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2 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Theme Explanation
Leading with
Impact:
Becoming
Indonesia’s
Sustainability
Champion
Bank Mandiri is at the forefront of sustainability Through innovation and concrete action, Bank Mandiri
transformation, driven by its vision of “Becoming continues to advance progressive approaches to
Indonesia’s Sustainability Champion for a Better Future” sustainable finance, becoming the first national bank to issue
and its strong commitment to creating tangible, positive a Sustainable Finance Framework and Transition Finance
impacts on society, the environment, and the economy. As Framework. These frameworks provide strategic guidance
a catalyst for change, Bank Mandiri integrates sustainability to support financing for high-impact sustainable projects
principles into every aspect of its business, including while enhancing environmental and social governance
financing strategic sectors such as renewable energy, across all operational aspects. By setting ambitious targets
green infrastructure, and socially impactful enterprises. This to achieve carbon neutrality in operations by 2030, Bank
holistic approach not only fosters inclusive economic growth Mandiri reinforces its determination to lead Indonesia’s
but also strengthens national resilience in addressing global sustainability transformation. This vision establishes Bank
challenges such as climate change and the transition to a Mandiri as a trailblazer, guiding Indonesia toward a greener,
low-carbon economy. more inclusive, and resilient future while creating long-term
value for all stakeholders.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 3
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Table of Contents
Table of Contents
Introduction Sustainability Sustainability at
Commitment and Bank Mandiri
Governance
Performance in 2024 8 Corporate Governance 42 Climate Change 90
Management
Message from 16 ESG Governance 64
the Board of Sustainability Strategy 111
Commissioners and Business Ethics 69
and Directors Sustainability Journey 113
Bank Mandiri at a 26 Sustainability Culture 114
Glance
Stakeholder 116
About the Report 37 Engagement
Materiality Assessment 118
Contribution 123
to Sustainable
Development Goals
(SDGs)
4 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Sustainable Sustainable Operations Sustainability Beyond
Banking Banking
Responsible Financing 130 Our Customers 164 Access to Financial 242
Strategy Services and Financial
Our Employees 204 Inclusion
Integration of ESG in 133
Credit Risk Assessment Our Operations 233
Non-Financial Support 263
for Underserved Groups
Sustainable Financing 149
Framework
Development of 150
Sustainable Products
and Services Appendices 280
Sustainability 280
Performance Data
GRI Content Index 303
Financial Services 311
Authority References
SASB Content Index for 313
Commercial Banks
Sustainable Banking 314
Assessment (SUSBA)
References
Feedback Form 315
Independent Assurance 316
Statement
Green Bond Impact 319
Report
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 5
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Introduction
8 Performance in 2024
• Economic Highlights
• Environmental Highlights
• Social Highlights
• Governance Highlights
16 Message from the Board of Commissioners and Directors
• Message from the President Commissioner
• Message from the President Director
• Statement of Responsibility for the 2024 Sustainability Report
26 Bank Mandiri at a Glance
• Company Identity
• Vision and Mission
• Corporate Culture
• Operational Areas
• Awards and ESG Ratings
• Membership in Associations
37 About the Report
• Reporting Period
• Reporting Standards
• Reporting Boundaries
• Independent Review and Verification
• Sustainability Report Contact
6 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 7
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Introduction Performance in Message from the Board of Commissioners Bank Mandiri at a
2024 and Directors Glance
Performance in 2024
Consolidated Profit Before Tax (Rp trillion)
Economic Highlights [OJK B.1]
2024 2023
74.68
76.40 Sustainable Investing
ESG Mutual Funds
56.38
2022
Rp3.54 trillion
Net Consolidated Profit (Rp trillion) Sustainable Financing Products
2024 2023
55.06 Rp3.78 trillion
Green Loan
55.78 Sustainability
Rp3.02 trillion
41.17
2022 Linked Loan
Green Mortgage Rp587 billion
Operating Income (Rp trillion)
2024 2023
146.26 Sustainable Funding
164.33 Sustainability Bonds (2021)
126.76
2022
53% 47% USD
Total Consolidated Assets (Rp trillion)
300 million
Green
2023
2,174.21
2024 Social
2,427.22 2022
ESG Repo (2022)
1,992.54 34% 66% USD
500 million
Green
Dividend Payments (Rp trillion) Social
2024 2023
24.70 Green Bonds (2023)
33.04 2022
61% 39% Rp5 trillion
16.82 Renewable Energy
Environmentally
Sustainable Management
of Living Natural
Resources and Land Use
PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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About the Report
Sustainable Financing Based on Sustainable Business Activity
Categories (KKUB) POJK
Sustainable Financing from Total Loans Growth
(Bank Only)
Rp 293 trillion
10.8% YoY
51% 49%
15.2% YoY
Green Portfolio
6.5% YoY
Rp149 Rp144 Social Portfolio
trillion trillion
Green Portfolio Social Portfolio
Sustainable Business Activity Categories
Environmentally
Renewable Energy Sustainable Management Clean Transportation
of Living Natural
Resources and Land Use
Rp11.8 trillion Rp111.4 trillion Rp7.5 trillion
21.0% YoY 8.8% YoY 92.2% YoY
Sustainable Water and Wastewater Eco-efficient and/or Circular Economy
Management Adapted Products, Production Technologies
and Processes
Rp1.1 trillion Rp10.6 trillion
0.5% YoY 98.4% YoY
Micro, Small, and Medium
Enterprises (MSMEs) and Other Rp144 trillion
Social
6.5% YoY
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk
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Introduction Performance in Message from the Board of Commissioners Bank Mandiri at a
2024 and Directors Glance
3 Green Building Certified by
GBCI
Environmental Highlights
[OJK B.2]
Indjoko Building, Surabaya
Mandiri Digital Tower, Jakarta
241 870
Plaza Mandiri, Jakarta
Smart Solar panel
200%
from the Branches units
Increased
previous year
The management of plastic bottle
404 26
waste through Reverse Vending Environmentally EV Charging
Machines (RVM) reached Friendly Station
1,473.7 kg
Operational
Vehicles
or
78,811 10
plastic bottles Green Offices
Livin’ Planet is a feature within
Livin’ SUKHA designed to
enhance customer awareness
of and engagement with
environmental initiatives. It
offers tools such as a carbon
footprint calculator, tree planting
contributions, educational
content, and progress reports on
these impacts.
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About the Report
GHG Emissions Scope 1 and 2 (tCO2e) Bank Mandiri’s Scope 1 and 2 carbon emissions,
using 2019 emissions as the baseline.
2019
75,640 33%
283,113 Scope 1 and 2
Emissions from the
2019 Baseline
61,105
2020
254,173
30%
64,319
2021 Emission Intensity per
249,938 Employee from the
2019 Baseline
42,698
20%
2022
260,082
43,077 Financed Emission
2023 Intensity from 2023
252,636
46,741
2024
192,853
Waste Reduction [OJK F.13]
Bank Mandiri historical data of Scope 1 Scope 1
& 2 carbon emissions of (tCO2e) Scope 2 Hazardous Waste (Kg)
2022 4,400
2023
Use of Recycled Water (m3) [OJK F.18] 1,520
2024
2022 138,580
196
2023 141,106
2024 88,788 Liquid Waste (m3)
2022
63,693
Electricity Consumption (GJ) 2023 100,200
2022 1,046,804
2024 81,400
2023 1,040,756
2024 863,024
Liquid Waste Treated Using
Reverse Osmosis (m3)
Fuel Consumption (GJ) 2022
28,104
2022 569,528 2023
31,610
2023 599,749
2024 642,865 2024 32,134
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 11
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Introduction Performance in Message from the Board of Commissioners Bank Mandiri at a
2024 and Directors Glance
Total Employees (Mandirian)
Social Highlights [OJK B.3]
2022 38,176
2023 38,940
2024 38,874
110,672 3
Mandiri Agents Millions of Bank
Mandiri accounts
successfully opened
Gender Diversity through Mandiri Agents.
6.5 15,101
BOC & BOD
87.5% Millions of people who MSMEs have received
have benefited from training through
12.5% the CSR and financial the Rumah BUMN
inclusion programs. program.
>AVP Level
64% 20,482 3
Indonesian Migrant million debtors received
36% Workers (PMI) who the disbursement of
have received Financial People’s Business
Management education Credit (KUR)
through the Mandiri
Total Employees Sahabatku program.
47.6%
52.4% 1,010 27,520
Entrepreneurs farmers received
mentored through the training through the
4,315,947
Mandiri Young Rice Milling Unit
Entrepreneur (WMM) program
Program.
Total training hours completed by all
Bank Mandiri employees
89.93%
Employee engagement rate
12 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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About the Report
A cashier application designed to simplify operations for MSMEs, offering features such as
sales recording, product stock monitoring, and sales disbursement—all in a single application.
± 2.4 million registered merchants
Promoting financial
access for MSMEs in
non-urban areas
±1.47 million users in non-urban
areas
169 thousand
157 thousand 192 thousand
40 thousand
144 thousand
181 thousand
109 thousand
132 thousand 156 thousand
187 thousand
(registered users in non-urban areas)
Livin’ Features
Tap to Pay SUKHA
The first bank in Indonesia to offer Livin’ SUKHA is a ‘one-stop solution
contactless payment features via for all your lifestyle needs,’ seamlessly
smartphone for debit and credit integrating lifestyle essentials and financial
card transactions. services within a single application: Livin’
by Mandiri.
29
million
registered users
#BeyondSuperAPP
Livin’ by Mandiri is dedicated to
reaching all segments of society by
providing innovative, inclusive, and
easily accessible features, aimed at
providing convenient financial services
for everyone.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 13
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Introduction Performance in Message from the Board of Commissioners Bank Mandiri at a
2024 and Directors Glance
95.30 Governance Highlights
Most Trusted
Company
Bank Mandiri is recognized as one of
the top performers in the Corporate
Strengthening 17 sectoral credit policies
Governance & Perception Index by integrating environmental, social,
(CGPI). and governance (ESG) aspects into
the technical guidelines of the Industry
*) Previous CGPI rating: 95.22 Acceptance Criteria (IAC).
Bank Mandiri is the first national bank to develop Disclosure of GHG
SFF and TFF initiatives to support sustainable emissions from financing
development and a low-carbon economy. and investment activities
committed through
membership in the
Partnership for Carbon
Accounting Financials
(PCAF)
Sustainable Finance
Framework (SFF)
Transition Finance
Framework (TFF)
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About the Report
Implementation of the Information Security
The appointment of a Personal Data Protection Officer Management System (ISMS) in accordance with
(PPDP) or Data Protection Officer (DPO) and the the IEC 27001:2013 Standard, covering:
establishment of the Data Protection & Fraud Risk Group
to support the implementation of the Personal Data
Protection Law (PDP Law) at Bank Mandiri 1. Provision of information security
services through Mandiri’s Security
Operation Center (SOC) to manage
cybersecurity threats in banking
systems and cyber operations.
Implementation of the Personal Data Protection (PDP) 2. Development and operation of IT
Policy and Privacy Policy in accordance with internal applications related to Livin’ by
provisions outlined in the Memorandum of Procedure Mandiri.
on Personal Data Protection, covering all operations,
including overseas branch offices, subsidiaries,
customers, and vendors. 3. Provision of infrastructure and
operations for Mandiri’s Data Center
and Disaster Recovery Center.
4. Development and operation of IT
applications related to Kopra by
Bank Mandiri has developed the Mandiri Subsidiaries Mandiri.
Management Principles Guideline (MSMPG), which
includes regulations on information technology
collaboration and data management with its Subsidiaries.
Optimal Optimal
Highest Score Highest Score
For Cyber Security For Incident Handling
Maturity (CSM) Maturity Level
Measurement
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 15
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Performance in Message from the Board of Commissioners Bank Mandiri at a
Introduction
2024 and Directors Glance
Message from the President
Commissioner [GRI 2-22] [OJK A.1, D.1]
Muhamad Chatib Basri
President Commissioner/Independent
Commissioner
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About the Report
Dear Esteemed Stakeholders,
With profound gratitude, we offer our praise and thanks to God Almighty for His blessings and grace that have continuously
guided us. Under His guidance and protection, PT Bank Mandiri (Persero) Tbk—hereinafter referred to as “the Company”
or “Bank Mandiri”— successfully navigated various challenges throughout 2024 with confidence and determination. Amid
dynamic and ever-changing circumstances, the Company has maintained solid business growth, reflecting resilience and
flexibility in adapting to a dynamic market environment.
On this important occasion, the Bank Mandiri Board of Commissioners expresses our deepest appreciation for the achievements
attained by the Company on its sustainability journey. This year’s Sustainability Report reflects our commitment and dedication
to implementing responsible business practices while showcasing the milestones and programs we have undertaken to create
long-term value for our stakeholders.
Addressing Sustainability Challenges
The Company recognizes that the journey toward In addition to liquidity, the Company faces several strategic
sustainability is not without its challenges. Climate change, issues requiring special attention. Global economic
social inequality, and global economic-political dynamics challenges such as climate change, political uncertainty,
demand continuous adaptation and innovation. We raw material price fluctuations, and energy and commodity
therefore emphasize the importance of a proactive and price volatility also impact Bank Mandiri’s operations. We
collaborative approach to addressing these challenges highlighted the manufacturing and agricultural sectors in
while identifying new opportunities to drive sustainable particular, which are closely tied to this year’s economic
growth. We believe that by integrating sustainability into outlook. As a bank supporting these sectors, we
every aspect of our business and collaborating with various understand their industry dynamics and are prepared to
stakeholders, we can create innovative solutions that address potential challenges, including supply uncertainties
deliver positive impacts for the environment and society. and price fluctuations.
Amid economic-political turbulence and global social To tackle these challenges, we continue to innovate,
and environmental issues, Bank Mandiri faced several collaborate with stakeholders, and ensure that every
challenges requiring resilience and innovation. One of decision aligns with environmental, social, and governance
the main challenges faced by the banking sector in 2024 (ESG) principles. We believe that creating positive impacts
was liquidity. The high growth of bank lending was not for the environment, society, and sustainable economic
accompanied by an equivalent increase in deposit growth growth can only be achieved through cooperation and
(Third Party Funds/DPK). This trend led to a higher loan-to- shared commitment.
deposit ratio (LDR), requiring us to be cautious in managing
liquidity and ensure that financial resources are available to In 2024, Bank Mandiri officially launched our Sustainable
support economic growth and customer financing. Finance Framework, which serves as a cornerstone for
fulfilling the Company’s commitment to driving Indonesia’s
Additionally, the limited scope of global interest rate economic transition toward a greener and more sustainable
reductions posed another significant challenge for the future. This framework is designed with key considerations
Company. Adjustments in interest rates had to be made that not only focus on achieving economic growth but
carefully, taking into account economic developments and also support global efforts to address climate change
future interest rate policies. While fostering credit growth challenges.
under prudent principles, we also maintained the quality of
our financing. As we are committed to maintaining a healthy Through the Sustainable Finance Framework, Bank Mandiri
and sustainable portfolio quality, managing non-performing strives to ensure that every step taken aligns with global
loans (NPLs) is a top priority in keeping credit risks under initiatives to combat climate change and supports the
control. advancement of sustainable economic growth.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 17
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Introduction Performance in Message from the Board of Commissioners Bank Mandiri at a
2024 and Directors Glance
Bank Mandiri’s Sustainability Vision
As one of Indonesia’s leading financial institutions, we During the reporting period, concrete measures were taken
understand that our role extends beyond providing financial by Company management to support the Sustainable
services. We aim to be a driver of positive economic, social, Development Goals (SDGs) and prioritize ESG principles.
and environmental change. Through our sustainability These include channeling credit to support green economic
vision, “Becoming Indonesia’s Sustainability Champion activities and human resource capacity-building initiatives
for a Better Future,” Bank Mandiri is committed to leading focused on inclusion and empowerment. We are also proud
the transformation toward a greener, more inclusive, and of the Company’s commitment to reducing environmental
sustainable era. We strive to embed sustainability at the footprint through various programs and policies aligned
core of our business strategy, focusing on creating tangible with global climate action and ecosystem protection goals.
positive impacts for society and the environment.
We remain steadfast in our commitment to executing our
One of the strategic steps in realizing our sustainability sustainability vision, firmly believing that Bank Mandiri can
vision is the development of financing aligned with national serve as a catalyst for positive and sustainable change. We
and global regulations and initiatives. We adhere to POJK are dedicated to implementing innovative and integrated
Regulation 51/2017 on the Implementation of Sustainable strategies across all aspects of our operations, from
Finance, which provides a framework for the financial product development to policy implementation, to achieve
services sector to integrate ESG aspects into its business our sustainability goals. We believe that through close
practices. Additionally, we are committed to supporting the collaboration with stakeholders, including customers,
Green Economy and Sustainable Development roadmap, business partners, and local communities, we can create
as well as Indonesia’s Net Zero Emission (NZE) goals, significant impacts for a better future.
as part of the national effort to address climate change
challenges.
Bank Mandiri’s Commitment to Net Zero Emissions
As part of our commitment to supporting the transition To reduce our operational emissions, Bank Mandiri
toward a greener and more sustainable economy, Bank ensures the integration of ESG principles into our activities,
Mandiri has set ambitious targets to achieve Net Zero encompassing environmentally friendly practices and
Emission in Operations by 2030 and in financing by fostering positive social relationships with employees
2060. We understand that building a sustainable financial and customers. Through this commitment, Bank Mandiri
ecosystem is a long-term effort that requires full support plays an active role in realizing a low-carbon economy and
from all stakeholders and collaboration with related parties. contributing positively to the environment and the overall
economy.
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About the Report
Appreciation
The Board of Commissioners extends our heartfelt The Board of Commissioners will remain steadfast in
gratitude to the Company’s Board of Directors, and all our ensuring that Bank Mandiri stays on the right path to
employees, partners, and stakeholders for their hard work achieving its sustainability vision. We will continue to support
and dedication. We also express our sincere thanks to our management in developing strategies and initiatives that
customers, stakeholders and shareholders, for their trust, not only deliver economic benefits but also create positive
enabling us to continue contributing to the realization of a impacts for society and the environment. Together, we will
low-carbon economy and inclusive sustainable finance. move forward toward a brighter future, where sustainability
principles serve not only as the cornerstone of our every
business decision but also as the driving force behind
inclusive and sustainable economic growth.
On behalf of the Board of Commissioners,
Muhamad Chatib Basri
President Commissioner/Independent Commissioner
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 19
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Introduction Performance in Message from the Board of Commissioners Bank Mandiri at a
2024 and Directors Glance
Message from the President
Director [GRI 2-22] [OJK A.1, D.1]
Darmawan Junaidi
President Director
20 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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About the Report
Dear Esteemed Stakeholders,
First and foremost, on behalf of Bank Mandiri’s Board of Directors, I extend my deepest gratitude for the trust and support
the Company receives from all our shareholders, business partners, and stakeholders. This trust and support serve as a
vital foundation for us to continue our strategic role as one of the largest financial institutions and a pioneer in implementing
sustainable business practices in Indonesia.
We are also profoundly grateful to present our 2024 Sustainability Report, which reflects our efforts and commitment in
addressing global sustainability challenges. This report is not only tangible evidence of our dedication to sustainable business
practices, but also as a testament to our transparency in meeting the expectations of our stakeholders.
The report outlines the challenges faced by the Company, the sustainability programs we implemented, and our financial and
non-financial achievements throughout 2024. Through this report, we aim to highlight various initiatives and accomplishments
in environmental, social, and governance (ESG) areas, and showcase the Company’s commitment to collectively achieving the
Sustainable Development Goals (SDGs).
Bank Mandiri’s Sustainability Vision: Becoming
Indonesia’s Sustainability Champion for a Better Future
The year 2024 marked a pivotal moment for us at Bank economy, aligned with our Sustainable Finance Policy,
Mandiri as we navigate global challenges such as climate Net Zero Emission targets, and the national agenda for
change, social pressures, and the need to build a more achieving sustainable development. Beyond providing
inclusive and resilient economic system. As one of the financing, we act as a catalyst in accelerating the adoption
largest banking institutions in Indonesia, we fully recognize of green technologies, promoting responsible business
our significant responsibility to ensure that the economic practices, and fostering cross-sector collaboration to
growth we support delivers not only short-term benefits, build a resilient, inclusive, and environmentally conscious
but also contributes to social welfare and environmental economic ecosystem.
sustainability for future generations. With this spirit, Bank
Mandiri is a strategic partner for Indonesia, dedicated to Strong governance is another critical element in supporting
realizing a greener future. our sustainability vision. Bank Mandiri continues to
strengthen Good Corporate Governance (GCG) practices
Our commitment to innovation and flexibility serves as across all our operational lines as we stay committed to
our core foundation in supporting sustainable economic ethical, transparent, and responsible business principles.
growth as embodied in our sustainability vision, “Becoming Throughout 2024, we enhanced our risk management
Indonesia’s Sustainability Champion for a Better Future.” systems by integrating sustainability principles into our
This foundation is underpinned by our ESG framework business risk management, ensuring that every strategic
built on three key pillars: Sustainable Banking, Sustainable decision supports long-term sustainability. These initiatives
Operations, and Sustainability Beyond Banking. ESG or not only bolstered stakeholder trust but also delivered
Sustainability has become one of the key priorities in Bank tangible results, reflected in an improved Corporate
Mandiri’s business strategy and serves as one of the pillars Governance Perception Index (CGPI) score of 95.30,
of Bank Mandiri’s Corporate Plan for 2025–2029. underscoring recognition of our governance excellence.
Through these measures, we reaffirm our dedication to
With our robust framework, Bank Mandiri reinforces its upholding integrity, accountability, and transparency as the
role as a key driver in the transition towards a low-carbon foundational pillars of sustainable success.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 21
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Introduction Performance in Message from the Board of Commissioners Bank Mandiri at a
2024 and Directors Glance
Bank Mandiri’s Sustainability Achievements
Sustainable Banking
Through our Sustainable Banking pillar, we are committed underscore Bank Mandiri’s position as a market leader
to leading Indonesia’s transition toward a low-carbon in green financing, holding a market share of over 30%
economy by financing business activities that integrate among the four largest banks in Indonesia.
ESG principles. Bank Mandiri is the first national bank in
Indonesia to issue a Sustainable Finance Framework and a As part of its strategic efforts, Bank Mandiri continues to
Transition Finance Framework, a tangible demonstration of strengthen its sustainable product portfolio by developing
our commitment to sustainability. This reflects our dedication innovative solutions such as Green Loans, Social Loans,
to establishing a solid framework and governance structure Sustainability-Linked Loans, and Corporate-in-Transition
to support sustainable financing, aligned with applicable Financing. These solutions are designed to support
regulations and global standards, while mitigating the risks customers—particularly those in carbon-intensive
of greenwashing. sectors—in transitioning toward greener business
practices. Additionally, in 2024, Bank Mandiri launched
As of December 2024, Bank Mandiri’s sustainable financing a Green Mortgage program valued at Rp587 billion to
reached Rp293 trillion, reflecting a year-on-year (YoY) promote environmentally friendly home purchases and
increase of 10.8%. This includes Green Financing of Rp149 introduced the Livin’ Planet app, a digital platform enabling
trillion and Social Financing of Rp144 trillion, with respective users to easily calculate their personal carbon footprints.
YoY growth of 15.2% and 6.5%. These achievements
Sustainable Operations
Under the Sustainable Operations pillar, Bank Mandiri We prioritize privacy and information security as
reinforces its commitment to sustainability by targeting fundamental elements of delivering reliable and trustworthy
Net Zero Emission (NZE) in operations by 2030. Bank banking services. To support this, we strengthened the
Mandiri consistently measures, monitors, and manages implementation of the Personal Data Protection Act (PDP)
emissions from its business and operational activities by enhancing data management mechanisms, fortifying
through the Digital Carbon Tracking platform. As a result, technical measures, and adopting best practices aligned
the bank has successfully reduced carbon emissions by with global industry standards. Through these efforts,
33% compared to the 2019 baseline and 19% compared we not only ensure regulatory compliance but also
to 2023. demonstrate our commitment to responsible, transparent,
and secure data management.
This achievement was driven by various strategic
initiatives, which have doubled compared to the previous Bank Mandiri is also committed to fostering a sustainability
year. These include the installation of 870 solar panels, culture that is integrated across the organization,
the operation of 10 green offices, and the deployment emphasizing innovation, flexibility, and collective
of 404 electric and hybrid operational vehicles to reduce awareness in every strategic move. We encourage all
carbon emissions. This year, Bank Mandiri successfully Mandiri employees to adopt a Green Business Mindset,
obtained green building certifications for Mandiri Digital incorporating ESG considerations as the foundation
Tower and Plaza Mandiri, demonstrating its commitment of our business and operational decision-making. This
to implementing sustainable operational standards. commitment is realized through continuous training
programs, internal communications promoting shared
awareness, and cross-functional initiatives that strengthen
collaboration to create innovative and sustainability-
oriented solutions across all organizational levels.
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About the Report
Sustainability Beyond Banking
Under the Sustainability Beyond Banking pillar, Bank youth, migrant workers, small business owners, and
Mandiri is committed to driving growth that delivers positive students in frontier, outermost, and underdeveloped (3T)
social impacts in support of the Sustainable Development regions. Flagship initiatives such as the Empowerment of
Goals (SDGs). Financial inclusion is one of its strategic Indonesian Migrant Workers (PMI) and Mandiri Edukasi
priorities, realized through innovative products and services Livin’ Up Your Financial exemplify this approach.
designed to reach underserved communities, including
low-income groups, women, micro-enterprises, and Through its Corporate Social Responsibility (CSR)
remote rural populations. programs, Bank Mandiri continues to create significant and
sustainable social impacts. These flagship programs focus
Livin’ Merchant, a prime example of this commitment, is on education, healthcare, and community empowerment,
an innovative application tailored to support MSMEs, with particularly in remote areas. One of Bank Mandiri’s flagship
69.39% of its users coming from non-urban areas. This CSR programs, Rumah BUMN, recorded a Social Return
reflects Bank Mandiri’s strategic role in extending financial on Investment (SROI) value of 3.9. This achievement serves
services to communities traditionally underserved by formal as tangible evidence of our contribution to creating positive
financial institutions. social and environmental value while strengthening inclusive
and equitable development.
As part of its financial inclusion and literacy strategy, the
bank conducts ongoing educational programs targeting
Closing Remarks
In conclusion, we extend our deepest gratitude to all our Bank Mandiri can make a significant contribution toward
stakeholders for their continued support and trust in Bank realizing a greener, more inclusive, and sustainable future
Mandiri. We recognize that the journey toward sustainability for all—customers, business partners, shareholders, and
is not an easy one, but with collaboration and shared the broader community.
commitment, we are confident that Bank Mandiri can
continue to play a pivotal role in advancing the economy, We remain optimistic that, with the support of our
maintaining social balance, and preserving the environment. stakeholders, Bank Mandiri will overcome future challenges
and deliver tangible positive impacts on the nation’s
We will continue to drive innovation, strengthen economy, society, and environment, in line with our vision
collaboration, and enhance transparency in executing our to be a leading bank championing sustainability principle in
sustainability strategies. Through the concrete steps we Indonesia.
have taken and will continue to pursue, we believe that
On behalf of the Board of Directors of Bank Mandiri,
Darmawan Junaidi
President Director
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 23
Page 24
Introduction Performance in Message from the Board of Commissioners Bank Mandiri at a
2024 and Directors Glance
Statement of Responsibility for the
2024 Sustainability Report [GRI 2-14]
Statement of Responsibility for
the 2024 Sustainability Report
Declaration by the Members
of the Board of Directors on
Darmawan Junaidi Alexandra Askandar
Responsibility for the President Director Vice President Director
2024 Sustainability Report of
PT Bank Mandiri (Persero) Tbk
We, the undersigned, have reviewed and
hereby declare that all the information
contained in PT Bank Mandiri (Persero) Tbk’s
Sustainability Report for 2024 has been Agus Dwi Handaya Riduan
presented comprehensively and that we fully Director of Compliance and Director of Corporate Banking
assume responsibility for the accuracy of the Human Capital
report’s content.
This statement is made truthfully and in good
faith.
Aquarius Rudianto Toni E. B. Subari
Director of Network and Retail Director of Operations
Jakarta, March 2025
Banking
Board of Directors
Rohan Hafas Sigit Prastowo
Director of Institutional Relations Director of Finance & Strategy
Timothy Utama Eka Fitria
Director of Information Technology Director of Treasury &
International Banking
Totok Priyambodo Danis Subyantoro
Director of Commercial Banking Director of Risk Management
24 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
Page 25
About the Report
Statement of Responsibility for
the 2024 Sustainability Report
Declaration by the Members of
the Board of Commissioners
Muhamad Chatib Basri Zainudin Amali
on Responsibility for the 2024 President Commissioner/ Vice President Commissioner/
Sustainability Report of PT Independent Independent
Bank Mandiri (Persero) Tbk
We, the undersigned, have reviewed and
hereby declare that all the information
contained in PT Bank Mandiri (Persero) Tbk’s
Sustainability Report for 2024 has been Loeke Larasati Agoestina Muliadi Rahardja
presented comprehensively and that we fully Independent Commissioner Independent Commissioner
assume responsibility for the accuracy of the
report’s content.
This statement is made truthfully and in good
faith.
Heru Kristiyana Muhammad Yusuf Ateh
Independent Commissioner Commissioner
Jakarta, March 2025
Board of Commissioners
Faried Utomo Rionald Silaban
Commissioner Commissioner
Arif Budimanta Tedi Bharata
Commissioner Commissioner
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 25
Page 26
Performance in Message from the Board of Commissioners Bank Mandiri at a
Introduction
2024 and Directors Glance
Company Identity [GRI 2-1] [OJK C.2, C.3, C.4]
Company Name : PT Bank Mandiri (Persero) Tbk
Business Sector : Banking
Legal Form : Limited Liability Company
33.52% Foreign Institutions
Government 12.25% Local Institutions
of the
Republic of 52% 48% 2.22% Local Retail
Share Ownership : Indonesia
Public* 0.01% Foreign Retail
The Government of the Republic of Indonesia, as the holder of Series A Dwiwarna
(Golden Share), is the Majority and Controlling Shareholder of PT Bank Mandiri
(Persero) Tbk
Plaza Mandiri
Head Office Location : Jl. Jenderal Gatot Subroto Kav. 36-38
Jakarta 12190 IndonesIa
1. Domestic: All provinces in Indonesia
Operational Locations : 2. International: Singapore, Malaysia, Hong Kong, Timor-Leste, People’s Republic
of China, United Kingdom, and Cayman Islands
Telephone : (021) 5265045
Facsimile : (021) 5274477, 527557
Website : www.bankmandiri.co.id
Call Center : 14000 - (021) 52997777
26 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
Page 27
About the Report
Vision and Mission [OJK C.1]
Vision: Mission:
Driven by the goal of fostering prosperity for the To support its vision, Bank Mandiri has established its mission:
nation, Bank Mandiri’s long-term vision for 2020– “To seamlessly integrate our financial products and
2024 is “To Be Your Preferred Financial Partner”, services into our customers’ lives by delivering simple,
fast, digital banking solutions”, further elaborated as
which can be described as follows:
follows:
a. A commitment to building long-term
a. Market-oriented approach
relationships based on trust, serving both
1. Prioritizing customer interests by providing the
business and individual customers. Bank
best service through a professional and friendly
Mandiri delivers international-standard services
approach.
and provides innovative financial solutions.
2. Delivering one-stop solutions to customers through
We strive to be recognized for our exceptional synergy with subsidiaries.
performance, talented human resources, and 3. Offering competitive and secure products while
strong teamwork. focusing on the development of digital banking
products and networks to meet customer needs.
b. Playing an active role in supporting Indonesia’s
long-term growth and consistently delivering b. Developing professional resources
high returns for our shareholders. 1. Recruiting, training, and developing our human
resources based on their talents and abilities.
2. Ensuring fair growth opportunities for all our
employees, while providing rewards and
promotions based on performance and dedication.
c. Maximizing Benefits for Stakeholders
1. Generating optimal returns for shareholders while
considering the interests of other stakeholders.
2. Ensuring sustainable growth and continuous profit
improvement.
d. Implementing transparent management
1. Upholding high work commitment and
accountability.
2. Practicing open management and fostering
effective collaboration.
e. Caring for the community and environment.
f. Considering community and environmental interests in
every decision-making process.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 27
Page 28
Performance in Message from the Board of Commissioners Bank Mandiri at a
Introduction
2024 and Directors Glance
Corporate Culture [GRI 2-23] [OJK F.1]
Since 2020, all State-Owned Enterprises (SOEs) are required to implement core values known as AKHLAK. This mandate
is based on Circular Letter of the Minister of SOEs Number: SE 7/MB/07/2020, issued on July 1, 2020, regarding the Core
Values of Human Resources in SOEs.
Core Values (AKHLAK) and 18 Behavioral Guidelines of Bank Mandiri:
TRUSTWORTHY COMPETENT
Upholding the trust that Continuously learning and
has been given. developing capabilities.
A K
COLLABORATIVE HARMONIOUS
K H
Building Caring for and
synergistic respecting
collaborations. CORE VALUES differences.
A L
ADAPTIVE LOYAL
Continuously innovating Being dedicated and
and showing enthusiasm prioritizing the interests of
in driving or adapting to the nation and state.
change.
TRUSTWORTHY LOYAL
Upholding the trust that has been given. Behavioral Being dedicated and prioritizing the interests of the nation and
guidelines for the value of “Trustworthy”: state. Behavioral guidelines for the value of “Loyal”:
• Fulfilling promises and commitments; • Upholding the good reputation of colleagues, leaders, SOEs,
• Taking responsibility for tasks, decisions, and and the nation;
actions taken; • Willing to make sacrifices to achieve greater goals;
• Adhering to moral and ethical values. • Being obedient to leadership as long as it aligns with laws and
ethics.
COMPETENT ADAPTIVE
Continuously learning and developing capabilities. Continuously innovating and showing enthusiasm in driving or
Behavioral guidelines for the value of “Competent”: adapting to change. Behavioral guidelines for the value “Adaptive”:
• Enhancing personal competencies to address • Quickly adapting to become better;
ever-changing challenges; • Continuously improving by keeping up with technological
• Helping others to learn; advancements;
• Completing tasks with the highest quality. • Acting proactively.
HARMONIOUS COLLABORATIVE
Caring for and respecting differences. Behavioral Building synergistic collaboration. Behavioral guidelines for the
guidelines for the value of “Harmonious”: value of “Collaborative”:
• Respecting everyone, regardless of their • Providing opportunities for various parties to contribute;
background; • Being open to collaboration to create added value;
• Being willing to help others; • Mobilizing the use of diverse resources for shared goals.
• Creating a conducive work environment.
28 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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About the Report
Bank Mandiri adopts AKHLAK as the fundamental As a State-Owned Enterprise, Bank Mandiri integrates the
foundation in human resource (HR) management. These core values of AKHLAK into its cultural programs, designed
values are implemented through various Human Capital to transform the mindset and behavior of our employees.
strategies and initiatives to shape our employees into These core values are applied in our daily work activities to
Strategic Business Leaders with AKHLAK who can develop employee resilience. This aligns with Bank Mandiri’s
compete globally. The application of these values also efforts to realize its Employee Value Proposition (EVP):
strengthens Bank Mandiri’s position as a talent factory, Learn, Collaborate, Grow, and Contribute to Indonesia.
supporting the role of SOEs as drivers of economic growth
and accelerators of social welfare.
EMPLOYEE VALUE PROPOSITION (EVP)
SYNERGY
LEARN
Providing insight to
Providing insight in order to
cooperate and collaborate
acquire/reinforce new and
for the Company’s
different knowledge,
interests to achieve our
behaviors, skills or values.
vision and mission.
CONTRIBUTE
GROW TO INDONESIA
Providing insight to Providing insight to
develop personally and contribute, share, and
professionally. provide meaning and
benefit to Indonesia.
