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PT Saratoga Investama Sedaya Tbk. 1
2024 Sustainability Report
PT Saratoga Investama Sedaya Tbk. 2024 Sustainability Report
Impactful Growth
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Disclaimer PT Saratoga Investama Sedaya Tbk. 1
2024 Sustainability Report
Disclaimer
The Sustainability Report of PT Saratoga Investama Sedaya Tbk., hereinafter referred
to as “the Report,” contains material data and information for stakeholders regarding
Saratoga’s sustainability performance in 2024. In general, the content of this report is
derived from internal analyses as well as reliable documents and sources. The terms
“Saratoga,” “Company,” or “We” in the Report refer to PT Saratoga Investama Sedaya Tbk.
Readers should be aware that this report contains views and forward-looking statements.
Saratoga recognizes that risks and uncertainties related to various factors could affect
its operating performance and business conditions in the future. As such, we remind
readers that Saratoga cannot guarantee that the forward-looking statements will reflect
actual conditions in the future. Therefore, we remind readers to use them prudently.
The tables and charts shown in this Report present numeric data using the standard
English notation. The presentation of numerical values in the text also use the English
notational standard.
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Table of Contents PT Saratoga Investama Sedaya Tbk. 2
2024 Sustainability Report
Table of Contents
Disclaimer 1 4. Driving Value Through Responsible Investments 31
Addressing Emerging Global Trends 32
Table of Contents 2 Economic Performance 33
Responsible and Sustainable Investing 34
Theme Description 2024 3
5. Catalyzing Change for Environmental Stewardship 39
Performance Highlights 2024 4 Environmental Footprint 40
Environmental Initiatives 41
Board of Directors Remarks 6 Climate Resilient Investment 43
1. About Saratoga 8 6. Investing in People and Social Well-Being 46
Business Lines 11 Our People in Number 47
Our Active Investment Methodology 11 Employee Engagement and Equal Opportunity 48
Our Investment Framework 11 Supporting Workforce Excellence 53
Share Ownership and Structure of Saratoga 13 Advancing Health Initiatives 57
Enterprise Scale 14
Memberships Association 14 7. Empowering Communities Through Strategic Investments 58
Awards 15 Our Contribution to Society in Figures 59
Community Empowerment 61
2. Our Approach to Sustainability 16 Social and Cultural Development 64
Our Approach 17
ESG Strategy 18 8. Climate Disclosure 66
ESG Governance Structure and Oversight 19 Climate Governance 67
Stakeholder Engagement 20 Risk Management 68
Material Topics 21
9. About This Report 72
3. Upholding Business Integrity 23 Scope and Boundaries of Reporting 74
Good Corporate Governance 24
Governance Structure 25 10. Index 75
Performance Evaluation and Remuneration Policy of the Board 29 GRI Content Index 76
Transparent Governance Practices 29 POJK Index 82
Data Privacy and Security 30 UNGC Index 86
Feedback Form 87
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Theme Description 2024 PT Saratoga Investama Sedaya Tbk. 3
2024 Sustainability Report
Impactful Growth As an active investment company, we believe our
greatest impact is made through the businesses
we invest in—where innovation, purpose, and
performance converge to create lasting value.
In this 2024 Sustainability Report, we reaffirm
our commitment to driving impactful growth by
strategically investing in sectors that deliver tangible
benefits to society and contribute to long-term,
sustainable progress. Through this focused approach,
we aim to shape a future that both prosperous and
purposeful.
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Performance Highlights 2024 PT Saratoga Investama Sedaya Tbk. 4
2024 Sustainability Report
Performance Highlights 2024 [POJK B.1] [POJK B.2] [POJK B.3]
Economic Dividend, Interest Distributed Investment New and Additional
Driving Sustainable Growth Through and Other Income Economic Value Investment
Purposeful and Responsible Investments
Rp3,864 Rp736 Rp55,546 Rp5,772
Billion Billion Billion Billion
Environment Scope 1 & 2 Emissions Scope 3 Emissions Total Emission Intensity
Minimizing Environmental Impact
74.64 1,498,486 0.02
to Safeguard Natural Resources
TonCO2eq TonCO2eq TonCO2eq /Billion Rupiah
Electricity Usage Energy Consumption Energy Intensity
265.12 GJ 431.78 GJ 0.11
GJ/IDR Billion
• For detailed descriptions of Scope 1, Scope 2, and Scope 3
emissions, please refer to Chapter 5 (page 40) of this report.
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Performance Highlights 2024 PT Saratoga Investama Sedaya Tbk. 5
2024 Sustainability Report
Performance Highlights 2024
→ 65 52.3% 9.9 100%
Employees are
Social
Giving back to the Empowering Total Number of Of all employees Average Hours of employees
Satisfied
communities where with the
Individuals through Employee are female Training per Worker received
management and
we operate to ensure an Inclusive and (as of 31 December 2024) performance
facilities provided
our presence creates Growth-Oriented evaluations and
by Saratoga
sustainable positive Environment appraisals
impacts
→ 150 35 1,000
Promoting orphaned children students participated staple food packages
Sustainable celebrated with in in entrepreneurship distributed to
Community Tangerang, spreading coaching and underprivileged
Christmas joy with mentoring through the elderly and widows
Development
gifts, entertainment, ENVOY 15 and ENVOY in Cilincing, North
and shared happiness. 16 program Jakarta
Governance Corruption Data Report On Insider Trading Conflict
Insider of
incident Breach Code Breaches Trading
Action Action Trading
Of
Interest
Interest
Action
Upholding Integrity and
Excellence in Governance
Zero Zero Zero ZERO
Zero ZERO
Zero
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Board of Directors Remarks PT Saratoga Investama Sedaya TBK 6
2024 Sustainability Report
Board of Directors Remarks [GRI 2-22] Dear Valued Stakeholders, Every investment undergoes a rigorous due diligence process aligned
with ESG standards, reinforcing our commitment to sustainability and
“Sustainability is not just a commitment. Creating a greater impact has been Saratoga’s driving force since responsible growth.
the beginning of our sustainability journey. As we present our fifth
It is how we invest, operate, and grow.”
Sustainability Report, we are deeply grateful for the unwavering support In 2024, Saratoga generated total revenue of Rp3.29 trillion and
of our stakeholders. allocated Rp5.77 trillion for new and additional investments. This
number demonstrated our continued focus on driving purposeful
The year 2024 was a dynamic one for businesses, influenced by growth and our ongoing dedication to building a more resilient through
significant events in Indonesia and across the globe, including strategic capital deployment.
government transitions and shifting geopolitical dynamics. Amid
these changes, Saratoga remained steadfast in our commitment Furthermore, we consistently monitor our environmental footprint,
to sustainability. From the outset, we have ensured that ESG particularly greenhouse gas (GHG) emissions arising from our
considerations are embedded in our investment strategy and decision- operations and investments. In 2024, our Scope 1 and Scope 2
making process. emissions totaled 74.64 tonCO₂eq, with an emission intensity of 0.02
tonCO₂eq per billion rupiah of revenue. Meanwhile, Scope 3 emissions
In Indonesia, an important election year led many businesses to adopt a associated with our listed portfolio companies reached 1,5 million
more cautious stance. Meanwhile, on a global scale, intensifying economic tonCO₂eq. Moving forward, we remain committed to strengthening our
competition among major nations and rising political tensions shaped emissions data quality and transparency.
the landscape in which we operated. Despite these challenges, Saratoga
navigated the year with resilience, staying true to our long-term vision. Driving Sustainable Business from Within
We believe that meaningful progress in sustainability starts from within.
Investing for Lasting Impact While our success depends on strong strategies and policies, people
As an active investment company committed to integrating ESG ultimately drive it. In 2024, we strengthened our internal culture by
principles, Saratoga continuously seeks ways to maximize the positive implementing structured training programs across the organization,
impact of our investments on stakeholders. In 2024, we made a strategic ensuring that employees are equipped to navigate a dynamic business
decision to refine our investment approach, ensuring that our capital environment with responsibility and awareness.
allocation creates meaningful, long-term value.
Employees completed an average of 9.9 hours of training, covering a range
One key example is our investment in Brawijaya Healthcare, where we of professional and organizational development topics, including aspects
acquired a majority stake to strengthen our contribution to the healthcare of sustainability and climate awareness. Formal performance evaluations
sector. Furthermore, our investment in Foodex reflects our commitment incorporated ESG-aligned values into goal setting and review processes.
to sustainable growth in Indonesia’s consumer sector by strengthening
local supply chains, enhancing value-added production, and expanding With over 52% of our workforce composed of women, we remain
access to quality food ingredients for both large corporations and SMEs. committed to fostering inclusivity and diversity as key pillars of our
Additionally, we continue to focus on high-growth, ESG-driven sectors people strategy.
Michael W. P. Soeryadjaya
such as the electric vehicle (EV) supply chain.
President Director
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Board of Directors Remarks PT Saratoga Investama Sedaya Tbk. 7
2024 Sustainability Report
To Our Stakeholders: A Heartfelt Thank You
“At Saratoga, we believe that responsible investment is the key to ESG is not a solo endeavour. It thrives on collaboration. We extend
our deepest gratitude to all stakeholders who have been partners in
creating lasting value, not only for our shareholders but for society this journey: our investors, partners, employees, and the communities
we serve. Your trust, commitment, and shared vision for sustainability
and the environment.” continue to drive our collective impact forward.
This journey is still in its early stages, and we are grateful to have you
alongside us as we move forward to create even greater value and
impact together.
Giving Back to the Communities Building a Strong Governance Moving Forward: The Journey Continues
Externally, we believe that Saratoga thrives when society thrives. As our Sustainability at Saratoga is supported not only by intention but by Looking ahead, Saratoga remains steadfast in embedding ESG
ESG roadmap outlines, 2024 is the Year of Performing, a time for active structure. To ensure consistency and accountability, we have established principles into every facet of our investment strategy. We will continue
implementation and impact measurement. Our primary focus remains a robust ESG governance system that strengthens how we manage risks to seek high-impact opportunities that generate long-term value while
empowering communities across Indonesia, reinforcing our commitment and measure impact across our portfolio companies. addressing pressing social and environmental challenges. By leveraging
to inclusive and sustainable growth. innovation, strategic partnerships, and responsible investment practices,
This system is underpinned by clear policies and internal controls, we are committed to shaping a more sustainable and resilient future.
Among our many initiatives, we distributed 1,000 food packages to including zero-tolerance protocols on corruption, insider trading,
underprivileged elderly citizens and widows in Cilincing, North Jakarta, conflict of interest, and data breaches—each of which recorded zero With a clear strategic direction and valuable guidance from our Board of
and celebrated the Christmas season with 150 orphaned children in incidents in 2024. Commissioners, alongside the unwavering support of our stakeholders,
Tangerang—bringing joy through shared festivities and gifts. Furthermore, we are confident that Saratoga will not just adapt to an evolving business
our ENVOY 15 and 16 programs provided entrepreneurship mentoring to Our ESG governance is further reinforced by a well-defined code landscape, but lead the change. Our vision is clear: to drive financial
35 university students, helping nurture Indonesia’s next generation of of conduct and transparent reporting mechanisms that help ensure success while positively impacting society and the environment.
purpose-driven business leaders. integrity at every level.
Our ESG journey continues, and Saratoga looks forward to creating a
With this structure in place, we are confident that Saratoga’s ESG stronger, more sustainable future for generations to come.
initiatives will continue delivering measurable and lasting outcomes,
aligned with our long-term sustainability aspiration.
Sincerely,
On behalf of the Board of Directors
Michael W. P. Soeryadjaya
President Director
PT Saratoga Investama Sedaya Tbk.
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PT Saratoga Investama Sedaya Tbk. 8
2024 Sustainability Report
About Saratoga
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Chapter 1 PT Saratoga Investama Sedaya Tbk. 9
About Saratoga 2024 Sustainability Report
About Saratoga
Saratoga is committed to driving sustainable growth VISION [POJK C.1] CORE VALUES
by empowering businesses to innovate responsibly A World-Class Active Investment Company in Indonesia Work Hard
that Excels on the Back of Strong Corporate Characters to Work Smart
and create lasting value. Through strategic
Create Value for Our Stakeholders and the Nation. Work Thoroughly
investments, we make a meaningful environmental Work Wholeheartedly
and social impact, ensuring long-term prosperity.
MISSION COMPANY CHARACTER
To be the partner of choice for investors who wish to Integrity
participate the dynamic growth of Indonesia. Passion & Energy
Competence & Capability
PT Saratoga Investama Sedaya Tbk. (SRTG) is a publicly listed
investment company headquartered in Jakarta, Indonesia.
Company Name [GRI 2-1] Headquarters Location [POJK C.2]
Established in 1997, Saratoga is committed to delivering value for
PT Saratoga Investama Sedaya Tbk. Menara Karya 15th Floor
stakeholders while fostering national development. [GRI 2-1]
(SRTG) Jl. H.R. Rasuna Said Block X-5 Kav 1-2
South Jakarta 12950
The Company's primary headquarters for operations is in Indonesia,
and it has substantial holdings in blue-chip businesses as well as
Line of Business [POJK C.4][GRI 2-6] Fax Phone
stakes in fields as diverse as healthcare, technology, and energy.
As stated in our Articles of Association, the +62 21 5794 4365 +62 21 5794 4355
Saratoga oversees a range of subsidiaries across various sectors,
Company’s main purpose is to function as a
including energy and infrastructure, which bolsters its strategic
holding company, primarily focusing on owning Email
growth initiatives. [POJK C.3]
and managing assets across its subsidiaries. investor.relations@saratoga-investama.com
Additionally, the Company is involved in
management consulting activities aimed at Website
improving the performance and value of its www.saratoga-investama.com
investments.
Ownership and Legal Entities [POJK C.3] Operational Area and Countries of Operation [POJK C.3]
Limited Liability Company Indonesia
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Chapter 1 PT Saratoga Investama Sedaya Tbk. 10
About Saratoga 2024 Sustainability Report
Names and Addresses of Subsidiary Name Correspondence Address Business Field Year of Year of Effective Operation Total Assets
Our Subsidiaries [GRI 2-2] Establishment Investmentt Ownership Status (in billion IDR)
PT Bumi Hijau Asri Menara Karya 15th Floor Investment 2007 2010 99.99% Active 136
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
PT Nugraha Eka Kencana Menara Karya 15th Floor Investment 2003 2003 99.99% Active 1.440
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
PT Saratoga Sentra Business Menara Karya 15th Floor Investment 2005 2005 99.99% Active 646
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
PT Surya Nuansa Ceria Menara Karya 15th Floor Investment 2015 2015 99.99% Active 347
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
PT Wahana Anugerah Sejahtera Menara Karya 15th Floor Investment 2005 2009 99.99% Active 16,436
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
PT Wana Bhakti Sukses Mineral Menara Karya 15th Floor Investment 2007 2011 99.99% Inactive 3
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
PT Lintas Indonesia Sejahtera Menara Karya 15th Floor Investment 2018 2018 99.99% Active 24
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
PT Trimitra Karya Jaya Menara Karya 15th Floor Investment 2012 2014 99% Inactive 9
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
PT Interra Indo Resources Menara Karya 15th Floor Investment 2004 2004 93.73% Active 370
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
PT Sarana Investasi Bersama Menara Karya 15th Floor Investment 2015 2024 98.84% Active 260
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355 Fax : +62 21 5794 4365
Page 12
Chapter 1 PT Saratoga Investama Sedaya Tbk. 11
About Saratoga 2024 Sustainability Report
Business Lines [POJK C.4][GRI 2-6] Our Active Investment Methodology Our Investment Framework
According to the Articles of Association of the Company, the primary Our investment approach is underpinned by three core principles: Saratoga has built a robust reputation and an extensive national business
objectives of the company are as follows: Platforms, Partnerships, and Value Creation. network for identifying promising investment opportunities. Beyond
investing, Saratoga collaborates with business partners to develop strategic
1. Functioning as a holding company, with a key emphasis on owning • PLATFORMS - Each investment is seen as a strategic base for plans and add value to portfolio companies. During the divestment
and managing the assets of its subsidiary group. organic growth and a platform for potential acquisitions throughout process, Saratoga implements a well-thought-out exit strategy.
2. Providing management consulting services, which include: the value chain.
Our portfolio includes:
• Offering strategic advice, operational guidance, and solutions • PARTNERSHIPS - Saratoga collaborates closely with
to organizational and managerial challenges such as financial entrepreneurs who play a crucial role in ensuring continuity and • Early-stage companies with significant growth potential
planning, marketing strategy development, human resource performance. By partnering with global professional investors, we • Growth companies with established business models and strong
management, production scheduling, and operational oversight. position ourselves as an essential local ally, offering deep insights financial performance
• Delivering specialized expertise in areas like agronomy, agricultural into the market and regulatory landscape. • Listed blue-chip companies with well-established market positions,
processing, and agricultural economics, as well as designing offering long-term growth and capital appreciation
accounting systems, implementing cost management programs, • VALUE CREATION - We provide our investee companies with
supervising budgets, and enhancing efficiency in business and capital support, operational input, and financial advisory services.
community services through effective planning and information Additionally, we offer industry expertise, encompassing knowledge
management. and technology, to boost their business performance.
To support these primary objectives, the Company also engages in
additional activities, such as:
1. Providing funding and financing to companies within its portfolio
companies, either directly or indirectly.
2. Extending financial support to subsidiaries, affiliates, and related
entities to strengthen their operations and facilitate investments
across the group.
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Chapter 1 PT Saratoga Investama Sedaya Tbk. 12
About Saratoga 2024 Sustainability Report
Main Portfolio Summary
BLUE CHIP GROWTH
ADARO ANDALAN INDONESIA BRAWIJAYA HEALTHCARE
Energy and Resources Healthcare
ALAMTRI RESOURCES INDONESIA CITY VISION
Mineral Processing and Renewable Energy Digital Media Advertising
(Previously Adaro Energy Indonesia)
FOODEX
BERSAMA DIGITAL INFRASTRUCTURE Food Seasonings and Ingredients
ASIA
Digital Infrastructure FOREST CARBON
(Holding Company of Tower Bersama Infrastructure) Carbon Offset Credit
MERDEKA COPPER GOLD MITRA PINASTHIKA MUSTIKA
Precious Metals and Mineral Processing Automotive
MULIA BOSCO LOGISTIK
Cold-Chain Logistics
NUSA RAYA CIPTA
Constructions
SAMATOR INDO GAS
Consumer and Industrial Gas
XURYA
Solar Energy
ZAP
Beauty and Health Clinic
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Chapter 1 PT Saratoga Investama Sedaya Tbk. 13
About Saratoga 2024 Sustainability Report
Share Ownership and Structure of Saratoga [POJK C.3]
THE COMPANY’S EFFECTIVE SHAREHOLDINGS BOTH DIRECTLY AND INDIRECTLY.
*) THE COMPANY’S TREASURY STOCK WAS 0.15% OF TOTAL SHARES DUE TO
BUYBACK AS OF 31 DECEMBER, 2024
(1)
Previously PT Adaro (2)
Previously PT Aneka
Energy Indonesia Tbk. Gas Industri Tbk.
