
Training designed to enhance employees’ digital capabilities by strengthening competencies in technology, data analytics, cybersecurity,
digital governance, as well as innovation in digital-based products and services.
Training Scope
Digital-Based Products & Services (Bronze & Silver), Digital Marketing Strategy, Robotic Process Automation (RPA),
Citizen Developer, Digital Governance & Risk Management, Digital Regulatory Compliance, UiPath RPA, RPA & Cognitive
Technology for Leaders, and the Mandirian Ready to Go Digital Webinar Series.
Number of Training Programs Total Training Hours Number of Participants
16 1,222 268
Programs Hours Participants
Including permanent and contract employees
Bank Mandiri Training and Certification Institutions
Bank Mandiri has its own Training Institution and Professional Certification Body that support the enhancement of employee
competencies through job-specific training programs and professional certifications aligned with employee roles.
Training Institution (LPK)
An officially licensed training institution authorized by the Jakarta Manpower Office for Competency-Based Training for Bank
Mandiri employees. The LPK is designed to meet regulatory standards related to the Payment System and Rupiah Currency
Management (SPPUR), develop employee knowledge, skills, and attitudes, and optimize the use of BTK Training facilities.
Professional Certification Body (LSP)
The Bank Mandiri LSP was established based on the Board of Directors’ Decree No. KEP.DIR/10A/2023 dated March 6, 2023
and obtained an official license from the National Professional Certification Agency (BNSP) under license number BNSP-
LSP-2446-ID on March 14, 2024. The establishment of this LSP represents the implementation of Law No. 4 of 2023 on the
Development and Strengthening of the Financial Sector, as part of Bank Mandiri’s commitment to enhancing employee
competence, competitiveness, and quality in accordance with nationally and internationally recognized standards. As a
Second-Party Professional Certification Body (P2), the LSP focuses on providing competency certification services for Bank
Mandiri employees and its business network, including Bank Syariah Indonesia (BSI), Bank Mantap, Mandiri Utama Finance
Group (MUG), and Mandiri Tunas Finance (MTF). Its certification programs cover General Banking Officer Level I, Instructor-
Level Training, Compliance in the General Banking Sub-Sector, Customer Feedback Management, and Basic Software
Development. The LSP Bank Mandiri is supported by a solid organizational structure comprising a Steering Committee, an
LSP Chairperson, and three main divisions: Administration, Certification, and Quality Management. In addition, the institution
ensures credibility and objectivity through the Scheme Committee and the Impartiality Committee.
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Support for Scholarship and Professional Certification Programs
Bank Mandiri supports the development of employee covering all categories of workers, including permanent
competencies by providing financial assistance to enable employees, contract employees, outsourced workers,
employees to pursue academic degrees or professional contractor workers, and part-time workers.
certifications. This initiative ensures equal access to upskilling
opportunities and the fulfillment of professional requirements,
Postgraduate Scholarship Program
Selected Mandirians are able to pursue further education at and enabling them to make maximum contributions to Bank
leading universities, both domestically and internationally, Mandiri and communities.
broadening participants’ perspectives and enhance their skills,
Mandiri Executive Scholarship for Postgraduate (MESP)
A domestic master’s degree scholarship program for top talent at the BOD-2 level, aimed at developing skills that support the
Company’s long-term strategy. Bank Mandiri currently collaborates with Monash University Indonesia in implementing the
MESP program. As of 2025, a total of 76 employees have participated in the field of Master of Business Innovation.
Overseas Master’s Degree Scholarship Program
The overseas master’s degree scholarship program is available for top talent at the BOD-3 level who meet specific criteria, with
the objective of enhancing global exposure, networking, and international perspectives. As of 2025, a total of 254 employees
have pursued their studies at leading global universities, including Carnegie Mellon University, NYU STERN, HEC Paris, The
University of Manchester, The University of Melbourne, IE University, EDHEC, IMD Business School, and ESADE, pursuing
programs in Master of Science, Master of Business Administration, and LLM.
Certification Program
The certification program at Bank Mandiri addresses Such certifications are obtained through nationally
competency requirements in accordance with regulatory recognized institutions, including certifications issued by
provisions and internal standards. These certifications are The National Professional Certification Agency (BNSP),
mandatory, as stipulated either by external parties such as through officially authorized Professional Certification
regulators or by Bank Mandiri internally. Such certifications Bodies (LSP), thereby ensuring that employee competencies
must be held by employees in specific roles to ensure are objectively verified and standardized.
that employees possess and maintain competencies in
accordance with job requirements.
Certification Name Purpose Target Participants
Certifications Required by Regulators
Risk Management Certification. Demonstrates competency in risk Management, officers, and employees of
management. Bank Mandiri.
Treasury Dealer Certification. Competency for treasury activities at three Officers and staff conducting treasury
levels: basic, intermediate, and advanced. activities.
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Certification Name Purpose Target Participants
Mutual Fund Selling Agent Competency in mutual fund marketing in Frontliner employees of Bank Mandiri.
Representative Certification accordance with regulator (OJK) requirements.
(WAPERD).
Securities Marketing Intermediary Provision of competency for selling securities Officers and employees of Bank Mandiri.
Agent Certification (WPPEP). products.
Payment Systems and Rupiah Competency in payment systems and rupiah Bank Mandiri employees in payment
Currency Management Certification currency management. systems and currency management
(SPPUR). functions.
Human Resource Management Work competency in the field of human Bank Mandiri employees/officers in
Certification (MSDM). resource management. human resources functions.
Certifications Required by Internal Bank Mandiri
Competency-Based Interview (CBI) Competency in conducting competency- Leaders serving as unit heads and
Certification based interviews for recruitment processes. interviewers from the human resources
function.
In 2025, Bank Mandiri provided financial support through Bank equivalent to 25.12% of the total workforce participated in this
Mandiri–funded certification programs to 9,715 employees, program and recorded improvements in skills relevant to their
comprising 8,913 permanent employees and 802 contract respective fields of work. The program not only strengthens
employees. individual capabilities but also delivers tangible benefits to the
Company through increased productivity that supports the
The Bank Mandiri certification program is an important part of achievement of business objectives.
employee development initiatives aimed at enhancing skills
in a measurable manner. In 2025, a total of 9,715 employees,
Coaching and Mentorship
Mentorship programs in human capital development strengthen guidance and support for employees, connected with experienced
mentors who provide direction and insights throughout their professional journeys.
Development Dialogue Program
A continuous feedback mechanism, this program is a year- Through Development Dialogue, Bank Mandiri ensures
round coaching process between employees and their alignment between individual objectives and the Bank’s goals,
Employee Managers (direct supervisors), with a primary focus while also providing feedback on performance achievements
at the beginning and mid-year in line with the performance and clarifying work expectations. The program also serves as a
management cycle, particularly during the Goal Setting and platform to identify gaps in leadership and technical capabilities
Mid-Year Review stages. that require enhancement, as well as to formulate structured
employee development plans.
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Women Empowerment
As part of the Srikandi Mandiri initiative, the Women • Providing Exposure: Facilitating opportunities for employees
Empowerment Program focuses on the development of to connect with career sponsors and access further
employees, particularly at the L3 and L4 levels, through a development opportunities.
holistic mentoring approach. In this program, experienced • Knowledge Sharing: Organizing discussion sessions between
Mandiri leaders (L2, L3+, and L3) serve as mentors with the mentors and mentees to exchange practical knowledge,
following objectives: strengthen professional skills, and enhance the confidence
• Building Community: Creating a supportive network among of female employees.
female employees to share experiences and inspiration.
Competency Development Through Teams and Networks [GRI 404-2] [OJK F.22]
Bank Mandiri provides various collaborative learning platforms and internal communities. This approach complements formal
that enable employees to develop competencies informally training and is designed to foster continuous learning across
through cross-functional interactions, professional networks, the organization.
Internal Learning Communities Cross-Division Collaboration Forums
Community Names: Mandiri Lets Grow, Mandiri Forum Names: General Bankers Community and
Facilitator Squad, and Mandiri Learning Festival Legal Warrior
These communities serve as platforms for employees Forums that bring together employees from various
to collaborate, discuss, and share experiences related to work units to discuss operational issues, strategic
both technical and non-technical skills. projects, or specific learning cases.
Total communities: Employees involved: Total forums: Employees involved:
3 590 2 2,049
Digital Discussion Groups Participation in External Professional Networks
Group Names: Data Quality, Mandiri Innovation Activity Names: Josh Bersin Academy, Disruptive HR,
Xperience, and Kopra Community Network The Conference Board, Asosiasi CorpU Indonesia,
EFMD Corporate Learning Improvement Process
Discussion groups facilitated through the Company’s Employee participation in industry communities,
internal media to enable employees to exchange professional associations, or other network-based
knowledge quickly and flexibly. activities.
Total forum: Employees involved: Total forum: Employees involved:
2 1,572 4 48
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Cultural Education Training
The diversity of employee backgrounds at Bank Mandiri serves Training materials cover the Company’s core values, the unique
as an important foundation for strengthening cross-cultural M-DNA characteristics, integrity, and the Respectful Workplace
competencies. In line with this, cultural education programs Policy. The program also addresses the importance of respecting
through the mandatory Culture Class for new employees and differences in values and cultures at work, strengthening
new leaders (new hires/new leaders) in both the ODP and effective communication skills with colleagues from diverse
SDP programs are conducted, aiming to enhance employees’ backgrounds, and raising awareness of unconscious bias that
understanding of diversity and cultural perspectives in the may influence judgment and interactions among employees.
workplace. In 2025, the Culture Class was attended by 1,628 employees
across a total of 52 ODP and SDP classes.
ESG-Related Competency Development [GRI G4 FS4]
Environmental, social, and governance (ESG) principles have through various platforms, including e-learning, in-person and
been implemented into the human capital development online training, as well as Internal Discussion Forums (FDI),
curriculum, with the aim of shaping Mandirians who are not providing employees with opportunities to deepen their
only competent but also highly aware of sustainability across all understanding and apply sustainability values in their day-to-
aspects of business processes. ESG-related learning is delivered day work.
All employees have participated in ESG-related
competency development through 77 sustainability-related training programs
Evaluation of Training and Employee Development Performance
Bank Mandiri set a target for employee participation in training and development programs at a minimum of 80% of total employees,
with an average of more than 16 training hours per employee in 2025. This target was to strengthen competencies, enhance digital
skills, and ensure that employees possess the capabilities required to support sustainable business growth. [GRI 404-1]
Bank Mandiri successfully exceeded the established targets, as in 2025, employee participation in training programs reached 98.3%
of total employees. In addition, the average training hours per employee reached 87.6 hours per employee, reflecting a significant
achievement compared to the initial planned targets. [GRI 404-1]
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Inclusive Culture and Respect for Human Rights [OJK F.18]
Bank Mandiri is committed to an inclusive work culture that as well as protected from practices that violate human dignity.
respects human rights as an integral part of human capital This approach forms the foundation for creating a safe and
management. This commitment is reflected through policies, supportive work environment that enables every individual to
programs, and internal mechanisms that ensure every develop optimally.
employee is treated fairly, equally, and free from discrimination,
Commitment to Human Rights and Diversity [IDX S-09, S-10]
Diversity, equity, and inclusion policies grounded in human The Company respects and prevents violations of fundamental
rights principles are an initial step toward creating an inclusive human rights, including taking a firm stance against human
work environment. Bank Mandiri is committed to respecting trafficking, forced labor, and child labor in all operational
and complying with international labor principles as set out in activities and business relationships of Bank Mandiri. Company
the conventions of the International Labour Organization (ILO). also fully respects and upholds freedom of association and the
All labor policies and practices are aligned with ILO principles, right to collective bargaining, enabling employees to organize
including the promotion of fair treatment, dignity at work, and and engage in constructive dialogue without intimidation or
respect for fundamental human rights. [GRI 3-3] discrimination.
As part of this commitment, the implementation of human rights In addition, Bank Mandiri is committed to preventing all
at Bank Mandiri is governed by the Human Rights Principles in forms of discrimination, including gender, race, religion, age,
Employment policy and the Respectful Workplace Policy (RWP). disability, or social status. Equality and fairness are upheld
These provide clear guidelines to ensure that human rights across all aspects of employment, including recruitment, career
are respected across all internal operations, including human development, remuneration, and termination. The Company
capital management, business activities, and the delivery of further respects other fundamental rights, such as the right to a
products and services. The same principles apply to suppliers safe and healthy workplace, the right to fair remuneration, and
and business partners, ensuring consistent implementation of the right to dignity and respect at work.
human rights standards throughout Bank Mandiri’s value chain
and business ecosystem. Bank Mandiri has created a fair and This commitment is reinforced through the signing of an
inclusive work environment for all employees and, in pursuing Integrity Pact and Annual Declarations by all employees,
this objective, ensure equality across all aspects of human management, and members of the Board of Directors and Board
capital management, without any discriminatory practices. of Commissioners, ensuring accountability and consistent
implementation of human rights principles at every level.
Human Rights Risk Identification
Bank Mandiri implements a risk management process related to potential risks to enable them to be managed effectively. In
human capital aspects, including risks related to Human Rights. 2025, Bank Mandiri conducted an Employee Engagement
This process is carried out with reference to internal policies Survey (EES) involving 34,475 employees, representing 89.01%
governing human resource management, including the of the total workforce. The survey includes various questions
Human Resources Standard Operating Procedures (SPSDM), designed to identify potential risks related to human capital,
which serve as guidelines to ensure fair employment practices including Human Rights-related risks within the scope of Bank
aligned with the principles of respect for Human Rights. The Mandiri’s internal operations.
risk management process begins with the identification of
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Through this survey, employees are able to share their Mandiri. The survey is conducted annually and also serves as a
experiences and perspectives anonymously, thereby generating systematic periodic review of risk mapping, enabling potential
valid and representative data. The survey results are then Human Rights issues to be identified and monitored over time.
analyzed comprehensively and complemented with an analysis Based on this identification process, Bank Mandiri has identified
of internal policies to provide deeper insights into existing risks several Human Rights risks as follows:
and to strengthen the mitigation measures undertaken by Bank
Main Groups Potentially Potential Human
Risk Description Human Rights Risk Mitigation Measures
Affected Rights Risks
Employees, Discrimination Risk of unequal treatment in the • Strengthening internal policies that prohibit
Women, and Persons with workplace based on gender, age, all forms of discrimination and forced labor.
Disabilities religion, background, or other In addition, all employees annually reaffirm
personal characteristics. their commitment through the signing of the
Integrity Pact and the Annual Declaration.
Forced Labor Risk of involuntary work • Implementation of fair treatment for all
practices or the presence of employees, including ensuring equal
pressure within employment employment opportunities and remuneration
relationships. regardless of gender or background.
• Training and education for employees and
management to increase awareness of the
Remuneration Equality Risk of remuneration disparity
importance of respecting Human Rights.
not based on performance,
Training materials include the prevention of
responsibilities, or competencies.
discrimination, diversity and inclusion, as well
as protection against forced labor.
Occupational Health Risk of workplace accidents or • Provision of transparent, secure, and
and Safety (OHS) unsafe working conditions for anonymous reporting mechanisms to
employees. report Human Rights violations, handled
by a dedicated team that ensures
objective investigation and protection for
whistleblowers.
• Regular monitoring through internal audits
to ensure that no practices violate Human
Rights. This process also includes the annual
reassessment of Human Rights risk mapping
to evaluate potential new risks and adjust
mitigation strategies.
• Strengthening the implementation of
Occupational Health and Safety (OHS)
through periodic evaluations of workplace
safety aspects, provision of training related to
emergency response and workplace safety, as
well as monitoring the implementation of OHS
to ensure a safe working environment for all
employees.
Based on the identification process conducted through the EES, Bank Mandiri identified potential Human Rights risks that include
discrimination, forced labor, remuneration equality, and occupational health and safety. In response to these findings, Bank Mandiri has
undertaken mitigation efforts covering 100% of employees across all operational areas for the identified risks.
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All employees are required to uphold equality, avoid Each report received is processed in accordance with
discriminatory behavior, and respect the dignity of every established handling procedures, involving the HC Engagement
individual in the workplace. In the event of Human Rights & Outsource Management Group, Senior Investigator (SIV) /
violations, employees are provided with access to various Regional Business Control (RBC), and the relevant Head of Work
reporting channels designed to ensure transparency and Unit. To ensure the comfort and safety of reporters, Bank Mandiri
protection, as follows: [GRI 3-3, 406-1] provides professionally trained companions in Psychological
• Employee Grievance Handling Mechanism through the First Aid (PFA) to assist victims throughout the reporting process,
Head of Work Unit provide protection, and support psychological recovery.
• Whistleblowing System – Letter to the CEO (WBS-LTC)
• HC4U Service In the event of alleged or confirmed human rights violations,
Bank Mandiri implements an effective and accountable
The employee grievance handling mechanism and the HC4U remediation process aimed at restoring the adverse impacts
service are managed internally, while the Whistleblowing experienced by affected parties. Remediation is carried out
System is administered by an external party. Further information through measures that ensure fair, transparent, and responsible
on these reporting channels is available on page 328. recovery. The forms of remediation provided include, but are
not limited to, the following:
Fair, objective, and transparent investigations to accurately establish facts and responsibilities.
Protection for victims, witnesses, and reporters, including the enforcement of non-retaliation safeguards.
Recovery and rehabilitation measures, including legal support, psychological counseling, or other necessary assistance.
Financial and/or non-financial compensation, where required, to address losses or restore the condition of affected parties.
Formal apologies or other forms of restitution as part of proportionate recovery measures.
Implementation of administrative sanctions or corrective actions against perpetrators in accordance with internal policies and
applicable laws and regulations.
Guarantees of non-repetition through policy improvements, strengthened procedures, or enhanced oversight to prevent
similar incidents in the future.
Bank Mandiri imposes strict sanctions on individuals proven accordance with the Collective Labor Agreement, Human
to have engaged in discrimination, bullying, violence, or Resources Standard Procedures, and Employee Disciplinary
harassment in the workplace. Sanctions are applied in Regulations, which include the following: [GRI 3-3]
Engaging in conduct that violates moral or ethical norms, including immoral acts, whether inside or outside the Bank, may
result in termination of employment.
Failure to demonstrate mutual respect among employees may result in sanctions up to a second written warning.
Abusive or arbitrary behavior toward other employees may result in sanctions up to a final and severe written warning.
Violations of work rules or procedures may result in sanctions up to termination of employment.
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Diversity, Equity, and Inclusion at Bank Mandiri [GRI 406-1] [OJK F.18]
Building a workplace that values every individual is a key priority Responsibility for workplace diversity and inclusion is held by
for Bank Mandiri. Diversity, equity, and inclusion are embedded the Director of Human Capital & Compliance and all Heads
as foundational elements of the Bank’s corporate culture of Units, who ensure implementation. These policies apply
to ensure that all employees are able to grow and perform to all Bank Mandiri operations, including employees, external
without barriers. By respecting differences in backgrounds and partners acting for and on behalf of the Bank, as well as
perspectives, diversity is recognized as a driver of innovation and subsidiaries and related entities.
creativity. Equity is upheld through fair and equal opportunities
for all employees, while inclusion ensures that everyone can The implementation of the RWP is periodically overseen by
contribute their best in a respectful and supportive work the Board of Commissioners as part of its supervisory function,
environment. with oversight results reported on a semi-annual basis to the
SOE Regulatory Authority. Through this integrated oversight
To ensure consistent implementation, Bank Mandiri conducts mechanism, Bank Mandiri ensures the sustained and consistent
regular diversity monitoring using a data-driven approach application of its policies at all levels of the organization.
to assess representation across gender, age, and other
background dimensions. The results are used to identify areas
for improvement, develop more inclusive strategies, and
measure progress in implementing diversity policies across
the organization. One outcome of these efforts is that female
employees accounted for 52.38% of the total workforce, with
women in managerial positions reaching 45.78% in 2025.
In addition, the representation of other groups, including
employees with disabilities, continues to increase in line with
the implementation of inclusive recruitment programs. In 2024,
the number of employees with disabilities totaled 91, increasing
to 94 employees in 2025.
In line with this data-driven approach, Bank Mandiri has
established quantitative targets for human capital development
to enhance the representation of women at leadership levels.
The Company targets that by 2030, the proportion of women in
Top Management (BOD-1) will reach 27%, while representation
at the Middle Management level (BOD-2) will exceed 30%. As For an overview of the Respectful Workplace Policy (RWP),
of the end of 2025, the realization of women’s representation please visit: https://www.bankmandiri.co.id/en/esg-policies
stood at 26.5% in Top Management and 31.7% in Middle
Management, reflecting consistent progress toward the
established targets.
Bank Mandiri does not tolerate any form of harassment,
whether sexual or non-sexual or discrimination by any party in
the workplace or in work-related activities. This commitment
is formalized in the Respectful Workplace Policy (RWP), which
aims to safeguard the dignity and rights of every individual,
promote mutual respect, and ensure a work environment
free from discrimination, bullying, harassment, and physical or
psychological violence. Through the RWP, Bank Mandiri seeks
to foster a harmonious, inclusive, conducive, and productive
workplace, support business sustainability, and uphold Human
Rights in pursuit of a zero-harassment work environment. [GRI 3-3]
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Training and Guidance Regarding Diversity [GRI 404-2] [OJK F.22]
In 2025, structured awareness and training programs for all prevention of bullying and harassment, available reporting
employees (100%) include both permanent and contract mechanisms, and the active role of employees and leaders in
employees on the prevention of discrimination, violence, maintaining an ethical and integrity-driven workplace climate.
bullying, and harassment in the workplace have been provided, Through these programs, a workplace culture that upholds
while promoting diversity, equality, and inclusion. These equality, dignity, and mutual respect, while strengthening
programs are delivered through various learning methods, early-prevention efforts against potential violations in the
including in-class socialization sessions within employee workplace is fostered. The initiatives also form part of the
development programs (Officer Development Program and industrial relations governance and a sustainable human
Staff Development Program), digital campaigns via the Mandiri capital management system, aimed at supporting employee
CLICK platform, and the integration of relevant materials into productivity and safeguarding Bank Mandiri’s reputation as an
industrial relations and human capital development forums, institution grounded in ethical values and social responsibility.
including the Industrial Relations Awareness Forum (IRAF).
In 2025, a total of 12 incident reports related to the RWP,
These awareness and training initiatives aim to enhance including cases of violence and harassment, were received
employee understanding and awareness of the importance through the Whistleblowing System (WBS) reporting channels.
of fostering a safe, inclusive, and respectful work environment, All reports were followed up in accordance with applicable
in line with the Respectful Workplace Policy (RWP) and Bank standards and procedures, including the implementation
Mandiri’s corporate culture values. The training materials cover of corrective and/or disciplinary actions, and all cases were
various forms of discrimination and workplace violence, the resolved. [GRI 406-1] [IDX S-07]
Commitment to Freedom of Association and Collective Bargaining
All employees have the right to form, join, and participate Bank Mandiri recognizes the Bank Mandiri Employees Union
in labor unions in accordance with applicable laws and (SPBM) as a legitimate organization registered with the
regulations. This refers to Law No. 21 of 2000 on Trade Unions/ relevant labor authorities. In accordance with prevailing labor
Labor Unions, implemented under Article 9 paragraph (2) of the regulations, Bank Mandiri, together with SPBM, regularly
Collective Labor Agreement (CLA) for the 2023–2025 period. convenes the Bipartite Cooperation Institution (LKS Bipartite)
The article states that “every employee has the right to become forum.
a member of the Employees’ Union by submitting a written
application, and therefore the Bank is not permitted to prohibit The LKS Bipartite forum serves as an effective and strategic
any employee from becoming or not becoming a member of platform for dialogue to discuss various industrial relations
the Employees’ Union.” This commitment is further reinforced issues, communicate updates on corporate policies, and
by other provisions stipulating that Bank Mandiri guarantees the regularly engage with workers’ representatives on working
absence of intimidation and discrimination against Employees’ conditions, while encouraging constructive discussions
Union officials and members. between management and employees. Through this forum,
Bank Mandiri fosters a conducive work climate, maintains a
balanced fulfillment of rights and obligations, and supports
sustainable improvements in employee productivity and
welfare, in line with the Company’s vision and mission.
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The Bank Mandiri Employees Union is provided with the As of 2025, 100% of Bank Mandiri’s employees are covered by
necessary facilities, including the provision of dedicated office the CLA, which governs provisions related to wages, working
space equipped with adequate facilities and infrastructure, hours, and employee welfare. The CLA applies to all employees,
utilities assistance, and operational support in carrying out its both permanent and contract-based, and was renewed for the
functions. This policy is aligned with international principles 2023–2025 period. In accordance with the CLA and Law No.
as stipulated by the International Labour Organization (ILO) 13 of 2003 on Manpower, Bank Mandiri is also committed to
Convention No. 87 on Freedom of Association and Convention prohibiting the use of child labor and forced labor throughout
No. 98 on the Right to Organize and Collective Bargaining. its business value chain. Bank Mandiri ensures that all
operational activities and business partners comply with these
Bank Mandiri respects the right of every employee to participate provisions as part of its corporate social responsibility. [GRI 408-1,
in the formulation of the Collective Labor Agreement (CLA), GRI 409-1] [OJK F.19] [GRI G4 FS1]
which governs working conditions, including the rights and
obligations of the parties, as well as employee remuneration To maintain a fair and inclusive work environment, Bank
and welfare. The preparation of the Collective Labor Agreement Mandiri provides an internal grievance system that enables
is conducted through a negotiation process involving the Bank employees to report violations of freedom of association or
Mandiri Employees Union (SPBM), which currently represents acts of intimidation in an anonymous and secure manner. Every
13,146 members. Bank Mandiri also ensures that the negotiation report is treated seriously and handled by the Human Capital
process is inclusive, and free from discrimination or intimidation Engagement & Outsource Management Group Industrial
toward participating employees. The negotiations are Relations Department.
conducted transparently and involve employee representatives
from all Bank Mandiri operational regions. [GRI 2-30]
Formal Talent Pipeline Development Strategy
Talent development is essential to preparing future leaders. Bank Mandiri has adopted an approach that supports the
Diversity and equity form the core principles of Bank Mandiri’s representation of local communities in senior management
recruitment processes, with a focus on candidates’ capabilities, at significant operating locations. In 2025, 100% of Bank
skills, and experience. Bank Mandiri supports a diverse Mandiri’s senior management comprised individuals from
workforce through inclusive policies, training programs that local communities, with senior management defined as BOD-
strengthen awareness of diversity, and the cultivation of a work 1 and significant operating locations referring to the Bank’s
culture that respects differences and encourages collaboration primary operating area, Indonesia. Bank Mandiri believes that
among individuals. the involvement of local communities in managerial positions
enriches the Company’s strategic perspectives, creates positive
Bank Mandiri ensures that selection processes are conducted impacts within communities, and reflects the diversity present
without regard to race, gender, religion, marital status, or in its workforce. [GRI 202-2]
disability. Through these recruitment practices and engagement
programs, Bank Mandiri implements concrete initiatives to In addition, Bank Mandiri continuously updates its talent
recruit diverse talent, encompassing candidates from different recruitment programs to ensure alignment with the Bank’s
educational backgrounds, disciplines, communities, and strategic priorities. To accurately determine hiring requirements,
regions. This approach reflects the Company’s commitment Bank Mandiri conducts workforce planning by forecasting
to building an inclusive workforce that represents the diversity hiring needs through an analysis of upcoming retirements,
of society. These policies are aligned with applicable labor changes in business and operational strategies, and estimated
regulations, including Law No. 13 of 2003 as amended by Law employee turnover.
No. 6 of 2023 and Government Regulation No. 35 of 2021. In
addition, the compensation provided exceeds minimum
legal requirements, including severance pay and long-service
awards that are higher than those stipulated under prevailing
labor laws. [GRI 3-3]
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Workforce Planning (Forecast of Hiring Needs) in 2025
Employee Baseline
in 2024: Estimated New Hires for 2025:
38,874 employees • Selective replacement with a focus on
strengthening revenue-generating functions in
the Wholesale and Retail segments, as well as
enhancing Digital and Data Protection functions,
with an estimated total of 2,881 new employees.
Estimated Employee Exits in 2025:
• The estimated total number of employees at year-
end 2025 is projected to reach 39,284 employees,
Retirement: Non-retirement:
representing year-on-year growth of 1.1%.
1,034 employees 1,437employees
Employee Outflows Employee Outflows
Retirement Non-Retirement New Hires
39,284
38,874 1,034 1,437 2,881
employees employees employees
+1.1%
2024 2025
The Bank Mandiri talent attraction process is a strategic Currently, Bank Mandiri has established partnerships with
collaboration with selected target universities to attract top leading universities, including Universitas Indonesia, Universitas
talent who not only meet technical qualifications but are also Gadjah Mada, Universitas Brawijaya, Universitas Padjadjaran,
aligned with the Company’s values and culture. This is aimed at Institut Teknologi Bandung, Institut Teknologi Sepuluh
high-potential students and fresh graduates, with the objective Nopember, Telkom University, Universitas Bina Nusantara, as
of preparing them to become future leaders at Bank Mandiri. well as other universities that meet the Bank’s criteria.
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The following are three key programs that form part of the talent attraction process:
Talent Hunt
A program designed to build strong relationships and mutually beneficial collaboration with selected universities. Its
objective is to identify and recruit high-potential candidates, particularly final-year students and fresh graduates, who are
ready to enter the workforce and adapt to the Company’s culture.
Visit Mandiri
An engagement initiative with selected universities and communities, such as Ikatan Abang None Jakarta, aimed at
introducing Bank Mandiri to students through company visit activities. This initiative seeks to build awareness of the
Company and encourage students to consider Bank Mandiri as a career destination from an early stage.
My Digital Academy
A talent acceleration program focused on enhancing engagement and early recruitment of final-year students and fresh
graduates from leading universities in Indonesia through IT and Business tracks aligned with Bank Mandiri’s strategic needs.
The program is delivered through experiential learning, including intensive bootcamps and hands-on work experience in
strategic units, to equip participants with end-to-end business process understanding, digital and analytics capabilities,
and experience in handling real projects. Through a targeted sourcing approach, this program serves as a key talent
pipeline in preparing a future-ready workforce to support Bank Mandiri’s transformation and organizational needs.
New Talent Pool in 2025
Talent Hunt 81candidates Visit Mandiri 4 candidates My Digital
Academy 160 candidates
To meet business needs and support talent development, a range of recruitment programs that not only focus on fulfilling hiring
requirements but also aim to develop the potential of each individual within the Company are as follows.
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Officer Development Program (ODP) Implementing Unit
Recruitment of future leaders from fresh graduates in A recruitment program for fresh graduates as well as individuals
collaboration with universities in Indonesia, or candidates with with a minimum of two years of work experience, specifically
less than four years of work experience. designed to fill clerical positions.
As of the end of 2025, this Consisting of: As of the end of 2025, this Consisting of:
program has successfully program has successfully
recruited 286 359 recruited 500 250
Female Male Female Male
645 employees employees employees 750 employees employees employees
Regional Future Leaders Program (CPDK) Experienced Hire
A program that supports local talent from special regions A recruitment program for experienced professionals with
through targeted recruitment and talent development. more than three years of work experience, specifically aimed at
CPDK employees undergo intensive coaching and training, fulfilling positions or segments with specific talent needs.
including in-class sessions and on-the-job training, to gain an
understanding of operational standards and business processes.
As of the end of 2025, Consisting of: As of the end of 2025, this Consisting of:
this program has program has successfully
selected 40 23 recruited 27 71
Female Male Female Male
63 employees employees employees
98 employees employees employees
To support the recruitment and selection process for prospective Since 2023, Bank Mandiri has partnered with Talentics as the
employees, Bank Mandiri utilizes a digital recruitment platform provider of its Applicant Tracking System (ATS), which is used
that enables candidates to submit job applications online. in recruitment processes at both the Head Office and regional
The platform functions as an Applicant Tracking System (ATS), offices to enhance efficiency, transparency, and the overall
facilitating integrated management of the recruitment process, quality of recruitment.
from application intake and monitoring of selection stages to
candidate screening in accordance with position requirements
and qualifications.
Rekrutmen Pegawai Difabel
As part of its commitment to inclusion, Bank Mandiri gives special attention to employees with disabilities by ensuring equal
opportunities throughout the recruitment process. This is carried out independently by each work unit, coordinated by the
Human Capital Unit and supported through collaboration with third parties such as the Indonesian Human Capital Forum
(Forum Human Capital Indonesia). Positions open to employees with disabilities include contact center service staff, back-
office staff, human capital and risk management roles, information technology staff, and administrative staff across several
Bank Mandiri regional offices.
Mandiri Contact Center also provides opportunities for candidates with disabilities to join the Kriya Mandiri Program. Bank Mandiri provides
disability-friendly infrastructure, including ramps, accessible restrooms, and adaptive technology tools to meet specific needs. Through these
efforts, Bank Mandiri ensures that every individual, regardless of background or physical condition, has equal opportunities to learn, grow, and
make meaningful contributions.
As of 2025, 36 employees are persons with disabilities,
of whom 14 were recruited through the Kriya Program.
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Diversity Composition
Bank Mandiri continues to strengthen diversity across its security, sales, collection, and IT support roles. All information
workplace, with a particular focus on increasing gender related to Bank Mandiri’s workforce is collected and managed
representation as part of the Company’s commitment to through the SAP eHCMS and SPARK Systems by the Human
inclusion and equity. In 2025, Bank Mandiri employed a total Capital Services Group Division and the HC Engagement &
of 38,732 employees, comprising 18,444 male employees and Outsource Management Group. Further details on employee
20,288 female employees. In addition, there were a total of diversity composition are presented in the Sustainability
32,584 non-employee workers in 2025, including outsourced Performance Data section. [GRI 2-7, 2-8]
personnel in administrative services, office support, drivers,
Support for Female Employees
Bank Mandiri ensures equal opportunities for all employees, and contribute professionally. In 2025, the number of female
regardless of gender. Female employees are provided with employees reached 20,180, representing 52% of the total
the same access as male employees to develop their skills workforce.
45.78% 48.28%
Female employees across all Female employees in
management levels (including junior, revenue-generating
middle, and top management) functions
46.60% 45.52%
Female employees at junior Female employees in
management level STEM-related positions
(Science, Technology,
25.33% EngineerinG. and
Female employees at top Mathematics)
Total Female
Employees 52% management level
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Srikandi Mandiri
As part of its efforts to create an inclusive and supportive workplace for women, Bank Mandiri operates the Srikandi Mandiri
Program, which aims to foster a respectful and inclusive work environment while supporting the well-being and contributions
of women to society. To achieve these objectives, Srikandi Mandiri is guided by four main missions:
1. Enhancing the holistic well-being of female employees at Bank Mandiri.
2. Creating collaborative platforms to develop shared solutions.
3. Encouraging the development and leadership of female employees.
4. Delivering social and economic impact for women.
Foster Well-Being
Srikandi Mandiri carries out various initiatives organized under four main streams, as follows:
1. Physical and mental well-being, which includes the promotion of healthy lifestyles and teleconsultation
services for physical and mental health.
2. Financial and social well-being, which includes financial consultation programs, financial management
seminars, and the Respectful Workplace Program to foster a safe and inclusive work environment.
Connect Women in Circle Srikandi
Bank Mandiri creates discussion spaces for female employees to share aspirations, seek joint solutions, exchange
inspiring stories, and share experiences. This initiative aims to build a supportive community that encourages
collective growth.
Lead to The Future
Through various skills development and training programs, Srikandi Mandiri enhances the competencies of female
employees, particularly in digital skills and leadership, to prepare them for future challenges.
Give Back to Society
As a form of social contribution, Srikandi Mandiri encourages female employees to create social and economic impact
for surrounding communities, both through community empowerment programs and other social initiatives.
In an effort to create a safer and more supportive workplace for In addition, Bank Mandiri provides counseling services in
female employees, Bank Mandiri implements various programs collaboration with professional psychologists, offering support
focused on enhancing well-being and protecting their rights. to female employees in addressing emotional and mental
One of the key initiatives is the Respectful Workplace Policy challenges, and helping them maintain a healthier and more
campaign, which strengthens awareness of the importance of productive work-life balance.
mutual respect across all levels of the organization. Through
internal communication channels and social media, the
campaign messages are widely disseminated to ensure they
reach all employees.
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Competitive Compensation
Bank Mandiri places employee well-being and productivity as Each year, Bank Mandiri participates in the Annual Salary
key priorities. The remuneration system, therefore, is designed Survey for the Banking Industry conducted by the independent
to be fair and transparent through a performance-based institution Willis Towers Watson. In addition to serving as a
approach. Compensation is determined based on individual reference for formulating remuneration policies, the survey is
performance (merit-based increases), job-related risks, and used to routinely monitor the gender pay gap to achieve equal
position classification, while ensuring that all processes are free remuneration for men and women, as well as to ensure the
from the risk of gender discrimination. application of the principle of equal pay for work of equal value.
This monitoring is carried out through an annual evaluation
Bank Mandiri ensures that all employees receive compensation of salary structures, remuneration composition, and wage
in accordance with applicable laws and regulations, including increase levels across positions and job grades.
the Regional Minimum Wage (UMR) in each operational area,
as well as additional cost-of-living allowances in certain regions. All banks classified under Core Capital-Based Bank Group IV,
[GRI 3-3] members of State-Owned Banks Association, as well as the
majority of private banks in Indonesia participate in the survey,
The standard wage for entry-level employees at Bank Mandiri the results of which include inflation projections, the latest
is 73% higher than the average Provincial Minimum Wage minimum wage data, and other relevant information used
(UMP) across Indonesia and is applied consistently across all as benchmarks in evaluating and determining Bank Mandiri’s
of the Company’s operational areas. For reporting purposes, salary structure.
Bank Mandiri’s significant locations of operation refer to the
Company’s operational activities in Indonesia, with a standard As part of its implementation, Bank Mandiri has established a
wage ratio between male and female employees of 1:1. In remuneration structure comprising various components. In
addition, the average monthly entry-level wage at Bank Mandiri addition to fulfilling compensation requirements in accordance
is recorded at 5.6 times higher than the estimated decent with applicable laws and regulations, Bank Mandiri also provides
living cost in Indonesia as published by Statistics Indonesia additional compensation to support employee welfare. This
(BPS). Through this approach, the Company ensures adequate policy applies to all employees, including permanent and
wages above cost of living estimates or benchmarks, reflecting contract employees, across both officer and non-officer levels.
remuneration practices that consider employees’ living The detailed composition of the remuneration is presented in
standards without gender-based pay disparities, while also the following table.
supporting competitive compensation to attract top talent and
enhance employee engagement. [GRI 3-3, 202-1, 405-2] [OJK F.20]
In accordance with applicable laws
Types of Rewards Officer Non-Officer
and regulations
Salary
BPJS Employment
BPJS Health
BMRI Pension Fund
Overtime Compensation
Religious Holiday Allowance
Employee Leave & Permission
Annual Leave Allowance
Long Leave Compensation
Tax Allowance
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In accordance with applicable laws
Types of Rewards Officer Non-Officer
and regulations
BM Retirement Health
Health Insurance & Life Insurance
Jubilee (Years of Service Award)
Relocation
Business Trip
In addition, Bank Mandiri provides rewards to certain employees the performance of individual employees, work units, and the
based on established eligibility criteria, including those related Company as a whole, as a form of recognition for employees’
to position, authority, and performance. Bank Mandiri also contributions and to encourage continuous improvement in
implements a variable performance bonus scheme for all productivity and overall performance. The details of rewards
employees at both officer and non-officer levels, covering both provided are presented in the following table.
sales and non-sales functions. This scheme is awarded based on
Types of Rewards for Certain In accordance with applicable laws
Officer Non-Officer
Employees and regulations
Bonus
Home Loan
Vehicle Loan
Emergency Loan
Vehicle Ownership Facility
Vehicle Operational Assistance
Location & Rotation Allowance
Mission Critical Role Allowance
Teller Allowance
Appearance Allowance
Special Authority Allowance
Long Term Incentive
Official Residence *
Official Residence Allowance *
Utilities Cost Reimbursement
Mobile Phone Facility
Mobile Phone Credit Facility
Natural Disaster Assistance
*Non-officer employees are recruited locally at their respective work locations; therefore, they do not require official residence facilities, as there is no need for relocation.