Scale and Operational Network
Subsidiaries [OJK C.3] Second-Tier and Third-Tier
Subsidiaries [OJK C.3]
Indonesia
• PT Bank Syariah Indonesia Tbk (BSI) Indonesia
• PT Bank Mandiri Taspen (Bank Mantap)
• PT Mandiri Manajemen Investasi (MMI)
• PT Mandiri Tunas Finance (MTF)
• PT Mitra Transaksi Indonesia (MTI)
• PT Mandiri Utama Finance (MUF)
• PT AXA Mandiri Financial Services (AXA Mandiri)
• PT Mandiri Sekuritas (Mansek) Singapore
• PT Mandiri Capital Indonesia (MCI)
• Mandiri Securities Pte. Ltd. (MSPL)
• Mandiri Investment Management Pte. Ltd. (MIMS)
Malaysia
Mandiri International Remittance Sdn. Bhd. (MIR)
United Kingdom
Bank Mandiri (Europe) Limited (BMEL)
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 29
Page 30
Performance in Message from the Board of Commissioners Bank Mandiri at a
Introduction
2024 and Directors Glance
Operational Areas [GRI 2-6] [OJK C.3]
Domestic Offices
REGION I REGION II REGION IX REGION X SULAWESI REGION XII
SUMATERA 1 SUMATERA 2 KALIMANTAN AND MALUKU PAPUA
Address: Address: Address: Address: Address:
Jl. Pulau Pinang No. 1, Jl. Kapten A. Rivai No. Jl. Lambung Mangkurat Jl. R.A. Kartini No. 12-14, Jl. Dr. Sutomo No.1,
Medan 20111 1008, Palembang 30137 No. 3, Banjarmasin Makassar 90111 Jayapura 99111
Phone: Phone: 70111 Phone: Phone:
(061) 43000200 (0711) 5229300 Phone: (0411) 3629096, (0967) 537081, 537183-4,
Fax: (0511) 3365767, 3629097, 3634811, 537189
(061) 4153273 • 14 Branch Offices 3365770 3633013 Fax:
• 203 Sub-Branch Fax: (0967) 537181
• 15 Branch Offices Offices • 12 Branch Offices (0411) 3629095,
• 189 Sub-Branch • 845 ATMs • 120 Sub-Branch 3650367 • 10 Branch Offices
Offices Offices • 35 Sub-Branch Offices
• 1,091 ATMs • 751 ATMs • 19 Branch Offices • 256 ATMs
• 164 Sub-Branch
Offices
• 683 ATMs
REGION VI | JAVA 1
Address : Jl. Soekarno Hatta No. 486, Bandung 40266
Phone : (022) 7506242, 7511878
Fax : (022) 7505810
• 9 Branch Offices
• 190 Sub-Branch Offices
• 1,192 ATMs
REGION III REGION IV REGION V REGION VII REGION VIII REGION XI
JAKARTA 1 JAKARTA 2 JAKARTA 3 JAVA 2 JAVA 3 BALI AND NUSA
TENGGARA
Address: Address: Address: Address: Address:
Jl. Daan Mogot Jl. Kebon Sirih No. Jl. Jend. Sudirman Jl. Pemuda No. 73 Jl. Basuki Rahmat Address:
Jakarta Barat 11460 83, Jakarta Pusat Kav. 54-55, Jakarta Semarang 50139 No. 2-4, Surabaya Jl. Surapati No. 15-
Phone: 10340 Selatan 12190 Phone: 60271 17, Denpasar 80238
(021) 30723777-8 Phone: Phone: (024) 3520484, Phone: Phone:
(021) 39833036 (021) 5267337 3520486 (031) 99205001 (0361) 236118
• 12 Branch Offices Fax: Fax: Fax:
• 211 Sub-Branch • 11 Branch Offices (021) 5267371, (024) 3520485 • 13 Branch Offices (0361) 224077,
Offices • 193 Sub-Branch 5267365 • 252 Sub-Branch 261453, 235924
• 1,701 ATMs Offices • 11 Branch Offices Offices
• 1,546 ATMs • 8 Branch Offices • 226 Sub-Branch • 1,610 ATMs • 5 Branch Offices
• 166 Sub-Branch Offices • 104 Sub-Branch
Offices • 1,202 ATMs Offices
• 1,467 ATMs • 525 ATMs
30 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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About the Report
Overseas Offices
Bank Mandiri Hong Kong Remittance Office Hong Kong Bank Mandiri Shanghai
Address: Address: Address:
7/F Far East Finance Centre, 16 Harcourt Shop 3. G/F. Keswick Court 3 Keswick Room 4101, Shanghai Tower No. 501, Yin
Road, Hong Kong Street, Causeway Bay, Hong Kong Cheng Zhong Road, Pudong New District,
Phone: Phone: Shanghai 200120, People’s Republic of
+852-2881-3632 +852-2881-6650 China
Fax: Fax: Phone:
+852-2529-8131, +852-2811-0735 +852-2881-5386 +86-21-2033-2625, +86-21-2028-2806,
Website: +86-21-5037-2509
www.bankmandirihk.com Fax:
SWIFT Code: +86-21-5037-2707, +86-21-5037-2547
BMRIHKHH SWIFT Code:
BMRICNSH
Bank Mandiri Cayman Bank Mandiri Singapore Bank Mandiri Dili, Bank Mandiri Dili, Timor
Islands Timor Leste Plaza, Timor Leste
Address:
Address: 12 Marina View, Address: Address:
Cardinal Plaza 3rd Floor, #30 #19-01 Asia Square Tower 2, 25 Rua de Abril No. 10 Timor Plaza – Unit #/Unidade
Cardinal Avenue. Singapore 018961 Colmera, Dili, Timor Leste No. #203; 233; 204; 230;
PO BOX 10198, Grand Cayman Phone: Phone: 231; 232 Jl. Nicolau Lobato.
KY 1 – 1002 Cayman Islands +65-6213-5688, +670-331-7777 Comoro, Dili, Timor Leste
Phone: +65-6213-5680 Phone:
+1-345-945-8891 Fax: +670-331-7777
Fax: +65-6844-9833,
+1-345-945-8892 +65-6844-9808
SWIFT Code: Website:
BMRIKYKY www.ptbankmandiri.com.sg
SWIFT Code:
BMRISGSG
Subsidiaries outside the territory of Indonesia
Bank Mandiri (Europe) Limited London Mandiri International Remittance Sdn Bhd
Address: Address:
2nd Floor, 4 Thomas More Square, Thomas More Street London, E1W Wisma MEPRO, Ground & Mezzanine Floor, 29 & 31
1 YW, United Kingdom Jl. Sultan Azlan Shah, 51200
Phone: Kuala Lumpur
+44-207-553-8688 Phone:
Fax: +60192619200
+44-207-553-8599 Website:
Website: www.mandiriremittance.com
www.bkmandiri.co.uk
SWIFT Code:
BMRIGB2L
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 31
Page 32
Performance in Message from the Board of Commissioners Bank Mandiri at a
Introduction
2024 and Directors Glance
Awards and ESG Ratings
Awards
Appreciated Most Grand
Governance Integrated Award -
ESG Report ESG Report Financial and
2023 2023 Investment
Sector
Organizer : Investor Daily Organizer : IDX Channel
Best Biggest ESG
Sustainable Impact -
Bank Banks
Best Bank
Best Corporate Bank - Large Corporation & MNCs
Most Innovative Use of Technology
Organizer : FinanceAsia
32 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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About the Report
ESG Initiative Best Best ESG
of the Year Sustainable Investing
5 Diamond Finance Innovation
Leadership
5 Gold
Organizer : Business Update
Best Issuer
Category - Bronze - Most
Capital Market Committed to
Sector ESG
Gold - Most Committed to DEI
Organizer : Kehati
Silver - Best Managed Company
Silver - Best Investor Relation
Silver - Best Large Cap Company
Bronze - Best CEO (Darmawan Djunaidi)
Gold - Best CFO (Sigit Prastowo)
Organizer : FinanceAsia
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 33
Page 34
Performance in Message from the Board of Commissioners Bank Mandiri at a
Introduction
2024 and Directors Glance
Green
Economy Green & Finance Sector
Award for Climate Environment
Banking Financing Champion
Sustainable
Product
Innovation
Organizer : Detikcom Organizer : Republika Organizer : Katadata
Fortune Change the
World 2023
Organizer : Fortune Indonesia
34 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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About the Report
The Best Company Outstanding The Best Company
in Executing Woman Achievement in in Executing
Empowerment Strategy Sustainability & Sustainability &
across All Industries Governance Governance in
Banking Industry
Organizer : SPEx2
ESG Ratings
ESG
BBB
Risk Rating
BBB
BB BB
2022 2023 2024
CGPI
CORPORATE
B-
GOVERNANCE Climate Change
PERCEPTION 95.30
INDEX
95.22
95.11
2022 2023 2024
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 35
Page 36
Performance in Message from the Board of Commissioners Bank Mandiri at a
Introduction
2024 and Directors Glance
Membership in Associations [GRI 2-28] [OJK C.5]
Bank Mandiri is a member of several industry associations that hold strategic relevance to our business operations. This
membership allows the Company to stay updated on the latest developments, particularly in the banking sector, while actively
contributing to the enhancement of knowledge and expertise in the industry. However, Bank Mandiri does not make any
financial contributions beyond the payment of regular membership fees.
Bank Mandiri participates in the following associations:
Position in the Association
Association Name Scope
(Member/Management)
Association of Indonesian Publicly Listed Companies Member National
Banking Compliance Directors Communication Forum Management National
National Bank Association Management National
State-Owned Banks Association Member National
Indonesian Bankers Association Member National
Alternative Dispute Resolution Institution for the Financial
Member National
Services Sector
Bank Association for Risk Management Management National
World Economic Forum Member International
APEC Business Advisory Council Member Asia Pacific
Indonesian Chief Information Officer Association Management National
Indonesian Human Capital Forum Management National
Indonesia Foreign Exchange Market Committee Management National
Indonesia Sustainable Finance Initiative Management National
Association Cambiste Internationale - Financial Markets
Management and Member National
Association (ACI FMA) Indonesia
Indonesian Bond Traders Association Management and Member National
Banking Archiving Communication Forum Member National
Indonesian Archivists Association Management and Member National
Indonesia Contact Center Association Internal Membership National
International Council of Museums Member International
Indonesian Museum Association Member National
Regional Museum Association Management and Member National
International Chamber of Commerce (ICC) Indonesia Management International
Indonesian Association of Banks Selling Mutual Fund Units
Management National
(ABAPERDI)
Indonesian Custodian Bank Association Management National
Indonesian Trustee Association Member National
Indonesian Banking Human Capital Forum Management National
36 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
Page 37
About the Report
About the Report
This report outlines our commitment to realizing the mission of sustainable finance through the development of innovative
business practices, financial products, and services. Furthermore, it highlights Bank Mandiri’s strategic efforts to support the
achievement of the SDGs by implementing measurable performances in support of ESG goals throughout 2024.
Reporting Period [GRI 2-3, 2-4, 2-6] [OJK C.6]
This sustainability report presents information on the Company’s operations across Indonesia for the period of January 1 to
December 31, 2024, and serves as a continuation of our 2023 Sustainability Report published in January 2024. Bank Mandiri’s
financial reporting period also aligns with the same timeframe, from January 1 to December 31, 2024. This report is published
annually and there is a restatement of information previously presented in the report. During the reporting period, there were
no significant organizational changes.
Reporting Standards [OJK G.4]
Bank Mandiri’s Sustainability Report is prepared with 4. Sustainability Accounting Standards Board (SASB);
reference to various policies that support the implementation 5. Sustainability Banking Assessment (SUSBA)
of sustainability principles. The reporting standards used Environmental, Social, and Governance (ESG)
include: Integration Pillars from the World Wide Fund for Nature
(WWF);
1. Financial Services Authority Regulation (POJK) 6. Task Force on Climate-Related Financial Disclosures
Number 51/POJK.03/2017 on the Implementation of (TCFD).
Sustainable Finance for Financial Services Institutions,
Issuers, and Public Companies; Bank Mandiri has also early adopted the International
2. Financial Services Authority Circular (SEOJK) Number Financial Reporting Standards (IFRS) S1 and S2, issued
16/SEOJK.04/2021 on the Format and Content of by the International Sustainability Standards Board (ISSB),
Annual Reports for Issuers or Public Companies; to enhance transparency and the quality of sustainability
3. Global Reporting Initiative (GRI) Standards 2021; reporting.
Reporting Boundaries [GRI 2-2]
The environmental and social data and information presented in this report cover PT Bank Mandiri (Persero) Tbk, from the
head office to operational offices, excluding subsidiaries and sub-subsidiaries. However, Bank Mandiri conducts consolidated
financial audits with its subsidiaries, second-tier subsidiaries, and third-tier subsidiaries, namely:
Subsidiaries: Second-tier and Third-tier Subsidiaries:
• PT Bank Syariah Indonesia Tbk (BSI) • PT Mandiri Manajemen Investasi (MMI)
• PT Bank Mandiri Taspen (Bank Mantap) • Mandiri Securities Pte. Ltd. (MSPL)
• Bank Mandiri (Europe) Limited (BMEL) • PT Mitra Transaksi Indonesia (MTI)
• PT Mandiri Tunas Finance (MTF) • Mandiri Investment Management Pte. Ltd. (MIMS)
• PT Mandiri Utama Finance (MUF)
• PT AXA Mandiri Financial Services (AXA Mandiri)
• PT Mandiri Sekuritas (Mansek)
• PT Mandiri Capital Indonesia (MCI)
• Mandiri International Remittance Sdn. Bhd. (MIR)
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 37
Page 38
Introduction Performance in Message from the Board of Commissioners Bank Mandiri at a
2024 and Directors Glance
Independent Review and Verification [GRI 2-5, 2-14] [OJK G.1]
Bank Mandiri is responsible for the ESG information and Indonesia (Sucofindo) which is certified to the international
all supporting data presented in this 2024 Sustainability assurance standard AA1000AS v3. The selection of PT
Report, which has been reviewed, approved, and signed by Superintending Company of Indonesia (Sucofindo) as
the entire Board of Commissioners and Board of Directors, the independent verifier was based on considerations of
as detailed in the Responsibility for the 2024 Sustainability expertise, reputation, and the absence of potential conflicts
Report section. This ensures that all material topics of interest or business relationships with Bank Mandiri.
disclosed in the report are presented comprehensively and
align with Bank Mandiri’s material issues. The delegation of the independent third-party verifier
selection was assigned by the Board of Directors to ESG
This report has undergone an internal review process Group, following the Standard Operating Procedure (SPO)
by relevant units or groups and has been verified by an for Procurement and the Technical Operational Guidelines
independent external party, PT Superintending Company of (PTO).
Sustainability Report Contact [GRI 2-3]
Readers may request information, provide suggestions, or offer feedback regarding this Sustainability Report by contacting:
esggroup@bankmandiri.co.id (021) 5274477, 5275577
JI. Jenderal Gatot Subroto Kav. 36-38,
Jakarta 12190 Indonesia www.bankmandiri.co.id/en/esg
(021) 5265045
38 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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About the Report
*This page is intentionally left blank.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 39
Page 40
Sustainability Commitment
and Governance
42 Corporate Governance
• Corporate Governance Principles
• Governance Structure
• Effectiveness of Corporate Governance Implementation
• Independence of Governance Body Members
• Competence and Diversity of Governance Body Members
• Nomination and Remuneration Policies and Processes for the Board of Commissioners and
Directors
• Share Ownership of the Board of Commissioners and Directors
• Risk Management
64 ESG Governance
• ESG Governance Structure
• ESG Unit Structure
• ESG Unit Responsibilities
• ESG Governance Oversight and Evaluation
• ESG Risk Management
• Sustainable Finance
69 Business Ethics
• Corporate Code of Conduct
• Oversight of Code of Conduct Compliance
• Whistleblowing System
• Anti-Financial Crime Policy
• Tax Governance
• Political Engagement and Lobbying
• Supplier Responsibility
40 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
Page 41
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 41
Page 42
Sustainability Commitment
and Governance Corporate Governance ESG Governance
Corporate Governance
Bank Mandiri applies a two-tier governance system, where The Board of Directors holds a collective responsibility for
the Board of Commissioners is responsible for overseeing managing Bank Mandiri to achieve the Company’s vision and
and providing strategic direction to the Board of Directors, mission, in alignment with the mandate of its shareholders
thus ensuring compliance with regulations and policies and stakeholders. Meanwhile, the Board of Commissioners
that protect shareholders’ interests. Meanwhile, the Board is responsible for overseeing the Company’s governance
of Directors manages the Company’s daily operations, and providing strategic direction to the Board of Directors,
formulates and executes strategies, and reports ensuring the comprehensive implementation of GCG and
performance outcomes to the Board of Commissioners. ESG principles throughout the organization (bank-wide).
Corporate Governance Principles [GRI 2-24]
In conducting business processes and operational of Good Corporate Governance (GCG) at all levels. These
activities, the Company consistently applies the principles principles include:
Transparency Accountability Responsibility Independence Fairness
Bank Mandiri continues to enhance the implementation Indonesia (PUG-KI) issued by the National Governance
of GCG principles by aligning its Corporate Governance Policy Committee (KNKG). These principles emphasize
Principles with the latest GCG standards outlined in the ethical behavior, accountability, transparency, and
2021 General Guidelines for Corporate Governance in sustainability.
42 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
Page 43
Business Ethics
Governance Structure [GRI 2-9, 2-11, 2-12]
The governance structure of Bank Mandiri is established in accordance with the provisions of Law of the Republic of Indonesia
No. 40 of 2007 concerning Limited Liability Companies (Company Law). The Board of Commissioners and the Board of
Directors carry out the Company’s management with clearly defined functions and responsibilities to maintain independence
in accordance with the Articles of Association and applicable regulations.
General Meeting of Shareholders (GMS)
The General Meeting of Shareholders (GMS) is the highest related to the Company, whether from the Board of Directors
organ within the Company’s governance structure, or the Board of Commissioners. The GMS is held at least
with an authority that is not delegated to the Board of once a year (Annual GMS), but it can be convened at any
Commissioners or the Board of Directors. At the GMS time if necessary, upon request by one of the Company’s
forum, shareholders have the right to obtain information organs (Extraordinary GMS).
Board of Commissioners
The Board of Commissioners is responsible for supervising of shareholders by providing advice on significant issues
the Board of Directors in accordance with the Company’s faced by Bank Mandiri. All members of the Board of
Articles of Association. The Board of Commissioners also Commissioners have successfully completed a fit and
provides advice to the Board of Directors and requests proper test conducted by the Financial Services Authority
reports related to the Company, and reviews, signs, and (OJK). In accordance with applicable laws and regulations,
approves annual reports. The Board of Commissioners plays the members of the Board of Commissioners at Bank
a critical role in ensuring compliance with environmental, Mandiri do not concurrently serve as Directors. To carry out
social, and governance (ESG) principles within Bank its duties, the Board of Commissioners is assisted by the
Mandiri, overseeing the implementation of internal audit following committees:
reports, and improving risk management practices. 1. Audit Committee;
2. Remuneration and Nomination Committee;
In its relationship with shareholders, the Board of 3. Risk Monitoring Committee; and
Commissioners plays a role in safeguarding the interests 4. Integrated Governance Committee.
Board of Directors
The Board of Directors of Bank Mandiri consists of 12 of the Board. Bank Mandiri has 12 (twelve) committees
members, led by a President Director who is responsible under the Board of Directors, collectively referred to as the
for coordinating the activities of the Board. The Board of Executive Committees, which include:
Directors is tasked with managing the Company’s daily 1. Risk Management Committee (RMC);
operations and representing Bank Mandiri, both within 2. Credit Policy Committee (CPC);
and outside of a court, in accordance with the Company’s 3. Credit Committee (RKK);
Articles of Association. The Board plays a strategic role 4. Information Technology & Digital Banking Committee
in decision-making related to sustainability, including (ITDC);
managing social, economic, environmental, and climate 5. Social & Environmental Responsibility Committee
change impacts. Each member of the Board of Directors (TJSL);
is prohibited from holding concurrent positions and has 6. Assets & Liabilities Management Committee (ALCO);
passed the fit and proper test conducted by the Financial 7. Business Committee (BC);
Services Authority (OJK). 8. Capital & Subsidiaries Committee (CSC);
9. Human Capital Policy Committee (HCPC);
In carrying out corporate governance, the Board of 10. Integrated Risk Committee (IRC);
Directors is supported by the Corporate Secretary and 11. Policy & Procedure Committee (PPC); and
various committees tasked with providing advice and 12. Transformation Committee (TFC).
recommendations related to the policies and directions
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 43
Page 44
Sustainability Commitment
and Governance Corporate Governance ESG Governance
Organizational Structure of PT Bank Mandiri (Persero) Tbk
Board of Commissioners
Audit Committee Risk Monitoring Committee
Remuneration and Nomination Integrated Governance
Committee Committee
President Director
Vice President Director
Corporate Commercial Institutional Treasury& Risk
Banking Banking Relations International Management
Banking
Int’l
Special Banking &
Asset Corporate Commercial Wholesale
Banking Banking Financial Risk
Management Institutions
Environmental Overseas
SAM I Corporate Corporate Commercial Commercial Gov & Treasury Banking Market Risk Corporate
Social &
Banking 1 Banking 4 Banking 1 Banking 5 Institutional 1 Network Risk 1
Governance
Corporate Transaction Financial
Digital Corporate Commercial Commercial Gov & Operational Corporate
SAM II Banking 5 Banking Institutions
Marketing Banking 2 Banking 2 Banking 6 Institutional 2 Risk Risk 2
Wholesale Business
Corporate Corporate Commercial EBO & ERO Government Strategic Credit Portfolio Commercial
SAM III
Banking 3 Banking 6 Banking 3 Solution Procurement Risk Risk 1
EBO & ERO Corporate Commercial Corporate Office of Chief Policy & Commercial
Legal
Solution Banking 4 Real Estate Economist Procedure Risk 2
EBO & SORH Consumer
Executive Government
Wholesale Commercial Project & Credit ECO
Legal Banking
Litigation Solution ERO Risk &
Analytics
SME &
Micro Risk
Retail
Collection
& Recovery
Data Protection
& Fraud Risk
Board of Commissioners and Director Directors and Committees SEVP Group
Committees under the Commissioner under the Directors Head
44 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
Page 45
Business Ethics
Board of Directors
Information Social & Assets &
Risk
Credit Policy Credit Technology & Environmental Liabilities
Management
Committee Committee Digital Banking Responsibility Management
Committee
Committee Committee Committee
Capital & Human Capital Policy &
Business Integrated Risk Transformation
Subsidiaries Policy Procedure
Committee Committee Committee
Committee Committee Committee
Compliance Finance & Network &
Operations Information
& Human Strategy Retail Banking
Technology
Capital
Information Digital Micro &
Consumer Internal Corporate
Technology Banking Audit Relations
Finance
Wholesale &
Wholesale IT Digital Strategy & Micro
IT Compliance & SME Regional CEO Corporate Corporate
Credit Strategy & Wholesale Performance Development &
Infrastructure AML - CFT Banking 1 - 12 Center Secretary
Operations Architecture Banking Management Agent Banking
Audit
IT HC Strategy &
Retail Credit Digital Retail Wealth Micro Enterprise
CISO Office Applications Talent Accounting Retail Audit
Operations Banking Management Personal Loan Legal
Support Management
Head of IT Digital Credit
Retail Credit Enterprise Human Capital Investor Distribution
Engineering Channel Cards IT Audit
Center Data Analytics Services Relations Strategy
Delivery
SORH Strategic
Information Transaction Senior
Cash & Trade IT Application Mandiri Investment & Consumer
Technology Banking Retail Investigator
Operations Delivery University Subsidiaries Loans
Sales
Management
Electronic HC
Retail Deposit
Engagement & Business
Channel Transformation Product &
Operations Outsource
Solution
Management
HC
Performance Corporate SORH
Customer Distribution &
Transformation
Care & Consumer
Remuneration
Business Sr HCBP & SORH
Continuity Head of Corporate
Management Improv ement Center
Project
SORH
Operation
Deputy Functional and Not
Group Head Structural Officials
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 45
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Effectiveness of Corporate Governance Implementation
Attendance at Board of Commissioners’ and
Board of Directors’ Meetings
The effectiveness of the Company’s governance is a maintaining integrity in every decision-making process.
crucial element in implementing GCG, ensuring that the Meetings of the Board of Commissioners and the Board of
Company’s operations run in accordance with the principles Directors serve as the primary instruments for measuring
of transparency, accountability, and responsibility. Bank the effectiveness of governance. Every strategic policy is
Mandiri is committed to the optimal implementation of GCG discussed and decided upon to ensure business continuity
through strong supervision and control mechanisms, while and regulatory compliance.
Board of Commissioners’ Meetings
Meetings of the Board of Commissioners at Bank Mandiri are governed by the Guidelines and Code of Conduct for
the Board of Commissioners and are aligned with POJK No. 33/2014. As per regulations, the Board of Commissioners
is required to hold meetings at least once a month and joint meetings with the Board of Directors at least once every
four months. Meetings are considered valid if attended by at least two-thirds of the members, with the provision that a
Commissioner may represent only one other member through a power of attorney. Meeting materials must be distributed
five days before the meeting, except in urgent situations. The Board of Commissioners may also hold remote meetings,
and decisions can be made through a circular mechanism with written approval from all members. Meeting outcomes
are formally documented by the Company. Based on attendance records, the average attendance rate of the Board of
Commissioners in Board meetings was 94%.
Board of Directors’ Meetings
The policy for Board of Directors’ meetings at Bank Mandiri adheres to the Board of Directors’ Work Guidelines, the
Articles of Association, and POJK No. 33/POJK.04/2014. The Board of Directors is required to hold meetings at least
once a month or whenever deemed necessary by any member of the Board of Directors, or upon a written request from
the Board of Commissioners. Joint meetings with the Board of Commissioners must be held at least once every four
months. Board of Directors’ meetings are considered valid if attended by more than two-thirds of the members, and
meeting materials must be distributed at least five business days prior. Meetings are chaired by the President Director,
who may be replaced by the Vice President Director or an alternate Director in case of absence, in accordance with
applicable decisions. Based on attendance records, the average attendance rate of the Board of Directors at meetings
was 94%.
Mandate of the Board of Commissioners
The concurrent positions of the Board of Commissioners to in point (1) must meet a minimum attendance rate
have been set based on the Regulation of the Minister of of 75% in Board meetings for one calendar year. This
State-Owned Enterprises (SOEs) No. PER-3/MBU/03/2023 attendance is a prerequisite for receiving Tantiem/
concerning Organs and Human Resources of State-Owned Performance Incentives/Special Incentives.
Enterprises and the OJK Regulation No. 17 of 2023 on the
Implementation of Governance for Commercial Banks. Additionally, the Company’s Articles of Association
1. The Board of Commissioners/Supervisory Board of regulate the concurrent position policy for the Board of
SOEs may hold concurrent positions as members of the Commissioners.
Board of Commissioners in other enterprises, provided The Board of Commissioners is prohibited from holding
that they comply with sectoral laws and regulations. concurrent positions as:
2. The Board of Commissioners/Supervisory Board of 1. Members of the Board of Directors in state-owned
SOEs holding concurrent positions as members of the enterprises, regional-owned enterprises, and/or private
Board of Commissioners in other enterprises as referred companies.
46 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Business Ethics
2. Members or candidates of political parties and/or The Board of Commissioners of Bank Mandiri has disclosed
members/candidates of the House of Representatives, its concurrent position status, confirming that none of its
Regional Representative Council, or Regional House of members hold concurrent positions outside the Company
Representatives, or as candidates for regional heads/ that are prohibited under applicable laws or that could lead
deputy regional heads. to conflicts of interest. In 2024, the Board of Commissioners
3. Any other positions as stipulated in applicable laws and of Bank Mandiri holds up to four mandates or fewer, in line
regulations. with governance principles that ensure effectiveness in
4. Any other positions that may lead to conflicts of interest. fulfilling its duties and responsibilities.
Governance Performance Assessment [GRI 2-18]
The performance assessment of the Board of Commissioners Subsequently, the GMS grants full discharge and release
is conducted collegially through a self-assessment process of liability to the Board of Commissioners and the Board of
and reported during the Annual GMS as part of the Board’s Directors for their management and supervisory activities
report on the execution of their duties to shareholders. during the relevant fiscal year.
Procedure for the Board of Commissioners’
Performance Self-Assessment
Reporting the
Conducting Results of the Board
Establishing Assessments Using of Commissioners’ Accountability
Supervisory Aspects the Self-Assessment Performance Accepted/Rejected
Method Assessment at the by the GMS
GMS
1. Risk Profile Remuneration
2. Good Corporate (Tantiem)
Governance
3. Profitability
4. Bank
Capitalization
The performance evaluation of the Board of Directors is Governance (ESG) ratings, sustainable financing/loans,
based on the achievement of both individual and collective average diversity in nominated talent (Women & Young),
key performance indicators (KPIs), which are assessed by and employee productivity.
shareholders through the General Meeting of Shareholders
(GMS) mechanism. These KPIs include ESG aspects, Bank Mandiri also conducts a self-assessment of corporate
focusing on the Company’s sustainability performance and governance implementation on an individual basis every
the implementation of sustainable finance. The sustainability semester. This assessment is carried out in accordance
and ESG aspects included in the Board of Directors’ 2024 with the provisions of POJK No. 17 of 2023 and SEOJK
KPIs encompass various areas, such as the realization of No. 13/SEOJK.03/2017 on Governance Implementation
KUR distribution, cybersecurity breach management, the for Commercial Banks.
number of active Livin’ users, Environmental, Social, and
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 47
Page 48
Sustainability Commitment
and Governance Corporate Governance ESG Governance
Assessment Score
Bank Mandiri consistently conducts self-assessments of its In the first semester of 2024, Bank Mandiri conducted
corporate governance implementation on an individual basis an individual self-assessment of governance, achieving a
every semester, in accordance with POJK No. 17 of 2023 score of 1. Subsequently, the Financial Services Authority
and SEOJK No. 13/SEOJK.03/2017 on the Implementation (OJK) provided feedback on the self-assessment results as
of Governance for Commercial Banks. follows:
Score Composite Definition
2 This reflects that the Company’s management has generally implemented Good Governance effectively. This
is evident from the adequate fulfillment of Governance Principles. In cases where governance implementation
weaknesses exist, they are generally insignificant and can be addressed through normal corrective actions by
the Bank’s management.
External Assessment
In addition to conducting self-assessments on governance The results of the CGPI assessment are used by Bank
implementation in accordance with regulatory requirements, Mandiri to evaluate and improve its implementation of
Bank Mandiri actively arranges for governance evaluations Good Corporate Governance (GCG). In the 2023 CGPI
by external parties to obtain feedback on its practices. assessment conducted in 2024, Bank Mandiri received
Bank Mandiri participates in the Corporate Governance the “Most Trusted” designation with a score of 95.30.
Perception Index (CGPI) research and ranking program This marks the 18th consecutive year that Bank Mandiri
organized by The Indonesian Institute of Corporate has achieved this recognition. The composition of Bank
Governance (IICG). The CGPI program is participated in by Mandiri’s assessment scores over the past three years are
various public companies, state-owned enterprises (SOEs), as follows:
banks, and other private companies.
Results of the CGPI Assessment
Stage 2022 2023 2024
Governance Structure 26.65 31.53 31.85
Governance Process 36.24 31.24 31.61
Governance Outcome 32.22 32.45 31.84
Score 95.11 95.22 95.30
GCG Awards 2024
Best Practices for Good
Leadership in Corporate Most Trusted and Trusted Corporate Governance in
Governance (Bank Mandiri and 3 Subsidiaries) the Banking Sector
15th IICD Corporate Corporate Governance GCG Awards 2024
Governance Conference and Perception Index (CGPI)
Awards 2024
Organizer: Organizer: Organizer:
The Indonesian Institute for The Institute Indonesian for CNBC Indonesia
Corporate Directorship (IICD) Corporate Governance (IICG)
48 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Business Ethics
Independence of Governance Body Members [GRI 2-15]
To ensure the implementation of Good Corporate The management of conflicts of interest for the Board
Governance, particularly regarding the independence of of Directors is regulated in the Bank Mandiri Policy
the Board of Commissioners, Bank Mandiri has established Architecture, which serves as the foundation for corporate
various guidelines that regulate the responsibilities of the governance policies and the execution of Bank activities.
Board. One critical aspect of maintaining independence is The management of conflicts of interest for the Board of
the management of conflicts of interest, which is detailed Directors includes the following:
in the Guidelines and Code of Conduct of the Board of 1. The Board of Commissioners, Directors, and executive
Commissioners as follows: officers are committed to avoiding all forms of conflicts
1. Each Commissioner is required to safeguard information of interest.
that is regulated by laws and regulations to remain 2. If a member of the Board of Directors has a personal
confidential, including insider trading provisions and interest in a transaction, contract, or agreement
undisclosed information by the Company to the public. involving Bank Mandiri as one of the parties, this interest
2. Each Commissioner is required to disclose: must be disclosed during a Board of Directors meeting,
a. Their share ownership in the Company or other and the concerned member must abstain from voting.
companies domiciled domestically or internationally. 3. At least once a year, each member of the Board of
b. Financial and familial relationships with other Commissioners, Directors, and executive officers is
Commissioners and members of the Board of required to declare whether they are involved in any
Directors, including their families. conflicts of interest in connection with the Company’s
c. Other information that must be disclosed to the activities.
public under applicable laws and regulations. 4. Members of the Board of Commissioners, Directors,
3. Commissioners are prohibited from participating in and executive officers are prohibited from holding
decision-making related to banking operations and/or concurrent positions as regulated by applicable laws.
decisions that may result in a conflict of interest.
4. In carrying out their duties, responsibilities, and Information related to conflicts of interest, including
authorities, Commissioners are prohibited from cross-ownership, joint ownership with suppliers or other
exploiting the Company for personal, familial, or third- stakeholders, relationships, transactions, and balances
party interests in ways that contradict applicable laws with involved parties, is disclosed in detail in the 2024 Bank
and the Company’s Code of Conduct. Mandiri Annual Report.
Competence and Diversity of Governance Body
Members
The diversity policy of the Board of Commissioners and The appointment of members of the Board of
the Board of Directors is based on various backgrounds, Commissioners considers factors such as age, gender,
including age, education, and relevant experience to carry integrity, dedication, and relevant management expertise.
out their duties and responsibilities. Bank Mandiri’s Articles The Board of Directors also takes into account the diversity
of Association regulate the diversity of the composition of characteristics relevant to the needs of the Company,
of the Board of Commissioners in accordance with the such as expertise and experience. These considerations
attachment to the Financial Services Authority Circular No. are essential in the nomination and appointment process
32/SEOJK.04/2015 concerning Guidelines for Corporate for the Board of Directors, in alignment with the Articles
Governance of Public Companies and the Financial Services of Association, while ensuring integrity, dedication, and
Authority Circular No. 13/SEOJK.03/2017 concerning the compliance with regulations.
Implementation of Governance for Commercial Banks.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 49
Page 50
Sustainability Commitment
and Governance Corporate Governance ESG Governance
Composition of the Company’s Board of Commissioners
Basis of
Name Position Gender Age Expertise
Appointment
Muhamad Chatib President Annual GMS on Male 59 Years Macroeconomics and Finance
Basri Commissioner/ February 19, 2020
Independent
Zainudin Amali Vice President Annual GMS on Male 62 Years Finance and Public Policy
Commissioner/ March 14, 2023
Independent
Loeke Larasati Independent Annual GMS on Female 65 Years Law
Agoestina Commissioner February 19, 2020
Muliadi Rahardja Independent Annual GMS on Male 65 Years Banking and Accounting
Commissioner March 10, 2022
Heru Kristiyana Independent Annual GMS on Male 68 Years Banking, Finance, and Law
Commissioner March 14, 2023
Rionald Silaban Commissioner Extraordinary GMS Male 58 Years Human Resources and Finance
on August 28, 2019
Arif Budimanta Commissioner Annual GMS on Male 56 Years Finance
February 19, 2020
Tedi Bharata Commissioner Annual GMS on Male 41 Years IT and Information
March 7, 2024 Management Systems
Faried Utomo Commissioner Annual GMS on Male 60 Years Legal
February 19, 2020
Muhammad Yusuf Commissioner Annual GMS on Male 60 Years Accounting and Audit
Ateh March 15, 2021
Gender Diversity on the Board of
Commissioners
10% Female Commissioners
1 Female Commissioner (1 out of 10
Members)
Gender Diversity on the Board of
Directors
17% Female Directors
2 Female Directors (2 out of 12
Members)
Independence of the Board of
Commissioners
50% Independent Commissioners
5 Independent Commissioners (5 out
of 10 Members)
50 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Business Ethics
Composition of the Company’s Board of Directors
Basis of
Name Position Gender Age Expertise
Appointment
Darmawan President Annual GMS March Male 58 Years International treasury, risk
Junaidi Director 10, 2022 management, fund raising and
distribution, finance, special
asset management, credit
recovery, and law.
Alexandra Vice President Extraordinary GMS Female 52 Years Corporate banking, special
Askandar Director October 21, 2020 asset management, structured
finance, and institutional
governance.
Agus Dwi Director of Annual GMS March Male 54 Years Human resources, finance,
Handaya Compliance and 21, 2018 strategy, and performance.
HR
Riduan Director of Annual GMS March Male 54 Years Accounting, finance, audit, risk
Corporate 21, 2018 management, and banking.
Banking
Aquarius Director of Extraordinary GMS Male 57 Years Corporate and retail banking,
Rudianto Network and January 7, 2019 risk management, credit
Retail Banking recovery, and commercial sales.
Toni E. B. Subari Director of Annual GMS Male 60 Years Credit recovery, corporate
Operations February 19, 2020 banking, business banking, and
special asset management.
Danis Subyantoro Director of Risk Annual GMS on Male 56 Years Internal audit, banking risk
Management March 7, 2024 management, regulatory
compliance, and sustainable
financing.
Rohan Hafas Director of Extraordinary GMS Male 63 Years Brain mapping, risk
Institutional October 21, 2020 management, marketing,
Relations corporate relations, and
corporate secretariat.
Sigit Prastowo Director of Extraordinary GMS Male 53 Years Treasury dealer, risk
Finance and October 21, 2020 management, credit analysis,
Strategy and finance.
Timothy Utama Director of Extraordinary GMS Male 59 Years Banking operations, treasury,
Information October 21, 2020 trade services, and information
Technology technology.
Eka Fitria Director of Annual GMS March Female 46 Years Treasury and human resources.
Treasury and 15, 2021
International
Banking
Totok Director of Annual GMS on Male 50 Years Banking risk management,
Priyambodo Commercial March 7, 2024 credit analysis, project financing,
Banking and wealth management.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 51
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Sustainability Capacity Building [GRI 2-17] [OJK E.2]
Bank Mandiri ensures that the Board of Commissioners, into three categories, such as raising ESG awareness
Board of Directors, committees, and relevant units involved for all employees, including the Board of Commissioners
in implementing sustainable finance and managing ESG and the Board of Directors; developing ESG expertise in
topics have adequate knowledge, skills, and resources priority sectors, particularly for employees in Business Units
to carry out their duties effectively. To support this, the (Corporate Banking, Commercial, and SME) and Risk;
Company provides training and education relevant to ESG. and enhancing individual capacity through ESG-related
The ESG Capacity Development Program initiative is divided certification.