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Chapter 1 PT Saratoga Investama Sedaya Tbk. 14
About Saratoga 2024 Sustainability Report
Enterprise Scale [POJK C.3] 2022 2023 2024
Number of Employees 59 64 65
Income (Loss)* (IDR Billion) 6,301 (10,971) 5,310
*Include net gain (loss) on investments in shares and other securities
Total Capitalization (IDR Billion) 34,319 22,246 28,351
Liabilities (IDR Billion) 3,955 2,157 6,069
Equity (IDR Billion) 59,815 48,709 51,746
Total Assets (IDR Billion) 63,771 50,945 57,842
Net Profit (Loss) (IDR Billion) 4,616 (10,150) 3,290
Saratoga actively participates in and
Memberships Association[GRI 2-28] [POJK C.5] is a signatory to various national and Association Year of
international associations, as shown in Membership
the table beside:
Asosiasi Emiten Indonesia (AEI) 2013
Indonesia Corporate Secretary Association 2022
(ICSA)
United Nation Global Compact (UNGC) 2022
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Chapter 1 PT Saratoga Investama Sedaya Tbk. 15
About Saratoga 2024 Sustainability Report
Awards Name of Award Category/ organization Date received award
IICD Corporate Governance Award Top 50 Big Capitalization Public Listed Company 25 November 2024
ESG Award Index Integritas Bisnis Lestari 2024 Transparency International
and Tempo Data Science 10 December 2024
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PT Saratoga Investama Sedaya Tbk. 16
2024 Sustainability Report
Our Approach
to Sustainability
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Chapter 2 PT Saratoga Investama Sedaya Tbk. 17
Our Approach to Sustainability 2024 Sustainability Report
Our Approach to Sustainability Our Approach Prevention of Sexual Harassment Policy. These policies, approved by the
Our sustainability approach integrates global and national frameworks, Board, are implemented in our operation and communicated to employees
Saratoga’s approach to sustainability is all ensuring alignment with established benchmarks to shape our in relevant occasions on a regular basis. [GRI 2-24]
about balancing business growth and financial focus, objectives, and strategies. Our commitments are grounded in
internationally recognized standards, such as the UN Guiding Principles Saratoga is revamping our website to house policy documents,
gains with environmental care and social
on Business and Human Rights (UNGPs) and the Universal Declaration of sustainability updates, and ESG-related disclosures in a more accessible
consciousness. Through our investments, we Human Rights. This approach underscores our dedication to embedding and transparent manner for all stakeholders. The new website will be
want to support and foster sustainable businesses sustainability into our operations and fostering responsible business launched in mid 2025.
that deliver financial returns and create positive practices that deliver meaningful impact. [GRI 2-23]
environmental and social outcomes. Furthermore, Saratoga places high importance on compliance with
We have adopted a comprehensive sustainability policy incorporating national and international regulations. We recognize compliance with
Environmental, Social, and Governance (ESG) considerations alongside the law and regulation as the foundation of ethical business conduct and to
United Nations Sustainable Development Goals (SDGs) to address these maintain stakeholders’ trust. To that end, we have implemented a robust
challenges. This policy provides a clear framework for guiding operations regulatory monitoring system to ensure our operations consistently
and decision-making, enabling us to address sustainability challenges meet legal requirements. In 2024, we proudly achieved zero instances of
while contributing to global and national priorities. Supported by specific non-compliance, underscoring our dedication to upholding the highest
policies, including the ESG Policy, Environmental Policy, People Policy, and standards of governance and responsibility. [GRI 2-24] [GRI 2-27]
At Saratoga, we understand the critical role of sustainability
ESG Policy People Policy Environmental Policy Prevention of Sexual
in achieving balanced growth. By integrating ESG principles Harassment Policy
into our investment strategies, we aim to strengthen the
resilience of our portfolio companies while addressing pressing Saratoga’s ESG Policy Saratoga’s People Policy is Saratoga’s Environmental Saratoga’s Prevention of Sexual
environmental and social challenges. Our approach emphasizes underscores the Company’s designed to foster a safe and Policy reflects the Company’s Harassment Policy establishes
collaboration with partners to drive innovation, minimize commitment to integrating ESG supportive workplace that commitment to understanding clear standards and procedures
environmental impacts, and promote inclusivity, contributing principles across all aspects of prioritizes the well-being of all and minimizing our to prevent and address
to a sustainable and inclusive economy that benefits our our operations and investment employees while upholding environmental impact. The sexual harassment in the
stakeholders and the broader community. decisions. The policy details their fundamental rights and policy encompasses identifying workplace. The policy provides
specific initiatives undertaken opportunities. The policy environmental risks, raising guidance on identifying
by Saratoga, along with the ensures that every employee awareness among stakeholders, sexual harassment, reporting
processes for supervision, is treated with fairness and setting measurable targets to incidents, and the steps the
evaluation, management, and respect and is provided with reduce environmental impact, Company will take to address
disclosure of these efforts. the resources and opportunities and transparently reporting on such reports. It aims to create
needed to succeed in their environmental performance. a safe and respectful work
roles. It emphasizes creating an environment for all employees.
inclusive work environment that
values equality, diversity, and
inclusivity.
Page 19
Chapter 2 PT Saratoga Investama Sedaya Tbk. 18
Our Approach to Sustainability 2024 Sustainability Report
ESG Strategy [POJK A.1]
Implementing sustainability across Saratoga’s diverse portfolio Saratoga’s ESG strategy is guided by a comprehensive roadmap, Our ESG strategy has been thoroughly communicated to all employees,
presents unique challenges. These challenges include spanning 2023 to 2027. This roadmap outlines a phased approach to fostering understanding, engagement, and active participation in
aligning the different operations of portfolio companies with embedding ESG principles into our operations and has been thoroughly achieving our sustainability goals. Through training sessions, internal
ESG principles, addressing specific industry requirements, reviewed and endorsed by the Board of Directors. The roadmap discussions, and operational integration, we encourage a shared sense
and balancing short-term financial objectives with long-term comprises five key phases: Initiating, Performing, Excellence, Inspiring, of responsibility and commitment. This approach aligns our workforce
environmental and social outcomes, such as the Sustainable and Sustaining. with our sustainability objectives and empowers employees to
Development Goals (SDGs). To navigate these complexities, contribute innovative ideas and to build a culture of sustainability within
we employ a strategic and tailored approach to achieve the organization that in the long run will help us to ensure the success
meaningful and measurable progress in advancing our of our ESG initiatives. [POJK F.1]
sustainability agenda. [POJK E.5]
2023 2024 2025 2026 2027
Saratoga’s Community Involvement
Development (CID) programs and activities Initiating Performing Excellence Inspiring Sustaining
are are aligned with aligned with
9
The Company The Company focuses The Company focuses The Company focuses The Company is
United Nations pursues a common on implementing and on measuring ESG on communicating the expected to become a
Sustainable internal perception monitoring the ESG performance, conducting impact of its activities National Leader in ESG.
Development Goals of Sustainability or program. The Company impact evaluations, and internally and externally.
(SDGs) ESG, carries out also cooperates with or reporting the results of
comprehensive planning, has partnerships in this the performance and
including No Poverty (SDG 1) , Quality Education (SDG and develops relevant field. evaluation in impact/ESG
4), Gender Equality (SDG 5), Affordable and Clean policies. reports.
Energy (SDG 7), Decent Work and Economic Growth
(SDG 8), SustainableCities and Communities (SDG
11), Responsible Consumption and Production (SDG
12), Climate Action (SDG 13), and Life on Land (SDG
15) aiming to promote inclusive growth, environmental
stewardship, and social well-being
Page 20
Chapter 2 PT Saratoga Investama Sedaya Tbk. 19
Our Approach to Sustainability 2024 Sustainability Report
ESG Governance Structure and The ESG Task Force actively oversees efforts to identify and manage To maintain momentum and alignment, the Task Force holds bi-annual
Oversight Saratoga’s impact on the economy, environment, and society while
fostering meaningful stakeholder engagement. It also reviews the
meetings to discuss program planning and ESG developments, with
additional meetings convened as needed to refine policies and drive
effectiveness of sustainability initiatives, ensuring that objectives are met impactful progress.
Saratoga is committed to establishing a robust governance structure
and continuously improved. Each department brings expertise to this
that ensures accountability, transparency, and effective oversight of
collaborative effort, reinforcing Saratoga’s dedication to sustainability Saratoga conducts training sessions for the Board of Directors and
our sustainability and ESG initiatives. Guided by the Board of Directors
through a structured, transparent, and accountable framework. [GRI 2-13] employees to further enhance sustainability awareness, including a
and supported by the ESG Task Force, our governance framework
dedicated session on IFRS. This training helps deepen our understanding
integrates ESG principles into decision-making processes at all levels
of relevant financial and sustainability reporting standards, supporting
of the organization. This structure reflects our dedication to responsible
informed decision-making and reinforcing our commitment to strong
business practices and reinforces our commitment to creating long-term
ESG practices. [POJK E.2] [GRI 2-17]
value for stakeholders while driving meaningful progress toward our
sustainability goals. [POJK E.1]
ESG Task Force Structure Board of Commissioner
Our ESG Task Force is a dynamic and inclusive team comprising
representatives from all managerial levels and various departments within Board of Director
the Company, ensuring a well-rounded approach to sustainability. Led by
the Finance Director and guided by the Board of Directors, with advisory Finance Director
input from the Board of Commissioners, the task force is instrumental
ESG Task Force
in shaping Saratoga’s sustainability strategies. The Board of Directors,
in collaboration with senior executives, plays a key role in developing,
approving, and refining sustainability policies, strategies, and goals. This
strong governance framework guarantees the integration of ESG principles
into Saratoga’s operations and decision-making processes. [GRI 2-12] Legal & Corporate Investor Corporate Information System, Finance Corporate Tax Portfolio Investment Human Resources
Secretariat Division Relations Communication Accounting & Division Division Operation Team & General Affairs
Division & Sustainability Budgeting Division Team Division
Division
Advisor Supervisor Head Member
Saratoga recently took part in a training session on IFRS, with a focus on upcoming Resources Indonesia Tbk. (ADRO), PT Tower Bersama Infrastructure Tbk.
Gearing up for IFRS Sustainability
developments in sustainability-related reporting, facilitated by KPMG. Our Director (TBIG), PT Merdeka Copper Gold Tbk. (MDKA), and PT Mitra Pinasthika
of Finance attended the session together with the Accounting and Finance teams, Mustika Tbk. (MPMX).
as well as representatives from the Legal and Corporate Secretariat division.
This training is part of our ongoing efforts to build internal understanding
The session was also joined by participants from Saratoga’s portfolio and readiness for the evolving IFRS sustainability standards, and to support
companies, including PT Adaro Andalan Indonesia Tbk. (AADI), PT Alamtri consistent, transparent reporting across our group.
Page 21
Chapter 2 PT Saratoga Investama Sedaya Tbk. 20
Our Approach to Sustainability 2024 Sustainability Report
Stakeholder Engagement [POJK E.4][GRI 2-29] Stakeholder Engagement Approach
At Saratoga, stakeholder engagement is integral to our approach Stakeholder Influence Level Engagement method Frequency Main Topics Expectation
to sustainability and responsible business practices. We
actively engage with diverse stakeholders, including investors, Shareholders Consult/ Inform • General Meeting of • Annual GMS once a year; Budget/report discussion, financial The Company delivers
employees, portfolio companies, communities, regulators, Shareholders (GMS) • Extraordinary GM when accountability, appointment and sustainable performance,
and industry partners, to understand their expectations and • Public Disclosure needed. dismissal of Directors and Board creating positive
of Commissioners, Performance contributions for all
concerns. Through regular dialogues, meetings, surveys, and Updates stakeholders.
collaborative initiatives, we ensure that stakeholder input informs
our decision-making and ESG strategies. This engagement
Employee Involve • Regular meeting, • When needed Employment/welfare Comfortable work
allows us to align our business objectives with stakeholder • Employee gathering, • At least once a year environment, comprehensive
interests, address emerging issues proactively, and build trust • Employee satisfaction • Once a year benefits, development
and transparency. Survey opportunitie
Portfolio Company Involve/ Support Regular meetings When needed Performance Updates Business Development
Management
Regulators Inform/ Consult • Regular reporting Routine-relative to the Contribution to the Indonesia, The Company can achieve a
to regulators and regulation period Compliance with predetermined work plan
government applicable laws
Industry Partners Collaborate/ Involve • Procurement process When needed Commercial relationship Objective procurement
• Loan agreement Process, obtain mutually
beneficial
Cooperation
Media Inform • Media visit When needed Program Implementation Reliable news sources,
• Press engagement accurate reporting
activities
Communities Consult/ Involve • Collaborative projects As needed Satisfaction with programs, Transparency, local economic
• Community Involvement improvement areas, and benefits, community support,
Programs empowerment Open communication,
respect for local needs
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Chapter 2 PT Saratoga Investama Sedaya Tbk. 21
Our Approach to Sustainability 2024 Sustainability Report
Material Topics
Table of Materiality Topics [GRI 3-2]
To navigate our sustainability journey, we employ a range of
Factors Boundaries’
tailored sustainability metrics derived from internationally
recognized frameworks such as the Sustainable Development Material Sustainability Factors Internal External Corresponding SDG’s
Goals (SDGs), the MSCI Materiality Map, the SASB Asset Stakeholder Stakeholders GRI Standard Topics
Management Metrics, and industry best practices. These
benchmarks provide a robust foundation for conducting
Responsible Investment √ √ GRI 2-12 : Role of the highest governance body in
comprehensive gap analyses, evaluating impacts, and assessing
overseeing the management of impacts
potential risks across our operations and investments. [GRI 3-1]
By leveraging the insights gained from these tools, we Economic Performance √ √ GRI 201 : Economic Performance
systematically identify and prioritize materiality topics that are
most relevant to our business and stakeholders. This process
Carbon Emissions √ √ GRI 305 : Emissions 2016
ensures that our sustainability strategies address critical
areas of impact, aligning our efforts with global and industry-
specific standards. The outcome of this meticulous approach Human Capital Development √ GRI 404 : Training and Education
is a comprehensive sustainability report that transparently
communicates our progress and commitments, delivering value
Employee Diversity & Inclusion √ GRI 405 : Diversity & Equal Opportunity
and clarity to our stakeholders.
Community Empowerment √ GRI 413: Local Community
Business ethics √ √ GRI 205 : Anti-Corruption 2016
GRI 2-27 : Compliance to Laws and Regulations
Transparency Information √ √ GRI 2-29 Approach to Stakeholder Engagement
Privacy & Data Security √ √ GRI 418-1 : Customer Privacy 2018
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Chapter 2 PT Saratoga Investama Sedaya Tbk. 22
Our Approach to Sustainability 2024 Sustainability Report
Saratoga is committed to managing the impacts of our material Table of Managing Impact [GRI 3-3]
topics on the economy, environment, and people. We focus on
enhancing positive contributions, such as economic growth,
Material Topic Impact Mitigation Measures Relevant Chapter
job creation, and community empowerment, while proactively
addressing potential negative impacts like environmental Responsible Investment Positive: Promote sustainable businesses. Conduct ESG screening and integrate ESG Our Approach to Sustainable
risks and workplace safety. By integrating sustainability into Negative: Risk of ESG misalignment and considerations into investment decision-making. Investment
our strategies, we aim to align our actions with high standards reputational damage.
of responsibility, benefiting stakeholders and promoting
sustainable development. [GRI 2-25] Economic Performance Positive: Drive financial growth and value Diversify portfolio, ensure strong risk Driving Value Through Responsible
creation. management, and maintain transparent Investments
Negative: Potential financial instability. financial reporting.
Carbon Emissions Negative: Environmental harm, regulatory Improve energy efficiency in operations. Catalysing Change for
penalties. Environmental Stewardship
Human Capital Development Positive: Improved employee skills and Offer training programs, mentorship, and career Investing in People and Social
engagement. development opportunities. Well-Being
Negative: Skill gaps and low employee
satisfaction.
Employee Diversity & Inclusion Positive: Foster an inclusive workplace. Implement diversity programs, enforce anti- Investing in People and Social
Negative: Risk of discrimination and talent discrimination policies, and promote equal Well-Being
attrition. opportunities.
Community Empowerment Positive: Support social development and local Engage stakeholders, support local projects, Empowering Communities Through
growth. and implement community-driven initiatives. Strategic Investments
Negative: Risk of community conflicts.
Business ethics Positive: Foster trust and integrity. Negative: Enforce a code of ethics. Ethical Leadership in Investment
Corruption and regulatory penalties. Practices
Transparency Information Positive: Build stakeholder trust. Ensure accurate reporting, maintain open Our Approach to Sustainable
Negative: Risk of misinformation or lack of communication, and adopt best practices for Investment
transparency. information disclosure.
Privacy & Data Security Positive: Protect sensitive data and build trust. Implement robust data protection measures, Driving Value Through Responsible
Negative: Cybersecurity breaches and data conduct audits, and provide employee training Investments
theft. on data security.
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PT Saratoga Investama Sedaya Tbk. 23
2024 Sustainability Report
Upholding Business
Integrity
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Chapter 3 PT Saratoga Investama Sedaya Tbk. 24
Upholding Business Integrity 2024 Sustainability Report
Upholding Business Integrity Good Corporate Governance
At Saratoga, we uphold integrity and Ensuring integrity and excellence in corporate governance is a Saratoga is dedicated to following the corporate governance framework
excellence in corporate governance cornerstone of Saratoga’s commitment to our stakeholders. By adhering set by OJK through OJK Regulation No. 21/POJK.04/2015 concerning
to the highest standards of transparency, accountability, and ethical the Implementation of Guideline of Corporate Governance in Publicly
as a steadfast commitment to our
conduct, Saratoga aims to build a strong foundation of trust and foster Listed Companies and Circular Letter of OJK No. 32/SEOJK.04/2015. This
stakeholders. long-term relationships with all our stakeholders. framework is essential for establishing and standardizing governance
practices among publicly listed companies in Indonesia. Issued on
Our approach to corporate governance is designed to create a clear November 17, 2015, these guidelines aim to promote transparency,
and robust framework for decision-making, ensuring that every action accountability, and ethical behavior, aligning corporate governance with
and policy aligns with our strategic objectives and core values. This national regulations and international best practices.
commitment reflects Saratoga’s dedication to fostering a culture of
responsibility at all levels. To strengthen our commitment to these principles, Saratoga continuously
seeks measurable and strategic improvements. Each year, we assess
We emphasize the importance of ethical leadership, consistent policy our Good Corporate Governance (GCG) practices using internationally
application, and the continuous improvement of our governance recognized standards.
practices. Furthermore, Saratoga ensures that our corporate governance
framework complies with the applicable regulations, such as those issued We have consistently scored above the regional average in evaluations
by the Indonesian Financial Services Authority (Otoritas Jasa Keuangan conducted by the ASEAN Corporate Governance Scorecard for three
– “OJK”) and the Indonesian Stock Exchange (IDX), while also aligning consecutive years for the financial year 2020, 2021, and 2022. These
with global best practices to meet the expectations of our increasingly evaluations have highlighted our strengths in critical areas such as
discerning and sustainability-focused stakeholders. Shareholder Rights, Fair Treatment of Shareholders, Stakeholder Roles,
Transparency and Disclosure, and Board Responsibilities.
As of now, the 2024 assessment has not yet been conducted. In the
latest evaluation in 2023, Saratoga achieved a score of 89.24, showcasing
our strong commitment to international governance standards. This
achievement highlights our dedication to excellence in corporate
governance and our continuous efforts to strengthen stakeholder trust
and confidence.