Bank Mandiri’s salary structure matrix is based on job grades, opportunities for career development for all employees
salary positioning relative to the market, and performance through the implementation of merit-based increases tied to
levels reflecting the results of annual performance evaluations. performance. In 2025, approximately 27% of Bank Mandiri’s
Throughout these processes, Bank Mandiri does not engage total workforce, equivalent to 10,432 employees received job
in discrimination based on gender, disability, or age. In line promotions.
with meritocracy principles, Bank Mandiri also ensures equal
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Regular Performance Assessment and Feedback Process [GRI 404-3]
Bank Mandiri implements a performance assessment system Mitigation measures have been implemented to ensure that
designed to mitigate the risk of discrimination by conducting there are no pay gaps between male and female employees in
evaluations not only based on assessments from the direct positions with the same roles and responsibilities. Although no
supervisor (Employee Manager/EM), but also from the Employee wage disparities have been identified, Bank Mandiri continues
Manager Manager (EMM), complemented by a 360-degree to conduct periodic evaluations to ensure that pay equity is
assessment that includes evaluations from direct supervisors maintained. In addition, the Bank continues to strengthen
(EM), peers, and subordinates, as well as attitude assessments. female representation in managerial positions as part of its
The indicators also cover aspects closely linked to KPIs and commitment to diversity and inclusion. [GRI 3-3]
Attitude (Core Values and Core Behaviors), with descriptions
that are free from gender-based discrimination. [GRI 3-3]
Type of Evaluatio Method Frequency
Individual Performance Individual KPIs Twice a year (Mid-Year Review and Year-End
Performance Review)
Unit-Based Performance Unit KPIs Twice a year (Mid-Year Review and Year-End
Review)
Management by Objectives Goal Setting Twice a year (Mid-Year Review and Year-End
(MBO) Review), with development dialogues conducted
throughout the year as needed
360-Degree Feedback System 360-Degree Survey Once a year
Continuous Feedback Development Dialogue Throughout the performance year
In 2025, 100% of employees participated in the performance appraisal process, which included performance
reviews, goal setting, and evaluations conducted through established mechanisms. This process was designed
to support performance development, target achievement, and career development initiatives, ensuring that
each employee received constructive feedback to optimize their potential on an ongoing basis. The performance
appraisal covered all eligible employees, both male and female, across all job levels and was conducted in
accordance with applicable policies and procedures. [GRI 404-3]
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Facilities and Benefits Provided to Employees
Bank Mandiri provides a range of non-salary benefits and the provision of various employee welfare benefits that
welfare programs to support work-life balance for all employees, complement statutory protections, Bank Mandiri expands social
including both permanent and contract employees across all protection coverage for workers beyond public programs,
operational areas, including support related to childbirth and while continuing to comply with all applicable labor laws and
childcare, with the aim of improving employee quality of life regulations to safeguard employees’ fundamental rights and
and strengthening talent management. In addition, through promote a fair and inclusive workplace.
Summary of Non-Salary Benefit [GRI 401-2]
Benefit Program / Permanent Contract
Description / Coverage
Category Benefit Employees Employees
Insurance Life Insurance • Social Security Administering Body for Yes Yes
Employment (BPJS Ketenagakerjaan)
• - Social Security Administering Body for Health
(BPJS Kesehatan)
Health Insurance • BPJS Kesehatan Yes Yes
• Mandiri Inhealth*
Disability & • BPJS Ketenagakerjaan Yes Yes
Incapacity • BPJS Kesehatan
Coverage • Mandiri Inhealth*
• Provision of pension benefits for employees who
pass away or whose employment is terminated
due to permanent total disability.
Unemployment BPJS Ketenagakerjaan Yes Yes
Protection
Bereavement Bereavement Bereavement benefits for deceased employees, Yes Yes
Compensation Allowance condolence allowances for employees and families,
and Funeral and benefits for stillbirths*
Assistance Funeral Assistance Funeral or cremation transportation, ambulance Yes Yes
services, and travel costs for employees and/or
families when death occurs during duty*
Housing Housing • Company-provided or company-paid housing* Yes Yes**
Support Allowance • Home ownership programs with special
benefits*
* Indicates benefits provided by Bank Mandiri that exceed regulatory requirements.
** In accordance with the terms of the agreement.
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Benefit Program / Permanent Contract
Description / Coverage
Category Benefit Employees Employees
Medical Cost Serious Illness Financial support for medical expenses for Yes Yes
Support Coverage employees and their families based on medical
diagnoses classified as critical, chronic, or congenital
illnesses, as well as conditions resulting from
accidents that are potentially life-threatening or
lead to permanent total disability.
Medical Expense Reimbursement of healthcare expenses for a Yes Yes
Reimbursement period of one year following an employee’s death,
including maternity cost reimbursement for a
surviving spouse who is pregnant.
Flexible Work Flexible Working Implementation of flexible working hours, subject Yes Yes
Arrangements Hours to supervisor approval and adjusted to job
functions and types of work*
Work from Home Work-from-home arrangements adjusted to the Yes Yes
internal and external needs of each unit*
Flexible Arrival & Permission to arrive late or leave early by up to four Yes Yes
Departure hours on the same day, which may be utilized up to
three times per month*
Working Hours Fair Working • Monitoring of maximum working hours of eight Yes Yes
Management Hours System hours per day and 40 hours per week, with
a one-hour rest break during working hours,
supported by operational workplace measures,
including switching off office lighting during
break periods.
• Monitoring of working hours and overtime
through an integrated attendance recording
system, with a maximum limit of 78 hours per
month.
Customized Annual Leave • Annual leave ranging from 14 to 20 days or 2–3 Yes Yes
Welfare weeks is provided based on the employee’s
System corporate title, including block leave of five
consecutive days as part of the annual leave
entitlement.
• Monitoring and reminders of employees’ annual
leave through employee digital platform.
• Annual leave allowance*
• Long-service leave allowance*
• Hajj leave granted once during an employee’s
period of service, without reducing the
employee’s annual leave entitlement*
* Indicates benefits provided by Bank Mandiri that exceed regulatory requirements.
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Benefit Program / Permanent Contract
Description / Coverage
Category Benefit Employees Employees
Health & Sports • Annual health check-ups Yes Yes
Initiatives • Provision of on-site health clinics and medical
personnel (currently located at the Head Office)
• Provision of fitness centers (currently located at
the Head Office)
• Healthy lifestyle programs through health
seminars and education, as well as sports
competitions
Employee Online psychological counseling services Yes Yes
Assistance
Program
Family Family gathering activities for employees and their Yes Yes
Participation families
Activities
Individual Capacity Training and certification programs provided or Yes Yes
Development funded by the Company to enhance job-related
competencies*
Persalinan Maternity Leave • Paid maternity leave for 3 months or 12 calendar Yes Yes
weeks
• Provision of miscarriage leave of up to 45
days or 6 calendar weeks, with an extension
of up to 3 months or 12 additional calendar
weeks for special conditions based on medical
recommendations.
Paternity Leave • Provision of paid paternity leave of five Yes Yes
working days or one week, exceeding statutory
requirements.
• Provision of leave of five working days or one
week for employees accompanying their
partners who experience a miscarriage.
Reproductive Provision of leave for a period of up to a minimum Yes Yes
Health Leave of one year, in accordance with applicable
regulations, to undergo pregnancy programs or in
vitro fertilization (IVF) treatment due to reproductive
health conditions.
Childcare On-Site Childcare Full-day daycare services with early childhood Yes Yes
Center education programs (currently located at the Head
Office).
Lactation Facilities Lactation room facilities are available in every Yes Yes
building.
Family Care Family Care Leave Provision of family care leave of at least three Yes Yes
months for employees to care for family members
experiencing physical or mental health conditions
that require special assistance
* Indicates benefits provided by Bank Mandiri that exceed regulatory requirements.
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Benefit Program / Permanent Contract
Description / Coverage
Category Benefit Employees Employees
Retirement Retirement and • BPJS Ketenagakerjaan, Yes Yes
Preparation Pre-Retirement • Bank Mandiri Pension Fund
Programs • Bank Mandiri Pension Insurance
• Retirement preparation programs and health
insurance for Bank Mandiri retirees
• Retirement preparation programs*
• Health insurance for Bank Mandiri retirees*
* Indicates benefits provided by Bank Mandiri that exceed regulatory requirements.
Long-Term Incentive Program
The Employee Stock Ownership Program (ESOP) and Meanwhile, the Employee Stock Ownership Program (ESOP)
Management Stock Ownership Program (MSOP) have been is designed to strengthen a sense of ownership while
in place since 2015. These programs are offered to eligible encouraging optimal and sustainable long-term performance.
employees and management who meet specified criteria, Shares under this program are granted to eligible employees
through a share grant mechanism with a defined vesting based on defined criteria, including individual performance,
schedule. talent classification, and professional track record.
Under the Management Stock Ownership Program (MSOP), From 2015 to 2025, Bank Mandiri distributed a total of
shares are awarded as a Long-Term Incentive (LTI) for members 130,000,000 shares through the ESOP, with vesting periods
of the Board of Directors and Non-Independent Commissioners. ranging from three to five years. In 2026, Bank Mandiri plans to
The program aims to encourage stronger future performance continue implementing a similar share ownership program for
while recognizing contributions to sustaining and enhancing employees and management as part of its long-term reward
shareholder value over the long term. LTI awards are and incentive strategy.
determined based on key performance indicators, including
Total Shareholder Return, Return on Equity, and Non-Performing
Loan ratios.
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Support for Employee Well-Being
To safeguard employee well-being across both personal and professional dimensions, Bank Mandiri provides a comprehensive range of
support initiatives designed to foster a safe, supportive, and productive working environment for all employees.
Employee Well-Being Programs
Bank Mandiri promotes work-life balance through well-being performance. Designed as a holistic framework, the initiatives
initiatives focused on creating a healthy, safe, and comfortable address employees’ physical, psychological, financial, and social
working environment. These programs enhance employee well-being in the workplace.
engagement while supporting individual and unit-level
True North
The Best Financial Institution in Southeast Asia
HC Mandates Thinking, communicating, and acting proactively in alignment with the business
Key Objective Mandirian Super Productive & Super Engaged
1 2 3 4
4 Well-being
Pillars
Physical Psychological Financial Social
Holistic Approach
Well Rounded
Community Communication Channel Accessible Support Systems
Supporting
Blocks Open, Inclusive, and
Culture Mandiri Community HR Access Wellness Wellbeing
Multi-directional Communication
Squad Club Mandiri (eHR) Tools Counselor
across all levels
Core Values
& Mandirian Core Values: M-DNA Mandiri’s Unique Characteristics
Characteristics
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Physical Well-Being
Various sport & health initiatives are designed to promote a healthy, active, and balanced lifestyle for employees.
Annual Health Check-Ups
Every employee receives an annual medical examination that includes a comprehensive physical assessment, in accordance
with applicable internal policies.
Regular Health Monitoring
Bank Mandiri operates an on-site health clinic at the Head Office, equipped with medical facilities and staffed by qualified
healthcare professionals to support employee health needs.
On-Site Fitness Facilities
Employees may access the Mandiri Club fitness center at the Head Office to maintain physical fitness and overall well-being.
Mandiri PORSENI
Bank Mandiri organizes annual sports and arts competitions involving participation from all work units. In 2025, the Mandiri
PORSENI Well-Being Program, themed “Bergerak Berdampak” (“Moving with Impact”), engaged 5,018 employees across
various units, featuring 840 matches and competitions spanning 27 sports, arts, and spiritual activities.
Healthy Lifestyle Program
Bank Mandiri delivers an employee well-being program through healthy lifestyle competitions open to all employees
nationwide. As a promotive and preventive initiative, the program encourages healthy living in the workplace, with
employees and unit leaders serving as key drivers. It is supported by educational activities, including health seminars and
structured sports programs.
Physical Health and Healthy Lifestyle Seminars
To further enhance physical well-being, these seminars for employees and their families are delivered both online and offline
and feature qualified speakers in medicine, nutrition, and healthy lifestyle practices.
Bank Mandiri applies equal healthcare benefit coverage, allowing both male and female employees to extend health facilities
to their spouses. Female employees may also extend healthcare coverage to their husbands and children.
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Psychological Well-Being
Online psychological counseling services
Bank Mandiri provides psychological counseling services to support employees in workplace stress management, accessible
through the health facilities provided by the Bank. Employees may schedule appointments via a dedicated 24-hour employee
Contact Center, with online psychology counseling services available from Monday to Friday, 08:00–16:00 Western Indonesia
Time (WIB), in accordance with applicable arrangements. In addition, Bank Mandiri conducts education and awareness
programs on mental well-being, featuring qualified experts in the field.
Financial Well-Being
Retirement Transition Program
To ensure employee financial security after retirement, Bank Mandiri provides a range of pension programs in accordance
with employment agreements. These are managed through the Employer Pension Fund (Dana Pensiun Pemberi Kerja/
DPPK) and include both a Defined Contribution Pension Program and a Defined Benefit Pension Program. In addition, Bank
Mandiri supports the health needs of employees entering retirement through the Mandiri Health Care Cooperative, which
offers assistance, benefits, and healthcare services funded through membership contributions of 2% from employees and
3% from Bank Mandiri. [GRI 3-3, 201-3]
Bank Mandiri is committed to supporting employees’ well-being through dedicated transition programs designed to assist
those approaching retirement. These include skills development and capacity-building training to help employees prepare
for life after retirement. [GRI 3-3]
In 2025, Bank Mandiri delivered post-employment preparation programs through the following initiatives: [GRI 404-2] [OJK F.22]
Pre-Retirement Planning Emotional Support and
Reskilling (Upskilling)
Counseling
A preparatory program designed Provision of training facilities Provision of emotional support
to support employees in for employees who wish to and counseling services to help
transitioning into retirement, remain economically active employees manage mental well-
covering financial planning, after retirement, through being during the transition to post-
health management, post- skills enhancement and retirement life, enabling a healthier
retirement activity planning, and the development of new and more sustainable adjustment
the development of business competencies aligned with process.
initiatives or other productive post-employment needs and
activities. opportunities.
Number of Training Programs Total Training Hours Number of Participants
5 21,812 1,089
Programs Hours Participants
Including permanent and contract employees
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Employee Welfare Loan (KKP)
Bank Mandiri provides a credit facility to support employee financial well-being offering unsecured loans with preferential
interest rates to meet various employee needs. The facility is available to all eligible employees to enhance their quality of
life, including:
• Securing adequate housing, including home renovation or construction.
• Acquiring motor vehicles for transportation purposes.
• Meeting multipurpose needs, such as household expenses, education, emergency situations, and other personal
requirements.
This facility takes into account employees’ income levels and repayment capacity, ensuring that they and their families are
able to maintain a decent standard of living.
Social Well-Being
Social and Community Activities
To support employee engagement and well-being, particularly in managing workplace stress, Bank Mandiri provides
Employee Affinity Groups and employee communities that play an active role in fostering an inclusive and harmonious
working environment.
Currently, Bank Mandiri supports a diverse range of communities, comprising 3 spirituality groups, 7 arts and cultural groups,
2 social groups, and 24 sports communities across 12 operational regions. These initiatives not only strengthen relationships
among employees but also provide platforms for expressing shared interests and promoting a healthy work-life balance.
Family Participation Activities
To enhance employee engagement and provide recreational opportunities for employees and their families, Bank Mandiri
organizes family gathering activities involving employees and their family members across Indonesia, in accordance with
their respective work locations.
Childcare and Family Care Support
Bank Mandiri provides childcare facilities, including full daycare services at the Wisma Danantara, complemented by early
childhood education programs designed to support children’s physical, psychological, and motor development. In addition,
Bank Mandiri provides breast-feeding and lactation facilities or benefits through the availability of dedicated lactation rooms,
enabling nursing employees to provide breast milk in a safe and comfortable environment. Employees may also utilize
carer’s leave to care for immediate family members.
Paid parental leave for the primary caregiver and paid parental leave for the non-primary caregiver addresses various
employee needs during childbirth and other family-related circumstances. For primary caregivers, Bank Mandiri provides
maternity leave for 3 months or 12 calendar weeks, under the following provisions: [GRI 401-3]
• Granted for 1.5 (one and a half) months or 6 calendar weeks prior to childbirth (based on the assessment of an obstetrician
or midwife) and 1.5 (one and a half) months or 6 calendar weeks after childbirth;
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• Upon the employee’s request, with spousal approval and supported by a medical certificate, maternity leave may be
granted for 1 month or 4 calendar weeks prior to childbirth and 2 months or 8 calendar weeks after childbirth.
For supporting caregivers (non-primary caregivers), Bank Mandiri provides paternity leave for husbands to accompany their
wives during childbirth for 5 working days or 1 week. This provision exceeds the requirements of the Mother and Child
Welfare Law (UU KIA) enacted in 2024.
To support employees’ emotional and physical well-being, Bank Mandiri also grants miscarriage leave of up to 45 days or
6 calendar weeks for female employees who experience a miscarriage, with a possible extension of up to 3 months or 12
calendar weeks for special conditions based on medical recommendations. In addition, Bank Mandiri provides leave of 5
working days or 1 week for employees who accompany a spouse experiencing a miscarriage, as a form of support during
this challenging period. For employees participating in pregnancy programs or in vitro fertilization (IVF) due to reproductive
health conditions, Bank Mandiri provides leave facilities for a period of up to a minimum of 1 year, in accordance with
applicable provisions.
Furthermore, Bank Mandiri provides family care leave of at least 3 (three) months to enable employees to care for family
members experiencing physical or mental health conditions that require special assistance.
Leave and Life Event Support
Each year, employees are entitled to annual leave in accordance with applicable laws and regulations. During the leave
period, permanent employees continue to receive full remuneration and remain covered by social security protection. All
employees may submit leave requests at any time through a digital platform, enabling a more efficient, transparent, and
trackable application process.
In addition, Bank Mandiri regularly issues reminders to employees and their direct supervisors regarding remaining leave
entitlements and planned leave schedules through its digital human resources platform. Employee leave utilization is
evaluated on a quarterly basis to ensure the fulfillment of paid annual leave entitlements while encouraging timely and well-
planned leave in accordance with operational needs. As a result, the annual leave utilization rate in 2025 reached 84.20%.
Bank Mandiri provides compensation in the form of an Annual Leave Allowance, which is paid annually, as well as a Long-
Service Leave Allowance, which is granted periodically based on multiples of employees’ years of service, in accordance with
applicable provisions.
For employees performing the Hajj pilgrimage, Bank Mandiri grants Hajj leave 1 time during the employee’s period of service.
This is provided for the duration of the pilgrimage in accordance with the employee’s departure and return dates and does
not reduce the employee’s annual leave entitlement.
In addition, Bank Mandiri provides unpaid leave for employees who are unable to attend work due to important and urgent
personal matters, in accordance with applicable internal policies.
Bank Mandiri recognizes the importance of flexibility in employees’ personal lives. Accordingly, the Bank offers various types
of leave to accommodate both family-related and personal needs beyond parental leave. These include marriage leave,
bereavement leave for the passing of a family member, leave to participate in religious ceremonies, and health-related leave,
such as sick leave, leave for medical check-ups, or menstrual leave for female employees experiencing discomfort on the first
or second day. Furthermore, Bank Mandiri provides personal leave for specific needs such as graduation ceremonies, leave
granted based on written approval, as well as emergency situations such as natural disasters, accompanied by financial and
non-financial assistance for affected employees.
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Working Hours Arrangement
Bank Mandiri implements working hour arrangements in line with applicable laws and regulations and the principles of
decent working hours to safeguard employees’ health and well-being. Maximum working hours are set at 8 hours per day
and 40 hours per week, with a 1 hour rest break between working hours, in accordance with labor regulations. Except in
emergency or special circumstances, overtime work is not permitted, and forced labor is strictly prohibited.
To monitor working hours, including overtime management, the Company implements monitoring mechanisms through
an integrated attendance recording system. All overtime must receive prior approval from the direct supervisor and is limited
to no more than 3 hours per day and 14 hours per week, or a maximum of 78 hours per month, including overtime on
public holidays, in accordance with employee level and applicable provisions. The Company ensures employees are paid
for overtime work in accordance with prevailing laws and regulations. Regular evaluations are conducted to ensure that
overtime levels do not adversely affect occupational health and safety.
Bank Mandiri offers flexible working hours and working-from-home arrangements applicable to all employees. Working hour
planning is subject to managerial approval and takes into account job functions and roles. These arrangements prioritize
the effective completion of duties, compliance with total working hour requirements, and the adequacy of staffing levels
within the relevant work units, so as not to create additional workforce needs or increase the working hour burden of other
employees. Employees participating in these arrangements continue to receive the same salary and benefits without any
changes.
To further enhance employee convenience, Bank Mandiri allows employees to arrive late or leave early for up to 4 (four)
hours on the same day, with a maximum frequency of three times per month.
Natural Disaster Assistance
Bank Mandiri provides special assistance to employees affected by natural disasters, such as earthquakes and floods.
Assistance is provided in the event of a natural disaster that causes widespread damage in a particular area, disrupting or
disabling vital functions, and/or when declared a national disaster by the government.
Assistance includes support to meet employees’ basic needs for a specified period following the disaster, as well as aid for
housing repairs or the replacement of damaged household furnishings. This assistance is provided to all affected personnel,
including permanent and non-permanent employees, outsourced personnel, and interns.
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Formal Grievance Reporting
Bank Mandiri has established formal mechanisms for employees The handling and resolution of all complaints or grievances
to submit grievances related to human capital management at each level are completed within a maximum of 30 (thirty)
and the implementation of industrial relations within the calendar days and may be submitted either verbally or in
Company. The Bank provides multiple reporting channels to writing, in accordance with the provisions set out in the CLA.
ensure that every complaint is handled in accordance with
established procedures. Where violations are substantiated, Bank Mandiri pays due attention to and seeks to resolve
appropriate sanctions are imposed in line with applicable employees’ grievances related to employment relations,
policies. working conditions, and employment matters through the
following procedures:
1 First Level
a. Employees’ grievances are submitted to the direct supervisor.
b. Upon receiving the grievance, the direct supervisor and the employee shall promptly engage in deliberation to
seek solutions and provide the necessary explanations, with the aim of resolving the grievance at this level.
c. At this stage, employee grievances may be submitted either verbally or in writing.
2 Second Level
a. If the grievance cannot be resolved at the First Level, it is submitted in writing to the higher-level supervisor,
namely the supervisor of the employee’s direct supervisor.
b. At this stage, the grievance is addressed and resolved by the supervisor of the employee’s direct supervisor in
consultation with the concerned employee.
3 Third Level
a. If the employee’s grievance cannot be resolved at the Second Level, the matter is escalated and taken over by
the relevant Group or Region.
b. At this stage, the grievance is resolved by the Group Head or Regional CEO responsible for the employee’s
work unit, with the knowledge of the HCEOM Group, which is informed through the fastest available means of
communication.
4 Fourth Level
At the Fourth Level, grievances are resolved in accordance with applicable laws and regulations, as follows:
a. If the grievance cannot be resolved up to the Third Level, the employee may request assistance from the
Employee Union management to represent or accompany the employee in further resolution efforts.
b. If the issue/grievance cannot be resolved internally and escalates into an Industrial Relations Dispute, the
resolution process is carried out in accordance with the prevailing laws and regulations governing the
settlement of Industrial Relations Disputes.
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HC4U Service
Bank Mandiri provides dedicated channels for employees to report grievances or issues related to work, personal matters,
or family concerns. This service includes multiple reporting channels, such as a Call Center, Email, Walk-in Center, and Chat,
enabling employees to submit reports easily while ensuring confidentiality. All reports are followed up by the unit responsible
for the Engagement & Outsource Management function. In addition, Bank Mandiri has policies for assistance and counseling
for victims of violations, including human rights violations, harassment, discrimination, violence, bullying, or other forms of
misconduct. These services include psychological and financial counseling provided by professional third-party consultants.
Victims or reporters receive assistance from a senior employee or a qualified psychologist appointed by Bank Mandiri, who
provides moral support, safeguards their rights, and assists throughout the handling, protection, and recovery processes.
Whistle Blowing System
Bank Mandiri has a Whistleblowing System that enables both employees (internal parties) and third parties (external parties)
to report indications of misconduct. Reports may be submitted through the Whistleblowing System – Letter to CEO (WBS-
LTC), which is accessible via the website, email, PO Box mail, as well as SMS/WhatsApp. All reports received are managed by an
independent third party to ensure the confidentiality of the whistleblower’s identity.
Employee Engagement
To ensure the quality of an inclusive and productive working Bank Mandiri’s efforts to enhance the employee experience.
environment, Bank Mandiri conducts an annual Employee These efforts included actively listening to employee feedback,
Engagement Survey at the end of each year. This activity implementing measurable follow-up actions, and transparently
forms part of the Company’s commitment to monitoring communicating progress.
and evaluating employee well-being across all levels of the
organization. Through the Employee Engagement Survey In addition, Bank Mandiri recognized and appreciated employee
(EES), Bank Mandiri assesses various aspects that contribute to contributions, which formed an important foundation in
employee well-being and the overall employee experience, building strong and sustainable employee engagement. The
including engagement, job satisfaction, purpose and happiness survey also plays an important role in fostering job satisfaction
at work, stress levels, and employee loyalty as measured by the at Bank Mandiri. The success of this is reflected in the voluntary
Employee Net Promoter Score (eNPS), which reflects the extent employee turnover rate of 3.53%, in 2025. This achievement
to which employees would recommend Bank Mandiri as a demonstrates Bank Mandiri’s ongoing commitment to
place to work based on their experiences. employee retention and its ability to maintain positive retention
levels compared with peers in the same industry. [GRI 401-1]
In 2025, Bank Mandiri’s employee engagement score reached
90.48%, exceeding the target set, which was higher than 89.93% To maintain employee retention, Bank Mandiri has a range of
(referring to the 2024 Employee Engagement Survey score). This strategic initiatives, including career development programs,
achievement was supported by a participation rate of 89.01% competitive compensation, the provision of an inclusive
of the total number of employees, reflecting the high level of work environment, and support for work-life balance. More
employee engagement in the survey process and a shared comprehensive data on employee turnover at Bank Mandiri in
commitment to building a productive and sustainable work 2025 is presented in the sustainability performance data table.
environment. The increase in the engagement score reflects
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Occupational Health and Safety (OHS) [OJK F.21] [IDX S-11]
Occupational health and safety is fundamental in safeguarding Investigations are conducted by authorized teams, including the
the continuity and quality of Bank Mandiri’s operations. building emergency response team and relevant functions, to
The Company ensures that all activities are carried out in a identify the root causes of the incident. The investigation results
safe, healthy, and comfortable environment for employees, serve as the basis for determining corrective and preventive
customers, and all relevant stakeholders. Through a series of actions to minimize the risk of similar incidents in the future,
initiatives, Bank Mandiri is committed to minimizing workplace as well as for evaluating and improving the implementation
risks and maintaining operations that are protected from of occupational health and safety practices. All investigation
incidents. processes are documented and reported in accordance with
internal policies and applicable laws and regulations.
To support this objective, the OHS management system is
operated in accordance with applicable national standards and As part of routine monitoring, Bank Mandiri conducts periodic
regulations, including: internal OHS inspections by the OHS Team. Routine inspections
• Law No. 1 of 1970 on Occupational Safety. are carried out on a monthly basis, with a focus on fire protection
• Regulation of the Minister of Health of the Republic of systems, including the condition, adequacy, and functionality
Indonesia No. 48 of 2016 on Occupational Health and Safety of safety equipment.
Standards in Office Environments.
Meanwhile, inspections of building utility equipment and
This implementation is fully supported by Building Management systems are conducted with the support of the Building
as the highest authority responsible for the execution of OHS Engineering Team, in accordance with their respective areas of
policies. Through a structured approach, Building Management expertise. Inspection results are documented and followed up
ensures that occupational health and safety standards are through repairs or corrective actions if any non-conformities are
optimally applied across all work areas, including throughout identified, to ensure safe and reliable working conditions.
the supply chain.
In addition to internal inspections, OHS verification is also
The Occupational Health and Safety Committee (P2K3) plays carried out through inspections by independent external
an active role in ensuring the effective implementation parties. Inspections of fire protection systems are conducted
of OHS policies by facilitating ongoing consultation and periodically by the local Fire Department through annual
participation from employees and their representatives. The inspections.
P2K3 comprises representatives from both employees and
company management, with the P2K3 Secretary serving as a Compliance oversight with OHS regulations is carried out by the
certified general OHS expert. This committee is responsible Manpower Office through a routine P2K3 reporting mechanism
for coordinating the implementation and monitoring of OHS submitted on a quarterly basis, as well as field inspections
programs across all work units. Its responsibilities include conducted in accordance with the regulator’s authority. In
collecting and managing OHS-related data, submitting addition, the Company conducts audits of the Occupational
quarterly reports to the Manpower and Transmigration Office, Health and Safety Management System (OHSMS) by authorized
and conducting health education and awareness campaigns. Occupational Health and Safety Service Providers (PJK3), the
results of which are documented in an OHSMS certification. [GIR
To ensure comprehensive management of occupational G4 FS9]
health and safety, Bank Mandiri has established procedures
to investigate work-related accidents, occupational health In 2025, the Company recorded no occupational accident
issues, occupational diseases, and other incidents. Each cases. [IDX S-06]
incident is handled through an internal reporting mechanism
and followed up with an investigation process that includes
information gathering at the incident site, obtaining statements
from relevant parties and witnesses (if any), and systematically
documenting the chronology of the incident.
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Emergency Preparedness and Response
Safeguarding security and ensuring operational continuity are implementation of Business Continuity Management (BCM),
key priorities for Bank Mandiri. Accordingly, the Company not which is designed to ensure business continuity, protect
only implements an OHS management system but also develops safety, and mitigate the impacts of disruptions or disasters. This
a range of strategic measures to address potential emergency approach is anchored in two main pillars, namely:
situations. This preparedness is strengthened through the
1 Preparedness 2 Incident Management
Bank Mandiri ensures operational readiness through the When incidents occur, Bank Mandiri adopts coordinated
following measures: emergency response measures, which include:
• Risk and Threat Assessment (RTA): Identifying and • Crisis Management: Coordinating disaster response efforts
managing risks at work unit locations to enhance resilience and managing crisis communications effectively.
against disruptions or disasters. • Emergency Response: Conducting evacuation or isolation
• Business Impact Analysis (BIA): Assessing the criticality of employees, customers/visitors, and third parties in
of work units, services, applications, and third parties in accordance with standardized procedures.
supporting operational continuity. • Business Continuity: Implementing alternative strategies to
• Recovery Strategy: Designing systematic recovery ensure the continuity of operations.
procedures to minimize impacts on operations. • Disaster Recovery: Operating alternative systems to
• Testing and Exercises: Conducting regular simulations and accelerate operational recovery.
tests to ensure the effectiveness of recovery strategies.
• Emergency Response Readiness: Ensuring the readiness of These procedures are supported by Standard Operating
emergency response equipment posts and the availability Procedures (SOPs) and Technical Operational Guidelines
of shelters in the event of disruptions or disasters. designed in line with applicable standards and regulations.
• Emergency Team Capability: Strengthening the capabilities Through the implementation of a comprehensive framework
of emergency response teams to enable fast and effective covering Buildings, Equipment, Technology, Human Resources,
responses to disruptions or disasters. and Third Parties (BETH3), Bank Mandiri ensures that operational
preparedness is applied across all lines of operations, from the
To ensure maximum preparedness, Bank Mandiri routinely head office to the entire branch network.
inspects the adequacy of supporting facilities such as first aid
kits, portable fire extinguishers, hydrant systems, and sprinklers.
In addition, other facilities, including emergency stairways and
evacuation systems, are regularly maintained to ensure their
functionality during emergency situations.
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Hazard Identification, Risk Assessment, and Determining Control (HIRADC)
Bank Mandiri enhances occupational health and safety through This approach ensures that building management maintains
an approach that emphasizes comprehensive risk identification appropriate control over potential disruptions or disasters, while
and assessment. Through the HIRADC process conducted via also assessing the effectiveness of OHS policy implementation
the Risk and Threat Assessment (RTA), evaluations are carried and its alignment with applicable standards. The results of
out across various locations, including key buildings and the the risk identification process and corresponding mitigation
Head Office. measures are presented in the following table.
Risk Category Type of Risk Risk Level Mitigation
Natural hazards Earthquake Medium to • Ensuring building structural resilience through proper
and impacts of high placement of items based on size and weight.
human actions Flood Medium to • Enhancing emergency team capabilities through training,
(unintentional) high evacuation drills, and periodic improvements to Emergency
Response Team (ERT) communication procedures.
• Building security management procedures, including
reorganization of unused items, updates to the Floor Warden
structure, and the appointment of a Safety Manager.
• Emergency evacuation plans by installing clear evacuation
signage, ensuring unobstructed evacuation routes, and
inspecting the condition of assembly points.
Fire Medium to • Maintenance of fire protection equipment, including inspection
high and replacement of portable fire extinguishers, testing of
smoke detection systems, and periodic repair of equipment.
• Coordination with local fire departments to accelerate fire
suppression efforts.
Power failure Medium to Backup power supply managed through monitoring of
(blackout) high transformer rooms, regular maintenance activities, and
decommissioning of unused equipment.
Mass unrest Medium to • Enhancement of office building security standard procedures
high during periods of unrest.
• Coordination with the Police and the Indonesian National
Armed Forces (TNI) to secure assets and surrounding areas
during unrest situations.
Technology Hardware failure Medium to • Server configurations have implemented High Availability (HA).
disruption high • Active-active server architecture deployed across two
Server Medium to geographically separated locations.
unresponsiveness high • All applications that have gone live are required to have backup
(freeze) systems.
• Implementation of physical security controls, restricted access
management, and secure areas, including multi-layered doors
Medium to and access accompanied by authorized personnel.
Cyberattack
high • Continuous monitoring, installation of CCTV, deployment
of perimeter security systems, and use of authentication
technologies such as digital signatures.
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As shown in the table, various mitigation measures have been To evaluate progress in reducing or preventing occupational
formulated to reduce the existing risk levels. The primary focus health and safety risks, Bank Mandiri regularly implements OHS
of these efforts is to minimize potential risks to Bank Mandiri programs through a range of strategic initiatives, including:
and to ensure employee safety by preventing any loss of life. 1. Dissemination of emergency response information to
In the event of incidents affecting employees, appropriate employees, visitors, and the Building Emergency Response
response and handling measures will be implemented. Team through paging messages, installation of evacuation
posters, desktop wallpapers on employees’ PCs, screening
To strengthen the comprehensive implementation of of procedural videos on internal media, safety briefings
Occupational Health and Safety (OHS), Bank Mandiri prior to events, and annual outreach programs conducted
has established OHS criteria as part of its procurement in coordination with local fire departments.
requirements, particularly for construction-related services. 2. Training for the Building Emergency Response Team
These requirements oblige vendors and business partners to (Floor Wardens) and the Emergency Response Team (ERT).
comply with all applicable OHS laws and regulations, including Training materials cover fire suppression, search and rescue
the implementation of occupational safety procedures, the (SAR), and responses to terrorist or bomb threats, and are
protection of the safety and health of all personnel involved conducted at least once a year.
in the execution of work, as well as the provision and use of 3. Annual fire evacuation drills and simulations of other
personal protective equipment in accordance with prevailing disasters, such as earthquakes, for building occupants to
industry standards and practices. test emergency preparedness and evacuation duration.
These exercises are attended by local fire departments and
In addition, the procurement requirements include the law enforcement authorities.
obligation to provide employment social security coverage 4. Ensuring rapid response and effective communication flow
through participation in BPJS Ketenagakerjaan throughout the during emergency situations through Call Tree testing.
duration of the work. Vendors and business partners are also 5. Testing the readiness of the Crisis Management Team in
required to grant Bank Mandiri the right to conduct inspections responding to emergency conditions and recovery efforts
of business activities and/or operations related to the execution through tabletop testing.
of work, in order to ensure compliance with applicable laws and
regulations. Through the implementation of these provisions,
Bank Mandiri promotes synergy between internal and external
parties in creating a safe, orderly, and responsible working
environment, while continuously aligning its OHS policies with
regulatory developments and evolving best practices.
Health and Employment Insurance
In addition to strategic measures to manage occupational 4. Health insurance programs for Mandirian who have entered
health and safety (OHS) risks, Bank Mandiri’s commitment retirement.
to employee welfare is also reflected in the health and social 5. On-site health clinic facilities available at work locations
protection benefits provided, including: such as Wisma Danantara, Menara Mandiri, Wisma Mandiri,
1. Health care coverage for Mandirian and their registered and Graha Mandiri.
family members through the BPJS Kesehatan program, in 6. Life protection in the form of life insurance for Mandirian and
accordance with government regulations. their registered family members, provided in cooperation
2. Employment social security and social protection for with Mandiri Inhealth.
Mandirian through the BPJS Ketenagakerjaan program.
3. Health care facilities provided in cooperation with Mandiri Bank Mandiri ensures an inclusive work environment and
Inhealth, covering inpatient and outpatient care, maternity supports employee well-being by providing equal access to
services, dental care, general health check-ups, eyewear healthcare facilities for all workers, regardless of employment
benefits, and special health coverage for registered status. Both permanent and contract employees receive the
Mandirian and their family members. same access to healthcare services, including coverage for
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spouses who are entitled to equivalent benefits. These facilities electronic banners. In addition, Bank Mandiri actively promotes
are regularly communicated and can be accessed through health awareness through various media and interactive
the Mandiri CLICK channel in the form of digital booklets and initiatives featuring trusted experts.
OHS Training in 2025 [GRI 404-2] [OJK F.22]
To enhance awareness and reduce occupational safety and health incidents in the workplace, Bank Mandiri conducted various OHS
training programs for employees and other relevant parties. These training programs were designed to ensure that all participants
understood safety procedures, the use of emergency equipment, and risk prevention measures in accordance with applicable OHS
standards.
Training Name Date of Implementation Number of Employees
Fire Evacuation Drill at Wisma Danantara Building May 22, 2025 1,200
Fire Evacuation Drill at Wisma Mandiri Building July 22, 2025 2,900
Fire Evacuation Drill at Menara Mandiri Building August 14, 2025 1,628
Fire Evacuation Drill at Sentra Mandiri Building September 26, 2025 603
Fire Evacuation Drill at Mandiri Digital Tower October 30, 2025 3,000
Firefighting Training at Mandiri Digital Tower December 6, 2025 100
The fire safety training conducted included evacuation simulations and fire emergency response activities involving employees,
building security personnel, and building management, supported by the local government fire department.
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Achieving Sustainable
Environmental Performance
Environmental Policy [OJK F.12]
Bank Mandiri is committed to reducing greenhouse gas (GHG) To realize this commitment, Bank Mandiri has established an
emissions and achieving carbon-neutral operations by 2030 Environmental Policy as a strategic foundation for managing
under its Net Zero Emission (NZE) aspiration. This commitment environmental impacts. The policy, which has been approved
is implemented through initiatives focused on energy efficiency, by the Board of Directors, ensures that sustainability principles
the adoption of renewable energy, and sustainable mobility are integrated into all operational processes and decision-
strategies across all operational office buildings, supporting a making, thereby supporting the achievement of Bank Mandiri’s
transition toward more environmentally responsible operations. long-term environmental targets.
Bank Mandiri Environmental Policy
Commitment to consult with stakeholders on environmental issues
As part of its commitment to consult with stakeholders on environmental issues, Bank Mandiri actively
engaged in various dialogue forums and strategic discussions. One of its participations in 2025 was Bank
Mandiri’s involvement in the Focus Group Discussion on Sustainable Cities, Water Security: Financing
Desalination and Water Infrastructure at the Indonesia International Sustainability Forum 2025.