Governance Capacity Building Activities of Bank Mandiri in 2024
Competency Development of the Board of Commissioners
Name Position Training/Seminar Organizer Location Date
Muhamad Chatib President Risk Management Re- LSPP Jakarta January 25,
Basri Commissioner/ Certification Level 6 2024
Independent Internal Control over PwC Jakarta February 15,
Financial Reporting (IcoFR) 2024
BOC Retreat - Cybersecurity Bank Mandiri Bandung August 24–25,
2024
BOC Retreat – Economic Bank Mandiri Padang December 6–8,
Outlook of Indonesia 2025 2024
Zainudin Amali Vice President General Banking Operational LPPI Jakarta January 17,
Commissioner/ 2024
Independent Risk Management LSPP Jakarta January 22,
Certification Level 6 2024
BOC Retreat - Cybersecurity Bank Mandiri Bandung August 24–25,
2024
Asean Global Leadership SRW & Co dan London September 2–6,
Programme (AGLP)- “After London School 2024
Globalisation? Leading the of Economic and
World Economy in an Age of Political Science
Turbulence” (LSE).
Executive Education – London Business London December 8–14,
Executing Strategy for School 2024
Results
Loeke Larasati Independent Risk Management Re- LSPP Jakarta January 25,
Agoestina Commissioner Certification Level 6 2024
Internal Control over PwC Jakarta February 15,
Financial Reporting (ICoFR) 2024
BOC Retreat - Cybersecurity Bank Mandiri Bandung August 24–25,
2024
BOC Retreat – Economic Bank Mandiri Padang December 6–8,
Outlook of Indonesia 2025 2024
Muliadi Rahardja Independent Internal Control over PwC Jakarta February 15,
Commissioner Financial Reporting (ICoFR) 2024
BOC Retreat - Cybersecurity Bank Mandiri Bandung August 24–25,
2024
BOC Retreat – Economic Bank Mandiri Padang December 6–8,
Outlook of Indonesia 2025 2024
52 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Business Ethics
Name Position Training/Seminar Organizer Location Date
Heru Kristiyana Independent Risk Management Re- LSPP Jakarta January 25,
Commissioner Certification Level 7 2024
Internal Control over PwC Jakarta February 15,
Financial Reporting (ICoFR) 2024
BOC Retreat - Cybersecurity Bank Mandiri Bandung August 24–25,
2024
ISACA 2024 Europe ISACA London October 15–17,
Conference 2024
BOC Retreat – Economic Bank Mandiri Padang December 6–8,
Outlook of Indonesia 2025 2024
Rionald Silaban Commissioner Risk Management Re- LSPP Jakarta January 23,
Certification Level 6 2024
Internal Control over PwC Jakarta February 15,
Financial Reporting (ICoFR) 2024
BOC Retreat - Cybersecurity Bank Mandiri Bandung August 24–25,
2024
Arif Budimanta Commissioner Risk Management Re- LSPP Jakarta January 25,
Certification Level 6 2024
Internal Control over PwC Jakarta February 15,
Financial Reporting (ICoFR) 2024
BOC Retreat - Cybersecurity Bank Mandiri Bandung August 24–25,
2024
Asean Global Leadership SRW & Co dan London September 2–6,
Programme (AGLP)- “After London School 2024
Globalisation? Leading the of Economic and
World Economy in an Age of Political Science
Turbulence” (LSE).
BOC Retreat – Economic Bank Mandiri Padang December 6–8,
Outlook of Indonesia 2025 2024
Tedi Bharata Commissioner PSAK 71 Bank Mandiri Jakarta March 25, 2024
Corporate Plan 2020–2024, Bank Mandiri Jakarta April 3, 2024
RBB 2024–2027, RKAP
2024, and Financial
Performance 2024
Health Level and Risk Bank Mandiri Jakarta April 17, 2024
Management Framework
GCG, APU PPT & PPPSPM, Bank Mandiri Jakarta May 6, 2024
and Integrated Governance
IT Management Bank Mandiri Jakarta May 16, 2024
Risk Management LSPP Jakarta May 30, 2024
Certification Level 6
Training Cybersecurity for Emertus MIT - Online June 3, 2024
Managers - A Playbook Management
Executive
Education
BOC Retreat - Cybersecurity Bank Mandiri Bandung August 24–25,
2024
BOC Retreat – Economic Bank Mandiri Padang December 6–8,
Outlook of Indonesia 2025 2024
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 53
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Name Position Training/Seminar Organizer Location Date
Faried Utomo Commissioner Risk Management Re- LSPP Jakarta January 25,
Certification Level 6 2024
Internal Control over PwC Jakarta February 15,
Financial Reporting (ICoFR) 2024
BOC Retreat – Economic Bank Mandiri Padang December 6–8,
Outlook of Indonesia 2025 2024
M. Yusuf Ateh Commissioner Internal Control over PwC Jakarta February 15,
Financial Reporting (ICoFR) 2024
Risk Management Re- LSPP Jakarta January 25,
Certification Level 7 2024
BOC Retreat - Cybersecurity Bank Mandiri Bandung August 24–25,
2024
ISACA 2024 Europe ISACA London October 15–17,
Conference 2024
BOC Retreat – Economic Bank Mandiri Padang December 6–8,
Outlook of Indonesia 2025 2024
Competency Development of the Board of Directors
Name Position Training/Seminar Organizer Location Date
Darmawan President Executive Course on Ministry of Jakarta July 24–August
Junaidi Director Strategic Management and Defense of the 6, 2024
Leadership Cohort-3 TA Republic of
2024 Indonesia
Integrated Strategic Growth Bank Mandiri Jakarta December 12,
and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
Alexandra Vice President Executive Course on Ministry of Jakarta July 3–16, 2024
Askandar Director Strategic Management and Defense of the
Leadership Cohor2 TA. 2024 Republic of
Indonesia
Sustainability Live London Evenbrite London September
2024 11–12, 2024
Strategic Leadership - Harvard DCE Boston December 9–11,
Professional &Executive 2024
Development
Integrated Strategic Growth Bank Mandiri Jakarta December 12,
and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
54 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Business Ethics
Name Position Training/Seminar Organizer Location Date
Agus Dwi Director of Alignment Program IRPA ( Indonesia Jakarta October 9–10,
Handaya Compliance and for Risk Management Professional 2024
HR Certification for Directors Association )
and Commissioners of
Commercial Banks
Integrated Strategic Growth Bank Mandiri Jakarta December 12,
and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
Riduan Director of Alignment Program IRPA ( Indonesia Jakarta October 23–24,
Corporate for Risk Management Professional 2024
Banking Certification for Directors Association )
and Commissioners of
Commercial Banks
Integrated Strategic Growth Bank Mandiri Jakarta December 12,
and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
Aquarius Director of Alignment Program IRPA ( Indonesia Jakarta October 23–24,
Rudianto Network and for Risk Management Professional 2024
Retail Banking Certification for Directors Association )
and Commissioners of
Commercial Banks
Integrated Strategic Growth Bank Mandiri Jakarta December 12,
and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
Toni E. B. Subari Director of Alignment Program IRPA ( Indonesia Jakarta August 20–21,
Operations for Risk Management Professional 2024
Certification for Directors Association )
and Commissioners of
Commercial Banks
Integrated Strategic Growth Bank Mandiri Jakarta December 12,
and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
Danis Subyantoro Director of Risk Integrated Strategic Growth Bank Mandiri Jakarta December 12,
Management and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
Rohan Hafas Director of Integrated Strategic Growth Bank Mandiri Jakarta December 12,
Institutional and Transformational 2024
Relations Leadership Driven
By Orchestrating The
Ecosystem
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 55
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Name Position Training/Seminar Organizer Location Date
Sigit Prastowo Director of Alignment Program IRPA ( Indonesia Jakarta August 20–21,
Finance and for Risk Management Professional 2024
Strategy Certification for Directors Association )
and Commissioners of
Commercial Banks
Integrated Strategic Growth Bank Mandiri Jakarta December 12,
and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
Timothy Utama Director of Alignment Program IRPA ( Indonesia Jakarta August 20–21,
Information for Risk Management Professional 2024
Technology Certification for Directors Association )
and Commissioners of
Commercial Banks
Designing and Executing Harvard Business Boston December 1–6,
Corporate Revitalization School 2024
Integrated Strategic Growth Bank Mandiri Jakarta December 12,
and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
Eka Fitria Director of Alignment Program IRPA ( Indonesia Jakarta August 20–21,
Treasury and for Risk Management Professional 2024
International Certification for Directors Association )
Banking and Commissioners of
Commercial Banks
Harvard Women on Boards Harvard Boston December 2–6,
University 2024
Integrated Strategic Growth Bank Mandiri Jakarta December 12,
and Transformational 2024
Leadership Driven
By Orchestrating The
Ecosystem
Totok Director of Integrated Strategic Growth Bank Mandiri Jakarta December 12,
Priyambodo Commercial and Transformational 2024
Banking Leadership Driven
By Orchestrating The
Ecosystem
56 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Business Ethics
Nomination and Remuneration Policies and Processes
for the Board of Commissioners and Directors [GRI 2-10] [GRI 2-19]
[GRI 2-20]
The Board of Commissioners has established the is to design the remuneration system that will form part
Remuneration and Nomination Committee to support of the Company’s governance framework, serving as a
its duties in the areas of remuneration and nomination guideline for the Board of Commissioners and the GMS in
for members of the Board of Directors and the Board of determining the remuneration of members of the Board of
Commissioners. One of the main tasks of this committee Commissioners and/or Directors.
Nomination Policy
Based on the Articles of Association, members of the d. Other sources.
Board of Commissioners are appointed and dismissed by 2. Nominee Requirements: Candidates nominated to
the General Meeting of Shareholders (GMS) with a term become members of the Board of Commissioners must
of office of five (5) years from the date of appointment as meet Formal Requirements, Substantive Requirements,
determined by the GMS. After their term ends, members of and Other Requirements.
the Board of Commissioners can be reappointed through a 3. Evaluation of Substantive Requirements is conducted
GMS resolution. by:
i. Assessing the candidate’s resume and supporting
The appointment procedure for the Board of documents;
Commissioners of Bank Mandiri refers to OJK Regulation ii. Verifying integrity through written statements by the
No. 33/POJK.04/2014 concerning Directors and Boards candidate, as listed in the appendix to the Ministerial
of Commissioners of Issuers or Public Companies, as well Regulation; and/or
as Ministry of SOEs Regulation No. PER-11/MBU/07/2021 iii. Conducting interviews.
on Requirements and Procedures for Appointment and 4. For certain SOEs designated by the Minister, candidates
Dismissal of Members of the Board of Commissioners for the President Commissioner/Member of the Board
and Supervisory Boards of State-Owned Enterprises, of Commissioners/Member of the Board of Directors
as amended by Ministry of SOEs Regulation No. PER- are required to complete a fit and proper test conducted
7/MBU/09/2022 on Requirements and Procedures for by a professional institution appointed by the Minister.
Appointment and Dismissal of Members of the Board of 5. Specifically for state-owned banks, prospective
Commissioners and Supervisory Boards of State-Owned candidates to be proposed at the GMS are evaluated
Enterprises. The appointment process for members of the by a team formed by the Minister, involving the Chair
Board of Commissioners includes: of the Board of Commissioners Committee responsible
1. Sources of Board of Commissioners’ Candidates for for the Nomination function. If the Chair of the Board
SOEs: of Commissioners Committee is unavailable, the role
a. Former SOE Directors; may be assumed by a committee member from the
b. Former members of the SOE Supervisory Board; Independent Commissioner element who performs the
c. Structural or functional officials of the ministry; and Nomination function.
Nomination Procedure
The nomination and selection process for the Board The Board of Commissioners and the Board of Directors are
of Commissioners is carried out through proposals not selected on a rotational basis, and their appointments
from the Series A Dwiwarna Shareholders to the GMS, take place during the General Meeting of Shareholders
taking into account recommendations from the Board (GMS). Once appointed for a term of office (a five-year
of Commissioners as well as the Remuneration and period), members of the Board of Commissioners and the
Nomination Committee. Prior to discussions regarding the Board of Directors may be reappointed for one additional
appointment and dismissal of the Board of Commissioners, term of office, with a maximum of five years. As of 2024,
GMS participants are provided with information about the the average tenure of the Board of Commissioners and
profiles of candidates for the Board of Commissioners, both Directors is 5 years.
new candidates and those being reappointed.
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and Governance Corporate Governance ESG Governance
Remuneration Policy
Bank Mandiri has implemented a remuneration 3. Regulation of the Minister of SOEs No. PER-2/
governance policy in accordance with OJK Regulation MBU/03/2023 dated March 3, 2023, on Guidelines
No. 45/POJK.03/2015 concerning the Implementation for Governance and Significant Corporate Activities of
of Governance for the Provision of Remuneration for State-Owned Enterprises.
Commercial Banks. Remuneration is provided to the Board 4. OJK Regulation No. 55/POJK.03/2016 dated December
of Commissioners, the Board of Directors, and employees, 9, 2016, on the Implementation of Governance for
either in fixed or variable forms, cash or non-cash, based Commercial Banks, as amended by OJK Regulation
on assigned responsibilities and performance. The policy No. 17 of 2023 dated September 14, 2023, on the
aims to encourage prudent risk-taking while ensuring the Implementation of Governance for Commercial Banks.
sustainability of Bank Mandiri’s business. 5. OJK Regulation No. 45/POJK.03/2015 dated December
23, 2015, on the Implementation of Governance in the
Additionally, Bank Mandiri is committed to Good Corporate Provision of Remuneration for Commercial Banks.
Governance in remuneration policy, as formalized in the 6. The Company’s Articles of Association.
Joint Decision of the Board of Commissioners and the
Board of Directors on March 20, 2018. The determination The Company has the authority to defer payment of variable
of remuneration for the Board of Commissioners and the remuneration (malus) or reclaim previously paid variable
Board of Directors refers to: remuneration (clawback) under specific conditions, without
1. Regulation of the Minister of State-Owned Enterprises finding any wrongdoing by the executive. These provisions
(SOE) No. PER-04/MBU/2014 on Guidelines for are applied by considering several factors, such as the
Determining the Income of Directors, Commissioners, magnitude of the Company’s losses, responsibility, and
and Supervisory Boards of State-Owned Enterprises, other relevant aspects, ensuring alignment with sustainable
as last amended by Regulation of the Minister of SOEs practices. This policy applies to executives categorized
No. PER-3/MBU/03/2023 dated September 24, 2023. as material risk takers (MRTs) involved in activities that
2. Regulation of the Minister of SOEs No. PER-01/ result in losses or violations within the bank, such as
MBU/2011 on the Implementation of Good Corporate fraud or negligence. The remuneration policy adheres to
Governance in SOEs, as amended by Regulation of the OJK regulations, Minister of SOEs regulations, and Bank
Minister of SOEs No. PER-09/MBU/2012 regarding Mandiri’s internal policies.
Amendments to Regulation No. PER-01/MBU/2011 on
the Implementation of Good Corporate Governance in
SOEs.
Scope of Remuneration Policy and Its Implementation
The policy established to regulate the remuneration of the Bank Mandiri refers to Labor Laws and OJK regulations in
Board of Commissioners and the Board of Directors will formulating its total reward policy. The Company’s long-
subsequently serve as a basis for regulating remuneration term strategy aims to ensure that Bank Mandiri maintains
for employees categorized as material risk takers (MRT). competitive strength in the market. Generally, Bank Mandiri
The determination of an MRT is carried out using both targets its remuneration position at the 75th percentile,
qualitative and quantitative approaches. In determining while for top talent and critical roles, this can reach the 90th
the remuneration of employees, executives, Directors, percentile to attract and retain the best talent.
and the Board of Commissioners, the Remuneration and
Nomination Committee considers several factors, including: Bank Mandiri aligns remuneration with performance through
1. Comparative remuneration results for employees, periodic evaluations of remuneration policies based on
executives, Directors, and the Board of Commissioners performance assessments at the individual, unit, and overall
with peer groups in similar industries. Bank level. If agreed-upon key performance indicators
2. The scale and complexity of the Company’s operations. (KPIs) are not achieved, remuneration adjustments are
3. Remuneration components, including salaries/ made accordingly. The remuneration strategy is applied
honorariums and benefits, such as standardized by considering the performance of individuals, work units,
allowances, holiday bonuses (THR), annual leave, and the overall performance of the Bank, ensuring that
housing allowances, official vehicles, health facilities, the remuneration amount remains within the established
utilities, and other benefits. Meanwhile, performance- budget limits.
based remuneration consists of bonuses/incentives for
employees and tantiem for Directors and the Board of
Commissioner
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To assess the Bank’s remuneration position relative to market conditions, Bank Mandiri participates in the Annual Salary Survey
conducted by an independent and competent third party. The findings from this survey are used as a basis to adjust Bank
Mandiri’s remuneration strategy, which is then proposed in the Board of Directors’ meeting for approval.
Remuneration Procedure for the Board of Commissioners
and Directors
The determination of remuneration for the Board of Commissioners and the Board of Directors is carried out according to the
following steps:
1. The Remuneration and Nomination Committee conducts a remuneration review for members of the Board of
Commissioners and the Board of Directors.
2. The Remuneration and Nomination Committee coordinates with the Director and Officials responsible for Human
Capital and relevant units in preparing remuneration proposals.
3. In determining variable remuneration policies, the Remuneration and Nomination Committee coordinates with the
Risk Management Unit.
4. The Remuneration and Nomination Committee prepares remuneration recommendations based on the review
conducted and submits them to the Board of Commissioners and the Board of Directors.
5. The Board of Commissioners submits proposals and recommendations based on the Remuneration and Nomination
Committee’s review to the GMS for approval.
6. The proposals and recommendations of the Board of Commissioners to the GMS may include:
a. Approval of the form and amount of remuneration; or
b. Approval to grant authority to the Board of Commissioners to determine the form and amount of remuneration.
Process for Determining the Remuneration of the Board of Commissioners and Directors
1 2 3 4 5
Remuneration Series A General Meeting
Board of Dwiwarna Financial Services
and Nomination of Shareholders
Commissioners Shareholders Authority (OJK)
Committee (GMS)
Prepares and • Review the • Evaluate the Appoints and • Conducts the Fit
proposes proposals from fulfillment of establishes the and Proper Test.
recommendations the Remuneration requirements succession of the • Approves the
for the succession and Nomination for candidates Board of Directors. Company’s
of the Board of Committee. for the Board of management
Directors. • Submits Directors. candidates.
recommendations • Approves the
for the succession succession of
of the Board of the Board of
Directors to the Directors.
Series A Dwiwarna
Shareholders.
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and Governance Corporate Governance ESG Governance
Remuneration Structure of the Board of Commissioners and Directors
The remuneration for the Board of Commissioners and performance and risk, including bonuses, performance-
Directors is provided in accordance with applicable based incentives/tantiem, or other equivalent forms.
remuneration regulations and consists of the following:
Remuneration in the form of bonuses, tantiem, and
1. Fixed remuneration refers to payments not linked to incentives may be provided in cash, shares, or share-
performance or risk and includes salary/honorarium, based instruments issued by the Company with specific
facilities, adjustment allowances, health benefits, conditions. These special conditions include, among
educational allowances, holiday bonuses, and others, that remuneration for the Board of Commissioners is
retirement benefits. Fixed remuneration such as salary/ provided in cash to avoid conflicts of interest in performing
honorarium, facilities, holiday bonuses, and retirement oversight duties. The structure of remuneration for the
benefits is provided in cash. Board of Commissioners and the Board of Directors is as
2. Variable remuneration refers to payments linked to follows:
Table of Remuneration Structure of the Board of Commissioners and Directors [GRI 2-21]
Provision
No Type of Income
Board of Commissioners Board of Directors
1. Honorarium/Salary The amount of the position factor: The amount of the position factor:
• President Commissioner: 45% of the • Vice President Director: 95% of the
President Director’s salary President Director’s salary
• Vice President Commissioner: 42.5% • Directors overseeing HR: 90% of the
of the President Director’s salary President Director’s salary
• Commissioners: 90% of the President • Other Directors: 85% of the President
Commissioner’s salary Director’s salary
2. Allowances
Religious Holiday Allowance 1 (one) time honorarium 1 (one) time salary
Housing Allowance Not provided Monthly housing allowance if no
official residence is provided, up to Rp
27,500,000
Transportation Allowance 20% of the honorarium Not provided
Annual Leave Allowance Not provided Not provided
Retirement Benefit Maximum insurance premium of 25% of Maximum insurance premium of 25% of
honorarium/year honorarium/year
3. Facilities
Official Vehicle Facility Provided in the form of transportation 1 (one) official vehicle provided, based on
allowance equal to 20% of honorarium established criteria
Health Facility Medical reimbursement as per internal Medical reimbursement as per internal
policy (KEP.KOM/03/2022) policy (KEP.KOM/03/2022)
Professional Membership Maximum 2 (two) memberships relevant Maximum 2 (two) memberships relevant
to Company activities to Company activities
Legal Assistance Facility Legal assistance facility as per internal Legal assistance facility as per internal
policy (KEP.KOM/03/2022) policy (KEP.KOM/03/2022)
4. Bonuses, Tantiem, Can be provided in the form of shares Can be provided in the form of shares or
Incentives or cash cash
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Variable Remuneration
Bank Mandiri provides variable remuneration, which is As part of its commitment to sustainable governance,
linked to performance and risk, including bonuses, tantiem/ environmental, social, and governance (ESG) performance
performance incentives, or other equivalent forms. This also influences long-term incentives. Several parameters
remuneration may be granted in the form of cash, shares, considered include the distribution of Kredit Usaha Rakyat
or share-based instruments issued by the company. (KUR), cybersecurity breaches, ESG rating, the number of
However, for the Board of Commissioners, remuneration active Livin’ users, sustainable financing/credit, average
is provided in cash to avoid potential conflicts of interest diversity in nominated talent (women & young), and
in carrying out its supervisory function. Additionally, Bank employee productivity (parent only), with a total weighting
Mandiri also grants Long Term Incentive (LTI) in the form of of 28%.
shares to members of the Board of Directors. Meanwhile,
Independent Commissioners receive remuneration in cash
in accordance with the provisions of OJK Regulation No.
45/POJK.03/2015.
Share Ownership of the Board of Commissioners and
Directors
Bank Mandiri has a policy that regulates share ownership by the Board of Commissioners and the Board of Directors, which is
part of the executive remuneration scheme. This policy is designed to maintain a balance between leadership responsibilities
and performance incentives, as well as ensure transparency in share ownership by senior executives.
In 2024, the share ownership of the members of the Board of Commissioners was recorded at 12,366,900 shares. Meanwhile,
the total share ownership of the members of the Board of Directors reached 83,727,800 shares, with the President Director
owning 11,134,200 shares, valued at more than five times the base salary.
Risk Management [OJK E.3]
Risk management is at the core of the banking operations 2. Risk Policy and Management: Risk policies and
implemented by Bank Mandiri to achieve healthy and management aligned with regulatory standards and
responsible financial and operational growth. In addition business needs.
to ensuring compliance, Bank Mandiri manages and 3. Risk Identification, Measurement, Mitigation,
makes decisions in accordance with the Risk Management and Control: Comprehensive risk identification,
Policy (KMNR), which is developed based on regulations measurement, mitigation, and control.
and best practices in the industry. The KMNR outlines
the fundamental policy principles and serves as the These three components are supported by the Audit Work
primary guideline and highest regulation in the field of risk Unit as independent assurance to ensure the effectiveness
management. KMNR is used as a reference for developing of implementation.
policies, procedures, and guidelines in risk management in
accordance with applicable regulations. Bank Mandiri implements risk management through the
Enterprise Risk Management (ERM) framework, which
Bank Mandiri’s Risk Management Framework encompasses employs a two-pronged approach that ensures risks are
three main components: effectively mitigated through daily business processes,
1. Risk Oversight: Comprehensive risk oversight to ensure while also being managed during unforeseen conditions
effective risk management implementation. (downturns) through adequate capital reserves.
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and Governance Corporate Governance ESG Governance
Risk Oversight [GRI 2-12, 2-16]
The Board of Directors and Board of Commissioners 1. Risk Management & Credit Policy Committee
of Bank Mandiri are responsible for risk oversight. This 2. Asset & Liability Committee
function is carried out by the Board of Commissioners 3. Capital & Subsidiaries Committee
through the Audit Committee, Risk Monitoring Committee, 4. Integrated Risk Committee
and Integrated Governance Committee.
At the operational level, risk oversight is conducted by the
The Board of Directors executes risk oversight functions Risk Management Work Unit alongside Business Units
by formulating risk policies and management, conducted and the Compliance Work Unit, which are responsible for
alongside the Executive Committee responsible for risk identifying, measuring, mitigating, and controlling risks.
management, which includes:
Risk Identification, Measurement, Mitigation, and Control
Bank Mandiri’s risk management process consists of the following stages:
1 2 3 4
Risk Identification Risk Measurement Risk Monitoring Risk Control
Aims to identify the Measures the exposure to risks Aims to compare the Controls potential risks
types of risks inherent in in Bank activities and compares established risk limits that may exceed the
each functional activity it with the risk appetite. This with the risk exposure risk limits and tolerance
that could harm the measurement enables the Bank currently being managed levels set by the Bank.
Bank. to mitigate risks and determine by the Bank.
the capital required to cover
residual risks.
Bank Mandiri implements effective risk management practices across all work units using the Three Lines of Defense framework
to ensure that risk management is conducted in accordance with applicable standards and regulations.
Three Lines of Defense
1 2 3
Risk Owner Work Unit acts Risk Management Unit Internal Audit Unit serves
as the first line of defense, functions as the second line as the third line of defense,
responsible for managing risks of defense, responsible for providing independent
within their respective work conducting oversight. assurance.
units.
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Specifically, Bank Mandiri implements a 1.5 line of defense, • Strategic Risk
which consists of the Fraud Detection Unit and the Senior • Compliance Risk
Operational Risk Head to support the work units that serve • Intragroup Transaction Risk
as the first line of defense in ensuring effective risk controls. • Insurance Risk
There are 10 (ten) types of risks managed by Bank Mandiri The Risk Management Unit conducts Mandiri Group’s
on a consolidated basis, namely: stress testing regularly every semester to assess resilience
• Credit Risk against various risks. The Internal Audit Unit, as the third
• Market Risk line of defense, continuously performs assurance and
• Liquidity Risk consultation activities related to the adequacy of internal
• Operational Risk controls, risk management, and Bank governance in
• Legal Risk accordance with prevailing regulations and Bank policies.
• Reputational Risk
Emerging Risks
Bank Mandiri has identified various emerging risks, with a corresponding mitigation plans as follows: [GRI 2-16]
Emerging
Category Explanation Impact Mitigation
Risks
Digital and Technology Risks arising Technological advancements, including In addressing the challenges of the
Technology from the the integration of artificial intelligence digital era, Bank Mandiri continues to
Transformation adoption (AI), drive the transformation of financial take strategic steps to strengthen its
Risks of new services. However, system disruptions technology ecosystem. Investment in
technologies, can hinder services and affect customer secure and scalable IT infrastructure
such as trust. Challenges in managing big data, remains a top priority to meet the evolving
artificial risks of data misuse due to AI, and demands of digitalization. Additionally, the
intelligence competition from innovative digital banks implementation of artificial intelligence (AI) is
(AI), require companies to adapt and innovate leveraged to enhance operational efficiency
automation, to maintain market share and customer and customer experience, while ongoing
or digital loyalty. efforts to strengthen cybersecurity are made
banking. to safeguard data and maintain customer
trust amidst increasingly complex digital
threats.
Geopolitical Geopolitical Risks arising In addressing escalating geopolitical In addressing risks arising from geopolitical
Risks from global pressures, various sectors must conflicts, Bank Mandiri adopts strategic
political navigate complex challenges that approaches to maintain business stability
instability or impact business stability. Disruptions and operational sustainability. Risk analysis
international in cross-border capital flows, currency of international markets is strengthened
conflicts. exchange rate fluctuations affecting to anticipate impacts on portfolios and
international trade, and risks of sanctions operations, while proactive monitoring
or restrictions on business partners are of international trade regulations ensures
key challenges in maintaining operational compliance and adaptation to global
sustainability amid global uncertainty. dynamics.
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
ESG Governance
Bank Mandiri has established a sustainability vision of “Becoming Indonesia’s Sustainability Champion for a Better Future,”
to be realized through 3 (three) main strategies and various derived initiatives aligned with the Sustainable Development
Goals (SDGs). To ensure the initiatives under these three strategies are implemented effectively, Bank Mandiri has built a solid
foundation for ESG governance. The initiatives are focused on strengthening ESG governance, capacity development, and
disclosure enhancements in line with best practices, ensuring that ESG principles are fully integrated across all operational
aspects and decision-making processes.
Bank Mandiri has established an ESG governance structure involving all organizational units responsible for policymaking,
decision-making, oversight, and the implementation of ESG strategies.
ESG Governance Structure [GRI 2-9, 2-12, 2-13, 2-24]
ESG Governance Structure
Board of Commissioners/Related Committees
Board of Directors/Related Committees
ESG Working Group
ESG Coordinator Units
ESG Contributor Units
• Business Units • Supporting Units
• Risk Management Units • Regional Offices I–XII
To ensure alignment between the Company’s strategic policies and ESG principles, the Board of Directors, Board of
Commissioners, and ESG Unit play complementary roles. The Board of Directors and Board of Commissioners are responsible
for overseeing the Company’s compliance with regulations and providing recommendations regarding the formulation
of policies and risk management strategies. The ESG Unit focuses on planning and implementing sustainability initiatives,
including developing the ESG framework and targets, monitoring the sustainable portfolio, and integrating ESG aspects into
all business processes.
Roles and Responsibilities—Board of Directors and Commissioners
• Monitor and evaluate the Company’s compliance • Provide recommendations to the President Director
with the Articles of Association, regulatory authorities, regarding policies, strategies, and guidelines for
and regulations related to risk management. implementing risk management.
Roles and Responsibilities—ESG Unit [GRI 2-12, 2-13, 2-14]
• Develop ESG frameworks, commitments, roadmaps, • Ensure ESG disclosures align with best practices.
and targets. • Internalize ESG awareness among all employees.
• Monitor Bank Mandiri’s sustainable portfolio (in • Align ESG aspects with all business processes and
accordance with POJK 51/2017) and report on internal policies.
alignment with Indonesia’s Green Taxonomy. • Prepare ESG performance reports for the Board of
• Promote the development of sustainable financial Commissioners and Directors to be presented at the
products and services. GMS.
• Define key performance indicators (KPIs) for ESG
across all units.
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ESG Unit Structure [GRI 2-9, 2-12, 2-13, 2-24]
ESG Unit Structure
President Director
Vice President Director Other Directors
Other Work Units Environmental, Social, & Governance Group
ESG Communication ESG Framework & Product & Portfolio
Dept. ESG Operation Dept. Management Dept.
Sector Policy Dept.
External ESG Internal ESG Sustainable Sustainable
Engagement Engagement Framework & Sector Policy
Policy
Environmental Sustainable Sustainable Sustainable
Future Operations Product Portfolio
Development Management
ESG Unit Responsibilities [GRI 2-12, 2-13, 2-14]
ESG Communication Department ESG Operation Department
• Prepare ESG disclosures. • Prepare operational GHG emission reports.
• Encourage stakeholder engagement through various • Develop strategies to reduce operational GHG emissions.
internal and external activities and publications. • Prepare and monitor the implementation of the
• Communicate ESG strategies and performance to Sustainable Finance Action Plan (SFAP).
investors.
• Responsible for creating and disseminating all ESG
messages of the Company. Product & Portfolio Management
• Prepare press releases, statements, and communication Department
materials related to ESG achievements and initiatives.
• Enhance the Sustainable Portfolio by developing various
sustainable financial products, including providing
advisory services to product owners.
ESG Framework & Sector Policy • Report the Sustainable Portfolio in compliance with
Department POJK 51 and the Taxonomy for Sustainable Finance in
• Develop frameworks, roadmaps, and commitments for Indonesia (TKBI).
ESG and climate change. • Develop transition strategies to reduce financed
• Establish ESG-related policies and sustainable banking emissions in alignment with national NZE targets and
across the credit process on a bank-wide basis. best practices.
• Advocate policies and provide insights to regulators • Create systems and methodologies for managing the
regarding best practices in sustainable finance Sustainable Portfolio in line with best practices.
implementation.
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and Governance Corporate Governance ESG Governance
ESG Governance Oversight and Evaluation [GRI 2-16]
Bank Mandiri ensures that the management of In the management of climate risk, the Board of Directors
environmental, social, and governance (ESG) policies involves the Risk Management Committee (RMC), while
is conducted effectively, meeting the expectations of oversight is carried out by the Board of Commissioners
stakeholders and applicable regulations, while adhering through the Risk Monitoring Committee (KPR). Climate
to banking best practices and sustainability initiatives. In risk monitoring is conducted through Board of Directors
general, the Board of Directors and Board of Commissioners meetings, RMC, and the ESG Forum at least six times a
establish policies, strategies, and sustainability targets, while year.
managing the impacts of social, economic, environmental,
and climate change aspects. Furthermore, Bank Mandiri Sustainability impact management is delegated to the
has ratified the ESG Guiding Principle through the decision ESG Unit, supervised by the Vice President Director, with
of the Risk Management and Credit Policy Committee its results reported to RMC and KPR. Reports from the
(RMPC) No. RMPC/051/2023, dated December 13, 2023. ESG Unit are further escalated as needed to the Board of
This guideline serves as a framework for Bank Mandiri to Commissioners at least 4 (four) times annually. Additionally,
integrate ESG aspects into all internal policies related to the Board of Directors oversees the implementation of
business and operational activities. integrity and ethics through the Internal Control System
to ensure a corporate culture that upholds high ethical
standards and risk management across all organizational
levels.
Responsibilities for ESG Governance Oversight and Evaluation
ESG Group
Quarterly reports on ESG implementation covering progress in sustainable finance initiatives, commitments, and
the sustainability framework, as well as other issues related to climate management and the achievement of SDGs.
RMC/Directors/ESG Forum
Provide direction to the ESG Unit and ESG Contributing Members to conduct reviews, develop, and align the
achievements of sustainable finance initiatives with the latest sustainability issues and stakeholder expectations.
Board of Directors
• Quarterly reports to the Board of Commissioners through the Risk Monitoring Committee (KPR) on progress in
sustainable finance initiatives, commitments, and the ESG framework, as well as key issues regarding climate
and SDG achievements.
• Present achievements, plans, and sustainable finance initiatives to investors, the media, and regulators through
analyst meetings, public exposés, GMS, sustainability landing pages, websites, and prudential meetings.
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ESG Risk Management
Environmental and social risks, including climate change ensure the latest industry standards related to environmental
issues, are part of reputation and legal risks. Therefore, accountability are applied in banking services, stakeholder
Bank Mandiri evaluates and mitigates these risks through relations, and the management of operational facilities.
the Reputation Risk Management Framework and relevant
policies. In its implementation, Bank Mandiri adopts the The implementation of ESG risk management at Bank
four eyes principle to ensure transparency and accuracy in Mandiri is monitored by the Board of Commissioners and
decision-making related to ESG risks. the Board of Directors through the following mechanisms:
1. Risk Management Committee (RMC)
In the risk management function, the Risk Management RMC holds regular meetings to monitor targets
Unit is responsible for providing independent oversight and performance related to ESG aspects. RMC is
on the measurement, monitoring, and management of responsible for the development of policies, strategies,
environmental risks. This unit operates directly under the and the integrated ESG risk management framework.
Director of Risk Management. Collaboration is carried out 2. Risk Monitoring Committee (KPR)
with ESG teams, Business Units, and functional groups to KPR evaluates the effectiveness of risk management
ensure environmental and social risks are integrated into and ensures the implementation of ESG governance.
Bank Mandiri’s ESG strategy. This process also aims to
Sustainable Finance
As part of its sustainable finance strategy, Bank Mandiri integrates sustainable finance principles into all business processes.
The primary focus of the action plan includes the development of a sustainable finance portfolio, enhancement of human
resource capacities, and organizational structure adjustments, emphasizing environmental, social, and governance (ESG)
aspects.
Responsibilities in Sustainable Finance [OJK E.1]
As part of its commitment to sustainable finance, Bank Bank Mandiri has established the ESG Group as a
Mandiri has developed the 2025–2029 Sustainable Finance dedicated unit, as stipulated by the Board of Directors’
Action Plan (SFAP), which serves as a strategic roadmap decree, to manage sustainable finance in accordance
in achieving sustainability targets. This SFAP document with POJK-51/2017. The ESG Group, led by the Vice
was submitted to the Financial Services Authority (OJK) in President Director, oversees the implementation of ESG
November 2023. The Board of Directors is responsible for and is responsible for managing frameworks, regulatory
establishing and implementing the SFAP related to climate alignment, sustainable portfolio management, operational
change and SDG targets, while the Vice President Director strategies, communication, and reporting. In relation to
coordinates ESG management across all directorates. the G-SIB score, Bank Mandiri is not listed as a Global
Systemically Important Bank (G-SIB). [FN-CB-550a.1.]
Opportunities and Challenges in Sustainable Finance [OJK E.5]
The demands from the global community at large and The implementation of sustainable finance initiatives is a
governments in general in managing ESG issues have long-term journey that involves various challenges. For this
driven a business trend that is more environmentally friendly reason, Bank Mandiri continuously identifies and evaluates
and inclusive, particularly in efforts to achieve a low-carbon risks while setting mitigation steps to overcome obstacles
economy and Net Zero Emissions (NZE) targets. ESG effectively.
issues not only present new risks and challenges but also
open up various business opportunities.
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Some challenges in implementing sustainable finance include:
Uneven understanding and internal capabilities regarding sustainable finance.
1.
To address this, Bank Mandiri continues to work on raising awareness and enhancing employee capabilities through
various programs, such as training, workshops, and benchmarking against best practices.
2. Customers and business partners have limited understanding of ESG aspects in their business activities.
In this context, Bank Mandiri actively conducts socialization efforts, including workshops involving customers, ESG
experts, and relevant stakeholders, to implement ESG aspects in priority sectors.
3. The readiness of systems and processes required to support the integration of sustainable finance into
banking activities.
This includes the development of monitoring and reporting systems related to the Sustainable Business Activity
Categories (KKUB) and the Taxonomy for Sustainable Finance in Indonesia (TKBI).