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Chapter 3 PT Saratoga Investama Sedaya Tbk. 25
Upholding Business Integrity 2024 Sustainability Report
Governance Structure
Saratoga is firmly committed to establishing a robust governance The Board of Commissioners is supported by two key committees: the
structure that serves as the foundation for sustainable business growth, Audit Committee, which oversees financial reporting and risk management
transparency, and accountability. This commitment is illustrated through processes, and the Nomination and Remuneration Committee, which
the implementation of comprehensive governance principles, including focuses on selecting and evaluating leadership and determining fair
accountability, fairness, transparency, responsibility, and independence, compensation policies. On the other hand, the Board of Directors,
which inform decision-making processes at all organizational levels. responsible for the Company’s day-to-day management, is chaired by the
President Director, who also leads the Investment Committee to ensure
Following the Law Number 40 of 2007 concerning Limited Liability strategic investment decisions align with Saratoga’s vision.[GRI 2-11]
Companies as amended from time to time (the “Company Law”),
Saratoga’s governance framework is designed to facilitate effective The Board of Commissioners (BOC) and Board of Directors (BOD),
management and oversight. This framework comprises the General supported by senior executives, play a key role in shaping Saratoga’s
Meeting of Shareholders (GMS), which serves as the highest governing purpose, values, mission, strategies, policies, and sustainability goals.
body, in addition to the Board of Commissioners and the Board of They collaborate to develop, approve, and regularly update these
Directors. The GMS assumes a critical role in decision-making and elements, ensuring they align with the Company’s vision and long-term
oversight, functioning as the primary entity responsible for the approval objectives. Our BOC and BOD also oversee the management of
of significant corporate actions and the protection of shareholder Saratoga’s economic, environmental, and social impacts through due
interests. diligence and stakeholder engagement, integrating feedback to refine
strategies and meet sustainability goals effectively. To ensure these
The Indonesian corporate governance system as stipulated under the processes remain effective, the governance body conducts annual
Company Law prescribes a two-tiered board system. This governance reviews of their implementation and outcomes. [GRI 2-12]
model distinctly separates management and supervisory responsibilities
between the Board of Directors and the Board of Commissioners, thereby Each of these governance bodies operates independently to fulfill
enhancing organizational accountability and effectiveness. The Board the duties, functions, and responsibilities in the best interests of the
of Commissioners, led by the President Commissioner, is tasked with Company. To maintain effectiveness and adapt to the evolving nature of
supervising the activities of the Board of Directors to ensure alignment Saratoga’s operations, we conduct regular monitoring and performance
with the Company’s goals and adherence to applicable regulations. evaluations. These assessments improve governance efficiency, ensuring
that all structures align with the Company’s strategic objectives and
stakeholder expectations.
For a detailed overview of the performance assessments of the Board of Commissioners, the Board of Directors, and their supporting committees,
please refer to the Corporate Governance Chapter in PT Saratoga Investama Sedaya Tbk.’s 2024 Annual Report, found on page 73, 80, and 81.
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Chapter 3 PT Saratoga Investama Sedaya Tbk. 26
Upholding Business Integrity 2024 Sustainability Report
Saratoga Organization Structure
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Chapter 3 PT Saratoga Investama Sedaya Tbk. 27
Upholding Business Integrity 2024 Sustainability Report
General Meeting of Shareholders [GRI 2-10] Board of Commissioners [GRI 2-9] [GRI 2-10] [GRI 2-12] [GRI 2-15] Composition of the Board of Commissioners [GRI 405-1] [GRI 2-9]
The General Meeting of Shareholders (GMS) serves as the highest The Board of Commissioners plays a crucial role in supervising and
governing authority within the Company, providing a critical forum advising the Company. Its primary focus is on strategic direction, Name Position Gender Term of
through which shareholders can make significant decisions that influence governance, evaluating the performance of directors, and managing Office
the Company’s strategic direction. These decisions are conducted conflicts of interest, all while ensuring accountability through regular
Edwin Soeryadjaya President Commissioner Male 2022-2025
following the Company’s articles of association and applicable legal reporting to shareholders.
frameworks, thereby ensuring that the Company remains focused on Joyce Soeryadjaya Kerr Commissioner Female 2022-2025
sustainable, long-term growth. In fiscal year 2024, Saratoga convened The operations of the Board of Commissioners are guided by the Board
Indra Cahya Uno Commissioner Male 2022-2025
our Annual General Meeting of Shareholders (AGMS) and Extraordinary of Commissioners Charter, which provides a comprehensive framework
General Meeting of Shareholders (EGMS) on 16 May 2024, and all for our structure, authority, tenure, meetings, and reporting procedures, Sidharta Utama Independent Commissioner Male 2022-2025
resolutions adopted by the shareholders were successfully implemented. in alignment with the Company’s articles of association. To enhance our
Anangga W. Roosdiono Independent Commissioner Male 2022-2025
supervisory role, the Board of Commissioners establishes specialized
To uphold principles of fairness and equity among the shareholders, committees as necessary.
the GMS procedures are meticulously designed to guarantee that all
shareholders possess equal rights and opportunities. This GMS structure According to our articles of association, members of the Board of
enables all of our shareholders to participate actively and exercise their Commissioners are appointed for a term of three years.
voting rights according to established rules and protocols.
Additionally, the GMS bears the responsibility for overseeing the
appointment and removal of the Board of Commissioners and Board of For further details on the Board of Commissioners composition, For more information about the Profile of the Board of
Directors, which is guided by recommendations from the Nomination selection process, conflict of interest prevention, and specific roles Commissioners, please refer to our 2024 Annual Report page 30.
and Remuneration Committee and the criteria outlined in governance and responsibilities, refer to the Corporate Governance Chapter of
charters of the Company. Shareholders need to engage in this process, PT Saratoga Investama Sedaya Tbk.’s 2024 Annual Report page 65,
as their contributions are vital to the Company’s ongoing success. 66, 69, and 70.
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Chapter 3 PT Saratoga Investama Sedaya Tbk. 28
Upholding Business Integrity 2024 Sustainability Report
The Board of Directors Composition of Board of Director [GRI 405-1] [GRI 2-9] Committees
The Board of Directors is tasked with establishing the strategic direction Saratoga’s governance structure is supported by several key committees
of the Company, managing its resources and assets, and ensuring that Name Position Gender Term of under the Board of Commissioners, ensuring effective oversight and
internal audits are conducted by sound governance principles and the Office strategic decision-making. These committees, including the Audit
GCG framework. Additionally, the Board of Directors is responsible for Committee, Nomination and Remuneration Committee, and Investment
Michael W.P. Soeryadjaya President Director Male 2022-2025
overseeing information disclosure policies and maintaining transparent Committee, operate under specific charters and adhere to Good
communication with stakeholders. In conjunction with the Investment Lany Djuwita Wong Finance Director Female 2022-2025 Corporate Governance (GCG) principles to support the Company’s
Committee, the Board of Directors offers recommendations concerning long-term objectives. Detailed information about the committee’s
Devin Wirawan Investment Director Male 2022-2025
the Company’s investment and divestment strategies. structure and responsibilities is available in the Corporate Governance
Chapter of the 2024 Annual Report page 75-81.
Members of the Board are appointed and dismissed by the General
The Board of Directors, the Board of Commissioners, and senior
Meeting of Shareholders (GMS), with the evaluation of candidates The Audit Committee oversees internal controls, compliance, and risk
executives of the Company convene regularly to evaluate business
performed by the Nomination and Remuneration Committee and the management while ensuring the independence and competence of
developments, assess financial performance, and explore new
Board of Commissioners. As of the end of 2024, Saratoga’s Board of internal and external auditors. Members are appointed by the Board of
opportunities. These meetings are also dedicated to critical aspects of
Directors is comprised of three members, including one woman. All Commissioners in accordance with the Audit Committee Charter and
the Company’s operations and portfolio companies, including concerns
members are citizens of Indonesia, possessing diverse expertise and the applicable regulatory requirements, with an annual review of their
raised through complaint mechanisms, whistleblowing, or other reporting
competencies, which enhances the Board of Directors effectiveness in performance and membership.
channels, as well as their implications for stakeholders.
guiding the Company.
The Nomination and Remuneration Committee supports the Board
We have a strong proactive strategy that facilitates the Company’s ability
of Commissioners by overseeing director nominations, preparing
to address challenges effectively and to adapt to evolving circumstances,
remuneration policies, and reviewing human resources and GCG policies.
thus ensuring ongoing progress.
Our members are appointed following the Nomination and Remuneration
Committee Charter, with annual performance evaluations conducted by
Any critical concerns related to the Company’s operations are escalated
the Board of Commissioners.
to the Board of Directors (BOD) and the Board of Commissioners (BOC)
for review and oversight.
The Investment Committee provides recommendations on investment
policies and strategies, ensuring alignment with GCG principles and the
Company’s long-term sustainability goals. Guided by the Investment
Committee Charter, it plays a critical role in formulating and implementing
strategic investment decisions.
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Chapter 3 PT Saratoga Investama Sedaya Tbk. 29
Upholding Business Integrity 2024 Sustainability Report
Performance Evaluation and Remuneration fair, transparent, and motivating compensation while supporting the Whistleblowing System [GRI 2-26] [POJK F.24]
Company’s governance and performance goals. More details on the
Policy of the Board remuneration policies and the evaluation of the performance of the Board Saratoga has implemented a whistleblowing system to enable employees,
During the Board of Directors and Board of Commissioners appointment of Commissioners and Board of Directors can be found in the Corporate internal entities, and external stakeholders, such as vendors and
and dismissal process at the General Meeting of Shareholders (GMS), Governance Chapter of the 2024 Annual Report page 73. [GRI 2-21] contractors to report violations of regulations or unsafe work practices.
recommendations from the Nomination and Remuneration Committee, This mechanism also aims to prevent conflicts or disputes between
along with the qualifications and criteria outlined in the Board of Directors Conflict of Interest [GRI 2-15] involved parties and to facilitate effective resolution of arising issues as
Charter as well as the Board of Commissioners Charter, are carefully Saratoga has established clear processes to prevent and manage outlined in the Code of Conduct and Corporate Governance Code.
reviewed. The process also considers input from shareholders through conflicts of interest, guided by the Code of Conduct, Corporate
the GMS and evaluates candidates’ skills relevant to the organization’s Governance Code, and the Charters of the Board of Commissioners and Saratoga’s whistleblowing mechanism serves as a platform for
impact and goals. This ensures that all decisions follow good corporate Board of Directors. Board members and senior executives must disclose stakeholders to seek advice on implementing the organization’s policies
governance (GCG) principles and the Company’s code of conduct. [GRI 2-10] any personal or financial interests that could influence their decisions and practices for responsible business conduct. It also provides a safe
and step aside from discussions or decisions where conflicts arise. These and confidential channel for raising concerns about the Company’s
To support accountability and transparency, Saratoga conducts measures, supported by regular monitoring, internal audits, and strict business conduct, ensuring transparency, accountability, and adherence
regular evaluations of our governance practices. Each year, the Board oversight, ensure that decisions remain transparent and aligned with the to ethical standards.
of Directors sets key performance indicators (KPIs) for individual and best interests of the Company and our stakeholders.
collective performance. These KPIs are reviewed by the Board of To build trust in the whistleblowing process, Saratoga keeps the
Commissioners annually at year-end to assess achievements and areas Conflicts of interest, whether deliberate or inadvertent, are addressed reporter’s identity strictly confidential, allows anonymous reporting,
for improvement. [GRI 2-18] through regulations that prevent the misuse of authority or position and fully protects those who report in good faith. The Company does
for personal, family, or group interests. Saratoga’s employees at all not tolerate any retaliation against whistleblowers, such as being fired,
The Nomination and Remuneration Committee plays a key role in levels are required to prioritize the Company’s interests and adhere to demoted, suspended, or harassed. Saratoga is dedicated to providing a
determining remuneration for the Board of Commissioners and the Board the applicable regulations to avoid situations that could hinder their safe and supportive space for ethical reporting.
of Directors. Whereas, compensation for the Board of Commissioners is responsibilities or result in losses. In cases where conflicts arise, Saratoga
based on performance and aligned with industry standards to ensure takes corrective actions as outlined in the relevant policies. Disclosures of Reports can be submitted formally in writing to the internal audit unit,
fairness and motivation. For the Board of Directors, remuneration is tied to any affiliated relationships within the governance structure are detailed in including details and relevant information. Submissions can be sent to
the Company’s achievements relative to the targets and budgets set. The the Corporate Governance Chapter of the 2024 Annual Report page 74. the designated address or mailed to the specified postal address.
Nomination and Remuneration Committee submits recommendations
on remuneration structures, policies, and amounts to the GMS, where Attn : Internal Audit Unit
shareholders give the final approval. [GRI 2-19] [GRI 2-20]
Transparent Governance Practices PT Saratoga Investama Sedaya Tbk.
In line with our commitment to ethical business practices, Saratoga Address : 15th floor, Menara Karya
The remuneration structure includes salaries for the Board of Directors, remains focused on our core objectives and responsibilities, ensuring Jl. H.R. Rasuna Said Block X-5, Kav. 1-2
honoraria for the Board of Commissioners, and other benefits and that all actions and decisions align with our principles of integrity and South Jakarta 12950, Indonesia
allowances for both boards. To maintain independence, bonuses are transparency. As part of this commitment, Saratoga does not make Email : whistleblowing.report@saratoga-investama.com
not given to Independent Commissioners. This approach ensures political contributions or participate in lobbying activities.
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Chapter 3 PT Saratoga Investama Sedaya Tbk. 30
Upholding Business Integrity 2024 Sustainability Report
The Internal Audit unit reviews all reports within a reasonable time to Anti-Corruption [GRI 205-1] [GRI 205-2] [GRI 205-3] Data Privacy and Security [GRI 418-1]
decide if a detailed investigation is needed. Reports without enough Saratoga is committed to upholding the highest standards of integrity
evidence or proper support will not be pursued. Valid reports are through the implementation of strong internal control systems and clear Saratoga recognizes that the ownership and management of information
promptly investigated, and appropriate actions are taken. Saratoga values anti-corruption policies, as outlined in the Company’s Code of Conduct are invaluable assets for the Company. To safeguard these assets,
every report as a sign of honesty and participation, whether it comes and Anti-Corruption and Anti-Fraud Policy. the Company conducts regular external and internal security audits,
from inside or outside the Company. vulnerability assessments, and penetration testing to proactively identify
The Board of Commissioners (BoC) oversees the adequacy of the internal and address potential risks. Robust operational measures are in place
In 2024, the Internal Audit unit did not receive any incoming reports control systems that the Company is protected against foreseeable to monitor and respond promptly to data breaches or cyberattacks,
on the potential breaches of the Code of Conduct through the events, including corruption risks. The BoC acknowledges that no system ensuring business continuity and data integrity.
whistleblower channel. The whistleblowing process is proactively can fully eliminate the potential for human error, poor judgment, fraud, or
communicated to all Saratoga’s employees to ensure awareness and other irregularities. As a active investment company, Saratoga does not manage or store
encourage reporting of any violations or concerns. Saratoga provides customer databases or personal information, focusing instead on
socialization and clear guidelines to help employees understand how to As part of Saratoga’s anti-corruption framework, the Company has safeguarding internal data critical to our operations and investment
identify and report issues safely and confidently. assessed our operations across several key risk areas, including: activities. This approach allows Saratoga to maintain a secure and
compliant information management framework, aligning with industry
• Anti-Bribery, Kickbacks, and Facilitation Payments best practices and regulatory requirements.
• Money laundering prevention
• Gifts and entertainment policies, including a clear value threshold Saratoga places a high priority on equipping our employees with the
(USD 200) to avoid conflicts of interest knowledge and skills necessary to navigate cybersecurity challenges
effectively. To support this effort, the Company carried out awareness
These risk areas are regularly reviewed through internal controls, audits, initiatives to enhance understanding of cybersecurity risks among
and compliance mechanisms. All activities and operations in Saratoga employees.
have been formally assessed for corruption risk. Significant risk areas
have been identified and mitigation measures have been implemented, Saratoga has established a strong governance structure that oversees
particularly in functions involving third-party interactions, procurement, all aspects of cybersecurity management. This structure includes clearly
and financial decision-making. defined roles and responsibilities, from executive leadership to dedicated
cybersecurity teams, ensuring that cybersecurity is integrated into the
During the reporting period, there were no confirmed incidents of Company’s strategic and operational frameworks.
corruption. Additionally, there were no public legal cases related to
corruption brought against the Company or our employees, and no such During the reporting period, there were no substantiated complaints
cases were reported or pursued. regarding breaches of customer privacy, and no incidents of identified
leaks, thefts, or losses of customer data. This reflects Saratoga’s strong
commitment to data protection and maintaining the highest standards of
privacy and security.
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PT Saratoga Investama Sedaya Tbk. 31
2024 Sustainability Report
Driving Value
Through Responsible
Investments
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Chapter 4 PT Saratoga Investama Sedaya Tbk. 32
Driving Value Through Responsible Investments 2024 Sustainability Report
Driving Value Through At Saratoga, we remain steadfast in our mission to foster sustainable Saratoga’s strong local expertise and prudent financial management,
Responsible Investments businesses that deliver strong financial returns and meaningful demonstrated by the low loan-to-value of 3.0%, allows us to remain
environmental and social outcomes. This commitment underpins our flexible in seizing opportunities. By focusing on sectors aligned with
approach to creating lasting value for all stakeholders while navigating long-term growth, such as digital infrastructure, renewable energy, and
At Saratoga, we recognize that the complexities of a dynamic global economy. Our strategy is rooted healthcare, we’re well-positioned for future success.
sustainable value creation is not just in a vision of responsible investing that adapts to challenges and
opportunities in a rapidly changing world. As sustainability becomes increasingly important, investors and
about financial returns but also our
stakeholders are closely scrutinizing ESG commitments. Saratoga
commitment to fostering positive Economic In Number [POJK C.3b] embraces this shift, integrating ESG principles into our investment
environmental, social, and governance strategy to ensure sustainable, long-term growth.
(ESG) outcomes. Dividend, interest Distributed New and Additional
and other income Economic Value Investment Looking ahead to 2025, the global economic landscape continues to
evolve. In the U.S., pro-growth policies have bolstered market optimism,
Rp3,864 Rp736 Rp5,772 leading to increased investment activities. However, the weakening of
Rupiah against US Dollar poses challenges, affecting corporate earnings
billion billion billion and potentially limiting growth prospects for economies.
In Indonesia, the 2025 economic outlook remains steady, with a growth
target of 5.2%, driven by domestic consumption, rising purchasing
Addressing Emerging Global Trends power, and stable inflation. Political stability following the presidential
inauguration strengthens market confidence. Recent monetary policy
In 2024, the global economy faces risks and opportunities. Persistent
adjustments, such as an interest rate cut by Bank Indonesia, reflect
inflation and high interest rates strain consumer spending and borrowing
proactive measures to stimulate growth amid a slowdown in exports and
costs, while geopolitical tensions and supply chain disruptions
private investments.
complicate international markets. However, the global shift toward
sustainability and renewable energy presents key opportunities.
These current global and local dynamics require a strategic approach.
Emerging technologies, digital transformation, and a growing focus on
We continue to focus on sectors aligned with long-term growth
ESG factors are reshaping industries, offering avenues for impactful
trends— digital infrastructure, renewable energy, and healthcare—
investments. Saratoga’s ability to adapt to these trends positions us as a
while maintaining financial flexibility. Our prudent costs and cash flow
resilient and innovative leader.
management, enable us to navigate market volatility and seize emerging
opportunities. By integrating ESG principles into our strategy, we ensure
The economy in Indonesia stays robust despite global uncertainties,
our investments contribute positively to society and the environment,
bolstered by solid domestic consumption and infrastructure growth. The
fostering sustainable, long-term growth. Despite the complexities, our
government’s commitment to advancing renewable energy initiatives
commitment to responsible investing positions us to drive value for
presents significant growth opportunities, while evolving market
stakeholders and contribute to the broader economic resilience.
dynamics following the presidential election continue to shape foreign
investment sentiment and economic outlook.