Commitment to create environmental awareness across the organization
In 2025, Bank Mandiri enhanced environmental awareness through the strengthening of ESG awareness by
engaging in cross-functional collaboration with the Human Capital Strategy and Talent Management Group,
the Corporate Secretary Group, and the culture squad. These efforts were implemented through various
channels, both direct and indirect, including socialization activities, teaching sessions in ODP and SDP classes,
and workshops. Bank Mandiri also leveraged a range of internal media, such as Mandiri Magazine, posters
and wallpapers on office desktop computers, WhatsApp blasts, videos, and podcasts, and implemented a
mandatory ESG e-learning module as a compulsory learning program for all employees.
This enhancement of environmental awareness was further reinforced through initiatives such as the Reverse
Vending Machine (RVM) and Waste Station, which encouraged active employee participation in protecting
the environment from waste and pollution.
Commitment to implement an environmental management system
Bank Mandiri’s environmental management implementation refers to the GREENSHIP standards established
by the Green Building Council Indonesia (GBCI), in line with the Gold certification achieved by Bank Mandiri.
The standards cover aspects such as appropriate land use, energy efficiency and conservation, water
conservation, material resources and cycles, indoor health and comfort, as well as building environmental
management.
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Commitment to regularly monitor environmental performance
Bank Mandiri monitors energy, water, and paper consumption, as well as waste management and
operational carbon footprint. These aspects are evaluated on a regular basis as a foundation for continuous
improvement.
Commitment to regularly disclose environmental issues and performance
Environmental issues and performance are published on a monthly basis through the Sustainability Bulletin.
Bank Mandiri also operates a Digital Carbon Tracking platform, which provides stakeholders with more
accurate access to information on Bank Mandiri’s operational carbon footprint. In addition, environmental
performance is disclosed annually through the Sustainability Report.
Commitment to improve efficiency in the use of natural resources and energy
In 2025, Bank Mandiri successfully achieved a reduction in energy consumption of 433,406 GJ compared to
the 2019 baseline.
Commitment to environmental protection
This commitment is reflected in the implementation of the Green Business Mindset, which ensures that
office operations comply with environmental requirements, reduce pollution, and promote environmentally
friendly practices throughout the value chain.
Commitment to reduce emissions, releases, and waste
In 2025, Bank Mandiri targeted a 26% reduction in operational carbon emissions compared to the
baseline, with actual reductions reaching 32% through the implementation of energy efficiency measures,
optimization of renewable energy utilization, and various other efficiency initiatives that support its
commitment to achieving carbon neutral in operations by 2030. In addition, to reduce releases and waste,
Bank Mandiri strengthens its waste management practices through collaboration with third parties in
recycling activities and the provision of Waste Stations. [GRI 306-2]
To achieve its carbon-neutral operational target by 2030, Bank Mandiri has developed medium and long-term strategies focused on
three key initiatives:
Measurement and monitoring Carbon neutrality initiatives
Green Business
of operational carbon emissions through energy efficiency
Mindset
and carbon offsetting
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Green Business Mindset
Active engagement of all employees is a key factor in driving reducing the use of single-use plastics and paper, implementing
environmentally friendly operational transformation and waste management practices, and engaging MSME partners
ensuring the integration of sustainability principles across all fostered by Bank Mandiri.
business processes. By fostering a green business mindset,
Bank Mandiri aims to transform the mindset and behavior of Throughout 2025, Bank Mandiri internalized a sustainable work
employees at all levels, from operational staff to management culture through a range of strategic initiatives. These included
towards more sustainable business practices. mandatory ESG e-learning programs, as well as the extensive
use of internal communication channels such as Mandiri
To support an environmentally friendly workplace culture, Bank Magazine, office desktop wallpapers and posters, WhatsApp
Mandiri encourages employees to prioritize the digitalization broadcasts, videos, and podcasts. In addition, sustainability
of work processes through the optimization of digital awareness was reinforced through the implementation of
infrastructure, such as the use of Microsoft Teams for cross-unit Reverse Vending Machines (RVMs), Waste Stations, and the
document preparation and hybrid coordination. Bank Mandiri Mandiri Looping for Life initiative, encouraging employee
also promotes the organization of events across all units by participation in responsible waste management and circular
prioritizing the use of environmentally friendly materials and economy practices.
products that support community empowerment, including
Measurement and Monitoring of Operational Carbon
Emissions [GRI 3-3, 305-1, 305-2, 305-3, 305-4, 305-5, 305-6, 305-7] [OJK F.11, F.12] [IDX E-07]
Bank Mandiri, through its ESG Group as the unit responsible for 1 and 2 emissions, representing operational activities prior to
emissions reporting, monitors operational carbon emissions by the COVID-19 pandemic.
calculating Scope 1 and 2 greenhouse gas (GHG) emissions in
accordance with the Greenhouse Gas Protocol and applicable During the reporting period, total GHG emissions from Bank
national methodologies. Scope 1 emissions cover fuel Mandiri’s operational activities amounted to 243,736 tCO₂e,
consumption from 4,744 operational vehicles and generators representing a 32% reduction, or 115,017 tCO₂e, compared
across 83 locations, while Scope 2 emissions are derived from to the 2019. This reduction reflects Bank Mandiri’s continued
electricity consumption at 90 work units and 2,153 branch commitment to reducing GHG emissions from its operations,
offices. Bank Mandiri has set 2019 as the baseline year for Scope in line with its carbon neutral in operations by 2030 aspirations.
Digital Carbon Tracking
To support the achievement of its carbon neutral in operations by 2030 commitment, Bank Mandiri
became a pioneer in Indonesia by introducing Digital Carbon Tracking in 2023. This platform represents
Bank Mandiri’s adoption of climate change mitigation technology, enabling transparent monitoring of all
operational carbon emissions and providing access to stakeholders through the corporate website (esg.
bankmandiri.co.id).
The platform monitors the carbon footprint and emissions reductions achieved across operations, from
the head office to branch offices. Emissions recording under the Digital Carbon Tracking platform follows
the Greenhouse Gas Protocol and has adopted ISO 14064 standards.
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Direct Emissions Indirect Emissions Total Operational Emissions
Scope 1 and 2 (tCO2e)
Scope 1 (tCO2e) Scope 2 (tCO2e)
2025 Target
2019 Baseline 2019 Baseline
265,730
75,640 283,113
2025
2025 Target 2025 Target
243,736
39,431 226,299
2025 2025
52,816 190,920
Emission Intensity (Scope 1
and 2) (tCO2e/employee)
Decreased from 2019 Baseline 2024
3.2
32% or 115,017 tCO2e
2025
3.3
Remarks:
• The Scope 1 emission factors refer to the emission factors published by the • Emissions intensity was calculated using the total number of permanent
Ministry of Energy and Mineral Resources (ESDM) in 2020, taking into account employees, outsourced workers, and apprentices, including adjustments to
fuel types. Meanwhile, Scope 2 emissions use the Operational Margin (OM) the 2023 calculation.
emission factor issued by the Directorate General of Electricity of the Ministry • The calculation of Scope 1 and Scope 2 emissions covers carbon dioxide (CO₂)
of Energy and Mineral Resources in 2019. only, using an operational control approach.
• Scope 1 emissions were calculated for carbon dioxide (CO₂) only using • In accordance with internal regulations, Bank Mandiri has not calculated
an activity-based approach, based on fuel consumption data from 4,744 Ozone Depleting Substances (ODS), biogenic emissions, Nitrogen Oxides
operational vehicles and generators across 83 locations. Methane (CH₄) (NOx), Sulfur Oxides (SOx), or other pollutants, as Bank Mandiri’s operations do
and nitrous oxide (N₂O) were not disclosed, as their combined contribution not significantly involve the use of such substances and they are therefore not
accounted for less than 1% of total emissions. considered relevant to its business activities. [GRI 305-6, 305-7]
• Scope 2 emissions were calculated using a location-based approach, based • The increase in Scope 1 GHG emissions compared to the target was driven by
on electricity consumption data covering the electrical load of all operational increased business activities, which resulted in higher mobility requirements.
units, comprising 90 work units and 2,153 branch offices.
GHG Emissions Verification
The Company conducted independent verification of its Scope 1 and Scope 2 GHG emissions by PT Sucofindo to ensure the accuracy,
reliability, and transparency of the reported emissions data. This verification serves as a basis for monitoring environmental performance
and managing climate change-related risks.
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Measurement and Monitoring of Other Indirect Greenhouse Gas
(GHG) Emissions [GRI 305-3]
As part of its efforts to expand the scope of GHG emissions Overall, total GHG emissions from these two Scope 3 sources
monitoring, Bank Mandiri conducted an initial calculation amounted to 4,871 tCO₂e. This calculation provides a more
of Scope 3 emissions arising from business travel and paper comprehensive overview of Bank Mandiri’s carbon footprint,
consumption. The calculation adopted the methodology of the including contributions from indirect activities along the value
Greenhouse Gas Protocol for the Purchased Goods and Services chain. Currently, the calculation of Scope 3 GHG emissions
and Business Travel categories, utilizing business travel data remains in the process of methodological refinement and
and total paper usage. data accuracy enhancement and, therefore, has not yet been
included within the scope of third-party verification.
During the reporting period, GHG emissions from business
travel amounted to 4,440 tCO₂e, calculated based on travel The mapping and integration of Scope 3 emissions represent
distances using air transportation by employees for official an important step in supporting Bank Mandiri’s carbon neutral
duties recorded through Bank Mandiri’s partner travel agents. in operations by 2030 aspirations and in preparing Bank Mandiri
Meanwhile, GHG emissions from paper usage reached 431 for more comprehensive emissions reporting aligned with best
tCO₂e, calculated based on the total volume of paper used in practices.
multifunction printing machines from two of Bank Mandiri’s
partners.
Other Indirect Emissions – Scope 3 (tCO2e)
Category 1: Category 6:
Purchased goods and services Business travel
431 4,440
Total 4,871
Carbon Neutral Initiatives [OJK F.12] [IDX E-07]
Bank Mandiri’s carbon neutrality initiatives represent a strategic In 2025, Bank Mandiri participated in the international trading
step to support the achievement of carbon-neutral operations. of Indonesian carbon units through the Indonesia Carbon
These efforts are implemented through various carbon Exchange, amounting to 13,006 units of VCUs contributing
emission reduction measures, including energy efficiency to the development of the national carbon ecosystem and
improvements, the adoption of environmentally friendly supporting the achievement of Indonesia’s Second Nationally
technologies, and carbon offset mechanisms through the Determined Contribution (SNDC).
purchase of Verified Carbon Units (VCUs) in the carbon market.
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Energy Reduction [GRI 302-1, 302-2, 302-3, 302-4, 302-5] [OJK F.6, F.7]
Bank Mandiri is committed to reducing energy consumption Mandiri has also expanded the availability of electric vehicle
through various initiatives designed to improve energy efficiency charging stations across various operational areas. In addition,
across all banking operations. The largest sources of energy Bank Mandiri remains committed to increasing the contribution
consumption originate from electricity usage for daily operations of renewable energy in its operations through the installation of
and fuel consumption for transportation and backup power solar panels.
generation, such as generators. To enhance efficiency, Bank
Mandiri has implemented the use of timers to automatically In 2025, total electricity consumption reached 236,080,206
switch off lighting during break periods and public holidays. [GRI kWh, while fuel consumption for transportation and generators
3-3] amounted to 22,268,134 liters. Overall, total energy consumption
To reduce reliance on fossil fuels, Bank Mandiri continues to decreased by 21%, or 433,406 GJ, compared to the 2019 baseline,
promote the use of environmentally friendly vehicles, including from 2,047,117 GJ to 1,613,711 GJ in 2025.
both cars and motorcycles, as part of its operational fleet. Bank
Adoption of Climate Change Mitigation Technologies [GRI 302-1] [GRI 305-5]
As part of its commitment to supporting carbon neutrality energy, the use of electric and hybrid vehicles in operations,
targets, Bank Mandiri has adopted various climate change and the implementation of green building concepts. Through
mitigation technologies. These initiatives include the installation these initiatives, Bank Mandiri has successfully reduced its GHG
of solar panels to increase the contribution of renewable emissions by 32% from the baseline year.
870 31
units of solar panels at
charging units
5
operational buildings
521 11
units of electric and EV charging stations
hybrid vehicles
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Green Buildings
Bank Mandiri recognizes that every building has an 2. Replacing conventional lighting with LED lighting across
environmental impact. Accordingly, Bank Mandiri is committed operational buildings and 244 Smart Branch offices;
to designing and operating green buildings that are not only 3. Upgrading air-conditioning systems and adopting inverter
environmentally friendly but also support the well-being of technology at main buildings;
their occupants. A tangible demonstration of this commitment 4. Installing low Overall Thermal Transfer Value (OTTV) glazing
is Wisma Danantara Indonesia, which in 2024 achieved to reduce air-conditioning usage;
a Gold-level green building certification from the Green 5. Installing solar panels at various buildings, including
Building Council Indonesia (GBCI). In addition, Mandiri Digital Plaza Mandiri, Menara Mandiri Medan, Menara Mandiri
Tower, inaugurated in September 2024, received a Platinum Palembang, and Gedung Indjoko Surabaya;
certification under the Design Recognition category. Gedung 6. Implementing water recycling systems using reverse
Mandiri Indjoko Surabaya also obtained a Gold certification in osmosis technology, enabling treated wastewater to be
the Design Recognition category from GBCI. reused for plant irrigation.
Bank Mandiri continues to implement other sustainability During the reporting period, Bank Mandiri’s sustainability
initiatives across its operational buildings, including: initiatives contributed to energy efficiency savings of 80,754,003
1. Maximizing the use of natural lighting through increased kWh, equivalent to 290,714 GJ, compared with 2019. These
installation of glass panels; efforts support Bank Mandiri in reducing its carbon footprint and
achieving more environmentally friendly operations. [GRI 302-4, 305-5]
Use of Environmentally Friendly Materials [OJK F.5]
As part of its sustainability commitment, Bank Mandiri has taken significant steps to adopt environmentally friendly materials in the
products and services it offers. One such initiative is the issuance of prepaid, debit, and credit cards made from recycled PVC materials.
These recycled cards reflect Bank Mandiri’s efforts to reduce the environmental impact of its banking operations.
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Reverse Vending Machine
As part of its commitment to environmental sustainability, Bank Mandiri implements ESG programs through various
relevant initiatives. One concrete step undertaken is the establishment of a strategic partnership with Plasticpay to
install Reverse Vending Machines (RVMs) at selected Bank Mandiri offices. This program represents Bank Mandiri’s
tangible responsibility in improving plastic bottle waste management and contributing to carbon footprint reduction,
in alignment with the Sustainable Development Goals (SDGs).
Awareness of the environmental impact of plastic waste serves as the primary driver of this initiative. Indonesia is among
the world’s largest contributors to plastic waste, with more than three million tons of plastic inadequately managed
each year. This condition not only threatens marine and terrestrial ecosystems but also contributes to climate change
through greenhouse gas emissions from non-degradable waste. In response to this challenge, Bank Mandiri positions
itself as part of the solution by integrating innovation and sustainability through RVM technology, which makes plastic
recycling more accessible for employees.
Since December 2023, in support of the implementation of the program, Bank Mandiri, in collaboration with Plasticpay,
has also implemented a special initiative for Bank Mandiri customers and employees titled “Bonus Livin’poin for Every
Plastic Bottle Deposited via RVM”. As of 31 December 2025, the program has demonstrated significant results. Through
the use of RVMs at four collection points, the program successfully engaged 1,044 participants, including customers and
employees, and recorded a total of 11,536 transactions. From these transactions, Bank Mandiri has distributed a total of
6,896,712 Livin’poin to participating customers.
Through this initiative, Bank Mandiri acts not only as a financial institution but also as a catalyst for change toward
sustainability. The program represents a concrete example of how the synergy between technology, education, and
environmental awareness can generate positive impact. Through collaborations such as this, Bank Mandiri continues to
demonstrate its commitment to building a greener and more sustainable future for generations to come.
Successfully prevented environmental pollution by collecting
123.155 plastic bottles, equivalent to 2.303 kg
The program also generated economic benefits amounting to
IDR6.89 million*
*) each plastic bottle collected earns 56 Plasticpay Points. Each point is redeemable at a
value equivalent to one Indonesian Rupiah.
Achieved emissions Saved landfill space by diverting plastic
reductions of waste accumulation equivalent to
12.19 tons of CO₂ 1,945.85 m²
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Waste Management [GRI 3-3, 306-1, 306-2, 306-3, 306-4, 306-5] [OJK F.13, F.14]
Waste management is a global challenge that is also faced To monitor waste management, Bank Mandiri maintains
by Bank Mandiri, given its potential to generate significant periodic waste records managed by the Corporate Real Estate
environmental and public health impacts if not properly Group. During the reporting period, hazardous waste (B3)
managed. In its operations, Bank Mandiri generates various transported by licensed third parties amounted to 5251 kg,
types of waste, including paper waste from administrative while domestic waste totaled 203,0452 kg.
processes, domestic waste from office activities, and electronic
waste from obsolete equipment. To address this challenge, To minimize the volume of waste sent to final disposal sites,
Bank Mandiri is committed to reducing waste generation Bank Mandiri also focuses on plastic waste management,
and implementing efficient waste management practices in particularly PET bottles. Bank Mandiri has partnered with third
accordance with applicable environmental standards. Through parties to provide Reverse Vending Machine (RVM). Through
a responsible approach, Bank Mandiri ensures that each type of these machines, the public can deposit plastic bottles and
waste is properly identified, managed, and handled to minimize earn points via the Livin’ by Mandiri. Accumulated points
adverse environmental impacts. can be redeemed for various purposes, thereby incentivizing
greater public participation and responsibility in plastic waste
In managing waste-related impacts, Bank Mandiri actively management.
identifies waste with the potential for significant impact, such as During the reporting period, Bank Mandiri successfully
hazardous waste (B3), and implements appropriate mitigation implemented several waste management initiatives, including:
measures. Bank Mandiri cooperates with officially licensed • The implementation of a paperless policy and digitalization
third parties that are authorized to manage hazardous waste, initiatives through Livin’ by Mandiri, Kopra by Mandiri, and
including used oil, batteries, and lamps. This cooperation is branchless banking (Laku Pandai).
undertaken to ensure that such waste is treated in compliance • The diversion of 2,303 kg of plastic waste from final disposal
with prevailing regulations and does not cause environmental through the use of RVM.
pollution. For domestic waste, Bank Mandiri has also partnered
with licensed third parties to conduct waste segregation arising
from operational activities.
1
Scope: Wisma Danantara Indonesia
2
Scope: Menara Mandiri, Sentra Mandiri, Wisma Danantara Indonesia
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Collaboration between Rekosistem and Mandiri Capital Indonesia in the Provision of Waste Stations at
Menara Mandiri Building
As part of its efforts to enhance employee awareness and participation in sustainable practices, Bank Mandiri, in
collaboration with Rekosistem and Mandiri Capital Indonesia, introduced Waste Stations at the Menara Mandiri Building.
This initiative encourages direct employee engagement in waste management by enabling the exchange of inorganic
waste and used cooking oil through the available Waste Station facilities. Through this program, participants actively
contribute to protecting the surrounding environment while also gaining benefits from waste management activities,
both in economic terms and through the creation of a cleaner and more sustainable environment.
As of December 2025, the program had involved 114 employees, successfully collected 24.6 tons of inorganic waste
and used cooking oil, and generated economic benefits amounting to IDR21.9 million through the waste exchange
mechanism at the Waste Stations.
Waste Station facility successfully collected Generated economic benefits amounting to
24.6 tons of inorganic waste and
IDR21.9 million
used cooking oil
Water Management [GRI 3-3, 303-1, 303-2, 303-3, 303-4, 303-5] [OJK F.8, F.13, F.14, F.15, F.16]
Bank Mandiri manages water use with a focus on reducing Bank Mandiri also ensures that the water used is not sourced
water consumption and increasing recycling to support from water-stressed areas. This policy forms part of Bank
environmental sustainability. The use of clean water sourced Mandiri’s commitment to responsible water management in
from third parties and supplied by external providers is limited to line with applicable environmental policies.
specific needs and kept to a minimum, with the aim of reducing
environmental impacts and preserving water resources.
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As part of its sustainability initiatives, Bank Mandiri has In addition, Bank Mandiri has developed biopore infiltration
implemented water recycling systems in several buildings, holes and recharge wells in green open spaces to maintain
including Wisma Mandiri, Plaza Mandiri, and Menara Mandiri groundwater balance and prevent water pollution. These efforts
Wijayakusuma. Water treated through these systems is enhance rainwater absorption into the soil while supporting
reused for various purposes, such as toilet flushing and plant water conservation in areas surrounding the Company’s
maintenance, significantly reducing the consumption of clean operations. At the Mandiri University, Wijayakusuma area,
water in daily operations. To monitor consumption and ensure Bank Mandiri has also constructed an artificial lake covering
the effective use of water, Bank Mandiri records water usage 1.8 hectares, which functions as a water retention facility. The
on a monthly basis. In 2025, water sourced from third parties lake serves as the primary water source for buildings in the area
amounted to 651,0841 m³, while recycled water totaled 62,3672 after the stored water is treated into raw water. Through these
m³, equivalent to 9% of total water consumption. initiatives, Bank Mandiri ensures a sustainable water supply
while reducing reliance on external water sources.
In managing water-related impacts, Bank Mandiri utilizes
sewage treatment plants (STPs) to ensure that generated As a result of these initiatives, throughout 2025 there were
effluent meets environmental standards prior to discharge into no incidents of effluent spills from Bank Mandiri into the
water bodies. A portion of the treated water is also reused for environment, and no environmental complaints were received
plant irrigation. Through a reverse osmosis process, the treated from the surrounding communities. [OJK F.15]
water is further processed into potable water. Effluent quality
is tested on a monthly basis by accredited laboratories, and
the results are reported to the relevant authorities to ensure
compliance with environmental regulations. In 2025, Bank
Mandiri recorded wastewater discharges of 88,7743 m³, while
wastewater managed through reverse osmosis amounted to
25,8454 m³.
Environmental Conservation Cost [OJK F.4, F.9, F.10]
In 2025, Bank Mandiri recorded total environmental costs conservation. During the reporting period, Bank Mandiri
of IDR58.40 billion. This amount comprised IDR58.20 strengthened its commitment to conservation and climate
billion allocated to CSR activities focused on nature and action through the Livin’ Planet program integrated into the
environmental conservation, and IDR198 million for the RVM Livin’ by Mandiri application, recording 1,292 user participations
program, representing a tangible commitment to plastic waste contributing directly to the purchase and planting of trees as
management in support of environmental conservation. a tangible form of support for carbon offsetting efforts. As of
2025, a total of 1,292 trees have been planted, equivalent to
Although Bank Mandiri’s operations do not have a direct impact an emissions reduction of approximately 45.32 tons of CO₂e,
on conservation areas or regions with high biodiversity value, reflecting the Bank’s collaborative and innovative approach to
Bank Mandiri remains firmly committed to environmental integrating sustainability initiatives into its digital services. [OJK
B.2]
1
Scope: Sentra Mandiri, Menara Mandiri, Wisma Danantara Indonesia, Wisma Mandiri 3
Scope: Wisma Danantara Indonesia
2
Scope: Menara Mandiri, Wisma Danantara Indonesia, Wisma Mandiri 4
Scope: Wisma Danantara Indonesia
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Broadening Impact
Beyond Banking
Access to and Affordability of Financial Services������������������������������ 348
• Commitment to Financial Inclusion
• Financial Service Points of Reach
Products and Services to Support Financial Inclusion�������������������� 352
• Savings Products
• Support for Micro, Small, and Medium Enterprises (MSMEs)
• Innovation in Branchless Distribution Channels
• Digital Innovation for Financial Services
Non-Financial Support for Communities���������������������������������������������� 382
• Community Empowerment through the CSR Program
• CSR Program Achievements
• Implementation of CSR Programs
• Evaluation of CSR Programs
Financial Literacy to Support Inclusive Finance�������������������������������� 394
• Financial Literacy and Stakeholder Engagement through External
Collaboration
• Financial Education through Social Media
• Training for MSME Actors
Policy Advocacy and Sustainability Research� ������������������������������������ 400
• Sustainability Research and Advocacy in 2025
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Access to and Affordability
of Financial Services
In responding to the evolving demands for financial services, all segments, including underserved and vulnerable groups.
Indonesia’s diverse population, with its wide range of social, Through this, Bank Mandiri also supports the government’s
economic, and cultural backgrounds, forms the basis for the agenda to achieve a financial inclusion rate of 91% by 2025.
Bank Mandiri in designing inclusive and relevant services for
Commitment to Financial Inclusion
Financial inclusion is a key strategic priority, realized through the provision of various products and services specifically designed as
solutions targeting unbanked and underserved segments, thereby facilitating access to financial services and fostering inclusion across
all levels of society. This approach is aligned with Bank Mandiri’s commitment under the Sustainability Beyond Banking pillar, through
its aspiration of Catalyzing Multiple Growth for Social to Achieve the SDGs. Identified priority target groups focus on individuals and
communities that have traditionally had limited access to financial institutions, as outlined below:
1. Individuals with low or irregular income;
2. Communities experiencing limited access to banking services;
3. Persons with disabilities;
4. Workers who do not possess formal legal identification documents;
5. Areas with limited access to formal financial networks due to geographic constraints, dispersed populations, or low levels of financial
literacy;
6. Marginalized and/or vulnerable groups, including women and children; and
7. Micro-enterprise actors facing constraints in accessing capital or banking services.
In implementing financial inclusion programs, Bank Mandiri emphasizes responsible and measurable practices, which include:
1 Innovation and expansion of financial products, including transactional services, savings, investment, and financing
for micro, small, and medium enterprises (MSME loans), developed based on market research and customer feedback to
ensure product alignment with customer needs and to promote broader financial inclusion.
2 Procedures to prevent over-indebtedness among target groups, through the application of prudent credit assessments,
the provision of financial literacy education, and regular portfolio monitoring, ensuring that customers are able to access
and utilize financial services in a safe and sustainable manner.
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3 Accessible grievance mechanisms for financial inclusion customers, to ensure that any complaints or service-related
challenges are addressed and resolved in a timely manner.
4 Regular staff training, aimed at preventing aggressive sales practices and ensuring respectful and fair treatment of all
target groups.
5 Collaboration with external parties, including government institutions, non-governmental organizations (NGOs), and
community organizations, to expand service outreach and support the development of inclusive finance markets.
6 Establishment of dedicated roles at the Board of Directors, executive, and operational levels responsible for formulating
and setting strategies, as well as ensuring the effective implementation of financial inclusion initiatives.
To address the needs of the priority target groups, Bank Mandiri has provided a range of inclusive financial solutions targeting unbanked
and underserved segments, which include:
Target Groups Program Products
Low-income or irregular-income • Livin’ by Mandiri • Tabungan NOW
communities • Mandiri Agent
• Member Get Member (MGM)
Communities experiencing limited • Livin’ by Mandiri • Tabungan NOW
access to banking services • Mandiri Agent • Tabungan Branchless Banking
• Member Get Member (MGM) • Tabungan SiMakmur - Laku Pandai
Workers without formal legal • Livin’ by Mandiri • Tabungan NOW
identification documents • Livin’ Around the World
• Member Get Member (MGM)
Areas with limited access to formal • Livin’ by Mandiri • Tabungan NOW
financial networks due to geographic • Mandiri Agent • Tabungan Branchless Banking
constraints, dispersed populations, • Member Get Member (MGM) • Tabungan SiMakmur - Laku Pandai
or low financial literacy
Marginalized and/or vulnerable • Livin’ by Mandiri • Tabungan Simpanan Pelajar (SimPel)
groups, such as women and children • Livin’ Around the World • Government-subsidized Loan (KUR)
• Member Get Member (MGM) & Micro Business Loans (KUM) -
Financing Ecosystem
Micro-enterprise actors facing • Livin’ Merchant • Tabungan Bisnis
limited access to capital or banking • Mandiri Agent • KUR & KUM - Financing Ecosystem
services • Village and Urban Cooperatives
• Kopra by Mandiri
• Mandiri Pintar
• Mandiri Value Chain
• PaDi UMKM
Note:
Enablers (Non-Financial Services) support outreach to target groups and the effective utilization of financial products through financial literacy and financial management
programs, as well as through collaboration with government institutions, universities, and other financial institutions.
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Bank Mandiri continues to innovate by delivering financial solutions that reach underserved segments of
society. Two flagship innovations that reflect this are Livin’ Merchant and the Agent Banking System (ABS), both
of which were developed based on in-depth market analysis and direct customer feedback. Livin’ Merchant
supports MSMEs in expanding their market reach and enhancing business competitiveness through the
digitalization of business and financial processes. ABS addresses the needs of communities in remote areas that
face limited access to formal financial services.
Responsible Approach
A responsible approach in safeguarding the financial well- Internally, Bank Mandiri strengthens its human resource
being of its customers applies to all customers and is specifically capacity through regular training programs. In 2025, Bank
designed to support financial inclusion target groups, with the Mandiri conducted dedicated training designed to equip
objective of preventing the risk of over-indebtedness. employees with the skills to prevent the use of aggressive sales
techniques and to ensure appropriate and respectful treatment
The approach begins with a comprehensive assessment of of all target groups.
prospective customers’ profiles to ensure a clear understanding
of the products offered and to avoid financing that exceeds These included Consumer Financial Protection training,
customers’ financial capacity. Risk Acceptance Criteria (RAC) is attended by 1,232 participants, as well as training on
applied as a pre-screening process, which includes age limits, Responsible Marketing and Product Offering, attended by 3,485
verification through the Financial Information Service System participants. The programs equip employees with an empathy-
(SLIK), assessment of loan collectability status, and evaluation based service approach, ensuring that they respect customers’
of the Debt Burden Ratio (DBR) to ensure that installment needs and rights while supporting the delivery of inclusive
obligations do not exceed 35% of the prospective debtors’ financial services.
income. In addition, Bank Mandiri leverages Enterprise Data
Analytics technology to accurately assess customers’ financial
capacity, ensuring that the installment structures offered
remain aligned with their ability to repay.
Oversight and Grievance Mechanisms
Bank Mandiri ensures that its financial inclusion efforts include mechanisms have been designed to reach all segments of
structured oversight and inclusive grievance mechanisms. To communities, including those in remote areas:
this end, Bank Mandiri has designated the Director of Consumer 1. Sales Generalist Productive (SGP): This team serves as
Banking for micro and consumer segment customers, the the frontline in customer engagement, providing direct
Director of Commercial Banking for SME segment customers, solutions to customer complaints.
and the Director of Network & Retail Funding for savings 2. Micro Units: Operating across 12 Regions throughout
products to directly formulate strategies and ensure the Indonesia, these units ensure that grievance handling
effective implementation of financial inclusion initiatives. processes are conducted promptly and effectively, bringing
services closer to local communities.
In delivering responsive, customer-centric services, Bank 3. Mandiri Mitra Agen (MMA): As an extension of grievance
Mandiri recognizes the importance of accessible grievance services, MMA plays a vital role in reaching customers in
channels, particularly for customers within financial inclusion hard-to-access areas, ensuring that financial inclusion is not
target groups. Therefore, three easily accessible grievance constrained by geographic boundaries.
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Financial Service Points of Reach
Bank Mandiri operates 2,153 branches and 244 Smart Branches, 12,998 ATMs, and 111,035 Mandiri Agents, while also serving millions of
digital application users and transactions through digital channels, thereby significantly enhancing service accessibility.
Bank Mandiri’s Banking Service Reach [OJK F.23] [OJK F.28]
IDR1,186 9.6 million
trillion
2,153 Current Account
12,998 314,328 111,035 34.8 million Active Prepaid
Branch Offices Saving Account ATMs EDCs Mandiri Agents Debit Cards Cards
3.5 million
IDR68.5 IDR30.8 Accounts Opened
8.2 million IDR404 trillion Point of Services
Distribution Channel
trillion trillion
through Mandiri
Payroll Accounts in Retail Credit Value KUR KUM
• 531 cooperatives Agents
IDR8.2 trillion
Transaction Value Conventional IDR23.4 IDR89.6 928.1
Credit Cards Services thousand
trillion trillion
Pengumpulan Volume Tabungan
Dana Komunitas Transaksi Simpanan
di Mandiri Agen Mandiri Agen Pelajar (SimPel)
IDR4,447 trillion
Transaction Value Digital Services
37.2 million 4,704 million
Users of Livin’ by
Transaction Volume
Mandiri Application
2.24 million IDR50.4
1,278 million Total Users
trillion
Transaction Volume Total Credit
244 unit Disbursement Limit via
Smart Branch Mandiri Pintar
786 ribu
Transaction
Volume
472 thousand IDR600.6 billion
Forex IDR306 billion Credit Disbursement to MSMEs
Transaction
Transaction Volume
Transaction via Digital Offering
Value
Reksa IDR63.6 320 thousand
Dana & Registered Users
1,110 million trillion
Top Up & Obligasi Nilai Transaksi
Total
Payment Transactions IDR27,675 trillion
Transaction Value
IDR20.4 trillion
Account Receivable
3.1 million
Number of Livin’ Merchant
Financing Users
IDR1.3 trillion 395 million
Merchant Transaction Volume
Distributor Financing
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Products and Services to
Support Financial Inclusion
Bank Mandiri’s sustainability-related products and services range of affordable savings products, support for micro, small,
are designed to expand access to financial services, foster and medium enterprises (MSMEs), and digital innovations
economic growth, and deliver relevant solutions for various that simplify transactions, Bank Mandiri strives to ensure that
segments of society, including communities and groups that financial services are delivered in a more inclusive, efficient, and
remain underserved by the formal financial system. Through a sustainable manner.
Savings Products [FN-CB-240a.3]
Bank Mandiri offers a range of no-fee or low-fee savings the Livin’ by Mandiri application and website join.bankmandiri.
products designed to expand access to financial services for co.id. These products not only facilitate day-to-day transactions
all segments of society, particularly individuals who were but also enhance financial literacy, empower customers to
previously underserved. Customers may open accounts manage their finances more effectively, and promote a savings
through Bank Mandiri branches, Mandiri Agents, or digitally via culture as a key foundation for sound financial planning.
Tabungan NOW [GRI G4 FS13]
A rupiah-denominated savings product for individual customers, offering convenience and flexibility through
8.9 million
anytime, anywhere account opening via the Livin’ by Mandiri application or join.bankmandiri.co.id, as well as savings accounts
seamless online and offline transactions supported by a wide range of Bank Mandiri’s features and channels.
9.6
Tabungan SiMakmur - Laku Pandai [GRI G4 FS13]
A personal savings account service in Indonesian Rupiah that utilizes information and communication million
technology through Mandiri Agents, enabling the public to access banking services easily. SiMakmur offers savings accounts
several benefits, including no minimum balance requirement and no monthly administration fees. Customers
holding SiMakmur accounts can conduct transactions conveniently without visiting Bank branches and simply
by accessing the nearest Mandiri Agent. SiMakmur services are guaranteed by the Indonesia Deposit Insurance
Corporation (Lembaga Penjamin Simpanan / LPS).
Tabunganku - Tabunganku Mandiri
An individual savings product for Indonesian citizens with simple and accessible requirements, as part of a joint
258.8 thousand
national banking program to promote a savings culture and expand financial inclusion. This product offers zero savings accounts
monthly administrative fees, a minimum initial deposit of IDR20,000, and a minimum subsequent cash deposit
of IDR10,000, thereby supporting more affordable access to savings services for the public.
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Tabungan SIMPEL - Mandiri Tabungan Simpanan Pelajar (SimPel)
A savings product of Bank Mandiri designed specifically for students (from early childhood education to senior 928.1 thousand
high school) to promote saving habits and financial literacy from an early age. The product offers a low initial savings accounts
deposit ranging from IDR 5,000 to IDR 20,000, zero monthly administrative fees, and includes a passbook and
an ATM card.
1.0
Tabungan Bisnis
A rupiah-denominated savings account designed to support the transaction and financial management needs million
of MSME actors, offering convenient access to banking services and features that facilitate day-to-day business savings accounts
activities, in accordance with the terms and conditions stipulated by the Bank.
Tabungan Mandiri
A deposit product offering ease and convenience of transactions for individual customers, both Indonesian
8.0 million
citizens (WNI) and foreign nationals (WNA). The product is supported by complete channels that simplify access savings accounts
to banking services anytime and anywhere.
Tabungan Valas - Mandiri Tabungan Multicurrency
A currency savings product offered by Bank Mandiri that enables customers to hold up to 11 foreign currencies 68.8 thousand
(including USD, SGD, JPY, EUR, and GBP) within a single main account and its associated sub-accounts. Account savings accounts
opening can be conveniently completed online through the Livin’ by Mandiri application.
Tabungan Multicurrency
A deposit product in foreign currencies for individual customers with two account types, Main Account and 96.9 thousand
Sub Account, where fees only apply to the Main Account. This product is available in 10 currencies and can be savings accounts
accessed online via Livin’ by Mandiri for convenience in transactions.
Tabungan Rencana
A savings product intended for financial planning, equipped with automatic withdrawal (autodebet) features
1.0 million
and free insurance protection to ensure certainty in achieving savings goals. savings accounts
Tabungan Payroll - Individu
A rupiah-denominated savings account designed for individual customers who are employees, members, or
5.9 million
participants of an institution or group. This product offers low administrative fees, convenient deposits, and savings accounts
digital transaction access via Livin’ by Mandiri.
Tabungan Branchless Banking [GRI G4 FS13]
A personal savings account denominated in Indonesian Rupiah that utilizes information and communication
8.9 thousand
technology through branchless banking agents (Mandiri Agents) in collaboration with Bank Mandiri, enabling savings accounts
broader public access to banking services and supporting financial inclusion.
Tabungan Investor
An account used by customers to hold funds for use in investment transactions at affiliated companies or 1.3 million
securities firms. savings accounts
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Support for Micro, Small, and Medium
Enterprises (MSMEs) [OJK F.28] [FN-CB-240a.2] Curation of MSMEs Participating
in MMF
Bank Mandiri’s Flourish 143 thousand
MSME Growth and Trade-sector
MSMEs to Scale MSME debtors
Empowerment Grow
Up and Create
Impact First Curation Filter Based on MSME
Framework profile data
MSMEs Growing • MSMEs eligible
Nurture
and Ready to
Move Up
to participate
in advanced 3 thousand
programs
Trade-sector
• MSMEs are focused on
Building the MSME MSME debtors
Foundation promoted by market access,
local influencers. networking, and
Plant • MSMEs receive going global. Second Curation Filter
• MSMEs receive
Based on cash flow reports
training and mentoring to • MSMEs move up
support business through access
Initial Stage mentoring to
of MSME
Development
enhance business expansion
strategies.
to larger-scale
financing, 600
capabilities.
• MSMEs are enabling Trade-sector
• MSMEs are
provided with greater growth,
• MSME curation facilitated through MSME debtors
financing empowerment,
process for educational
support and and impact.
businesses with initiatives under Third Curation Filter
strong profiles a strong
the Product Through interviews / videos
and vision to foundation
Matchmaking
move up to the to grow and
next level.
Program,
connecting
advance to the
next level
150 Finalists
them with Bank
Mandiri’s wholesale
customers and Contribution to MSMEs
150 Finalists
opening new
opportunities for
continued business Professional training and
expansion. mentoring
Benefits for Program Participant
Enhanced Improved
business product
Mandiri Mikro Fest Mandiri Mikro Fest Mandiri Mikro Fest • Wirausaha Muda
capabilities quality
(MMF) (MMF) (MMF) Mandiri (WMM)
Program MSMEs Curation Festival, Training, Hyperlocal, Champion • Advancing Expanded
Toward Global Revenue
Mentoring market
growth
Markets access
• Level Up MSMEs
Benefits for Bank Mandiri
1. Saving 1. Saving 1. Saving 1. Saving
2. Livin’ Merchant 2. Livin’ Merchant 2. Livin’ Merchant 2. Livin’ Merchant Community Healthier
Active User Active User Active User Active User empowerment portfolio quality
Products
3. Mandiri Agent 3. Mandiri Agent
4. KUM/KUR Credit 4. KUM/KUR Credit Expansion of
Customer
5. SME Credit loyalty new customer
base
1. Individuals with low or irregular income;
2. Communities experiencing limited access to banking services;
3. Persons with disabilities;
Target
4. Workers without formal legal identification documents;
Groups
5. Areas with limited access to formal financial networks due to geographic constraints, dispersed populations, or low levels of financial literacy;
6. Marginalized and/or vulnerable groups, including women and children; and
7. Micro-enterprise actors facing constraints in accessing capital or banking services.
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This framework illustrates Bank Mandiri’s end-to-end approach Entering the Grow stage, MSMEs that have established a strong
in driving sustainable growth and the empowerment of foundation are encouraged to pursue business expansion. Bank
MSMEs. Using the growth of a plant, from seed to flower, as Mandiri provides strategic assistance, promotional support
an analogy Bank Mandiri is present at every stage of the MSME through local networks and hyperlocal champions, as well
journey, supporting the enhancement of business capacity, as broader access to financing through Mandiri Agents and
competitiveness, and overall impact. KUM/KUR Loans, to accelerate growth and enhance MSMEs’
readiness to move up to the next level.