4. Technological disruption, especially digitalization, has increased cyber and IT risks.
Bank Mandiri continuously enhances mechanisms to mitigate risks associated with cyber threats and IT.
5. Regulations related to sustainable finance are still evolving.
To ensure effective policy implementation, Bank Mandiri consistently develops standards and technical guidelines
for new regulations.
6. Policies, stimuli, and incentives from various government institutions are needed to encourage financial
service institutions.
These efforts also aim to assist business players in implementing sustainable finance initiatives.
Bank Mandiri is committed not only to identifying and mitigating risks associated with ESG issues but also to seizing emerging
opportunities through various sustainable finance initiatives. To optimize these opportunities, Bank Mandiri takes several
strategic steps, including:
To accelerate the formation of a low-carbon business ecosystem, Bank
Mandiri develops ESG expertise through various training programs,
Building ESG expertise
certifications, and workshops involving industry experts, customers, banking
colleagues, regulators, and other related institutions.
Bank Mandiri develops various sustainable financial products and services for
both funding and financing purposes. Additionally, Bank Mandiri continues
to support customers in sectors with high ESG risks in transitioning to more
Developing various sustainable
accountable and environmentally friendly businesses. By providing financial
financial products and services
solutions for decarbonization, Bank Mandiri helps customers reduce carbon
emissions and supports the supply chain transition toward a low-carbon
ecosystem.
Bank Mandiri promotes digitalization through the launch of various digital
Encouraging digitalization products such as Livin’ for the retail segment and Kopra for the wholesale
segment.
Enhancing community empowerment Bank Mandiri enhances community empowerment and financial inclusion
and financial inclusion through financing in segments such as MSMEs and Mandiri Agents.
Bank Mandiri collaborates with regulators and related institutions to support
Collaborating with regulators and
government programs in addressing climate change issues and achieving
related institutions
SDG targets.
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Business Ethics
Business Ethics
Corporate Code of Conduct
Bank Mandiri has a Code of Conduct that outlines the disclosures, as part of the commitment to addressing key
fundamental principles of personal and professional risks related to business ethics. This is further reinforced
conduct expected from all members of the Bank Mandiri by the routine internalization of the code, starting with the
organization. This code must be adhered to by the Board onboarding program for new employees at all levels, which
of Commissioners, the Board of Directors, and all Bank introduces the Code of Conduct, business ethics, and
Mandiri employees, whether permanent or contract compliance statements. [GRI 2-23]
employees. The implementation of the Code of Conduct
serves as a guideline for managing the Bank’s operations to The topics covered in Bank Mandiri’s Code of Conduct
always consider and account for environmental and social include various important aspects to ensure transparent
risks. and responsible business practices that support sustainable
governance practices. The Code of Conduct consists of 7
In its implementation, Bank Mandiri’s Code of Conduct is (seven) main topics, where information related to the topics
supported by various internal regulations and compliance is publicly available as part of Bank Mandiri’s commitment
statements in the form of an integrity pact and annual to good and sustainable governance. [GRI 2-22, 2-23, 2-24]
Topics in the Code of Conduct
Conflict of interest Confidentiality of Abuse of position Insider behavior
information and gratification
Sustainable financial Integrity of the Integrity and accuracy
system banking system of bank data
1. Conflict of Interest includes using information solely for the benefit of the
A conflict of interest occurs when members of the Bank Bank, and exercising caution when sharing information
have personal, familial, or third-party interests that may with relevant parties. The disclosure of Bank activities,
influence their objectivity in carrying out duties and internal policies, employee data, or business activities is
responsibilities. To prevent this, all Bank personnel are only permitted with the approval of authorized officials
required to report potential conflicts of interest, refrain and in accordance with applicable regulations. This
from misusing Bank facilities or assets for personal or confidentiality obligation remains in effect even after an
familial gain, and avoid partnerships with other entities employee leaves the Bank.
without written approval. Additionally, they must ensure
that all transactions comply with regulatory provisions 3. Abuse of Position and Gratuities
related to insider trading or conflict of interest. The Bank’s management is prohibited from abusing
authority or exploiting knowledge gained from the
Bank’s business activities for personal gain, as well as
2. Confidentiality of Information for the benefit of their family or other parties. The Bank’s
All Bank personnel must maintain the confidentiality of management is prohibited from requesting or receiving,
information as stipulated by applicable regulations. This allowing, or approving the receipt of gratuities related to
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
their position that contradict their duties or obligations corporate progress and sustainability. Bank personnel
as stipulated by applicable laws and regulations. They are committed to environmental conservation,
are also prohibited from accepting rewards from third community welfare, and occupational health and safety.
parties who obtain or seek to obtain work related to Decisions must consider potential economic, social,
the procurement of goods and services from the Bank. and environmental impacts, including associated risks.
In the procurement of goods and services, the Bank The Bank is dedicated to avoiding environmentally
must secure the best prices with maximum benefits for harmful activities.
the Bank. Additionally, the Bank’s management is not
permitted to borrow or incur debt from customers or 6. Integrity of Banking Systems
use the Bank’s facilities for personal interests beyond Bank personnel are responsible for maintaining integrity
the applicable regulations. by ensuring compliance with legal frameworks in the
financial and banking sectors. This includes preventing
Any provision made by the Bank’s management in practices such as money laundering, terrorism
relation to fundraising activities or other business financing, corruption, and antitrust breaches that could
activities of the Bank must be based on transparency damage public trust.
and business ethics, adhering to prevailing regulations.
Compensation provided to support promotional efforts, In this regard, Bank Mandiri is committed to avoiding
market development, and other operational activities of unfair competition and fostering healthy competition
the Bank may only be given through mechanisms that in conducting its business. Bank Mandiri also upholds
comply with legal regulations and must not be directly transparency and fair competition by refraining from
provided to individual civil servants or state officials. unethical practices, such as collusion or actions that
harm competitors. Additionally, all levels of the Bank are
4. Insider Behavior expected to proactively identify suspicious transactions
Bank personnel with access to confidential information and take preventive measures to detect and address
are prohibited from using it for personal, familial, or accounts suspected of being linked to illegal activities.
third-party gain. The use of internal information for
securities trading is only allowed if such information is 7. Integrity and Accuracy of Bank Data
publicly available. Misuse of position for private benefits Bank personnel must ensure accurate and accountable
or influencing decisions is prohibited. Decisions related data. Any actions involving data falsification,
to asset transactions must always prioritize the Bank’s modification, or deletion without proper authorization
interests. are strictly prohibited. Data deletion or alteration is only
allowed under approved procedures. Furthermore,
5. Sustainable Financial Systems document manipulation under any circumstances is
The Bank prioritizes sustainability in economic, social, not permitted.
and environmental aspects as part of achieving
System and Procedures of the Code of Conduct
Bank Mandiri has established a comprehensive system and To strengthen its commitment to ethical compliance, Bank
procedures for its Code of Conduct, designed to ensure Mandiri has operational guidelines that are implemented
that all employees perform their duties and responsibilities annually. These guidelines include the execution of an
with the utmost integrity, professionalism, and adherence Integrity Pact and the Annual Disclosure. Bank Mandiri
to corporate values. The implementation of the Code requires all employees to sign the Integrity Pact at the
of Conduct is overseen by the Compliance and Human beginning of each year through either manual forms or the
Resources Director, along with the Compliance Unit, Mandiri CLICK system. This pact signifies the commitment
Internal Audit Unit, Data Protection & Fraud Risk Unit, and to comply with regulations, perform duties in alignment with
the Senior Investigator Unit, ensuring its internalization and organizational cultural values, and maintain professional
effective supervision across all organizational levels. relationships. Additionally, employees are mandated to
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Business Ethics
complete the Annual Disclosure, which documents potential level below the Board, and all employees through:
situations that could lead to non-compliance with the Code 1. Knowledge Management System (KMS) portal
of Conduct, such as conflicts of interest, receipt of gifts, or 2. The Company website
insider trading. This disclosure is confidential and aims to 3. The email administrator sent to all employees of the
ensure transparency and integrity in all banking activities. Company
4. Signing of collective labor agreements between the
The Code of Conduct is consistently communicated and company’s labor unions and management
disseminated to the Board of Commissioners and its 5. Standing banners, flyers, and other advertising media
supporting organs, the Board of Directors, executives one in the Company’s office areas
Employee Training on Ethical Standards
Bank Mandiri regularly conducts annual training on the ethical standards (code of conduct and ethical guidelines), covering
all employees, both full-time and part-time, as well as contractors, to strengthen the implementation of ethical standards in all
Company operations. This effort also aims to provide guidance on what is considered acceptable behavior, strengthen internal
management, and establish a strong institutional foundation to continually develop business ethics standards. Below is a
description of the ethics training for employees organized by Bank Mandiri.
Annual Training on Ethical Standards
Scope of Trainings:
Code of Conduct of Bank Mandiri, Sharing Session on Anti-Fraud Strategy and Code of Conduct, Business Ethics,
Practical Ethics for Business and Individuals, Business Ethics in Sales Professionals, Leadership Ethics, Accounting
Ethics, Ethics in Cybersecurity, and so on.
Number of Training Titles Total Training Hours Number of Training Participants
273 Titles 47,663 Hours 17,301Participants
Oversight of Code of Conduct Compliance
Oversight of Ethics Issues
Oversight of ethics issues involves the Board of Directors’ Additionally, the Board of Commissioners oversees the
monitoring of integrity and ethics implementation, which is implementation of the Code of Conduct across the bank
part of the Internal Control System. With this oversight, the through an audit mechanism. The Audit Committee
Board of Directors ensures the cultivation of a corporate performs audit functions and submits Significant Findings
culture that upholds ethical values and integrity among all Reports to the Board of Commissioners, in accordance with
employees, positions management as role models to foster the Board of Directors’ Decision No. KEP.DIR/030/2023
active engagement from all members, and embeds a risk on the Organizational Structure established on August 4,
culture at every organizational level. This is conducted 2023.
to create a credible, accountable, and responsible work
environment that supports effective risk management
within sustainable finance practices.
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Regular Audits of Ethical Standards
Bank Mandiri conducts audits of all operations on ethical standards at least once every three years. Additionally, annual
audits of ethical standards are carried out as part of mandatory audits, with the results reported quarterly to the Board of
Commissioners through the Audit Committee.
Internal Audit Governance
Board of Commissioners
• Establishes the Audit
Committee.
• Ensures the
effectiveness of
independent audit and
investigation activities.
Audit Committee Integrated Governance
Committee
Internal Audit
• Evaluates programs, Assists the Board
work plans, and of Commissioners Internal Audit as SKAIT reports the
Internal Audit in monitoring and results of monitoring of the Company’s
activities. evaluating the subsidiary’s SKAI.
• Requests Internal implementation of
Audit to conduct Integrated Governance Plans, executes, develops,
audits and through adequacy recommends, and takes responsibility
investigations if assessments of while collaborating with all relevant
needed. integrated internal stakeholders regarding audit and
• Reports and provides controls. investigation activities.
input to the Board of
Commissioners.
Clients Other Work Units
President Director • Provide all data Internal units
and information deemed necessary
• Sets the Internal Audit Charter. needed for for Internal Audit
• Monitors and evaluates Internal Audit. audits and considerations
• Approves the Annual Audit Plan (AAP). investigations. should be involved
• Respond and in implementing
act upon audit internal audit
results. and investigation
Board of Directors activities.
• Ensures the implementation of audit
follow-ups and recommendations.
• Supervises Subsidiary Companies.
Accountability lines Monitoring and Involvement in the Reporting lines
communication lines process
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Business Ethics
In conducting annual audits, Bank Mandiri adheres to four key components: Policy, Process, System, and People, which serve
as the foundation for ensuring the effectiveness and sustainability of corporate governance. One of the critical elements within
the People component is the audit of ethical standards, aimed at ensuring the fulfillment of integrity as an essential building
block of the annual audit process. Each audit theme includes the People component as an effort to strengthen a culture of
integrity, accountability, and risk control across all operational lines of the company.
Building Blocks of the Annual Audit
Governance
Risk Oversight Regulatory
and Limit Policy Updates
Management Processes Compliance
Setting
Policy
Core Operational Activities
Process
Information
Vendor System Utilization Application
Technology and
Management and Capacity Controls
Security
System
Integrity
Workload Job
Competency Awarenes Discipline Implementation
Management Descriptions of Audits
People on Ethical
Standards
Audit Scope
The Internal Audit team has developed 38 assignments as part of the 2024 Annual Audit Plan, which consists of:
Thematic Audit Mandatory
Audit focusing on specific themes and/or end- Audit
to-end processes. Thematic audit results offer
Audit of subjects/objects required by regulators,
comprehensive insights and recommendations
3 12
local authorities, and/or conducted upon
to management for significant business process
management’s request.
improvements.
General Audit
Audit of specific subjects/objects, such 17
38 Assignments 5
Subsidiary Audit
Audit conducted to provide insights
as business units, activities, products, and recommendations for improving
information technology, or transactions internal controls, risk management,
that are not required by regulators. and corporate governance within
1 subsidiaries. This is part of the
Integrated Internal Audit Unit (SKAIT)
function.
Consulting
Consulting services are provided based on client needs and approval to enhance internal controls, risk management, and governance processes without taking
over operational responsibilities.
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Reguler audits of ethical standards serve as enforcement Bank Mandiri has an Internal Audit Unit that plays a critical
audits of the Code of Conduct, conducted alongside role in monitoring and auditing the implementation of
internal audits by the Internal Audit Unit (SKAI), which is the Code of Conduct throughout the organization. This
authorized to investigate fraud and ethical breaches within unit is tasked with assessing the effectiveness of internal
the Bank and its affiliates. SKAI is required to maintain control systems and ensuring that all employees, including
independence and report directly to the President Director, management, adhere to established ethical values. Through
as stipulated in the Internal Audit Charter approved by the regular audits, the Internal Audit Unit evaluates compliance
President Director and the President Commissioner of Bank with the Code of Conduct and identifies potential risks that
Mandiri, updated on February 15, 2022. may affect the bank’s integrity and reputation. The Internal
Audit Unit consists of:
1. Board of Commissioners
The authority, duties, and responsibilities of the Board of Commissioners in carrying out internal audit functions are
guided by the Internal Control Policy (KICN).
2. Audit Committee
The authority, duties, and responsibilities of the Audit Committee in executing internal audit functions are outlined
in the Audit Committee Charter.
3. Integrated Governance Committee
The authority, duties, and responsibilities of the Integrated Governance Committee in implementing internal audit
functions are defined in the Integrated Governance Committee Charter.
4. President Director
Provides direction on the scope and activities of SKAI, approves the Annual Audit Plan and budget allocation in
collaboration with the Board of Commissioners, and ensures that internal audits in subsidiaries are conducted in
accordance with the Bank’s audit standards.
5. Board of Directors
Ensures follow-up actions on audit findings and recommendations from SKAI, external auditors, and regulators
by subsidiaries within the financial conglomerate, and performs oversight functions according to their respective
fields.
6. Internal Audit Unit (SKAI)
Reports directly to the President Director and can communicate directly with the Board of Directors, Board of
Commissioners, and Audit Committee.
In addition to ethical enforcement audits conducted by SKAI, Bank Mandiri also ensures the integrity and compliance of the
Code of Conduct through independent verification by a third parties. This includes an annual quality audit (ISO 9001:2015)
conducted by SGS and the Anti-Bribery Management System (ISO 37001:2016 SMAP) audit by TuvNord, covering all
operational activities. This verification aims to evaluate the alignment of the formulation and implementation of Bank Mandiri’s
Code of Conduct with applicable standards, thereby fostering external oversight to complement internal audits. This initiative
reflects Bank Mandiri’s commitment to maintaining transparent and accountable corporate governance.
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Business Ethics
Investigation of Code of Conduct Breaches
To ensure the effective implementation of the Code of lines, and principles of responsibility are applied across all
Conduct, the company has established a structured and divisions and the Mandiri Group to maintain transparency
systematic mechanism. This mechanism includes various and corporate integrity. Through this mechanism, the
channels and procedures to support monitoring and company is committed to fostering a professional work
disciplinary actions for breaches, such as help desks, focal environment that adheres to ethical conduct and behavior.
points, ombudsmen, and whistleblowing hotlines. Every The implementation mechanism of the Code of Conduct is
report received is followed up with an in-depth investigation, outlined as follows:
and strict disciplinary actions are enforced according to the
level of breaches, ranging from warnings to zero-tolerance
policies.
The Company ensures that accountability, clear reporting
1. Identification and Reporting of Breaches
Employees who witness or experience breaches of the Code of Conduct and Conduct can report through
designated channels, such as direct letters or internal mechanisms.
2. Receipt and Preliminary Review of Reports
Reports undergo initial verification for accuracy and relevance by the authorized parties.
3. Investigation and Examination of Reports
If deemed valid, the report is investigated by the relevant authorities to gather evidence, analyze facts, and
determine the severity of the breach.
4. Determination of Sanctions Based on Investigation Results
Disciplinary sanctions are categorized into three levels: light, moderate, and severe.
5. Follow-Up on Sanction Decisions
Sanction decision letters are signed by the authorized parties.
6. Monitoring and Documentation
Audit results are formally documented, and regular monitoring of the implementation of the Code of
Conduct and Conduct is conducted.
7. Evaluation and Development of the Code of Conduct and Ethics
Evaluations and improvements are made if weaknesses are identified in existing rules and mechanisms.
In addition to implementing the Code of Conduct Meanwhile, any breach of the Code of Conduct and Ethics
mechanism, Bank Mandiri adopts proactive measures to will result in sanctions as per the applicable Employee
prevent unethical behavior and minimize breaches. One Discipline Regulations, including potential criminal penalties
approach is integrating compliance with the Code of under the relevant laws. Light and moderate disciplinary
Conduct into the employee performance appraisal system sanctions may affect promotion considerations and
and remuneration policies. This ensures that employee are included as components in employee performance
performance is assessed not only based on business evaluations.
achievements but also on adherence to applicable ethical
principles.
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and Governance Corporate Governance ESG Governance
Every breach of the Code of Conduct at Bank Mandiri is may be enforced. In such cases, all employee rights
subject to disciplinary sanctions categorized into various and facilities are terminated according to applicable
levels, from light to severe, depending on the seriousness regulations.
of the breach and its impact on the organization. These
sanctions can affect various professional aspects, including Through this disciplinary enforcement mechanism, Bank
bonus payments, promotion opportunities, performance Mandiri is committed to fostering a work culture that upholds
evaluations, and even demotion. The following are the integrity, and adherence to ethics and professionalism,
types of sanctions for breach of the Code of Conduct: while ensuring that all disciplinary actions are carried out
• Minor Breaches fairly and transparently.
Written warnings are issued, which may result in
promotion delays of several months and partial reductions In handling reports of code of conduct breaches, the
in incentives. Senior Investigator Head (SIV) is assigned to investigate
• More Serious Breaches each reported and identified case. Significant findings or
Sanctions may include restrictions on performance reports will be addressed in accordance with the applicable
appraisals, cancellation of bonuses, and withdrawal of procedures, as outlined in the following process.
certain benefits for a specified period.
• Severe Breaches
Such as actions that harm organizational integrity or
violate serious regulations, termination of employment
Significant Findings Reporting Process
Step Step Step Step
1 2 3 4
Audit Manager Audit Operation
creates a summary Department Submission to the Submission to the
of Significant compiles the President Director President Director
Findings and Significant and the Board of and the Board of
submits it to the Findings Report Commissioners Commissioners
Audit Operation from all audit through the Audit through the Audit
Department. departments. Committee. Committee.
Audit Execution Basis:
• Internal Audit Standards Procedure (SPIA) number S32.P1.IAU of 2023.
• Internal Audit Technical Guidelines (PTIA) number S32.P1.T1.IAU of 2022.
• Human Resources Standards Procedure number S.14. P1.SDM of 2022.
• Internal Control Policy K.2 of 2023 (Edition 3).
In 2024, there were 13 reported violations, including 7 cases of conflicts of interest and 6 other cases. All these cases have
been thoroughly resolved in accordance with internal policies and applicable laws and regulations. [GRI 205-3]
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Business Ethics
Whistleblowing System [GRI 2-25, 2-26] [FN-CB-510a.2]
Whistleblowing System Mechanism
HC Engagement
1b & Outsource
RWP, employment Management
4a Group
1 3a provisions, employee
complaints
• Website
• Email 2 3
• WhatsApp
• SMS Third Secure
Whistleblower Party
5 Compliance & 4
• Surat AML - CFT Email
Fraud, Code of
6 3b Conduct, Business
4b Ethics
1a Senior Investigator
Note
In addition to the Code of Conduct violation reporting Reports submitted through WBS-LTC are managed by an
mechanism, Bank Mandiri has a Whistleblowing System independent third party. In the reporting year, Bank Mandiri
(WBS) called Whistleblowing System – Letter to CEO (WBS- appointed PT Deloitte Advis Indonesia to handle these
LTC) as a platform for employees and other stakeholders to reports. Reports received in the system are forwarded to
report indications or acts of fraud and/or non-fraud. WBS- the relevant Bank Mandiri unit responsible for managing
LTC aims to detect fraudulent or non-fraudulent activities WBS-LTC, which then directs them to the appropriate unit
that may harm customers, the Bank, or other parties, for follow-up based on the type of report.
enhance awareness among employees to protect the Bank
from potential losses, and strengthen the Bank’s reputation
among stakeholders, particularly in the context of good
governance.
Whistleblower Protection
As Bank Mandiri’s commitment to maintaining the Bank Mandiri firmly rejects and does not tolerate any
confidentiality of reports from unauthorized parties, the form of retaliation against whistleblowers or individuals
Company guarantees the confidentiality of whistleblower who participate in or assist in investigations related to
identity and the content of the reports submitted. disclosures, provided they have acted in good faith and
Whistleblowers can file reports anonymously (without have not been involved in the reported misconduct. To
disclosing their identity) or through full disclosure (with ensure adherence to this principle, Bank Mandiri will take
complete identity details). Protection is also provided to all necessary measures to protect whistleblowers. In cases
employees who report violations of discipline or regulatory where the whistleblower and the reported individual work in
provisions, as long as the information provided is accurate, the same environment, actions may include transferring the
factual, and not a false report. This includes ensuring that whistleblower or isolating them from the workplace.
the whistleblower is not involved in the violation and that
supporting evidence is available for the report.
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Reporting Channels
SMS & WHATSAPP PHONE EMAIL
0811-900-7777 0811-900-7777 bmri-wbsltc@tipoffs.info
MAIL WEBSITE
PO BOX 1007 JKS 12007 bmri-wbsltc.tipoffs.info
Management of WBS-LTC Reporting [GRI 205-2]
Reporting Channels Report Classification Reports
Reports
Year Non- Declared
Letter Email Website SMS/WA Fraud Followed Up
Fraud Completed
2024 4 52 79 122 38 219 257 257
2023 9 42 55 60 46 121 167 167
2022 1 47 66 23 30 107 137 137
Anti-Financial Crime Policy
Anti-Bribery and Anti-Corruption Policy
Bank Mandiri has established an internal and detailed 1. Gratification That Requires Reporting
policy framework on anti-bribery and anti-corruption, a. Gratification considered as bribery
encompassing the Anti-Gratification Policy, Corruption Gratification related to position and contrary to
Prevention Policy, Gratification Policy, and Anti-Bribery the recipient’s duties or obligations. These are
Management Policy. This framework is supported by considered bribery if:
a comprehensive anti-fraud strategy, which includes 1. The gratification is reasonably suspected of
operational standards and other regulations aligned with influencing the policies, decisions, or actions of
applicable laws. This reflects the Bank’s zero-tolerance the authority figure.
commitment towards corruption, fraud, and gratification 2. The gratification is received during the
practices. performance of duties, within the scope of
authority or responsibility.
As part of its compliance with prevailing laws, Bank 3. The gratification is provided during official visits
Mandiri adopts the definition of gratification as stipulated but is not related to the official purpose of the
in Law No. 31 of 1999 on the Eradication of Corruption visit.
Crimes, as amended by Law No. 20 of 2001. Bank Mandiri 4. The gratification occurs during the processes of
defines gratification as the receipt of gifts in the form of employee recruitment, transfers, or promotions.
money or equivalents, goods, discounts, memberships, b. Gratification Related to Celebrations:
commissions, interest-free loans, tickets, accommodation 1. Gratification in connection with religious holiday
facilities, travel packages, scholarships, free medical celebrations from customers, debtors, partners,
treatments, and other benefits, whether conducted through vendors, or other parties with potential conflicts
electronic means or otherwise. Gratification is categorized of interest.
into three main types:
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Business Ethics
2. Gratification related to other celebrations, such 3. Aligning anti-bribery policies with the Company’s
as engagements, weddings, childbirth, or objectives;
traditional/religious ceremonies, with a maximum 4. Implementing corporate governance practices that
value limit of one million rupiah. support anti-bribery goals;
2. Gratification Not Requiring Reporting 5. Committing to fulfilling the requirements of the Anti-
a. Gratification related to official duties includes those Bribery Management System (ABMS);
received in the context of serving as a speaker or 6. Enhancing anti-bribery awareness among relevant
resource person, participating in official assignments, stakeholders;
or undertaking official travel, as long as it adheres to 7. Applying continuous improvement principles to the
internal regulations. Anti-Bribery Management System (ABMS);
b. Other forms of gratification are exempt from 8. Assigning responsibility, authority, and independence to
mandatory reporting as stipulated in the KPK the Anti-Bribery Compliance Function; and
Regulation on Gratification Reporting. 9. Imposing sanctions for violations of the Anti-Bribery
Management System (ABMS) policies.
The specific policies and strategies related to bribery
and corruption also address the prevention of any form Bank Mandiri has an internal supervision unit in every
of bribery, including kickbacks, direct or indirect political business unit, including the head office, branches, and
contributions, and charitable donations or sponsorships regional offices. Operational supervision is primarily
that may be misused. All information regarding these focused on high-risk functions prone to fraud and potential
policies is publicly accessible to ensure transparency and corruption, particularly in procurement processes, cash and
accountability. [GRI 3-3] valuable asset storage, and financial transactions involving
customers. In response, the Company has strengthened
Through these policies, Bank Mandiri defines corruption oversight, enhanced transparency in procurement
as the misuse of public or private positions for personal or processes, and provided anti-corruption training to all
group gain. Bribery, meanwhile, is defined as the provision employees. This training includes operational guidelines
or receipt of unauthorized gifts, services, or compensation on record-keeping, approval procedures, and appropriate
to influence business decisions. Fraud encompasses any behavior, aimed at mitigating these risks. [GRI 205-1]
form of misconduct in banking practices, such as asset
embezzlement, information leaks, and acts of corruption In efforts to mitigate the risks of fraud and gratification, Bank
that violate laws and employee discipline. Mandiri enforces strict policies regarding unauthorized
payments. Bank Mandiri prohibits all forms of facilitation
To prevent bribery, Bank Mandiri established an Anti-Bribery payments, whether direct or indirect. Facilitation payments
Management System (ABMS) Audit Team to conduct are defined as small payments made to expedite
certifications, audits, and verifications in compliance with administrative processes that should be performed in
international standards. This initiative is an integral part of accordance with applicable regulations without additional
the Bank’s Code of Conduct. costs.
Bank Mandiri has obtained the ISO 37001:2016 Anti- To prevent gratification practices, Bank Mandiri implements
Bribery Management System (ABMS) Certification for the the following gratification control processes: [GRI 3-3]
scope of Procurement & Vendor Management on August 1. Establishing a Gratification Control Unit as part of
10, 2020. The scope was later expanded to include the the Compliance Unit, serving as the coordinator for
internal audit process, becoming Procurement, Vendor gratification control at Bank Mandiri, as stipulated in
Management, and Internal Audit Process as of September the Board of Directors’ Decree, updated with No. KEP.
20, 2022. The ISO 37001:2016 ABMS certification was DIR/64/2021.
renewed on October 13, 2023, and has been maintained 2. Issuing gratification control regulations within Bank
based on a recommendation letter dated September 30, Mandiri, which are refined annually or as needed in line
2024. with the bank’s developments and/or compliance with
regulatory requirements, with the latest update in 2024.
The Anti-Bribery Management System ensures that Bank 3. Conducting socialization of the gratification control
Mandiri adheres to the following principles: program to all employees and stakeholders of Bank
1. Prohibiting bribery and similar practices within the Mandiri.
Company;
2. Complying with applicable laws, regulations, and anti-
bribery provisions;
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Gratification Control Scheme
1a
The report is submitted directly to the KPK through GOL KPK (with a copy to UPG)
4
1b gomandiri 3
Login/Submit Online Gratification Review & Verification
Status Check
Reporter UPG
2
Email Notification
Upload Gratification Determination Letter
Gratification Determination Letter
5
6
Anti-Fraud Strategy
Prevention
Implemented across all work units to reduce the potential for fraud occurrences.
Pillar • Anti-fraud awareness through the dissemination of the Anti-Fraud Statement, Employee Awareness Program,
1 and Customer Awareness Program.
• Identification of vulnerabilities through policies, procedures, job descriptions, and annual disclosures.
• Employee Know Your Employee (KYE) Policy applied during recruitment processes.
Detection
Conducted across all units, from the first line of defence, second, to the third, aimed at identifying and detecting
fraud in banking activities.
Pillar
• Whistleblowing.
2 • Fraud detection systems in transaction segments, including retail channels (micro, consumer, and SME).
• Surprise audits, especially in high-risk or fraud-prone business units.
• Surveillance systems to monitor and evaluate the effectiveness of internal control systems.
Investigation, Reporting, Sanctions, and Legal Processes
Pillar Fraud handling through investigations and reporting to the President Director, Board of Commissioners, and
Regulators.
3 • Delegation of authority for conducting investigations and imposing sanctions to each region to expedite
handling and recovery processes.
Monitoring, Evaluation, and Follow-Up
Monitoring of follow-up actions post-investigation and evaluation of fraud incidents to address weaknesses and
Pillar
strengthen internal controls to prevent recurrence.
4 • Written reports are systematically submitted to the President Director and Board of Commissioners to track
the follow-up actions listed.
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Business Ethics
Communication and Training on Anti-Corruption and Anti-Fraud
by Work Region [GRI 205-2]
Has been communicated by the
Has attended anti-corruption and
Company regarding its anti-corruption
Work Region anti-fraud training
and anti-fraud policies and procedures
Total % Total %
Head Office 13,811 35.53% 1,812 42.08%
Sumatera (Region 1, 2) 4,787 12.31% 343 7.97%
Jakarta (Region 3, 4, 5) 6,832 17.57% 533 12.38%
Java (Region 6, 7, 8) 7,755 19.95% 541 12.56%
Kalimantan (Region 9) 1,796 4.62% 590 13.70%
Sulawesi and Maluku (Region 10) 2,043 5.26% 223 5.18%
Bali and Nusa Tenggara (Region 11) 1,175 3.02% 212 4.92%
Papua (Region 12) 675 1.74% 52 1.21%
Total 38,874 100.00% 4,306 100.00%
In addition to training, Bank Mandiri actively encourages all employees to avoid involvement in fraudulent practices through
various awareness programs. In 2024, the Company organized anti-fraud and anti-corruption policy awareness sessions for
all employee categories (100%). [GRI 205-2]
Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF),
and Counter-Proliferation Financing of Weapons of Mass Destruction
(CPF-WMD) Program Implementation
The rapid advancement of innovation and technology in a new challenge for Bank Mandiri to consistently support
the financial services sector has driven Bank Mandiri to the AML, CTF, and CPF-WMD framework in Indonesia as
undergo business transformation through digitalization. This part of its commitment to national development and the
approach is a key component of Bank Mandiri’s long-term enhancement of global integrity standards.
strategy, known as “Game-Changing Technology.” This
transformation is carefully balanced with the application of To ensure the optimal implementation of the AML, CTF,
prudential principles, security, confidentiality, and robust and CPF-WMD programs, Bank Mandiri adheres to
risk mitigation measures to prevent the misuse of the Bank applicable regulations, risk management practices, the
for Money Laundering (ML), Terrorist Financing (TF), and/ Bank’s Business Plan, and international best practices.
or Proliferation Financing of Weapons of Mass Destruction The Bank’s vision, “To be your preferred financial partner,”
(PF-WMD). is realized through a series of strategic initiatives focused
on Processes & Procedures, Systems & Technology,
Indonesia officially became a full member of the Financial and Human Capital Development. These strategies are
Action Task Force (FATF) following the FATF plenary meeting continuously implemented to enhance the effectiveness
in Paris in October 2023. Bank Mandiri’s active contribution and optimization of the risk-based AML, CTF, and CPF-
to the Mutual Evaluation Review (MER) process played a WMD programs.
significant role in Indonesia’s successful assessment and
full membership in the FATF. This achievement presents
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
AML, CTF, and CPF-WMD Organizational Structure
The Board of Directors and Board of Commissioners of 3. Supervising the implementation of AML, CTF, and CPF-
Bank Mandiri play an active role in ensuring the effective WMD programs within the financial conglomerate.
implementation of the AML, CTF, and CPF-WMD programs. 4. Submitting AML, CTF, and CPF-WMD reports to
This commitment is reflected in discussions on AML, CTF, regulators and ensuring the quality of reporting.
and CPF-WMD program implementation during Board 5. Developing and enhancing applications and supporting
meetings, including follow-up strategies for matters of systems for AML, CTF, and CPF-WMD program
concern raised by regulators and/or stakeholders. implementation.
Bank Mandiri has designated the Compliance & AML-CFT To optimize the quality and ensure the effective
Group as the unit responsible for formulating strategies implementation of AML, CTF, and CPF-WMD programs at
and monitoring the implementation of AML, CTF, and CPF- the branch level, Bank Mandiri has assigned an Anti-Money
WMD programs across the Bank, both individually and in an Laundering Officer (AMLO) in each Region (I–XII) across
integrated manner, as part of its compliance management Indonesia as a safeguard for program implementation
framework. in their respective regions. AMLOs coordinate with the
Compliance & AML-CFT Group and are required to regularly
Specifically, Bank Mandiri has also appointed the Deputy report on their functions and activities to the Compliance &
Group Head of Compliance & AML-CFT Group as the AML-CFT Group.
designated officer overseeing the implementation of AML,
CTF, and CPF-WMD programs, which are managed by four To enhance the quality of AMLOs, the Compliance & AML-
departments. Each department has distinct functions and CFT Group continuously improves their competencies
key responsibilities as follows: through ongoing training and attachment program.
1. Developing, evaluating, and updating policies and
procedures related to AML, AML, CTF, and CPF-WMD. The AML, CTF, and CPF-WMD organizational structure is
2. Conducting and updating Individual Risk Assessment illustrated as follows:
(IRA) for Money Laundering (ML), Terrorist Financing
(TF), and/or Proliferation Financing (PF-WMD) within
the Bank.
Head Office Region
Director of Compliance & HR Regional CEO
Group Head of CPL & AML-CFT
RBC Head Area Head
Deputy Group Head CPL & AML-CFT
Branch
TL AMLO
Manager*
Financial AML AML AMLO
AML Advisory Crime Reporting & System &
Dept. Analysis Data Analyst Development
Dept. Dept. Dept. *Acted as PIC of AML-CFT in branch
Coordination Line for the Implementation of AML, CFT, and PFWMD Programs
RBC: Regional Business Control
AMLO: Anti-Money Laundering Officer
TL: Team Leader
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Business Ethics
Policies and Procedures for the Implementation of AML, CTF, and CPF-WMD
Programs
Bank Mandiri’s AML, CTF, and CPF-WMD programs are 5. Business relationship rejection, transaction refusal,
outlined in the AML, CTF, and CPF-WMD Policies and and/or termination of business relationships.
Procedures, which are developed in accordance with 6. AML, CTF, and CPF-WMD-related reporting.
applicable laws and regulations as well as international best 7. Document management.
practices. These policies cover the following aspects: 8. Human resources and training.
1. Roles and responsibilities of the Board of Directors, 9. Implementation of AML, CTF, and CPF-WMD programs
Board of Commissioners, and Special Units (UKK) for in overseas branches and subsidiaries.
AML, CTF, and CPF-WMD. 10. Management information systems.
2. Know Your Customer (KYC) procedures for prospective
customers, customers, walk-in customers (WIC), and The key elements of the implementation of the AML, CTF,
beneficial owners (BO). and CPF-WMD programs as outlined in the relevant policies
3. Implementation of AML, CTF, and CPF-WMD programs and procedures are as follows:
in high-risk products and services.
4. Application of AML, CTF, and CPF-WMD programs in
the use of supporting professional services.
Customer Due Diligence (CDD)
Bank Mandiri conducts the due diligence process using a risk-based approach through the implementation of
Customer Due Diligence (CDD) and/or Enhanced Due Diligence (EDD) for Prospective Customers, Customers, Walk-
in Customers (WIC), and Beneficial Owners (BO) in business relationship initiation, transaction execution, and ongoing
monitoring based on the results of Bank Mandiri’s Individual Risk Assessment (IRA) ML, TF, and PF-WMD
a. Customer Due Diligence (CDD)
CDD is conducted to identify, verify, and monitor Prospective Customers, Customers, WIC, and BO to ensure
that transactions align with their profiles, characteristics, and transaction patterns. CDD is applied in the following
situations:
1. Establishing a relationship with a Prospective Customer;
2. Establishing a business relationship with WIC;
3. Conducting any transaction;
4. There is an indication of suspicious transaction related to ML, TF, and/or PF-WMD; and/or
5. There is a doubtful information provided by Customer, Authorized Represenative, and/or BO.
To establish a business relationship with a Prospective Customer, Bank Mandiri must conduct identification by
requesting data, information, and supporting documents from the Prospective Customer to verify their profile,
which will then be validated through the following mechanisms:
1. In-person face-to-face meetings;
2. Electronic face-to-face meetings; and/or
3. Electronic non face-to-face verification.
b. Non-Face-to-Face
The electronic non-face-to-face verification mechanism may be conducted using software and hardware owned by
Bank Mandiri or third-party providers, while also utilizing population data from the Population and Civil Registration
Agency. This mechanism considers three authentication factors, namely:
1. Something you are (e.g., facial recognition and retinal pattern);
2. Something you have (e.g., National ID Card/KTP and one-time password/OTP);
3. Something you know (e.g., username, password, and Personal Identification Number/PIN).
This mechanism is applied in electronic (online) account openings, such as through Livin’ by Mandiri.
c. Enhanced Due Diligence (EDD)
Bank Mandiri periodically conducts risk assessments for ML, TF, and/or PF-WMD by referring to the latest National
Risk Assessment (NRA) and Sectoral Risk Assessment (SRA) based on Profile, Country/Geographical Area,
Products, Services, Transactions, and Distribution Channels. The IRA results are used to determine the risk level
of Prospective Customers, Customers, WIC, and/or BOs in three categories: high risk, medium risk, and low risk.