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Chapter 4 PT Saratoga Investama Sedaya Tbk. 33
Driving Value Through Responsible Investments 2024 Sustainability Report
Economic Performance Direct Economic Value Generated and Distributed [GRI 201-1]
Description (in billion Rupiah) 2022 2023 2024
In 2024, we achieved extraordinary financial milestones that reflect our
dedication to creating economic value for all stakeholders. We recorded
As an investment company committed to fostering sustainable growth,
a notably high dividend income of IDR 3,786 billion, underscoring the
we consistently strive to deliver strong economic performance. In 2024, Direct Economic Value Generate
strong performance of our portfolio companies. At the same time, our Net
we aligned our portfolio targets and financial strategies with sustainable
Asset Valuation (NAV) rose to IDR 53,985 billion , driven by value creation Revenue (dividend, interest and other income) 2,613 2,820 3,864
finance principles, focusing on investments in sectors driving long-term
across key sectors, and our strategic investments totaling IDR 5,772 billion
environmental, social, and economic impact.
reaffirm our unwavering commitment to disciplined capital allocation and
sustainable finance. [POJK F.3] Distributed Economic Value
Our performance highlights include investments in renewable energy,
healthcare, consumer sector, and digital infrastructure. These alignments Operating Expenses
Our economic contributions extend beyond financial returns. Direct
reflect our commitment to responsible investing, ensuring that we
economic value generated—through revenues like dividend income, - Operating Expenses 92 74 86
contribute meaningfully to sustainable development while delivering
interest, and investment returns—increased by 37.02% compared to
value to stakeholders. [POJK F.2][POJK F.3] - Other Operating Expenses 24 21 10
the previous year. Furthermore, distributed economic value, which
encompasses dividends, employee compensation, and community - Salaries, Wages, and Employee Welfare 141 148 146
investments, fall by 47.98%, underscoring our commitment to equitable
Year New & Additional Investment Net Profit (Loss) Investment
growth and shared prosperity. These achievements illustrate our ability to
2022 18,290 4,616 61,518 balance financial success with societal impact. Payments to Creditors
2023 2,152 (10,150) 49,008 - Cash Dividends Payment 810 1,014 298
2024 5,772 3,290 55,546 - Payment of Interest Expenses 185 95 153
and Other Financing Expenses
Payments to the Government,
Payment of Corporate Income Tax and Other Taxes 50 62 42
Investment in Community Development/ CID funding 1 1 1
Total economic value distributed 1,303 1,415 736
Retained economic value 1,310 1,405 3,128
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Chapter 4 PT Saratoga Investama Sedaya Tbk. 34
Driving Value Through Responsible Investments 2024 Sustainability Report
As an investment company committed to fostering sustainable growth, Recognizing the significance of our actions, we strive to be catalysts for At the core of our strategy lies the belief that sustainable investing is not
we continue to deliver strong economic performance through disciplined positive change. Our investments extend beyond financial returns; they just a responsibility but an opportunity to lead by example. By embracing
financial management, strategic portfolio diversification, and proactive are a testament to our dedication to fostering sustainable businesses this perspective, we continue to strengthen its role as a leader in the
investment strategies that drive long-term value creation. In 2024, despite that contribute to environmental preservation, social equity, and good Indonesian investment landscape, contributing to a more equitable and
persistent global uncertainties, we remained resilient and adaptive, governance. By embedding these principles into our decision-making resilient economy.
achieving notable financial milestones across our portfolio. These results process, we ensure that every investment aligns with our vision of
underscore our ability to navigate market challenges while maintaining responsible growth. ESG Due Diligence
a steadfast commitment to responsible investing. By continuously At Saratoga, ESG due diligence is integral to our strategy for responsible
optimizing our investment strategies and capitalizing on emerging This commitment is further demonstrated through our efforts to identify investment. In 2024, we enhanced this process to embed sustainability
opportunities, we ensure that Saratoga remains a trusted and impactful and mitigate risks associated with evolving market dynamics and principles throughout our investment lifecycle. From comprehensive
player in the investment landscape. environmental concerns. By integrating Responsible Asset Management, assessments of potential investees’ ESG practices to continuous
we incorporated ESG factors into investment decisions to achieve monitoring of our portfolio, our framework is designed to drive long-term
financial returns while promoting sustainable practices and managing value creation. By aligning ESG considerations with our strategic goals,
risks. Our approach safeguards not only our interests but also the we ensure our investments contribute to sustainable growth while
long-term viability of the businesses we support, creating a foundation addressing global and local priorities. [POJK F.17]
for sustained progress and shared prosperity.
Responsible And Sustainable Investing The Stages of Investment Due Diligences
1 2 3 4 5
As one of the most prominent investment companies in Indonesia, we
are uniquely positioned to drive meaningful impact across industries.
Opportunity Initial Desktop Term New
Our investment decisions reflect a deep understanding of the role Stages Evaluation Diligence Sheet Investment
we play in facilitating national economic growth and contributing to
the achievement of broader societal goals. We are steadfast in our
mission to balance financial performance with environmental and social An opportunity that Initial evaluation of Evaluation on the Offer of a non-binding A new investment
responsibilities, ensuring our investments generate value for stakeholders meets the investment documents and meeting investment viability proposal to the potential is taken up with the
criteria of Saratoga with top management or through sharing investee company. selected investee
and the communities we serve.
is either found or founder of the potential of information, company that agrees to
proposed. investee company. development of Saratoga’s proposal.
Our commitment to sustainability is rooted in a forward-looking approach the business case,
that prioritizes long-term resilience. By focusing on investments that and submission of
align with global and national priorities, we aim to address pressing recommendation to the
challenges while seizing opportunities for growth. This dual focus ensures Investment Committee
that our strategies are not only profitable but also impactful in shaping a
87 3 2 2 2
sustainable future.
2024
companies companies companies companies companies
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Chapter 4 PT Saratoga Investama Sedaya Tbk. 35
Driving Value Through Responsible Investments 2024 Sustainability Report
Investing in Impacts Beyond capital support, Saratoga actively
[POJK F.26]
collaborates with our portfolio companies
to integrate sustainable practices into their
business models. This collaborative approach
ensures these companies achieve their business
objectives while amplifying their positive
impact on the environment and society.
Our portfolio reflects our sustainability
commitment. We want our portfolio to consist
of companies that not only drive financial
performance but are also able to play an
active role in tackling critical challenges in
sustainability, innovation, and community
development, today and for the future.
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Chapter 4 PT Saratoga Investama Sedaya Tbk. 36
Driving Value Through Responsible Investments 2024 Sustainability Report
For Our World, For Our Future,
For Our Families:
At Saratoga, we are proud PT Alamtri Resources Indonesia Tbk. PT Merdeka Copper Gold Tbk. (MDKA) PT Tower Bersama Infrastructure Tbk.
to support companies (previously PT Adaro Energy Indonesia Tbk.) (TBIG)
that reflect our shared n 2024, PT Alamtri Resources Indonesia In 2024, PT Merdeka Copper Gold Tbk. In 2024, PT Tower Bersama Infrastructure
commitment to making Tbk (ADRO) reinforced its commitment to (MDKA) reinforced its commitment Tbk. (TBIG) continued to make significant
sustainability with notable achievements to sustainability through significant strides in advancing its sustainability
a positive impact. These in both environmental and social achievements in environmental, social, and initiatives. The company reported a
responsibility. The company was awarded governance (ESG) practices.The company notable increase in the number of its
businesses work tirelessly to the PROPER Emas award for the sixth received the Gold Star Award in the Big telecommunication sites, reaching 23,681
address pressing social and consecutive year, recognizing its Cap category at the Investortrust ESG by the end of Q3 2024, reflecting its
excellence in environmental management Awards 2024, recognizing its exceptional growing presence in supporting the digital
environmental challenges practices. This prestigious recognition from integration of ESG principles into infrastructure needs of Indonesia. TBIG
while continuously evolving the Ministry of Environment and Forestry business operations. Additionally, MDKA commitment to sustainable operations
highlights Adaro’s efforts to exceed was honored with the Best Literacy for is demonstrated through its innovative
to align with sustainable compliance standards in environmental Climate Resilience award at the Investing efforts to reduce energy consumption and
development goals. Their protection. on Climate Editors’ Choice Award 2024, enhance operational efficiency across its
highlighting its strategic efforts toward network of towers.
dedication inspires us to stay ADRO's dedication to social impact is achieving net-zero emissions.
equally evident, as the company was On the ESG front, TBIG has earned
focused on creating lasting honored with the Best Award for Social MDKA dedication to sustainability is an “Medium” ESG Risk Rating from
value for our communities Elements at the Bisnis Indonesia Corporate further demonstrated by its improved ESG Sustainalytics, showing a balanced
Social Responsibility Awards 2023. This risk rating, advancing from the 18th to the approach to managing environmental,
and future generations. award acknowledges the success of its 16th percentile in the metals and mining social, and governance risks. Additionally,
Desa Mamanda program, which focuses sub-industry, as assessed by Sustainalytics. the company has been working towards
on environmental conservation and The company also earned Gold and Silver aligning with global sustainability
empowering local communities. These Ranks at the Asia Sustainability Reporting standards, as evidenced by its S&P
accolades reflect ADRO consistent Rating (ASRRAT) 2024, reflecting its Global ESG Score of 35 out of 100, which
integration of ESG principles into its commitment to transparency and quality in highlights its continued efforts to improve
operations, driving positive outcomes for sustainability reporting. These accolades sustainability practices.
both the environment and society. underscore MDKA's ongoing efforts to
integrate sustainable practices across These achievements underscore TBIG
its operations, contributing positively to dedication to promoting responsible
environmental conservation and community infrastructure development and
development. contributing to a sustainable digital future.
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Chapter 4 PT Saratoga Investama Sedaya Tbk. 37
Driving Value Through Responsible Investments 2024 Sustainability Report
Brawijaya Heathcare
Bersama Digital Data Centres (BDDC) PT Xurya Daya Indonesia (Xurya) Forest Carbon
Bersama Digital Data Centres (BDDC), a In 2024, Xurya expanded its reach to the Forest Carbon is focused on restoring tropical Brawijaya Healthcare delivers
leading in-town data center provider, has Riau Islands, growing its solar portfolio forest and wetland ecosystems, with a key high-quality, accessible specialized
inaugurated its Tier IV data center, JST1, to 208 projects across 13 provinces, with project in Sumatra’s Merang Peatland, covering medical services, addressing the
with a 5 MW capacity in East Jakarta. 100+ MW capacity trusted by over 100 over 22,000 hectares. This project helps reduce growing need for excellent healthcare
This marks BDDC’s second data center companies. The company also launched its fire risks and protects endangered species, such in Indonesia. Originally focused on
launch in two years, following JBT1 in first two off-grid projects, enabling sites to as the Sumatran Tiger while addressing local maternity, pediatrics, and women’s
West Jakarta, reinforcing its commitment operate with around 90% renewable energy. environmental challenges. health, the hospital network has
to expanding Indonesia’s digital steadily evolved into a comprehensive
infrastructure. Recognized for its impact, Xurya became In 2024, Forest Carbon continued to benefit healthcare provider.
B Corp Certified and won the ESG Award local communities, providing over 40 jobs and
JST1 is a hub for interconnectivity, 2024 for Impact Entrepreneurship by improving education and healthcare services. In 2024, Brawijaya Healthcare
operating on a carrier-neutral model with Yayasan Kehati. To accelerate growth, it Their efforts supported 210 children and 20 expanded its expertise through the
access to over 100 network providers and secured USD55M in new funding led by teachers, along with enhanced maternal and establishment of Centers of Excellence
multiple route options. The facility also the Norwegian Climate Investment Fund, child health services in the region. in cardiovascular and fertility care.
offers direct connectivity to Indonesia bringing total investment to USD88M. These initiatives are designed to
Internet Exchange (IIX), Open-IX (OIXP), Additionally, Xurya launched the Solar The company uses advanced technology, bridge significant gaps in specialized
and other national and global internet Academy Indonesia with Huawei and including IoT sensors and machine learning, to healthcare services, ensuring
exchanges, ensuring seamless and reliable JJ-Lapp, training 100+ individuals annually monitor their restoration efforts. Adhering to more patients receive targeted,
digital connectivity. in solar technical skills. international standards like CCB, VCS, and IFC, high-standard medical attention.
Forest Carbon aligns with Saratoga’s responsible
Xurya’s projects offset an estimated and sustainable investment approach, Through our investment, Saratoga
85,000 tons of CO₂ in 2024. The company delivering positive financial returns while driving supports Brawijaya Healthcare in
also completed 52 new solar installations, environmental and social impact. strengthening its position as a leading
including systems for PT MC Pet Film healthcare provider that are anchored
Indonesia (MFI), PT Lautan Natural in quality, innovation, and a holistic
Krimerindo, FKS Group, Pacific Paint, and patient experience.
Yakult Indonesia Persada (Sukabumi plant).
With continuous expansion, strategic
collaborations, and a growing client
base, Xurya remains at the forefront of
Indonesia’s clean energy transition.
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Chapter 4 PT Saratoga Investama Sedaya Tbk. 38
Driving Value Through Responsible Investments 2024 Sustainability Report
Aligning Business Strategies With Responsible Investment
In today’s global landscape, aligning business strategies with responsible
investment is essential for sustainable success. Integrating environmental,
social, and governance (ESG) factors into decision-making helps
businesses create long-term value, manage risks, and drive innovation.
This approach supports the United Nations’ Sustainable Development
Goals (SDGs), meets stakeholder expectations and unlocks opportunities
in sustainable finance. Companies can balance profitability with their
societal and environmental responsibilities by conducting ESG risk
assessments, setting measurable goals, and maintaining transparency,
contributing to a resilient and sustainable future.
note:
*) Adaro Energy Indonesia completed spin-off of its thermal coal business,
leading to the establishment of PT Adaro Andalan Indonesia Tbk. (AADI).
Page 40
PT Saratoga Investama Sedaya Tbk. 39
2024 Sustainability Report
Catalyzing Change
for Environmental
Stewardship
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Chapter 5 PT Saratoga Investama Sedaya Tbk. 40
Catalyzing Change for Environmental Stewardship 2024 Sustainability Report
Catalyzing Change for Caring for the environment is at the heart of what we do. We are Environmental Footprint
Environmental Stewardship committed to reducing our impact on the planet through thoughtful Our 2024 environmental figures summary highlight
policies, meaningful actions, and smart investments. By integrating
sustainability into every decision, we strive to create real, lasting value not Scope 1 & 2 Scope 3 Emission
At Saratoga, environmental stewardship just for today, but for future generations. Emissions Emissions Reduction
means taking decisive action today
to build a greener, more sustainable We also believe that small changes can make a big difference, starting
with our own people. That is why we run initiatives to raise awareness 74.64 1,498,486 2.8%
future—for our people, our planet, and about everyday habits that help the environment, like switching off TonCO2eq TonCO2eq
generations to come. lights in empty rooms and using water wisely. To guide these efforts,
our dedicated Climate Leader provides practical tips and reminders to
encourage greener choices at work and at home. Trained in 2021 by Electricity Energy Energy
the former Vice President of the United States of America, Al Gore, our Usage Consumption Intensity
Climate Leader also helps educate others about climate change and
advocates for solutions that benefit both our local communities and the
planet. [POJK F.1]
73,645 kWh 431.78 GJ 0.11
GJ/IDR Billion
In 2023, we joined the UN Global Compact Climate Ambition Accelerator,
a program that gave us valuable insights into managing greenhouse
gas emissions and setting realistic, science-based climate targets. Over
six months, we learned strategies for achieving net-zero emissions and
creating plans to make a real impact. This experience strengthened our
resolve to take meaningful action on climate change and be part of the
global effort toward a more sustainable future.
“Trained in 2021 by the former Vice President of the United States of
America, Al Gore, our Climate Leader also helps educate others about
climate change and advocates for solutions that benefit both our local
communities and the planet.”
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Chapter 5 PT Saratoga Investama Sedaya Tbk. 41
Catalyzing Change for Environmental Stewardship 2024 Sustainability Report
Environmental Initiatives
Saratoga’s environmental initiatives are designed to align with our role
as an investment company while ensuring that our office operations
How Saratoga Calculate Our GHG Emission in 2024
reflect our commitment to sustainability. We focus on reducing our At Saratoga, we recognize that accurately calculating our greenhouse gas (GHG) emissions is a continuous journey. While our approach is not yet fully
environmental footprint by promoting energy efficiency, minimizing waste, comprehensive, we are focused on enhancing our methodologies and expanding the scope of our reporting to uphold strong environmental accountability.
and encouraging sustainable practices among employees.
• Scope 1 emissions cover direct emissions from sources we own or control, such as the use of fossil and biofuels. These emissions are calculated using
Key efforts include reducing energy use through smart office available fuel consumption data from fuel consumption of company vehicles.
management, such as optimizing lighting and air conditioning systems • Scope 2 emissions account for indirect emissions from purchased electricity used in our operations. These emissions are calculated based on electricity
and implementing paperless workflows to cut down on resource consumption data from our office activities. Since all our offices are located in Indonesia, we apply the emission factor provided by Indonesia’s State
consumption. Waste reduction programs, including recycling initiatives, Electricity Company to determine the GHG emissions per kilowatt-hour (kWh) consumed.
are also in place to ensure responsible disposal of office materials. • Scope 3 emissions include other indirect emissions across our value chain. In 2024, this primarily focused on business travel, such as flights, hotels and
rail. We also took significant steps forward by calculating Scope 3 emissions , from our listed portfolio companies that has published their Scope 1 & 2
companies, marking an important milestone in our efforts to improve the breadth and accuracy of our GHG reporting.
In addition, Saratoga engages employees through awareness campaigns
and training sessions that encourage environmentally conscious habits,
both at work and at home. By fostering a culture of sustainability within
the Company, we aim to lead by example and demonstrate how small,
consistent actions can contribute to a healthier planet.
Our office water usage is managed by the building management. office incorporates green building principles, including energy-saving reporting our emissions. This year, we have strengthened our efforts
However, with the new office building in 2024, we have incorporated systems, sensor-based water conservation features, and improved indoor by calculating Scope 3 emissions from our investment activities,
sensor-based faucets to enhance water conservation. These automated air quality measures. [POJK F.4] demonstrating our dedication to transparency and proactive
systems help minimize unnecessary water usage, improve efficiency, and environmental responsibility.
align with our commitment to sustainable resource management. [POJK F.8] Alongside these investments, Saratoga also prioritizes addressing
environmental concerns transparently and responsibly. In 2024, the Saratoga’s GHG baseline, established using 2022 data, enables us to
Waste generated from our office operations is collected and managed company did not receive any environmental complaints. [POJK F.16] measure progress and refine our strategies over time.
by the building management. However, as part of our commitment
to enhancing waste management practices, we will implement a Measuring and Managing Our Greenhouse Gas Emissions [GRI 305] [POJK In 2024, Scope 3 emissions remained the largest contributor, accounting for
structured waste separation system in 2025. This initiative aims to F.11] [POJK F.12]
99.9% of total emissions, primarily driven by activities within our listed portfolio
improve recycling efforts, reduce landfill contributions, and promote We carefully calculate our GHG emissions in accordance with the GHG companies. By comparison, our Scope 1 and 2 emissions totalled 74.64 Ton
responsible waste disposal. [POJK F.13] [POJK F.14] [POJK F.15] Protocol, covering carbon dioxide (CO2), methane (CH4), nitrous oxide CO2eq, representing a reduction of 2.8% compared to 2022. [GRI 305-1][GRI 305-2]
(N2O), and fluorinated gases, allexpressed as carbon dioxide equivalents [GRI 305-3]
While we do not have a dedicated allocation for environmental costs, we (CO2eq). This rigorous and comprehensive approach ensures accurate, To address these emissions, we focus on a clear and collaborative
have made strategic investments in sustainability by developing a more consistent, and transparent measurement of our environmental impact. approach to reduction. This includes working with our partners and
energy-efficient and environmentally friendly office space in 2024. This Saratoga utilizes the operational control approach in managing and investee companies to assess and lower their carbon footprints, creating
a shared effort toward sustainability.