At the Plant stage, Bank Mandiri conducts curation of MSMEs
with the potential and vision to grow. MSMEs are facilitated The Flourish stage represents an advanced phase for MSMEs
through the Mandiri Mikro Fest (MMF) program as an entry with higher competitiveness. At this stage, MSMEs are guided to
point into the ecosystem, with a focus on building a strong participate in advanced development programs, expand their
business foundation through access to savings products and networks, and access larger and even global markets through
the utilization of digital channels, including Livin’ Merchant. initiatives such as Mandiri Young Entrepreneurs (WMM). As
business scale and complexity increase, MSMEs gain access to
The Nurture stage focuses on strengthening MSME capacity more comprehensive financing options, including SME Loans.
through a series of integrated festivals, training, education,
and mentoring activities. At this phase, Bank Mandiri promotes Through this framework, Bank Mandiri reaffirms its role not only
the development of business capabilities, including through as a financing provider, but also as an enabler of the MSME
product matchmaking programs with wholesale customers, ecosystem, consistently accompanying MSMEs from their
enabling MSMEs to gain tangible opportunities to expand their early stages to becoming resilient, inclusive enterprises that
markets and scale up their businesses. contribute to national economic growth.
133.6 140.0
Bank Mandiri
+4.8%
MSME 68.5
63.9
Financing
2025 26.9 30.8
Government-subsidized Loan (KUR)
42.8 40.7
Micro Business Loans (KUM) 2024 2025
Small and Medium Enterprises (SME) (In trillion Rupiah) (In trillion Rupiah)
Bank Mandiri strengthened its support for the Micro, Small, and program, which primarily targets underserved business and
Medium Enterprises (MSME) sector, which plays a vital role in individuals. This MSMEs financing covered the KUR, KUM, and
driving economic growth, creating employment opportunities, SME segments and contributed 11.7% to the Company’s total
and enhancing the resilience of local communities. revenue.
In 2025, Bank Mandiri allocated 9.4% of its total loan portfolio Regarding credit quality, Bank Mandiri successfully maintained
to MSME financing, reflecting the Company’s commitment to the Non-Performing Loan (NPL) ratio of the KUM and KUR
supporting community development and engagement. Of segments at 1.47%, with the SME segment NPL standing at
this amount, 4.6% of the Bank’s bank-only loan portfolio was 1.45%.
channeled through the Government-subsidized Loan (KUR)
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
As part of its financial inclusion strategy, Bank Mandiri places employment overseas, benefiting a total of 146 individuals, as
particular emphasis on microfinance as a key solution targeting well as distribution to other micro KUR.
unbanked and underserved segments, which not only supports
small business actors but also reaches low-income households For 2026, Bank Mandiri has set a KUR disbursement target of
and other vulnerable groups requiring access to financing. IDR41 trillion. Of this amount, IDR14 trillion is allocated to the
Responsibility for Bank Mandiri’s microfinance commitments is Micro KUR scheme for MSMEs with existing operations that
embedded within the governance structure, specifically under remain less bankable without collateral, IDR17.5 billion for
the Director of Consumer Banking, who oversees micro and Super Micro KUR targeting start-up MSMEs, laid-off workers, and
consumer financing, MSMEs, and other related business areas. homemaker-led MSMEs, and IDR7.5 billion for KUR PMI aimed at
prospective Indonesian Migrant workers, as well as distribution
As of the end of 2025, KUR disbursement reached IDR 68.5 to other micro KUR.
trillion. The distribution of KUR has been established as a Key
Performance Indicator (KPI) at the Board of Directors level, Bank Mandiri regularly reports the progress and achievements
reflecting management’s commitment and accountability in toward its microfinance solution targets to the Director of
expanding broader and more sustainable access to financing. Consumer Finance on a monthly basis, ensuring continuous
monitoring, accountability, and alignment with the Bank’s
From the total disbursement, IDR15.65 trillion was channeled financial inclusion and microfinance development objectives.
through the Micro KUR scheme to MSMEs with established
businesses that remain less bankable and without collateral, Through microfinancing, Bank Mandiri is building a sustainable
benefiting a total of 234,364 individuals. In addition, IDR23.81 financial inclusion ecosystem, realized through both direct
billion was disbursed through the Super Micro KUR scheme, financing disbursement and partnerships with various financial
targeting start-up MSMEs, employees affected by layoffs, and institutions. Bank Mandiri also collaborates with communities,
homemaker MSMEs, with a total of 2,405 beneficiaries. Bank NGOs, educational institutions, and government authorities to
Mandiri also disbursed IDR5.0 billion through the KUR PMI expand program outreach and strengthen its impact, in line
scheme to prospective Indonesian Migrant Workers seeking with the broader objectives of economic empowerment and
enhanced financial inclusion.
Direct Involvement in Microfinance [GRI G4 FS14] [FN-CB-240a.2]
Bank Mandiri’s direct microfinance activities are primarily focused on the disbursement of Government-subsidized Loan (KUR) and
Micro Business Loans (KUM), as part of its solutions targeting unbanked, underserved, and underbanked segments.
Government-subsidized Loan (KUR) Micro Business Loans (KUM)
KUR is working capital and/or investment financing KUM is a credit facility provided to micro-entrepreneurs
provided to Micro, Small, and Medium Enterprises requiring financing for productive business activities,
(MSMEs) that operate productive and viable (feasible) whether in the form of investment or working capital.
businesses but have not yet met conventional banking KUM offers competitive interest rates, fixed installment
requirements (not yet bankable). This program aims structures, and a fast and straightforward application
to expand access to financing for MSMEs, including process. The disbursement of KUM supports MSMEs in
low-income households, disadvantaged groups, and increasing production capacity, expanding market reach,
small businesses set up by these individuals/groups, to and enhancing competitiveness, ultimately contributing
(low-income households, disadvantaged groups, and to the strengthening of local economies. In 2025, Bank
small businesses set up by these individuals/groups), Mandiri disbursed KUM amounting to IDR30.8 trillion to
strengthen capital capacity, and support economic 308,759 debtors.
growth and employment creation. As a wholesale bank,
Bank Mandiri has developed an ecosystem-based KUR
distribution strategy by collaborating with wholesale
debtor companies to recommend their managed
partners as KUR beneficiaries. In 2025, Bank Mandiri has
disbursed KUR to 963,340 debtors, with total financing
amounting to IDR68.5 trillion.
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Microfinance Performance (KUR & KUM)
IDR
66.2% Total Micro Portfolio (KUR & KUM)
by Gender
of Bank Mandiri’s social portfolio is allocated
to the Micro segment (KUR & KUM).
Microfinance Distribution (KUR & KUM)
Male Debtor Female Debtor
IDR30.8 47.0% Debtors
53.0%
IDR20.5 trillion
IDR44.6 trillion Portfolio IDR54.7 trillion
IDR15.4 trillion
trillion 597,761 debtors Number 674,338 debtors
1.7% NPL 1.3%
IDR62.1 IDR62.3 IDR68.5
trillion trillion trillion Women have now become the largest segment within
the micro debtor portfolio. In addition to dominating
in terms of number, the stronger credit quality of
female debtors reflects their significant role in driving
2023 2024 2025 microeconomic growth.
KUR KUM
Microfinance Distribution (KUR & KUM) by Microfinance Distribution (KUR & KUM) by
Geography Geography
IDR4.5 trillion
Agriculture Sector
52.4 47.6 IDR43.2 trillion
Trade Sector
IDR43.2 trillion
Sektor Perikanan
Debtors from non- Debtors from urban
IDR19.3 trillion
urban areas: 666,970 areas: 604,963 Plantation Sector
debtors (52.4%) debtors (47.6%) with
with a total of a total of
IDR53.6 trillion IDR44.2 trillion IDR19.5 trillion
Service Sector
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Microfinance Ecosystem [FN-CB-240a.2]
As part of efforts to expand inclusive and sustainable financial Through strategic collaboration with communities,
access, Bank Mandiri has developed an integrated microfinance cooperatives, offtakers, and other supporting entities, Bank
ecosystem based on the Trade and Agriculture Ecosystems Mandiri is building an ecosystem that holistically connects
designed to enhance the bankability of micro-entrepreneurs financing, distribution, and market certainty. This ecosystem-
and farmers by not only focusing on the individual capacity of based approach enables Bank Mandiri to mitigate credit risk
debtors, but also on their connectivity within business value more effectively, as risk assessments take into account the
chains, particularly with offtakers that maintain sustainable stability of cash flows derived from commercial relationships
business relationships. with offtakers, while simultaneously promoting higher
productivity and income levels for farmers and MSME actors
within the trade ecosystem.
Trade Ecosystem
Bank Mandiri has, since October 2023, established strategic to retailers and merchants that were previously underserved
partnerships through the deployment of Points of Service (PoS) by formal financial services, including through the utilization
at 29 Distribution Centers (DC) of its wholesale customers. This of Digital KUM facilities to address accessibility challenges,
collaboration aims to expand the disbursement of financing particularly in hard-to-reach areas.
Dedicated Sales Persons
POS Type B
(Located within the DC)
Non-branch physical unit for small transactions,
basic services, and support from a mobile team.
Customers Retailers/Merchants
POS Type C
(Located ≤15 km from the DC)
Mandiri Agents
Partnerships with third-party digital channels for transactions, onboarding, and community acquisition.
Total Disbursement through Total Disbursement through KUM Purchase
KUM & KUR Advance (KUM Digital)
Number of Debtor: Total Disbursement: Number of Debtor: Total Disbursement:
25,389
Members
IDR2,755 102 IDR78.0
Billion Members Billion
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Region Distribution Center (DC) Number of PoS
1 Batam, Pekanbaru, Medan 3
2 Jambi, Lampung, Palembang 3
3 Cikokol, Tangerang, Kemayoran 3
4 Bekasi, Cipinang 2
5 Bogor, Depok 2
6 Sukabumi, Bandung, Karawang 3
7 Semarang, Solo, Yogyakarta, Purwokerto 4
8 Malang, Surabaya 2
9 Samarinda, Pontianak, Banjarmasin 3
10 Makassar, Manado, Kendari, Ambon 4
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Bank Mandiri also channels microfinance through farmer ecosystems as part of efforts to reach communities in geographically remote,
rural areas. Farmers often face economic challenges due to unstable incomes that depend on seasonal harvests. Under these conditions,
access to financing is essential to sustain their operations while reducing financial vulnerability.
Sugarcane Farmer Ecosystem
Collaboration between Bank Mandiri and offtakers aims to support the sugarcane farmer microfinancing ecosystem, starting from
providing recommendations for farmers to facilitating loan repayments.
3. Bank Mandiri collaborates
with agents / farm supply
stores 7a. The offtaker settles the farmers’
3 obligations to Bank Mandiri from 7
the harvest proceeds
Agent / Farm Supply Store
5b. Ordering, payment, and 7
supply of agricultural 5
production inputs 7b. Payment from the offtaker
company to the collector/
5a. Bank Mandiri cooperative after deduction
disburses credit to of obligations
the recommended
farmers
5 1 6
Farmer Collector / Cooperative Offtaker
1b. Membership 6. The collector/
registration cooperative
sells the
harvested
produce
1a. Collector/Cooperative
2b. Cooperation agreement partners with the offtaker
2 1
2a. Bank Mandiri collaborates with the offtaker to provide financing for offtaker-partner farmers
2
4. The offtaker recommends its partner farmers and collectors/cooperatives to Bank Mandiri
4
Number of Active Farmers: Total Disbursement:
168 Farmers IDR20 Billion
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Support Financial Inclusion for Communities Inclusive Finance Sustainability Research
Rice Farmer Ecosystem
The financing disbursement scheme for rice farmers is implemented through partnerships with offtakers.
1 2 3
Deliver harvested dry Sell GKP to the Deduct credit obligations
unhusked rice (GKP) offtaker company at from sales proceeds, which
to the Farmer Group / prices agreed under are debited and transferred to
Farmers’ Association the Cooperation Bank Mandiri based on PKS
Agreement (PKS)
Based on the Based on the
PKS PKS
Farmer Group
Farmer / Farmers’ Offtaker
Association
5 4
Deliver sales proceeds to farmers Deliver sales proceeds after
after deduction of their credit deduction of the Farmer
obligations Group’s credit obligations
Number of Active Farmers: Total Disbursement:
684 Farmers IDR100.8 Billion
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Corn Farmer Ecosystem
The KUR disbursement scheme for corn farmers in Sumbawa involves collaboration between the Bank and offtakers, traders, and
agricultural input agents, with payments made in stages through an escrow mechanism, whereby funds are held by an independent
third party until the farmers’ KUR obligations are fully settled.
Cooperation Agreement with the trader
2
Cooperation
Agreement with
the Agricultural
Input Agent
3
5b. Assistance and monitoring
Agricultural Input Agent
through Sahabat Tani
5
5a. Agricultural
5
input 5
transactions
KUR
disbursement Purchase of
Sale of harvest harvest
4 6 6
Farmer Trader Offtaker
Deduction from harvest proceeds Pembelian hasil panen
8 7
Cooperation Agreement with the offtaker
1
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Financing Ecosystem for Palm Oil Farmers
Bank Mandiri’s financing scheme for oil palm farmers involves synergies among farmers, Farmer Groups, collectors, and palm oil mills,
supported by an integrated payment mechanism through to the fulfillment of farmers’ credit obligations.
The Farmer Group deducts farmers’ credit
obligations from sales proceeds and transfers
them to Bank Mandiri
Farmers deliver harvested
Fresh Fruit Bunches (FFB) to 6
the Farmer Group
2
5
The Farmer Group transfers Based on the Cooperation Agreement
Farmer harvest sales proceeds to
farmers after deduction of their 1
credit obligations Farmer Group
/ Joint Farmer
Group
4a. The palm oil mill 4b. The palm oil mill
makes payment for makes payment for
the purchase of FFB the purchase of FFB
to farmers through 4 4 to farmers through
the Farmer Group the Farmer Group
The Farmer The palm oil mill
Group sells FFB to purchases FFB from
the collector the Farmer Group
3
Collector Palm Oil Mill
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Partnerships with Startups and Communities
As awareness among financial institutions of the importance of The Zenith Accelerator Program focuses on enhancing startups’
sustainable and inclusive finance grows, collaboration between operational and financial readiness, including the development
startups and financial institutions is becoming increasingly of sound business models, sustainable cash flow generation,
strategic. Financial institutions act as providers of capital, and robust financial structures and governance. These efforts
enhancers of governance, and facilitators of access to broader are implemented through intensive mentoring, ecosystem
business networks, while startups serve as agile and adaptive networking, and the facilitation of collaboration with Mandiri
implementation partners in reaching new market segments. Group entities, enabling startups to scale sustainably and
This synergy not only strengthens the financial viability of explore opportunities for solution integration within the
startups but also creates shared value with a positive impact on Mandiri Group ecosystem.
the national economy.
Collaboration is a central pillar of the program. Mandiri Group
Through its subsidiary, Mandiri Capital Indonesia (MCI), Bank entities are engaged from the early stages to ensure alignment
Mandiri supports startup development through the Zenith between startup solutions and business needs, thereby
Accelerator Program as part of its commitment to fostering fostering tangible, measurable, and sustainable business
an inclusive investment ecosystem and driving innovation-led collaborations that support long-term value creation.
growth. This initiative reflects Bank Mandiri’s strategic role in
strengthening the startup ecosystem while creating long-term
shared value.
In 2025, the Zenith Accelerator Program was conducted over a four-month period using a more selective approach. As
a subsidiary of Bank Mandiri, Mandiri Capital Indonesia (MCI) selected five startups operating across strategic sectors,
namely DOOgether (healthy lifestyle platform), GOERS (event discovery and ticketing), Mimin (AI-based customer service
automation solution), PrimaKu (parenting and child health application), and Tada (loyalty and rewards platform).
Through the program, the five selected startups received targeted support to strengthen their operational and financial
readiness, while also encouraging the integration of their solutions into the Mandiri Group ecosystem. As a result, all
participating startups successfully established collaborations with relevant business units within the Mandiri Group.
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Innovation in Branchless Distribution Channels
Mandiri Agent [GRI G4 FS13]
Mandiri Agent expands Bank Mandiri’s service reach by Beyond providing basic banking services, Mandiri Agent also
addressing the needs of underserved communities, particularly contributes to the implementation of various government
in areas with limited access to formal financial services. Acting programs and initiatives that deliver direct benefits to
as an extension of Bank Mandiri, Mandiri Agent enables communities, thereby supporting the more effective expansion
communities to access banking services, such as account of financial inclusion.
opening, fund transfers, and bill payments without the need to
visit a bank branch.
Function Types of Services
To implement the government
program
Banking (cash Payments (mobile top-ups,
withdrawal/ e-wallet top-ups, electricity
through OJK to expand access to financial services and provide deposit, transfer) tokens, BPJS, installment
financial education to the public. payments)
Mandiri Product Referral Government Programs
Distribution of Government Assistance:
Account Referral for Subsidiary
Opening Productive Micro Services Family Hope Staple Food Assistance Farmers’ Card
Credit (KUM/KUR) Program Program Program
Mandiri Agent generates economic benefits for its agents telecommunications, and MSME sectors. Mandiri Agent is an
through transaction-based commissions, providing an important link between communities and financial services,
additional source of income. Beyond expanding financial creating sustainable, positive impacts across various regions in
inclusion, the initiative contributes to strengthening local Indonesia.
economies by supporting activities in the agriculture,
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Mandiri Agent Achievements
111,035 99.95%
Mandiri Agents Mandiri Agents are MSMEs
65.1 million IDR23.4 trillion 3.5 million
Number of Bank Mandiri
Total transaction frequency Volume of Mandiri Agent
accounts successfully opened
customer funds
through Mandiri Agents
IDR89.6 trillion 18,675 thousand IDR2.2 trillion
Transaction volume Number of Accounts Referred Productive Micro
for Productive Micro Credit Credit Referrals
Mandiri Agent Ecosystem Distribution of Mandiri Agent
Distribution Ecosystem
69.7% Non-Market Trade
10.4% Telecommunications
7,2% Market Trade
90,119 6.8% Services
(81.2%) 1.8% Agriculture and Plantation
Mandiri Agents 1.2% Oil and Gas
0.7% Healthcare
in non-urban 0.3% Transportation and Logistics
areas 0.3% Livestock
0.3% Fisheries
0.2% Education
20,916 0,2% Property
(18.8%) 0.1% Tourism and Creative Industries
0.1% Mining
Mandiri Agents 0.0% Chemicals
in urban areas 0.8% Others
The digitalization of services through the Agent Banking System Compared to Mini ATM EDC devices, ABS offers more
(ABS) application has enhanced the efficiency of Mandiri Agents comprehensive features, including credit referrals,
in serving communities. As of 2025, 92,048 Mandiri Agents had savings account opening, transaction advance facility
adopted ABS, representing 82.9% of the total Mandiri Agents. for agents, and real-time commission recording.
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Key Features
Deposit/Withdraw/Transfer to Mandiri & Other Banks
Bill Payments & Installments
Credit Referrals & Account Opening
Agent Transaction Advances
EDC Mini Real-time Commission Recording Agent Banking System
ATM (ABS)
Village and Urban Cooperatives [GRI G4 FS13]
As part of its commitment to expanding financial inclusion particularly for low-income groups and micro-entrepreneurs.
and reaching underserved communities, Bank Mandiri has
introduced a branchless financial service innovation through Through the utilization of cooperative networks as partnership-
partnerships with village and urban cooperatives as local based alternative distribution channels, Bank Mandiri has
representatives of the Bank. Through this model, Bank Mandiri strengthened its role in reaching rural and non-urban
provides a branchless distribution channel, positioning communities, promoting broader economic participation, and
cooperatives as points of sale and extensions of banking expanding access to formal financial services for segments
services at the local level. previously beyond the reach of conventional banking.
Cooperatives enable rural and non-urban communities to To ensure service sustainability and quality, Bank Mandiri
access basic banking services in a more proximate, convenient, proactively enhances capacity through financial literacy training,
and affordable manner, effectively reducing reliance on physical capacity-building programs, collaboration opportunities with
branch offices while expanding Bank Mandiri’s service reach to local Cooperative Offices, and the implementation of the
areas with limited access to conventional banking services. Wirausaha Mandiri Program.
Cooperatives function as points of service as well as centers
of local economic activity, facilitating banking transactions,
payment services, and financing referrals, while also supporting
local business activities, including small retail shops and MSMEs.
Leveraging cooperative infrastructure and human resources
enables the provision of financial services that are more
efficient, context-specific, and aligned with community needs,
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
2025 Realization 2026 Target
531 Cooperatives 5,000 Cooperatives
Entry Gate Integrated with the Urban Ecosystem and Daily Banking Activities
Daily Banking Transactions
• Working capital
• Point of Sales
Mayors / Regents / Village • Livin’ Merchant
Working Capital
Heads / Village Cooperatives /
Urban Cooperatives
New Urban Ecosystem Grocery Stores
Merchandise supply
Village/Urban Cooperatives
as Points of Service
Knowledge Hub
Serving daily transactions
Rural Communities
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Livin’ Around the World
Indonesian Migrant Workers and Indonesian students abroad and community-based approach, including the Member
continue to face limited access to domestic banking services Get Member scheme, strategic partnerships with diaspora
due to geographic constraints, cross-border regulatory communities.
challenges, and reliance on the physical presence of bank
branches. This contributes to lower levels of financial inclusion, Through Livin’ Around the World, Bank Mandiri has not
higher cross-border transaction costs, and restricted access to only expanded the cross-border reach of its financial
safe savings and investment products that are integrated with service distribution but also delivered an inclusive, efficient,
Indonesia’s financial system. and relevant banking experience tailored to the needs of
Indonesian migrant workers and students abroad. The services
To address these challenges, Bank Mandiri has introduced provided include account opening, financial transactions, and
Livin’ Around the World as an innovation in branchless access to investment products. This initiative reflects Bank
distribution channels, enabling Indonesian migrant workers Mandiri’s commitment to advancing digital financial inclusion
and students overseas to open accounts and access end-to- and strengthening the connection between the Indonesian
end digital banking services through the Livin’ by Mandiri diaspora and the national financial system, without reliance on
application, including the use of overseas mobile phone physical branch networks.
numbers. The program is strengthened through an ecosystem
Livin’ Around the World Performances
124,856 10.9 Million IDR18.3 Trillion IDR3.5 Trillion
Global Diaspora Users Transaction Frequency Transaction Value Funds Collected
across 120 Countries
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Digital Innovation for Financial Services
Digital Banking Roadmap
Bank Mandiri has implemented a digital banking roadmap that is continuously refined in line with customer needs. The roadmap
comprises five main pillars, as follows:
1. Leveling Up Digital Readiness
Bank Mandiri focuses on strengthening the reliability of its fundamental IT systems, including core banking improvements,
business process re-engineering, the provision of high-performance infrastructure, and related initiatives.
2. Developing Digital Native Products
Bank Mandiri develops digital-native products and services through various innovations with a strong customer-centric
focus. The development of digital-native products is undertaken to enable Bank Mandiri to deliver end-to-end digital banking
services.
3. Modernizing Distribution Channels
Bank Mandiri modernizes its digital channels to enhance the customer experience, both in terms of User Interface (UI) and
User Experience (UX), while also addressing diverse customer needs. This is achieved through the continuous development of
Livin’, Kopra by Mandiri, and Smart Branch.
4. Digital Ecosystem Expansion
Bank Mandiri continues to strengthen collaboration with third parties and strategic partners in developing its digital ecosystem,
while expanding customer access to digital ecosystems. As a result, customers are able to directly access Bank Mandiri’s
products and services through other channels within the ecosystem.
5. Data-Driven Decision Making Process
Bank Mandiri continuously optimizes the use of data to drive business growth. This is implemented through, among others,
the utilization of big data, cloud technology, analytics, and data management to enhance the quality of information used in
business decision-making.
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Innovation in Mobile/Online Distribution Channels
Targeting Underserved Demographics
As digital channels play an increasingly important role in limited access. These initiatives focus on enhancing ease
expanding access to services, the Company continues to of use, affordability, and service relevance for underserved
develop innovations across mobile and online distribution demographics, while simultaneously strengthening inclusivity
channels to reach segments of society that previously faced and the overall quality of the user experience.
Livin’ Merchant
As a national bank with a strategic role in Indonesia’s economy, recording, inventory monitoring, and the settlement of sales
Bank Mandiri recognizes that MSMEs make a significant proceeds within a single platform, Livin’ Merchant provides a
contribution to job creation and economic growth. However, simple and user-friendly solution to support transparency and
in practice, many MSME actors continue to face constraints efficiency in business management.
in managing their business finances, utilizing non-cash
transactions, and accessing integrated banking services. The The Livin’ Merchant network has expanded across various
lack of adequate financial record-keeping systems, the co- regions in Indonesia, broadening access to digital banking
mingling of personal and business finances, and low levels services, including for business actors operating in
of financial literacy further hinder MSMEs’ ability to monitor geographically constrained areas or those previously excluded
business performance and build a credible financial track from formal financial services. This innovation reflects Bank
record. Ultimately, these challenges limit access to formal Mandiri’s commitment to leveraging digital channels to
financing and opportunities for business development. advance financial inclusion, strengthen MSME capacity, and
support inclusive and sustainable business growth.
To address these challenges, Bank Mandiri introduced Livin’
Merchant, a digital point-of-sale application designed to help
MSME actors manage their business operations in a more
efficient and integrated manner. Through features such as sales
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Sebaran Distribusi Livin’ Merchant di Indonesia
Region I: Sumatra 1 Region II: Sumatra 2 Region IX: Kalimantan Region X: Sulawesi and Maluku Region XII: Papua
10% 9% 9% 11% 2%
8%
Region III: Jakarta 1
9% 10%
Region IV: Jakarta 2 Region VI: Java 1
7% 10% 10% 5%
Region V: Jakarta 3 Region VII: Java 2 Region VIII: Java 3 Region XI: Bali and
Nusa Tenggara
Transaction Value (Million Transactions) Transaction Volume (IDR Trillion)
14.2 147.5
10.6 110.1
8.0 79.3
58.8
6.4
March June September December March June September December
2025 2025 2025 2025 2025 2025 2025 2025
Approximately 2 million (63%) of the total 3.1 million Livin’ Merchant users are located in non-
urban areas, such as Rengel, Petarukan, Duri, Pamanukan, Tarutung, Ujung Batu, Pangkalan Balai,
Muara Tembesi, Pulau Punjung, Karo, Muara Teweh, Pangkalan Bun, Rengat, among many others.
Increased by 33% compared to the previous year
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Livin’ Merchant is equipped with a range of key features designed to support the needs of MSMEs while facilitating micro-business
actors’ transition into the digital era.
Livin’ Merchant Features
Homa Page Product Catalog Transaction Report Cashier Orders
Key Benefits Offered to Additional Benefits for MSME Merchants
MSME Merchants
Registration within 10 minutes
Real-time and on-demand
settlement
No subscription fees required
Sectoral Solutions Card-based Distributor
for the Food & payment ordering and
A modern and comprehensive
Beverage sector acceptance merchant
point-of-sales
and kiosks financing
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Livin’ by Mandiri [GRI G4 FS13]
As part of its digital transformation and efforts to expand finances independently and conveniently directly from their
financial inclusion, Bank Mandiri launched Livin’ by Mandiri as mobile devices, including through QR transfers, e-money top-
a financial super-app, serving as the primary entry point for ups, e-wallet integration, and term savings accounts.
customers’ engagement with the bank. The platform functions
as a digital distribution channel, reaching a broader customer To support sustainable financial inclusion, Livin’ by Mandiri is
base, including underserved segments and communities that equipped with layered transaction security and data protection
have previously had limited access to banking services. The systems. This focus on security serves as a critical foundation
presence of Livin’ by Mandiri overcomes geographical barriers for building customer trust, particularly among first-time digital
and limitations in physical infrastructure, enabling more users, while also promoting broader and sustainable adoption
convenient and equitable access to financial services. of formal financial services.
Livin’ by Mandiri is designed to support everyday financial By accommodating the needs and behaviors of the digital
needs through a mobile platform that is simple, secure, and generation, Livin’ by Mandiri not only enhances the utilization
user-friendly, while being integrated with various digital of formal financial services but also strengthens financial
ecosystems. Within a single application, customers can literacy through an intuitive and consistent user experience.
access comprehensive financial services, ranging from digital This innovation encourages public participation in a more
payments, domestic and international transfers, savings inclusive and sustainable digital economy ecosystem and
management, investment, digital retail loans, to lifestyle reaffirms Bank Mandiri’s commitment to expanding equitable
services. This approach allows customers to manage their access to financial services across all segments of society.
Key Features of Livin’ by Mandiri include:
• Digital Onboarding for Indonesian and Foreign Citizens: Online account opening services for Indonesian citizens (WNI) and
foreign nationals (WNA), both domestically and internationally, with support for local and international SIM cards
Save • Account Opening Abroad: Feature allowing account opening using foreign phone numbers, covering up to 129 countries
• Multi-Currency Savings: Facility to open and manage savings accounts in up to 15 currencies
• Real-Time Foreign Currency Transfer: Instant cross-border fund transfers with full value guarantee for 18 foreign currencies
• Multi-Source QRIS Payments: QRIS payment facility supporting multiple funding sources, including savings accounts and
credit cards
• QR Cross-Border: QR payment service for international transactions, supporting cross-country payments
Move • Tap to Pay: Contactless payments via mobile phones using Near Field Communication (NFC) technology for domestic and
international transactions in up to 14 foreign currencies
• E-Wallet Linkage & Smart Top-Up: Integration with e-wallets, including automatic and convenient top-ups directly from the
application
• Digital RDN Account Opening: Easy RDN account opening directly from Livin’ by Mandiri to support stock transactions via
Growin’ in Livin’ by Mandiri
Grow • Mutual Fund Investments: Access to mutual fund investments with a minimum initial amount of IDR 10,000
• Government Bond Investments: Digital investment in government securities in both primary and secondary markets
• Stock Trading: Direct stock transactions within a single application through collaboration with Mandiri Sekuritas
• Livin’ KPR and Livin’ Auto: Easy and fast application for home and vehicle loans with a wide selection of properties and
dealers
• Deposit-Backed Loans: Loans secured by deposits without the need to liquidate savings
Borrow • Personal Loans: Application and top-up of personal loans directly through the app
• Credit Card Installment Conversion: Facility to convert credit card transactions into installments with tenors ranging from 2 to
36 months
• Credit Card Cash Advance: Utilization of credit card limits as cash starting from IDR 1 million
Service • Branch Reservation: Branch visit reservation service without queues
Excellence • Cardless Cash Withdrawals and Deposits: Cash transactions at ATMs without using a debit card
• Livin’ Loyalty: Integrated loyalty platform providing points for transactions, referrals, and challenges, with various reward
redemption options
Beyond Banking • Sukha: Lifestyle platform integrated within a single app, supporting ticket purchases for transportation and concerts,
e-money top-ups, food orders, and donations
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Livin’ by Mandiri Performance
Active Users (Millions) Transaction Volume (Millions)
+21.3
+65.8%
24.7 4,704
14.9
3,878
13.2
2,815
2023 2024 2025 2023 2024 2025
Transaction Value (IDR Trillions)
Average Daily New Account Openings
via Livin’ by Mandiri (in Thousands)
+10.5%
4,447 +25.6%
21.6
4,025
17.2
3,261
16.7
2023 2024 2025 2023 2024 2025
Total Fee-Based Income from Livin’ by Mandiri
(IDR Billions)
+19.4%
3,133
2,624
2,174
2023 2024 2025
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Quick Response Code Indonesian Transaction Volume
Standard (QRIS) Payment
Mandiri QRIS provides a cashless payment solution at
2025: 1,278 Million
Bank Mandiri merchants, allowing transactions using 2024: 627 Million
various sources of funds, including savings accounts,
credit cards, and paylater. 104%
Top Up and Payment Top-Up and Payment Volume
Facilitates payment transactions in 2025: 1,110 Million
collaboration with leading digital players,
broadening access to inclusive and 2024: 962 Million
sustainable financial services.
15%
Credit Card Installment Disbursement of Credit Card Installment
and Power Cash Conversions via Livin’ by Mandiri
Mandiri Credit Cards on Livin’ by Mandiri 2025: IDR4.6 Trillion
2024: IDR7.9 Trillion
enhance customers’ financial flexibility, offering
installment conversion options ranging from
2 to 36 months and convenient access to cash
42%
advance services.
Livin’ KPR Total Developer
Offers home loan application services with a 2025: >800 Developers
quick and seamless process, providing customers
with a wide selection of property options.
Livin’ Auto Total Electric Vehicle (EV) Brands
Provides vehicle loan 2025: 15 EV Brands
application services for a
variety of leading automotive
brands.
Investments
Mandiri Investasi enables customers to open a Digital Customer Fund Account
(RDN), invest in mutual funds, government bonds, and stocks with affordable
starting amounts from IDR10,000, and monitor their portfolio comprehensively
within a single application.
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Mandiri Pintar (Hassle-Free Loans)
This digital microfinance platform was developed by Bank
Mandiri in 2020 to expand access to financing for Micro,
Small, and Medium Enterprises (MSMEs). The platform is
designed to streamline the financing process through end-
to-end digitalization, including paperless applications, the use
of electronic signatures, and flexible execution of financing
agreements at the debtor’s business location.
Through Mandiri Pintar, bank officers are able to process
financing applications on a mobile basis from any location,
including directly at the debtor’s business premises enabling broader efforts to expand public participation in the formal
Bank Mandiri to reach customers with limited access to branch financial ecosystem and to promote sustainable economic
offices, while enhancing process efficiency and maintaining empowerment.
Service Level Agreement (SLA) performance at an average of
1–3 days. The Mandiri Pintar initiative is aligned with Bank Mandiri’s
commitment to implementing the Sustainability Beyond
Beyond serving as a financing disbursement channel, Mandiri Banking principle, positioning financial inclusion as a key
Pintar offers a digital-based financial education approach. element in social value creation and a driver of long-term
Through this, Bank Mandiri acts not only as a credit provider, economic growth. Financing efforts are focused on less
but also as an enabler in advancing financial literacy and bankable and underserved MSME segments that face limitations
financial inclusion. This initiative forms part of Bank Mandiri’s in accessing formal financial services.
Demographics of Mandiri Pintar
Since its initial launch, Mandiri Pintar has reached a total of 641,647 MSME
debtors and achieved a total credit disbursement limit of IDR50.4 trillion.
50% 59.4% 11.8%
of debtors come from the of debtors operate in the of debtors have a primary
underserved segment, agriculture, livestock, school education as their
with a predominance of and fisheries sectors, highest level of formal
women entrepreneurs, which play a critical role education, indicating the
reflecting the expansion in strengthening the accessibility of financing
of access to financing productive economy and services across diverse
for groups that were supporting food security. educational backgrounds.
previously not optimally
served.
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Kopra by Mandiri
Kopra by Mandiri is a digital wholesale super platform that As of the reporting period, Kopra by Mandiri had been used
provides Cash Management, Trade Finance & Bank Guarantee, by more than 300,000 users, approximately 85% of whom are
and Value Chain Financing services within a single integrated from the business segment, including MSMEs. The growth in
ecosystem. Through this platform, Bank Mandiri not only the number of users, along with increases in transaction value
supports its customers’ transaction and financing needs but and volume, reflects the expanding adoption of digital financial
also serves as a connector among business actors across the services among business actors. Through Kopra by Mandiri,
entire value chain, from upstream to downstream, to promote MSMEs gain easier access to formal financial services, improved
sustainable economic growth. transaction efficiency, and stronger integration into corporate
value chains.
Strategic Initiative: Expanding Business Growth through Digital Innovation
In strengthening an inclusive financial ecosystem, Bank Mandiri launched a digital innovation–based initiative
through the integration of Kopra by Mandiri with Livin’ Merchant and Livin’ by Mandiri. This initiative aims to be
financial solutions for MSMEs to expand access to markets, simplify digital financial transactions, and enhance cash
flow management efficiency through an integrated value chain approach.
X X
Through the Kopra by Mandiri x Livin’ Merchant initiative, Through the integration of Kopra by Mandiri with Livin’ by
Bank Mandiri’s wholesale customers are able to list their Mandiri, wholesale customers can now proactively issue
products directly on the Kopra by Mandiri platform, enabling digital invoices to Livin’ by Mandiri users. This mechanism
MSMEs to discover, order, and complete payments digitally promotes timely payments, enhances transparency and
via Livin’ Merchant. This initiative creates opportunities visibility of cash flows, and strengthens liquidity across the
for MSMEs to connect directly with suppliers within the entire value chain.
corporate ecosystem, while also expanding the distribution
reach of wholesale customers into Bank Mandiri’s merchant
ecosystem.
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Mandiri Value Chain
In the trade sector, Mandiri Value Chain enhances the bankability Integrating MSMEs with principal companies provides Bank
of MSMEs by integrating small and medium enterprises into Mandiri with stronger visibility into business continuities,
business ecosystems anchored by principal companies. demand certainty, and MSME cash flow patterns. This ecosystem-
Through this connectivity, MSMEs participate directly in based approach also enables a more comprehensive credit
the trade value chain, both as suppliers and distributors, risk assessment, as financing decisions are not solely based
fostering more structured, resilient, and sustainable business on the standalone capacity of MSMEs, but on the strength of
relationships. commercial relationships and the track record of the principal
within the value chain. Mandiri Value Chain supports the
sustainable expansion of MSME financing while safeguarding
asset quality through more measured and effective credit risk
mitigation.
SME Segment
Financing is provided to downstream supply chains of wholesale customers
through streamlined application processes aligned with established Risk
Acceptance Criteria (RAC). The financing process is conducted digitally via
Mandiri Value Chain, covering both trade payables and trade receivables.
In 2025, Bank Mandiri disbursed Account Receivable Financing amounting
to IDR20.4 trillion and Distributor Financing amounting IDR1.3 trillion.
Micro Segment
Mandiri Value Chain provides a dedicated platform for ordering 3 kg
Liquefied Petroleum Gas (LPG), designed to streamline and simplify order
administration for LPG distribution bases.
In addition, the Micro Business Advance Loan (KUM Talangan) is available
with a fully digital application process. KUM Talangan was extended to 16
LPG bases, with total financing amounting to IDR53 million.
4
Pre Order
Principal
3
Buyer Distributor
Goods
1 Order
2
Payment through
KUM Talangan
Financing Flow of Goods
Mandiri Value Chain
Flow of Payment
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Pasar Digital UMKM Indonesia (PaDi UMKM)
Bank Mandiri recognizes that MSMEs continue to face a range of challenges
in expanding market access, securing payment certainty, and maintaining
healthy cash flow to support business operations. Limited marketing
networks and constrained access to large-scale buyers often hinder
MSMEs from increasing sales volumes and sustaining long-term business
continuity.
In response, Bank Mandiri supports MSMEs through PaDi UMKM, an MSME
digital trading platform integrated with the SOE ecosystem. Through this,
MSMEs’ access to marketing and sales opportunities within the SOE market
is expanded, while also providing invoice financing facilities to support MSME vendors serving SOEs. These facilities are easily accessible
via the PaDi UMKM application or website, with financing tenors of up to three months and limits of up to IDR200 million. This initiative
demonstrates Bank Mandiri’s commitment to strengthening the MSME ecosystem by integrating market access and financing to
support sustainable business growth.