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
If a Prospective Customer, Customer, WIC, and/or BO is categorized with background, identity, history, and/
or profile that classified as high risk of ML, TF, and/or PF-WMD, then Bank Mandiri will apply EDD procedures,
including gathering more in-depth information covering at minimum: source of funds & other sources of wealth,
purpose and nature of the business relationship with the Bank, participation in specific organizations/associations,
links to Politically Exposed Persons (PEPs) and parties listed on sanctions lists, and adverse news.
The risk assessment conducted by Bank Mandiri includes determining Prospective Customers, Customers, WIC,
and/or BOs as PEPs (Foreign/Domestic/Individuals designated to perform significant functions by an International
Organization). For such PEPs, Bank Mandiri will conduct periodic EDD, at a minimum including analysis of
Customer and BO information, sources of funds, and sources of wealth, as well as enhanced monitoring of the
business relationship.
Examples of high-risk areas include:
1. Occupation profiles, including Government Officials/State Administrators (PEPs), Lawyers, and Notaries.
2. Business Sector Profiles, including Financial Service Providers (FSPs) and Forestry.
3. Geographical Areas, including Russia, Belarus, and Myanmar.
4. Products, Services, and Transactions, including Priority Services (Private Banking).
For the establishment of a business relationship and/or execution of transactions with high-risk Prospective
Customers, Customers, WIC, and/or BOs, prior approval from a Senior Officer (Branch Manager / Head of Unit /
Authorized Officer) is required.
Watchlist Screening
Bank Mandiri ensures that no business relationships are established with parties listed in the Sanction List. Therefore,
watchlist screening is conducted for prospective customers, customers, WIC, and/or BOs based on Bank Mandiri’s
Watchlist. The Sanction Policy is formulated based on regulatory requirements, international best practices, and Bank
Mandiri’s internal risk appetite. The key policies consist of:
1. The Bank does not accommodate the establishment of business relationships with certain parties listed in the
Bank’s Watchlist, including:
a. Parties included in lists issued by Regulators/Competent Authorities, such as the List of Suspected Terrorists
and Terrorist Organizations and the List of Proliferation Financing of Weapons of Mass Destruction.
b. Parties included in lists issued by Sanctions Regulatory Authorities, such as OFAC, EU, UN, and OFSI Lists.
2. The Bank is required to maintain and regularly update the Watchlist.
Bank Mandiri has implemented an automated system for screening during the account opening process, transaction
execution, and ongoing monitoring. The Bank continuously enhances and updates its screening system, including
adjustments to the matching accuracy threshold.
Document Administration
Bank Mandiri retains Customers and/or WICs-related documents for a minimum period of five years, since:
1. The termination of a business relationship or transaction with the customer or WIC; and
2. The discovery of transactions that do not align with economic or business purposes.
Additionally, Bank Mandiri retains customer or WIC-related documents for financial transactions in accordance with
applicable laws and regulations.
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Business Ethics
Annual Independent Assessment of Monitoring Procedures
Bank Mandiri has an independent internal control system to assess the effectiveness of its AML, CTF, and CPF-WMD
programs. This process includes:
a. Evaluation of policies, procedures, and systems to detect and prevent ML, TF, and or PF-WMD.
b. Assessment of the operational effectiveness of monitoring mechanisms.
c. Ensuring compliance with AML, CTF, and CPF-WMD regulations through internal/external audits, control testing,
and self-assessment.
Throughout 2024, no significant findings were reported from internal and external evaluations regarding the
implementation of the AML, CTF, and CPF-WMD programs, particularly in KYC processes and reporting. Any
recommended improvements or enhancements based on audit findings, evaluations, or reviews will be followed up in
accordance with the agreed commitments and timelines.
Tax Governance
As a domestic corporate taxpayer, Bank Mandiri is entitled implementing the tax strategy is the Finance Director.
to government-provided tax incentives in the form of tax 2. The approach to taxation is instilled within the company
reductions. This right aligns with Article 17, paragraph (2b) through the availability of Taxation Standard Operating
of Law No. 7 of 1983 on Income Tax, as amended by Law Procedures, the development of embedded application
No. 6 of 2023 on the Enactment of Government Regulation systems in the tax process, and the enhancement of tax
in Lieu of Law No. 2 of 2022 on Job Creation as Law, which awareness through training and socialization activities.
states that domestic taxpayers in the form of publicly listed 3. Identifying, managing, and monitoring tax risks through
companies with at least 40% of their total paid-up shares continuous monitoring and reconciliation conducted
traded on the Indonesian stock exchange, and who meet by the Accounting Group and relevant work units,
certain requirements, are eligible for a tax rate 3% lower as well as periodic monitoring and reviews by Senior
than the 22% rate applicable for the 2024 tax year.[GRI 3-3, Operational Risk (SOR), internal audit, and external
207-4] audit (Public Accounting Firm)
4. Compliance evaluation of tax governance and its
In accordance with the above provisions, in 2024, Bank control is carried out through continuous supervision
Mandiri received a 3% reduction in tax rates, resulting in a by the Accounting Group and relevant work units, as
corporate income tax rate of 19%. With this tax incentive, well as periodic monitoring and evaluation by SOR and
Bank Mandiri remitted Rp9,743 billion in taxes to the internal audit. Bank Mandiri does not use guarantor
government during the reporting year. Bank Mandiri remains services in tax control.
committed to complying with applicable tax regulations
across all operational jurisdictions and ensures efficient and Bank Mandiri regularly reports key business, financial,
transparent tax management. [GRI 3-3, 201-4] and tax information in each jurisdiction where its entities
operate, including Indonesia and several foreign branches,
Bank Mandiri’s approach to taxation is grounded in to ensure transparency and compliance with applicable
compliance with all applicable tax regulations. The Bank regulations. The primary stakeholders in tax matters for
has developed tax policies and strategies that are approved Bank Mandiri are the government through the tax office.
and reviewed by the Finance Director as part of its annual Therefore, Bank Mandiri maintains a good relationship with
corporate income tax return reporting. These strategies are the tax authorities but does not engage in public policy
reviewed annually by the Finance Director to ensure their advocacy related to taxation or other efforts to influence
relevance and effectiveness. [GRI 207-1] tax authority decisions. Bank Mandiri complies with all
laws and regulations set by tax authorities. Bank Mandiri
In its implementation of tax governance and control, Bank operates solely in Indonesia with some foreign branches,
Mandiri has established comprehensive and structured and therefore tax reporting is conducted solely in Indonesia.
processes, including: [GRI 207-2] 207-2] [GRI 207-3, 207-4]
1. The executive governance body responsible for
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Sustainability Commitment
and Governance Corporate Governance ESG Governance
Political Engagement and Lobbying
Bank Mandiri has a clear policy on political engagement, or expenditures for lobbying activities in accordance with
emphasizing neutrality and independence. In its operations, principles of openness and accountability.
Bank Mandiri does not support or affiliate with any political
party, either directly or indirectly. Moreover, employees Bank Mandiri firmly does not engage in political lobbying
are prohibited from using company resources for political activities or allocate funds to support political interests.
purposes. Bank Mandiri strictly monitors activities that The company’s expenditures are solely allocated for
could potentially conflict with its established principles legitimate business activities that comply with applicable
of political neutrality. This policy, approved by the regulations. Any activities related to public officials or
highest governance bodies, aligns with Bank Mandiri’s government institutions are conducted transparently and
commitment to maintaining integrity and professionalism in in full compliance with the law. All company expenditures
all aspects of its business. Bank Mandiriis also committed are regularly monitored to ensure there is no misuse of
to transparently disclosing any political contributions and/ company funds for political purposes.
Description 2024
Lobbying, interest representation, etc. -
Campaign activities and support for local, regional, or national political candidates/organizations -
Trade associations/tax-exempt groups -
Other expenditures (e.g., spending for election or referendum vote counting) -
Supplier Responsibility
Anti-Corruption Policy for Suppliers
All Bank Mandiri suppliers are required to have anti- 3. Mandating a Statement of Commitment to Adhere to
corruption policies and programs as part of the compliance Procurement Ethics during the procurement process
verification process for anti-corruption, anti-fraud, and anti- for all invited goods and service providers.
gratification principles. This measure reflects Bank Mandiri’s 4. Incorporating anti-bribery and anti-corruption provisions
commitment to anti-bribery and anti-corruption practices, in contracts/agreements.
ensuring that these commitments are comprehensively 5. Conducting socialization on gratification, at least once a
communicated and implemented with all business partners year, through meetings with vendors.
and suppliers. To strengthen this policy, Bank Mandiri
has implemented several strategic initiatives to ensure During the reporting period, all business partners across
its business partners comply with high ethical standards, various regions (100%) received socialization through
including the following: relevant policies. As part of its commitment to business
1. Prohibiting business partners from offering gratification, integrity, Bank Mandiri has obtained ISO 37001:2016
as stated on Bank Mandiri’s procurement website certification for its Anti-Bribery Management System within
(https://procurement.bankmandiri.co.id/). Procurement & Vendor Management. [GRI 205-2]
2. Requiring all business partners to sign an Integrity Pact.
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Business Ethics
Environmental and Social Policy for Suppliers
As part of its commitment to good governance and the procurement process to ensure compliance with
transparency, Bank Mandiri’s procurement process for sustainability principles. These criteria include obtaining
goods and services adheres to the Standard Operating environmental permits in accordance with applicable
Procedure (SOP) and the Operational Technical Guidelines regulations as part of efforts to protect and manage the
(PTO) for procurement, which mandate compliance environment. Additionally, the policy sets product-related
with applicable regulations, including those in overseas requirements, including the use of environmentally friendly
branches. These documents provide comprehensive materials and the application of sustainability principles,
guidelines to streamline and standardize the procurement with a continuous focus on reducing environmental impact,
process, clarify responsibilities, and strengthen control particularly through energy efficiency and carbon emission
functions. This systematic procurement process is designed reduction in operational activities.
to prevent abuse of authority, collusion, and conflicts of
interest. Furthermore, all involved parties are required to Furthermore, suppliers are required to uphold labor rights,
avoid corruption, collusion, nepotism, and gratification in including compliance with labor standards, prevention of
any form. [GRI 3-3, 204-1] forced labor and child labor, and protection against all forms
of discrimination. Suppliers must also ensure compliance
Aligned with Sustainable Development Goal (SDG) No. with occupational health and safety (OHS) standards for all
12 on Responsible Consumption and Production, Bank their workers in accordance with applicable regulations.
Mandiri encourages suppliers to adopt sustainability
principles and integrate ESG aspects into their businesses. Bank Mandiri collaborates with suppliers to enhance their
Bank Mandiri refers to ISO 20400:2017 to integrate environmental performance through a continuous training
sustainable procurement and is committed to achieving Net program focused on reducing carbon emissions. As part of
Zero Emissions in Operations by 2030 through sustainable this initiative, Bank Mandiri regularly holds vendor meetings,
procurement. one of which aims to provide education and outreach to
supplier partners regarding Environmental, Social, and
In implementing sustainable procurement, Bank Mandiri Governance (ESG) aspects and their relevance to business
establishes environmental and social criteria within operations.
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Sustainability at
Bank Mandiri
90 Climate Change Management
• Climate Change Governance
• Climate Change Strategy
• Climate Change Risk Management
• Metrics and Targets
• Products and Services Supporting Climate Change Mitigation
111 Sustainability Strategy
• Sustainability Strategy Pillars
• Strengthening Enablers to Reinforce Vision and Sustainability Commitment
113 Sustainability Journey
114 Sustainability Culture
• Formation of ESG Group and Culture Squad
• Mandirian Ber-Nyali (Taking Real Action for the Environment)
116 Stakeholder Engagement
118 Materiality Assessment
• Materiality Assessment Process
• Management of Priority Material Topics
• Management of Topics Impacting External Stakeholders
123 Contribution to Sustainable Development Goals (SDGs)
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Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 89
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Sustainability at Bank Climate Change Sustainability Sustainability Sustainability
Mandiri Management Strategy Journey Culture
Climate Change Management
Climate change presents significant challenges to the assets or disrupt their business operations. Transition risks
banking industry, potentially affecting financing portfolios are linked to changes in policies, regulations, and market
and financial stability. Climate risks are generally divided preferences that may impact specific sectors. In its climate
into two main categories: physical risks and transition risks. change management reporting, Bank Mandiri uses Task
Physical risks include the direct effects of climate change, Force on Climate-Related Financial Disclosures (TCFD)
such as natural disasters that can damage customer framework.
Climate Change Governance
The climate change governance structure at Bank Mandiri and reporting to the Risk Management Committee (RMC)
continues to evolve in line with a growing understanding and the Risk Monitoring Committee. The ESG Unit’s
of climate risks and progress toward achieving net zero reports are regularly submitted to the Board of Directors
emissions (NZE) targets. The Board of Directors holds the and the Board of Commissioners. Additionally, the Board of
highest authority in managing climate-related risks and Directors is actively engaged with climate risks, participating
opportunities, including overseeing the implementation in discussions on climate change and ESG issues, including
of NZE in operations target by 2030. The Company’s involvement in Climate Risk Stress Testing (CRST). [FN-CB-
Risk Management Committee (RMC) manages risks 550a.2.]
and opportunities related to climate change through the
Director’s Decree KEP.DIR/028/2024. Our climate risk Throughout 2024, the RMC has carried out its duties,
monitoring is conducted by the Board of Directors through responsibilities, and authorities by making decisions,
Board meetings, the RMC, and an ESG forum, which including those related to climate issues, together with
convenes at least six times a year. Meanwhile, oversight by all members, covering updates on the realization of the
the Board of Commissioners is carried out through the Risk implementation of the Sustainable Finance Action Plan
Monitoring Committee (KPR). (SFAP) for the period of January to April 2024 and the
approval of the Sustainable Finance Framework (SFF) and
In its implementation, the Board of Commissioners and the Transition Finance Framework (TFF).
Board of Directors delegate the responsibility for managing
climate change risks and opportunities to the ESG Unit, Additionally, Bank Mandiri has specifically held meetings
under the direct supervision of the Vice President Director related to CRST in several forums with the following details:
Date Meeting Topic Participant
June 11, 2024 CRST Steering Committee • Vice President Director
• Background and Scope • Director of Risk Management
• Impact of CRST (Credit, Market, and Operational • Credit Portfolio Risk
Risks) • Environmental, Social & Governance
• CRST Progress • Market Risk
• Operational Risk
• Strategy & Performance Management
July 24, 2024 CRST Steering Committee • Vice President Director
• Integration of Climate Risks (Credit, Market, • Director of Risk Management
Operational, Liquidity) • Credit Portfolio Risk
• Financed Emissions • Environmental, Social & Governance
• Market Risk
• Operational Risk
• Strategy & Performance Management
• Credit Risk Taking Unit
July 29, 2024 CRST Steering Committee • Vice Director
• CRST Results • Director of Risk Management
• Credit Portfolio Risk
• Environmental, Social & Governance
• Market Risk
• Operational Risk
• Strategy & Performance Management
• Credit Risk Taking Unit
Weekly (March 2024 - Weekly Meetings of the CRST Project • Credit Portfolio Risk
December 2024) • Environmental, Social & Governance
• Market Risk
• Operational Risk
• Strategy & Performance Management
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Stakeholder Materiality Contribution to Sustainable
Engagement Assessment Development Goals (SDGs)
Climate Change Strategy
As part of its commitment to mitigating climate change, business risks associated with climate change, including
Bank Mandiri supports the Paris Agreement and Indonesia’s scenario modelling or sensitivity analysis change across
Enhanced Nationally Determined Contribution (ENDC). its operations. As part of these efforts, Bank Mandiri
Bank Mandiri is determined to reduce carbon emissions implements scenario modelling or sensitivity analysis based
and contribute to the goal of limiting average global on the Network for Greening the Financial System (NGFS).
temperature increases to 1.5°C, with a target of achieving
net zero emissions (NZE) in operations by 2030. Bank Mandiri conducted a comprehensive climate
resilience assessment to ensure that its strategies and
Bank Mandiri’s climate change strategy encompasses business models can adapt to climate-related changes,
three key approaches: reducing greenhouse gas (GHG) developments, and uncertainties. This assessment
emissions from its operations, providing financing to considers the risks and opportunities associated with
support customers in transitioning to NZE, and promoting climate change. By using climate-related scenario analysis
carbon absorption activities such as forest and land tailored to the Company’s characteristics and conditions,
restoration and conservation. Bank Mandiri conducts a Bank Mandiri evaluates its climate resilience and adjusts
comprehensive materiality assessment of group-wide its strategic measures accordingly based on the findings.
Scenario Analysis
Measurement Strategy
Target Setting Taking Action
and Disclosure Development
Net Zero Emission
by 2060
(or sooner)
As part of its climate change strategy and support for the transition to a low-carbon economy, Bank Mandiri is developing
a more integrated and strategic transition plan. This plan includes preparing strategies to address potential impacts and
challenges. Additionally, Bank Mandiri will conduct regular reviews and iterations to ensure the smooth implementation of
the transition plan.
Climate Risk Stress Testing
Collaboration with policymakers, specifically Indonesia’s OJK regulations, which require KBMI 3 and 4 banks to
Financial Services Authority (OJK), is a key driver of Bank conduct CRST 2024 Pilot Project calculations covering at
Mandiri’s climate strategy. As a member of the Task Force on least 50% of the total portfolio based on priority sectors.
Climate-Related Financial Risk, Bank Mandiri participates in The analysis incorporates flood and forest fire scenarios
the Pilot Project on Climate Risk Management & Scenario to assess physical risks and utilizes climate scenarios
Analysis. developed by the Network for Greening the Financial
System (NGFS) to evaluate transition risks, including
The CRST analysis of Bank Mandiri in the 2024 OJK Pilot Current Policies, Delayed Transition, and Net Zero 2050
Project on Climate Risk Management & Scenario Analysis scenarios.
(CRMS) covers 54.09% of the portfolio, in compliance with
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Sustainability at Bank Climate Change Sustainability Sustainability Sustainability
Mandiri Management Strategy Journey Culture
NGFS Climate Scenarios
Disorderly Too little, 1. Current Policies
High
too late Assumes that current climate policies remain
unchanged, leading to an increase in physical
risks as global temperatures rise above 1.5°C
or 2°C. Transition risks remain low due to
Delayed minimal changes in policies and technology.
Transition
Transition risk
2. Delayed Transition
Assumes that annual emissions will not
Net Zero decrease until 2030. However, stricter policies
2050 will be implemented afterward to limit global
(1,5oC)
warming to 2°C and control CO2 emissions.
Current
Policies
3. Net Zero 2050
Assumes aggressive measures are taken to
Orderly Hot house world
Low
achieve net zero emissions by 2050, with
stringent policies and rapid economic changes
Low Physical risk High
aimed at limiting global temperature rise to
below 1.5°C.
Bank Mandiri has conducted climate scenario analysis Processing Industry; (7) Property Ownership and Consumer
covering eight sectors, representing 54.09% of its total Credit; and (8) Trade.
financing portfolio. These sectors include (1) Agriculture,
Forestry, and Fisheries; (2) Procurement of Electricity, Gas, The details of the sectoral share distribution can be seen in
Steam/Hot Water, and Cold Air; (3) Mining and Quarrying; the following diagram:
(4) Construction; (5) Transportation and Warehousing; (6)
CRST Portfolio Overview
Agriculture, Forestry, and
Fisheries Trade
Property Ownership and Consumer Credit
Mining and Quarrying
Processing Industry
Procurement of Electricity,
Gas, Steam/Hot Water, and
Cold Air
Construction Transportation and
Warehousing
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Stakeholder Materiality Contribution to Sustainable
Engagement Assessment Development Goals (SDGs)
Overview of transmission for climate-related financial risks on bank financial performance:
Probability of
Macro Level default (PD)
Policy and • Carbon emission
reduction targets Loss Given
legal changes
Default (LGD)
• Carbon revenue
Credit Risk
• Carbon tax
• Exchange rates Expected
• Commodity price Credit Loss
(ECL)/CKPN
shifts
• Inflation
• Others Non-
Performing
Transition Technological Loan (NPL)
changes
Risks
Micro Level
Securities
Debtors
Market Risk
Ratings
Debtor’s Income Statement/Balance Sheet/Cash Flow Report
• Stranded assets
Debtor’s Income Statement/Balance Sheet/Cash Flow Report
• Changes in Capital
Securities
Expenditure (Capex) Yields
Impact on the economy and the bank’s debtors
• Increases in
Capital
Operational
Market
sentiment Expenditure (Opex) • Stranded
shifts • Carbon costs asset Bank
• Revenue changes and Capex
• Others • Increased
Opex
Operational Risk
• Carbon
costs
CAR
Acute • Asset
Risks Macro Level damage
1. Heatwaves • Asset
• Government
2. Floods devaluation
expenditure
3. Wildfires • Increased
• Inflation
4. Storms operational
• Exchange rates costs
(hurricanes, ATMR
• Trade balance
cyclones,
• Unemployment rates
typhoons,
• Labor productivity
and extreme
rainfall)
Physical
Risks
Micro Level
Chronic Corporate Debtors Other Risks
Risks: (Liquidity risk,
• Asset damage
1. Rising sea strategic risk,
• Asset devaluation
levels reputation risk,
• Decreased compliance risk)
2. Increase production
in average • Increased operational
temperatures costs
3. Ocean • Revenue changes
acidification Individual Debtors
• Asset damage
• Asset devaluation
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Physical Risk Scenario Analysis
In accordance with the 2024 CRMS guidelines issued by collecting location data and mapping risk categories,
OJK, Bank Mandiri has analyzed physical risks and projected encompassing information such as cities, provinces, postal
the impact of damages caused by floods and forest fires on codes, asset values, and net annual revenue. Data from
its asset portfolio. Bank Mandiri utilized the Representative the 2023 National Disaster Management Authority (BNPB),
Concentration Pathway (RCP) 8.5 scenario to evaluate the obtained through OJK, was used to categorize flood and
effects of climate change on its assets and operations. RCP forest fire risks at the district/city level into high, medium,
8.5 reflects a high-emission scenario without significant and low classifications. Additionally, insights from Moody’s
mitigation efforts, where emissions continue to rise, leading Climate on Demand were leveraged as the basis for climate
to rapid global warming and significant risks to ecosystems risk modeling. The RCP 8.5 scenario projections were also
and infrastructure. This scenario projects a temperature applied to evaluate the impact of high greenhouse gas
increase of up to 4.2°C by the end of the century, with a emissions, supporting the assessment of future physical
range between 3.7°C and 5.0°C. risks. Operational loss calculations focused on facilities
classified under high-risk categories. For facilities with
Bank Mandiri has also identified the transmission impacts negative revenues, losses were capped at zero, and asset
of physical risks, such as floods and forest fires, on credit value losses for leased assets were also assumed to be
and operational risks. The analysis process began with zero.
Flood Scenario
Based on the assessment results, Bank Mandiri has
identified the proportion of flood risks faced by each Risk Distribution of Bank Mandiri Office
company activity using the hazard scores generated by Buildings in the Flood Scenario
Moody’s Climate on Demand.
Red Flag
The identification results for the Flood scenario indicate
the risk distribution for Office Buildings (including Branch High
Offices, Functional Offices, Head Office, Regional Offices, Medium
and Sub-Branch Offices) as follows: 10% in the Red Flag Low
category, 32% in the High-Risk category, 11% in the
Medium-Risk category, and 47% in the Low-Risk category.
The flood risk index map below refers to the 2023 Indonesian Disaster Risk Index (IRBI):
Legend:
High
Medium
Low
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No Regency/City Risk Class
1 Bandung Barat, West Java High Risk (Flood Prone)
2 Cirebon, West Java High Risk (Flood Prone)
3 Luwu, South Sulawesi Medium Risk (Flood Alert)
4 Garut, West Java Medium Risk (Flood Alert)
5 Lembata, East Nusa Tenggara Low Risk (Flood Safe)
6 East Flores, East Nusa Tenggara Low Risk (Flood Safe)
And so on.
Bank Mandiri also conducted a scenario analysis for the physical risk scenario to predict the extent of damage that floods
could potentially inflict on our retail mortgage portfolio. We applied the OJK climate scalar, which can impact the Loss Given
Default (LGD) value and collateral valuation.
Furthermore, Bank Mandiri has calculated changes in collateral value due to flood risks in each province. The results are
presented as averages through the following distribution map:
Percentage Change in Collateral Value Due to Flood Risk
by Province in 2024
West Kalimantan: Central Sulawesi:
-3.66% 0.00%
North Sulawesi: West Papua:
Central Kalimantan:
-3.48% -4.23%
Aceh: -3.83% -4.15%
North Kalimantan: Gorontalo: -4.18%
North Sumatera:
-1.29%
-3.48%
North Maluku:
Riau: -4.07% -3.93%
East Kalimantan:
-3.83% Maluku: -2.03%
Jambi: Papua:
-4.04% West Sulawesi:
-0.34% -2.98%
West Sumatera: Southeast
-3.83% Sulawesi:
-0.68%
Bangka Belitung
Bengkulu: -3.97% Islands: South Sulawesi:
-4.01% South Kalimantan: -0.03%
-4.33%
South Sumatera:
-4.17%
Lampung: -4.00% East Nusa
DKI Jakarta:
Tenggara: -0.98%
-4.75% East Java:
West Java: -3.99% West Nusa
-2.45% Tenggara: -3.42%
Central Java:
-3.32%
DI Yogyakarta:
-2.67%
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Forest and Land Fire Scenario
Based on the hazard scores generated by Moody’s Climate
on Demand, the identification results for the Forest Fire Risk Distribution of Bank Mandiri Office
Scenario indicate the following risk distribution for Office Buildings in the Forest Fire Scenario
Buildings (including Branch Offices, Functional Offices,
Head Offices, Regional Offices, and Sub-Branch Offices) as High
follows: 9% in the High-Risk category, 70% in the Medium-
Medium
Risk category, and 21% in the Low-Risk category. Notably,
there is no risk exposure categorized as Red Flag. Low
The forest and land fire risk index map below refers to the 2023 Indonesian Disaster Risk Index (IRBI):
Legend:
High
Medium
Low
No Regency/City Risk Class
1 Nganjuk, East Java High Risk (Forest Fire Prone)
2 Cimahi, West Java Medium Risk (Forest Fire Prone)
3 Jayapura, Papua Low Risk (Forest Fire Prone)
And so on.
Bank Mandiri also conducted a scenario analysis for the physical risk scenario to predict the extent of damage that forest fires
could inflict on our non-retail mortgage portfolio. We applied the OJK climate scalar, which can impact the Loss Given Default
(LGD) value and collateral valuation.
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Furthermore, Bank Mandiri has calculated changes in collateral value due to forest and land fire risks in each province. The
results are presented as averages through the following distribution map:
Percentage Change in Collateral Value Due to Forest Fire Risks
by Province in 2024
Central Sulawesi: -0.02%
West Kalimantan:
-0.07%
Central Kalimantan: North Sulawesi: -0.04%
Aceh: -0.01% -0.16%
North Kalimantan: Gorontalo: -4.18%
North Sumatra:
-0.10%
-0.07%
Riau: -0.12% East Kalimantan:
-0.07% Maluku: -2.03%
West Sumatra:
-0.02%
Jambi: West Sulawesi: Papua:
-0.06% -0.02% -0.02%
Bangka Belitung Southeast
Islands: -0.04% Sulawesi:
Banten: -0.39%
-0.04% South
Bengkulu: -0.13%
South Kalimantan: Sulawesi:
-0.06% -0.15%
South Sumatra:
-0.05%
Lampung: 0.00%
DKI Jakarta:
-0.02% East Java:
-0.30%
Scenario Analysis of Transition Risk
In the context of transition risks, companies face challenges and opportunities arising from carbon taxes, changes in energy
prices, shifts in the energy mix, and the adoption of green technologies. To assess these transition risks, Bank Mandiri applies
the Global Change Assessment Model (GCAM) and utilizes the carbon price scenarios from GCAM 6.0 NGFS.
Summary of Climate-Adjusted Probability of Default (PD) Results
Agriculture, Forestry, and Fisheries
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2023 2024 2025 2026 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Construction
15.00% 20.00%
10.00%
10.00%
5.00%
0.00% 0.00%
2023 2024 2025 2026 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Processing Industry
6.00% 8.00%
3.00% 4.00%
0.00% 0.00%
2023 2024 2025 2026 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Mining and Quarrying
5.00% 20.00%
3.00% 10.00%
0.00% 0.00%
2023 2024 2025 2026 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Transportation and Warehousing
4.00% 6.00%
2.00% 3.00%
0.00% 0.00%
2023 2024 2025 2026 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Procurement of Electricity, Gas, Steam/Hot Water, and Cold Air
4.00% 6.00%
2.00% 3.00%
0.00% 0.00%
2023 2024 2025 2026 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
CRST Results
The assessment results of the 2024 CRST Pilot Project Bank Mandiri is committed to gradually transitioning its loan
indicate an increase in the Non-Performing Loan (NPL) portfolio with a sustainable approach to support the bank’s
ratio, particularly under the Net Zero 2050 (NZE) scenario. business interests and the Indonesian economy as a whole.
Simulations of physical and transition risks on the portfolio As a state-owned enterprise (SOE), Bank Mandiri has a
show that Bank Mandiri may face an increase in the NPL government mandate to support the national economy, which
ratio, where in the 2025–2026 period, under the Current aligns with the transition plan toward a low-carbon economy.
Policy scenario, the NPL ratio is projected to reach 1.2%. Based on the results of the Pilot Project Climate Risk Stress
Test, we are currently developing a more comprehensive
Additionally, the electricity procurement sector is a primary transition plan.
focus, aligned with Indonesia’s international commitments
to reduce emissions and transition to renewable energy. One of the main approaches we are considering involves
Strategies implemented in this sector reveal higher transition collaborating with key customers particularly those in high-
risks in the initial period, particularly under the Current Policy carbon-emission sectors, to understand their transition plans
scenario. However, in the long term through 2050, transition and help optimize these strategies to reduce emissions and
risks are projected to increase under the NZE 2050 scenario, manage transition risks. Bank Mandiri collaborates closely
reflecting challenges and opportunities in managing a with key customers on ESG and sustainability issues, and
sustainable portfolio. we plan to further strengthen and expand these efforts by
leveraging insights from the Pilot Project Climate Risk Stress
Despite the potential increase in NPL, Bank Mandiri remains Test results.
capable of maintaining its capital adequacy ratio above the
regulatory threshold both in the short and long term.
Summary of Climate-Adjusted Non-Performing Loan (NPL) Results
Agriculture, Forestry, and Fisheries
1.00% 1.20%
0.70% 0.80%
0.40% 0.40%
0.00% 0.00%
2023 2024 2025 2026 2030 2040
2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Construction
30.00% 40.00%
30.00%
20.00%
20.00%
10.00%
10.00%
0.00% 0.00%
2023 2024 2025 2026 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Processing Industry
9.00% 9.00%
6.00% 6.00%
3.00% 3.00%
0.00% 0.00%
2023 2024 2025 2026 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Mining and Quarrying
0.40% 40.00%
30.00%
0.20% 20.00%
10.00%
0.00% 0.00%
2023 2024 2025 2026 2030 2040 2050
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Transportation and Warehousing
0.50% 0.50%
0.30% 0.30%
0.10% 0.10%
2023 2024 2025 2026 2023 2024 2025 2026
-0.10% -0.10%
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
Procurement of Electricity, Gas, Steam/Hot Water, and Cold Air
0.50% 6.00%
4.00%
0.30%
2.00%
0.10%
0.00%
2023 2024 2025 2026 2030 2040 2050
-0.10%
Current Policy (Hot Houses) Delayed Transition (Disorderly) Net Zero 2050 (Orderly)
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Climate Change Risk Management
Bank Mandiri has comprehensive processes and policies to risk management processes to ensure that policies and
identify, measure, monitor, and control climate-related risks. approaches remain relevant and effective compared to the
These processes leverage various inputs and parameters, previous reporting period.
including historical data, projections of hazards caused by
climate change, and relevant information from third parties. Bank Mandiri integrates quantitative and qualitative
Additionally, climate scenario analyses is used to inform the scenario analysis results related to climate change into
risk identification process, accounting for potential future environmental, social, and governance (ESG) risks. ESG
impacts. risks are managed as part of core financial risks, including
credit, market, and operational risks. The management of
Climate risk monitoring is conducted regularly through ESG risks is carried out in tandem with other types of risks
internal risk oversight mechanisms. In response to within the Bank Mandiri framework.
environmental changes, Bank Mandiri actively adjusts its
Bank Mandiri has established the timeline and
impact of climate risk periods as follows:
Credit Risk • Short Term (1–5 years): Focuses on completing
the transition plan by 2025, strengthening
Market Risk credit policies for high-emission sectors, and
preparing for achieving net zero emissions
for Scope 1 and Scope 2 through offsetting
Liquidity Risk
strategies currently under internal review.
Operational Risk • Medium Term (5–10 years): Includes strategic
planning to mitigate risks associated with
ESG Risk
Legal Risk evolving climate regulations while enhancing
(including
progress toward net zero emissions. This
Climate
involves targeted investments in green
Reputational Risk Change
technologies, collaborative partnerships, and
Risk)
operational adjustments to meet emerging
Strategic Risk regulatory standards.
Compliance Risk • Long Term (10–36 years): Aims to achieve net-
zero emissions in financing by 2060, guiding
strategies to build a low-carbon economy
Intragroup Transaction Risk
through portfolio diversification, green product
offerings for customers, and the development
Insurance Risk of a green ecosystem.
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Climate-Related Risks and Opportunities [GRI 201-2]
Bank Mandiri has identified and analyzed two main types Meanwhile, physical risks include the direct impacts of
of climate-related risks: transition risks and physical risks. climate change, such as increasingly intense extreme
Transition risks are associated with the shift toward a low- weather events, which can damage infrastructure, disrupt
carbon economy, where stricter climate policies, such as operations, and affect sectors within the Bank’s financing
reducing greenhouse gas emissions, may affect industries portfolio. Rising temperatures and sea levels also increase
that have not yet adapted. Additionally, changes in market the potential for damage to physical assets and impact
and customer preferences that prioritize sustainability, sectors vulnerable to natural disasters, such as agriculture
as well as the adoption of low-emission technology, add and fisheries.
complexity to these risks.
Policy & Compliance with climate-related Increased costs to comply with
Legal policies and regulations in Indonesia. policies and regulations.
Significant investment costs for
Transition to low-emission products.
Technology research and development, as well as
Transition
Impact on Bank Mandiri infrastructure upgrades.
Risks
Market Changes in customer preferences.
Revenue loss due to changes in
customer preferences.
Negative publicity related to climate
Reputation change management. Increased litigation costs.
Increased costs for repairing damaged
Acute Extreme weather events. physical assets, operational disruptions,
Physical and higher insurance premiums.
Risks
Rising temperatures and sea levels.
Chronic Decrease in asset values and increased
costs for climate adaptation.
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Transition Risks
Time Strategies to Respond to
Type of Risk Likelihood Description Financial Impact
Horizon Risk
Policy and Legal
Compliance Likely Short to The enactment of An increase in • Bank Mandiri implements
with policies Medium Law No. 16/2016, operational costs sustainable finance in
and regulations Presidential (Opex) to update accordance with POJK
related to Regulation No. internal policies 51/2017 and POJK 60/2017,
climate risks in 98/2021, as and risk limits.
and has developed the
Indonesia well as Financial
Sustainable Finance Action
Services Authority
Regulation (POJK) Plan (SFAP) 2025–2029
No. 51/2017 to support the NZE 2060
and POJK No. target, or sooner.
60/2017, has the • Bank Mandiri establishes
potential to impact an acceptable risk level
Bank Mandiri’s (risk appetite) and industry
operations level (industry appetite)
concerning
aligned with Environmental,
carbon emission
Social, and Governance
reduction and the
implementation (ESG) aspects, as outlined
of sustainability in the Industry Acceptance
standards. Criteria (IAC) under Internal
Regulation No.B3.P1.T16.
IAC. Risk assessment
is conducted by each
Business Unit based
on the Loan Portfolio
Guideline, which includes
Industry Classification (IC),
Industry Limit (IL), Industry
Acceptance Criteria (IAC),
and sectoral credit policies.
This process is followed by
pre-approval using credit
risk tools that integrate
ESG aspects. For the retail
segment, assessments
are conducted through
the Industry Acceptance
Criteria (IAC) and credit risk
scorecard, tailored to the
risk criteria of each product,
ensuring risk management
adheres to sustainability
principles.
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Time Strategies to Respond to
Type of Risk Likelihood Description Financial Impact
Horizon Risk
Legal Likely Short to The risk of legal Increase in • Periodic measurement and
responsibilities Medium action if Bank operational costs monitoring of operational
arising as Mandiri fails to (Opex) due to carbon emissions to achieve
part of the fulfill its emission emerging litigation NZE 2030.
implementation reduction costs.