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Chapter 5 PT Saratoga Investama Sedaya Tbk. 42
Catalyzing Change for Environmental Stewardship 2024 Sustainability Report
Within Saratoga, we are forging partnerships and encourage our people In addition, since Saratoga operates in a high-rise office building, the
to play their part in improving resource efficiency, reduce emissions, use of ozone-depleting substances (ODS) is not directly relevant to
and adopt greener mobility solutions such as electric vehicles and our operations, as air conditioning system maintenance is managed by Eco-Design of Our Office
public transportation. the building management. Nevertheless, we remain attentive to other [POJK F.5] [POJK F.7] [GRI 305-5]
potential emission sources within our activities and control. [GRI 305-6]
Saratoga aims to embody our commitment to the planet in the design of
GHG Emissions Performance 2022-2024 [GRI 305-1] [GRI 305-2] [GRI 305-3] [GRI 305-4] Energy Management our new workspace. By integrating sustainable materials, energy-efficient
[POJK F.11] [POJK F.12] [POJK F.5]] [POJK F.4]
Saratoga is committed to energy efficiency and minimizing our systems, and advanced technologies, we hope to create an office that
environmental impact through sustainable energy practices. Our energy reflects our dedication to minimizing environmental impact. At the same
consumption consists of fuel and electricity, with 61.4%% of electricity time, we’ve thoughtfully incorporated elements of Indonesia’s rich
Description 2022 2023 2024 Unit cultural heritage into the selection of materials and furniture, ensuring
sourced from the national grid.
our workspace is not only environmentally responsible but also deeply
connected to the traditions and identity of our nation.
In 2024, the Company recorded a 2% increase in energy consumption,
Direct (Scope 1) GHG emissions 4.83 8.98 10.57 TonCO2eq
primarily attributed to higher fuel usage in line with business expansion Energy-Efficient Lighting
Mobile Combustion 4.83 8.98 10.57 TonCO2eq activities. The office features LED lighting systems equipped with motion sensors
to ensure electricity is used only when needed, significantly reducing
Energy indirect (Scope 2) GHG emissions 60.6 67.81 64.07 TonCO2eq
Energy Consumption Performance 2022-2024 [POJK F.6] energy consumption in unoccupied areas.
Electricity Consumption 60.67 67.81 64.07 TonCO2eq
HEPA filters
Total GHG Emission (Scope 1 & 2) 65.50 74.64 74.64 TonCO2eq Description 2022 2023 2024 Unit
Our air system is equipped with HEPA filters to ensure that all
GHG emissions intensity 0.03 0.03 0.02 TonCO2eq/IDR employees benefit from clean and healthy air quality, promoting a safer
and more comfortable working environment.
Other indirect (Scope 3) GHG emissions 514,628 1,209,475 1,498,486 TonCO2eq Fuel 77.17 144.11 166.66 Liter
Sensor-based
Business Travel 60.77 126.23 78.89 TonCO2eq Electricity Usage 251.03 280.61 265.12 GJ
Faucets our water system incorporates sensor-based faucets, which
Investment* 514,502 1,209,272 1,498,407 TonCO2eq Total Energy Consumption 328.20 424.71 431.78 GJ help conserve water by reducing unnecessary usage and improving
overall efficiency.
Merdeka Copper Gold 149,555 761,426 1,047,600 TonCO2eq Energy Intensity 0.13 0.15 0.11 GJ/IDR Billion
Sustainable Furniture
Tower Bersama Infrastructure 1,412 3,953 3,323 TonCO2eq
For loose furniture, we have integrated sustainable materials such as
Alamtri Resources Indonesia 167,793 182,937 198,268 TonCO2eq Note : waste coffee grounds and mushrooms, reflecting our commitment
Gasoline = 0.0346 GJ/Liter (IPCC GHG Protocol) to circular economy principles and eco-friendly innovation in our
Samator Indo Gas 2,142 47,906 46,455 TonCO2eq
workplace design.
Mitra Pinasthika Mustika 193,601 213,031 202,740 TonCO2eq
Accounting System Digitalization
Nusa Raya Cipta - 20 21 TonCO2eq Our accounting system has been significantly digitized, making it almost
entirely paperless. This transition enhances efficiency, accuracy, and
* Listed Portfolio Companies
sustainability by reducing reliance on physical documents, minimizing
paper waste, and streamlining financial processes.
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Chapter 5 PT Saratoga Investama Sedaya Tbk. 43
Catalyzing Change for Environmental Stewardship 2024 Sustainability Report
Climate Resilience Investment
Biodiversity [POJK F.9][POJK F.10]
Our operational area is in Jakarta and is not close to any conservation Saratoga is committed to becoming more climate-resilient by investing in projects that tackle environmental challenges and support sustainable
zones. However, we demonstrate our commitment to nature conservation growth. These include renewable energy, conservation efforts, and technologies that lower carbon emissions and protect natural ecosystems.
through our investment in Forest Carbon, a leading project dedicated Through these investments, Saratoga aims to reduce climate risks, create long-term stability, and help build a sustainable future for everyone.
to protecting Indonesia’s rainforests and peatlands, contributing to
significant climate and ecological benefits.
Saratoga’s Commitment
to Biodiversity: Investment in Forest Carbon Xurya Daya Indonesia [POJK F.7] [GRI 305-4]
Forest Carbon Preserving Indonesia’s Natural Saratoga has advanced our environmental sustainability goals through
Heritage Through Forest Carbon our investment in Xurya Daya Indonesia. Xurya, a leader in zero-
[POJK F.9] [POJK F.10] upfront-cost solar power plant leasing, achieved significant milestones
Saratoga is proud to support biodiversity through our strategic by expanding to over 100 MW of capacity across 200 project sites
investment in Forest Carbon, a leading restoration project nationwide. This growth was supported by over 150 local EPC partners
developer in Southeast Asia. Saratoga has invested in Forest Carbon, a leading carbon project and a team of 100 experts.
developer established in 2012, to support its mission of creating
Forest Carbon specializes in restoring degraded wetland forests, significant climate and ecological impact. This partnership focuses on Xurya's solar plants generate approximately 164 million kWh of clean
protecting Indonesia’s vast rainforests and peatlands, which serve as energy annually, reducing carbon emissions by 146,645 tons of CO₂,
delivering benefits for local communities, biodiversity, and
critical carbon storage areas. equivalent to planting nearly 2 million trees over a decade. The
investors through a proven business model.
initiative also created over 2,000 green jobs and supported the Solar
Forest Carbon’s flagship initiative, the Sumatra Merang Peatland Academy Indonesia program, training more than 100 individuals in
Through our investment in Forest Carbon, Saratoga wants to Project, has successfully increased forest cover by 23%, safeguarded solar energy skills, further demonstrating its commitment to ESG
contribute to the preservation of critical ecosystems and the endangered species such as the Sumatran tiger, and improved the principles.
promotion of sustainable forestry practices. This investment well-being of local communities through health, education, and job
aligns with our broader sustainability goals, reinforcing Saratoga’s opportunities. The project currently protects a total area of 22,000
dedication to creating positive environmental impacts through hectares, underscoring Saratoga’s commitment to sustainability and
thoughtful and innovative approaches. conservation.
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Chapter 5 PT Saratoga Investama Sedaya Tbk. 44
Catalyzing Change for Environmental Stewardship 2024 Sustainability Report
Advancing Green Solutions in the Transforming Mining for a
Mining Sector [POJK F.7] [GRI 305-5] Greener Future
One of our key investments is in PT Alamtri Resources Indonesia Another notable investment is in PT Merdeka Copper Gold Tbk.
Tbk. (ADRO), a leading mining and energy company in Indonesia. (MDKA), a prominent player in Indonesia's mining sector. Merdeka
ADRO is making significant strides in sustainability by developing has demonstrated strong progress in environmental sustainability
a hydro-powered aluminum smelter designed to produce up to by allocating US$750 million to enhance its capacity to produce
500,000 tons of green aluminum annually, with plans to double this materials for the electric vehicle (EV) battery industry. A key initiative
capacity in the future. is the Acid Iron Metal (AIM) plant project, which converts waste ore
into valuable materials, supporting the shift to cleaner transportation
Powered entirely by hydroelectric energy, the smelter will greatly and reducing reliance on fossil fuels.
reduce its carbon footprint. Through this investment, Saratoga
supports ADRO's green initiatives, highlighting our commitment to MDKA’s sustainability efforts have been widely recognized, earning
sustainable industrial practices and contributing to the transformation the Gold Star at the Investortrust ESG Awards, the Silver Rank at
of Indonesia’s mining sector towards a more sustainable future. ASRRAT, and a Sapphire ranking in the Sustainable Business Integrity
Index. Additionally, the company has implemented an Environmental
Policy focused on reducing carbon emissions, conserving water, and
managing waste, further underscoring its commitment to minimizing
environmental impact.
Eco-Friendly Cold Storage Operations [POJK F.7] [GRI 305-5]
In 2024, PT MGM Bosco Logistics (Bosco) made significant strides in advancing its green initiatives, focusing on sustainability and reducing its
environmental impact. Bosco became the first cold storage operator in Indonesia to install solar panels across all its facilities, marking a key milestone
in its commitment to renewable energy. This initiative allows Bosco to reduce its reliance on conventional energy sources, thereby lowering carbon
emissions and contributing to a more sustainable operation.
Additionally, Bosco partnered with Blue Yonder to implement a digital Warehouse Management solution, enhancing operational efficiency while minimizing
waste and optimizing resource use. These efforts underscore Bosco’s dedication to promoting eco-friendly logistics practices and advancing sustainability
within the industry.
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Chapter 5 PT Saratoga Investama Sedaya Tbk. 45
Catalyzing Change for Environmental Stewardship 2024 Sustainability Report
Green Leader 2024: A Decade of Impactful Learning Over the past decade, Green Leader has influenced more than 17,000
In 2024, Saratoga supported the Green Leader program’s 10th cohort, people through its projects, strengthening Saratoga’s mission to empower
bringing together 41 participants from 15 provinces across Indonesia. leaders who create sustainable change. By investing in education and
These individuals, ranging from educators to environmental activists, action-driven learning, we continue to drive long-term environmental and
underwent an intensive training program focused on ecological social progress.
awareness, climate action, and sustainable entrepreneurship. Through
workshops, mentorship, and hands-on projects, they developed
real-world solutions to pressing environmental challenges. Clasification Total
Environmental Education Projects 4
Since its inception in 2015, Green Leader has cultivated 610
environmental change agents and initiated over 172 sustainability projects Waste Management Projects 8
nationwide. The program fosters collaboration across regions and
Conservation Projects 3
backgrounds, equipping participants with the knowledge and tools to
drive community-based impact. This year’s initiatives ranged from waste Argricultural and Food Projects 2
management innovations to conservation efforts, reflecting the program’s
Total 17
enduring commitment to practical, scalable solutions.
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PT Saratoga Investama Sedaya Tbk. 46
2024 Sustainability Report
Investing In
People and Social
Well-Being
Page 48
Chapter 6 PT Saratoga Investama Sedaya Tbk. 47
Investing In People and Social Well-Being 2024 Sustainability Report
Investing In People and At Saratoga, our employees are the foundation of our success. We are Our People in Number [POJK C.3b] [GRI 2-7][GRI 2-8]
Social Well-Being committed to creating a diverse and inclusive workplace where everyone
has equal opportunities to grow and contribute. This culture fosters
collaboration, innovation, and a sense of belonging for all employees. 52.3 % 65 Zero
Our people are our greatest asset. We
are committed to fostering an inclusive, We support professional development through tailored training programs,
Of all employees Total Number of Report of Sexual
mentorship, and growth opportunities. By equipping employees with
growth-oriented, and supportive are female Employee Harassment
the skills they need, we help them achieve their career goals while (As Of 31 Dec 2024)
workplace that empowers individuals to strengthening the organization.
thrive and drive our collective success
Furthermore, our people’s well-being is a core priority at Saratoga. We
foster work-life balance through comprehensive wellness programs, 9.9 Zero 100%
flexible work arrangements, and a supportive environment. By investing in
our team, we cultivate a motivated, engaged, high-performing workforce Average Hours of Report of employees
to drive Saratoga’s sustainable growth and long-term success. Training per Worker discrimination received performance
evaluations and
appraisals
Employees are
“We believe that the success of our people
Satisfied
with the management and
directly translates into the success of Saratoga.” facilities provided by Saratoga
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Chapter 6 PT Saratoga Investama Sedaya Tbk. 48
Investing In People and Social Well-Being 2024 Sustainability Report
Employee Engagement and Equal Opportunity Employees Distribution Based on Employment Type [GRI 2-7]
2021 2022 2023 2024
At Saratoga, we firmly believe that a diverse and inclusive workforce
is the cornerstone of innovation and success. Our commitment to 2022 2023 2024
employee engagement and equal opportunity is demonstrated through
Employee Category Male Female Male Female Male Female
comprehensive programs and policies designed to foster an environment
where every individual feels valued, respected, and empowered to Permanent employees 28 27 32 29 30 32
contribute to the Company’s growth.
Temporary employees 1 3 1 2 1 2
Saratoga has established and implemented a Company Regulation as the TOTAL 29 30 33 31 31 34
official reference for rights and responsibilities between the Company
and our employees. This regulation is developed in accordance with the
prevailing law and regulations, and has been ratified by the relevant labor Employees Distribution Based On Job Level and Age Group
authorities. [GRI 2-30]
2022 2023 2024
Employee Category Male Female Male Female Male Female
Director
< 30 Years old 0 0 0 0 0 0
30-50 Years old 2 0 2 0 2 0
>50 Years old 0 1 0 1 0 1
Manager and Supervisor
< 30 Years old 0 1 1 1 0 2
30-50 Years old 12 7 13 9 13 9
>50 Years old 5 7 5 7 6 8
Staff and Non-Staff
< 30 Years old 2 2 2 2 2 2
• Employee data is reported using head count to
represent the total number of employees, including
30-50 Years old 7 9 8 9 5 10
full-time and part-time staff.
• Employee numbers fluctuated due to restructuring >50 Years old 1 3 2 2 3 2
and project-specific needs, with increased staffing to
support key business growth areas TOTAL 29 30 33 31 31 34
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Diversity and Inclusion at Work
At Saratoga, we are dedicated to building a diverse and inclusive Number of Employees
workplace that values gender, ethnicity, age, and cultural backgrounds.
Our People Policies promote equality, fairness, and non-discrimination, “By prioritizing equality, we create an environment where
2024
ensuring that every employee has the opportunity to contribute and employees feel empowered to thrive and contribute their
grow. This approach strengthens our culture, fosters innovation, and Position Level Male Female unique perspectives, driving collective success.”
helps us thrive in a dynamic industry. [POJK F.18]
Entry-level 10 14
We support inclusion through policies that provide equal opportunities Mid-level 7 8
for everyone, regardless of their background. Our diverse workforce
Senior-level 12 11
and ongoing initiatives reflect this commitment, creating a positive work
environment where each individual’s unique strengths are valued. This Executive-level 2 1
focus on inclusivity enhances our workplace culture and drives our
Total Employees 31 34
success and resilience.
Entry-level Mid-level Senior-level Executive-level Total Employees
Age Range (years) Male Female Male Female Male Female Male Female Male Female
18-24 0 0 0 0 0 0 0 0 0 0
25-34 2 5 2 3 2 1 0 0 6 9
35-44 3 6 5 3 1 4 1 0 10 13
45-54 4 2 0 0 4 2 1 0 9 4
>55 1 1 0 2 5 4 0 1 6 8
Workers Who are not Direct Employees* [GRI 2-8]
Notes:
Outsourced Employees 2022 2023 2024 • Employee data is reported using head count to represent the total number of employees,
including full-time and part-time staff.
Male 7 8 9 • Employee numbers fluctuated due to restructuring and project-specific needs, with increased
staffing to support key business growth areas.
Female 0 0 1
* Workers who are not direct employees are classified as third-party or outsourced
Total Employees 7 8 10
workers who are employed through external service providers and assigned in the Company.
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We are committed to diversity and inclusion, as reflected in our workforce New employee hires and employee turnover [GRI 401-1]
composition. This year, women represent 52.3% of our 65 employees,
with one in three directors on our Board of Directors being female and New Employees
near gender parity in senior management. We also value age diversity,
ensuring opportunities for employees of all age groups while maintaining 2022 2023 2024
a dynamic and experienced team. Additionally, we uphold equal rights
Employee Category Male Female Male Female Male Female
for all employees, whether temporary or full-time, fostering a fair and
inclusive workplace. [GRI 405-1] < 30 Years old 0 0 2 0 0 4
30-50 Years old 1 1 3 2 0 2
We also value age diversity as a strength. While most of our employees
are within the productive age range of 30 to 50, we actively create >50 Years old 0 0 0 0 2 0
opportunities for individuals beyond this range, fostering a dynamic and
TOTAL 1 1 5 2 2 6
experienced team. Moreover, we ensure equal rights for all employees,
whether temporary or full-time , reinforcing an inclusive and fair
workplace.
New Employees Rate
Fair, Inclusive, and Transparent Recruitment
2022 2023 2024
We are committed to fostering equal opportunity from the beginning
of the employment journey. Our recruitment process is designed to be Employee Category Male Female Male Female Male Female
fair, transparent, and free from biases or discrimination based on gender,
< 30 Years old 0.00% 0.00% 66.67% 0.00% 0.00% 100.00%
race, ethnicity, or political views. Candidates are assessed solely on their
merits and qualifications, ensuring a recruitment approach that reflects 30-50 Years old 4.76% 6.25% 13.04% 11.11% 18.18 10.53%
our values of equity and inclusivity.
>50 Years old 0.00% 0.00% 0.00% 0.00% 22.22% 0.00%
Over the past year, we welcomed eight new team members, further
strengthening our organization. At the same time, we recognize that
employee transitions are a natural part of workforce dynamics. During
this period, seven employees departed, resulting in a turnover rate of
11%. We remain committed to fostering an engaging and supportive work
environment, continuously refining our talent retention strategies to
attract and retain top talent.
Our commitment to equitable recruitment extends beyond Saratoga
to our portfolio companies. We strictly uphold compliant and ethical
recruitment practices across all operations, explicitly prohibiting child or
forced labor. This principle is fundamental to our values and is enforced
rigorously across our business network. [POJK F.19] [GRI 3-3]
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Employee Turnover
2022 2023 2024
Employee Category Male Female Male Female Male Female
< 30 Years old 0 0 1 0 0 1
30-50 Years old 2 1 0 0 3 2
>50 Years old 1 0 0 1 1 0
TOTAL 13 1 1 1 4 3
Employees Turnover Rate
2022 2023 2024
Employee Category Male Female Male Female Male Female
< 30 Years old 0.00% 0.00% 33.33% 0.00% 0.00% 25.00%
30-50 Years old 9.52% 6.25% 0.00% 0.00% 15.00% 10.53%
>50 Years old 16.67% 0.00% 0.00% 10.00% 11.11% 0.00%
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Saratoga Employee Fair Compensation and Benefits 2024 [GRI 401-2] Employee Compensation and Benefit* [GRI 401-2]
In 2024, Saratoga reinforced its commitment to employee well-being by
enhancing its compensation and benefits framework to exceed industry
Permanent Temporary
standards and employee expectations. Key improvements included
Employee Employee
expanded health coverage with higher limits and broader access and
the introduction of flexible working arrangements to support work-life Basic Salary √ √
balance, boost job satisfaction, and improve retention.
Annual Bonus √ √
Saratoga is dedicated to upholding fairness and equity in our Meals Facilities √ √
compensation policies. Based in Jakarta, we provide our entry-level
Transportation Allowance* √
employees with a base salary of Rp 5,800,000, which exceeds the
government-mandated minimum wage by 14.46%. Each employee’s salary Overtime Allowance* √
and overall remuneration packages are reviewed annually, guided by
Leave Allowance* √
performance evaluations and merit-based assessments. [POJK F.20]
Religious Holiday Allowance √ √
Our compensation policies underscore the Company’s dedication
Marriage Allowance √ √
to providing competitive and fair remuneration for all employees,
recognizing their valuable contributions to the organization’s success. Bereavement Money √ √
By exceeding minimum wage requirements, Saratoga demonstrates its
Special Allowance/Aid √ √
commitment to supporting our people’s well-being and financial security.