Digital Solutions for SMEs
1A 2A
3 4 5
Top-Down Leads Offering Top Down
1B 2B
Landing Page Underwriting Disburse
Bottom Up Offering Bottom Up
Bank Mandiri offers dedicated digital propositions to selected SMEs customers as part of its efforts to broaden financial service outreach
and promote wider adoption of its digital ecosystem. Through WhatsApp Business, Livin’ by Mandiri, and Kopra by Mandiri, Bank
Mandiri delivers landing page links that enable customers to apply for financing, select products, determine credit limits and tenors,
and complete the required data submission.
All applications, together with supporting data and documentation, are automatically recorded in the Leads Monitoring system before
being distributed to Relationship Managers (RMs). Within three working days, the RM contacts the customer, conducts a credit analysis
through on-site visits, and proceeds with the underwriting process using the Loan Origination System – Integrated Processing System
(LOS IPS) or the New Loan Origination System for the Small and Medium Enterprise segment (New LOS SME). Throughout 2025, the
implementation of this digital offering successfully disbursed financing totaling IDR600.6 billion to MSMEs.
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New Simple (Portfolio Monitoring System & Lead Action)
Bank Mandiri has implemented a new underwriting system to accelerate the MSME credit process,
featuring the following capabilities:
1 Leads & Pipeline Monthly monitoring and follow-up of credit applications that are in progress or scheduled for
Monitoring processing by Relationship Managers (RMs), covering both digital and conventional channels.
2 Portfolio A dashboard to monitor credit portfolios managed at the regional and area levels, supporting
Monitoring the maintenance of sound credit quality.
3 Obligo Monitoring of credit facility utilization by debtors with transactional facilities, as well as the
Monitoring implementation progress of Bank-financed projects.
4 Early Warning An automated alert feature that identifies early signs of debtors deterioration, accompanied by
System (EWS) recommended actions to prevent a decline in credit quality.
5 Restructuring A dashboard containing data on restructured debtors, including follow-up monitoring
Monitoring conducted by RM.
6 Special Rate
A fully digital (paperless) feature for submitting and processing special interest rate applications.
Automation
7 Loan Installments
Monitoring of debtors’ monthly loan repayment obligations.
Monitoring
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Non-Financial Support for
Communities
In advancing inclusive prosperity, Bank Mandiri recognizes These initiatives encompass skills development programs,
that the challenges faced by underserved communities are educational support, community-based small business
multidimensional and cannot be addressed solely through development, and the provision of supporting facilities and
the expansion of financial access. Accordingly, Bank Mandiri infrastructure. This approach is designed to expand economic
provides non-financial support to communities, including opportunities, promote economic and social self-reliance, and
underserved groups, through various initiatives focused foster more resilient and inclusive communities.
on strengthening individual and community capacity.
Community Empowerment through the CSR Program
[GRI 203-1, 203-2, 413-1, 413-2] [OJK F.23] [IDX S-12]
Bank Mandiri places sustainable social and economic meetings of the Corporate Social Responsibility Department to
development as a key priority through the implementation ensure their effectiveness. [GRI 413-1]
of its Corporate Social Responsibility (CSR) programs. Guided
by the principles of ISO 26000, this program is implemented This approach is further strengthened through the adoption of
with a strong emphasis on ethics, transparency, and positive the Creating Shared Value (CSV) concept in accordance with the
contributions to society and the environment. The program is Minister of SOEs Regulation No. PER-1/MBU/03/2023, ensuring
managed by the Corporate Social Responsibility Department that program benefits are optimized and broadly realized by
under the Corporate Secretary Group, with the SEVP Corporate stakeholders. With this structured governance mechanism
Relations serving as the responsible executive under the in place, there were no community complaints related to the
supervision of the President Director. [GRI 3-3] implementation of the CSR programs throughout the reporting
year.
Bank Mandiri’s CSR programs are designed to deliver meaningful
positive impacts on community welfare, particularly by creating Bank Mandiri recognizes that banking activities may also entail
opportunities for communities to develop independent potential social risks, including social dynamics around service
economic activities. To ensure optimal outcomes, Bank Mandiri locations and the risk of community dependence on credit
conducts comprehensive assessments based on social mapping products. Therefore, Bank Mandiri consistently strengthens
results, Sustainable Development Goals (SDGs) achievements, financial literacy, applies prudent risk assessments, and
and support for national programs such as Astacita, with all coordinates with local stakeholders to ensure that its operations
CSR activities (100%) involving the community. All programs continuously deliver sustainable benefits to society. [GRI 413-2] [OJK
are also subject to regular evaluation through monthly internal B.3]
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Objectives
1. To foster harmonious relationships between the Bank and the community.
2. To support the growth of independent, resilient, and competitive micro, small, and medium enterprises
(MSMEs) through professional management practices.
3. To develop MSME capacity-building models that emphasize inclusiveness, self-reliance, professionalism,
and ethical standards.
4. To preserve environmental sustainability and enhance community quality of life, including in the areas of
education, health, and social welfare.
Implementation Basis
1. Law No; 7 of 1992 on Banking, as amended by Government Regulation in Lieu of Law No. 2 of 2022 on
Job Creation.
2. Law No; 19 of 2003 on State-Owned Enterprises, as last amended by Government Regulation in Lieu of
Law No; 2 of 2022 on Job Creation.
3. Law No; 40 of 2007 on Limited Liability Companies, as last amended by Government Regulation in Lieu
of Law No. 2 of 2022 on Job Creation.
4. Financial Services Authority Regulation No. 51/POJK.03/2017 on the Implementation of Sustainable
Finance for Financial Services Institutions, Issuers, and Public Companies; Government Regulation No. 47
of 2012 on the Social and Environmental Responsibility of Limited Liability Companies.
5. Regulation of the Minister of State-Owned Enterprises of the Republic of Indonesia No. PER-1/
MBU/03/2023 dated 24 March 2023 on Special Assignments and Social and Environmental Responsibility
Programs of State-Owned Enterprises.
Principles
Referring to Regulation PER-1/MBU/03/2023 on Special Assignments and the CSR Program of State-Owned
Enterprises, there are four principles for the systematic and integrated implementation of CSR programs, as
follows:
1. Integrated, meaning the program is based on risk analysis and business processes that are interconnected
with stakeholders;
2. Targeted, meaning the program has a clear direction to achieve the Bank’s objectives;
3. Impact-Measured, meaning the program delivers contributions and benefits that create change or
added value for stakeholders and the Bank; and
4. Accountability-Oriented, meaning the program is accountable and can be properly justified, thereby
minimizing the potential for misuse and irregularities.
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Bank Mandiri CSR Pillars [OJK F.25]
The implementation of CSR is guided by four main pillars, namely social, legal and governance, economic, and environmental.
Social Law and Governance Economic Environment
To fulfill fundamental To ensure legal Quality economic Sustainable
human rights in a fair certainty and effective, growth driven management of natural
and equitable manner, transparent, accountable, by sustainable resources and the
ensuring quality and participatory employment and environment as the
standards that enhance governance in order to business opportunities, foundation supporting
the well-being of society foster security stability innovation, inclusive all forms of life.
as a whole. and uphold a state industries, adequate
governed by the rule of infrastructure, and clean
law. energy, supported by
strategic partnerships.
[GRI 203-2]
Achievement 2025
Type of Activity (Number of
Programs) Target Realization
Social Pillar 553 IDR131.5 Billion IDR138.4 Billion
Economic Pillar 258 IDR52.5 Billion IDR53.2 Billion
Environmental Pillar 346 IDR62 Billion IDR58.2 Billion
Legal and Governance Pillar 17 IDR4 Billion IDR1.3 Billion
Total 1,174 IDR250.0 Billion IDR251.1 Billion
In 2025, Bank Mandiri disbursed CSR funds totaling IDR251.1 billion, representing an increase of 0.4%
compared to the previous year, which recorded IDR250.0 billion. This increase reflects Bank Mandiri’s
commitment to strengthening the achievement of its sustainability objectives through various programs
that deliver tangible impacts on communities and the environment.
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CSR Program Achievements
Bank Mandiri’s commitment to implementing CSR programs dedication to delivering initiatives that generate tangible and
has been recognized by various stakeholders. The awards meaningful impacts for communities.
received throughout 2025 reflect Bank Mandiri’s strong
Awarding Institution
No Date Awarder
Award Title Category
Winner of the 7th CSR Brand
7th CSR Brand Equity Awards
1. April 29, 2025 Equity Awards 2025 in the The Iconomics Media
2025
Banking Category
1. Platinum Trophy
CSR for Sustainable Business
2. Top CSR Awards 2025 #STAR 5
2. April 11, 2025 Growth and Asta Cita Top CSR Awards 2025
3. Top Leader on CSR
Government Programs
Commitment 2025
Award for Collaboration in Health
3. August 1, 2025 Public Expose 2025 Service Programs and Disaster Mandiri Amal Insani
Response
4. September 30, 2025 CSR Awards 2025 Impact Leaders Awards Investortrust.id
High Commitment and Tangible
Solidarity for a Stunting-Free Contribution in Supporting the Ministry of Population and
5. October 15, 2025
Generation Foster Parents Movement for Family Development / BKKBN
Stunting Prevention (GENTING)
Inspirational CSR Innovation
6. October 23, 2025 Anugerah Liputan 6 Award: Driving Innovative Social Liputan 6
Impact
Inclusive Economy &
7. November 5, 2025 Future Initiative Forum 2025 Human Initiative
Empowerment Awards
Gold Status in the Foster
Foster Parents for Stunting Ministry of Population and
8. December 10, 2025 Parents Movement for Stunting
Prevention (GENTING) Family Development / BKKBN
Prevention (GENTING) Program
9. December 10, 2025 MSME Bazaar for Indonesia Best Education Award PaDi UMKM
Implementation of CSR Programs [OJK F.25]
The implementation of CSR programs is focused on three main priorities: education, environment, and the development of Micro and
Small Enterprises (MSEs). These priorities serve as the foundation for designing various initiatives aimed at delivering direct benefits to
communities across different regions.
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Education Priority Environmental Priority MSE Development Other Initiatives
• Mandiri Scholarship • Aksi Bersih Mandiri • Rumah BUMN (RB) Bank Mandiri • Mandiri Berbagi Kebaikan
• Mandiri Edukasi • Mandiri Sahabat Desa • Mandiri Sahabatku • Mandiri Tanggap Bencana
• Mandiri Peduli • Mandiri Sehat • Wirausaha Muda Mandiri (WMM) • Development of Public
Sekolah • Mandiri Air Bersih • Mandiri Sahabat Difabel Facilities and Infrastructure
• Educational • Farmer and Fisher
Facilities and Entrepreneurship
Infrastructure • Mandiri Lingkar Hijau
Development • Mudik Bersama Mandiri
Mandiri Bersama Mandiri Program [OJK F.25]
This program is a flagship initiative under Bank Mandiri’s CSR • Enhancing the economic well-being of communities across
framework, aimed at advancing community empowerment Indonesia.
and supporting sustainable economic growth in Indonesia. • Strengthening community-based economic
Through a collaborative and innovative approach, the program empowerment.
is designed to build economically self-reliant communities. The • Improving financial literacy among underserved and
key objectives include: vulnerable groups.
• Promoting sustainable community development.
• Supporting the Government’s National Economic Recovery
Program (PEN).
Mandiri Sahabatku
A capacity-building initiative for Indonesian Migrant Workers
(PMI), covering entrepreneurship training, financial literacy
and inclusion, and business mentoring to strengthen
financial independence.
In 2025, a total of 21,074 Indonesian Migrant Workers in
Hong Kong, Malaysia, South Korea, Taiwan, Japan, and
Indonesia participated in the program through both online
and in-person training sessions.
Hong Kong Malaysia
21,074 Indonesia
Migrant Workers
South Korea
Japan
Taiwan
Indonesia
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Aksi Bersih Mandiri
A program that engages Bank Mandiri employees and local
communities in maintaining environmental cleanliness and
sustainability. Through collective action and environmental
education, including the reduction of single-use plastics,
recycling initiatives, and waste management, the program fosters
awareness of the importance of a clean and healthy environment.
2025 Implementation Highlights:
• Conducted at 30 strategic locations, including public areas and national event sites
• 12.7 tons of inorganic waste collected and recycled
• 1,350 volunteers involved, comprising employees and community members
Wirausaha Muda Mandiri(WMM)
In 2025, the WMM program focused on the grand finale
competition as the main stage of the selection, curation,
business training classes, and assessment of high-potential
young entrepreneurs. This stage was attended by 20 WMM
finalists.
The WMM program extends beyond the competition phase.
Following the grand finale, Bank Mandiri implemented an
after-competition program designed to ensure business
sustainability for participants and alumni.
2025 Program Focus:
• CSR program collaboration with
WMM alumni • Strengthening alumni business
networks and communities
• Provision of financing access and
continuous financial literacy • Integration of alumni into Bank Mandiri’s product
and service ecosystem
• Business mentoring and business scale
development
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Rumah BUMN (RB) Bank Mandiri
A collaborative platform among State-Owned Enterprises
(SOEs) aimed at building a digital economic ecosystem through
the development and empowerment of MSMEs. The program
serves as a center for MSMEs education, capacity building, and
digitalization to enhance business quality, competitiveness, and
independence nationwide.
In 2025, as one of 25 SOEs appointed under the Rumah Kreatif
BUMN (RKB) initiative, Bank Mandiri managed 23 Rumah BUMN
centers across Java, Bali, Nusa Tenggara, Sumatra, Kalimantan,
Sulawesi, Maluku, and Papua.
As of 2025, 17.6 thousand MSMEs had participated in the
program, with 7,928 MSMEs successfully upgrading their
business scale.
Mudik Bersama Mandiri
The Mudik Bersama Mandiri Program reflects Bank Mandiri’s
social responsibility commitment and is implemented annually
ahead of Idul Fitri. The program facilitates safe and comfortable
homecoming journeys while providing social benefits for
communities, by reducing transportation costs and improving
travel safety, while also contributing to carbon emission
reductions through the use of mass transportation, which is more
efficient than private vehicles.
In 2025, the program served more than 8,000 travelers, supported
by 170 buses.
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Mandiri Sahabat Desa
An initiative focused on empowering rural communities, particularly in economic development, financial inclusion,
and skills enhancement. The program includes support for public infrastructure development, financial literacy, MSME
assistance, healthcare services, and social community activities.
Through this program, Bank Mandiri promotes the development of independent, prosperous, and economically resilient
villages capable of contributing to sustainable national economic growth.
2025 activities Included:
• Tourism and MSME development support in Semarang Regency,
including shuttle vehicles, mini theater revitalization, toilet
renovations, greenhouse development, agricultural mini laboratories,
waste transport vehicles, and cold storage facilities
• Infrastructure and financial literacy support for 18 villages in the
Prambanan area, Yogyakarta, with a total of 630 beneficiaries.
The program includes the construction of village monuments,
strengthening of cooperative facilities and infrastructure, and
provision of integrated farming facilities for livestock farmer groups to
encourage independence and improve the economic capacity of local
communities
• Empowerment of sorghum farmers in Jasinga District, Bogor Regency
• Farmer empowerment in Pamarican, Ciamis Regency, West Java
• Strengthening community-based economic activities through
participation in the Merah Putih Village/Urban Cooperative Program
(KDKMP)
Mandiri Bakti Kesehatan
An initiative focused on improving community health quality, particularly in areas requiring healthcare support. The
program aims to foster healthier and more prosperous communities through direct healthcare services and health
education.
2025 activities included:
• Healthcare services for Abdi Dalem in the Special Region of
Yogyakarta
• Stunting prevalence reduction efforts in Papua, East Nusa Tenggara,
Central Sulawesi, and Yogyakarta
• Healthcare services for more than 7,000 underprivileged individuals
nationwide
• Provision of healthcare facilities, including 42 ambulances
• Free mass circumcision programs for over 5,000 children
• Provision of disaster response vehicles to support rapid emergency
response
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Mandiri Sahabat Difabel
A disability empowerment program aimed at improving quality of life through access to education, skills training,
and economic support. The program reflects Bank Mandiri’s commitment to equality and inclusion, ensuring equal
opportunities for all individuals to grow and contribute.
In 2025, support was provided to 210 persons with disabilities through:
• Financial literacy training for disability communities.
• Skills training and educational programs to enhance
employability.
• MSME development and mentoring for enterprises managed by
persons with disabilities.
Mandiri Lingkar Hijau
A program focused on waste management and circular economy
development to generate positive environmental and social impacts.
Activities include waste collection from the food and beverage industry,
research and processing of waste into economically valuable products, and
sustainable waste management training for communities.
In 2025, the Mandiri Lingkar Hijau program was implemented twice in the
cities of Bandung and Jakarta, involving students, artisans, the community,
and alumni of Wirausaha Muda Mandiri. Throughout its implementation, the program will impact 465 beneficiaries,
supported by 4 training sessions and the provision of 17 program support facilities, including transport vehicles and
processing machines, to strengthen the business capacity and economic sustainability of participants.
Mandiri Air Bersih
The Mandiri Air Bersih Program aims to improve community access to clean water and proper sanitation, particularly in
areas with limited water infrastructure. The program includes the development of clean water and sanitation systems, as
well as education on water management and environmental hygiene.
Program Focus Areas:
• Development of clean water and sanitation systems
• Education on water management and environmental cleanliness
In 2025, the program was implemented at 34 locations across Indonesia,
including Ende Regency, Southwest Sumba Regency, Kupang Regency,
Lamongan Regency, and Sleman Regency.
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Mandiri Peduli Sekolah
A program focused on improving the quality of educational
facilities through minor renovation activities in school
environments. Activities include repainting school facilities,
repairing desks and chairs, establishing Mandiri Reading
Corners, and improving supporting infrastructure to create a
more conducive learning environment.
In 2025, the program was implemented in 27 schools,
benefiting 7,118 students, with employees and community
members actively involved as volunteers.
Bangkit Bersama Mandiri Program [OJK F.25]
As part of Bank Mandiri’s commitment to supporting • Supporting disaster-affected communities through
community well-being, the Bangkit Bersama Mandiri Program emergency response and post-disaster recovery.
is designed to address a range of social, health, education, • Assisting underprivileged communities in meeting their
and environmental challenges. The initiative focuses not basic needs.
only on short-term assistance but also on building long-term • Improving access to basic infrastructure such as places of
community resilience. The program primarily aligns with SDG worship, sanitation facilities, and other public amenities.
10: Reduced Inequalities, with the following key objectives: • Building a sustainability ecosystem that supports the social
and economic well-being of communities.
Development of Public Facilities and Infrastructure [GRI 213-1]
The Facilities and Infrastructure Development Assistance Program represents Bank Mandiri’s social responsibility
commitment to supporting infrastructure development across various regions in Indonesia, particularly in areas with
limited access. Through this program, Bank Mandiri contributes to the provision of public facilities that enhance community
quality of life and promote sustainable social and economic development. In 2025, the construction of these facilities was
carried out in more than 400 locations across various regions of Indonesia.
Facilities developed in 2025 included:
• Houses of worship, including mosques, churches, and
temples.
• Rural roads and bridges to improve community accessibility.
• Sanitation facilities and clean water infrastructure in various
regions.
• Other public facilities, including the renovation of
uninhabitable housing.
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Disaster Response
A disaster response initiative focused on addressing natural disasters through
collaboration with various stakeholders. The program aims to accelerate the
handling of disaster impacts on affected communities by providing essential
assistance and supporting post-disaster recovery efforts. In its implementation,
Bank Mandiri works closely with the National Disaster Management Agency
(BNPB), the Ministry of State-Owned Enterprises, and local governments to
ensure that assistance is delivered promptly, accurately, and with optimal
positive impact.
Location
• Earthquake in Buol Regency • Floods in Makassar
• Floods in Kudus Regency • Floods in Jakarta
• Floods in Pekalongan City • Floods in Bogor
• Floods in Tangerang • Floods in Depok
• Floods and landslides in Sukabumi Regency • Mount Lewotobi eruption
• Floods in Ternate City • Disaster in Purwakarta
• Fire in Kemayoran • Landslide in Cilacap
• Mount Ruang eruption • Floods in Sukabumi
• Floods in North Luwu Regency • Floods and landslides in West Sumatra, North Sumatra, and Aceh
• Floods in Gresik Regency • As well as other disaster response assistance activities
The total assistance provided amounted to more than 300,000 aid packages containing food, medicines, and other
basic necessities, the construction of temporary shelters for affected residents, and the deployment of Mandirian Disaster
Response Volunteers.
Mandiri Berbagi Kebaikan
A social initiative by Bank Mandiri aimed at supporting communities in need, particularly during significant
moments such as Ramadan, Idul Adha, and other religious holidays. This program reflects Bank Mandiri’s
commitment to improving social welfare and alleviating the burden on communities in areas requiring
support. Through this initiative, Bank Mandiri seeks to strengthen the spirit of sharing and social solidarity.
2025 distribution includes:
• 57,600 Ramadan packages distributed to orphans, underprivileged
communities, and the elderly across Indonesia.Rural roads and bridges to
improve community accessibility.
• 50,000 social aid packages provided through the Mandiri Affordable Market
Program, sold at affordable prices to pre-prosperous families.
• 5,000 cans of ready-to-eat meat distributed to communities in Morowali
Regency, Nunukan Regency, Konawe Regency, Bintan Regency, and Seluma
Regency.
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Evaluation of CSR Programs
Bank Mandiri conducts regular monitoring and evaluation to institutions, and community leaders. In addition, Bank Mandiri
ensure the effectiveness of its CSR programs and to continuously applies the Social Return on Investment (SROI) methodology as
enhance their implementation going forward. To monitor part of its evaluation process to assess the impact generated by
local conditions and emerging issues, Bank Mandiri maintains CSR programs. The resulting SROI scores reflect the economic
ongoing communication through regular meetings and other value of the social impacts delivered through CSR initiatives. [GRI
communication channels with government authorities, relevant 2-25, 3-3, 413-2] [OJK F.25]
Program Name SROI Value
Urban Livin: Sekolah Kejar Paket Mampang 7.59
Mandiri Lingkar Hijau Bandung 5.09
Mandiri Sahabat Desa: 2.31
Empowerment of Fishermen in Langkat Region
Mandiri Sehat: Stunting Prevention in Gunung Kidul 2.14
Notes:
In 2025, all assessed programs achieved an SROI value greater than 1, demonstrating that every social investment delivered social benefits exceeding the amount invested.
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Financial Literacy to
Support Inclusive
Finance [GRI G4 FS13, FS16]
Bank Mandiri continues to strengthen financial inclusion In implementation, Bank Mandiri’s financial literacy and
through enhanced financial literacy initiatives implemented inclusion strategy is carried out progressively across three
under its Corporate Social Responsibility (CSR) programs, as levels of literacy: Beginner, Skilled, and Independent. Each
well as broader financial education efforts. These programs level is designed to address the specific needs of participants
focus on educational activities and the development of by providing relevant financial education and infrastructure
supporting facilities designed to reach communities from support, thereby fostering the achievement of sustainable
diverse backgrounds. Through a practical approach, these financial independence.
initiatives equip communities with the knowledge needed to
manage their finances prudently while maximizing available
economic opportunities.
Independent Level
Focuses on entrepreneurs or individuals who are already prepared
to manage their finances or businesses independently by leveraging
digital technology and more complex financial strategies.
Literacy Programs
• Wirausaha Muda Mandiri (WMM)
• Livin’ Up Your Financial
3
Skilled Level
Focuses on entrepreneurs who are in the process of scaling their
businesses by strengthening structured financial and business
2 management capabilities.
Literacy Programs
• Rumah BUMN
1
Beginner Level
Focuses on community members or entrepreneurs who are newly
introduced to financial literacy, with the objective of building an
understanding of fundamental personal and business finance
concepts.
Literacy Programs
• Mandiri Sahabatku
• Digital Financial Education through Social Media
• GEMPITA Lestari
• Bank Mandiri’s partnership with Mulawarman University
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Bank Mandiri Financial Education
Program Target Quantitative Social
Activity Name Activity Description
Type Participants Impact (2025)
Financial Livin’ Up Your A financial literacy education program delivered to University students The program was attended
Education Financial university students and the general public, covering aged 17–25 years by 1,031 students, with
personal financial management and digital investment. survey results indicating
an increase in financial
literacy understanding of
65% at Universitas Negeri
Gorontalo and 35% at
Universitas Musamus
following the program.
Mandiri Sahabatku A mentoring and financial literacy program for • Indonesian Migrant 21,074 Indonesian migrant
Indonesian Migrant Workers (PMI), covering financial Workers (PMI) workers improved their
management, investment, and entrepreneurship both • Women financial literacy through
domestically and overseas. training as a foundation
for sound financial
management and
economic independence.
Digital Financial A financial education initiative leveraging digital • Communities in The Company promoted
Education through channels and social media to reach a broad audience, hard-to-reach areas digital financial literacy
Social Media including communities in remote and underserved • Youth Generation through 192 posts across
areas. five social media platforms,
reaching approximately
51.3 million views.
GEMPITA Lestari A financial literacy and sustainability program for new University students More than 5,000 students
students of Universitas Indonesia, integrating personal aged 17–25 years improved their financial
financial management, sustainable finance awareness, literacy as a foundation
and green lifestyle practices. Delivered in a hybrid for responsible, long-term
format through the PKKMB UI series, supported by financial decision-making.
in-person activities and the Livin’ by Mandiri digital
platform.
Bank Mandiri A financial literacy capacity-building program for University students 60 final-year students of
Partnership final-year students of Universitas Mulawarman, aimed aged 17–25 years Mulawarman University
with Universitas at strengthening personal financial planning and work received financial literacy
Mulawarman readiness. Conducted through in-person sessions with training as a foundation for
presentations and interactive discussions. personal financial planning
and career readiness
Training / Rumah BUMN A SOE collaboration managed by Bank Mandiri to Small business actors 17,000 MSMEs across
Facilities for Small support MSMEs development through digitalization, Indonesia enhanced
Business Actors e-commerce marketing training, and business their business capacity,
incubation facilities across various regions in Indonesia. product quality, and
business independence
through mentoring and
development at 23 Rumah
BUMN Bank Mandiri.
Wirausaha Muda A competition and mentoring program fostering Small business actors 20 potential young
Mandiri (WMM) young entrepreneurs, including small business actors, entrepreneurs gained
through innovation development, business capacity enhanced business capacity
enhancement, and expanded access to business and business sustainability
networks. through a selection process,
training, competitions,
and post-competition
programs.
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Financial Literacy and Stakeholder Engagement through
External Collaboration
Bank Mandiri actively delivers financial education programs and community capacity-building initiatives through collaboration with
a wide range of stakeholders, including universities, financial institutions, non-governmental organizations (NGOs), and community-
based organizations.
Through these collaborations, Bank Mandiri not only expands access to financial services for underserved groups, but also contributes
to the development of a broader and more sustainable financial inclusion ecosystem and market. These programs are designed to
enhance financial understanding, strengthen stakeholder participation, and generate more inclusive economic and social impacts.
GEMPITA Lestari
A financial literacy and sustainability program for students
Target Group: University Students Aged 17–25 Years
GEMPITA Lestari is a financial literacy and sustainability The GEMPITA Lestari curriculum is designed in a phased
program initiated by Bank Mandiri through a strategic manner and tailored to the needs of the student
partnership with Universitas Indonesia (UI), an accredited segment, encompassing foundational financial literacy, an
higher education institution. The program specifically introduction to sustainable finance, increased awareness
targets first-year UI students as young individuals at an of green lifestyles, and in-depth discussions on sustainable
early stage of financial decision-making, with the objective financing through dedicated workshops for selected
of building a solid foundation for sound personal financial students. The materials are delivered by Bank Mandiri
management while enhancing awareness of the role of representatives from the financial literacy and ESG/
finance in supporting sustainable development. sustainable finance teams through educational talk shows
and interactive sessions that encourage active participant
GEMPITA Lestari is implemented as part of Universitas engagement.
Indonesia’s Student Orientation Program using a hybrid
approach that combines in-person sessions at the UI Through partnerships with higher education institutions
Balairung with digital support through Livin’ by Mandiri. and a curriculum that is purposefully structured to reflect
This approach enables the delivery of structured and the characteristics of younger generations, GEMPITA
contextually relevant content while ensuring broader and Lestari reaching more than 5,000 university students
more inclusive outreach to participants. and expanding financial and sustainability literacy in a
measurable, inclusive, and youth-relevant manner.
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Products and Services to Non-Financial Support Financial Literacy to Support Policy Advocacy and
Support Financial Inclusion for Communities Inclusive Finance Sustainability Research
Bank Mandiri Partnership with Universitas Mulawarman
Student Financial Education
Target Group: University Students Aged 17–25 Years
Bank Mandiri has established a formal partnership with The capacity-building curriculum focused on two main
Universitas Mulawarman as part of its financial education topics: Financial Planning, covering the fundamentals of
initiative to strengthen students’ financial literacy and personal financial planning, and Developing Future Leaders,
readiness for the transition into the workforce. This which emphasized strengthening mindset, character,
program forms part of Bank Mandiri’s social sustainability and professional readiness. The materials were delivered
commitment to expanding financial inclusion through by Rendy Ichsan Hermawan, Branch Manager of Bank
collaboration with higher education institutions, with Mandiri KC Samarinda Mulawarman, using a practical and
implementation facilitated by Bank Mandiri through the contextual approach aligned with the needs of students
Samarinda Mulawarman Branch Office. approaching graduation.
The activity was conducted offline at Universitas The program reached more than 60 final-year students of
Mulawarman on June 26, 2025, targeting final-year Universitas Mulawarman, with the objective of fostering
students as a specific demographic group at an early stage healthy financial habits, enhancing confidence in financial
of financial decision-making and career planning. The management, and supporting students’ preparedness for
sessions were delivered through structured presentations entering the workforce. This initiative reflects Bank Mandiri’s
and interactive discussions designed to encourage active commitment to advancing financial literacy among
participant engagement. younger generations through strategic partnerships and
targeted programs tailored to specific beneficiary groups.
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Livin’ Up Your Financial
Mandiri Edukasi Program
Target Groups:
• University students aged 17–25 years
• General public aged 25–50 years
Livin’ Up Your Financial is part of Mandiri Edukasi Program, namely academic communities aged 17–25 years as young
Bank Mandiri’s financial literacy initiative implemented individuals at an early stage of financial decision-making,
through collaboration with various educational institutions and members of the general public aged 25–50 years
and involving speakers from the Financial Services Authority who are in the phase of strengthening financial planning
(OJK) as the financial sector regulator and Bank Indonesia. and investment strategies. This segmentation enables the
The program is designed to enhance public financial delivery of content that is tailored to the needs, literacy
understanding, particularly by discussing the importance levels, and characteristics of each target group.
of financial literacy, the use of digital payment systems
to support financial inclusion, and practical experiences Through partnerships with educational institutions and
from entrepreneurs in managing finances and developing the involvement of regulators, this program reflects Bank
their businesses through an educational approach that is Mandiri’s commitment to strengthening financial literacy in
relevant, credible, and easily understood. a structured, inclusive, and sustainable manner, while also
supporting consumer protection and improving the quality
The program targets segmented demographic groups, of financial decision-making within society.
Throughout 2025, Bank Mandiri organized two sessions of Mandiri Edukasi “Livin’ Up Your Financial,” namely
Mandiri Edukasi Goes to Universitas Negeri Gorontalo and Mandiri Edukasi Goes to Universitas Musamus, with a
total of 1,031 participants. During each session, Bank Mandiri conducted surveys to assess participants’ financial
literacy levels before and after the program to measure improvements in understanding. The results showed that
the session at Universitas Negeri Gorontalo recorded a 65% increase in financial literacy understanding, while the
session at Universitas Musamus recorded a 35% increase.
Financial Education through Social Media
Bank Mandiri optimizes the use of social media as a channel Twitter), reaching 7.4 million views, 47 posts on Instagram,
for disseminating financial literacy that is easily accessible to reaching 1.2 million views, 34 posts on YouTube, generating a
diverse segments of society, including communities in areas total of 9 million views, and 30 posts on TikTok, reaching 18.7
with limited access. million views.
Throughout 2025, Bank Mandiri conducted financial education Through this diverse range of content, Bank Mandiri actively
initiatives through its official social media accounts, publishing contributed to improving public financial literacy, particularly
a total of 192 posts. These initiatives comprised 46 posts on in promoting prudent financial management, secure banking
Facebook, reaching 15 million views, 35 posts on X (formerly transactions, and the enhancement of individuals’ financial
capabilities in an independent and sustainable manner.
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Products and Services to Non-Financial Support Financial Literacy to Support Policy Advocacy and
Support Financial Inclusion for Communities Inclusive Finance Sustainability Research
Training for MSME Actors
Mandiri Mikro Fest (MMF)
Mandiri Mikro Fest (MMF) is an MSMEs mentoring program designed to support MSMEs in scaling up through strengthened
market access, enhanced business capacity, and expanded adoption of financial services and digital transactions. The program
is structured as a comprehensive journey that accompanies MSMEs from initial market exposure through to business expansion
readiness.
In 2025, MMF was successfully implemented in three major cities, namely Medan, Surabaya, and Jakarta. Following a curation
process, 150 MSMEs actively participated in the MMF 2025 program, reflecting the program’s selective approach in identifying
enterprises with strong potential for sustainable growth.
The program is a Bank Mandiri initiative led by the Micro Development & Agent Banking Unit and implemented in collaboration
with Rumah BUMN and the respective Regional Offices of the Cooperatives and MSMEs Agency in each city. This collaboration
strengthens synergies between the banking sector, local governments, and community stakeholders in fostering a supportive
ecosystem for MSMEs development.
The MMF program is structured in stages to support MSMEs in business development, as follows:
Training and
Mentoring,
Champion, where
MSME Festival comprising
MSMEs present their
that expands educational Hyperlocal
business expansion
market access by activities to Promotion,
strategies for the
providing MSMEs enhance MSMEs’ which promotes
next two to three
with a platform business capacity, MSME businesses
years. In each
to market their including financial through
city, three MSMEs
products directly recordkeeping collaboration
are selected as
to the public. This and business with local content
champions, while
stage serves as promotion creators in areas
all participants
an initial catalyst strategies. The surrounding
receive access to
to stimulate sessions are the business
financing to support
MSMEs growth delivered by locations.
their business
momentum. professional
development.
trainers and
mentors.
Network and Marketing Access
The implementation of 2025 MMF successfully attracted more than 2,000 visitors in each city, with a total of
approximately 6,000 visitors throughout the festival series. All participating MSMEs activated digital transactions
through QRIS, thereby accelerating the adoption of cashless payments. Following the festival, a significant
increase in transaction activity was recorded, with QRIS Livin’ Merchant transaction frequency rising by 45%,
or nearly 3,000 transactions, reflecting higher transaction frequency and sales volumes among participating
MSMEs.
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Access to and Affordability
Broadening Impact Beyond Banking of Financial Services
Policy Advocacy and
Sustainability Research
Bank Mandiri’s sustainability efforts are pursued not only policy analysis and recommendations to the government and
through enhanced literacy and capacity building, but also relevant stakeholders. A range of research initiatives and focus
through policy advocacy and research aimed at driving group discussions are conducted to examine developments in
systemic change. Through Mandiri Institute, a research center the financial sector, sectoral trends, and the evolution of global
that has been operating since 2014, Bank Mandiri supports sustainability standards.
the transition toward a low-carbon economy by providing
Sustainability Research and Advocacy in 2025
Preferences of Indonesian Consumers toward ESG-Oriented Savings
and Investment Products
Through Mandiri Institute, Bank Mandiri expanded the scope Mass market investment preferences are also influenced by
of its sustainability research by examining public perceptions financial literacy levels and risk perception. Approximately
and preferences toward ESG-oriented savings and investment 41% of respondents indicated that they require guidance from
products in Indonesia. The research covered both the mass financial advisors before trying new investment instruments.
market and high-net-worth individuals (HNWI), indicating Gen Z and Millennials tend to favor low-risk products and
that sustainability values have begun to influence saving and rely on recommendations from financial applications. These
investment behavior across both segments, albeit with distinct findings suggest that the development of ESG products for
patterns. the mass market segment should be supported by simple
messaging, low-risk structures, and value propositions that are
Within the mass market segment, financial decisions remain easy to understand and directly relevant.
primarily driven by the need for security. As many as 52%
of respondents save for precautionary purposes, resulting In contrast to the mass market, sustainability considerations have
in deposits and regular savings accounts remaining the become an integral part of wealth allocation and investment
preferred instruments. Nevertheless, early signs of investment selection among the HNWI segment. Upper-tier investors tend
diversification have emerged through mutual funds, gold, to favor equities and corporate bonds, while middle-tier HNWI
and retail government bonds (SBN). Interest in ESG-linked maintain a balanced allocation across bonds, gold, and mutual
savings products has also started to grow, particularly among funds. For HNWI, trust in institutions and issuer credibility often
respondents who prioritize bank security and reputation serve as primary decision factors, in some cases outweighing
as key decision factors. For this segment, the most relevant return considerations. Product clarity and impact transparency
sustainability issues are social in nature, such as health, are viewed as critical. From an environmental perspective,
education, and poverty alleviation, given their direct and issues such as renewable energy, pollution, and deforestation
tangible impact on daily life. are key sustainability priorities. About 72% of HNWI respondents
consider sustainability aspects in their financial decisions, and
71% expressed a willingness to shift to products more closely
aligned with ESG values, provided that impact information is
communicated clearly.
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Products and Services to Non-Financial Support Financial Literacy to Support Policy Advocacy and
Support Financial Inclusion for Communities Inclusive Finance Sustainability Research
Overall, these findings underscore that ESG adoption in the retail while HNWI demand transparency, evidence of impact, and
segment will be highly dependent on the financial industry’s institutional credibility. More targeted segmentation will
ability to deliver solutions that are tailored to each segment. therefore be critical to accelerating the penetration of ESG
The mass market prioritizes security and tangible social benefits, products in the domestic market.
Sustainability Reporting and the Implementation of IFRS S1 and S2
Research conducted by Mandiri Institute in March 2025 indicates Mandiri Institute also identifies key challenges in the
that sustainability reporting plays a strategic role in enhancing implementation of sustainability reporting, including the
transparency, accountability, and investment attractiveness, collection and verification of accurate data, the integration of
while also promoting more sustainable business practices. sustainability data into financial reporting systems, resource
Currently, regulations governing sustainability reporting in constraints, and the evolving regulatory landscape. These
Indonesia are in place; however, the disclosure standards challenges are particularly complex for the financial and
continue to evolve and are undergoing alignment toward a banking sectors, which have significant exposure to transition
more integrated global framework. Accordingly, a number financing and natural resource–based activities.
of companies have begun adopting various international
standards, such as the Global Reporting Initiative (GRI), Carbon Through an in-depth review of various global reporting
Disclosure Project (CDP), Sustainability Accounting Standards standards, Mandiri Institute provides a number of strategic
Board (SASB), and the Integrated Reporting Framework (IR). recommendations for businesses and regulators. These
recommendations are intended to strengthen standard
From a policy perspective, the research also highlights industry harmonization, improve disclosure quality, and ensure
readiness for the mandatory adoption of IFRS S1 and S2, which industry readiness for sustainability reporting obligations that
will become effective in Indonesia on 1 January 2027. These two are increasingly integrated into business decision-making
standards, issued by the International Sustainability Standards processes.
Board (ISSB), govern the disclosure of sustainability-related
financial risks and opportunities (IFRS S1) and climate-related
risks (IFRS S2). Companies are granted a transition period
to adjust their systems, processes, and reporting capacities,
including through the development of the Draft Exposure of
the Sustainability Disclosure Standards Guidelines (DE PSPK 1
and 2) by the Indonesian Institute of Accountants (IAI).
Dissemination of Sustainability Research Findings and Policy Advocacy
The research findings have been disseminated publicly through Mandiri Institute’s official portals and publications, making
them accessible to regulators, industry practitioners, academics, and other stakeholders. This dissemination aims to enhance
understanding of global standard developments, sustainability reporting challenges, and their implications for the financial
sector and the broader business community.