• Internalizing a sustainable
of climate obligations in
work culture among
change-related accordance with
policies. Law No. 16/2016 employees and enhancing
on the Paris understanding of customers,
Agreement. vendors, and stakeholders
through training, workshops,
and focus group discussions
(FGDs) related to emission
reduction initiatives.
The impact of Likely Medium The risks caused Reduction • In its credit approval
climate change by the impacts of in financing process, Bank Mandiri has
can worsen climate change allocation to implemented Environmental
the financial have the potential sensitive sectors. and Social Risk Management
condition of to negatively
(ESRM) starting from the
debtors and affect debtors’
pre-selection (feasibility
increase credit businesses, which
risks for Bank in turn may lead to assessment), credit analysis,
Mandiri. more credit risk for legal and compliance
Bank Mandiri. review, credit approval, to
the monitoring process.
The ESG risk management
system in the credit process
covers all Bank Mandiri’s
credit services, including
retail, treasury, corporate
finance, and consumer
finance segments.
• Bank Mandiri’s credit policies
are based on the Loan
Portfolio Guideline (LPG),
exclusion lists, and sectoral
policies for priority sectors.
Technology
Transition to Likely Long Technology Increase in capital • Bank Mandiri continues
low-emission risk can have a expenditure to develop and integrate
technology in significant impact (Capex) due to digital solutions that support
products. on the Company’s the procurement environmentally-friendly
business, of low-emission
operations, such as digital
including high technologies.
banking, branchless banking
technology
investment costs (laku pandai), and mobile
and the potential banking services.
depreciation
of assets.
Additionally, there
is the risk of asset
decommissioning
due to pressure to
replace services
or products with
lower-emission
technologies.
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Time Strategies to Respond to
Type of Risk Likelihood Description Financial Impact
Horizon Risk
Market
Shifting Likely Medium to The risk Decrease in bank • Bank Mandiri is committed to
customer Long arises when revenue developing environmentally
preferences customers shift friendly and sustainable
to lower-emission financial products, including
products, which
the issuance of green bonds,
can impact the
sustainable bonds, and ESG
decline in demand
and company repo. Bank Mandiri also
revenue. encourages financing in the
Sustainable Business Activity
Category (KKUB), which
includes green and social
portfolios, such as loans for
MSMEs in accordance with
POJK 51/2017.
• Bank Mandiri is accelerating
the digitalization of banking
services to ease public
access through digital
innovations such as Livin’,
Kopra, and Smart Branch.
Reputation
Negative Likely Short to Negative publicity Increase in • Increasing the transparency
publicity Medium or bad perception operational costs of sustainability reporting and
related to related to Bank (Opex) ESG with the ESG Group as
climate change Mandiri’s activities the control tower ensuring
management. and compliance
compliance with climate
with climate
change regulations.
regulations
can decrease • Bank Mandiri minimizes
customer trust reputational risk by analyzing
and damage negative news and public
Bank Mandiri’s opinions and providing
reputation. strategic and structured
responses.
• Interactive dashboards are
used to monitor news and
opinions across various
platforms in real-time.
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Physical Risk
Time Financial
Type of Risk Likelihood Description Strategies to Respond to Risk
Horizon Impact
Chronic
Rising Likely Long Risk that disrupts Increase in • Conducting a Pilot Project on Climate
temperatures operations and Loss Given Risk Stress and creating a watchlist to
and sea level revenue of debtors Default (LGD) regularly monitor customers impacted
in high-risk sectors, and decline by climate-related issues.
increases the LGD in asset
• The Business Continuity Management
risk, and negatively value.
Group implements business continuity
impacts asset
quality and the management in accordance with
capital of Bank the international standard ISO
Mandiri. 22301:2019, and applies our
Business Continuity Management
Acute
Framework to ensure organizational
Extreme Likely Medium Extreme weather Increase in resilience through the readiness of
weather can disrupt Bank loss given buildings, equipment, technology,
operations, default (LGD) human resources, and third parties
damage physical and decline
(BETH3).
infrastructure, in asset
and increase value. • Bank Mandiri collaborates with
recovery costs. the Meteorology, Climatology, and
Additionally, credit Geophysics Agency (BMKG) to obtain
risk may rise due rapid climate analysis and integrate
to disruptions to an early disaster notification system,
debtors, potentially which is directly communicated to the
increasing LGD Crisis Management Team.
and affecting Bank • Bank Mandiri also has alternative
Mandiri’s capital
locations for operational units and
stability.
data centers to mitigate the risk of
transaction disruptions and potential
data loss due to the impact of climate
change.
Opportunity
Type of Time Financial
Likelihood Description Strategy to Realize Opportunity
Opportunity Horizon Impact
Increase Likely Short to Diversification Increase in Bank Mandiri has issued the Sustainable Green
in portfolio Medium of the Bank’s the Bank’s Bond I Phase 1 with a total issuance value of
diversification product revenue and up to Rp5 trillion, which was oversubscribed
of the Bank portfolio access to by 3.74 times in 2023. The proceeds from the
into green capital issuance have been fully allocated, with 69%
bonds and directed to the renewable energy sector and
sustainable 31% to the management of natural biological
products resources and sustainable land use.
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Bank Mandiri is currently assessing the financial impact of transition plan, taking into account key assumptions such
climate-related risks and opportunities on the Company’s as global climate policies and technological developments.
strategy and decision-making processes. Bank Mandiri’s Additionally, we have allocated resources to support this
business model has transitioned toward a low-carbon climate strategy, with a focus on investing in sustainable
economy through the launch of ESG-based products, both technologies and ESG-based financial products. Further
in funding and financing. Mitigation and adaptation efforts, details regarding the progress of this plan will be disclosed
direct and indirect, are being developed as part of the in upcoming reporting periods.
transition plan. Bank Mandiri is preparing a climate-related
Metrics and Targets
Bank Mandiri has set a medium-term target to achieve NZE for its operations by 2030 and a long-term target to achieve
NZE financing by 2060, in line with the global commitment to limit the rise in global temperatures to 1.5°C compared to pre-
industrial levels.
Scope 1 and 2 Emissions
Scope 1 and 2 emissions have been reduced by 33% compared to the baseline through the implementation of energy efficiency
measures, environmentally friendly operations, and the use of renewable energy with solar panels. Further information on
Scope 1 and 2 emissions will be discussed in more detail in the Sustainable Operation chapter.
Operational Carbon Emissions Reduction Roadmap
Scope 1 and 2 Emissions Carbon emission Emission intensity per
in 2024 employee in 2024
33% 30%
Scope 2 Realization compared to the compared to the
Scope 1 Target 2019 baseline. 2019 baseline.
(thousands of tCO2e)
359
315 314 303 296
270 265
239
200
283
254
250
260
253
192
Target
76 61 64 43 43 47 NZE
2019 2020 2021 2022 2023 2024 2025 2028 2030
Baseline
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Financed Emissions [GRI 305-3]
In calculating emissions from financing activities (financed customer emission profiles. As a result of these efforts,
emissions), Bank Mandiri refers to the technical guidelines Bank Mandiri successfully increased the coverage of data
of Scope 3 Category 15 of the GHG Protocol1 and the considered in financed emissions, particularly Loan Asset
CRMS OJK2 guidelines. Additionally, Bank Mandiri applies exposure, reaching 56.1% of the bank’s total financing
the PCAF3 methodology, which is the best practice standard portfolio, equivalent to Rp609.2 trillion—a 47.3% increase
in the financial industry for the calculation and reporting of from the previous year.
financed emissions. [FN-CB-410b.4]
As a result of the expanded calculation coverage, in
Bank Mandiri has become a PCAF signatory since 2023 and 2024, Bank Mandiri recorded total absolute financed
is committed to reporting financed emissions transparently emissions of 19.4 million tCO2e, with emissions from
and credibly. Furthermore, Bank Mandiri is the only bank in Loan Assets amounting to 15.6 million tCO2e and Other
Indonesia that is part of the PCAF4 Working Group, actively Assets contributing 3.7 million tCO2e. However, in terms of
contributing input to the development of GHG Accounting emission intensity per billion Rupiah financed, Bank Mandiri
methodologies in green and transition financing. recorded a decrease in total financed emissions intensity to
26.4 tCO2e/Rp billion.
As part of Bank Mandiri’s commitment to transparency
regarding the impact of its financing activities, the Furthermore, Bank Mandiri also conducted monitoring of
Bank continuously strives to enhance the quality and the Business Loans and Project Finance asset classes
completeness of financed emissions reporting data year reported in 2023 and compared them with debtor
after year. Additionally, Bank Mandiri consistently keeps emissions in 2024 (for the same debtor population).
pace with the latest regulatory developments and best From this monitoring, despite an 8% increase in financing
practices. exposure, absolute financed emissions declined by 13%.
This further demonstrates Bank Mandiri’s consistency in
In 2024, Bank Mandiri continued its commitment by engaging reducing emission intensity among its financed debtors5.
with customers through the active role of Relationship [FN-CB-410b.2] [FN-CB-410b.3]
Managers (RMs) in collecting data and understanding
Emission Intensity
31.83
(tCO2e/Rp Billion)
Scope 3 26.40
(Financed Emissions) (tCO2e/Rp Billion)
Financed Emissions Portfolio
Coverage
18.1 19.4
million tCO2e million tCO2e
2023 2024
44.4% 56.1%
2023 2024
Remarks:
• The calculation of Scope 3 emissions includes tCO2e.
• In 2023, Bank Mandiri designated the calculation of financed emissions using 2022 data as the baseline year, which also marks the Bank’s first year of
conducting financed emissions calculations.conducting financed emissions calculations.
• The portfolio coverage refers to the financed emissions of loan assets in relation to the loan portfolio (bank only).
1. Greenhouse Gas (GHG) Protocol Technical Guidance for Calculating Scope 3 Emissions
2. Climate Risk Management & Scenario Analysis (CRMS) 2024 Handbook, Financial Services Authority (OJK)
3. Partnership for Carbon Accounting Financials (PCAF) Global GHG Accounting and Reporting Standard Part A: Financed Emissions
4. PCAF Standard Development Working Group 2024, Green & Transition Finance category
5. There is a potential for changes in Bank Mandiri’s financed emissions profile in the future, which may be influenced by regulatory developments, methodologies/
standards, and the scope of corporate emissions reporting.
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Financed Emissions by Asset Class
Financed Emissions (million tCO2e)
Asset Class5 Data Quality Score1
20233 20244
Loan Asset
Business Loans 2.0 10.7 12.3
Project Finance 2
2.0 0.6 0.5
Sovereign Loans 2.0 1.1 1.8
Commercial Real Estate 4.0 0.3 0.2
Mortgages 4.0 0.4 0.4
Motor Vehicle Loans 4.0 0.4 0.4
Total Loan Asset 13.5 15.6
Other Asset
Sovereign Bonds 2.0 4.5 3.7
Corporate Bonds 2.0 0.1 0.1
Total Other Asset 4.6 3.8
Total Financed Emissions 18.1 19.4
Largest Financed Emissions by Sector
By Absolute Emissions in 2024 By Emission Intensity in 2024
(million tCO2e) (tCO2e/Rp Billion)
Power 2.23 Cement 385.6
Generation
1.52 Livestock 381.9
Livestock
1.22 Power 99.0
Oil & Gas Generation
FMCG 1.01 97.9
Pulp & Paper
Iron & Steel 1.00 Iron & Steel 94.4
Agriculture 0.92 Chemicals & 83.9
Petrochemicals
Chemicals & 0.90 80.0
Petrochemicals Oil & Gas
Coal 0.62 Shipping 42.2
Non-Ferrous 0.52 Non-Ferrous 31.0
Mining Mining
Cement 0.40 FMCG 29.0
1. In accordance with the PCAF guidelines.
2. Covers Independent Power Producer (IPP) projects.
3. Based on financing data and customer emission reports as of December 2022 (baseline).
4. Based on financing data and customer emission reports as of December 2023.
5. For the Business Loans, Project Finance, and Corporate Bonds asset classes, only customers who have reported emissions (Reported Emission) are included.
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Mandiri Management Strategy Journey Culture
In general, the sectors with the highest emissions, both In addition to its ongoing efforts to enhance the coverage
in absolute terms and intensity, remain consistent with and quality of financed emissions reporting, Bank Mandiri
the previous year’s report. However, with the expanded is currently developing a roadmap and decarbonization
coverage of considered emission data, there have been strategy for priority sectors within its financing portfolio.
some changes in sector rankings. Notably, the shipping This strategy is aligned with the national commitment to
and non-ferrous mining sectors entered the top ranks in achieving Net Zero Emissions (NZE).
2024.
Products and Services Supporting Climate
Change Mitigation
In response to climate change, Bank Mandiri recognizes the importance of meeting customer needs through product and
service innovation. The products and services that support climate change mitigation offered by Bank Mandiri in 2024 are
presented in the table below.
Livin’ Planet Green Mortgage Digital Banking
Bank Mandiri launched Livin’ Planet, an Bank Mandiri promotes green financing Bank Mandiri utilizes digital banking
innovative feature within the Livin’ by through Green Mortgage for properties to support climate change mitigation
Mandiri application, aimed at increasing that have green building certifications, through its Livin’ app for retail customers
customer awareness and participation such as NavaPark BSD City, which and Kopra for wholesale customers,
in environmental conservation. Through received the Greenship Platinum making financial services easily accessible
Livin’ Planet, customers can calculate certification from GBCI. Customers without the need to visit a branch. In
their carbon footprint from daily activities receive incentives in the form of low addition, Bank Mandiri operates 241
using the integrated carbon calculator, interest rates and reduced down Smart Branches as part of its digital
while also contributing to tree planting payments, supporting sustainable transformation, offering fast, easy, and
programs and tracking their contributions development. secure banking services. This initiative
to tree planting efforts. not only enhances customer convenience
but also reduces carbon emissions
by decreasing the use of physical
documents and transportation, aligning
with Bank Mandiri’s commitment to
sustainability.
SME Loans Corporate-in-Transition Financing Renewable Energy Financing
Bank Mandiri has a strong policy to Bank Mandiri provides financing to Bank Mandiri provides loans to support
support the growth and strengthening of support clients in transitioning their businesses that contribute to renewable
the SME sector, recognizing the important businesses to align with the goals of the energy. As of 2024, the total loans
role of SMEs in Indonesia’s economy Paris Agreement or NDC targets. Clients disbursed amounted to Rp11.8 trillion.
by providing Working Capital Loans, must have a clear climate transition
Investment Loans, Micro Business Loans strategy, measurable targets, and
(KUM), and participating in the People’s evidence of implementation within the
Business Credit (KUR) program for SME past 12 months.
empowerment.
Cardless Credit Card Recycled Cards [OJK F.5] [GRI 301-2] Green Loans
Bank Mandiri launched a virtual credit Bank Mandiri continues to innovate by In 2024, Bank Mandiri provided green
card obviating the need for a physical creating more environmentally friendly loan facilities amounting to Rp3.5 trillion
card to reduce plastic waste and carbon products, such as debit and prepaid for the electricity sector as the ESG
emissions from the production, printing, cards made from recycled PVC material. Coordinator in the energy transition, and
and delivery of cards to customers. USD226 million for the transportation
sector to support the distribution of
electric vehicles and their infrastructure.
For more information on each product, please refer to the “Sustainable Banking” section.
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Sustainability Strategy
[OJK A.1] [S1-2a] [S1-2b] [S1-2c] [S1-2d] [S1-4a] [S1-4b] [S2-4a] [S2-4b] [S2-4c]
Bank Mandiri has developed a long-term sustainability strategy for the 2025–2029 period, guided by the vision, “Becoming
Indonesia’s Sustainability Champion for a Better Future”. To realize this aspiration, Bank Mandiri is committed to achieving
the following goals: Lead Indonesia’s Transition to a Low-Carbon Economy, Net Zero Emission (NZE) in Operations by 2030,
and Catalyzing Multiple Growth for Social Impact to Achieve the SDGs.
Bank Mandiri’s sustainability strategy is outlined within a framework consisting of three main pillars and encompassing eight
key initiatives, as follows:
BECOMING INDONESIA’S SUSTAINABILITY CHAMPION FOR A BETTER FUTURE
VISION
SUSTAINABLE SUSTAINABLE SUSTAINABILITY BEYOND
BANKING OPERATIONS BANKING
PILLAR
Lead Indonesia’s Transition Net Zero Emission (NZE) in Catalyzing Multiple Growth
to Low Carbon Economy Operations by 2030 for Social Impact to
Achieve SDGs
COMMITMENT
1. Integrating ESG Aspect 4. Leading Practice in 7. Empowering
in Business Process Data Privacy & Security Digipreneurship
(Sustainable Finance 5. Diversity, Equity & in Society
Framework, Sector Inclusion (Indonesia Migrant
Policy Enhancement) 6. Achieving NZE in Worker, Young
2. Develop Sustainable Operations by 2030 Entrepreneur, KUR,
Portfolio & Products/ a. Green Business Branchless Banking)
Services Mindset
(Sustainability/Green b. Digital Carbon
ONGOING Bond, ESG Repo, Tracking & Monitoring
INITIATIVES Sustainability Linked c. Carbon Neutral
Loan, Green/Social/ Initiatives through
Corporate-in-Transition Green Operational &
Financing) Carbon Offsetting
3. Influencing Key Policy
Maker to Accelerate
Indonesian Low Carbon
Economy
8. Strengthening ESG Governance, Capacity Development & Disclosure
ENABLERS
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Sustainability Strategy Pillars
Bank Mandiri’s sustainability strategy is built on three main pillars: Sustainable Banking, Sustainable Operations, and
Sustainability Beyond Banking. These pillars reflect a holistic approach to integrating ESG principles into Bank Mandiri’s
business and operational aspects.
SUSTAINABLE BANKING SUSTAINABLE OPERATIONS SUSTAINABILITY BEYOND
BANKING
Under the first pillar, Bank Under the second pillar, Bank Under the third pillar, Bank Mandiri
Mandiri focuses on conducting Mandiri is committed to supporting expands its commitment to
sustainable business operations sustainability targets, aiming sustainability by strengthening
with a commitment to leading to achieve carbon neutrality in activities beyond its core banking
Indonesia’s transition to a low- operations by 2030 in alignment and operational business,
carbon economy. This commitment with the NZE aspirations. This particularly in the social area. These
is realized through the integration of commitment is realized by ensuring efforts enhance the economic
ESG aspects into all of the Bank’s ESG aspects are integrated into all scale of communities through
business activities, including risk our operational activities, including various empowerment programs
management and the development raising awareness, implementing involving local communities and
of sustainable financial products environmentally friendly operations, stakeholders.
and services. adopting technology that ensures Through these initiatives, Bank
Additionally, Bank Mandiri the protection of customer Mandiri is dedicated to driving
consistently serves as a personal data, and managing multiple growth opportunities
collaborative partner for human resources with a focus on for social impact to achieve the
stakeholders in formulating enhancing diversity and equity in SDGs, in line with its commitment
sustainability-related policies and the workplace. to “Catalyzing Multiple Growth for
as a strategic partner for customers Social Impact to Achieve SDGs”.
transitioning toward more
environmentally friendly business
practices.
Strengthening Enablers to Reinforce Vision and
Sustainability Commitment
Enablers play a crucial role in ensuring the successful implementation of ESG principles across all operational areas. These
enablers include strengthening governance by integrating ESG into policies and decision-making processes, enhancing
the capacity of Mandirians to support the sustainable transition, and improving transparency through comprehensive ESG
information disclosure to stakeholders.
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Sustainability Journey
Bank Mandiri’s sustainability journey began with a steadfast commitment to becoming a leader in promoting the implementation
of sustainable finance in Indonesia. Bank Mandiri implements strategic measures to integrate sustainability principles into its
operational and business aspects.
Journey to Becoming Indonesia’s Sustainability Champion for a Better Future
• MSCI ESG Rating improved to BBB • Commitment to supporting the NDC
• Issuance of ESG Guiding Principles and at the Mandiri ESG Festival: “Bank
Sustainable Finance Standard Operating Mandiri has committed to achieving
Procedure 2024 NZE in Operations by 2030, Financing
• Pilot Climate Risk Stress Testing (CRST) by 2060 (or sooner), and empowering
covering 50% of the portfolio Digipreneurship”
• Pilot Taxonomy Reporting for Indonesia • Streamlining the SFAP 2024–2028
Sustainable Finance (TKBI) in the energy into 8 key initiatives
sector • First national bank to issue eco-
• Launch of Green Mortgage and Livin’ friendly bank cards (recycled prepaid
Planet and debit cards)
• Establishment of a Personal Data • Pioneer in introducing cardless credit
Protection (PDP) Unit and Adjustments card products
to Affected Internal Regulations • Pioneer in implementing digital carbon
• Issuance of Sustainable Finance tracking
Framework and Transition Finance • Issued Phase 1 Green Bonds (Rp5
Framework 2023 trillion)
• Calculation of Financed Emissions for • Launched ESG Mutual Funds
Second-Year Disclosure • Member of the Partnership for Carbon
• Development of Sustainable Portfolios Accounting Financials (PCAF)
and Products (Wholesale Financing & • Participated in Indonesia’s first carbon
Retail Products) exchange
• Establishment of Sustainability Vision
and Commitment
• Enhancement of the 3 Pillars with 9
initiatives: 2022 • Member of the National Task Force
1. Sustainable Banking for Sustainable Finance
2. Sustainable Operations • Issuance of Sustainability Bond of
3. Sustainability Beyond Banking 2021 US$300 million
• Establishment of the ESG Group as a • Calculation of operational carbon
control tower for ESG implementation emissions
• Initiation of Mitigation Action Project
through land conservation and
restoration Alignment of SFAP and sustainability
• Credit policies for the palm oil and CPO, report disclosures with SDGs, GRI,
energy, coal, mining, and FMCG sectors SASB, and MSCI
• Indonesia’s first ESG Repo transaction 2020
valued at USD500 million
Implementation of SFAP across 3 Pillars:
1. Sustainable Banking
• First Movers of IKBI (Indonesia 2. Sustainable Operations
Sustainable Finance Initiative) 2019 3. Sustainable CSR & Financial
• Developed SFAP in accordance with Inclusion
POJK 51/2017. 2018 Comprising 14 initiatives.
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Sustainability Culture [OJK F.1]
The implementation of sustainable finance begins with enhancing the capacity of Mandirians to understand ESG issues relevant
to the Company’s business. Building sufficient capacity among Mandirians forms the foundation for developing innovative
financial products and services and for adapting organizational structures to integrate ESG aspects into our banking systems
and procedures.
The active participation of all Mandirians is essential in driving this transformation, particularly in fostering a sustainability-
oriented culture. The initial step in cultivating this culture involves raising employee awareness of the importance of protecting
and preserving the environment in their daily activities.
Formation of ESG Group and Culture Squad
To support the development of a sustainability culture, Bank sustainability initiatives in daily operations and in business
Mandiri has established an ESG Group since 2022, which decision-making processes.
acts as the coordinator for ESG issues across all areas of
the Bank. Recognizing the vital role of individuals in fostering Bank Mandiri also implements activities that align with its
a sustainability culture, the ESG Group collaborates with sustainability strategy to fulfill its commitment to achieving
the Culture Squad within each work unit, overseen by its NZE in Operations goal by 2030. Achieving this target
the Internal Culture team. The Culture Squad serves as a requires the active participation and collaboration of all
liaison, disseminating ESG-related information within their our employees in daily operational activities, including the
respective work environments, promoting each unit to organization of events, meetings and other initiatives, in
take a more proactive role in supporting the Company’s accordance with the provided guidelines.
Mandirian Ber-NYALI (Taking Real Action
for the Environment)
Mandirian Ber-NYALI, or Mandirian Bergerak Nyata and fuel, and separating organic and non-organic waste.
untuk Lingkungan, is a campaign program that has been This program engages all Mandirians, especially the Culture
implemented since 2022 to support sustainable finance, Squad, to participate in creating impactful materials such
particularly within the Sustainable Operations pillar. The as posters, magazines, videos, and podcasts to raise
campaign focuses on promoting eco-friendly actions such awareness about adopting more environmentally friendly
as reducing the use of single-use plastics, minimizing business practices.
paper usage, lowering consumption of electricity, water,
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Activities Supporting the Sustainability Strategy
NO MORE SAY YES TO
Single-use plastics/ Use of pitchers or Distributing internal
packaged drinking water tumblers for drinking documents electronically
(AMDK) water consumption (paperless)
Saving electricity and
Wasting food and Sorting waste before
setting air conditioning to
beverages disposal
23–25°C
Using balloons and Conserving water Using public
confetti at events usage transportation
*Referring to Letter Number DCO/1268/2023, Letter Number DCO/1269/2023, and Memorandum Number DCO/704/2023 concerning the Recommendation
for Implementing ESG Programs to Achieve NZE Operations by 2030, and the Guidelines for Conducting Environmentally Friendly Activities/Events/Meetings,
addressed to subsidiaries, regions, and respective work units.
In 2024, Bank Mandiri implemented various programs Additionally, sustainable finance campaigns were conducted
aimed at enhancing technical capacity and expertise by disseminating information to Bank Mandiri’s customers,
related to ESG at all employee and work unit levels. These partners, and suppliers to raise awareness and encourage
programs included training sessions, workshops, webinars, participation in sustainability initiatives.
and certifications designed to equip employees with the
knowledge and skills required to implement sustainability
principles across the company’s operations.
2024 ESG Capacity Building Summary [GRI 404-2]
The training topics covered: • Desktop Wallpaper
• Sustainable DEI: Taking Action as an Individual, • Mandiri Magazine
Team, and Organization • Podcast
• Climate Change: A Top ESG Concern • ESG Awareness Campaigns
• Corporate Finance: Environmental, Social, and
Governance (ESG) Routine Activities
• Sustainable Environmental Management: Lessons
from Indonesia
Publication of the ESG Pocket Book for all Mandiri
• Sustainable Development and Well-Being
employees.
ESGPedia
72,600 Training Hours
Mandirians participated in the “E-Learning Driving
Sustainable Change” program.
Participants of ESG awareness and
training included:
• 10 Work units
29,084 employees
• 22 ODP batches
• 2 Regions Standardized computers and laptops can be
• 10 Subsidiaries accessed by the ESG campaign through the
• 712 Partners installation of desktop wallpapers as an information
channel.
3,572 employees 57,872 units
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Stakeholder Engagement
[GRI 2-12, 2-29, 3-1] [OJK E.4] [FS2]
In the materiality assessment process, stakeholder
participation plays a critical role. Their involvement serves Criteria for Stakeholder Assessment and
not only as support but also as an essential element of the Selection:
overall assessment process. Through this engagement,
• Needs
Bank Mandiri ensures that the diverse interests and
• Diversity
expectations of stakeholders are accommodated, enabling
• Willingness to participate
the materiality assessment results to reflect not only
• Influence on Bank Mandiri
internal priorities but also respond effectively to external
• Dependence on Bank Mandiri
expectations.
Bank Mandiri distributes materiality questionnaires to gather
insights and feedback from stakeholders, and various Materiality Questionnaire
significant stakeholder groups, including employees,
To obtain diverse and in-depth
communities, customers, regulators, partners, and
feedback and to gather broader
academics. This approach obtains comprehensive insights
perspectives from stakeholders,
into the issues stakeholders consider important, ensuring
Bank Mandiri distributed the
the results inform Bank Mandiri’s future sustainability
materiality questionnaire online.
strategies and policies.
Internal Stakeholder
Stakeholder Engagement
Key Issues Frequency Bank Mandiri’s Response
Group Method
Mandirians • Employee • Employee As needed • Providing full rights to employees as stipulated in
(Employees) Engagement Rights the Collective Labor Agreement (CLA)
• Employee • Enhancing the • Conducting regular meetings across various forums
Satisfaction Effectiveness of between management and employees
Survey Management- • Assessing aspects such as organization,
• Performance Employee leadership, career development, relationships and
Evaluation Relations communication, compensation benefits, job fit,
opportunities to contribute/perform at their best,
and workgroups
• Socialization Fostering ESG Regularly • Conducted ESG implementation socialization for
• E-Learning awareness 3,572 employees, including 10 work units, 22
• Campaigns among ODP batches, 2 regions, 10 Subsidiaries, and 712
• Materiality employees vendors.
Survey • Organized the mandatory “E-Learning Driving
Sustainable Change,” completed by 29,084
Mandirians
• Conducting a campaign through desktop
wallpapers installed on 57,872 standardized
Mandirian computers and laptops
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External Stakeholder
Stakeholder
Engagement Method Key Issues Frequency Bank Mandiri’s Response
Group
Shareholders • General Meeting of • Improved As needed • Enhancing employee capability, skills,
Shareholders (GMS) performance of and expertise
• Routine meetings and Bank Mandiri • Improving the company’s performance
other engagements • Positively growing • Engagement in materiality assessment
• Materiality surveys share value
Community • Corporate Social • Community welfare As needed • Optimizing CSR programs
Responsibility (CSR) • Financial literacy • Increasing the number of partner
programs beneficiaries
• Financial literacy • Providing broader consultation and
education and training on financial planning
awareness of effective • Engagement in materiality assessment
financial service usage
• Materiality surveys
Regulators • Annual Reports and • Compliance with As needed • Conducting regular evaluations
Sustainability Reports regulations to assess the effectiveness of
• Payment of taxes, • Corporate compliance
retributions, and governance • Implementing programs for:
non-tax state revenue a. Anti-Corruption
(PNBP) following b. Anti-Money Laundering and
regulations Counter Financing of Terrorism
• Participation (CFT), (AML/CFT)
in regulatory • Enhancing collaboration with CSR
communication programs involving the government
activities • Engagement in materiality assessment
• Materiality surveys
Customers • Complaint • Financial literacy As needed Conducting consultations and
mechanisms • Access to financial disseminating information, including:
• Customer satisfaction services • Ensuring service quality and
surveys • Product and data guarantees
• High-quality services security • Organizing complaint mechanisms
and products and follow-up procedures
• Customer forums • Conducting customer satisfaction
• Materiality surveys surveys
• Maintaining customer privacy
• Providing customer forums
• Inclusion in materiality determination
Partners • Work contracts Transparency As needed Collaborating and disseminating
• Evaluation of work in procurement information, including:
contracts processes • Creating work contracts
• Materiality surveys • Conducting evaluations and reviews of
work contracts
• Terminating work contracts when
necessary
• Organizing vendor meetings attended
by 712 vendors to discuss Personal
Data Protection Implementation and
Vendor Security Requirements
• Engagement in materiality assessment
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Materiality Assessment
Materiality assessment is a fundamental element in achieving relevant material topics. This approach aims to ensure
sustainable progress as it enables companies to identify that the issues addressed remain aligned with business
and prioritize the most critical issues for business continuity dynamics and stakeholder needs, allowing Bank Mandiri to
and stakeholder interests. In this context, Bank Mandiri effectively respond to challenges and opportunities within
regularly conducts evaluations and in-depth analyses of the scope of sustainability.
Materiality Assessment Process [GRI 3-1] [GRI 3-2]
Bank Mandiri adopts the principle of double materiality in This materiality assessment process has undergone
determining material topics. Through this approach, Bank assurance by an independent third party, PT Superintending
Mandiri not only assesses sustainability factors relevant to Company of Indonesia (Sucofindo), to ensure the credibility
supporting long-term value creation but also considers the and accuracy of the double materiality assessment
reciprocal relationship between the Company’s external process and the selection of material topics. Through this
impacts on society and the environment, as well as internal assurance, Bank Mandiri ensures that the methodology
impacts on the Company’s value. used to identify and prioritize relevant sustainability issues
has been independently verified, providing stakeholders
Bank Mandiri identifies material issues by referring to the with greater confidence in the validity and transparency of
latest GRI Universal Standards 2021 and the AA1000 the process.
Accountability Principle Standard, encompassing the
principles of materiality, inclusivity, responsiveness, and In 2024, Bank Mandiri updated its material topics to
impact. The Company also evaluates the economic, focus on 10 key priorities: Data Security and Customer
environmental, and human rights impact of each material Privacy, Sustainable Finance Portfolio, Digitalization and
issue. The results of this materiality assessment serve as Access to Finance, Community Development, Managing
the foundation for formulating the Company’s sustainability Environmental Footprint, Integration of ESG into Bank
strategy and as a reference for information disclosure. Products and Services, Climate Change, Employee
Development, Business Ethics, and Diversity, Equity, and
In determining materiality, Bank Mandiri considers an Inclusion. This update reflects the company’s strategic
integrated risk management aspect (ERM process) to priorities in addressing global trends, market needs, and
ensure that sustainability-related risks and opportunities the increasingly dynamic expectations of stakeholders.
are identified, assessed, and managed to achieve the
company’s objectives.
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Steps of the Materiality Assessment Process
Identification of Sustainability Assessment of Sustainability Review and Approval of
Issues Issues Material Topics
• Collecting and filtering sustainability • Based on the results of the • Following a comprehensive
issues through benchmarking with questionnaire, the materiality assessment, 10 material topics
peers, global standards (GRI, OJK, assessment is conducted using a are reviewed and signed off by
SASB, ESRS, IFRS), and ESG double materiality approach. the Board of Directors. Material
rating agencies (MSCI, S&P Global, • Environmental and Social topics relevant to value creation are
Sustainalytics, CDP), while also Materiality (Impact Materiality): then aligned with the Company’s
referring to previous reports and This assessment focuses on the strategy and their relevance to
feedback from internal and external impact of identified issues on business risks and opportunities.
stakeholders. external stakeholders, including the
• The collected issues are then environment and society.
used as the basis for developing a • Financial Materiality: This stage
questionnaire to be distributed to evaluates the potential impact
internal and external stakeholders of sustainability issues on the
including employees, customers, Company’s financial performance
regulators, partners, academics, and business continuity.
and the wider community. This is
to gather their perspectives on the
significance and prioritization of the
collected sustainability issues.
Materiality Matrix
higher
9.00 1 Data Security and Customer
Privacy
1 2 Sustainable Finance Portfolio
4
2 3 Digitalization and Access to
5
Finance (Financial Inclusion)
3
6.00 4 Community Development
Impact Materiality
8 5 Managing Environmental
7 Footprint
6 6 Integration of ESG into Bank
9 Products and Services
10 7 Climate Change
3.00
8 Employee Development
9 Business Ethics (Ethics and
Anti-Corruption)
10 Diversity, Equity, and Inclusion
3.00 6.00 9.00
Financial Materiality
higher
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Management of Priority Material Topics [GRI 3-2]
Based on the double materiality assessment, Bank Mandiri growth, cost efficiency, and corporate reputation. To
has identified three material topics that significantly impact address these issues, Bank Mandiri implements strategies
operational sustainability and business performance: comprising specific initiatives, ranging from strengthening
Data Security and Customer Privacy, Sustainable Finance digital infrastructure and integrity-based governance
Portfolio, and Digitalization and Access to Finance (Financial to competency-based talent development programs.
Inclusion). Additionally, the targets for each topic are directly linked to
the KPIs of the Board of Directors, which are the basis for
These topics are crucial as they influence various aspects determining remuneration, ensuring high accountability in
of the business, including risk management, revenue supporting the Company’s sustainability.
KPI Linked
Material Key Impacts (Risks and Type of KPI
Strategy to BoD
Topics Opportunities) Impact Achievement
Compensation
Data Customer data security The risk of Since 2018, Bank Mandiri has There were no There were no
Security and and privacy have significant data breaches established a dedicated unit, the incidents of incidents of
Customer impacts on Bank Mandiri could reduce Chief Information Security Officer cybersecurity cybersecurity
Privacy as they play a direct role customer (CISO) Office Group, to manage breaches breaches
in maintaining customer trust, cause information security and cyber
trust and loyalty, which are financial resilience. This unit operates
critical to the sustainability losses, under the direct supervision of top
of the banking business. and incur management (C-level) to ensure
As one of the largest banks regulatory a comprehensive implementation
in Indonesia, Bank Mandiri penalties. of cybersecurity and information
faces substantial challenges security across all operational
in protecting customer data lines (bankwide). To support a
amidst increasingly complex holistic approach to information
cybersecurity threats. Data security and cyber resilience, Bank
breaches not only harm the Mandiri implements the 3 Lines of
Company’s reputation but Model, 1st Line of Model: Chief
can also lead to financial Information Security Officer (CISO)
losses, regulatory sanctions, Office Group, 1.5 Line of Model:
and diminished stakeholder Senior Operational Risk Information
trust. By ensuring customer Technology (SOR IT), 2nd Line of
data privacy, Bank Mandiri Model: Operational Risk Group,
strengthens its position as a and 3rd Line of Model: IT Audit
trusted financial institution, Group. Bank Mandiri strengthens its
while complying with information security, cybersecurity,
applicable regulations and and personal data protection
creating a competitive edge in management through regular
the digital era. training and capability development,
provided at least once a year
to all employees, vendors, and
contractors.
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Stakeholder Materiality Contribution to Sustainable
Engagement Assessment Development Goals (SDGs)
KPI Linked
Material Key Impacts (Risks and Type of KPI
Strategy to BoD
Topics Opportunities) Impact Achievement
Compensation
Sustainable Sustainable Finance Portfolio Increasing Bank Mandiri is committed to Disbursement of The disbursement
Finance has a significant impact sustainable implementing sustainable finance sustainable credit/ of sustainable
Portfolio1 on Bank Mandiri, serving a revenue by providing comprehensive financing amounted financing/credit
strategic role in addressing through support for sustainable economic to Rp274.77 trillion amounted to
the challenges of climate financing growth achieved through the Rp293 trillion,
change and the transition to a under the alignment of economic, social, comprising Green
low-carbon economy. As one Sustainable and environmental aspects. This Financing of
of Indonesia’s largest banks, Business commitment is realized through the Rp149 trillion,
Bank Mandiri faces transition Activity Sustainable Banking pillar in the which increased
risks, such as regulatory Category form of sustainable financing and by 15.2% YoY,
changes and evolving market (KKUB) and sustainable funding. Based on the and Social
expectations, as well as sustainable Sustainable Financing Framework, Financing of
physical risks resulting from financing Bank Mandiri classifies sustainable Rp144 trillion,
climate change impacts products, activities into three main categories: which grew by
on specific sectors within such as green Green, Social, and Transition 6.5% YoY
its portfolio. Furthermore, bonds, Green Activities. This classification serves
substantial opportunities Mortgages, as the foundation for Bank Mandiri
arise from the increasing Sustainability- in developing Sustainable Financing
demand for financing Linked Loans, to achieve its primary goal of
sustainable projects, including and financing supporting business activities
renewable energy and green for renewable aimed at enhancing environmental
infrastructure. By advancing its energy preservation and social welfare.
sustainable product portfolio, projects
Bank Mandiri is well-positioned and green
to seize these opportunities infrastructure
to drive business growth,
enhance financial resilience,
and reinforce its reputation as
a leader in sustainable finance
on both national and global
scales.