[POJK F.20]
Health Facilities* √ √
BPJS Health Program √ √
In addition, Saratoga upholds a gender-neutral pay structure, maintaining
a 1:1 wage ratio for male and female employees at the same level. This BPJS Employment program √ √
practice ensures equal pay for equal work and reflects the Company’s
Long Service Pay* √
strong focus on equity and inclusivity. By fostering a fair and transparent
compensation system, Saratoga reinforces its values of respect, equality, Vehicle Ownership Program* √
and recognition, creating a workplace where all employees feel valued
and empowered. [GRI 405-2 ] *Benefits given vary based on work function/position/level/ division/term of service in
accordance with Company policy
Beyond competitive salaries, Saratoga provides annual bonuses, meal
and transportation allowances, overtime pay, and support for social
and religious events. Long-service rewards, including additional leave,
financial benefits, and precious metal awards, celebrate employee loyalty.
Unique programs like the vehicle ownership initiative further demonstrate
the Company’s support for employees’ growth and well-being.
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Supporting Workforce Excellence
Balancing Work and Life [GRI 404-2]
At Saratoga, we empower our employees through comprehensive At Saratoga, we are committed to fostering work-life balance by offering Empowering Working Mothers at Saratoga
learning and development programs tailored to individual growth. flexible working arrangements, including remote work and adjustable
These include workshops, mentorship, and industry-specific training, schedules. These initiatives empower employees to manage personal Saratoga is committed to fostering a workplace that supports all
enhancing current skills while preparing employees for future roles. This and professional priorities, promoting trust, productivity, and well-being. employees, including working mothers. Our office features a dedicated
commitment fosters continuous improvement, career progression, and a breastfeeding room to help nursing mothers balance their personal and
professional responsibilities.
culture of excellence. We provide robust support for working parents, including three months
of paid maternity leave, paternity leave, and a breastfeeding room with
This private, comfortable, and hygienic space has equipped with
We prioritize open communication and value employee feedback as essential facilities. In 2024, no employees utilized parental leave, with essential amenities, such as specialized milk storage (fridge) and
essential to organizational success. Through surveys and one-on-one a 100% return-to-work and retention rate after 12 months. Additional seating, ensuring a stress-free experience. This facility reinforces
meetings, we ensure employee approach builds trust, drives benefits include delivery cost reimbursements for up to three births, our commitment to inclusivity and employee well-being, creating a
engagement, and creates a supportive work environment where health coverage for spouses and children, and paid leave for significant workplace where everyone feels valued and supported.
employees feel valued and motivated to succeed milestones like weddings, graduations, and religious ceremonies. [GRI 401-3]
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Planning for our Employees’ Future Valuing Employee Concerns and Feedback
To further support employees, we offer wellness programs that include At Saratoga, we are committed to the long-term well-being and financial At Saratoga, we prioritize fostering a culture of trust, transparency, and
counseling, fitness resources, and mental health initiatives. Religious security of our employees, whom we consider essential to our success. open communication to create a positive and inclusive workplace.
commitments, such as Hajj leave, are also supported, with four In compliance with Indonesian Law No. 24 of 2011 as amended from Accessible and confidential grievance mechanisms are in place,
employees benefiting from religious leave in 2024. time to time, we ensure all employees participate in the national labor including dedicated email channels such as whistleblowing.report@
security program (Jamsostek) administered by BPJS Ketenagakerjaan, saratoga-investama.com, along with direct supervisor consultations.
covering old-age and pension security. These channels provide employees with secure platforms to address
workplace conflicts, inappropriate behavior, or other concerns, ensuring
Saratoga contributes 3.7% of each employee’s monthly salary for timely and appropriate responses.
old-age security, while employees contribute 2%. The Company
allocates 2% for pension security, with employees adding 1%. Our Internal Audit unit divisions thoroughly investigate all grievances,
Additionally, we have established an employee pension fund, which reflecting our commitment to accountability and swift resolution while
forms a key part of our benefits package and is recorded in our maintaining privacy and dignity for all parties. Notably, no cases of sexual
Consolidated Financial Statements. harassment were reported during 2024 highlighting the effectiveness
of our initiatives, including a comprehensive policy to prevent sexual
These measures go beyond compliance, reflecting our commitment to harassment. This policy includes a confidential hotline, victim support
supporting employees in planning for a secure and comfortable retirement. services, and strict disciplinary measures against offenders.
By fostering financial security, we demonstrate our belief that the success
of our Company is deeply connected to the well-being of our people. We In 2024, we received zero reports through our reporting channels,
remain dedicated to creating a workplace where employees feel valued, emphasizing the effectiveness of our proactive approach to addressing
supported, and empowered to achieve their goals. [GRI 201-3] concerns and maintaining a positive workplace culture. [GRI 406-1]
To further enhance engagement, we regularly collect employee
feedback through surveys and consultations. Insights on management,
training, and benefits help shape policies and practices, ensuring
continuous improvement. In 2024, employees expressed high
satisfaction with our management and facilities, underscoring our
dedication to employee well-being and professional growth.
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Learning And Development [GRI 404-1][GRI 404-2][POJK F.22] Saratoga’s Employee Training [GRI 404-1]
The Company prioritizes learning and development to enhance
employee skills and support personal and organizational growth. 2022 2023 2024
In a rapidly evolving industry, we are committed to equipping our
Number Number Number
workforce with the knowledge and tools needed to succeed in a of workers Training
Average Hours
of workers Training
Average Hours
of workers Training
Average Hours
competitive environment. Description of Training per of Training per of Training per
receiving Hours receiving Hours receiving Hours
Worker Worker Worker
training training training
We support employee development by requiring managerial
staff to attend at least two annual training sessions, keeping TOTAL 39 508 13.03 56 790 14.11 65 643.5 9.90
them updated on industry trends and best practices. Our
human resources team actively seeks new training opportunities Based on Gender
to address the evolving needs of our workforce and ensure
continuous learning. Male 19 205 10.79 31 383 12.35 31 214 6.90
In addition to formal training, we conduct performance Female 20 303 15.15 25 407 16.28 34 429.5 12.63
evaluations to identify skill gaps and provide targeted informal
training where needed. By tailoring development opportunities Based on Job Title
to individual and organizational needs, we prepare employees for
current roles and future growth. These efforts drive innovation, Director & Senior 16 150 9.38 24 276.5 11.52 32 262 8.19
Management
strengthen our workforce, and contribute to the company’s
long-term success.
Manager and 9 155 17.22 11 183 16.64 13 105.5 8.12
Supervisor
Training participation increased significantly this year, reflecting
our commitment to continuous learning and development. Staff and 14 203 14.50 21 330,5 15.74 20 276 13.80
Employees completed an average of 9.9 training hours, while Non- Staff
managerial staff engaged in targeted leadership programs to build
critical capabilities and support organizational resilience.
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Bridging Finance and Sustainability Performance Evaluation and Growth Assessment [GRI 404-3]
At Saratoga, sustainability is more than a commitment—it is an ongoing Saratoga is committed to aligning individual growth with organizational
journey of continuous learning. To enhance its approach to financial and goals through a comprehensive performance evaluation system. Regular
sustainability reporting, Saratoga conducted an IFRS training session assessments, anchored by Key Performance Indicators (KPIs), ensure that
in collaboration with KPMG. This initiative provided key leaders and performance metrics are clear, measurable, and relevant to each role,
employees with essential insights into global reporting standards. promoting accountability and transparency.
The training brought together representatives from Finance, Accounting, By 2024, 100% of employees, regardless of gender or job category,
Legal and Corporate Secretariat, Corporate Communication and receive annual performance evaluations. These include KPI assessments
Sustainability, and Investor Relations teams at Saratoga, as well as and, for staff-level employees and above, 360-degree feedback
participants from Sustainability, Finance, and Accounting roles in from peers, supervisors, subordinates, and self-assessments. This
its portfolio companies. The session extended beyond compliance, well-rounded approach provides valuable insights into performance,
focusing on practical applications and the strategic integration of IFRS interpersonal skills, and leadership capabilities while fostering teamwork
standards to support informed decision-making and promote sustainable and professional development.
business practices.
The results of these evaluations guide decisions on training, promotions,
By partnering with KPMG, Saratoga reaffirms its dedication to bridging compensation, job rotations, and organizational improvements. This
finance and sustainability, ensuring that ESG principles remain central ensures that every employee has a clear path to career advancement,
to its long-term vision—one that harmonizes financial growth with empowering them to achieve their potential while driving Saratoga’s
responsible corporate stewardship. success.
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Advancing Employees’ Health Initiatives At Saratoga, we prioritize the health and well-being of our employees,
recognizing them as our most valuable asset. Our comprehensive
health initiatives reflect our commitment to creating a safe, Fresh Meals for All
supportive, and engaging workplace aligned with sustainable
Saratoga’s office kitchen and dining room showcase our dedication
development and community empowerment.
to employee well-being and creating a strong sense of community.
Fresh, healthy meals are prepared daily, offering employees nutritious
As part of our commitment to accessible healthcare, all employees options that support their productivity and overall health. By providing
are enrolled in Indonesia’s national health insurance program, BPJS high-quality meals, Saratoga promotes a culture of care, ensuring
Kesehatan. Saratoga’s significant contributes 4% of monthly salaries, employees have the energy to thrive in their roles while maintaining a
combine with employees 1% contribute, up to a salary cap of IDR 12 balanced lifestyle.
million, ensures that healthcare is not just accessible but also for all.
[POJK F.21]
The dining room is more than just a place to eat, it’s a welcoming space
where employees from all levels, including board members and staff,
We also promote active lifestyles by subsidizing various fitness come together to share meals and meaningful conversations. This
activities, including yoga, combat classes, tennis, and gym inclusive setting fosters collaboration, strengthens team relationships,
memberships, encouraging employees to maintain their physical and builds a sense of belonging, helping to create a supportive and
unified workplace. By prioritizing health, connection, and inclusivity,
health in ways that suit their preferences. But our commitment does
our kitchen and dining room reflect Saratoga’s core values, ensuring
not stop there. We also prioritize holistic well-being, offering clean
employees feel valued and inspired in a workplace that supporting their
workspaces, well-maintained restrooms, a cafeteria, and a prayer personal and professional growth.
room to support daily needs. These facilities are a testament to how
much we value and respect our employees.
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2024 Sustainability Report
Empowering
Communities Through
Strategic Investments
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Empowering Communities Through Strategic Investments 2024 Sustainability Report
Empowering Communities At Saratoga, responsible investments should go beyond financial returns Our Contribution To Society In Figures
Through Strategic Investments to create lasting positive impacts on society. A commitment to sustainable
development, social well-being, and community empowerment guides
[POJK F.23][GRI 413-1][GRI 413-2]
our Corporate Social Responsibility (CSR) initiatives. Through strategic Celebrating with Distributing
150 35 1,000
At Saratoga, we aim to create a partnerships and targeted programs, we strive to enhance education,
meaningful impact by investing in the economic resilience, and social infrastructure, ensuring a more inclusive
and sustainable future for Indonesia. Orphaned Children students Staple Food
people and communities that drive in Tangerang packages
businesses forward. Over the years, our CSR programs have delivered tangible results,
benefiting thousands of individuals across various regions. By investing Spreading participated in to underprivileged
Christmas entrepreneurship elderly and widows
in education, vocational training, and infrastructure, we have provided
joy with gifts, training, coaching, in the Cilincing
communities with the necessary tools to thrive. Through collaborations entertainment, and mentoring area of North
with organizations and local stakeholders, we continue to improve access and shared through the Jakarta
to quality education, economic opportunities, and decent living conditions. happiness. ENVOY 15 and
ENVOY 16 program.
Saratoga’s Community Investment and Development (CID) programs are built on three pillars: [POJK F.25]
Community Social and Cultural Environmental
Empowerment Development Preservation
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These initiatives reflect our proactive commitment to enhancing societal Saratoga’s contributions in CID Programs
well-being and environmental sustainability while fostering long-term
socio-economic growth.
Rp
Through Community Empowerment, we invest in education, vocational Pillar 2022 2023 2024
training, and entrepreneurship programs that equip individuals—
especially the younger generation—with the skills to build a better future. Community 500,000,000 496,902,300 500,000,000
Social and Cultural Development is crucial in improving living conditions, Empowerment
providing safe housing for low-income families, and supporting
vulnerable groups such as orphans and underprivileged elderly.
Social and Cultural 328,909,835 226,163,183 254,278,367
Additionally, we contribute to preserving Indonesia’s rich cultural heritage Development
through partnerships with non-profit organizations.
Beyond financial returns, Saratoga believes that businesses should drive Environmental 150,000,000 500,000,000 250,000,000
Preservation
positive societal impact. Guided by the triple bottom line—balancing
profit, people, and the planet—our Community Involvement Development
(CID) programs demonstrate how the private sector can lead sustainable
Total 978,909,835 1,223,065,483 1,004,278,367
initiatives that benefit both communities and stakeholders. In 2024, we
allocated Rp1,004,278,367 to community and environmental programs.
• This section will further elaborate on the pillars of Community Empowerment and Social and
Cultural Development. Detailed information on the Environmental Preservation pillar can be found
in the Environmental Section of this report.
In 2024, Saratoga expanded its commitment to community development
and environmental sustainability through strategic investments. Our
acquisition of Brawijaya Healthcare, a leading hospital network in
Indonesia, highlights our commitment to improving access to quality
healthcare. Additionally, our partnership with Forest Carbon supports
forest conservation and peatland restoration efforts in Sumatra,
Kalimantan, and Papua, reinforcing our dedication to environmental
sustainability and community well-being.
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Community Empowerment [POJK F.24] [POJK F.25] Supporting ORA et LABORA: Building a Competitive Workforce
We recognize that education and skills development are key to fostering Since 2016, Saratoga has consistently supported ORA et LABORA Vocational School (SMK OeL) through financial assistance and competency-based support.
economic resilience and social progress. Our community empowerment This initiative aligns with the growing demand for green energy and the expansion of Indonesia’s power generation sector, ensuring that young professionals
initiatives focus on equipping individuals with the knowledge and are equipped with the necessary skills for the evolving job market.
competencies needed to succeed in an evolving job market, ensuring
they have the tools to build sustainable livelihoods. As part of this commitment, Saratoga actively contributes to training future technicians and power plant operators, helping to develop a skilled workforce in the
energy sector. By supporting vocational education, the Company strengthens its role in collaborating with the government to enhance technical training and
Strive, Labor, and Enriching Knowledge for Upcoming Innovators produce competent graduates ready for industry challenges. In 2024, Saratoga awarded scholarships to 32 students, reinforcing its long-term dedication to
Since 2016, Saratoga has been dedicated to preparing Indonesian youth education and workforce development.
for the evolving job market, particularly in the energy sector. Through our
Moreover, in the same year, SMK ORA et LABORA undertook a major challenge—upgrading its accreditation from C to A. Despite the short preparation time,
partnership with Ora et Labora Vocational High School (SMK OeL), we
the school leadership mobilized the entire school community to work together toward achieving this milestone.
help train future power plant operators by providing school facilities and
engaging Saratoga employees as Executive Committee volunteers. These This initiative not only strengthens the school’s reputation and academic quality but also enhances graduates’ opportunities in the job market. Saratoga
volunteers support curriculum development, industry engagement, and remains committed to empowering vocational education by supporting institutions like SMK ORA et LABORA, ensuring Indonesia’s future workforce is
securing operational funding. well-prepared for sustainable energy and industrial growth.
Success Stories: Alumni Making an Impact
Daniel Lieberman Ola Inspiring the Next Generation
Marcell’s Journey: SMK OeL Class of 2020
From Technician to Field Engineer We take immense pride in the achievements of Marcell and Daniel, which
Daniel’s journey began uncertain about his highlight the transformative impact of SMK Ora et Labora’s vocational training.
Marcell started his career journey at SMK career path, but he embraced the Power Plant Their inspiring journeys reaffirm our belief in the power of education and
Ora et Labora, where he built a strong Engineering program at SMK Ora et Labora. Despite perseverance. We are thrilled to see how their hard work, dedication, and
foundation in technical skills. His internship the challenges of the pandemic, he excelled proper guidance have allowed them to reach their career aspirations.
at PT Trimitra Cikarang - Tekpak Indonesia academically, becoming the top student in his class. After graduation, he
was a defining moment, earning him the “Best Performance” award secured an internship at PT Makmur Sejahtera Wisesa in Tabalong from We remain committed to empowering Indonesia’s youth. We aim to equip
and a recommendation for a technician role at PT Karya Inti Karton. September 2023 to June 2024. His dedication led to a full-time position as a the next generation with the skills and confidence necessary to excel in a
From August 2022 to November 2024, he refined his expertise as a Mechanical Technician at a 2 x 30 MW coal-fired power plant owned by PT constantly evolving and competitive workforce through initiatives like this.
Maintenance Technician before transitioning to PT Citasys - Cipta Total Adaro Power in South Kalimantan. Daniel credits his success to the support Supporting the dreams of young talents like Marcell and Daniel is a privilege
Solusindo as a Drafter/Field Engineer. By February 2025, Marcell had of experienced teachers and well-equipped facilities at SMK Ora et Labora. that highlights our dedication to fostering a brighter future for the nation.
already advanced to the role of Field Engineer for the Cilegon Project, He encourages students to focus on the 3Hs: Heart (Good Attitude), Hand
demonstrating remarkable career progression. (Skills), Head (Intelligence)
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Entrepreneur Development for Youth (ENVOY) Program
Entrepreneurship is a key driver of Indonesia’s economic growth,
addressing social challenges, creating jobs, and improving living ENVOY 15: A Year of Transformation
standards. Since 2015, Saratoga has supported the ENVOY program,
the Mien R. Uno Foundation initiative, to nurture the next generation The ENVOY 15 cohort, launched in September 2023, has made
of Indonesian entrepreneurs. remarkable strides in entrepreneurial growth. The 2024 program roadmap The next phase, “Knowing My Business,” took place in an offline session
is strategically designed to equip participants with the skills, knowledge, in Jakarta, offering hands-on training in marketing strategies, financial
ENVOY is a 12-month entrepreneurship development program for and networks needed to thrive in the business landscape, instilling management, and leadership. Participants gained practical insights
undergraduate students who have been running a business for at confidence in its effectiveness: and tools to scale their businesses and navigate Indonesia’s dynamic
least eight months. Through coaching, mentoring, and hands-on entrepreneurial ecosystem. To ensure personalized learning, participants
training, participants gain the skills to scale their businesses, support • September – December 2024: Foundational entrepreneurship also attended 1-on-1 Sessions, where they received tailored feedback
their families, and create job opportunities in their communities. training covering mindset development, financial literacy, marketing, on their business challenges, allowing them to refine their strategies and
and sales. address specific roadblocks effectively.
In 2024, ENVOY continued to use a hybrid model, combining • January – March 2024: Online and offline mentoring and coaching to
online and offline training to ensure accessibility and engagement. refine business strategies and strengthen leadership skills. Beyond core business skills, the program introduced the Enrichment
The program’s two-phase structure—six months of coaching and • April 2024: Mid-program evaluations to assess progress and provide Class, which prepared participants for the future of sustainable
mentoring—provides comprehensive business strategy, financial tailored guidance for improvement. entrepreneurship. Experts in green business and economics, including
literacy, marketing, and leadership support. • May – August 2024: Advanced training modules focused on business industry leaders and advisors, provided valuable insights on integrating
scaling, financial planning, and market expansion. sustainability into business models. These sessions equipped participants
• September 2024: Final evaluations and a graduation ceremony, a with knowledge of eco-friendly practices, green financing, and the
jubilant celebration of participants’ achievements and readiness to emerging opportunities within the green economy, ensuring they stayed
make a lasting impact, inspiring pride and motivation. ahead of evolving market demands.