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 401
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Sustainability Performance Data
Economics
Description Unit 2025 2024 2023 Standard
Overview of Economic Performance
Target IDR billion 174,905,701 163,299,965 144,196,848
Operating Income*
Realization IDR billion 164,962,881 164,331,290 146,266,161
Target IDR billion 57,033,978 55,182,160 44,267,871
Net Profit***
Realization IDR billion 56,293,950 55,782,742 55,060,057
Total Aset IDR billion 2,708,005,454 2,358,450,957 2,125,491,985
Total Assets
Realization IDR billion 2,829,948,026 2,427,223,262 2,174,219,449
[GRI 2-6]
Target IDR billion 2,406,647,210 2,077,897,395 1,878,497,522 [OJK B.1.A.
Total Liabilities
Realization IDR billion 2,536,197,000 2,143,426,000 1,913,367,000 B.1.B. B.1.C.
C.3.A. F.2]
Target IDR billion 1,873,661,725 1,566,975,656 1,340,695,591
Bank Loans/Financing
Realization IDR billion 1,894,985,000 1,670,547,000 1,398,071,000
Target IDR billion 1,973,813,361 1,718,291,200 1,562,493,526
Third Party Fund****
Realization IDR billion 2,105,764,151 1,698,896,916 1,576,949,619
Target IDR billion 59,812,076 55,182,160 44,267,671
Operating Expenses**
Realization IDR billion 58,202,431 60,053,557 48,256,541
Notes:
*Interest income, Sharia income, premium income (for 2024), and insurance income – net (for 2025)
** Interest expenses, Sharia expenses (for 2025), and claim expenses (for 2024)
*** Excluding profit for the year attributable to non-controlling interests
**** Including temporary syirkah funds
Description Unit 2025 2024 2023 Standard
Kinerja Ekonomi (Consolidated)
Interest income IDR million 139,649,437 129,638,641 113,747,621
Sharia income IDR million 24,763,029 21,597,386 18,796,849
Premium income IDR million - 13,095,263 13,721,691 [GRI 201-1]
Insurance Income - Net IDR million 550,415 - - [OJK B.1.A.
Gains on sale of securities and government B.1.B. B.1.C.
IDR million 463,146 150,297 125,295 F.2]
bonds
Profit from sale of fixed assets IDR million 2,277 2,835 8,624
Income from fees and other commissions IDR million 27,553,414 23,447,520 20,148,410
402 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Standard
Income from fair value through profit or loss
IDR million 6,343,482 4,483,298 3,473,796
- net
Other income IDR million 14,105,539 14,240,197 16,900,640
IDR
Economic value generated 213,430,739 206,655,437 186,922,926
million
Other operating expenses*) IDR million (31,566,977) (36,062,794) (23,833,452)
Employee salaries and benefits IDR million (26,635,454) (23,990,763) (24,423,089)
[GRI 201-1]
Payments to providers of capital IDR million (61,808,691) (60,053,557) (48,256,541)
[OJK B.1.A.
Dividend payments to shareholders**) IDR million (43,510,539) (33,036,034) (24,702,382)
B.1.B. B.1.C.
Payments to government (taxes, levies, etc.)
IDR million (15,071,430) (15,238,365) (14,633,011) F.2]
***)
Procurement of goods and services IDR million (7,700,818) (8,380,230) (6,086,960)
Community expenditures IDR million (251,100) (250,030) (174,600)
IDR
Economic value distributed (171,473,579) (177,011,773) (142,110,035)
million
IDR
Economic value retained 41,957,160 29,643,664 44,812,891
million
Notes:
*) Interest incomE. sharia incomE. and premium income
**) Interest expenses, sharia expenses, and net premiums
***) Excluding current year profit attributable to non-controlling interests
Description Unit 2025 2024 2023 Standard
Performance Ratios****
Minimum Capital Adequacy Ratio (CAR) % 19.36 20,10 21,48
Non-performing productive assets and non-
productive assets to total productive and non- % 0.69 0,68 0,68
productive assets
Non-performing productive assets to total
% 0.67 0,67 0,68
productive assets
Allowance for Impairment Losses (AIL) on
% 1.95 2,32 2,87
financial assets to productive assets
Gross Non-Performing Loan (NPL) % 0.96 0,97 1,02 [GRI 2-6]
Net Non-Performing Loan (NPL) % 0.40 0,33 0,29 [OJK B.1.A.
Return on Assets (ROA) % 3.19 3,59 4,03 C.3.A. F.2]
Return on Equity (ROE) % 23.15 24,19 27,31
Net Interest Margin (NIM) % 4.59 4,93 5,25
Efficiency Ratio (BOPO) % 60.23 56,46 51,88
Loan to Deposit Ratio (LDR) % 88.92 98,04 86,75
Liquidity Coverage Ratio (LCR)
a. Individual LCR % 137.40 139,21 176,24
b. Consolidated LCR % 140.19 140,64 169,58
Notes:
**** Hanya Bank
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 403
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Description Unit 2025 2024 2023 Standard
Banking Access
Branch Offices Unit 2,153 2,054 2,104 [GRI 2-6]
Overseas Offices Unit 7 7 7 [OJK C.3.d]
[GRI G4
ATMs Unit 12,998 12,892 12,906
FS14]
Description Unit 2025 2024 2023 Standard
Digital Banking
E-Channel List
Number of
Million 24.7 14.9 13.2
Users
Number of
Livin’ by Mandiri Apps Billion 4.7 3.9 2.2
Users
Nominal
IDR trillion 4,447 4,025 3,261
Transaction
Number of
Billion 1.00 1.04 1.04
Users
ATM
Nominal
IDR trillion 699.4 772.0 774.9 [GRI 2-6]
Transaction [OJK B.1.A.
Number of C.4, F.26,
Prepaid Card Million 10 8.7 15.7 F.27]
Active Cards
Number of
Thousand 314.0 198.0 201.3
Merchants
Number of
EDC Million 499.9 328.1 262.9
Users
Nominal
IDR trillion 233.6 148.5 136.4
Transaction
Jumlah
Smart Branch Unit 244 241 249
Cabang
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Description Unit 2025 2024 2023 Standard
Types and Number of Products that Meet the Sustainable Business Activity Criteria
Types of Products that Meet the Sustainable Type Type of Type of Type of [GRI 2-6]
Business Activity Criteria Sustainable Sustainable Sustainable [OJK B.1.A.
Financing: Financing: Financing: B.1.D. C.4,
• Green Portfolio • Green Portfolio • Green Portfolio F.3, F.26,
• Social Portfolio • Social Portfolio • Social Portfolio F.27]
Sustainable Sustainable Sustainable
Products: Products: Products:
• Green Loan • Green Loan • Green Loan
• Sustainability • Sustainability • Sustainability
Linked Loan Linked Loan Linked Loan
• Corporate- • Corporate- • Corporate-
in-Transition in-Transition in-Transition
Financing Financing Financing
• Green • Green • Green
Mortgage Mortgage Mortgage
Sustainable Sustainable Sustainable
Funding: Funding: Funding:
• Sustainability • Sustainability • Sustainability
Bond Bond Bond
• Green Bond • Green Bond • Green Bond
• ESG Repo • ESG Repo • ESG Repo
Description Unit 2025 2024 2023 Standard
Number of Products that Meet the Sustainable Business Activity Criteria
a. Sustainable Funding Unit 5 3 3
1. Deposits (DPK) Unit 0 0 0
2. Securities Unit 4 2 2
[GRI 2-6] [OJK
3. Others Unit 1 1 1
B.1.A. B.1.D. C.4,
b. Sustainable Financing Unit 1 3 3
F.3, F.26, F.27]
1. Loans / Financing Unit 1 3 3
2. Securities Unit 0 0 0
3. Others Unit 0 0 0
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Description Unit 2025 2024 2023 Standard
Nominal Value of Products and/or Services Meeting the Criteria for Sustainable Business Activities
a. Funding IDR billion 28,341 17,876 17,318
1. Deposits (DPK) IDR billion 0 0 0
2. Issued Securities IDR billion 20,003 9,829 9,619
3. Others IDR billion 8,338 8,047 7,699 [GRI 2-6] [OJK
b. Financing IDR billion 1,668 2,020 4,151 B.1.A. C.4, F.3]
1. Loans / Financing IDR billion 1,668 2,020 4,151
2. Securities Held IDR billion 0 0 0
3. Others IDR billion 0 0 0
Description Unit 2025 2024 2023 Standard
Total Productive Assets for Sustainable Business Activities
a. Total Loans/Financing for Sustainable Target IDR billion 294,250
Business Activities Realization IDR billion 315,841 292,507 264,080
b. Total Non-Loans/Financing for
Realization IDR billion 1,180,137 1,018,272 821,707 [GRI 2-6] [OJK
Sustainable Business Activities
B.1,A. C.4, F.3]
Percentage of Total Loans/Financing for
Sustainable Business Activities to Total % 21.11 22,32 24,30
Bank Loans/Financing
Description Unit 2025 2024 2023 Standard
Sustainable Business Activity Financing Portfolio
Categories of Sustainable Business Activities
Renewable Energy IDR billion 12,876 11,773 9,727
Energy Efficiency IDR billion - - -
Pollution Prevention and Control IDR billion - - -
Sustainable Management of Natural Resources and
IDR billion 115,662 111,432 102,413
Land Use
Conservation of Terrestrial and Aquatic Biodiversity IDR billion - - - [OJK B.1,D.
Clean Transportation IDR billion 10,299 7,545 3,926 B.1,E. F.3, F.26,
F.27] [GRI G4
Water and Wastewater Treatment IDR billion 5,789 1,176 1,171 FS8]
Climate Change Adaptation IDR billion - - -
Eco-Efficient Products that Reduce Resource Use
IDR billion 15,047 10,621 5,354
and Pollution
Green Buildings Meeting Standards/Certifications IDR billion 6,539 6,268 6,612
Other Environmentally Friendly Business Activities IDR billion 9,557 9,644 8,776
406 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Standard
Micro, Small, and Medium Enterprises (MSMEs)
IDR billion 140,072 133,548 126,101
Activities
[OJK B.1,D.
Total KKUB Portfolio IDR billion 315,841 292,507 264,080 B.1,E. F.3, F.26,
a. Green Portfolio IDR trillion 166 149 129 F.27] [GRI G4
FS7]
b. Social Portfolio IDR trillion 150 144 135
% Share of Sustainable Financing % 21.11 22,31 24,32
Description Unit 2025 2024 2023 Standard
Micro, Small, and Medium Enterprises (MSMEs) Activities
Palm Oil Plantations and CPO IDR billion 24,995 23,296 21,651
Retail Trade in FooD. Beverages, and Tobacco IDR billion 20,276 18,671 16,881
Hotels, Restaurants, and Accommodations IDR billion 12,009 11,054 9,971
Retail Trade in Household Equipment IDR billion 9,659 9,224 8,630
[GRI 2-6] [OJK
Agriculture IDR billion 5,786 5,520 5,722
B.1.A. B.1.D.
Non-Financial Business Services IDR billion 4,046 3,780 5,208 C.4, F.2 F.3]
Social Services and Institutions IDR billion 6,716 5,740 4,911 [FN-CB-240a.1.]
[FN-CB-240a.2.]
Land Transportation Services IDR billion 5,030 4,406 3,846
[GRI G4 FS7]
Livestock and Animal Feed IDR billion 4,377 3,989 3,756
Retail Trade in Textiles and Textile Products IDR billion 2,918 4,098 3,364
Others IDR billion 44,260 43,770 41,548
Total IDR billion 140,072 133,548 125,488
Description Unit 2025 2024 2023 Standard
Percentage of Total Sustainable Business Activity Portfolio to Total Portfolio (%)
a. Sustainable Funding
1. Deposits (DPK) % 0.00 0.00 0.00
2. Issued Securities % 47.07 36.13 23.47
b. Financing
1. Loans / Financing % 21.11 22.32 24.32
2. Securities Held % 0.00 0.00 0.00
Description Unit 2025 2024 2023 Standard
Sustainable Financing Products
Green Loan IDR trillion 3.8 3.78 3.50
Social Loan IDR trillion 0.25 0.25 - [GRI 2-6] [OJK
Corporate-in-Transition Financing IDR trillion - - 0.74 B.1.D. C.4, F.3,
Green Mortgage (KPR Hijau) IDR trillion 0.71 0.58 - F.26, F.27]
Sustainability-Linked Loan IDR trillion 4.11 3.02 0.65
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Description Unit 2025 2024 2023 Standard
Sustainable Funding
Sustainability Bond USD million 300 300 300 [GRI 2-6] [OJK
Sustainability Bond (Rupiah) IDR billion 5 - - B.1,A. B.1,D. C.4,
Green Bond (Phase I) IDR billion 5 5 5 F.3, F.26, F.27]
Green Bond (Phase II) IDR billion 5 - -
ESG Repo USD million 500 500 500
Description Unit 2025 2024 2023 Standard
Sustainable Investments
Green Sukuk IDR billion 4,483 3,116 3,047
Green Bond IDR billion 88 292 180 [GRI 2-6] [OJK
B.1,A. B.1,D. C.4,
ESG-Based Mutual Funds IDR billion N/A 3,540 17
F.2, F.3, F.26,
Electric Vehicle Financing IDR billion 1,282 910 393 F.27]
Solar Panel Financing IDR billion N/A N/A 0,61
Description Unit 2025 2024 2023 Standard
Local Engagement
Number of Local Suppliers Suppliers 1,076 1,036 986
Proportion of Local Suppliers % 98.18 98.39 98.38 [GRI 204-1]
Value of Local Purchases IDR trillion 7.70 8.22 5.45 [OJK B.1,e]
Percentage of Local Purchases % 99.49 98.05 99.29
Description Unit 2025 2024 2023 Standard
Number of Customers with ISPO and/or RSPO Certification
Certified Debtors 23 56 66
Corporate
In Progress Debtors 24 7 11
Certified Debtors 176 155 241
Commercial [GRI G4 FS10]
In Progress Debtors 83 111 60
Certified Debtors 199 211 307
Total
In Progress Debtors 107 118 71
Description Unit 2025 2024 2023 Standard
Outstanding Loan Balance of Customers with ISPO and/or RSPO Certification
Certified IDR million 21,095 54,645 48,141
Corporate
In Progress IDR million 1,496 874 8,820
Certified IDR million 46,869 35,021 49,168
Commercial [GRI G4 FS11]
In Progress IDR million 5,621 19,646 4,461
Certified IDR million 67,964 89,666 97,309
Total
In Progress IDR million 7,118 20,520 13,281
408 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 Standard
Loan Portfolio by Sector
Commercial – Others % 0.2 20.80
Retail – Others % 24.5 20.20
Manufacturing % 12.2 10.20
Hotels, Restaurants, and Entertainment % 11.1 9.00
Agriculture % 9.6 8.30
Commercial and Professional Services % 9.1 6.80 [GRI G4 FS6]
Logistics and Mining % 9.0 6.10
Real Estate % 6.2 5.60
Transportation % 7.8 5.40
Services % 6.6 4.60
Others % 3.8 2.90
Environment
Baseline
Description Unit 2025 2024 2023 Standard
(2019)
Direct Energy Consumption
GJ 849,889 863,024 1,040,756 1,140,603
Energy Consumption (Electricity) [GRI 302-1,
kWh 236,080,206 239,728,902 289,099,056 316,834,209
302-2] [OJK
GJ 763,822 642,865 599,749 906,514
Energy Consumption (Fuels) F.6] [IDX
Liter 22,268,134 18,741,519 18,174,242 27,470,129 E-03]
Total Energy Consumption GJ 1,613,711 1,505,889 1,640,505 2,047,117
Notes:
• *Electricity consumption is calculated by dividing the total electricity cost (IDR) by the tariff per kWh, then converting the result into gigajoules (GJ) using The
Greenhouse Gas Protocol Initiative (2004).
• Fuel consumption (Pertamax) is calculated by dividing the total purchase cost (IDR) by the price per liter, then converting the result into GJ.
Baseline
Description Unit 2025 2024 2023 Standard
(2019)
Energy Intensity
GJ/ [GRI 302-3]
Energy Consumption Intensity 21.55 20.03 21.68 25.99
Employees [OJK F.6]
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 409
Page 410
Baseline
Description Unit 2025 2024 2023 Standard
(2019)
Reduction in Energy Consumption (Bank Only)
Total Energy Consumption Reduction [GRI 302-4, 302-
GJ -433,406 -541,228 -406,612 2,047,117
from 2019 Baseline 5] [OJK F.7]
Baseline
Description Unit 2025 2024 2023 Standard
(2019)
Greenhouse Gas (GHG) Emissions from the Company (Bank Only)
[GRI 305-1, 305-
Direct GHG Emissions (Scope 1) ton CO2e 52,816 46,741 43,077 75,640
5] [IDX E-01]
[GRI 305-2,
Indirect GHG Emissions (Scope 2) ton CO2e 190,920 192,853 252,636 283,113
305-5]
[OJK F.11] [FN-
Total GHG Emissions ton CO2e 243,736 239,594 295,713 358,753
CB-410b.1]
GHG Emissions Coverage % 100 100 100
Baseline
Description Unit 2025 2024 2023 Standard
(2019)
Percentage of Greenhouse Gas Emissions from the Company (Bank Only)
[GRI 305-1,
Direct GHG Emissions (Scope 1) % 21.67 19.51 14.57 21.08
305-5]
[GRI 305-2,
Indirect GHG Emissions (Scope 2) % 78.33 80.49 85.43 78.92
305-5]
Total GHG Emissions % 100.00 100.00 100.00 100.00 FN-CB-410B.3,
Baseline
Description Unit 2025 2024 2023 Standard
(2019)
Emission Intensity per Employee (Bank Only)
[GRI 305-4]
tCO2e/
Scope 1 & 2 GHG Emissions Intensity 3.3 3.2 3.9* 4.6* [OJK F.11] [IDX
Employees
E-02]
Notes:
*there is restatement of emission intensity calculation
Description Unit 2025 2024 2023 Baseline Standard
Other Indirect Emissions (Scope 3)
Category 1: Purchased goods and services ton CO2e 431 N/A N/A N/A
Category 6: Business travel ton CO2e 4,440 N/A N/A N/A [GRI 305-3] [FN-
CB-410b.1]
Category 15: Financed emissions ton CO2e 4,871 N/A N/A N/A
410 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Baseline Standard
Financed Emissions by Asset Class
Loan Asset
Commercial Real Estate Million tCO2e 0.1 0.2 0.3
Project Finance* Million tCO2e 0.7 0.5 0.6
Business Loans** Million tCO2e 14.0 12.3 10.7
[FN-CB-410b.2]
Sovereign Loans Million tCO2e 2.4 1.8 1.1
[GRI 305-3]
Mortgages Million tCO2e 0.5 0.4 0.4
Motor Vehicle Loans Million tCO2e 0.3 0.4 0.4
Total Loan Asset Million tCO2e 18.0 15.6 13.5
Other Asset
Sovereign Bonds Million tCO2e 2.2 3.7 4.5
Corporate Bonds Million tCO2e 0.1 0.1 0.1
[GRI 305-3]
Total Other Asset Million tCO2e 2.3 3.8 4.6
Total Financed Emissions Million tCO2e 20.3 19.4 18.1
Description Unit 2025 2024 2023 Baseline Standard
Scope 3 Emissions Intensity (Financed tCO2e
23.12 26.40 31.83
Emissions) /IDR billion [GRI 305-4]
Financed Emissions Portfolio Coverage % 60.9 56.1 44.4
Notes:
*Project Finance includes power generation projects
** Business Loans are based on emissions data reported by debtors
Description Unit 2025 2024 2023 Baseline Standard
Absolute Emissions by Sector
Oil & Gas Million tCO2e 3.14 1.22 1.38
Power Generation Million tCO2e 2.27 2.23 2.38
Coal Million tCO2e 1.04 0.63 0.55
FMCG Million tCO2e 1.03 1.02 0.44
Chemicals & Petrochemicals Million tCO2e 0.92 0.89 0.49 [GRI 305-3] [FN-
Agriculture Million tCO2e 0.87 0.92 0.60 CB-410b.2]
Iron & Steel Million tCO2e 0.77 1.00 1.59
Non-ferrous Mining Million tCO2e 0.60 0.53 N/A
Livestock Million tCO2e 0.60 1.52 1.01
Construction Million tCO2e 0.42 0.37 0.33
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 411
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Description Unit 2025 2024 2023 Baseline Standard
Emission Intensity by Sector
Cement tCO2e/IDR billion 375.3 385.6 310.3
Livestock tCO2e/IDR billion 224.3 381.9 320.6
Oil & Gas tCO2e/IDR billion 148.4 80.0 185.2
Power Generation tCO2e/IDR billion 88.7 99.0 152.5
Iron & Steel tCO2e/IDR billion 75.2 94.4 124.9 [GRI 305-4]
Chemicals & Petrochemicals tCO2e/IDR billion 65.9 83.9 35.5 [OJK F.11]
Healthcare tCO2e/IDR billion 52.7 4.8 18.2
Shipping tCO2e/IDR billion 45.5 42.2 42.2
Pulp & Paper tCO2e/IDR billion 35.4 97.9 33.9
Agriculture tCO2e/IDR billion 31.0 26.6 22.8
Description Unit 2025 2024 2023 Baseline Standard
Total GHG Emissions
Direct GHG Emissions (Scope 1) ton CO2e 52,816 46,741 43,077 75,640
Indirect GHG Emissions (Scope 2) ton CO2e 190,920 192,853 252,636 283,113
Other Indirect GHG Emissions [GRI 305-1, 305-
ton CO2e 20,327,453 19,352,365 18,074,287
(Scope 3) 2, 305-3, 305-5]
- Financed Emissions ton CO2e 20,322,582 19,352,365 18,074,287 [OJK F.11] [FN-
- Non-Financed Emissions ton CO2e 4,871 0.00 0.00 CB-410b.1]
Emissions Reduction ton CO2e - - -
Total GHG Emissions ton CO2e 20,571,189 19,591,959 18,370,000 362,863
Description Unit 2025 2024 2023 Baseline Standard
Water Withdrawal and Usage (Bank Only)
Water Usage from Third Parties m3 651,084 574,376 560,911 410,316
[GRI 303-3, 303-
Recycled Water Usage m 3
62,367 88,788 141,106 104,372
5] [OJK F.8] [IDX
Total Water Usage m3 713,451 663,164 702,017 514,688
E-04]
% of Recycled Water Use % 9 13 20 20
Notes:
*Project Finance includes power generation projects.
**Business Loans are based on emissions data reported by debtors.
412 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Baseline Standard
Waste Management by Licensed Third Parties
Hazardous Waste* kg 525 196 1,520
Domestic Waste** kg 203,045 151,858 N/A [GRI 303-4,
Total Waste Disposed ton 204 152 111 306-3] [OJK B.2,
Liquid Waste*** m3 88,74 81,400 100,200 F.13. F.14, F.15]
Liquid Waste Treated through Reverse [IDX E-05]
m3 25,845 32,134 31,610
Osmosis****
Baseline
Description Unit 2025 2024 2023 Standard
(2019)
Waste Generation by Management Method
Managed by third party kg 203,045 151,858 N/A [GRI 306-4, 306-5]
Notes:
*Scope: Plaza Mandiri
** Scope: Menara Mandiri, Sentra Mandiri, Plaza Mandiri
*** Scope: Plaza Mandiri
**** Scope: Plaza Mandiri
Baseline
Description Unit 2025 2024 2023 Standard
(2019)
Paper Usage
Printing Paper Rim 146,819.2 128,299.6 110,057.3
[OJK F.5]
Printing Paper kg 366,284.7 300,076.8 240,249.5
Notes:
There is a restatement of paper usage data due to adjustments in the calculation methodology. The conversion of paper quantity to weight was based on an assumed
specification of A4 paper – 70 gsm.
Description Unit 2025 2024 2023 Baseline Standard
Environmental Costs [OJK F.4]
Solar Panel Installation IDR - 1,400,000,000 - [OJK F.4]
Upgrading and Repairing RO Water
IDR - - - [OJK F.4]
Recycling Systems
CSR Activities in Nature and [OJK F.4,
IDR 58,200,000,000 52,510,000,000 22,500,000,000
Environmental Conservation F.25]
LED Installation IDR - - 2,250,000,000 [OJK F.4]
RVM Program IDR 198,000,000 198,000,000 N/A [OJK F.4]
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 413
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Description Unit 2025 2024 2023 Baseline Standard
Energy Reduction Initiatives
Green Building Certified Offices Unit 3 3 1
Smart Branches Unit 244 241 241 [GRI 302-4,
Solar Panels Unit 870 870 727 305-5] [OJK
Operational Vehicles Using Electric F.7, F.12]
Unit 521 404 136
Vehicles
Social
Employment
Description Unit 2025 2024 2023 Standard
Number of Board of Commissioners and Directors
Male People 6 9 9
Board of Commissioners
Female People 1 1 2
[GRI 405-1]
Male People 10 10 9
Board of Directors
Female People 2 2 3
Number of Employees by Nationality
Male People 18,444 18,504 18,565
Indonesia
Female People 20,288 20,369 20,374
Male People 0 1 1
India [GRI 2-7]
Female People 0 0 0
Male People 18,444 18,505 18,566
Total
Female People 20,288 20,369 20,374
Number of Employees by Age Group
Male People 5,256 4,404 4,390
< 30 years [GRI 2-7,
Female People 6,714 5,581 5,729
405-1]
Male People 11,829 12,610 12,479
30 – 50 years [C.3,b]
Female People 12,687 13,881 13,715
Male People 1,359 1,491 1,697
> 50 years [GRI 2-7,
Female People 887 907 930
405-1]
Male People 18,444 18,505 18,566
Total [C.3,b]
Female People 20,288 20,369 20,374
414 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Standard
Number of Employees by Employment Status
Male People 16,459 16,616 16,601
Permanent Employees
Female People 17,170 17,590 17,762
Male People 1,799 1,713 1,721
Contract Employees
Female People 2,926 2,636 2,416
Male People 186 176 244
Trainees
Female People 192 143 196 [GRI 2-7,
Total Organic Employees (Permanent, Male People 18,444 18,505 18,566 2-8, 405-1]
Contract, and Trainees) Female People 20,288 20,369 20,374 [C.3,b] [IDX
Male People 25,613 25,834 26,428 S-04]
Outsourced Workers
Female People 6,971 7,235 25,975
Male People 810 827 787
Kriya
Female People 2,782 2,545 2,107
Male People 44,867 45,166 45,781
Total
Female People 30,041 30,149 48,366
Number of Employees by Education Level
Male People 7 12 11
Doctoral Degree (PhD)
Female People 2 1 2
Male People 1,214 1,189 1,194
Master’s Degree
Female People 776 770 730
Male People 16,253 16,188 16,038
Bachelor’s Degree and Equivalent
Female People 18,605 18,506 18,342
Male People 437 512 588
Diploma [GRI 2-7,
Female People 814 973 1,130
2-8, 405-1]
Male People 530 599 725
Senior High School [C.3,b]
Female People 91 119 170
Male People 3 5 10
Junior High School
Female People 0 0 0
Male People 0 0 0
Elementary School
Female People 0 0 0
Male People 18,444 18,505 18,566
Total
Female People 20,288 20,369 20,374
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 415
Page 416
Description Unit 2025 2024 2023 Standard
Number of Employees by Work Location
Male People 921 989 1,057
Region I/Sumatra 1
Female People 1,184 1,232 1,298
Male People 1,160 1,197 1,248
Region II/Sumatra 2
Female People 1,346 1,369 1,391
Male People 795 847 871
Region III/Jakarta 1
Female People 1,435 1,542 1,621
Male People 698 742 787
Region IV/Jakarta 2
Female People 1,496 1,596 1,647
Male People 685 741 793
Region V/Jakarta 3 [GRI 2-7,
Female People 1,298 1,364 1,385
2-8, 405-1]
Male People 928 1,004 1,072
Region VI/Java 1 [C.3,b]
Female People 1,174 1,238 1,266
Male People 1,068 1,176 1,283
Region VII/Java 2
Female People 1,361 1,421 1,486
Male People 1,072 1,179 1,281
Region VIII/Java 3
Female People 1,652 1,737 1,780
Male People 738 818 882
Region IX/Kalimantan
Female People 915 978 1,027
Male People 829 918 991
Region X/Sulawesi and Maluku
Female People 1,078 1,125 1,164
Male People 497 538 575
Region XI/Bali and Nusa Tenggara
Female People 634 637 637
Male People 243 284 313
Region XII/Papua
Female People 373 391 431
Male People 27 27 27
Overseas Offices [GRI 2-7,
Female People 5 5 5
2-8, 405-1]
Male People 62 60 69 [C.3,b]
Subsidiaries
Female People 17 19 16
Male People 8,721 7,985 7,317
Head Office
Female People 6,320 5,715 5,220
Male People 18,444 18,505 18,566
Total
Female People 20,288 20,369 20,374
416 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Standard
Number of Employees by Organizational Management Level
Male People 112 117 113
Top Management
Female People 38 38 33
Male People 718 721 714
Middle Management
Female People 287 285 263
[GRI 2-7,
Male People 9,872 9,413 9,000
Junior Management 2-8, 405-1]
Female People 8,616 8,287 7,935
[C.3,b]
Male People 7,742 8,254 8,739
Non Management
Female People 11,347 11,759 12,143
Male People 18,444 18,505 18,566
Total
Female People 20,288 20,369 20,374
Number of Employees by Age Group and Organizational Management Level
Board of Commissioners
Male People 0 0 0
18-24
Female People 0 0 0
Male People 0 0 0
25-34
Female People 0 0 0 [GRI 2-7,
Male People 0 2 1 405-1]
35-44
Female People 0 0 0 [C.3.b] [IDX
Male People 0 0 0 S-01, S02]
45-54
Female People 0 0 1
Male People 6 9 10
>54
Female People 1 1 1
Board of Directors
Male People 0 0 0
18-24
Female People 0 0 0
Male People 0 0 0
25-34
Female People 0 0 0
Male People 2 0 0
35-44
Female People 0 0 0
Male People 1 4 3
45-54
Female People 2 2 2
Male People 7 6 6
>54
Female People 0 0 1
Description:
Top Management: BOD-1 Middle Management: BOD-2 Junior Management: BOD-3
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 417
Page 418
Description Unit 2025 2024 2023 Standard
Top Management
Male People 0 0 0
18-24
Female People 0 0 0
Male People 0 0 0
25-34
Female People 0 1 1 [GRI 2-7,
Male People 29 28 25 405-1]
35-44
Female People 15 9 11 [C.3,b] [IDX
Male People 51 69 67 S-02]
45-54
Female People 14 23 19
Male People 32 20 21
>54
Female People 9 5 2
Middle Management
Male People 0 0 0
18-24
Female People 0 0 0
Male People 50 45 32
25-34
Female People 32 27 21 [GRI 2-7,
Male People 343 332 318 405-1]
35-44
Female People 139 131 107 [C.3,b] [IDX
Male People 291 311 313 S-02]
45-54
Female People 109 113 120
Male People 34 33 51
>54
Female People 7 14 15
Junior Management
Male People 673 667 503
18-24
Female People 579 580 441
Male People 3,741 3,694 3,754
25-34
Female People 3,119 3,106 3,214 [GRI 2-7,
Male People 3,760 3,434 3,102 405-1]
35-44
Female People 3,427 3,247 3,001 [C.3,b] [IDX
Male People 1,520 1,498 1,505 S-02]
45-54
Female People 1,386 1,282 1,195
Male People 178 120 136
>54
Female People 105 72 84
418 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Standard
Non Management
Male People 658 578 613
18-24
Female People 1,338 1,134 1,087
Male People 4,016 4,745 5,424
25-34
Female People 6,740 7,558 8,258 GRI 2-7,
Male People 2,499 2,234 1,829 405-1]
35-44
Female People 2,810 2,545 2,206 [C.3.b] [IDX
Male People 462 595 717 S-02]
45-54
Female People 411 462 520
Male People 107 102 156
>54
Female People 48 60 72
Percentage of Diversity in The Highest Governance Bodies and Employees
Description Unit 2025 2024 2023 Standard
Percentage of the Board of Commissioners and Board of Directors by Gender
Male % 84.21 86.36 87.26
[GRI 405-1]
Female % 15.79 13.64 21.74
Percentage of the Board of Commissioners and Board of Directors by Age Group
< 30 years % 0
30-50 years % 21.05 [GRI 405-1]
> 50 years % 78.95
Percentage of the Board of Commissioners and Board of Directors by Nationality
Indonesia % 100.00 [GRI 405-1]
Percentage of Employees by Gender
Male % 47.62 47.60 47.68
[GRI 405-1]
Female % 52.38 52.40 52.32
Percentage of Employees by Position Level
Top Management % 0.39 0.40 0.37
Middle Management % 2.59 2.59 2.51
[GRI 405-1]
Junior Management % 47.73 45.53 43.49
Non Management % 49.28 51.48 53.63
Percentage of Employees by Age Group
< 30 years % 30.90 25.69 25.69
30-50 years % 63.30 68.15 68.15 [GRI 405-1]
> 50 years % 5.80 6.17 6.17
Percentage of Employees by Nationality
Indonesia % 100.00
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 419
Page 420
Description Unit 2025 2024 2023 Standard
Percentage of Employees by Education Level
Doctoral Degree (PhD) % 0.02 0.03 0.03
Master’s Degree % 5.14 5.04 4.94
Bachelor’s Degree and Equivalent % 90.00 89.25 88.29
[GRI 405-1]
Diploma % 3.23 3.82 4.41
Senior High School % 1.60 1.85 2.30
Junior High School % 0.01 0.01 0.03
Percentage of Female Employees
Female employees across all management
levels (including junior, middlE. and top % 45.78 46.65
management)
Female employees at junior management level % 46.60 46.82
[GRI 405-1]
Female employees at top management level % 25.33 24.52
Female employees in revenue-generating functions % 48.28 50.00
Female employees in STEM-related positions (SciencE.
% 45.52 45.65
Technology, EngineerinG. and Mathematics)
Description:
Top Management: BOD-1 Middle Management: BOD-2 Junior Management: BOD-3
Employees with Disabilities
Description Unit 2025 2024 2023 Standard
Number of Employees with Disabilities
Organic People 14 15 15
Skilled Workers People 14 4 9
[GRI 405-1]
Outsourced Workers People 8 72 8
Total People 36 91 32
Number and Percentage of Employees with Disabilities by Gender
People 27 74 23
Male
% 81.91 81.32 71.87
People 9 17 9
Female [GRI 405-1]
% 18.08 18.68 28.12
People 36 91 32
Total
% 100.00 100.00 100.00
Types of Disabilities
Hearing Impairment People 4 4 3
Physical Disability People 32 18 29
Visual Impairment People 0 7 0
[GRI 405-1]
Speech Impairment People 0 1 0
Other Disabilities People 0 61 0
Total People 36 91 32
420 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Standard
Types of Jobs
Call Center People 25 15 19
Back Office People 10 31 9
Front Office People 0 23 2
[GRI 405-1]
Fields People 0 20 0
IT People 1 2 2
Total People 36 91 32
Remuneration
Description Unit 2025 2024 2023 Standard
Average Salary by Position and Gender
Male IDR/month 89,552,507 89,168,843
Top Management
Female IDR/month 91,806,910 104,022,441
Male IDR/month 43,497,978 44,923,940
Middle Management
Female IDR/month 42,608,536 44,496,587 [GRI 405-
Male IDR/month 16,689,733 16,788,693 2]
Junior Management
Female IDR/month 16,268,848 16,266,629
Male IDR/month 6,799,893 6,799,640
Non Management
Female IDR/month 6,687,750 6,753,421
Ratio of Average Female Employee to Male Employee Salary by Position
Top Management Ratio 1.03 1.17
Middle Management Ratio 0.98 0.99 [GRI 405-
Junior Management Ratio 0.97 0.97 2]
Non Management Ratio 0.98 0.99
Average Gender Pay Gap by Position
Top Management % 3.00 16.70
Middle Management % 2.00 1.00 [GRI 405-
Junior Management % 3.00 3.10 2]
Non Management % 2.00 0.70
Median Gender Pay Gap by Position
Top Management % 3.20 13.90
Middle Management % 3.20 0.60 [GRI 405-
Junior Management % 0.90 3.60 2]
Non Management % 1.50 1.50
Description:
Top Management: BOD-1 Middle Management: BOD-2 Junior Management: BOD-3
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 421
Page 422
Pay Indicators
Description Unit 2025 2024 2023 Standard
Average Salary + Other Incentives (Allowances)
Male IDR 108,872,385 90,289,259
Top Management
Female IDR 105,931,049 104,773,551
Male IDR 50,189,974 44,923,940
Middle Management
Female IDR 49,163,696 44,496,587
[GRI 405-2]
Male IDR 19,257,384 16,788,693
Junior Management
Female IDR 18,771,747 16,266,629
Male IDR 7,846,031 6,799,640
Non Management
Female IDR 7,716,635 6,753,421
Description:
Top Management: BOD-1 Middle Management: BOD-2 Junior Management: BOD-3
Human Capital Return on Investment
Description Unit 2025 2024 2023 Standard
Human Capital Return on Investment
a. Total Revenue IDR 115,298
b. Total Operating Expenses IDR 47,492
c. Total Employee-Related Expenses IDR 17,503 [GRI 405-2]
HCROI Result (a-(b-c))/c Value 4.87
Total Number of Employees People 38,732
Annual Total Compensation
Description Unit 2025 2024 2023 Standard
Annual Total Compensation Ratio
Ratio of annual total compensation
of the highest-paid individual to the
median annual total compensation of all Ratio 31.54 34.06
employees (excluding the highest-paid
individual)
Percentage increase in the annual total [GRI 2-21]
compensation ratio of the highest-paid
individual compared to the median
% -7 15.62
annual total compensation of all
employees (excluding the highest-paid
individual)
422 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 423
Employee Recruitment
Description Unit 2025 2024 2023 Standard
Number of New Hires by Age Group and Gender
Male People 1,099 671 1,109
< 30 years
Female People 1,523 649 1,494
Male People 67 615 117
30 – 50 years
Female People 22 499 47
[GRI 401-1]
Male People 5 3 16
> 50 years
Female People 1 0 2
Male People 1,171 1,289 1,242
Total
Female People 1,546 1,148 1,543
Number of New Hires by Work Location
Male People 48 60 48
Region I/Sumatra 1
Female People 98 46 114
Male People 85 82 123
Region II/Sumatra 2
Female People 129 61 112
Male People 62 48 23
Region III/Jakarta 1
Female People 91 66 61
Male People 55 41 27
Region IV/Jakarta 2
Female People 104 85 97
Male People 37 38 28
Region V/Jakarta 3
Female People 83 70 55
Male People 44 53 77
Region VI/Java 1
Female People 82 59 112
Male People 57 56 92
Region VII/Java 2
Female People 115 40 158
Male People 49 57 78
Region VIII/Java 3 {GRI 401-1]
Female People 103 54 179
Male People 36 47 30
Region IX/Kalimantan
Female People 54 39 55
Male People 34 73 66
Region X/Sulawesi and Maluku
Female People 83 53 111
Male People 27 37 46
Region XI/Bali and Nusa Tenggara
Female People 50 43 51
Male People 11 13 14
Region XII/Papua
Female People 29 20 22
Male People 0 0 0
Overseas Offices
Female People 0 0 0
Male People 626 684 590
Head Office
Female People 525 512 416
Male People 1,171 1,289 1,242
Total
Female People 1,546 1,148 1,543
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 423
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Description Unit 2025 2024 2023 Standard
Number of New Hires by Management Level
Male People 4 1 10
Top Management
Female People 1 0 3
Male People 0 0 9
Middle Management
Female People 0 0 1
Male People 478 910 490 [GRI 401-1]
Junior Management
Female People 368 676 337 [IDX S-01]
Male People 689 378 733
Non Management
Female People 1,177 472 1,202
Male People 1,171 1,289 1,242
Total
Female People 1,546 1,148 1,543
Number of New Hires by Nationality
Male People 1,171 1,289 1,242
Indonesia
Female People 1,546 1,148 1,542
Male People 0 0 0
India
Female People 0 0 1
Male People 1,171 1,289 1,242
Total
Female People 1,546 1,148 1,543
Employee Recruitment Costs
Average recruitment cost per employee IDR 4,041,356 4,378,859 4,378,859
Internal Recruitment
Internal Recruitment % 37.10 42.00 52.00
[GRI 401-1]
New Recruitment % 62.90 58.00 48.00
Description:
• Top Management: BOD-1 • Middle Management: BOD-2 • Junior Management: BOD-3
Employee Turnover
Description Unit 2025 2024 2023 Standard
Number of Employee Turnover by Age Group
Male People 205 176 181
< 30 years
Female People 339 276 265
Male People 691 429 387
30 – 50 years
Female People 1,103 740 629
[GRI 401-1]
Male People 344 491 429
> 50 years
Female People 186 242 157
Male People 1,240 1,096 997
Total
Female People 1,628 1,258 1,051
424 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Standard
Number of Employee Turnover by Work Location
Male People 65 55 50
Region I/Sumatra 1
Female People 92 94 89
Male People 72 54 43
Region II/Sumatra 2
Female People 107 78 63
Male People 67 65 75
Region III/Jakarta 1
Female People 150 129 88
Male People 62 56 60
Region IV/Jakarta 2
Female People 138 117 103
Male People 64 63 55
Region V/Jakarta 3
Female People 129 89 92
Male People 55 51 58
Region VI/Java 1
Female People 94 75 69
Male People 91 72 56
Region VII/Java 2
Female People 134 102 73
Male People 82 82 57
Region VIII/Java 3
Female People 116 96 73
{GRI 401-1]
Male People 63 38 36
Region IX/Kalimantan
Female People 94 78 64
Male People 50 51 47
Region X/Sulawesi and Maluku
Female People 92 77 59
Male People 32 28 31
Region XI/Bali and Nusa Tenggara
Female People 37 29 23
Male People 30 11 13
Region XII/Papua
Female People 41 32 28
Male People 1 0 0
Overseas Offices
Female People 0 0 0
Male People 3 1 4
Subsidiaries
Female People 0 1 2
Male People 503 469 412
Head Office
Female People 404 261 225
Male People 1,240 1,096 997
Total
Female People 1,628 1,258 1,051
Number of Employee Turnover by Management Level
Male People 25 21 14
Top Management
Female People 9 3 3
Male People 77 64 55
Middle Management
Female People 38 25 17
Male People 435 426 388 [GRI 401-1]
Junior Management
Female People 381 314 262 [IDX S-01]
Male People 703 585 540
Non Management
Female People 1,200 916 769
Male People 1,240 1,096 997
Total
Female People 1,628 1,258 1,051
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 425
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Description Unit 2025 2024 2023 Standard
Number of Employee Turnover by Nationality
Male People 1,240 1,096 997
Indonesia
Female People 1,628 1,258 1,051
[GRI 401-1]
Male People 1,240 1,096 997
Total
Female People 1,628 1,258 1,051
Description:
• Top Management: BOD-1 • Middle Management: BOD-2 • Junior Management: BOD-3
Employee Turnover Rate
Description Unit 2025 2024 2023 Standard
Voluntary Employee Turnover Rate
Total voluntary turnover rate % 3.53 2.63 2.68
Male % 1.40 1.05 1.07
Voluntary turnover rate by gender
Female % 2.12 1.59 1.62
<30 years % 0.84 0.82 0.92
Voluntary turnover rate by age group 30-50 years % 2.55 1.64 1.67
>50 years % 0.15 0.18 0.09 [GRI 401-1]
Top Management % 0.05 0.01 0.09
Voluntary turnover rate by management Middle Management % 0.17 0.05 0.09
level Junior management % 1.25 0.96 0.09
Non Management % 2.06 1.62 0.09
Voluntary turnover rate by nationality Indonesia % 3.53 2.63 2.68
Employee Turnover Rate
Total turnover rate % 7.40 6.06 5.26
Male % 3.20 2.82 2.56
Turnover rate by gender
Female % 4.20 3.24 2.70
<30 years % 1.40 1.16 1.15
Turnover rate by age group 30-50 years % 4.63 3.01 2.61
>50 years % 1.37 1.89 1.50 [GRI 401-1]
Top Management % 0.09 0.06 0.04
Middle Management % 0.30 0.23 0.18
Turnover rate by management level
Junior management % 2.11 1.90 1.67
Non Management % 4.91 3.86 3.36
Turnover rate by nationality Indonesia % 7.40 6.06 5.26
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Maternity Leave
Stan-
Description Unit 2025 2024 2023
dard
Employee Maternity Leave
Male People 13,063 13,463 13,743
Employees entitled to maternity leave
Female People 12,929 13,626 14,605
Male People 512 575 621
Employees who took maternity leave
Female People 835 829 1,152
Employees who returned to work after Male People 512 575 621 [GRI
401-3]
maternity leave Female People 835 829 1,152
[IDX
Male % 100.00 100.00 100.00
Return-to-work rate after maternity leave S-03]
Female % 100.00 100.00 100.00
Male % 100.00 100.00 100.00
Retention rate 12 months after returning from
maternity leave Female % 100.00 100.00 100.00
Employee Engangement
Description Unit 2025 2024 2023 Standard
Employee Engagement Survey
Employee engagement survey index % 90.48 89.93 89.65
Coverage of employee engagement
% 89.01 80.81 75.00
survey
Employee Absenteeism
Description Unit 2025 2024 2023 Standard
Employee Absenteeism Rate
Absenteeism rate based on total working % of Total
0.95 0.65 1.02
days Scheduled Days
Notes:
Absenteeism rate calculation includes permanent and contract employees. In 2025, Bank Mandiri set an employee absenteeism rate target of 1%, which was successfully
achieved. with the actual absenteeism rate remaining below the target.