Digitalization Digitalization and access to Investment Bank Mandiri prioritizes digitalization • The number • The number
and Access finance have a significant costs in digital strategies and access to financing of active Livin’ of active Livin’
to Finance impact on Bank Mandiri in technology through the development of users reaches users reached
(Financial expanding financial service and digital platforms such as Livin’ 14,955,127 16,963,736
Inclusion) coverage efficiently and developing by Mandiri to facilitate inclusive • Implementation • Implementation
inclusively. Leveraging digital inclusive financial services, especially for of ATM of ATM
technology, Bank Mandiri can products and communities in underserved integration integration
provide faster, safer, and more services. areas. Collaboration with fintech totaling 1,200 totaling 1,200
accessible services, benefiting and banking agents enables the units units
customers across various expansion of service reach, while
segments, including those in technological infrastructure is
remote areas, ensuring access strengthened to ensure system
to banking services. This effort security and reliability. Additionally,
supports national financial Bank Mandiri has a digital banking
inclusion while strengthening roadmap to address the challenges
Bank Mandiri’s position as a of the digital era, encompassing
digital leader in Indonesia’s various strategic initiatives to
financial industry. enhance customer services and
overall experiences. The digital
banking roadmap includes Leveling
Up Digital Readiness, Developing
Digital Native Products, Modernizing
Distribution Channels, Digital
Ecosystem Expansion, Data-Driven
Decision Making Process. Bank
Mandiri actively develops digital
solutions and expands technology-
based service channels to reach
more users while providing financial
literacy programs for underserved,
underbanked communities, and
MSMEs.
1. Bank Mandiri has integrated environmental targets into its executive compensation plans by linking executive remuneration to the disbursement of sustainable
credit/financing. This alignment ensures that executive directors are incentivized to promote and achieve sustainable financing goals.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 121
Page 122
Sustainability at Bank Climate Change Sustainability Sustainability Sustainability
Mandiri Management Strategy Journey Culture
Management of Topics Impacting External
Stakeholders
Bank Mandiri recognizes the importance of creating are Community Development and Environmental Footprint
positive impacts and mitigating negative impacts on Management, reflecting Bank Mandiri’s commitment to
external stakeholders through its operations, products, social and environmental sustainability.
and services. Two material topics that have been prioritized
Related Direction Explanation of Impact on
Material Topic Quantitative Target Realization
Stakeholders of Impact Stakeholders
Community Community, Positive Bank Mandiri actively supports • Disbursement of CSR • CSR funds
Development Regulators community development funds amounting to disbursed
Rp250 billion amounting to
through economic
• Disbursement of KUR Rp250.03 billion
empowerment programs, reached 95% • Realization of KUR
support for MSMEs, and • Disbursement of disbursement
improved access to education KUM amounted to reached 100%
and healthcare. These Rp20.6 trillion • Disbursement of
KUM amounted to
initiatives create economic
Rp26.9 trillion
opportunities, generate
employment, and build more
independent and competitive
communities.
Negative Challenges such as
dependency risks,
misalignment of programs
with local needs, and potential
social inequalities must
be anticipated to ensure
programs remain effective and
sustainable.
Managing Regulators, Positive Bank Mandiri is committed to Operational carbon During the
Environmental Community managing its environmental emissions (Scope reporting period,
Footprint footprint by optimizing energy 1 and Scope Bank Mandiri’s
2) amounted to
efficiency, reducing emissions, 270,392 tCO2e. total operational
managing waste, and emissions were
implementing environmentally recorded at
friendly technologies. These 239,594 tCO2e,
efforts not only support reflecting a 33%
the conservation of natural or 119,159
resources but also raise tCO2e reduction
awareness of sustainability from 2019 and a
among all stakeholders. 19% or 56,119
Negative Challenges such as significant tCO2e reduction
implementation costs from 2023.
and potential operational This reduction
disruptions during the transition demonstrates Bank
process require a strategic Mandiri’s continued
approach. commitment
to lowering
operational carbon
emissions, in line
with its Net Zero
Emissions (NZE)
aspiration.
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Stakeholder Materiality Contribution to Sustainable
Engagement Assessment Development Goals (SDGs)
Contribution to Sustainable
Development Goals (SDGs)
Through its financial products and services, as well as social United Nations (UN). This support for the SDG targets is an
and environmental responsibility programs, Bank Mandiri integral part of Bank Mandiri’s Sustainability Strategy and
plays an active role in supporting the achievement of the is realized through various flagship programs that create
17 Sustainable Development Goals (SDGs) initiated by the tangible impacts on society and the environment:
MANDIRI BERSAMA MANDIRI
Rumah BUMN
23 Rumah BUMN with a total of 15,101 MSMEs
fostered by Bank Mandiri.
Urban Festival
Engaged over 5,000 MSMEs.
Mandiri Young
Entrepreneurs
More than 3,700 participants in 2024.
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Sustainability at Bank Climate Change Sustainability Sustainability Sustainability
Mandiri Management Strategy Journey Culture
Aksi Bersih Mandiri
Supporting plastic waste reduction by collecting more than 3.5
tons of waste across three locations, while engaging over 150
community members to promote environmental awareness and
cleanliness.
Urban Livin
Mandiri Accelerated Education: Non-formal education programs
(Package A, B, C) with over 200 students enrolled.
Mandiri Waste Sorting: Establishment of waste banks
Mandiri Homecoming
Together
Facilitated the travel of 6,525 homecoming
participants using 145 buses in 2024.
Mandiri Sahabat Desa
Enhancing community welfare through infrastructure,
training, and MSME support.
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Stakeholder Materiality Contribution to Sustainable
Engagement Assessment Development Goals (SDGs)
Mandiri Sehat
Health facilities and services include the provision of ambulances at 24
locations, 688 integrated health posts, blood donation activities held
four times a year across all regions, disaster response vehicles, and
other related initiatives.
Mandiri Sahabat Difabel
Fostering more than 200 Disabled MSMEs.
Farmer Entrepreneurship
Development of Integrated Rice Processing Centers in three locations.
Mandiri Sahabatku
Training provided to more than 2,200 Indonesian Migrant
Workers (PMI) and former PMI in six countries.
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Sustainability at Bank Climate Change Sustainability Sustainability Sustainability
Mandiri Management Strategy Journey Culture
Mandiri Lingkar Hijau
Empowering more than 50 farmers, 40 coffee shops, 20 vocational
school students, and alumni of Mandiri Young Entrepreneurs. This
initiative successfully absorbed 2.5 tons of coffee waste.
Mandiri Air
17 villages across four regencies, benefiting 3,719 families with access
to clean water.
Mandiri Scholarship
In 2024, Bank Mandiri provided scholarships to the National Flag
Hoisting Troop at the national level, the children of military and
police personnel, and other educational scholarships.
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Stakeholder Materiality Contribution to Sustainable
Engagement Assessment Development Goals (SDGs)
BANGKIT BERSAMA WITH MANDIRI
Mandiri Sharing Kindness
• Providing gifts to 57,000 orphans, 5,000 cans of sacrificial meat,
278,100 packages of sacrificial meat, 300 pairs of secondhand but
usable shoes, and donations to 2,600 orphaned children.
• Distributing 70,200 affordable social packages to underprivileged
families.
• Distributing more than 2,000 gift packages to orphanages and nursing
homes on Christmas Day
Disaster Response
16,000 aid packages distributed across more than 20 locations.
Development of
Public Facilities and
Infrastructure
Development of public facilities, including 132 places of worship
(mosques, churches, and temples), road repairs at 78 locations,
renovation and construction of community halls at 38 locations, and
other public infrastructure projects.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 127
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Sustainable
Banking
130 Responsible Financing Strategy
• Engagement with Stakeholders
• Engagement with Policymakers
• Internal Capacity Building
133 Integration of ESG in Credit Risk Assessment
• Environmental and Social Risk Management (ESRM)
• ESG Risk Management System
• Strengthening Governance and Oversight of ESG Risks at Bank Mandiri
• Credit Policy
149 Sustainable Financing Framework
150 Development of Sustainable Products and Services
• Sustainable Financing
• Sustainable Financing Portfolio
• Sustainable Financing Products
• Sustainable Funding
• Sustainable Investment
128 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Sustainable Responsible Financing Integration of ESG in Credit Risk
Banking Strategy Assessment
Responsible Financing Strategy
Through the Sustainable Banking pillar, Bank Mandiri is committed to leading Indonesia’s transition towards a low-carbon
economy by supporting responsible business practices, strengthening strategic collaborations, and promoting sustainable
financing across various priority sectors.
Commitment Leading Indonesia’s transition to a low-carbon economy.
Business Opportunities Risk Management
1. Engagement with Stakeholders Integrating ESG aspects into business
2. Development of Sustainable Products and processes, including:
Our Services • Sustainable Finance Framework (SFF) and
Approach Transition Finance Framework (TFF)
• Environmental and Social Risk
Management (ESRM)
• Sectoral Credit Policies
• Climate Risk Stress Test (CRST)
Enablers • Sustainability Products and ESG Advisory • Strengthening Governance
• Engagement with Policymakers • Internal Capacity Development
Engagement with Stakeholders
Bank Mandiri is committed to being a strategic partner in 3 Training and Capacity Building Programs
supporting its customers’ sustainability journeys. To realize Providing training and workshops to enhance
this commitment, the Company has established a dedicated customers’ understanding and ability to implement
ESG Desk, tasked with aligning customer needs with sustainability principles.
sustainable products, financing, and other green financial
4 Sustainability Research Reports
solutions. Through the ESG Desk, business opportunities Through Mandiri Institute, Bank Mandiri provides
are actively identified and sustainable financing innovations sustainability research reports accessible to
developed, tailored to market dynamics. Customer customers, helping them understand and identify
engagement is carried out through the following initiatives: sectoral sustainability risks and business opportunities.
1 Consultation and Advisory
Acting as an advisor on ESG Financing to assist Bank Mandiri actively engages with high-emission sectors
customers in transitioning to more environmentally to encourage the transition towards sustainable business
friendly business activities. practices while also contributing to raising environmental
awareness among stakeholders.
2 Provision of Sustainable Financial Products and
Services
Offering financial products such as green financing,
social financing, transition financing, sustainable
bonds, and ESG-based investment instruments.
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Sustainable Financing Development of Sustainable Products
Framework and Services
Active Engagement with Priority Sectors
Other Sectors
(Steel and Iron,
Palm Oil Fast Moving
Oil and Gas Mining Energy Livestock
(Agriculture) Consumer Goods,
Construction, and
others)
Does the customer have an ESG framework and a transition plan?
YES NO
1. Does the customer’s ESG framework cover all their business lines 1. What are the reasons the
and operations? customer does not yet have an
2. Is the customer’s transition plan aligned with the Paris Agreement ESG framework or transition
(global temperature target of 1.5°C)? plan?
3. What challenges does the customer face in implementing their ESG 2. How can Bank Mandiri assist
framework or transition plan? the customer in developing
4. How can Bank Mandiri assist the customer in overcoming these their ESG framework and
challenges? transition plan?
5. Has the customer identified risks and opportunities related to
sustainability aspects?
Engagement Outcomes:
100% customer engagement through evaluation and ESRM* profiling.
Active engagement with priority sectors is carried out through various initiatives that support sustainability, including socialization
related to sustainability practices in priority sector industries. These initiatives aim to support the development of sustainable
industries and promote sustainability principles across various sectors.
Indonesian Sustainable Palm Oil (ISPO) Certification Socialization:
Education and Assistance
Bank Mandiri conducted a hybrid ISPO certification
socialization event on December 4, 2024, involving
98 participants from core companies and cooperative
plasma debtor partners. A total of 44 participants
attended in person at Mandiri University Wijaya
Kusuma, while 54 joined virtually via an online platform.
The session covered key topics, including the benefits,
requirements, and procedures for certification, as well
as financing facilities available to stakeholders. Through
this initiative, Bank Mandiri reinforced its commitment
to supporting sustainable finance, aiming to accelerate
the ISPO certification process for cooperative plasma
debtors. This effort is expected to contribute to
fostering a more responsible and sustainable palm oil
industry.
*Refer to page 134
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Sustainable Responsible Financing Integration of ESG in Credit
Banking Strategy Risk Assessment
Engagement with Policymakers
Bank Mandiri actively engages with policymakers and industry players to promote sustainability practices in Indonesia. This
engagement is carried out through technical committees, forums, and individual meetings. Additionally, Bank Mandiri involves
board-level management in climate risk strategies as part of a proactive approach integrated into its business strategy.
In terms of regulatory aspects, Bank Mandiri advances sustainability practices through the following initiatives:
1 Climate Risk Testing through Scenario Modeling or Sensitivity Analysis
Bank Mandiri has developed a climate risk stress test submitted to the Financial Services Authority (OJK) to identify the
impact of climate risks on the bank’s portfolio. Furthermore, Bank Mandiri provides feedback to regulators on climate
risk testing in the banking sector, particularly regarding challenges, methods, and methodology development based on
obtained data.
2 Support for Green Taxonomy
Bank Mandiri is a member of the Taskforce for developing Indonesia’s Sustainable Finance Taxonomy (TKBI) and Green
Taxonomy (THI) and is one of the banks participating in the first pilot project for THI. Bank Mandiri’s role includes providing
feedback to regulators on taxonomy and actively participating in focus group discussions (FGDs) with OJK, banking
associations, and other industry players. Bank Mandiri has submitted quarterly reports on THI and TKBI to OJK.
3 Collaboration with Relevant Ministries
Bank Mandiri ensures that its initiatives align with national and state-owned enterprise (SOE) policies, including synergies
in renewable energy projects, carbon trading mechanisms, industry incentive schemes, and the identification of required
private investments through strategic collaboration.
Internal Capacity Building [GRI 404-2]
Through its ESG desk, Bank Mandiri develops sectoral expertise among Relationship Managers (RMs) and credit analysts
to deepen their understanding of material environmental and social issues in key sectors. Relationship Managers actively
communicate our sectoral credit policies and gather feedback from companies to strengthen these policies, ensuring alignment
with regulations and global best practices.
Bank Mandiri provides training to Relationship Managers to enhance their understanding and ability to effectively identify ESG
risks, ensuring risk management adheres to sustainability principles. This Credit risk management training covers topics such
as Credit Policy Assessment (KPKD) 2024, FI Credit Risk Analysis, Sustainable Learning Product & Fraud Risk, Climate Risk
Stress Testing: Quantifying the Impact of Climate Risk, and Environmental Risk for Banks, attended by 12,168 participants in
2024.
In terms of engagement, the Board of Directors and Board of Commissioners are actively involved in capacity-building efforts
to establish internal expertise as the highest decision-makers, both in formulating sustainable business strategies and in ESG
risk management policies. ESG training attended by the Board of Directors and Board of Commissioners in 2024 included:
[2-17]
Number of Executive
Topic Details
Management
Sustainability Live: Route to Net Zero, A Circular Economy,
Sustainability Climate Finance, Supply Chain Sustainability, and Renewable 1
Energy
ESG Risk Management Enterprise Risk Management to be Sustainable Bank 4
ESG Business The Role of Financial Institution to Support Indonesia towards
8
Opportunities Low Carbon Economy
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Sustainable Financing Development of Sustainable Products
Framework and Services
Integration of ESG in Credit Risk
Assessment [FN-CB-410a.2]
As one of Indonesia’s largest banks, Bank Mandiri is committed to mitigating negative impacts on the environment and society
while fulfilling its strategic responsibility to promote sustainable economic growth. This approach aligns with our vision to create
sustainable value for all stakeholders through the following initiatives:
1 Integration of ESG in Credit Risk Assessment
Bank Mandiri integrates Environmental, Social, and Governance (ESG) factors throughout the credit lifecycle,
from the application process to monitoring. The framework is designed to conduct in-depth assessments of ESG
risks. Additionally, Bank Mandiri has established a Sustainable Finance Framework and a Transition Finance
Framework to identify financing and projects that comply with applicable regulations and global standards.
2 In-Depth Assessment for ESG-Intensive Industries
Bank Mandiri conducts comprehensive assessments for industries with high ESG intensity to ensure compliance
with sustainability policies. This includes:
• Policy Alignment
Bank Mandiri adopts international standards such as the International Finance Corporation (IFC), integrating
ESG criteria into the compliance checklist applied to customers.
• Sector-Specific ESG Assessment
ESG assessment systems are specifically designed for sectors with high exposure to environmental risks,
such as energy, agriculture, oil, and gas. This process involves Enhanced Due Diligence (EDD) to ensure
compliance.
• Environmental Impact Identification
Bank Mandiri calculates Scope 3 emissions originating from financing activities and analyzes the impact of
physical and transition risks. Additionally, Bank Mandiri conducts comprehensive climate risk stress tests to
identify the effects of climate change on its portfolio, focusing on both physical risks and transition risks. The
results of these analyses form the basis for business units, risk management, and the Board of Directors in
formulating business strategies oriented toward mitigating and adapting to climate change risks.
3 Debtor Monitoring and Engagement
ESG risks are monitored quarterly using analytical systems, such as the ALERT early warning system for wholesale
segments and the Early Warning System (EWS) for retail segments. Account-owning business units and credit
analysts actively engage in communicating agreed compliance requirements with debtors. This process is
periodically reviewed based on predetermined timelines to ensure consistent oversight.
4 Governance and Oversight
The commitment to ESG is overseen by the Risk Management Committee, which includes senior management
from the Risk, Business, and Compliance departments and is responsible for defining the Bank’s business
strategy. This governance structure ensures a transparent and accountable approach to financing that
incorporates environmental, social, and climate-related risks.
5 Transparency and Reporting
Bank Mandiri is committed to transparency by disclosing data related to ESG financing in its annual sustainability
report, in compliance with applicable regulations and best practice disclosure standards.
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Sustainable Responsible Financing Integration of ESG in Credit
Banking Strategy Risk Assessment
Environmental and Social Risk Management (ESRM)
Environmental and Social Risk Management (ESRM) is a risk The evaluation outcomes from the ESCC serve as the
management approach implemented by Bank Mandiri to basis for developing action plans for customers to address
evaluate the readiness of debtors in addressing the impacts unmet environmental and social criteria and to formulate
of climate change while strengthening risk analysis and financing strategies aligned with the Net Zero Emission
mitigation processes. ESRM applies to all of Bank Mandiri’s (NZE) Financing 2060 target or earlier. This process
credit services, including retail, treasury, corporate finance, includes analyzing debtors’ environmental and social
and consumer finance segments. risk profiles, which will serve as a key reference for Bank
Mandiri’s Decarbonization Plan in 2025. In this regard, the
A key component of ESRM is the Environmental Social management, including the Board of Directors, proactively
Compliance Checklist (ESCC), a qualitative evaluation tool establishes business strategies aligned with the results of
to ensure that debtors comply with environmental and social the ESG assessments.
criteria in accordance with applicable regulations while
supporting Bank Mandiri’s business growth. Furthermore, Debtors are analyzed based on eight parameters defined
Bank Mandiri enforces credit policies that incorporate by the International Finance Corporation (IFC). These
ESG aspects, adhering to the principles of prudence and globally recognized parameters guide Bank Mandiri in
intensive monitoring. identifying and managing environmental and social risks
while ensuring the implementation of sustainable business
Scope of management system to assess ESG risks in practices in project financing, including corporate finance
financing activities, utilizing both ESCC and credit policies, schemes. This approach underscores Bank Mandiri’s
for wholesale debtors (financing above Rp25 billion), commitment to supporting sustainability and responsible
encompassing project finance and corporate finance. development. The eight parameters are:
High-risk sectors for social and environmental impacts are
required to undergo stricter due diligence processes, as
outlined in sectoral policies. Non-compliance with these
policies may result in loan rejection or conditional approval.
Physical Risks, Transition Risks, & Emission Calculations (Scope 1, 2, & 3)
This underscores the importance of assessing, managing, and monitoring environmental and social
risks and impacts in every project. Project managers are required to develop effective environmental
and social management systems to ensure sustainability. Bank Mandiri encourages companies to
take preventive measures to address climate risks, including both physical risks and transitional risks,
while conducting comprehensive emission calculations covering Scope 1, 2, and 3 from their business
activities and operations. Additionally, publicly listed companies must transparently disclose the results
of these calculations in their sustainability reports.
Human Rights
This stresses the importance of fair treatment of workers, encompassing non-discrimination, occupational
health and safety, and freedom of association. It also prohibits forced labor and the exploitation of
child labor. Bank Mandiri requires customers to establish policies that support the protection of human
rights and ensure the fulfillment of fundamental labor rights in accordance with International Labor
Organization (ILO) conventions. These policies must include respect for freedom of association, the
implementation of Occupational Health and Safety (OHS) procedures, and mitigation measures against
prohibited labor practices.
Resource Efficiency and Pollution Prevention
This focuses on the efficient use of natural resources, including water and energy use, as well as preventing
environmental pollution through effective waste and emissions management. In the Environmental and
Social Compliance Checklist (ESCC), Bank Mandiri encourages customers to adopt resource efficiency
measures, such as energy and water conservation, tailored to the specific characteristics and needs of
their respective sectors.
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Sustainable Financing Development of Sustainable Products
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Community Health, Safety, and Security
This emphasizes the importance of identifying, preventing, and managing risks that may affect the
health, safety, and security of communities surrounding the project. Additionally, it promotes the
establishment of constructive relationships with local communities. Bank Mandiri encourages its
customers to implement procedures or mitigation measures aimed at minimizing negative impacts on
the health and safety of communities near the project.
Land Acquisition and Resettlement
Guidance is provided to ensure that land acquisition processes are conducted fairly, minimizing forced
evictions. If evictions are unavoidable, the project must offer adequate compensation and ensure the
restoration of livelihoods for affected communities. If a company’s business activities require land
acquisition, Bank Mandiri mandates that customers have land acquisition policies and/or procedures
that comply with applicable laws and regulations. Additionally, Bank Mandiri encourages customers
to monitor and evaluate the impacts of land acquisition and resettlement during and/or after project
implementation.
Biodiversity Conservation and Sustainable Management of Living Natural Resources
This aims to protect biodiversity, preserve ecosystems, and ensure the sustainable management of
biological resources, including within protected areas. Bank Mandiri integrates biodiversity considerations
into its sustainable risk management policies, particularly for sectors such as forestry, mining, and
agriculture. Bank Mandiri conducts assessments of customer activities to ensure alignment with
responsible environmental practices and to avoid actions that negatively impact critical natural habitats.
This parameter provides guidance to encourage companies to support biodiversity conservation.
Bank Mandiri requires customers to possess approved Environmental Impact Analysis, Environmental
Management and Monitoring Efforts, or Statement of Environmental Management documents from
the relevant authorities. Additionally, if a company’s business activities have the potential to impact
biodiversity (including species listed under Convention on International Trade in Endangered Species of
Wild Fauna and Flora/CITES), customers must have procedures and/or mitigation measures in place to
minimize such impacts.
Indigenous Peoples
This aims to ensure respect for the rights, culture, and values of indigenous communities. Companies
are required to obtain Free, Prior, and Informed Consent (FPIC) before initiating projects that could
have significant impacts on indigenous peoples. Bank Mandiri encourages its customers to implement
programs and/or initiatives that empower indigenous communities, enhance their well-being, and
preserve the surrounding environment, which is an integral part of their lives. These initiatives must be
carried out inclusively and based on constructive dialogue with indigenous communities.
Cultural Heritage
This aims to protect cultural heritage, both tangible (such as historic buildings, monuments, or
archaeological sites) and intangible (such as traditions, customs, and local wisdom), from potential
negative impacts caused by a project. Bank Mandiri is committed to refraining from financing
companies located near cultural heritage sites, such as United Nations Educational, Scientific and
Cultural Organization (UNESCO) World Heritage sites or government-protected cultural reserves, unless
the project is aimed at preservation. In such cases, companies are required to implement adequate
procedures and/or mitigation measures to manage and minimize negative impacts on cultural heritage
sites during project implementation.
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Sustainable Responsible Financing Integration of ESG in Credit
Banking Strategy Risk Assessment
At the initial stage of evaluating customers based on Environment and Social Risk Management (ESRM), Bank Mandiri
conducts a mandatory assessment covering several key aspects: Physical Risks, Transition Risks, and Emission Calculations
(Scope 1, 2, and 3); Working Conditions and Treatment of Labor; Land Acquisition and Resettlement; as well as Biodiversity
Conservation and Sustainable Management of Biological Natural Resources, in compliance with applicable policies and
regulations in Indonesia.
ESG Risk Management System
The ESG risk assessment in credit is conducted end-to- the pre-approval process using credit risk tools, including
end at each stage of credit distribution and is integrated by the application of ESG aspects. For the retail segment, the
the Business Unit, Credit Operation Unit, and Credit Risk assessment is carried out based on the Industry Acceptance
Management Unit. Bank Mandiri sets the risk appetite that the Criteria (IAC) and through the credit risk scorecard, referring to
Bank and the industry are willing to accept, aligning it with ESG the applicable risk acceptance criteria for each product.
aspects in the Bank’s policy. The results of this determination
are then outlined in the technical guidelines of the Industry In the credit approval process, Bank Mandiri has implemented
Acceptance Criteria (IAC) through Internal Regulation No. Environmental and Social Risk Management (ESRM) from
B3.P1.T16.IAC. the pre-selection (feasibility test), credit analysis, legal and
compliance reviews, credit approval, to the monitoring
Each Business Unit performs assessments based on the Loan process. The ESG risk management system in the credit
Portfolio Guideline, which includes Industry Classification (IC), process covers all credit services at Bank Mandiri (corporate
Industry Limit (IL), Industry Acceptance Criteria (IAC), and finance and consumer finance).
sectoral credit policies. The Business Unit then continues
Integration of ESG in Credit Approval Process
Legal + Business Unit +
Business Unit + Business Unit +
Compliance Risk Management
Risk Management Risk Management
Unit Unit LEGAL &
COMPLIANCE CREDIT COMMITTEE
PRE-SCREEN LOAN ANALYSIS REVIEW MEETING
Business Unit + Business Unit +
Risk Management Credit Operation Risk Management
Unit + Credit Operation Authorized Officer
+ Credit Operation
Unit Unit
LOAN LOAN
MONITORING DISBURSEMENT DOCUMENTATION LOAN APPROVAL
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Framework and Services
1. Pre-Screening
At the pre-screening stage, Bank Mandiri conducts a comprehensive feasibility test to identify the ESG aspects of potential
customers. This process is carried out by the Business Unit and the Risk Management Unit to ensure that the prospective
debtor meets all the established criteria, including name clearance (Know Your Customer/KYC and Anti-Money Laundering
and Counter-Terrorism Financing /AML-CTF), as well as alignment with the prospective industry that considers ESG
factors, before moving forward to the credit disbursement stage. The mechanism for the feasibility test on potential debtors
is as follows:
No Does it meet Yes Yes
Included in Next Credit
the general ESG Loan Analysis
Exclusion List? Process
criteria?
Yes No Yes
No
Corrective Corrective
Rejected
Actions Actions Met?
2. Credit Analysis with the titles of Vice President, Senior Vice President,
At this stage, the Business Unit and the Risk and up to the Board of Directors level.
Management Unit conduct a comprehensive credit 6. Credit Documentation
analysis by reviewing various aspects. The analysis This stage involves the Business Unit, Risk Management
includes qualitative aspects, such as industry Unit, and Credit Operations Unit. The Business Unit
and market prospects, as well as the company’s is responsible for ensuring the fulfillment of credit
management quality. Additionally, legal and compliance documentation requirements and the signing of the
documents, such as AMDAL, UKL, PROPER, OHS, credit agreement. The Risk Management Unit reviews to
and other environmental regulations, are reviewed ensure that the credit agreement is in accordance with
to ensure compliance. Along with these documents, the decisions made in the Credit Committee Meeting.
business prospects and marketing strategies are also Meanwhile, the Credit Operations Unit prepares the
the focus of analysis. From a quantitative perspective, credit agreement, ensures the collateral and insurance
the company’s financial performance is evaluated. Risk binding, and reviews the fulfillment of credit conditions.
assessment and mitigation, including ESG aspects, are 7. Credit Disbursement
also key components of this process. The credit disbursement process is carried out by the
3. Legal and Compliance Review Credit Operations Unit and includes several important
At this stage, Legal & Compliance provides legal steps: compliance review to ensure adherence to
opinions and solutions related to legal aspects, credit requirements, loan activation to enable the credit
including ESG, in credit granting. This process includes facility, and loan disbursement, which is the final step in
a review of both internal and external regulations (laws releasing the funds to the debtor.
and regulations). 8. Credit Monitoring
4. Credit Committee Meeting Bank Mandiri consistently monitors the fulfillment
The credit approval process is carried out in the Credit of environmental and social aspects set in the credit
Committee Meeting Forum, which consists of at least terms as part of enhanced due diligence. This process
two members, each representing the Business Unit and is carried out by the Business Unit, Risk Management
the Risk Management Unit. The parties play a role in the Unit, and Credit Operations Unit, with a focus on
decision-making process regarding credit approval. several key activities, including periodic calls and
5. Credit Approval on-site visits, fulfillment of credit conditions, annual
Credit approval is carried out by authorized officers in reviews, early warning systems (ALERT), stress tests
accordance with the credit limits set by Bank Mandiri’s and sensitivity analysis, as well as monitoring the
internal regulations. This authority is held by officers maturity of documents.
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Bank Mandiri has an early warning system (Forum ALERT) to ensure the debtor’s compliance with the established
that involves the Business Unit and Risk Management standards. If the ALERT Forum’s review indicates that
Unit. The ALERT Forum functions to identify and monitor the debtor has not complied with ESG aspects despite
risks that may affect credit quality, including risks related undergoing the action plan development and evaluation
to Environmental, Social, and Governance (ESG) aspects, process, further corrective actions may be taken to ensure
financial performance, and industry prospects. Additionally, ESG compliance. Additional feasibility tests are conducted
this forum plays a role in evaluating the implementation of if the debtor fails to meet the established financing criteria.
ESG by debtors, assessing business sustainability, and
monitoring the mitigation steps for climate change impacts. The escalation mechanism is applied in the ALERT Forum
if there are findings of ESG-related risks that cannot be
ESG due diligence triggers and risk escalation process resolved at the technical level between the Business
clearly defined to ensure that all identified risks are Unit and Risk Management Unit with the debtor. In such
addressed appropriately according to ESG principles. situations, the oversight function from the credit decision-
Bank Mandiri establishes thresholds, such as compliance making authority is required. This function is carried out by
with environmental certifications or social standards in officers at the Senior Vice President level up to the Board of
accordance with applicable laws, as the main triggers for Directors to ensure appropriate mitigation steps and further
this due diligence. If the risk reaches these thresholds, decision-making. If ESG impacts are found to be severe
Bank Mandiri requires debtors to have an action plan to during the due diligence process, escalation is made to the
meet the ESG aspects within a time frame suitable for the Board of Directors to CEO for decision-making.
type of business. This action plan is periodically evaluated
Monitoring ESG Aspects in the ALERT Forum
Continue the monitoring process
and the next credit process
stages
Compliant Yes
Account
Implementation Strategy No
ALERT
of ESG Aspect Compliant Monitoring Exit
Review
Monitoring through (Cooperative
Results
the ALERT Forum Customer)
Non-
compliant
Non-
Evaluation compliant
Preparation Escalation Process
of Customer
of Customer to the Authorized
Action Plan
Action Plan Decision Maker
Fulfillment
As an example of extra due diligence on the triggers of ESG non-compliance in debtor performance, in evaluating the
environmental performance of debtors, Bank Mandiri refers to the Corporate Performance Rating Program (PROPER) managed
by the government, with a minimum rating of “Blue.” However, there are cases where debtors experience a decline in their
PROPER rating, which is generally caused by business activities that have the potential to harm the environment, such as
improper management of hazardous and toxic waste, as well as emissions exceeding the established threshold limits.
Upon this finding, Bank Mandiri escalates the issue to senior management, where the findings related to the PROPER decline
are reported and discussed to determine the strategic actions that should be taken. Debtors are encouraged to improve their
PROPER rating to at least “Blue” within the agreed timeframe, considering a tailored approach based on the conditions and
needs of each case. Bank Mandiri provides guidance for drafting an action plan that includes concrete steps to address the
causes of the PROPER decline. Subsequently, in senior management meetings, the debtor’s improvement plan is discussed
in detail, including the preparation of an action plan with measurable targets. These targets are then incorporated into the
credit agreement.
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Bank Mandiri regularly monitors the progress of the debtor’s action plan and conducts evaluations to ensure that improvements
are implemented according to the agreed schedule. This monitoring continues until the debtor has fully executed the action
plan and met the necessary improvements.
Strengthening Governance and Oversight of ESG Risks
at Bank Mandiri
Oversight of ESG risk management in financing activities at submitted to the Board of Commissioners for approval.
Bank Mandiri is led by the President Director. As a strategic As part of Good Corporate Governance practices, these
step to strengthen governance and enhance oversight credit policies are reviewed annually to ensure alignment
of the company’s sustainability agenda, Bank Mandiri with best practices and compliance with applicable laws
has established a Risk Monitoring Committee (KPR). and regulations.
KPR focuses on integrating Environmental, Social, and
Governance (ESG) aspects into core business processes, Throughout 2024, the KPR, RMC, and CPC held regular
including strengthening sector-based credit policies, meetings to discuss various strategic topics related to
implementing Environmental and Social Risk Management sustainability, including:
(ESRM), Climate Risk Stress Tests (CRST), and managing • Monitoring relevant international trends and policies to
other ESG aspects. The committee is chaired by the strengthen Bank Mandiri’s sustainability strategy.
President Commissioner, with members from the Board • Evaluating physical and transition risks related to climate,
of Commissioners and the Board of Directors, bringing as well as enhancing ESG risk assessments to ensure
diverse backgrounds in business and risk management to business resilience.
ensure synergy of expertise and experience. • Refining reporting in accordance with international
standards such as TCFD, SASB, and GRI to enhance
In addition to the KPR, Bank Mandiri also formed a Risk transparency.
Management Committee (RMC) at the Director level, • Promoting business strategies that encourage the
chaired by the Vice President Director. The RMC members transition of customers through innovative green and
include the Director of Risk Management, the Director of sustainable financial solutions.
Finance & Strategy, the Director of Business, and several • Approving the underlying assets for the preparation of
other members of the Board of Directors. This committee the Sustainability Bond Report, ESG Repo Report, and
is responsible for monitoring risks, setting policies, and Green Bond Rupiah Report.
developing risk management strategies, including aspects • Approving the Sustainable Finance Framework (SFF) and
related to ESG. The RMC holds quarterly meetings to Transition Finance Framework (TFF).
discuss strategic topics related to risk management.
The outcomes of discussions and recommendations from
Bank Mandiri continues to strengthen its sustainability these committees are regularly communicated to the
governance structure by separating the functions of the relevant Board of Directors and Board of Commissioners.
Credit Policy Committee (CPC) from the Risk Management This mechanism ensures accountability, transparency,
Committee (RMC). The CPC is chaired by the President and optimal integration in the strategic decision-making
Director, with voting members comprising the Business process.
Director, Operations Director, Risk Management Director,
and SEVP Internal Audit. This committee is tasked with With a comprehensive governance structure, Bank Mandiri
evaluating and overseeing the implementation of credit affirms its commitment to making sustainability aspects,
policies, providing recommendations to the Board of including climate risk and opportunity management, an
Directors regarding credit policy improvements, monitoring integral part of its long-term business strategy. This step
and assessing compliance with the Maximum Limit for reflects Bank Mandiri’s continuous efforts in supporting
Credit Provision (BMPK), and evaluating management sustainable development and creating a positive impact for
limits. Policies that have been reviewed are subsequently the environment, society, and stakeholders.
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Credit Policy
In the Bank Mandiri Policy Architecture, Bank Mandiri is committed to conducting its business and operations by prioritizing
the principles of sustainable development. Bank Mandiri consistently considers potential environmental harm as well as social
and environmental risks in every decision-making process. Bank Mandiri’s ESG credit policy encompasses several key criteria.
In the environmental aspect, the criteria include environmental risk analysis, the project’s impact on ecosystems, compliance
with environmental regulations, and efforts in natural resource conservation and energy efficiency. This aligns with the Financial
Services Authority (OJK) regulation on the Assessment of Commercial Bank Asset Quality, which requires debtors to ensure
environmental sustainability in their business prospects.
From a social perspective, the criteria cover the welfare of local communities, human rights protection, compliance with
labor standards, and the social impacts of operational activities. Regarding governance, the criteria focus on transparency,
accountability, adherence to good governance principles, and compliance with applicable regulations.
General Environmental Criteria General Governance Criteria
Bank Mandiri requires prospective debtors to meet the following Bank Mandiri requires prospective debtors
general environmental criteria: to meet the following general governance
• Have environmental management documents in accordance criteria:
with the industrial sector and applicable regulations, including • The composition of the Board of
Environmental Impact Analysis (AMDAL)* documents Directors (skills and experience) is a key
for mandatory business/activity plans or Environmental consideration in credit analysis, including
Management Effort (UKL) and Environmental Monitoring the directors’ professional background.