The journey began with “Knowing Myself,” an online session where The final phase, “Growing My Business”, was designed to accelerate
participants explored their entrepreneurial visions, set clear goals and business growth by equipping participants with essential skills to attract
learned to apply the Business Model Canvas. This self-discovery phase customers and investors. Conducted over three days via Zoom, this
helped them align personal aspirations with business objectives. To stage encouraged creative thinking and strategic decision-making to
further support their growth, participants engaged in Coaching and strengthen their brand and market positioning. Specialized sessions
Mentoring sessions, where certified coaches guided them in leadership covered Negotiation and Pitching Skills, Branding, and Digital Marketing,
development, while experienced alumni mentors shared practical with industry experts sharing best practices. The training culminated in
business insights. These sessions created a structured environment for REVLACTION (Reflect, Evaluate, Action), where participants presented
self-reflection, strategic planning, and hands-on problem-solving. their progress to the MRUF Board of Trustees, gaining valuable feedback
and strategic direction.
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To complement their entrepreneurial growth, participants Before joining the ENVOY15 program, I Before joining this program, I often felt
attended the Development Class, which focused on interpersonal often struggled with time management, doubtful and lacked confidence. Fear and
skills, crisis management, and conflict resolution. These sessions hesitated in decision-making, and tended hesitation frequently held me back from
helped participants build confidence in communication, problem- to procrastinate. However, through various seizing new opportunities or speaking in
solving, and leadership—essential traits for business success. experiences and training during the program, public. However, after completing the program,
By integrating structured training, personalized mentorship, I have grown into a more organized individual I experienced a profound transformation—
and real-world insights, the ENVOY 15 program empowered in completing tasks. I am now able to lead almost a complete 180-degree change. Overall,
participants with the knowledge, skills, and network to drive my team effectively and ensure that every this program has helped me grow into a more
sustainable business growth and long-term success. activity follows a structured schedule. confident, courageous, and goal-oriented
This transformation has not only boosted individual. This change has not only impacted
By the program’s conclusion, each participant undergoes a my productivity but also strengthened my my professional life but has also brought
comprehensive evaluation to measure personal and business leadership and time management skills. positive effects to my personal life.
growth. This transformative experience empowers individuals while
strengthening Indonesia’s entrepreneurial landscape. Putri Izza Andisty - Cimahi Fery Ardiansyah - Surabaya
Enhancing Entrepreneurial Growth: Saratoga’s Continued Support Through ENVOY 16
Building on the success of ENVOY 15, Saratoga continues to support young entrepreneurs through ENVOY 16, running from September 2024 to August 2025. This year, five
promising student entrepreneurs from various universities have been selected under Saratoga’s support, each leading innovative businesses in handmade accessories, digital
platforms, sustainable waste management, self-publishing, and culinary ventures.
Compared to ENVOY 15, ENVOY 16 introduces stronger sustainability elements, enhanced business strategy training, and expanded mentorship opportunities. The program now
includes Enrichment and Development Classes focusing on climate change, green economy, and financial management, encouraging participants to integrate eco-friendly and
responsible business practices. Additionally, coaching and mentoring have been expanded with more one-on-one and group sessions, providing deeper guidance tailored to
each entrepreneur’s needs.
With these enhancements, participants are seeing faster business growth, with an average revenue increase of 200% within three months. Their ventures range from
handcrafted jewellery and digital publishing platforms to innovative recycling initiatives and modern culinary enterprises, demonstrating the diverse potential of young
entrepreneurs in shaping Indonesia’s economic and social landscape.
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Social and Cultural Development [POJK F.25]
Saratoga is committed to fostering social progress by addressing
Transforming Lives Through Community Housing Initiatives
fundamental community challenges, particularly in housing and
In 2024, Saratoga supported a community-based housing initiative in Bebulak Sub-Village, Mauk Sub-District, Tangerang, to provide safe and adequate
infrastructure development. Our social and cultural initiatives focus on
housing for low-income families. Through the Habitat Charity Golf Tournament 2024, Saratoga contributed two housing units, built by local volunteers
improving the quality of life for disadvantaged groups, ensuring access to
during the 28UILD 2024 event on October 26, 2024, and completed in January 2025. This initiative reflects Saratoga’s commitment to community
safe housing, and strengthening community resilience.
development and social impact.
Saratoga’s Partnership with Habitat for Humanity Indonesia
The project followed Habitat for Humanity Indonesia’s eight-step approach to ensure sustainability. This included surveying and selecting beneficiaries,
Saratoga, a prominent Indonesian active investment firm, continues
forming a local committee, and conducting public hearings for transparency. Construction began on October 26, 2024, with homes handed over on
to champion its commitment to Corporate Social Responsibility (CSR)
January 3 and 10, 2025. Saratoga’s support for this initiative reinforces its dedication to inclusive growth and sustainable housing solutions.
through strategic initiatives that empower communities. One of the
cornerstone partnerships in its CSR efforts is with Habitat for Humanity
Indonesia, an organization dedicated to providing affordable housing to
underserved populations.
Since 2010, we have supported Habitat for Humanity Indonesia, and
its involvement deepened in 2018 when Edwin Soeryadjaya, President
Commissioner, joined the nonprofit’s board of directors. This partnership
has resulted in impactful projects that aim to improve housing conditions
for communities in need. In 2024, the collaboration extended to building
homes for vulnerable families, exemplifying the shared commitment to
community empowerment and sustainable development.
Tin Sumiyati (54 years old) Inan (64 years old ) & Sami (62 years old)
“I am so thankful to the donor and Habitat. This program has been “I’m beyond happy. I’ve always dreamed of having a proper house.
a tremendous blessing for my family and me. Before, whenever I used to look at my neighbours’ homes and wonder, ‘When will
it rained, I had to rush to place buckets and containers to catch I have a nice house like them?’ Now, I can finally sleep soundly.
the dripping water from our leaky roof. But now, I no longer have Thanks God., we were blessed with this housing program. What was
to worry—our new home is safe and dry. Of course, my family and once worn down is now strong and beautiful. I’m incredibly grateful
I will take good care of it. Thank you once again to Habitat and to for this help.”
our generous donors.”
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In line with our commitment to empowering
communities, we have forged a meaningful Spreading Kindness in Ramadan: Saratoga’s Food Packages Saratoga Spreads Christmas Joy Celebrating with
partnership with Yayasan Indonesia Setara, Distribution for the Elderly in Cilincing Orphaned Children in Tangerang
a renowned non-governmental organization
dedicated to uplifting underserved In the spirit of Ramadan, Saratoga reaffirmed its commitment to community empowerment by In celebration of the Christmas season, Saratoga demonstrated its
communities across Indonesia. With a strong distributing 1,000 essential food packages to underprivileged elderly and widows in Cilincing, dedication to joy and compassion by hosting an event for more than 150
nationwide network and extensive experience North Jakarta. This heartfelt initiative, held on April 5, 2024, was led by Saratoga’s Corporate children from two orphanages in Tangerang. This meaningful initiative
supporting those in need, Yayasan Indonesia Social Responsibility (CSR) team in collaboration with Yayasan Indonesia Setara, a non- brought the spirit of the holidays to life through thoughtful gifts,
Setara creates a lasting impact through training governmental organization dedicated to supporting vulnerable communities. engaging entertainment, and shared moments of joy.
programs and community-driven initiatives.
The distribution was more than just a corporate initiative—it was a personal and meaningful More than just a seasonal tradition, the event aimed to create lasting
Through this collaboration, we proudly support
act of giving. Saratoga’s President Commisioner, Finance Director, General Managers, and memories for the children by providing the care and warmth they
their efforts by providing 1000 essential
representatives from our portfolio companies joined hands to deliver food packages directly deserve. Saratoga’s team actively participated in interactive activities
food packages for underprivileged elderly to the homes of elderly residents. As they walked through the narrow alleys of Cilincing, they that fostered a sense of togetherness and highlighted the importance
individuals, reinforcing our dedication to social were met with warm smiles and heartfelt gratitude, reminding everyone involved of the power of of giving back to the community.
welfare and inclusive growth. compassion and community support.
For many of these children, the Christmas gifts represented more than
For many recipients, the food packages—filled with essential staples—brought much-needed just material presents—they conveyed of hope and kindness. Their
relief during the holy month of Ramadan, a time of reflection, togetherness, and generosity. bright smiles and laughter reflected the impact of this initiative
Several elderly beneficiaries expressed deep appreciation, sharing how this support lightened
their burdens and made them feel seen and valued.
Beyond providing aid, this initiative strengthened Saratoga’s bond with the Cilincing community,
showcasing the positive impact of collaboration between the corporate sector and non-profit
organizations. It was a powerful reminder that small acts of kindness can bring immense hope,
reinforcing Saratoga’s commitment to creating lasting and meaningful change.
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2024 Sustainability Report
Climate Disclosure
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Climate Disclosure 2024 Sustainability Report
Climate Disclosure Climate Governance
Saratoga recognizes the relevance of climate-related risks and opportunities, and seeks to At Saratoga, the Board of Directors and management team play a central
manage them where material, as part of our broader investment considerations. We are guided role in overseeing and managing climate-related risks and opportunities.
by the principles of the Task Force on Climate-related Financial Disclosures (TCFD) and are Their efforts ensure that climate considerations are integrated into our
business strategy, investment planning, and risk management processes.
exploring steps to better understand and assess how climate factors may impact our portfolio
By addressing climate risks and leveraging opportunities, Saratoga aims
over time. to support a sustainable future while creating long-term value for all
stakeholders.
While maintaining an agile and opportunity-driven investment approach, we aim to
communicate transparently with stakeholders on how we are supporting climate awareness Board Oversight
The Board of Directors ensures climate-related issues are well assessed
through our governance practices, risk oversight, and strategic evaluations. and addressed in key policies, strategies, and targets. Sustainability and
climate-related risks and opportunities are standing topics in Board
This 2024 Sustainability Report includes a section outlining our efforts in alignment with the of Directors meetings, where progress, emerging risks, and regulatory
four key pillars of the TCFD: Governance, Risk Management, Strategy, and Metrics & Targets, developments are discussed. To enhance governance, sustainability and
climate-related issues are also overseen by the Board of Commissioners,
reflecting our ongoing efforts to strengthen sustainability practices across the business.
which ensures alignment with the company’s long-term goals and
evolving market expectations.
Management’s Role
The management team is responsible for executing a sustainability
strategy, which includes climate considerations. A dedicated ESG Task
Force leads sustainability and climate-related initiatives and regularly
reports to the Board of Directors. Management also collaborates with
key stakeholders, regulators, and portfolio companies to integrate
sustainability and climate considerations into operations, financial
planning, and investment decisions.
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Climate Disclosure 2024 Sustainability Report
Risk Management [POJK E.3]
Strategy
We view climate-related risks as critical investment considerations that can Saratoga acknowledges the increasing impact of climate risks on
impact the resilience and value of our portfolio. Saratoga integrates climate global markets and the importance of integrating climate strategy into
risk assessment into our investment strategy to safeguard long-term our investment decisions. As a responsible investment company, the
financial performance and ensure our assets remain competitive in a Company is committed to managing these risks to ensure long-term
rapidly evolving market. portfolio resilience and financial stability.
Identifying and Assessing Climate Risks With key revenue streams from PT AlamTri Resources Indonesia Tbk.
This year, we began to identify and assess climate risks affecting our (ADRO), PT Adaro Andalan Indonesia Tbk. (AADI), PT Tower Bersama
operations and portfolio, recognizing two key categories: Infrastructure Tbk. (TBIG), PT Merdeka Copper Gold Tbk. (MDKA), and PT
Mitra Pinasthika Mustika Tbk. (MPMX), Saratoga is exposed to transition
• Transition Risks – Regulatory shifts, carbon pricing, evolving market risks, such as carbon regulations, market shifts, and evolving investors'
preferences, and technological disruptions that could impact asset expectation. Additionally, physical risks, including extreme weather events
valuations; and and resource scarcity, pose potential threats to business operations and
• Physical Risks – Extreme weather events, water scarcity, and rising profitability.
temperatures that may affect business operations and supply chains
To address these challenges, Saratoga focuses on identifying climate
We conduct climate scenario analyses to strengthen our risk risks and mapping opportunities within our portfolio. By advocating
assessment and understand how different policy and environmental investee companies in reducing carbon exposure, improving energy
conditions could affect our investments over time. efficiency, and adopting sustainable practices, the Company enhances
investment resilience and long-term value creation.
Integrating Climate Risks into Investment Decisions Saratoga has identified key climate risks that could impact financial
Climate risk considerations are embedded in our due diligence, asset performance and operational stability. These include transition risks,
management, and capital allocation decisions. We continuously monitor such as regulatory changes and evolving market dynamics with potential
policy changes, market trends, and technological advancements climate related impact alongside physical risks like severe weather
to ensure our investments align with long-term value creation and conditions and resource constraints.
sustainability goals.
By taking a forward-looking approach to climate risk management, we
enhance our portfolio’s resilience, protect shareholder value, and position
ourselves as a responsible and future-ready investment company.
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Climate Disclosure 2024 Sustainability Report
Transition Risks and Opportunities [GRI 201-2]
Category Risks Opportunities
Carbon pricing & regulation Rising costs due to carbon taxes and stricter Investing in companies with low-carbon operations and efficient
environmental compliance technologies
Technology disruption Pressure to adopt cleaner technologies or risk Opportunities in digital transformation, smart logistics, and green
becoming outdated innovation
Reputation Lower investor confidence and access to capital if Enhanced brand value and investor appeal through transparent ESG
perceived as lagging on ESG performance
Policy and regulation New environmental regulations that may impact Early compliance creates leadership position and access to sustainable
operations or investment eligibility finance
Market dynamics Shifts in global demand toward cleaner energy and Potential to diversify into sectors aligned with energy transition and
materials could affect traditional sectors sustainability trends
Physical Risks Category Risks Opportunities
Acute (extreme weather)
Sudden extreme weather events caused by climate Weather-related disruptions such as floods, storms, and Opportunity to strengthen infrastructure resilience and risk
change. They happen quickly and can cause immediate heatwaves management
damage to assets, operations, and supply chains
Chronic (long-term change)
Long-term, gradual changes in climate patterns that Long-term climate shifts like water stress or rising Investment in adaptive technologies, water efficiency, and climate-
build up over time and persistently affect operations and temperatures may impact operations resilient assets
asset values
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Climate Disclosure 2024 Sustainability Report
Saratoga Key Strategic Climate Initiatives as Our 3 4
Climate Action Digitalization for Sustainable Business Growth Advancing Sustainable Mobility Solutions
Here are some key strategic initiatives we are taking to support a more sustainable future.
Saratoga aims to positively contribute to tackle climate change, reduce climate risks, enhance The shift toward low-carbon and digital economies As the automotive and mobility sector continues to
is reshaping industries, and Saratoga recognizes evolve, Saratoga sees opportunities to support the
our resilience, and create long-term value for our portfolio and stakeholders by investing in
the role of data centers in enabling sustainable shift toward more efficient and digitally enabled
renewables, carbon offsetting, and digital infrastructure. growth. Our investment in Bersama Digital Data transportation services. Our investment in PT Mitra
Centres (BBDC), a leading data center provider Pinasthika Mustika Tbk. (MPMX) reflects this vision,
in Indonesia, aligns with our commitment to as the company focuses on improving operational
supporting digital infrastructure that enhances
1 2
efficiency and service quality in the face of
efficiency and resilience. changing mobility demands.
Through BBDC, we support: Through this investment, we support efforts to:
Investing in Green and Renewable Energy Carbon Offsetting and Emission Reduction
• The transition to digital operations reduces the • Enhance fleet management services through
need for physical business infrastructure and the use of digital platforms, enabling better
travel, which helps lower indirect emissions monitoring, fuel usage tracking, and operational
Saratoga continues to explore opportunities in To mitigate exposure to carbon taxes, regulations,
(Scope 3). decision-making.
low-carbon energy, alongside other sectors that and market penalties, Saratoga invests in nature-
• Reliable and scalable data center solutions • Promote more efficient mobility solutions via
contribute to long-term value creation. These efforts based solutions, such as:
that support cloud-based services, enabling its rental and transportation services, which
reflect our intention to support a more sustainable
businesses to operate more efficiently. help reduce unnecessary vehicle usage and
future while maintaining a balanced investment • Forest Carbon a Southeast Asian leader in
• Infrastructure modernization to meet the streamline logistics.
approach. Our key investments in this area include: forest restoration and carbon sequestration.
growing demand for secure, energy-efficient, • Explore new value-added services to meet
and high-performance data processing. customer needs, aligned with the broader trend
• PT AlamTri Resources Indonesia Tbk (ADRO) • Supporting nature-based solutions that restore
toward smarter, more responsive urban mobility.
long-term business expansion to renewable energy degraded wetlands and protect endangered
Why it matters:
projects habitats.
Digitalization helps businesses reduce reliance on Why it matters:
• PT Tower Bersama Infrastructure Tbk (TBIG)’s
resource-intensive physical operations, improving Improving efficiency and digitalization in
telecom infrastructure. Why it matters:
efficiency, resilience, and long-term sustainability transportation plays an important role in lowering
• Xurya Daya Indonesia is a startup pioneering Strengthens Saratoga’s climate risk strategy while
in an increasingly tech-driven world. environmental impact. Through PT Mitra Pinasthika
rooftop solar solutions with a "no upfront ensuring regulatory compliance and sustainable
Mustika Tbk. (MPMX), Saratoga continues to
investment" model, making renewable energy more value creation.
support the transition to cleaner, more responsible
accessible for businesses.
mobility, while also capturing long-term value from
Indonesia’s growing transportation and logistics
Why it matters:
sector.
Portfolio diversification that considers evolving
energy trends and supports long-term resilience of
our investment portfolio amid the global shift toward
lower-carbon solutions.
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Climate Disclosure 2024 Sustainability Report
Metrics & Targets
As part of Saratoga’s approach to supporting sustainable development,
the Company monitors the allocation of capital toward sectors aligned
with positive environmental and social outcomes.
In 2024, a portion of the Rp5,772 billion in total new investments
was directed toward sectors broadly supporting the Sustainable
Development Goals (SDGs), including clean energy, digital infrastructure,
healthcare, mobility solutions, and other sectors that support long-term
environmental and societal improvements.
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2024 Sustainability Report
About This Report
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Chapter 9 PT Saratoga Investama Sedaya Tbk. 73
About This Report 2024 Sustainability Report
About This Report At Saratoga, responsible and sustainable investing is essential to creating To make things easy and accessible, all our reports, including previous
lasting value. editions, are available on our website. The 2024 report follows the 2021
GRI Standards under the “In Accordance” option, covering the period
Saratoga upholds transparency and In 2024, we achieved significant milestones in our sustainability journey from January 1 to December 31, 2024. This year’s report also incorporates
accountability by delivering accurate, by launching innovative ESG-focused investment strategies and several respected frameworks and standards, such as [GRI 2-3]
timely, and comprehensive disclosures, strengthening our climate-related disclosures. These advancements
reinforce our unwavering commitment to addressing global sustainability • Financial Services Authority Regulation (POJK) No. 51/ POJK.03/2017
ensuring stakeholders stay informed with challenges while delivering long-term value for our stakeholders. By on Sustainable Finance for Financial Services Institutions, Issuers, and
integrity and confidence. embedding sustainability into our core business practices, we continue to Public Companies (POJK 51)
drive meaningful impact and purposefully lead. • Sustainable Development Goals (SDGs)
• 10 Principles of the United Nations Global Compact (UNGC)
Since 2021, we have published an annual Sustainability Report,
reinforcing our commitment to transparency and accountability. More We believe that trust begins with reliable data, so we verify all content
than just a report, it reflects our journey and demonstrates how we internally, with approval from our Board of Directors. Although we
manage our economic, social, and environmental impacts. Our 2024 haven’t used external assurance for our reports, we’re considering it to
Sustainability Report highlights our ongoing dedication to responsible enhance credibility, with senior leaders deciding if and how to proceed.
practices, strengthening trust and engagement with our stakeholders. If we decide to go forward, we’ll clearly outline what has been assured,
Through transparent and honest disclosures, we showcase our ESG the standards followed the level of assurance, any limitations, and
performance and the meaningful progress we achieve each year. our relationship with the provider, thereby helping to build trust with
stakeholders by ensuring data quality. Our top leadership reviews and
approves our sustainability information to align with our strategy and
meet stakeholder expectations. [POJK G.1] [GRI 2-5] [GRI 2-14]
To enhance usability, we have highlighted GRI and POJK indicator
numbers in distinct colors within the narrative sections. To facilitate
navigation, a user-friendly Index List is also included on pages 76 and 82.