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 427
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Training
Description Unit 2025 2024 2023 Standard
Debt Collection Policy Training
Number of training topics Title Unit 8 30 NR [GRI 404-2]
Number of participants People 756 3,399 NR [OJK F.22]
Customer Financial Protection Training
Number of training topics Title Unit 1 102 171 [GRI 404-2]
Number of participants People 53,456 10,260 26,288 [OJK F.22]
Marketing Training and Product Information
Number of training topics Title Unit 167 70 49 [GRI 404-2]
Number of participants People 3,485 1,013 18,152 [OJK F.22]
Data Security and Privacy Training
Number of training topics Title Unit 186 412 197 [GRI 404-2]
Number of participants People 42,697 81,929 87,793 [OJK F.22]
Code of Conduct and Ethics Standards Training
Number of training topics Title Unit 68 273 76 [GRI 404-2]
[OJK F.22]
Number of participants People 37,325 17,301 12,730
[FS4]
Average Training Hours
Description Unit 2025 2024 2023 Standard
Average Training Hours by Gender
Number of Training Participants Participant 19,141 19,119 18,894
Male Total Training Hours Hour 1,798,946 2,175,159 2,674,432
Average Training Hours Hour 93.98 113.78 136.60
Number of Training Participants Participant 21,233 20,916 20,623
Female Total Training Hours Hour 1,737,030 2,140,788 2,664,804 GRI 404-1]
Average Training Hours Hour 81.81 102.35 124.40 [OJK F.22]
[IDX S-05]
Number of Training
Participant 40,374 40,035 39,517
Participants
Total Total Training Hours Hour 3,535,976 4,315,947 5,339,236
Average Training Hours Hour 87.58 107.81 130.20
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Description Unit 2025 2024 2023 Standard
Average Training Hours by Job Level
Number of Training Participants Participant 6 10 12
Board of
Total Training Hours Hour 104 179 1,008
Commissioners
Average Training Hours Hour 17.33 17.90 77.50
Number of Training Participants Participant 8 12 12
Board of
Total Training Hours Hour 196 69 146
Directors
Average Training Hours Hour 24.50 6.32 12.20
Number of Training Participants Participant 167 154 158
SEVP – SVP Total Training Hours Hour 8,898 9,532 15,558
Average Training Hours Hour 53.28 61.90 90.50
Number of Training Participants Participant 4,199 4,120 3,965
VP - AVP Total Training Hours Hour 553,580 533,885 807,516
Average Training Hours Hour 131.84 129.58 202.60 [GRI 404-1]
[OJK F.22]
Number of Training Participants Participant 14,908 13,993 13,822 [IDX S-05]
SM - FAM Total Training Hours Hour 1,829,512 1,947,625 2,553,630
Average Training Hours Hour 122.72 139.19 184.20
Number of Training Participants Participant 18,695 19,659 19,751
Operational Total Training Hours Hour 1,059,712 1,743,310 1,839,932
Average Training Hours Hour 56.68 88.68 88.50
Number of Training Participants Participant 38 55 59
Non-Operational Total Training Hours Hour 446 649 808
Average Training Hours Hour 11.74 11.81 9.20
Number of Training Participants Participant 2,353 2,032 1,738
Pension/
Total Training Hours Hour 83,528 80,698 120,638
terminate
Average Training Hours Hour 35.50 39.71 58.00
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Products and Services
Description Unit 2025 2024 2023 Standard
Product and Service Evaluation
Percentage of products evaluated for
% 100 100 100
safety [OJK F.27,
Unit F.29]
Products recalled or discontinued 3* 0 1 (Livin’ web)
Product
Note:
*Mandiri Tabungan Mitra Usaha, Mandiri Tabungan Tenaga Kerja Indonesia, and e-FX Mobile.
Description Unit 2025 2024 2023 Standard
Data Security Incidents
Number of data security breach incidents Case 0 0 0 [GRI 2-27]
Percentage of incidents related to [GRI 418-1]
% 0 0 0
customer data [FN-CB-
Number of affected accounts Accounts 0 0 0 230a.1]
Description Unit 2025 2024 2023 Standard
Customer Complaints Summary
Total customer complaints Unit 888,126 983,547 1,082,133
Customer complaints under resolution
Unit - - -
during the reporting year
Resolved customer complaints Unit 888,126 983,547 1,082,133
Number of transactions* Transaction 8,234,088,665 7,364,173,976 8,866,317,376
Complaint Index (complaints-to-
Ratio 0.00011 0.00013** 0.00012** [OJK F.24]
transactions ratio)
Resolution Rate % 100 100 100
Target RAS metric (complaints per one
Ratio 80 - -
million transactions)
Actual RAS metric (complaints per one
Ratio 75 114 149
million transactions)
Notes:
*In 2025, Bank Mandiri adjusted its methodology for calculating the number of transactions, from previously using the Defect per Million Opportunities (DPMO) method
which measures the potential occurrence of transaction failures across each activity in the process, to the Defect per Million Transactions (DPMT) method which treats an
entire transaction activity sequence as a single unit.
**A restatement has been made to update the total number of transactions due to adjustments in the calculation methodology.
Description Unit 2025 2024 2023 Standard
Customer Satisfaction
Net Promotor Score Score 71 67 66
[OJK F.30]
Customer Satisfiction Score Score 86.64 86.11 86.76
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Inclusive Financial Access
Description Unit 2025 2024 2023 Standard
Mandiri Agent Performance
Individual Mandiri Agents Individu 11,035 110,672 130,100
Transaction volume IDR trillion 89.60 89.72 92.82
Million
Number of transactions 65.10 88.01 86.83 [OJK B.1.e,
Transaction
F.23, F.26,
Savings accounts generated through Million
3.5 3.2 2.9 F.28]
Mandiri Agents Accounts
Million
Number of Basic Savings Accounts 38.7 34.2 35.6
Accounts
Description Unit 2025 2024 2023 Standard
Financial Literacy and Inclusion Activities
[OJK F.23,
F.26, F.28]
Number of participants People 44,185* 35,876** 13,132
[FN-CB-
240a.4]
Notes:
*Includes the Livin’ Up Your Financial, Mandiri Sahabatku, GEMPITA Lestari, Bank Mandiri’s Partnership with Universitas Mulawarman, Rumah BUMN, and Wirausaha Muda
Mandiri (WMM) programs in 2025.
**Includes the Livin’ Up Your Financial, Mandiri Sahabatku, Wirausaha Muda Mandiri (WMM), and Integrated Rice Processing Center (SPBT) programs in 2024.
Description Unit 2025 2024 2023 Standard
Corporate Social Responsibility Costs
Mandiri Sahabatku IDR million 3.5 0.2 1.4
Wirausaha Muda Mandiri (WMM) IDR billion 6.0 6.0 1.5
[GRI 203-1,
Rumah BUMN IDR billion 2.0 4.2 2.0
413-1] [OJK
Mudik Bareng BUMN IDR billion 8.2 11.3 4.7
F.25]
Aksi Bersih Mandiri* IDR billion 18.7 6.4 -
Mandiri Air* IDR billion 6.2 2.3 -
Notes:
* New programs introduced in 2024
Description Unit 2025 2024 2023 Standard
KUR and KUM Performance
[GRI 413-1]
KUM IDR trillion 30.8 26.9 20.5 [OJK F.25,
F.26, F.28]
[FN-CB-
240a.1.]
KUR IDR trillion 68.5 63.9 62.3 [FN-CB-
240a.2]
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Description Unit 2025 2024 2023 Standard
Bank Mandiri CSR Targets adn Realization
Number of
Programs Program 553 492 426
Social Pillar Achieved
Target IDR billion 131.5 112.0 47.5
Realization IDR billion 138.4 112.0 74.0
Number of
Programs Program 258 343 280
Economic Pillar Achieved
Target IDR billion 52.5 82.5 68.8
Realization IDR billion 53.2 82.5 70.4
Number of
[GRI 203-1,
Programs Program 346 348 232
413-1] [OJK
Environmental Pillar Achieved
F.2, F.3,
Target IDR billion 62 52.5 22.5
F.25]
Realization IDR billion 58.2 52.5 23.3
Number of
Programs Program 17 12 23
Legal and Governance Pillar Achieved
Target IDR billion 4 3.0 11.2
Realization IDR billion 1.3 3.0 6.9
Number of
Programs Program 1,174 1,195 961
Total Achieved
Target IDR billion 250.0 250.0 150.0
Realization IDR billion 251.1 250.0 174.6
CRS Program Budget Allocation
Charitable Donations % 55.1 44.8 42.3
Community Investments % 44.4 54.0 53.6
[OJK F.25]
Commercial Initiatives % 0.5 1.2 4.0
Total % 100.0 100.0 100.0
CSR Contribution
Cash Contributions* IDR 0 0 0
In-Kind Contributions
(donations of products
IDR trillion 251.1 250.0 174.7
or services, projects/ [OJK F.25]
collaborations, etc.)**
Management Overhead
IDR trillion 1.8 6.6 9.6
(consulting and research costs)
Notes:
* Bank Mandiri does not provide direct cash assistance to communities. All CSR contributions are delivered through community development and strategic infrastructure
programs.
** Total funds realized from CSR programs
432 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Description Unit 2025 2024 2023 Standard
Social Performance Highlights
Government-subsidized Loan (KUR) IDR trillion 68.5 63.9 62.3
Million
CSR program beneficiaries 7.2 6.5 5,9
People
[OJK B.3]
Proportion of female employees People 20,288 20,369 20,374
Proportion of female managers % 45.78 48.91 48.70
Summary of ESG capacity building Jam 75,100 72,600 11,622
Governance
Board of Commissioners and Directors
Description Unit 2025 2024 2023 Standard
Diversity of the Board of Commissioners and Directors
Female Commissioners % 14.00 10.00 18.00 [GRI 2-9,
Female Directors % 17.00 17.00 25.00 405-1]
Independence of the Board of Commissioners
Independent Commissioners % 49.00 50.00 55.00 [GRI 2-9]
Corporate Governance Perception Index
Description Unit 2025 2024 2023 Standard
CGPI Assessment Results
Governance Structure Score 25.77 26.65 31.53
Governance Process Score 34.85 36.24 31.24
Governance Outcome Score 34.74 32.22 32.45
95.36 95.30 95.22
Total Score Score (Most (Most (Most
Trusted) Trusted) Trusted)
WBS–LTC Table
Description Unit 2025 2024 2023 Standard
Reporting Channels
Letter Report 2 4 9
Email Report 103 52 42
[GRI 2-26]
Website Report 79 79 55
SMS / WhatsApp Report 227 122 60
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 433
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Description Unit 2025 2024 2023 Standard
Report Classification
Fraud Report 47 38 46
[GRI 2-26]
Non-Fraud Report 364 219 121
Number of Reports Followed Up Report 411 257 167
[GRI 2-26]
Number of Reports Resolved Report 411 257 167
Whistleblowing Reports
Description Unit 2025 2024 Standard
Types of Breaches
Conflict of Interest Case 2 7
Discrimination or Harassment Case 0 0
Customer Information Security Breaches Case 0 0
Corruption and Bribery Case 0 0
Anti–Money Laundering Violations Case 0 0
Others* Case 7 6
Total Case 9 13
* Forgery of Signatures, Fictitious Loans, Manipulation of Credit Documents/Data
Anti-Corruption and Anti-Fraud Communication and Training
Description Unit 2025 2024 2023 Standard
Employees Communicated by the Organization on Anti-Corruption and Anti-Fraud Policies
People 16,016 13,811 12,389
Head Office
% 100.00% 35,53 32,43
People 4,949 4,787 4,779
Sumatra (Regions 1, 2)
% 100.00% 12,31 12,51
People 7,015 6,832 7,309
Jakarta (Regions 3, 4, 5)
% 100.00% 17,57 19,13
People 7,825 7,755 7,770
Java (Regions 6, 7, 8)
% 100.00% 19,95 20,34
People 1,810 1,796 1,929
Kalimantan (Region 9) [GRI 205-2]
% 100.00% 4,62 5,05
People 2,050 2,043 2,086
Sulawesi & Maluku (Region 10)
% 100.00% 5,26 5,46
People 1,200 1,175 1,158
Bali & Nusa Tenggara (Region 11)
% 100.00% 3,02 3,03
People 687 675 756
Papua (Region 12)
% 100.00% 1,74 1,98
People 41,552 38,874 38,198
Total
% 100.00% 100,00 100,00
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Description Unit 2025 2024 2023 Standard
Employees Who Have Participated in Anti-Corruption and Anti-Fraud Training
People 14,872 1,812 3,588
Head Office
% 92,86% 42,08 32,29
People 4,570 343 1,064
Sumatra (Regions 1, 2)
% 92.34% 7,97 9,58
People 6,382 533 2,389
Jakarta (Regions 3, 4, 5)
% 90.98% 12,38 21,50
People 7,288 541 2,057
Java (Regions 6, 7, 8)
% 93.14% 12,56 18,51
People 1,686 590 953
Kalimantan (Region 9) [GRI 205-2]
% 93.15% 13,70 8,58
People 1,879 223 468
Sulawesi & Maluku (Region 10)
% 91.66% 5,18 4,21
People 1,075 212 408
Bali & Nusa Tenggara (Region 11)
% 89.58% 4,92 3,67
People 616 52 184
Papua (Region 12)
% 89.67% 1,21 1,66
People 38,368 4,306 11,111
Total
% 92.34% 100,00 100,00
Suppliers Receiving Anti-Corruption Communication
People 1,118 415 659
Service Providers
% 62.74% 58,00 42,00
People 664 297 895
Goods Suppliers [GRI 205-2]
% 37.26% 42,00 58,00
People 1,782 712 1,554
Total
% 100.00 100,00 100,00
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 435
Page 436
GRI Content Index
PT Bank Mandiri (Persero) Tbk has reported the information cited in this GRI content index for the
Statement of Use
period 1 January until 31 December 2025 in accordance to the GRI Standards.
GRI 1 Used GRI 1: Foundation 2021
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
General GRI 2: General 2-1 Organizational details
Disclosures Disclosures 2021 30
2-2 Entities included in
the organization’s 39
sustainability reporting
2-3 Reporting period,
frequency and contact 39-40
point
2-4 Restatement of
39
information
2-5 External assurance 40
2-6 Activities, value chain,
35-37, 39,
and other business
402-408
relationship
2-7 Employees 313, 414-
419
2-8 Workers who are not 313, 415-
employees 417
2-9 Governance structure 45-49, 70-
and composition 72, 433
2-10 Nomination and
selection of the
59-61
highest governance
body
2-11 Chair of the highest
45
governance body
2-12 Role of the highest
governance body
66-69,
in overseeing the
70-79
management of
impacts
2-13 Delegation of
responsibility for 70-79
managing impacts
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Page 437
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
2-14 Role of the highest
28-29, 40,
governance body in
71-72, 119
sustainability reporting
2-15 Conflict of interest 54, 65, 80
2-16 Communication of 66-68,
critical concerns 73-74
2-17 Collective knowledge
of the highest 57-58
governance body
2-18 Evaluation of the
performance of the
51-53
highest governance
body
2-19 Remuneration policies 59-64
2-20 Process to determine
59-64
remuneration
2-21 Annual total
64, 422
compensation ratio
2-22 Statement on 18-27, 80,
sustainable 108-109,
development strategy 169-172
2-23 Policy commitments 32-33,
80-88
2-24 Embedding policy 44, 69, 70-
commitments 79, 80-88,
232, 274
2-25 Process to remediate
89-91, 393
negative impacts
2-26 Mechanisms for
seeking advice and 89-91, 434
raising concerns
2-27 Compliance with laws
92-103, 430
and regulations
2-28 Membership
38
associations
2-29 Approach to
stakeholder 115-117
engagement
2-30 Collective bargaining
309
agreements
Material Topics GRI 3: Material 3-1 Process to determine 115-117,
Topics 2021 material topics 118-122
3-2 List of material topics 118-122
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 437
Page 438
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
Economic GRI 3: Material 3-3 Management of
101, 324
Performance Topics 2021 material topics
GRI 201: Economic 201-1 Direct economic
Performance 2016 value generated and 402-403
distributed
201-2 Financial implications,
as well as other risks
and opportunities 136-161
arising from climate
change
201-3 Defined benefit plan
obligations and other 324
retirement plans
201-4 Financial assistance
received from 101
government
Market Presence GRI 3: Material 3-3 Management of
315
Topics 2021 material topics
GRI 202: Market 202-1 Ratios of standard
Presence 2016 entry level wage by
315
gender compared to
local minimum wage
202-2 Proportion of senior
management hired
309
from the local
community
Indirect Economic GRI 3: Material 3-3 Management of
382
Impacts Topics 2021 material topics
GRI 203: Indirect 203-1 Infrastructure
Economic Impacts investments and 382-393
2016 services supported
203-2 Significant indirect
382-393
economic impacts
Procurement GRI 3: Material 3-3 Management of
105
Practices Topics 2021 material topics
GRI 204: 204-1 Proportion of spending
Procurement on local suppliers 105, 408
Practices 2016
Anti-corruption GRI 3: Material 3-3 Management of
92-95
Topics 2021 material topics
GRI 205: Anti- 205-1 Operations assessed
corruption 2016 for risks related to 93
corruption
205-2 Communication and
training about anti- 90, 95, 105,
corruption policies and 434-435
procedures
205-3 Confirmed incidents of
corruption and actions 88
taken
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Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
Tax GRI 3: Material 3-3 Management of
101-102
Topics 2021 material topics
GRI 207: Pajak 2019 207-1 Approach to tax 101-102
207-2 Tax governance,
control, and risk 101-102
management
207-3 Stakeholder
engagement and
102
management of
concerns related to tax
207-4 Country-by-country
101-102
reporting
Energy GRI 3: Material 3-3 Management of
340
Topics 2021 material topics
GRI 302: Energy 302-1 Energy consumption
340, 409
2016 within the organization
302-2 Energy consumption
outside of the 340, 409
organization
302-3 Energy intensity 340, 409
302-4 Reduction of energy 340-341,
consumption 410, 414
302-5 Reductions in energy
requirements of 340, 410
products and services
Air and Efluen GRI 3: Material 3-3 Management of
344-345
Topics 2021 material topics
GRI 303: Water and 303-1 Interactions with water
344-345
Effluents 2018 as a shared resource
303-2 Management of water
discharge-related 344-345
impacts
303-3 Water withdrawal 344-345,
412
303-4 Water discharged 344-345,
413
303-5 Water consumption 344-345,
412
Emissions GRI 3: Material 3-3 Management of
337-338
Topics 2021 material topics
GRI 305: Emissions 305-1 Direct (Scope 1) GHG 163, 337-
2016 emissions 338, 410,
412
305-2 Energy indirect (Scope 163, 337-
2) GHG emissions 338, 410,
412
305-3 Other indirect (Scope 164-165,
3) GHG emissions 337-338,
410-412
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 439
Page 440
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
305-4 GHG emissions 337-338,
intensity 410, 412
305-5 Reduction of GHG 331,337-
emissions 338, 340-
341, 410,
412, 414
305-6 Emissions of ozone- Emissions of Not applicable Bank Mandiri’s
depleting substances ozone-depleting operations
(ODS) substances do not
(ODS) significantly
involve the
use of such
337-338
substances,
making them
irrelevant to
the Bank’s
business
activities.
305-7 Nitrogen oxides (NOx), Nitrogen oxides Not applicable Bank Mandiri’s
sulfur oxides (SOx) and (NOx), sulfur operations
other significant air oxides (SOx) and do not
emissions other significant significantly
air emissions involve the
use of such
337-338
substances,
making them
irrelevant to
the Bank’s
business
activities.
Waste GRI 3: Material 3-3 Management of
343
Topics 2021 material topics
GRI 306: Waste 306-1 Waste generation and
2020 significant waste- 343
related impacts
306-2 Management of
significant waste- 336, 343
related impacts
306-3 Waste generated 343, 413
306-4 Waste directed from
343, 413
disposal
306-5 Waste directed to
343, 413
disposal
440 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 441
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
Employment GRI 3: Material 3-3 Management of
320
Topics 2021 material topics
GRI 401: 401-1 New employee
329, 423-
Employment 2016 hires and employee
426
turnover
401-2 Benefits provided to
full-time employees
that are not provided 318-321
to temporary or part-
time employees
401-3 Parental leave 325-326,
427
Training and GRI 3: Material 3-3 Management of 287-289,
Education Topics 2021 material topics 303, 317
GRI 404: Training 404-1 Average hours of
303, 428-
and Education training per year per
429
2016 employee
404-2 Programs for 83, 90-91,
upgrading employee 100, 114,
skills and transition 179,
assistance programs 223-224,
231-232,
270, 274,
288-303,
308, 324,
334, 428
404-3 Percentage of
employees receiving
regular performance 317
and career
development reviews
Diversity and GRI 3: Material 3-3 Management of 54-55, 304-
Equal Opportunity Topics 2021 material topics 308, 315
GRI 405: Diversity 405-1 Diversity of
54-55, 414-
and Equal governance bodies
421, 433
Opportunity 2016 and employees
405-2 Ratio of basic salary
315, 421-
and remuneration of
422
women to men
Non GRI 3: Material 3-3 Management of
306-308
Discrimination Topics 2021 material topics
GRI 406: Non 406-1 Incidents of
Discrimination discrimination and
306-308
2016 corrective actions
taken
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 441
Page 442
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
Local Community GRI 3: Material 3-3 Management of
376, 388
Topics 2021 material topics
GRI 413: Local 413-1 Operations with
Communities 2016 local community
engagement,
382-393
impact assessments,
and development
programs
413-2 Operations with
significant actual and
potential negative 382-393
impacts on local
communities
Marketing and GRI 3: Material 3-3 Management of
224-226
Labeling Topics 2021 material topics
GRI 417: Marketing 417-1 Requirements for
and Labeling 2016 product and service
226, 231
information and
labeling
417-2 Incidents of Incidents of Confidentiality Consideration
non-compliance non-compliance constraints of
concerning concerning confidentiality
product and service 226 product and
information and and service information
labeling information and sensitivity
labeling aspects.
417-3 Incidents of Incidents of Confidentiality Consideration
non-compliance non-compliance constraints of
concerning marketing concerning confidentiality
communications 226 marketing and
communications information
sensitivity
aspects.
Customer Privacy GRI 3: Material 3-3 Management of
268-269
Topics 2021 material topics
GRI 418: Customer 418-1 Substantiated
Privacy 2016 complaints concerning
breaches of customer 269, 430
privacy and losses of
customer data
442 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 443
GRI G4 Financial Sector Index
Disclosure Page
Policies with specific environmental and social components applied to business lines 77-79, 105, 110-111,
FS1
178-179, 186-194, 309
FS2 Procedures for assessing and screening environmental and social risks in business lines 181-195, 197-199
Processes for monitoring client implementation and compliance with environmental and social
FS3 186-194, 200-201
requirements included in agreements or transactions
Processes for improving staff competency to implement environmental and social policies and
FS4 79, 109, 114, 179, 303
procedures as applied to lines of business
Interactions with clients/investments/business partners regarding environmental and social risks
FS5 105, 115-117
and opportunities
FS6 Portfolio percentage for business lines by specific area size (eg micro/SME/large) and by sector 204, 207, 406
The monetary value of products and services designed to provide specific social benefits for each
FS7 202, 206-207, 407
line of business broken down by purpose or objective
The monetary value of products and services designed to provide specific environmental benefits
FS8 202-204, 406
for each line of business broken down by purpose or objective
Scope and frequency of audits to assess implementation of environmental and social policies and 85-86, 93, 105, 238,
FS9
risk assessment procedures 275-278, 330
Percentage and number of companies held in the portfolio of institutions with which the reporting
FS10 197-200, 206, 408
organization interacts on environmental or social issues
FS11 Percentage of assets that are subject to positive and negative environmental social issues 408
A voting policy on where environmental or social issues are shared where the reporting
FS12 72-73
organization has the right to vote to share or receive suggestions on voting
Access points in low-populated or economically disadvantaged areas by type 352-353, 365-368, 374-
FS13
376, 394-399
FS14 Initiatives to improve access to financial services for disadvantaged people 351, 356, 404
FS15 Policies for the fair design and sale of financial products and services 222-238
FS16 Initiatives to improve financial literacy by type or beneficiary 394-399
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 443
Page 444
Financial Services Authority
Reference [OJK G.4]
Circular Letter No. 16/
Disclosure Page
SEOJK.04/2021
Sustainability Strategy
A.1 Explanation of the Sustainability Strategy 18-21, 22-27, 108-
109
Overview of Sustainability Performance
B.1 Overview of Economic Performance 8-15, 402-403
B.2 Overview of Environmental Performance 8-15, 345, 413
B.3 Overview of Social Performance 8-15, 382
Company Profile
C.1 Vision, Mission, and Sustainability Values 31-32
C.2 Company Address 30
C.3 Company Scale 30, 34-36, 402-404,
414-419
C.4 Products, Services, and Business Activities Conducted 30, 404-408
C.5 Memberships in Associations 38
C.6 Significant Organizational Changes 39
Board of Directors’ Statements
D.1 Board of Directors’ Explanation 18-21, 22-27
Sustainability Governance
E.1 Responsibility for the Implementation of Sustainable Finance 77
E.2 Competency Development Related to Sustainable Finance 57-58
E.3 Risk Assessment of Sustainable Finance Implementation 74-76
E.4 Stakeholder Engagement 115-117
E.5 Issues Related to the Implementation of Sustainable Finance 77-78
Sustainability Performance
F.1 Activities to Build a Sustainability Culture 32-33, 112-114
Economic Performance
F.2 Comparison of Targets and Performance in Production, Portfolio, Financing Targets,
398-399, 407-408
Investments, Revenue, and Profit/Loss
F.3 Comparison of Targets and Performance in Portfolios, Financing Targets, or
23, 405-408
Investments in Financial Instruments or Projects in Alignment
Environmental Performance General
F.4 Environmental Costs 345, 413
Material Aspects
F.5 Use of Environmentally Friendly Materials 168, 341-342, 413
444 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 445
Circular Letter No. 16/
Disclosure Page
SEOJK.04/2021
Energy Aspects
F.6 Amount and Intensity of Energy Used 339, 409
F.7 Efforts and Achievements in Energy Efficiency and Renewable Energy Usage 339, 410, 414
Water Aspects
F.8 Water Usage 344-345, 412
Biodiversity Aspects
F.9 Impacts of Operational Areas Located Near or Within Conservation Areas or Areas
345
with Significant Biodiversity
F.10 Biodiversity Conservation Efforts 345
Emission Aspects
F.11 Amount and Intensity of Emissions Produced by Type 336-339, 410, 412
F.12 Efforts and Achievements in Reducing Emissions 335-337, 339, 414
Waste and Effluent Aspects
F.13 Amount of Waste and Effluent Produced by Type 343-345, 413
F.14 Waste and Effluent Management Mechanisms 343-345, 413
F.15 Spills That Occurred (if any) 343-345, 413
Environmental Complaints Aspects
F.16 Number and Nature of Environmental Complaints Received and Resolved 343-344
Social Performance
F.17 Commitment of Financial Services Institutions (FSIs), Issuers, or Public Companies to
222-240
Provide Equal Access to Products and/or Services for Consumers
Employment Aspects
F.18 Equality of Employment Opportunities 304-309
F.19 Child Labor and Forced Labor 309
F.20 Regional Minimum Wage 307
F.21 Decent and Safe Working Environment 330-334
F.22 Employee Training and Development 83, 90-91, 100,
114, 179, 223-224,
231-232, 270, 274,
291-299, 302-303,
308, 324, 334, 428
Community Aspects
F.23 Impact of Operations on Surrounding Communities 351, 382-399, 431,
F.24 Community Complaints 89-90
F.25 Social and Environmental Responsibility (CSR) Activities 169-172, 384-393,
413
F.26 Innovation and Development of Sustainable Finance Products/Services 208-218, 404-408
F.27 Products/Services Evaluated for Customer Safety 226, 404-408
F.28 Impact of Products/Services 351-368, 430, 431
F.29 Number of Products Recalled 226, 430
F.30 Customer Satisfaction Survey on Sustainable Finance Products and/or Services 239-240
Others
G.1 Written Verification from Independent Parties, If Any 449-451
G.2 Feedback Form 448
G.3 Responses to Feedback on the Previous Year’s Report 448
G.4 List of Disclosures According to POJK 51/2017 444-445
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 445
Page 446
SASB Content Index
Code Description Page
Data Security
FN-CB-230a.1 (1) Number of data breaches, (2) percentage involving personally identifiable information
430
(PII), (3) number of account holders affected
FN-CB-230a.2 Description of approach to identifying and addressing data security risks 241-281
Financial Inclusion & Capacity Building
FN-CB-240a.1 (1) Number and (2) amount of loans outstanding qualified to programs designed to
407, 431
promote small business and community development
FN-CB-240a.2 (1) Number and (2) amount of past due and nonaccrual loans qualified to programs 354-358, 407,
designed to promote small business and community development 431
FN-CB-240a.3 Number of no-cost retail checking accounts provided to previously unbanked or
352-353
underbanked customers
FN-CB-240a.4 Number of participants in financial literacy initiatives for unbanked, underbanked, or
431
underserved customers
Incorporation of Environmental, Social, and Governance Factors in Credit Analysis
FN-CB-410a.2 Description of approach to incorporation of environmental, social and governance (ESG)
181-201
factors in credit analysis
Financed Emissions
FN-CB-410b.1 Absolute gross financed emissions, disaggregated by (1) Scope 1, (2) Scope 2 and (3)
410, 412
Scope 3
FN-CB-410b.2 Gross exposure for each industry by asset class 164-165, 411
FN-CB-410b.3 Percentage of gross exposure included in the financed emissions calculation 164-165
FN-CB-410b.4 Description of the methodology used to calculate financed emissions 164
Business Ethics
FN-CB-510a.1 Total amount of monetary losses as a result of legal proceedings associated with fraud
insider trading anti-trust, anti-competitive behaviour, market manipulation, malpractice, or -
other related financial industry laws or regulations
FN-CB-510a.2 Description of whistleblower policies and procedures 89-91
Systemic Risk Management
FN-CB-550a.1 Global Systemically Important Bank (G-SIB) score by category 77
FN-CB-550a.2 Description of approach to incorporation of results of mandatory and voluntary stress tests
134-162
into capital adequacy planning long-term Corporate strategy, and other business activities
446 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 447
Sustainable Banking Assessment
(SUSBA) Reference
Indicator Disclosure Page
Sustainability Strategy and Stakeholder Engagement 24-26, 108-109, 115-117, 118-122,
Objective 134-162,
Participation in sustainable finance initiatives 77-79, 123-166, 176-218, 400-401
Public statements on ESG (Environmental, Social, and Governance) 18-27, 70-79, 176-218
Policy
Public statements on specific sectors 182-195
ESG risk assessment and transaction approvals 181-201
Process
Supervision and client engagement 181-201
Responsibility towards ESG 70-79
Environmental & social staff training and performance evaluation 57-58, 73-74, 83, 90-91, 100, 114,
Community
179, 223-224, 231-232, 270, 274,
291-299, 302-303, 308, 323-333
Product Integration of ESG into products and services 202-218
ESG risk assessment and mitigation at the portfolio level 176-201
Portfolio
Disclosure of ESG risk exposure and targets 123-166
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 447
Page 448
Feedback Form [JK G.2, G.3]
Bank Mandiri did not receive any feedback on the 2024 Sustainability Report. Bank Mandiri remains open to feedback and suggestions for the
improvement of the report by providing forms and channels for stakeholders to share their input.
YOUR PROFILE (PLEASE COMPLETE IF YOU WISH)
Name :
Institution/Company :
Email :
Tel/ Mobile Number :
STAKEHOLDER GROUPS
Shareholders/Investors Customers Employees
Labor Unions Media Suppliers
Community Organization / NGO Government/OJK Business Organizations
Others
Somewhat Do Not Strongly
How would you evaluate the writing of this report? Disagree Agree
Disagree Know Agree
The report is easy to understand
The report is useful
The report reflects the performance of the company in sustainable
development
Not Somewhat Do Not Very
How would you rate the materiality level on the following topics: Important
Important Important Know Important
Personal Data Protection and Information Security
Sustainable Finance Portfolio
Digitalization & Financial Inclusion
Community Development
Environmental Footprint and Impact Management (Energy, Waste, Water)
ESG Integration in Banking Products and Services
Climate Risk & Financed Emissions
Employment and Employee Development
Business Ethics (Ethics and Anti-Corruption)
Diversity, Equity, and Inclusion
Please provide your suggestions, recommendations, or comments on this report:
448 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 449
Independent Assurance Statement
[OJK G.1]
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 449
Page 450
450 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 451
Greenhouse Gas Emissions
Verification Report
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 451
Page 452
Green Bond Phase I Report Bank Mandiri 452 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 453
TABLE OF CONTENTS
01 03
Introduction Allocation
Report
02 04
Summary of Impact
Bank Mandiri’s Report
Green Bond
Framework
& Issuance Details
05
Conclusion
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 453
Page 454
1. Introduction
Global efforts to achieve Net Zero Emissions (NZE) and Bank Mandiri’s sustainability initiatives are not just standalone
Sustainable Development Goals (SDGs) commitments rely efforts, but a comprehensive approach to sustainable
heavily on the financial sector’s involvement. As Indonesia’s finance. The bank strengthens these initiatives by developing
largest bank and corporate lender, PT Bank Mandiri (Persero) internal capabilities to implement ESG (Environmental, Social,
Tbk. (Bank Mandiri) recognizes its important role in pioneering Governance) principles and integrating a green business
sustainable finance and generating positive environmental and mindset as a fundamental value of the company.
social impacts.
As a follow-up to the RAKB and sustainability commitment,
Bank Mandiri has developed a transformative business plan Bank Mandiri successfully launched its first domestic Green
to become a Sustainability Champion for a Better Future by Bond, namely Obligasi Berwawasan Lingkungan Berkelanjutan
implementing the Sustainable Finance Action Plans which also I Bank Mandiri Tahap I Tahun 2023, in July 2023. The issuance
known as Rencana Aksi Keuangan Berkelanjutan (RAKB). This of this bond is an important step in the implementation of the
vision is realized through three main commitments, namely Sustainable Banking pillar, which includes the development
Lead Indonesia’s Transition to Low Carbon Economy, Net Zero of a sustainable portfolio, the provision of environmentally
Emission (NZE) in Operations by 2030, and Catalyzing Multiple friendly products, and the improvement of sustainable services.
Growth for Social Impact to Achieve SDGs. Through this initiative, Bank Mandiri confirms its dedication to
supporting the government’s program towards a sustainable
In facing challenges and uncertainties, Bank Mandiri consistently economy, actively participating in the sustainable finance
and proactively innovates products and services that prioritize roadmap initiated by the Financial Services Authority (OJK)
the principles of Environmental, Social, and Governance (ESG). and actively contributing to achieving the 17 Sustainable
This comprehensive transformation encompasses policies, Development Goals (SDGs).
strategies, daily operations, advocating for environmental
conservation and social inclusion through various carbon-
neutral initiatives, and expanding financial services to reach
marginalized communities and economically underserved
areas.
As part of Bank Mandiri’s commitment to sustainable
environmental governance, the Bank actively directs financing
to various environmentally friendly activities as part of its
commitment to sustainable environmental management.
The main focus is on renewable energy projects, sustainable
infrastructure, and business practices supporting environmental
sustainability. In addition, Bank Mandiri is determined to
increase access to banking and financial services, especially for
underserved communities. These efforts include driving social
and economic progress and empowering the unbanked and
non-bankable segments through digitalization.
454 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 455
2. Summary of Bank
Mandiri’s Green
Bond Framework &
Issuance Details
Green Bond Framework
The issuance of Bank Mandiri’s Domestic Green Bond is carried out in accorandce with the Financial Services Authority Regulation No.
60/POJK/04/2017 regarding the Issuance and Requirements of Green Bond and engaged SDGs Hub Universitas Indonesia to provide a
Second Party Opinion (SPO). Below is the summary of the framework:
Use of Proceeds Project Evaluation
and Selection
Bank Mandiri will ensure a minimum 70% of the
proceeds for financing or refinancing Environmentally
Friendly Public Activities or Kegiatan Usaha Technical Team
Berwawasan Lingkungan (KUBL) (ESG Group, Risk Management
Business Unit Treasury Group, and Credit Policy
and other Committee
related Group) (RMPC)
Environmentally Friendly Public
Activities (KUBL) Sectors
• Renewable energy
• Energy Efficiency
• Pollution Prevention & Control
• Environmentally Sustainable Management of
Living and Land Use
• Conservation of Terrestrial and Aquatic
Biodiversity
• Clean Transportation
• Sustainable Water and Wastewater Management
• Climate Change Adaptation
• Eco-efficient adapted products
• Green building
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 455
Page 456
Management of Proceeds
The projects and assets will be identified and periodically monitored ensuring
overall compliance with the portfolio allocation requirements in the KUBL
Monitoring sectors accorandce with Financial Services Authority Regulation No. 60 of 2017.
and Tracking
If there are remaining funds unallocated, they may be invested in safe and
liquid financial instruments, in cash or high-quality instruments such as
government bonds or Bank Indonesia instruments, following Bank Mandiri’s
Unallocated
liquidity management strategy until full allocation is achieved.
Proceeds
Reporting
Bank Mandiri is obligated to submit periodic review reports conducted by Environmental Experts once a year
and whenever there is a material change in KUBL. The review report is attached to the Company’s Annual Report
submitted to the Financial Services Authority.
Allocation Reporting Impact Reporting
This allocation reports will provide the following Bank Mandiri will report the positive impact
detail: resulting from the implementation of KUBL projects
• Key information regarding the Bond Framework; The calculation of environmental impact can be
• A brief description of the projects receiving fund measured using practical indicators
allocation;
• The amount of proceeds allocated to each
project. ke masing-masing proyek.
456 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 457
The Issuance
On July 4, 2023, Bank Mandiri issued Bank Mandiri Phase I Green Bond I year 2023, marked as the inaugural green-form issuance on
the domestic bond market with an emission value of IDR5 trillion and oversubscribed by 3.7 times.
Plafon Size IDR10 Trillion
1st Phase Issuance Size IDR5 Trillion
Tenor and Size Seri A: 3 years – IDR1,95 Trillion
Seri B: 5 years – IDR3,05 Trillion
Coupon Seri A: 3 years – 5,80%
Seri B: 5 years – 6,10%
Coupon Payment Quarterly 30/360
Securities Distribution 4 July 2023
Rating idAAA oleh Pefindo
Listing Indonesia Stock Exchange (IDX)
Use of Proceeds The proceeds from the public offering, after deducting issuance costs, will be used to finance
or refinance Eligible Green Activities (KUBL), with a minimum allocation of 70%.
Final Orderbook IDR18,70 Trillion
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 457
Page 458
3. Allocation
Report
As of October 2025, Bank Mandiri Bank Mandiri has fully allocated the proceeds of Bank Mandiri Phase I Green Bond. The allocation
details are as follows:
Loan Type Amount
Eligible Category (Refinanced/ Allocated* Allocation of Proceeds
financed) (IDR Billion)
Refinanced
Renewable Energy 2,810 56%
(2023)
Environmentally Sustainable Management of Refinanced
2,178 44%
Living Natural Resources and Land Use (2019, 2023)
Total 4,988 100%
* Net amount excludes issuance fees (e.g. underwriter fee, legal counsel fee, etc)
458 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 459
4. Impact
Report
The estimated environmental and social impact for Eligible Categories according to the Green Bond Framework are shown in the tables
below:
Eligible Alignment % of Asset Types of Brief Descriptions &
Category to SDGs Allocation Projects Impact Indicators*
Estimated environmental impact produced:
• Renewable energy produced per Year:
524,218 MWh
Hydro Power
Renewable Energy 56% • The minimum avoided Green House Gas emissions
Plant
per year: 58,364 tCO2e
• The potential of houses served: approx. 123,316
houses
Environmentally Bank Mandiri has provided financing to certified
Sustainable palm oil and CPO (Crude Palm Oil) industries that
Management of Certified Palm adhere to global best practices in sustainability. This
44%
Living Natural Oil & CPO commitment is reflected in their certifications from
Resources and the Indonesian Sustainable Palm Oil (ISPO) and the
Land Use Roundtable on Sustainable Palm Oil (RSPO).
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 459
Page 460
5. Conclusion
Bank Mandiri recognizes the importance of integrating their operations, and the financing of environmentally
sustainability values into the company’s vision and mission. By oriented businesses with lower carbon footprints, such as
implementing the Environmental, Social, and Governance (ESG) Sustainability‑Linked Financing and Transition Financing.
principles in business activities, Bank Mandiri is determined to
contribute to sustainable economic growth and support the To ensure accountability for the issuance of its Green Bonds,
achievement of the 17 Sustainable Development Goals (SDGs). Bank Mandiri is committed to strengthening its management
mechanisms, enhancing transparency in the use of proceeds,
As one of the major players in sustainable finance in Indonesia, and improving the credibility of its annual reporting. As
Bank Mandiri continues to promote sustainable finance part of the validation process, this report has undergone an
practices, particularly in supporting a Low-Carbon Economy. independent external review conducted by the SDGs Hub of
This commitment is reflected through its support for clients the University of Indonesia.
in high‑carbon‑intensity sectors, the provision of innovative
financial solutions to help clients decarbonize and transform
460 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 461
Appendix I
Impact Reporting Key Assumptions
The reported results are based on the assumptions from publicly available sources. Key assumptions for impact calculation are indicated
in the table below.
Eligible Types of
Data Assumption
Category Projects
The calculation for minimum GHG emission avoided is using the assumption from
Hydro Power publicly available source below:
Renewable Energy
Plant • CO2 emission factor of Sumatera Selatan interconnection system: 0.95 tCO2e/MWh
• (Kementerian ESDM. 2019. Faktor Emisi Sistem Ketenagalistrikan)
Environmentally Financing to certified palm oil and CPO (Crude Palm Oil) industries that adhere to
Sustainable global best practices in sustainability within their operations, with the details as follow:
Management of Certified Palm • Certification: ISPO (Indonesian Sustainable Palm Oil) and RSPO (Roundtable on
Sustainable Palm Oil)
Living Natural Oil & CPO
• Total land amount: 19 (14 ISPO and 5 RSPO)
Resources and • Total land area: 142,805 hectares (78,999 hectares (ISPO) and 63,806 hectares
Land Use (RSPO))
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 461
Page 462
APPENDIX II Review of the 2025 Green Bond Annual Report Bank Mandiri – SDGs Hub Universitas Indonesia 462 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 463
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 463
Page 464
Green Bond Phase II Report Bank Mandiri 464 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 465
TABLE OF CONTENTS
01 03
Introduction Allocation
Report
02 04
Summary of Impact
Bank Mandiri’s Report
Green Bond
Framework
& Issuance Details
05
Conclusion
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 465
Page 466
1. Introduction
Global efforts to achieve Net Zero Emissions (NZE) and Bank Mandiri’s sustainability initiatives are not just standalone
Sustainable Development Goals (SDGs) commitments rely efforts, but a comprehensive approach to sustainable
heavily on the financial sector’s involvement. As Indonesia’s finance. The bank strengthens these initiatives by developing
largest bank and corporate lender, PT Bank Mandiri (Persero) internal capabilities to implement ESG (Environmental, Social,
Tbk. (Bank Mandiri) recognizes its important role in pioneering Governance) principles and integrating a green business
sustainable finance and generating positive environmental and mindset as a fundamental value of the company.
social impacts.
As a follow-up to the RAKB and sustainability commitment,
Bank Mandiri has developed a transformative business plan Bank Mandiri successfully launched its first domestic Green
to become Indonesia’s Sustainability Champion for a Better Bond, namely Obligasi Berwawasan Lingkungan Berkelanjutan
Future by implementing the Sustainable Finance Action Plans I Bank Mandiri Tahap I Tahun 2023, in July 2023. This successful
which also known as Rencana Aksi Keuangan Berkelanjutan issuance was subsequently followed by Obligasi Berwawasan
(RAKB). This vision is realized through three main commitments, Lingkungan Berkelanjutan I Bank Mandiri Tahap II Tahun 2025,
namely Lead Indonesia’s Transition to Low Carbon Economy, in March 2025. The issuance of this bond is an important
Net Zero Emission (NZE) in Operations by 2030, and Catalyzing step in the implementation of the Sustainable Banking pillar,
Multiple Growth for Social Impact to Achieve SDGs. which includes the development of a sustainable portfolio,
In facing challenges and uncertainties, Bank Mandiri consistently the provision of environmentally friendly products, and the
and proactively innovates products and services that prioritize improvement of sustainable services. Through this initiative,
the principles of Environmental, Social, and Governance (ESG). Bank Mandiri confirms its dedication to supporting the
This comprehensive transformation encompasses policies, government’s program towards a sustainable economy, actively
strategies, daily operations, advocating for environmental participating in the sustainable finance roadmap initiated by
conservation and social inclusion through various carbon- the Financial Services Authority (OJK) and actively contributing
neutral initiatives, and expanding financial services to reach to achieving the 17 Sustainable Development Goals (SDGs).
marginalized communities and economically underserved
areas.
As part of Bank Mandiri’s commitment to sustainable
environmental governance, the Bank actively directs financing
to various environmentally friendly activities as part of its
commitment to sustainable environmental management.
The main focus is on renewable energy projects, sustainable
infrastructure, and business practices supporting environmental
sustainability. In addition, Bank Mandiri is determined to
increase access to banking and financial services, especially for
underserved communities. These efforts include driving social
and economic progress and empowering the unbanked and
non-bankable segments through digitalization.
466 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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2. Summary of Bank
Mandiri’s Green
Bond Framework &
Issuance Details
Green Bond Framework
The issuance of Bank Mandiri’s Domestic Green Bond is carried out in accordance with the Financial Services Authority Regulation No.
60/POJK/04/2017 regarding the Issuance and Requirements of Green Bond and engaged SDGs Hub Universitas Indonesia to provide a
Second Party Opinion (SPO). Below is the summary of the framework:
Use of Proceeds Project Evaluation
and Selection
Bank Mandiri will ensure a minimum 70%
of the proceeds for financing or refinancing
Environmentally Friendly Public Activities or Technical Team
Kegiatan Usaha Berwawasan Lingkungan (KUBL) (ESG Group, Risk Management
Business Unit Treasury Group, and Credit Policy
and other Committee
related Group) (RMPC)
Environmentally Friendly Public
Activities (KUBL) Sectors
• Renewable energy
• Energy Efficiency
• Pollution Prevention & Control
• Environmentally Sustainable Management of
Living and Land Use
• Conservation of Terrestrial and Aquatic
Biodiversity
• Clean Transportation
• Sustainable Water and Wastewater Management
• Climate Change Adaptation
• Eco-efficient adapted products
• Green building
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 467
Page 468
Management of Proceeds
The projects and assets will be identified and periodically monitored ensuring
overall compliance with the portfolio allocation requirements in the KUBL
Monitoring sectors accordance with Financial Services Authority Regulation No. 60 of 2017.
and Tracking
If there are remaining funds unallocated, they may be invested in safe and
liquid financial instruments, in cash or high-quality instruments such as
government bonds or Bank Indonesia instruments, following Bank Mandiri’s
Unallocated
liquidity management strategy until full allocation is achieved.
Proceeds
Reporting
Bank Mandiri is obligated to submit periodic review reports conducted by Environmental Experts once a year
and whenever there is a material change in KUBL. The review report is attached to the Company’s Annual Report
submitted to the Financial Services Authority.
Allocation Reporting Impact Reporting
This allocation reports will provide the following Bank Mandiri will report the positive impact
detail: resulting from the implementation of KUBL projects
• Key information regarding the Bond Framework; The calculation of environmental impact can be
• A brief description of the projects receiving fund measured using practical indicators
allocation;
• The amount of proceeds allocated to each
project.
468 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Penerbitan
On March 25, 2025, Bank Mandiri issued Bank Mandiri Phase II Green Bond I year 2025 with an emission value of IDR5
trillion and oversubscribed by 2.55 times.
Plafon Size IDR10 Trillion
1st Phase Issuance Size IDR5 Trillion
Tenor and Size Seri A: 370 days – IDR0,50 Trillion
Seri B: 3 years – IDR4,50 Trillion
Coupon Seri A: 370 days – 6,35%
Seri B: 3 years – 6,65%
Coupon Payment Quarterly 30/360
Securities Distribution 25 March 2025
Rating idAAA oleh Pefindo
Listing Indonesia Stock Exchange (IDX)
Use of Proceeds The proceeds from the public offering, after deducting issuance costs, will be used to finance
or refinance Eligible Green Activities (KUBL), with a minimum allocation of 70%.
Final Orderbook IDR12,75 Trillion
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Page 470
3. Allocation
Report
As of October 2025, Bank Mandiri has fully allocated the proceeds from its Phase II Green Bond issuance. The allocation details are as
follows:
Loan Type Amount
Eligible Category (Refinanced/ Allocated* Allocation of Proceeds
financed) (IDR Billion)
Refinanced & Financed
Clean Transportation 1,404 28%
(2024 & 2025)
Refinanced and
Environmentally Sustainable Management of
Finance (2023, 2024, 3,589 72%
Living Natural Resources and Land Use
and 2025)
Total 4,993 100%
* Net amount excludes issuance fees (e.g. underwriter fee, legal counsel fee, etc.)
470 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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4. Impact
Report
The estimated environmental and social impact for Eligible Categories according to the Green Bond Framework are shown in the tables
below:
Eligible Alignment % of Asset Types of Brief Descriptions &
Category to SDGs Allocation Projects Impact Indicators*
Financing the procurement of electric vehicles as
low‑emission transportation assets to support the
Government of Indonesia’s objective of reducing
Purchase of Greenhouse Gas (GHG) emissions through the
Electric Vehicles accelerated adoption of Battery Electric Vehicles (BEVs)
in Indonesia:
• Number of Electric Vehicles: 1,990 units
• Potential GHG Emission Reduction from Electric
Vehicles: approximately 2,388 tCO2e per year
Clean
28%
Transportation
Financing the manufacturing of battery cells for
Manufaktur electric vehicles to support the Government of
Baterai Cells Indonesia’s objective of accelerating the adoption of
untuk Mobil Battery Electric Vehicles (BEVs) in Indonesia:
Listrik • Battery Production Capacity: 10,000 MWH per year
• Battery Cell Output: 32.6 million cells per year
Environmentally Bank Mandiri has provided financing to certified
Sustainable palm oil and CPO (Crude Palm Oil) industries that
Management of Certified Palm adhere to global best practices in sustainability. This
72%
Living Natural Oil & CPO commitment is reflected in their certifications from
Resources and the Indonesian Sustainable Palm Oil (ISPO) and the
Land Use Roundtable on Sustainable Palm Oil (RSPO).
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5. Conclusion
Bank Mandiri recognizes the importance of integrating their operations, and the financing of environmentally
sustainability values into the company’s vision and mission. By oriented businesses with lower carbon footprints, such as
implementing the Environmental, Social, and Governance (ESG) Sustainability‑Linked Financing and Transition Financing.
principles in business activities, Bank Mandiri is determined to
contribute to sustainable economic growth and support the To ensure accountability for the issuance of its Green Bonds,
achievement of the 17 Sustainable Development Goals (SDGs). Bank Mandiri is committed to strengthening its management
mechanisms, enhancing transparency in the use of proceeds,
As one of the major players in sustainable finance in Indonesia, and improving the credibility of its annual reporting. As
Bank Mandiri continues to promote sustainable finance part of the validation process, this report has undergone an
practices, particularly in supporting a Low-Carbon Economy. independent external review conducted by the SDGs Hub of
This commitment is reflected through its support for clients the University of Indonesia.
in high‑carbon‑intensity sectors, the provision of innovative
financial solutions to help clients decarbonize and transform
472 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Appendix I
Impact Reporting Key Assumptions
The reported results are based on the assumptions from publicly available sources. Key assumptions for impact calculation are indicated
in the table below.
Eligible Types of
Data Assumption
Category Projects
• According to estimates from the United States Environmental Protection Agency (US
Clean Purchase of EPA), a single non‑electric passenger vehicle emits approximately 4.6 tCO₂ per year
Transportation Electric Vehicles • (United States Environmental Protection Agency (US EPA), “Greenhouse Gas
Emissions from a Typical Passenger Vehicle”, Last updated on 12 June 2025.)
Environmentally Financing to certified palm oil and CPO (Crude Palm Oil) industries that adhere to
Sustainable global best practices in sustainability within their operations, with the details as follow:
Management of Certified Palm • Certification: ISPO (Indonesian Sustainable Palm Oil) and RSPO (Roundtable on
Sustainable Palm Oil)
Living Natural Oil & CPO
• Total land ammount: 20 (16 ISPO and 4 RSPO)
Resources and • Total land area: 70,449 hectares (64,404 hectares (ISPO) and 6,045 hectares
Land Use (RSPO))
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 473
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Appendix II Review of the 2025 Green Bond Annual Report Bank Mandiri – SDGs Hub Universitas Indonesia 474 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 475
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 475
Page 476
Sustainability Bond Report February 2026 476 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 477
TABLE OF CONTENTS
01 03
Introduction Allocation
Report
02 04
Summary of Impact
Bank Mandiri’s Report
Sustainability Bond
Framework
& Issuance
05
Conclusion
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 477
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1. Introduction
The global pursuit of commitments in achieving Net Zero As part of its commitment to environmental stewardship, Bank
Emissions (NZE) and Sustainable Development Goals (SDGs) Mandiri leverages its sustainability commitments by directing
relies significantly on the financial sector’s involvement. As financing toward green activities, including renewable energy
Indonesia’s largest bank and corporate lender, PT Bank Mandiri projects, sustainable infrastructure, and environmentally friendly
(Persero) Tbk. (“Bank Mandiri”) not only acknowledges its pivotal business practices. Moreover, Bank Mandiri pledges to enhance
role in trailblazing sustainable finance but also reaffirms its access to banking and financial services for underserved
commitment to this cause, generating positive environmental populations. This is achieved through digitalization, which
and social impacts. not only facilitates socioeconomic advancement and
empowerment for unbanked or non-bankable communities
Bank Mandiri has devised a transformative business plan with and individuals but also ensures that these services are
the vision of “Becoming the Indonesia Sustainability Champion accessible to a wider audience. These initiatives are further
for a Better Future” by implementing its Sustainable Finance strengthened by Bank Mandiri’s efforts to develop internal
Action Plan or Rencana Aksi Keuangan Berkelanjutan (“RAKB”). capabilities in implementing ESG principles and integrate a
This vision is manifested through three core commitments: green business mindset as a core corporate value.
“Lead Indonesia’s Transition to Low Carbon Economy,” “Net
Zero Emission (NZE) in Operations by 2030”, and “Catalyzing
Multiple Growth for Social Impact to Achieve the SDGs.” As a follow-up to its RAKB and sustainability commitments,
Bank Mandiri successfully issued its inaugural Sustainability
Bond in April 2021. This issuance is part of implementing the
Bank Mandiri is proactively responding to upcoming Sustainable Banking pillar to develop ESG-related products.
challenges and uncertainties by accelerating innovations With this issuance, Bank Mandiri has shown its commitment
in products and services, reaffirming its commitment to to supporting the government’s program in developing
prioritizing Environmental, Social, and Governance (ESG) a sustainable economy and is actively participating in the
principles. This comprehensive transformation encompasses Financial Services Authority’s (Otoritas Jasa Keuangan) roadmap
policies, strategies, and day-to-day operations, advocating for of sustainable finance, and striving for the 17 Sustainable
environmental conservation and social inclusion by promoting Development Goals (SDGs).
various carbon-neutral initiatives and broadening financial
services to reach marginalized communities and economically
underserved segments and regions.
478 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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2. Summary of Bank
Mandiri’s Sustainability
Bond Framework &
Issuance
Sustainability Bond Framework
In advance of the Sustainability Bond Issuance in April 2021, Bank Mandiri developed the Sustainability Bond Framework (the
“framework”) and engaged Sustainalytics to provide a Second Party Opinion (SPO). The framework has been aligned with the Green
Bond Principles 2018 (GBP), Social Bond Principles 2020 (SBP), and ASEAN Sustainability Bond Standards 2018 (ASEAN SUS). Here’s a
concise overview of the framework:
Use of Proceeds Project Evaluation
and Selection
Green Eligible Sectors
• Sustainable Water & Wastewater Management
Risk Management
• Energy efficiency Sustainable
and Credit Policy
Business Unit Finance Working
• Green building Committee
Group
• Renewable energy (RMPC)
• Clean transportation
• Eco-efficient adapted products
• Climate change adaptation
Social Eligible Sectors
• Healthcare
• Education
• Gender equality
• Decent work and economic growth
• Industry, innovation, and infrastructure
• Reduced inequalities
• Sustainable cities and communities
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Page 480
Management of Proceeds
Dedicated register will be established to record the allocation, and the
proceeds will be tracked via Bank Mandiri’s internal information systems.
Tracking
The Working Group has to maintain a buffer of projects above the proceed
nominal within the last 3 years period and allocation period no longer than 2
Monitoring years.
Unallocated proceeds will be invested in cash or high-quality, marketable
instruments such as government bonds, following Bank Mandiri’s liquidity
Unallocated management strategy until appropriate uses are identified for the proceeds.
Proceeds
Reporting
Allocation Reporting Impact Reporting
Bank Mandiri will publish an allocation report Where relevant and possible, Bank Mandiri will
annually until proceeds are fully allocated or should report on the environmental and/or social impacts
material changes be required to past allocation of the eligible assets financed from any Green,
reports. This allocation reports will provide the Social, and/or Sustainability Bond issued.
following detail:
• Amount of eligible assets by project category; and
• The remaining balance of unallocated proceeds at
the end of the reporting period
480 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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The Issuance
On April 19, 2021, Bank Mandiri made a significant stride in the sustainability sector by issuing its first US dollar sustainability notes.
This pioneering transaction, with a size of US$300 million and a maturity of 5 years, marked the inaugural issuance in sustainability
format from Bank Mandiri and the third drawdown of its existing US$2 billion Euro Medium Term Note Programme (EMTN).
The transaction also gives several milestones for Bank Mandiri, as follows:
• The first Green, Social, and Sustainability (GSS) Bond issuance from Indonesia’s banking sector year-to-date (YTD) 2021
• The largest oversubscription rate amongst all issuances from Indonesia YTD 2021 and in the history of Bank Mandiri at more than
8.3x (final order book)
• The lowest coupon/yield ever issued by Bank Mandiri and within the banking sector in Indonesia.
Deal Summary
Issue size US$300 million
Tenor 5-Year Bullet
Maturity date 19 April 2026
Settlement date 19 April 2021
Coupon 2.00% semi annual
Use of proceeds To finance or refinance, in whole or in part, Eligible Sustainability Bond Projects in accordance
with specific, prescribed eligibility criteria as described under the Bank’s sustainability
framework
Listing Singapore Exchange (SGX-ST)
Final orderbook US$2.50 billion
Oversubscription rate 8.3x
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Page 482
3. Allocation
Report
As of 31 October 2025, Bank Mandiri has fully allocated the proceeds of Bank Mandiri Sustainability Bond 2021. The allocation details
are as follows:
Amount
Financed/
Allocated Allocation of
Eligible Category Refinanced
in USD million Proceeds
(Year of Disbursement)
(eq. in IDR billion)
Financed & Refinanced 93
Renewable Energy 31%
(2020, 2021, 2022, 2023, and 2024) (eq. 1,540)
Financed & Refinanced 15
Clean Transportation 5%
(2020, 2022, and 2023) (eq. 249)
Financed 11
Sustainable Water & Wastewater Management 4%
(2023) (eq. 182)
Financed 147
Sustainable Cities & Communities 49%
(2022, 2023, 2024 and 2025) (eq. 2,450)
Financed & Refinanced 19
Healthcare 6%
(2019, 2020, 2021, and 2023) (eq. 309)
Decent Work & Financed 15
5%
Economic Growth (2022, 2023, 2024 and 2025) (eq. 255)
300
Total 100%
(eq. 4,985)
*USD/IDR as of 31 October 2025
482 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Green Category Social Category
Renewable Energy Healthcare
93 19
Clean Transportation Sustainable Cities & Comunities
15 147
Sustainable Water & Wastewater Management Decent Work & Economic Growth
11 15
The allocation for the green category is 40% or equivalent to The allocation for the social category is 60% or equivalent to
USD119 million. The projects in the green category fall into USD181 million. The projects in the social category fall into
three of the seven eligible sectors. three of the seven eligible sectors.
Allocation Proportion
9%
40%
119 USD Mn
60%
181 USD Mn
91%
Green Social Refinanced Financed
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 483
Page 484
4. Impact
Report
The estimated environmental and social impact for Eligible Categories according to the Sustainability Bond Framework and impact
metrics based on the standard of the International Capital Market Association are shown in the tables below:
Green Categories
Eligible Alignment % of Asset Types of Brief Descriptions &
Category to SDGs Allocation Projects Impact Indicators*
Generation of energy from water power as a renewable
source:
• Installed capacity: 3 X 6 (18 MW)
Hydro • Annual renewable energy generation from power plant:
Power Plant 104,317 MWh
Project #1 • Potential annual GHG emissions reduced from the power
plant: approx. 83,975 tonnes CO2-eq per year
• Potential homes to be served from the power plant:
approx. 24,539 homes
Generation of energy from water power as a renewable
source:
• Installed capacity: 6 MW
Hydro • Annual renewable energy generation from power plant:
Power Plant 29,587 MWh
Project #2 • Potential annual GHG emissions reduced from the power
plant: approx. 27,812 tonnes CO2-eq per year
• Potential homes to be served from the power plant:
Renewable approx. 9,606 homes
31%
Energy Generation of energy from water power as a renewable
source:
• Installed capacity: 10 MW
Hydro • Annual renewable energy generation from power plant:
Power Plant 73,624 MWh
Project #3 • Potential annual GHG emissions reduced from the power
plant: approx. 69,943 tonnes CO2-eq per year
• Potential homes to be served from the power plant:
approx. 17,319 homes
Generation of energy from water power as a renewable
source:
• Installed capacity: 21 MW
Hydro • Annual renewable energy generation from power plant:
Power Plant 137,957 MWh
Project #4 • Potential annual GHG emissions reduced from the power
plant: approx. 129,680 tonnes CO2-eq per year
• Potential homes to be served from the power plant:
approx. 32,453 homes
484 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
Page 485
Generation of energy from water power as a renewable
source:
• Installed capacity: 3 x 3.33 MW (9.9 MW)
Hydro • Annual renewable energy generation from power plant:
Power Plant 60,936 MWh
Project #5 • Potential annual GHG emissions reduced from the power
plant: approx. 57,279 tonnes CO2-eq per year
• Potential homes to be served from the power plant:
approx. 14,334 homes
Generation of energy from water power as a renewable
source:
• Installed capacity: 11.25 MW
Hydro • Annual renewable energy generation from power plant:
Power Plant 68,991 MWh
Project #6 • Potential annual GHG emissions reduced from the power
plant: approx. 48,983 tonnes CO2-eq per year
• Potential homes to be served from the power plant:
approx. 16,229 homes
Financing the procurement of electric buses as part of the
public mass transportation system to support the Government
of Indonesia’s goal of reducing GHG emissions by accelerating
the Battery Electric Vehicle (BEV) implementation in Indonesia:
Electric • The number of clean vehicles deployed: 27 electric Buses
Buses vehicles
Financing • The passenger capacity of clean vehicles: 1,620
passengers/day
• Potential annual GHG emissions reduced from electric
Clean buses operation: approx. 149,077 tonnes CO2-eq per
5%
Transportation year
Financing the procurement of electric rail train carriages as
part of the public mass transportation system in Indonesia:
Electric • The number of passengers served: 611,784 passengers/
Rail Train day
Carriage • The average passenger’s distance travelled: 34.2 km/
Financing passenger
Potential annual GHG emissions reduced from electric rail train
operation: approx. 96,690 tonnes CO2-eq per year
Clean water supply system for distribution:
• The annual amount of clean water distributed: 6,247,905
Drinking m3 (17,118 m3/day)
Water • The annual amount of clean water usage per person: 200
m3
Supply • The potential number of people served: approx. 31,240
System #1 people
Sustainable • The potential number of houses served: approx. 8,010
Water & houses
4%
Wastewater Clean water supply system for distribution:
Management • The annual amount of clean water distributed: 4,547,664
Drinking m3 (12,459 m3/day)
Water • The annual amount of clean water usage per person: 392.4
m3
Supply • The potential number of people served: approx. 11,589
System #2 people
• The potential number of houses served: approx. 2,972
houses
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Page 486
Social Categories
Eligible Alignment % of Asset Types of Brief Descriptions &
Category to SDGs Allocation Projects Impact Indicators*
Subsidized housing financing for low-income communities:
Sustainable Affordable • The number of supported affordable housing units
Cities & 49% Housing financed: 23,082 units
Communities Financing The number of individuals/families benefiting from subsidized
housing: approx. 69,246 people
Subsidized housing financing for low-income communities:
Build and • The number of hospitals built: 9 hospitals
Healthcare 6% Upgrade • The number of beds available: 1,125 beds
Hospitals • The potential number of residents benefiting from
healthcare: approx. 803,571 residents
Micro,
Small, and
Medium
Enterprise Financing program for micro, small, and medium businesses
Decent Work (MSME) in the agriculture sector to encourage economic growth and
employment:
& Economic 5% Financing –
• The number of MSMEs financed: 3,099 businesses
Growth Kredit Usaha • Estimated number of people employed by the financed
Rakyat SMEs or micro-businesses: approx. 15,495 people
(KUR) in the
Agriculture
Sector
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5. Conclusion
Bank Mandiri realizes the importance of integrating Compared to Bank Mandiri’s Sustainability Bond Report 2025,
sustainability principles into the Bank’s vision and mission. Bank the share of social category assets in the 2026 Report increased
Mandiri aspires to contribute to sustainable economic growth from 53% to 60%. This shift reflects continued alignment with
by aligning its initiatives with the 17 Sustainable Development national development priorities that emphasize inclusive
Goals (SDGs), a global call to action to end poverty, protect the growth and broader social outcomes. The increased allocation
planet, and ensure prosperity for all. This alignment is achieved demonstrates Bank Mandiri’s strategic intent to support
by implementing Environmental, Social, and Governance national agendas through Sustainable Financing.
principles in its business activities.
As part of our commitment to contributing to sustainable
As one of the first movers in sustainable finance in Indonesia, economic growth and ensuring accountability for the
Bank Mandiri continues to develop and promote sustainable Sustainability Bonds issued, Bank Mandiri is dedicated
finance practices, including efforts to help achieve a low- to continuously improving its tracking and monitoring
carbon economy. This commitment is shown through Bank mechanisms. This is to maintain transparency in the use of
Mandiri’s support for clients, especially those who are engaged proceeds and credibility in our annual report.
in carbon-intensive sectors, by providing innovative financial
solutions. These solutions include Sustainability-Linked Loans, To further reinforce its credibility, this Sustainability Bond Report
which offer favorable terms to clients who meet sustainability has undergone an independent external review conducted
targets, and Transition Financing, which helps clients shift to by Moody’s. This review serves to validate the alignment of
more sustainable business models. These solutions encourage the report with sustainability standards. The full details of the
clients to decarbonize and transform their operations into review can be accessed through the following link:
a more responsible, environmentally positive business with https://www.moodys.com/research/Bank-Mandiri-Persero-
smaller carbon footprints. Tbk-PT-Post-issuance-Second-Party-Opinion-Sustainability-
Second-Party-Opinion--PBC_1475066#290612199861c31d103
6b185b4e69b75
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Appendix I - Impact Reporting Key
Assumptions
The reported results are based on the assumptions from publicly available sources. Key assumptions for impact calculation are indicated
in the table below.
Green Categories
Eligible Type of
Data Assumption
Category Projects
• Average household size in Indonesia as of 2019: 3.9 people (BPS-Statistics Indonesia)
• Electricity consumption per capita as of 2020: 1.09 MWh/capita (BPS-Statistics
Indonesia)
• CO2 emission factor of Sumatera interconnection system: 0.805 tCO2e/MWh CO2 ;
emission factor for hydro power plant: 0 tCO2e/MWh (Alimuddin, et al. 2019. Analysis
Renewable Renewable of CO2 Emissions from Geothermal Power Plant Ulubelu and Its Contribution to
Energy Power Plant Development of Electricity Generators in Lampung Province. Journal of Natural Resources
and Environmental Management, 9(2), 287-304)
• CO2 emission factor of Sulawesi Tengah Coal Power Plant 0.71 tCO2e/MWh ; CO2
emission factor of Bengkulu, Sumatera Utara & Selatan Coal Power Plant 0.94 tCO2e/
MWh; CO2 emission factor of Sulawesi Selatan Coal Power Plant 0.95 tCO2e/MWh
(Kementrian ESDM. 2019. Faktor Emisi Sistem Ketenagalistrikan)
• According to Pusat Penelitian dan Pengembangan Jalan dan Perkeretaapian (Pusjaka)’s
Electric Buses study in 2022, the switching from fossil fuel vehicles to electric buses can reduce
Transjakarta emissions by 149,077 tonnes CO2-eq per year.
Financing • (Transport Policy Agency - Ministry of Transportation, Republic of Indonesia, “Internal
Combustion Engine Phase Out Scheme to Battery Electric Vehicle”, 2023)
Clean
Transportation • CO2 emission factor for rail transport in Jakarta: 0.778 kgCO2e/passenger
Electric Rail • CO2 emission factor for electric rail train in Jakarta: 0.345 kgCO2e/passenger
• (Rianawati, Elisabeth; Husnul Alberdi; Aisha Sallsabilla; Maya Larasati; Nadiya Pranindita;
Train Carriage
Rizkiana S Hamdani. 2022. Transformasi transportasi Jakarta: Mengkaji ulang target
Financing emisi nol sektor transportasi tahun 2050. Jakarta: Greenpeace Indonesia dan Resilience
Development Initiative)
Sustainable Approximation for domestic clean water distribution:
Water & Drinking Water • Medan (>500,000 population): ± 202,047,398 m3 (Central Bureau of Statistics of North
Sumatera Province, 2021)
Wastewater Supply System • Serang (>3,000 population): ± 747,360 m3 (Central Bureau of Statistics of Serang City,
Management 2021)
488 PT Bank Mandiri (Persero) Tbk | Sustainability Report 2025
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Social Categories
Eligible Types of
Data Assumption
Category Projects
Sustainable Affordable
• Average household size in Indonesia as of 2019: 3.9 people
Cities & Housing
• (BPS-Statistics Indonesia)
Communities Financing
Build and
Healthcare Upgrade • Bed ratio per 1,000 residents in Indonesia: 1.4 (Ministry of Health Indonesia, 2020)
Hospitals
Micro,
Small, and
Medium
Enterprise
Decent Work (MSME) • The number of people estimated to work on a farm: 5 people
• A micro-enterprise is defined as a small business employing 1-9 employees (United
& Economic Financing –
Nations Department of Economic and Social Affairs-Report on MSMEs and the Sustainable
Growth Kredit Usaha Development Goals)
Rakyat
(KUR) in the
Agriculture
Sector
Sustainability Report 2025 | PT Bank Mandiri (Persero) Tbk 489
Page 490
SUSTAI
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Bank Mandiri Profile
p.4 ×19
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p.4 ×8
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Financial Services Authority
p.5 ×9
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Bank FinanceAsia
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PT Bank Mandiri Taspen
p.34
unresolved
org
Bank Mantap
p.34
unresolved
org
PT Mandiri Utama Finance
p.34
unresolved
org
PT AXA Mandiri Financial Services
p.34
unresolved
org
PT Mandiri Capital Indonesia
p.34
unresolved
org
Mandiri International Remittance Sdn. Bhd.
p.34
unresolved
org
PT Mandiri Manajemen Investasi
p.34
unresolved
org
Mandiri Securities Pte. Ltd.
p.34
unresolved
org
Mandiri Investment Management Pte. Ltd.
p.34
unresolved
org
Asia Pacific
· Member
p.38
unresolved
org
Bank Mandiri’s Sustainability
p.39
unresolved
org
PT Sucofindo
p.40 ×3
unresolved
org
Bank Mandiri’s GCG
p.44 ×2
unresolved
org
Bank Mandiri. Ownership
p.45
unresolved
org
Minister of SOEs No. PER-
p.51
unresolved
org
Bank Mandiri Board
p.51
unresolved
org
Bank Capitalization Sustainability
p.51
unresolved
org
Bank Mandiri’s Policy Architecture
p.54
unresolved
person
Extraordinary GMS
· Commissioner
p.55
unresolved
person
Male
· Commissioner
p.55 ×7
unresolved
—
Pardewo
· Commissioner
p.55
unresolved
person
Certification Level
· Commissioner
p.57
unresolved
person
Certification
· Commissioner
p.57
unresolved
org
Bank SPK Anggraini
p.58
unresolved
org
SEVP/Group Head Human Capital
p.59
unresolved
person
SEVP
· Member
p.59
unresolved
org
Bank Mandiri’s Remuneration
p.59
unresolved
—
Sustainability Report 2025
p.59
unresolved
org
Minister of SOEs
p.60
unresolved
org
Minister of SOEs Regulation Procedures
p.60
unresolved
org
Minister of SOEs Regulation No. PER-
p.60 ×6
unresolved
org
Ministry of SOEs
p.61
unresolved
org
Bank Mandiri. Sustainability
p.61 ×2
unresolved
org
Bank Mandiri’s Risk Management Policy
p.65
unresolved
org
Bank Mandiri. Through
p.80
unresolved
org
Bank Data Bank Mandiri
p.82
unresolved
org
PT DC Solutions
p.89
unresolved
org
Bank Mandiri. This Unit Mandiri
p.93
unresolved
org
Bank Mandiri’s AML
p.97
unresolved
org
Bank Mandiri’s Watchlist. The Sanction Policy
p.99
unresolved
org
Bank Mandiri Firm
p.102
unresolved
org
Bank Mandiri’s Sustainability Vision Sustainability Strategy
p.106
unresolved
org
Bank Mandiri’s Response Group Mandirians
p.116
unresolved
org
Bank Mandiri’s Response Group Shareholders
p.116
unresolved
—
• Routine meetings
p.116
unresolved
—
engagements
p.116
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