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Chapter 9 PT Saratoga Investama Sedaya Tbk. 74
About This Report 2024 Sustainability Report
Scope and Boundaries of Reporting
The scope and boundaries of this report encompass Saratoga and its This report includes both qualitative and quantitative data, providing
subsidiaries, providing a comprehensive overview of our Financial and insights into our policies, efforts, and achievements. Numerical data
sustainability performance for the reporting period, including data and is presented in English metric units unless stated otherwise. To
information detailed on page 10, in alignment with our Annual Report ensure a comprehensive and accurate report, we've adopted the GRI
for the year. The performance discussions reflect the outcomes of our 2021 Standards principles, which include accuracy, balance, clarity,
investee companies, with all financial data sourced from audited reports. comparability, completeness, sustainability context, timeliness, and
During the reporting period, there were no significant changes to our verifiability. We go beyond compliance by actively engaging with
business activities, ownership structure, organization, or supply chain. stakeholders to shape the report through a thorough materiality
Operations continued as disclosed in previous reports, with no material assessment, ensuring it covers significant and relevant topics. We're
acquisitions, mergers, or disposals of entities during this period, nor committed to continuously improving the quality of our sustainability
any restatements of prior reports or information from previous periods. reporting. To support this, we've included a Feedback Form at the end
The last report was published on April 3, 2024. In this report, “Saratoga,” of this report, inviting suggestions and feedback from readers and
“Company,” or “We” refers to Saratoga. Our sustainability reporting, which stakeholders. These insights help enhance future reports, reflecting the
covers Saratoga and its subsidiaries, as detailed on page 10, is aligned most important issues in our sustainability journey. [POJK G.3]
with our financial reporting, ensuring consistency between the two. The
consolidation approach for financial and sustainability reporting follows
the same principles, aggregating subsidiary data to provide a holistic view
of the company’s performance and reflecting minority interests without For questions, feedback, or comments on this report, please contact:
adjustments for acquisitions or disposals during the reporting period. [POJK
C.6][ GRI 2-3] [GRI 2-4] [GRI 2-2] Corporate Secretary
PT Saratoga Investama Sedaya Tbk.
15th Floor, Menara Karya
Jl. H.R. Rasuna Said Block X-5 Kav 1-2
South Jakarta 12950, Indonesia
Phone: +62 21 5794 4355
Fax: +62 21 5794 4365
Email: corporate.secretary@saratoga-investama.com
Website: www.saratoga-investama.com
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2024 Sustainability Report
Index
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Index 2024 Sustainability Report
GRI Content Index
OMISSION GRI Sector
Statement of use PT Saratoga Investama
Sedaya Tbk. (SRTG) has GRI Standard Disclosure Location Standard
Requirement(S)
reported in accordance with Reason Explanation Ref. No.
Omitted
the GRI Standards for the
period 01 January 2024 to 31
December 2024. GENERAL DISCLOSURES
GRI 2: General
2-1 Organizational details 9
GRI 1 used GRI 1: Foundation 2021 Disclosures 2021
2-2 Entities included in the organization’s sustainability reporting 10, 74
Applicable GRI 2-3 Reporting period, frequency and contact point 74
Not applicable
Sector Standard(s)
2-4 Restatements of information 74
2-5 External assurance 73
2-6 Activities, value chain and other business relationships 9, 11
2-7 Employees 47,48
2-8 Workers who are not employees 47
2-9 Governance structure and composition 27
2-10 Nomination and selection of the highest governance body 27, 29
2-11 Chair of the highest governance body 25
2-12 Role of the highest governance body in overseeing the management of impacts 19, 25, 27
2-13 Delegation of responsibility for managing impacts 19
2-14 Role of the highest governance body in sustainability reporting 73
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Index 2024 Sustainability Report
GRI Content Index OMISSION GRI Sector
GRI Standard Disclosure Location Standard
Requirement(S)
Reason Explanation Ref. No.
Omitted
GENERAL DISCLOSURES
GRI 2: General
2-15 Conflicts of interest 27, 29
Disclosures 2021
2-16 Communication of critical concerns 28
2-17 Collective knowledge of the highest governance body 19
2-18 Evaluation of the performance of the highest governance body 29
2-19 Remuneration policies 29
2-20 Process to determine remuneration 29
2-21 Annual total compensation ratio 29
2-22 Statement on sustainable development strategy 6-7
2-23 Policy commitments 17
2-24 Embedding policy commitments 17
2-25 Processes to remediate negative impacts 22
2-26 Mechanisms for seeking advice and raising concerns 29
2-27 Compliance with laws and regulations 17
2-28 Membership associations 14
2-29 Approach to stakeholder engagement 20
2-30 Collective bargaining agreements 48
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Index 2024 Sustainability Report
GRI Content Index OMISSION GRI Sector
GRI Standard Disclosure Location Standard
Requirement(S)
Reason Explanation Ref. No.
Omitted
MATERIAL TOPICS
GRI 3: Material
3-1 Process to determine material topics 21
Topics 2021
3-2 List of material topics 21
ECONOMIC PERFORMANCE
GRI 3: Material
3-3 Management of material topics 22
Topics 2021
GRI 201:
201-1 Direct economic value generated and distributed 33
Economic
Performance 201
201-2 Financial implications and other risks and opportunities due to climate change 69
201-3 Defined benefit plan obligations and other retirement plans 53
Financial assistance Information The indicator is
201-4 Financial assistance received from government - received from unavailable/ not relevant to the
government Incomplete organization
ANTI-CORRUPTION
GRI 3: Material
3-3 Management of material topics 22
Topics 2021
GRI 205:
205-1 Operations assessed for risks related to corruption 30
Anti-corruption 2016
205-2 Communication and training about anti-corruption policies and procedures 30
205-3 Confirmed incidents of corruption and actions taken 30
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Index 2024 Sustainability Report
GRI Content Index OMISSION GRI Sector
GRI Standard Disclosure Location Standard
Requirement(S)
Reason Explanation Ref. No.
Omitted
EMISSIONS
GRI 3: Material
3-3 Management of material topics 22
Topics 2021
GRI 305:
305-1 Direct (Scope 1) GHG emissions 41, 42
Emissions 2016
305-2 Energy indirect (Scope 2) GHG emissions 41, 42
305-3 Other indirect (Scope 3) GHG emissions 41, 42
305-4 GHG emissions intensity 42
305-5 Reduction of GHG emissions 42, 43, 44
Information The indicator is
Emissions of
305-6 Emissions of ozone-depleting substances (ODS) 42 unavailable/ not relevant to the
ozone-depleting
Incomplete organization
Nitrogen oxides
(NOx), sulfur oxides Information The indicator is
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant
- (SOx), and other unavailable/ not relevant to the
air emissions
significant air Incomplete organization
emissions
EMPLOYMENT
GRI 3: Material
3-3 Management of material topics 22
Topics 2021
GRI 401:
401-1 New employee hires and employee turnover 50 - 51
Employment 2016
401-2 Benefits provided to full-time employees that are not provided to temporary or
52
part-time employees
401-3 Parental leave 53
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Index 2024 Sustainability Report
GRI Content Index OMISSION GRI Sector
GRI Standard Disclosure Location Standard
Requirement(S)
Reason Explanation Ref. No.
Omitted
TRAINING AND EDUCATION
GRI 3: Material
3-3 Management of material topics 22
Topics 2021
GRI 404: Training
404-1 Average hours of training per year per employee 55
and Education 2016
404-2 Programs for upgrading employee skills and transition assistance programs 53, 55
404-3 Percentage of employees receiving regular performance and career
56
development reviews
DIVERSITY AND EQUAL OPPORTUNITY
GRI 3: Material
3-3 Management of material topics 22
Topics 2021
GRI 405: Diversity
405-1 Diversity of governance bodies and employees 50
and Equal
Opportunity 2016
405-2 Ratio of basic salary and remuneration of women to men 52
NON-DISCRIMINATION
GRI 3: Material
3-3 Management of material topics 22
Topics 2021
GRI 406: Non-dis-
406-1 Incidents of discrimination and corrective actions taken 54
crimination 2016
LOCAL COMMUNITIES
GRI 3: Material
3-3 Management of material topics 22
Topics 2021
GRI 413: Local 413-1 Operations with local community engagement, impact assessments, and
59
Communities 2016 development programs
413-2 Operations with significant actual and potential negative impacts on local
59
communities
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Index 2024 Sustainability Report
GRI Content Index OMISSION GRI Sector
GRI Standard Disclosure Location Standard
Requirement(S)
Reason Explanation Ref. No.
Omitted
CUSTOMER PRIVACY
GRI 3: Material
3-3 Management of material topics 22
Topics 2021
GRI 418: Customer 418-1 Substantiated complaints concerning breaches of customer privacy and
30
Privacy 2016 losses of customer data
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Index 2024 Sustainability Report
POJK Index [POJK G.4] Topic Location
A. TRAINING AND EDUCATION
A.1 Elaboration of Sustainability Strategy 18
B. TRAINING AND EDUCATION
B.1 Economic Aspects, covering at least:
a. Quantity of products or services sold;
b. Revenue or sales;
c. Net profit or loss;
d. Environmentally friendly products; and
e. Engagement of local stakeholders on sustainable finance business process.
4-5
B.2 Environmental Aspects, covering at least:
a. Energy consumption;
b. Reduction of Emission produced;
c. Reduction of waste and effluent; and
d. Biodiversity conservation.
B.3 Social Aspect
C. COMPANY PROFILE
C.1 Vision, Mission, and Sustainability Values 9
C.2 Company Address 9
C.3 Business Scale, covering at least:
a. Total assets or assets capitalization, and total liabilities
b. Number of employees by gender, position, age, education and employment status 9, 13, 14, 32, 46
c. Shareholders name and percentage of stock ownership; and
d. Operational areas
C.4 Products, Services, and Business Activities 9, 11
C.5 Membership of Associations 14
C.6 Significant Changes in Issuers and Public Companies 74
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Chapter 10 PT Saratoga Investama Sedaya Tbk. 83
Index 2024 Sustainability Report
POJK Index [POJK G.4] Topic Location
D. ELABORATION OF BOARD OF DIRECTORS
D.1 Elaboration of Board of Directors
a. Policy to respond to challenges in fulfilling sustainability strategies 6-7
b. Implementation of sustainable finance
c. Target achievement strategies
E. SUSTAINABILITY GOVERNANCE
E.1 Person in Charge of Sustainable Finance Implementation 19
E.2 Competency Development on Sustainable Finance 19
E.3 Risk Assessment on the Implementation of Sustainable Finance 64
E,4 Relationship with Stakeholders 20
E.5 Issues Regarding the Implementation of Sustainable Finance 18
F. SUSTAINABILITY PERFORMANCE
F.1 Activities to Building a Culture of Sustainability 18, 40
Economic Performance
F.2 Comparison of Production Targets and Performance, Portfolio, Financing or Investment Targets, Revenue and Profit/Loss 33
Comparison of Portfolio Targets and Performance, Financing or Investment Targets on Financial Instruments or Projects that
F.3 33
Align with Sustainable Finance
Environmental Performance
General Aspect
F.4 Environmental Costs 41, 42, 60
Material Aspect
F.5 Consumption of Environmentally Friendly Materials 42
Energy Aspect
F.6 The Quantity and Intensity of Energy Consumed 42
F.7 Efforts and Achievements in Energy Efficiency and the Use of Renewable Energy 42, 43
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Index 2024 Sustainability Report
POJK Index [POJK G.4] Topic Location
F. SUSTAINABILITY PERFORMANCE
Water Aspect
F.8 Water Consumption 41
Biodiversity Aspect
F.9 Impacts from Operational Areas Close to or in Conservation Areas or Having Biodiversity 43
F.10 Biodiversity Conservation Efforts 43
Emissions Aspect
F.11 The Amount and Intensity of Emissions Produced by Type 41, 42
F.12 Efforts and Achievements in Reducing Emission 41, 42
Waste and Effluent Aspect
F.13 The Amount of Waste and Effluent Produced by Type 41
F.14 Mechanism of Waste and Effluent Management 41
F.15 Spills that Occur (if any) 41
Environmental Complaint Aspect
F.16 The Amount and Material of Environmental Complaints Received and Resolved 41
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Index 2024 Sustainability Report
POJK Index [POJK G.4] Topic Location
F. SUSTAINABILITY PERFORMANCE
SOCIAL PERFORMANCE
F.17 Commitment to Provide Equal Products and/or Services to Consumers 34
Employment Aspect
F.18 Equal Employment Opportunity 49
F.19 Child Labor and Forced Labor 50
F.20 Regional Minimum Wage 52
F.21 Safe and Healthy Working Environment 57
F.22 Employee Training and Development 55
Community Aspect
F.23 Operational Impacts on Local Communities 59
F.24 Community Complaints 29, 61
F.25 Corporate Social Responsibility (CSR) 59, 61, 64
Responsibility For Sustainable Products/ Services
F.26 Innovation and Development of Sustainable Financial Products/Services 35
F.27 Products/Services that have been Evaluated for Safety for Customers
F.28 Products/Service Impacts The indicator is
not relevant to the
F.29 Number of Products Recalled organization
F.30 Customer Satisfaction Survey of Sustainable Finance and/or Services
G.. OTHERS
G.1 Written Verification by an Independent Party (if any) 73
G.2 Feedback Form 87
G.3 Response to Feedback on the Previous Year’s Sustainability Report 74
List of Disclosures in Accordance with the Financial Services Authority Regulation Number 51/POJK.03/2017 concerning
G.4 82
The Implementation of Sustainable Finance for Financial Services Institutions, Issuers And Public Company
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Index 2024 Sustainability Report
UNGC Index UNGC PRINCIPLES Location
HUMAN RIGHTS
Principle 1 Businesses should support and respect the protection of internationally proclaimed human rights. 18
Principle 2 Businesses should make sure that they are not complicit in human rights abuses. 18
LABOUR
Businesses should uphold the freedom of association and the effective recognition of the right to collective
Principle 3 48
bargaining.
Principle 4 Businesses should uphold the elimination of all forms of forced and compulsory labour. 50
Principle 5 Businesses should uphold the effective abolition of child labour. 50
Principle 6 Businesses should uphold the elimination of discrimination in respect of employment and occupation 50
ENVIRONMENT
Principle 7 Businesses should support a precautionary approach to environmental challenges 18-22, 38, 40-45
Principle 8 Businesses should undertake initiatives to promote greater environmental responsibility. 18-22, 38, 40-45
Principle 9 Businesses should encourage the development and diffusion of environmentally friendly technologies. 18-22, 38, 40-45
ANTI-CORRUPTION
Principle 10 Businesses should work against corruption in all its forms, including extortion and bribery. 30
Page 88
Feedback Form PT Saratoga Investama Sedaya Tbk. 87
2024 Sustainability Report
Feedback Form [POJK G.2] Reader’s Profile
Thank you for taking the time to read the 2024 Sustainability Report
Full Name:
of Saratoga. To improve the quality of our reporting and enhance the
transparency of our sustainability performance, we kindly request
Institution/ Company: Email:
that you complete the Feedback Form below and return it to us.
Your insights will be invaluable in assisting us with preparing our
Category: Government Industry General Public Others (please specify):
Sustainability Report for next year.
NGO Media Academic.
Thank you once again for your time and support.
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economic, environmental, social, and governance performance.
2. The data and information disclosed in this report are structured, Agree Somewhat Agree Disagree
systematic, and easily understandable
3. The data and information disclosed in this report are complete, Agree Somewhat Agree Disagree
transparent, and unbiased.
4. The design, font type, size, color scheme, layout, and images in Agree Somewhat Agree Disagree
this report are attractive and easy to read
5. What are the information(s) in this report that you consider
most useful? ................................................................................................................................................................................
6. What are the information(s) in this report that can be improved?
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Thank you for taking the time to provide feedback on this report. We value your input and encourage you to send your completed feedback form to:
PT Saratoga Investama Sedaya Tbk. [POJK C.2]
Menara Karya 15th floor Telephone: +62 21 5794 4355 Website: www.saratoga-investama.com
Jl. H.R. Rasuna Said Block X-5 Kav 1-2, Fax: +62 21 5794 4365 Email : corporate.secretary@saratoga-investama.com
South Jakarta 12950
Page 89
PT Saratoga Investama Sedaya Tbk. 88
2024 Sustainability Report
PT Saratoga Investama Sedaya Tbk.
Menara Karya 15th floor
Jl. H.R. Rasuna Said Block X-5 Kav 1-2,
South Jakarta 12950
Telephone: +62 21 5794 4355
Fax: +62 21 5794 4365
www.saratoga-investama.com
Names mentioned 55 people and organisations named in the text · linked when the evidence is strong
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org
PT Bumi Hijau Asri
p.11
unresolved
org
PT Nugraha Eka Kencana
p.11
unresolved
org
PT Surya Nuansa Ceria
p.11
unresolved
org
PT Wana Bhakti Sukses Mineral
p.11
unresolved
org
PT Lintas Indonesia Sejahtera
p.11
unresolved
org
PT Trimitra Karya Jaya
p.11
unresolved
org
PT Interra Indo Resources
p.11
unresolved
org
PT Sarana Investasi Bersama
p.11
unresolved
org
PT Adaro
p.14
unresolved
org
Aneka Energy Indonesia Tbk.
p.14 ×2
unresolved
org
Gas Industri Tbk.
p.14
unresolved
org
Resources Indonesia Tbk.
p.20
unresolved
org
PT Mitra Pinasthika
p.20 ×2
unresolved
org
Mustika Tbk.
p.20 ×2
unresolved
org
PT Alamtri
p.20
unresolved
org
Financial Services Authority
p.25 ×3
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person
Male
· President Commissioner
p.28 ×8
unresolved
person
Female
· Commissioner
p.28 ×2
unresolved
org
Bank Indonesia
p.33
unresolved
org
Ministry of Environment and Forestry
p.37
unresolved
org
PT Xurya Daya Indonesia
p.38
unresolved
org
Yayasan Kehati. To
p.38
unresolved
org
PT MC Pet Film
p.38
unresolved
org
PT Lautan Natural
p.38
unresolved
org
PT MGM Bosco Logistics
p.45
unresolved
org
PT Trimitra Cikarang
p.62
unresolved
org
PT Makmur Sejahtera Wisesa
p.62
unresolved
org
PT Karya Inti Karton.
p.62
unresolved
org
PT Citasys
p.62
unresolved
org
Yayasan Indonesia Setara
p.66 ×2
unresolved
org
Yayasan Indonesia
p.66
unresolved
org
Infrastructure Tbk.
p.69
unresolved
org
PT Mitra Centres
p.71
unresolved
org
Pinasthika Mustika Tbk.
p.71
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