Effort (UPL) documents. Changes to the Board of Directors
• Provide the results of the Company Performance Rating typically require the Bank’s approval and
Program in Environmental Management (PROPER) are stipulated in the credit covenant.
assessment, as required by applicable regulations. • In financial aspects, the Relationship
• Hold relevant environmental management permits/ Manager (RM) requests audited financial
certifications or meet other applicable environmental criteria statements from customers. However,
in compliance with prevailing laws and regulations. audited financial statements are not
mandatory for retail customers. Public
companies are required to prepare
sustainability reports in accordance with
General Social Criteria the provisions of the Industry Acceptance
Bank Mandiri requires prospective debtors to meet the following Criteria (IAC).
general social criteria:
• Have internal policies on Environmental Management and
Occupational Health and Safety (OHS) Management that are
acceptable to the bank.
• Hold relevant environmental management permits/
certifications or meet other applicable social criteria in
accordance with prevailing laws and regulations.
* Referring to the Regulation of the Minister of Environment and Forestry of the Republic of Indonesia Number P.38/MENLHK/SETJEN/KUM.1/7/2019 concerning Types of Business Plans
and/or Activities Required to Have an Environmental Impact Analysis (AMDAL), which mandates debtors to comply with the conclusions and recommendations of AMDAL as required
by the Ministry of Environment and Forestry (KLHK). ESG impacts considered in AMDAL include, but are not limited to: (1) forestry sector: avoiding disturbances to forest ecosystems,
hydrology, biodiversity, pests, landscapes, and social conflicts; (2) agricultural sector: soil erosion, changes in water availability and quality due to land clearing, spread of pests, diseases,
and weeds during operations, and changes in soil fertility due to the use of pesticides/herbicides.
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Exclusion List
Bank Mandiri remains committed to not providing credit financing for business activities that may have negative
impacts on the environment and society, as outlined in the following exclusion/negative list:
1. Environmental Aspects
a. Illegal logging;
b. Land clearing on peatland;
c. Related to biodiversity: Business activities that disrupt protected areas, such as World Heritage Sites
(UNESCO World Heritage Sites), wetlands meeting Ramsar Convention*** criteria, and areas with high
biodiversity categorized as protected areas under IUCN Categories I and II, as well as in accordance with the
Convention on Biological Diversity****.
2. Social Aspects
a. Human rights violations as stipulated in labor laws and ILO Conventions**;
b. Drug abuse;
3. Governance Aspects
a. Other business activities that are not in compliance with applicable laws, including but not limited to:
pornography, gambling, money laundering, corruption, collusion, and nepotism, as well as goods and
services that violate prevailing legal regulations.
** Applicable labor regulations in accordance with ILO standards, namely: Law No. 21 of 2000 on Trade Unions; Law No. 13 of 2003 on Manpower as amended by Law
No. 11 of 2020 on Job Creation; Law No. 2 of 2004 on Industrial Relations Dispute Settlement; as well as laws related to the ratification of ILO conventions.
*** The Ramsar Convention on Wetlands, ratified through Presidential Regulation No. 48 of 1991.
**** The Convention on Biological Diversity (CBD), ratified through Law No. 5 of 1994, with reference to the guidelines for the use of IUCN protected area categories under
the CBD.
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Credit Policy for Priority Sectors
The risk policy is outlined in the Industry Acceptance Criteria (IAC) document No. B3.P1.T16.IAC 2023. The policies related to
each sector are reviewed periodically to align with business developments and are rigorously monitored or supervised, similar
to formal credit policies. Credit policies related to ESG aspects are approved by senior management. To identifity these priority
sectors, Bank Mandiri refers to sectoral exposure and direct involvement of group credit, including examples of deep dive
assessments for ESG intensive industries. The priority sectors include:
Agriculture
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having a minimum PROPER rating of Blue and/or at least an AMDAL or UKL-UPL report approved by the
Environmental Agency (BLH).
2. Having a Wastewater Treatment Facility (IPL) with a study that ensures the IPL is operational and that water
quality parameters are within the specified limits.
3. Having a Sustainability Report for public companies.
4. Having a commitment to the No Deforestation, No Peat, and No Exploitation (NDPE) Policy, covering land
clearance and development, conservation of High Conservation Value (HCV) and/or High Carbon Stock
(HCS) areas, and peatland.
5. Having no new facilities allowed for development in peatland, whether for new or existing debtors.
6. Having a Wastewater Treatment Facility (IPL) with a study related to the availability of operational IPL and that
water quality parameters are within the specified limits.
7. Having ISPO and/or RSPO certification, or at least proof of registration in the form of a receipt from the
certification body, for the palm oil plantation subsector.
8. For palm oil plantations that do not yet have ISPO and/or RSPO certification, the following criteria apply:
a. Having a business ethics code, environmental policy, and labor policy (including Occupational Health and
Safety).
b. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the Bank.
c. Having SOPs for fire prevention and management, fire-fighting equipment suitable for land conditions, fire
monitoring towers, and a trained fire response team according to the standards of the Directorate General
of Plantations (Ditjenbun).
d. Having plantation companies with land areas of 250 hectares or more facilitate the development of
community plantations covering at least 20% of the area outside the IUP-B (Plantation Business Permit)
or IUP (Plantation Permit) or as specified in the location permit.
Coal
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Not providing financing to new mining operations (exploration phase).
2. Having a minimum PROPER rating of Green and/or at least an AMDAL or UKL-UPL report (including
reclamation and post-mining guarantees) approved by the Environmental Agency (BLH).
3. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the bank.
4. For financing mining operations as suppliers to coal-fired power plants (PLTU), the financing term must
consider a coal phase-out strategy in line with the applicable PLN’s RUPTL (Electricity Supply Business Plan).
5. If mining is conducted in forested areas, the mining company must have a Forest Area Borrowing Permit
issued by the Ministry of Environment and Forestry.
6. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
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Energy
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having a PROPER rating and/or at least an AMDAL or UKL-UPL report approved by the Environmental
Agency (BLH).
2. For financing the development of new coal-fired power plants (PLTU) with PLN as the off taker, the financing
term must consider the alignment with the coal phase-out strategy in accordance with the applicable PLN’s
RUPTL (Electricity Supply Business Plan).
3. For power plants that are already operational, having environmental management certification such as ISO
14001/ISO 45001 or other similar documents accepted by the Bank.
4. For operational power plants, having a Code of Conduct, environmental policies (such as carbon emissions,
coal ash, and water and waste management), and labor policies.
5. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
6. Specifically for Hydroelectric Power Plants (PLTA), having a Feasibility Study that is prepared or reviewed
by an independent consultant, including a Hydrological Study related to the adequacy of river water flow, to
ensure that it does not disrupt the sustainability of the ecosystem (biodiversity and local communities’ access
to clean water).
Construction
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the Bank.
2. Having internal policies (Code of Conduct) related to the environment and labor.
3. Having internal policies and standard operating procedures (SOP) related to accident handling for toll road
operators.
4. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
Mining
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having a minimum PROPER rating of Green and/or at least an AMDAL or UKL-UPL report (including
reclamation and post-mining guarantees) approved by the Environmental Agency (BLH).
2. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the Bank.
3. The company applies good mining practices in accordance with applicable laws and regulations, including
submitting the Work Plan and Budget (RKAB) for the relevant year approved by the Ministry of Energy and
Mineral Resources (ESDM), and/or other required documents related to good mining practices.
4. Having internal policies (Code of Conduct) related to the environment and labor.
5. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
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Other Transport Equipment Industry (Shipyard)
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the Bank.
2. Having efforts to implement energy efficiency and emission reduction, supported by documents that are
acceptable to the Bank.
3. For public companies, having a Sustainability Report is mandatory.
4. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
Fast Moving Consumer Goods (FMCG)
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having a minimum PROPER rating of Blue and/or at least an AMDAL or UKL-UPL report approved by the
Environmental Agency (BLH).
2. Having a Code of Conduct, environmental policies (such as the use of chemicals, and water and waste
management), and labor policies (including OHS).
3. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the Bank, along with certification from the National Agency of Drug and Food Control (BPOM).
4. Having efforts to implement energy efficiency and emission reduction, supported by documents that are
acceptable to the Bank.
5. For distributors, having provisions for packaging recycling or clear targets to reduce plastic waste with
environmentally friendly materials.
6. For the bottled mineral water industry:
a. Having provisions for packaging recycling or clear targets to reduce plastic waste with environmentally
friendly materials.
b. Using spring water in accordance with applicable laws and regulations, including maintaining water
sources for sustainability and ensuring the availability of water for the surrounding environment.
7. Paying attention to labor aspects such as minimum wages and not employing workers under the legal age.
Oil and Gas
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the Bank.
2. Having efforts to implement energy efficiency and emission reduction, in accordance with regulatory
requirements at the business location. For public companies, having a Sustainability Report or similar
documents.
3. Having an AMDAL or UKL-UPL report approved by the Environmental Agency (BLH).
4. Oil and gas business activities must have documentation stating the fulfillment of all oil and gas safety
requirements (for installations and equipment, workers, the general public, and the environment), with specific
supporting documentation proven by a Supporting Business Certificate (SKUP).
5. Having policies/standards and procedures related to environmental management, and Occupational Health
and Safety (OHS), in accordance with the applicable oil and gas regulatory authorities at the business location.
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Timber
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having an AMDAL (Environmental Impact Assessment) in accordance with the requirements of the relevant
authorities.
2. Fulfilling the forest management permit documents for industrial timber plantations, including the Timber
Forest Product Utilization Business Permit (IUPHHK) and/or Non-Timber Forest Product Utilization Business
Permit (IUPHHBK), along with the approved Business Work Plan (RKU) from the Ministry of Environment and
Forestry.
Healthcare Services
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having internal policies on environmental management and Occupational Health and Safety (OHS)
management that are acceptable to the Bank.
2. The hospital must have a Wastewater and Medical Waste Management Permit, as well as AMDAL/UKL/UPL
documentation.
Pharmaceutical
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having internal policies on environmental management and Occupational Health and Safety (OHS)
management that are acceptable to the Bank.
2. The pharmaceutical company must have a Wastewater and Medical Waste Management Permit, as well as
AMDAL/UKL/UPL documentation.
Pulp and Paper
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having environmental management certification such as ISO 14001 and Occupational Health and Safety
(OHS) management certification like ISO 45001, or other documents accepted by the Bank.
2. Having a minimum PROPER rating of Blue and/or at least an AMDAL or UKL-UPL report approved by the
Environmental Agency (BLH).
3. For public companies, having a Sustainability Report is mandatory.
4. The company must have efforts in place to implement energy efficiency, emission reduction, and ensure
adequate electricity and water supply.
5. The company must have a wastewater treatment facility (IPAL), waste treatment facility (IPL), Liquid Waste
Disposal Permit (IPLC), and hazardous and toxic waste (B3) treatment facility, supported by documents that
are acceptable to the Bank.
6. For the pulp and paper trade, the company must have efforts/statements/self-declarations to meet the
following principles/commitments:
a. Selling products or services that aim to minimize environmental harm.
b. A more environmentally friendly, efficient, cost-effective, and energy-efficient distribution process.
c. Allocating a budget for environmentally friendly marketing.
d. Not overusing resources.
e. Having sustainability certifications such as Forest Stewardship Council (FSC), Programme for the
Endorsement of Forest Certification (PEFC), or other similar environmental sustainability certifications.
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Metals
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Not providing financing to new mining operations (exploration phase).
2. Having a minimum PROPER rating of Green and/or at least an AMDAL or UKL-UPL report (including
reclamation and post-mining guarantees) approved by the Environmental Agency (BLH).
3. The company applies Good Mining Practices in accordance with applicable laws and regulations.
4. Having Occupational Health and Safety (OHS) certification (such as OHSAS 18001 or other similar documents
accepted by the Bank).
5. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the Bank.
Telecommunications
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having environmental management certification such as ISO 14001/ISO 45001 or other similar documents
accepted by the Bank.
2. Having provisions and/or certifications related to Occupational Health and Safety (OHS) in accordance with
applicable regulations.
3. Having efforts to implement energy efficiency and emission reduction, supported by documents that are
acceptable to the Bank (if available).
4. For public companies, having a Sustainability Report is mandatory.
5. Having internal policies related to data privacy in accordance with applicable regulations, as well as having
high-level systems and capabilities related to cybersecurity.
Transportation
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having environmental management certification such as ISO 14001/ISO 45001, as well as Occupational
Health and Safety (OHS) management certification like ISO 45001 or other similar documents accepted by
the Bank.
2. Having efforts to implement energy efficiency and emission reduction, supported by documents that are
acceptable to the Bank.
3. For public companies, having a Sustainability Report is mandatory.
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Hotel, Restaurant & Accommodation
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having a PROPER rating and/or at least an approved AMDAL/UKL-UPL/SPPL report from the Environmental
Agency (BLH).
2. Having environmental management certifications such as ISO 14001/ISO 45001 or other equivalent
documents accepted by the bank.
3. Having compliance with applicable Occupational Health and Safety (OHS) regulations and/or relevant
certifications.
4. Having efforts to improve energy efficiency and reduce emissions, supported by documents acceptable to
the bank.
Fertilizers & Pesticides
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having a PROPER rating and/or at least an approved AMDAL/UKL-UPL/SPPL report from the Environmental
Agency (BLH).
2. Having environmental management certifications such as ISO 14001/ISO 45001 or other equivalent
documents accepted by the bank.
3. Having compliance with applicable Occupational Health and Safety (OHS) regulations and/or relevant
certifications.
4. Having a sustainable CSR program with measurable impact, supported by documents acceptable to the
bank (for the group or its subsidiaries).
5. Having efforts to improve energy efficiency and reduce emissions, supported by documents acceptable to
the bank.
6. Having technical approval documents for hazardous waste (B3) management and/or a legally licensed
agreement for hazardous waste (B3) processing.
7. Having an Industrial Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with
wastewater quality standards, along with SOPs for the operation and maintenance of the wastewater
treatment plant (IPAL).
8. For publicly listed companies, having a sustainability report.
Cement
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having a PROPER rating and/or at least an approved AMDAL/UKL-UPL/SPPL report from the Environmental
Agency (BLH) (for cement plants).
2. Having environmental management certifications such as ISO 14001/ISO 45001 or other equivalent
documents accepted by the bank.
3. Having compliance with applicable Occupational Health and Safety (OHS) regulations and/or relevant
certifications.
4. Having efforts to improve energy efficiency and reduce emissions, supported by documents acceptable to
the bank.
5. Having technical approval documents for hazardous waste (B3) management and/or a legally licensed
agreement for hazardous waste (B3) processing (for cement plants).
6. Having an Industrial Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with wastewater
quality standards, along with SOPs for the operation and maintenance of the wastewater treatment plant
(IPAL) (for cement plants).
7. For publicly listed companies, having a sustainability report.
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Automotive
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having a PROPER rating and/or at least an approved AMDAL/UKL-UPL/SPPL report from the Environmental
Agency (BLH).
2. Having environmental management certifications such as ISO 14001/ISO 45001 or other equivalent
documents accepted by the bank.
3. Having compliance with applicable Occupational Health and Safety (OHS) regulations and/or relevant
certifications.
4. Having efforts to improve energy efficiency and reduce emissions, supported by documents acceptable to
the bank.
5. For the automotive industry, having an Industrial Wastewater Discharge Permit (IPLC) or Technical Approval
for compliance with wastewater quality standards, along with SOPs for the operation and maintenance of the
wastewater treatment plant (IPAL).
6. For the automotive industry, having technical approval documents for hazardous waste (B3) management
and/or a legally licensed agreement for hazardous waste (B3) processing.
7. For publicly listed companies, having a sustainability report.
Chemical
Bank Mandiri has established binding credit policies for customers in this sector with the following provisions:
1. Having a PROPER rating and/or at least an approved AMDAL/UKL-UPL/SPPL report from the Environmental
Agency (BLH).
2. Having environmental management certifications such as ISO 14001/ISO 45001 or other equivalent
documents accepted by the bank.
3. Having compliance with applicable Occupational Health and Safety (OHS) regulations and/or relevant
certifications.
4. Having efforts to improve energy efficiency and reduce emissions, supported by documents acceptable to
the bank.
5. Having an Industrial Wastewater Discharge Permit (IPLC) or Technical Approval for compliance with
wastewater quality standards, along with SOPs for the operation and maintenance of the wastewater
treatment plant (IPAL).
6. Having technical approval documents for hazardous waste (B3) management and/or a legally licensed
agreement for hazardous waste (B3) processing.
7. For publicly listed companies, having a sustainability report.
Sectors Sensitive to ESG Aspects
For other sectors such as manufacturing, Bank Mandiri has established binding credit policies requiring
customers in this sector to comply with applicable regulations and standards related to Environmental, Social, and
Governance (ESG) aspects. This includes fulfilling environmental management certification such as ISO 14001
and Occupational Health and Safety (OHS) certification like ISO 45001 or other similar standards. For debtors
who are unable to meet the established requirements, there is a monitoring mechanism and the development of
an action plan aimed at improving ESG aspects.
Bank Mandiri is actively engaged with customers in priority sectors to ensure full integration of sustainability strategies. Through
regular dialogues, we assist customers in developing sustainability action plans, which include carbon emission reduction and
adaptation to global ESG standards.
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Framework and Services
Sustainable Financing Framework
In 2024, Bank Mandiri issued the Sustainable Finance • POJK No. 51/2017 and POJK No. 18/2023 regulated by
Framework as part of its strategy to guide stakeholders— the Financial Services Authority (OJK)
including regulators, customers, investors, and internal • Indonesian Sustainable Finance Taxonomy (2024)
parties—in the classification, monitoring, and reporting of managed by the Financial Services Authority (OJK)
sustainable finance. Bank Mandiri’s commitment is realized
through the mobilization of capital for projects focused on This framework includes several key elements, including
environmental sustainability and social well-being. This the use of proceeds, the evaluation and selection process
framework enables the issuance of sustainable financial for proposals, management of proceeds, reporting, and
instruments, such as Green, Social, and Sustainability external review. The framework is dynamic, applicable
Bonds, as well as instruments linked to sustainability. to transactions submitted after its issuance, and will be
updated in line with the development of sustainability
In developing this framework, Bank Mandiri is committed standards and principles.
to contributing to the achievement of the Sustainable
Development Goals and aligns with the following standards Bank Mandiri has obtained a Second Party Opinion (SPO)
and principles, but not limited to: from the renowned independent institution S&P Global
• Green Bond Principles (2021), Social Bond Principles Ratings to ensure that the Bank’s Sustainable Finance
(2023), Sustainability Bond Principles (2021), and Framework aligns with international sustainability standards
Sustainability-Linked Bond Principles (2023) managed and principles. This SPO affirms Bank Mandiri’s commitment
by the International Capital Markets Association (ICMA) to implementing responsible sustainable finance practices
• Green Loan Principles (2023), Social Loan Principles and supporting the achievement of ESG goals, as well as
(2023), and Sustainability-Linked Loan Principles (2023) conducting an annual review of the implementation of the
managed by the Loan Market Association (LMA) Sustainable Finance Framework.
• Climate Bonds Taxonomy (2021) managed by the
Climate Bonds Initiative (CBI) Furthermore, Bank Mandiri has issued a Transition
• European Union Taxonomy (2021 and 2022) managed Finance Framework to support the transition process
by the European Commission towards a low-carbon economy, taking into account the
• ASEAN Green Bond Standards (2018), Social Bond socio-economic context of Indonesia. Transition finance
Standards (2018), Sustainability Bond Standards (2018), is essential to bridging the gap by mobilizing capital to
Sustainability-Linked Bond Standards (2023), and the drive climate solutions, support emissions reduction, and
ASEAN Sustainable Finance Taxonomy Version 2 (2023) facilitate industries in a gradual and structured manner
managed by the ASEAN Capital Markets Forum toward environmentally friendly practices to achieve a low-
carbon economy.
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Development of Sustainable Products
and Services
Bank Mandiri continues to develop ESG-related products Bank Mandiri is committed to implementing sustainable
and integrates ESG analysis with fundamental analysis. The finance by providing comprehensive support for
Bank has taken a proactive approach in integrating and sustainable economic growth derived from the alignment
aligning ESG aspects to evaluate exposure risks and their of the economic, social, and environmental aspects. This
management, as well as to access opportunities related commitment is realized through the Sustainable Banking
to sustainability. Furthermore, Bank Mandiri is actively pillar, in the form of sustainable financing and sustainable
investing in and developing data and ESG integration funding.
solutions. In 2024, Bank Mandiri expanded the use of ESG
data and analytical tools to other internally managed equity
strategies.
Sustainable Financing Activities
Rp310 Trillion
Sustainable Financing in accordance with Sustainable Funding
POJK 51/2017
Rp18 Trillion
Rp293 Trillion
Sustainable Financing
Sustainable financing refers to the credit provided by Bank Mandiri to support business activities aimed at enhancing
environmental preservation and social well-being. In line with POJK No. 51/2017, financing for sustainable activities is a key
focus in the development of the Bank’s sustainability portfolio, including the Sustainable Business Activity Categories (KKUB).
Based on the Sustainable Finance Framework, Bank Mandiri classifies sustainable activities into three main categories:
Green Activities Social Activities Transition Activities
Activities that support environmental Activities that directly address social Activities that are not yet fully
sustainability or low or zero issues and provide positive impacts, categorized as green activities but
emissions that contribute to the particularly for targeted groups, in are aimed at achieving significant
target of limiting global temperature line with national programs. emissions reductions in the short to
rise to below 2°C, in alignment with medium term.
national targets.
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This classification serves as the foundation for the Bank in developing Sustainable Financing, ensuring that it meets its primary
objective, which is to support business activities aimed at enhancing environmental preservation and social well-being.
The total allocation for Sustainable Business Activity Categories amounted
to Rp293 trillion, or 22.3% of the total loan* in 2024.
Green Activities Social Activities
Rp149 trillion, or 11.4% of the total Rp144 trillion, or 11.0% of the total loan*.
loan*.
*bank only
Sustainable Financing Portfolio
Green Portfolio Category
Financing for activities must align with the Sustainable Business Activity Categories (KKUB) as per POJK 51/2017, such as
renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural
resources and land use, as well as terrestrial and aquatic biodiversity. Additionally, activities supporting clean transportation,
sustainable water and waste management, climate change adaptation, environmentally friendly production, green buildings,
and other sustainable activities are also eligible for sustainable financing. Revenue generated by sustainable products (such as
Sustainability-Linked Loan) and Green Portfolio was approximately 7.4% of total revenue contribution (bank only).
In 2024, financing for green activities (KUBL) is as follows:
Green Activities in accordance
with POJK 51/2017
Rp149 Trillion 15.2% YoY
or 11.4% of the bank’s total loan*
Environmentally Sustainable
Renewable Energy Management of Living Natural Clean Transportation
Resources and Land Use
Rp11.8 Trillion Rp111.4 Trillion Rp7.5 Trillion
21.0% YoY 8.8% YoY 92.2% YoY
Eco-efficient and/or Circular
Sustainable Water and Economy Adapted Products,
Wastewater Management Green Buildings
Production Technologies and
Rp1.1 Trillion Rp6.3 Trillion
Processes
Rp10.6 Trillion
0.5% YoY 98.4% YoY 5% YoY
*bank only
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Green Activity Financing by Segment
Green Activity
Rp149 Trillion
Corporate Segment Commercial Segment Consumer Segment
Rp78.8 trillion or 53% Rp68.6 trillion or 46% Rp1.5 trillion or 1%
Bank Mandiri’s green portfolio in 2024 grew by 15.2% compared to 2023, solidifying its position as a market leader with a
market share of over 35% of 4 big banks. The financing was primarily allocated to the environmentally sustainable management
of living natural resources and land use, renewable energy, eco-efficient and/or circular economy adapted products, production
technologies and processes, and clean transportation.
Business Case:
Bank Mandiri Strengthens its Sustainable Portfolio
Bank Mandiri consistently strengthens its sustainable loan portfolio to support the transition to a green economy.
One strategic initiative is its role as Lead Arranger in supporting PT PLN’s transition to renewable energy through the
provision of a green loan facility. At the 28th Conference of the Parties (COP), Bank Mandiri, together with PT Pupuk
Indonesia, signed a memorandum of understanding to provide a Sustainability-Linked Loan facility and/or sustainable
financing schemes. This facility is designed to support investments in the Soda Ash projects in Gresik and Bontang,
renewable energy development, and the sustainable management of natural resources.
Additionally, the Bank has demonstrated its commitment to inclusive development by providing a social loan facility
to PT Adira Dinamika Multifinance Tbk (ADMF). This financing aims to promote more equitable, inclusive, and
sustainability-oriented development.
Renewable Energy
Poso Hydroelectric Power Plant (PLTA)
The Poso Hydroelectric Power Plant has been operational since 2012 with a capacity of 3 x 65 MW, as well as an
extension in Phase 1 (4 x 30 MW) and Phase 2 (4 x 50 MW). These three plants are designed to operate as Peaker plants
with a total capacity of 515 MW, functioning during peak load hours from 5:00 PM to 10:00 PM, with a specific available
energy of 1,669 GWh per year. Poso Hydroelectric Power Plant contributes about 10.69% of the total new and renewable
energy (EBT) for the South Sulawesi electricity system. This environmentally friendly power plant is connected to the 275
kV transmission line to South Sulawesi and the 150 kV line from the plant to Palu City, Central Sulawesi.
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Merangin Hydroelectric Power Plant (PLTA)
The Merangin Hydroelectric Power Plant utilizes the flow of the Merangin River, sourced from Lake Kerinci, and is planned
to operate as a Peaker plant with a total capacity of 350 MW. The plant will operate during peak load hours, between 6:00
PM and 11:00 PM, with a specific available energy capacity of 1,280 GWh per year.
Lahat Microhydroelectric Power Plant (PLTMH)
The Lahat Microhydroelectric Power Plant, with a capacity of 9.9 MW, has been commercially operational since November
28, 2015, and its Power Purchase Agreement (PPA) will last until November 27, 2035. Based on feasibility study data
during construction, the plant utilizes the flow of the Endikat River, with a watershed area of 284.32 km², a river length of
41 km, and an average annual rainfall of 222.17 mm. The average water discharge is 13,217 m³/s with a net elevation of
89.21 m. From these calculations, the installed capacity is 10 MW.
Deli Serdang Biomass Power Plant (PLTBm)
The Deli Serdang Biomass Power Plant, with a capacity of 1 x 9.9 MW, is located in Tanjung Selamat Village, North
Sumatra, and uses biomass from rubber wood resulting from replanting rubber plantations. The operation of this biomass
plant is expected to reduce the use of Diesel Power Plants (PLTD) in North Sumatra, which will save around 17,000
kiloliters of fuel per year for PLTD. Additionally, compared to PLTD, this biomass power plant can save approximately
Rp98 billion per year.
Bangka Biogas Power Plant (PLTBg)
PT Bangka Biogas Synergy (BBS) operates a 2.2 MW Biogas Power Plant (PLTBg) in Bangka Regency. This PLTBg
utilizes palm oil mill effluent (POME) as an energy source, which is processed into biogas to generate electricity.
Solar Panel Manufacturing
Bank Mandiri finances the integrated manufacturing industry for solar modules and solar cells. This industry aims to support
the development of renewable energy in Indonesia. The factory, located in Central Java, uses advanced technology,
namely Tunnel Oxide Passivated Contact (TOPCon), which is capable of achieving an efficiency of up to 23.2%.
Clean Transportation
• Jabodetabek Light Rail Transit (LRT)
Bank Mandiri provided a syndicated loan to KAI to finance the LRT project in 2017. The Jabodetabek LRT,
which is currently under construction, is one of the first rapid transit systems in Indonesia that integrates
the capital city of Jakarta with surrounding areas, including Depok, Bogor, and Bekasi.
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Sustainable Management of Biodiversity and Land Use
As one of the largest lenders in the palm oil sector in Indonesia, Bank Mandiri is committed to managing the environmental
and social risks associated with this industry through the implementation of sustainable agricultural practices. Bank Mandiri
is determined to lead efforts towards fair sustainability in the palm oil industry for a better future, including promoting various
environmental initiatives. This commitment is reflected in our support for palm oil debtors to obtain ISPO/RSPO certification,
as shown in the table below:
Number of ISPO and/or RSPO certified debtors (in number of debtors)
2024 2023 2022
Description
Certified On Progress Certified On Progress On Progress On Progress
Corporate 56 7 66 11 68 11
Commercial 155 111 241 60 189 52
Total 211 118 307 71 257 63
Loan outstanding of ISPO and/or RSPO certified (In Million Rupiah)
2024 2023 2022
Description
Certified On Progress Certified On Progress Certified On Progress
Corporate 54,645 874 48,141 8,820 47,869 2,733
Commercial 35,021 19,646 49,168 4,461 41,878 4,916
Total 89,666 20,520 97,309 13,281 89,747 7,649
Social Portfolio Category
Eligible social activities under this framework are projects that align with applicable standards and principles, focusing on basic
infrastructure, access to essential services, affordable housing, job creation, food security, and socio-economic improvements
for targeted groups or regions. Examples of targeted groups and regions include, but are not limited to:
1. Communities living below the poverty line
2. Populations and/or communities that are marginalized and/or excluded
3. Vulnerable groups, including those affected by natural disasters
4. Unemployed individuals
5. People with disabilities
6. Migrants and/or refugees
7. The under-educated
8. Communities with limited access to quality goods and services.
MSME Credit
Bank Mandiri has a strong policy to support the growth and strengthening of the MSME sector, recognizing its crucial role in
Indonesia’s economy. Through this policy, the Bank provides access to capital and financial services aimed at increasing the
contribution of MSMEs to job creation and poverty alleviation.
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The MSME credit provided by Bank Mandiri is also part of financing for social activities. By offering capital access to MSMEs,
the Bank not only supports business growth but also directly contributes to improving the well-being of society. In 2024,
Bank Mandiri disbursed Rp134 trillion in MSME credit to 1.3 million debtors, growing by approximately 6.3% compared to the
previous year. The non-performing loan (NPL) ratio remained manageable at 1.4%. Bank Mandiri maintains its focus on selective
growth, targeting the ecosystem value chain. Additionally, the Bank provides Working Capital Loans, Investment Loans, Micro
Business Loans (KUM), and participates in the People’s Business Credit (KUR) program for MSME empowerment.
Micro, Small, and Medium Enterprise Activities Rp134 trillion
or 10.2% of the total loan*.
Financing of Micro, Small, and Medium Enterprise Activities by Sector
Sector Total
Palm Oil and CPO Rp23.3 trillion
Retail Trade in Food, Beverages, and Tobacco Rp18.7 trillion
Hotels, Restaurants, and Accommodation Rp11.1 trillion
Retail Trade in Household Equipment Rp9.2 trillion
Agriculture Rp5.5 trillion
Non-Financial Business Services Rp3.8 trillion
Social Services and Institutions Rp5.7 trillion
Land Transportation Services Rp4.4 trillion
Livestock and Animal Feed Rp4.0 trillion
Retail Trade of Agricultural and Forestry Products Rp4.1 trillion
Others Rp43.8 trillion
*bank only
Financing of Micro, Small, and Medium Enterprise Activities by Segment
Micro, Small, and
Medium Enterprises Rp134 Trillion
(MSMEs) Activities 10.2% from the total loan*
Micro Segment SME Segment Commercial Segment
Rp90.8 trillion or 68% Rp39.6 trillion or 30% Rp3.2 trillion or 2%
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Sustainable Financing Products
The Bank has taken significant steps in supporting Indonesia’s transition to a low-carbon economy by providing various
sustainable products, including Sustainability-Linked Loans and Corporate-in-Transition financing. These products are
specifically targeted at customers in high-carbon-intensity sectors, such as the cement, livestock, and palm oil industries,
through the following financial solutions:
Sustainability-Linked Loan (SLL)
A Sustainability-Linked Loan (SLL) aims to support customers in improving their sustainability profile over the term of the loan,
without requiring the allocation of financing for specific sustainable projects or activities. This financing is based on aligning
loan terms with sustainability goals that have been set, which are measured through key performance indicators (KPIs) and
evaluated based on sustainability performance targets (SPTs).
By utilizing KPIs, this financing not only supports projects focused on sustainability but also provides incentives for debtors
to achieve the agreed-upon ESG targets. This approach reflects a close collaboration between the lender and the debtor in
promoting more sustainable business practices and transition projects towards a low-carbon economy.
Examples of KPIs in SLL by Sector:
Palm Oil Cement Livestock Petrochemicals
Increase % RSPO Reduction of net CO2 • Maintain annual • Improvement in ESG
certification for land and emissions intensity Somatic Cell Count Rating
palm oil mills. (Scope 1). levels. • Reduction in
• Reduction in greenhouse gas (GHG)
greenhouse gas (GHG) emissions intensity
emissions. (Scope 1 and 2)
Pricing Incentive: 1- 7.5 Basis Points
Corporate-in-Transition Financing
Corporate-in-Transition Financing is a type of financing applied at the client entity level, aimed at supporting clients in
transitioning or aligning their business and/or operations with pathways that are consistent with the goals of the Paris
Agreement or Nationally Determined Contributions (NDC) targets. Compliance with these goals is measured through
strategies and targets that have been approved by Bank Mandiri. Clients are eligible for this financing if they demonstrate
a clear climate transition strategy with measurable targets, and have evidence of implementing this transition strategy
and targets in the past 12 months (for example, divesting from carbon-intensive assets, diversifying from carbon-
intensive activities, or decarbonizing by reducing overall emissions intensity).
Example of Targets in
Corporate-in-Transition Mining
Reducing the proportion of total revenue from
Financing: thermal coal projects.
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Sustainable Client Financing
Sustainable Client Financing is a type of financing applied at the client entity level, aimed at supporting businesses that
promote environmental sustainability or are moving towards a sustainable economy, in alignment with the qualifying activity
criteria within this framework, as well as applicable regulations or international best practices. Clients are eligible for this
financing if their core business, or 90% or more of their revenue, comes from activities that meet the qualifying activity criteria
under this framework.
Green Loan
Bank Mandiri actively contributes to accelerating the processing, production, and sales of cathode precursor
transition to a low-carbon economy by providing banking materials, as well as materials for new energy recycling in
solutions that support environmentally friendly business the new materials and energy sector.
practices for its customers. One of the facilities provided
is the Green Loan, specifically designed to fund projects In 2024, as part of its commitment to sustainability, Bank
and initiatives with a positive environmental impact. This Mandiri took strategic steps by providing loan facilities for
financing follows the Green Loan Principles issued by the the electricity and transportation sectors. For the electricity
Loan Market Association (LMA). sector, Bank Mandiri acted as ESG Coordinator, offering
a Green Loan of Rp3.5 trillion to support the energy
As a commitment to sustainability, in 2022, Bank Mandiri transition program. Meanwhile, for the transportation
took a significant step by providing a Green Loan facility sector, Bank Mandiri provided a Green Loan of USD226
for the electric vehicle (EV) battery components industry in million to support the distribution of electric vehicles,
Hong Kong. As the Mandated Lead Arranger, Bank Mandiri including the development of charging infrastructure,
played a crucial role in organizing a Green Loan syndication vehicle procurement, and providing financing to facilitate
worth a total of USD300 million. The facility supports the customer access.
lithium battery industry, including research, development,
Green Mortgage
Bank Mandiri continues to encourage retail customer participation in green financing through the Green Mortgage product. This
product is designed to support the purchase of properties in residential areas that have obtained green building certification
from recognized institutions. As part of this initiative, Bank Mandiri has partnered with NavaPark BSD City, South Tangerang,
a project that has achieved the Greenship Platinum certification from the Green Building Council Indonesia (GBCI). Through
Green Mortgage, customers can benefit from incentives such as lower interest rates and reduced down payments, providing
added value to customers while supporting sustainable development. The total disbursement of Green Mortgages in 2024
amounted to Rp587 billion.
Sustainable Funding
As a pioneer in the “First Movers on Sustainable Banking” initiative, Bank Mandiri proactively strengthens the sustainable
funding structure through the issuance of green bonds, sustainability bonds, and innovations such as ESG Repo transactions.
Since 2021, Bank Mandiri has not only successfully raised sustainable funds but also expanded its financing portfolio that
supports the transition to a low-carbon economy, solidifying its role as a key player in the sustainable finance ecosystem.
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Sustainability Bond & ESG Repo Framework
Bank Mandiri’s Sustainability Bond & ESG Repo Framework Committee (RMC).
aligns with the four main pillars of the Sustainability Bond 3. Fund Management
Guidelines issued by The International Capital Market The funds are managed through tracking and monitoring
Association (ICMA 2021). These pillars include: mechanisms to ensure proper allocation of the funds.
1. Use of Proceeds 4. Reporting
The funds raised are used for environmentally and Bank Mandiri issues Allocation Reports and
socially responsible projects that meet sustainability Environmental Impact Reports, which are verified by a
criteria. second party opinion (SPO) to ensure transparency and
2. Project Evaluation and Selection accuracy.
The process of selecting underlying assets involves the
Business Unit and the Sustainable Finance Working
Group, with approval from the Risk Management
Green Bond Framework
Bank Mandiri’s Green Bond Framework, which supports 4. Reporting
the issuance of Green Bond Rupiah, is in line with POJK Bank Mandiri issues Allocation Reports and
No. 60/2017 and includes the following four main pillars: Environmental Impact Reports, which are verified by
1. Use of Proceeds environmental experts to ensure transparency and
The funds raised from the issuance of environmentally compliance with applicable environmental criteria.
focused debt or green bonds are used for projects that
meet eligibility criteria within the green category. Bank Mandiri established the Sustainable Public Offering
2. Project Evaluation and Selection (PUB) program for the issuance of Sustainable Green
The selection process for underlying assets involves Bonds I, valued at Rp10 trillion. In 2023, the Bank issued
the Business Unit and the Sustainable Finance Working the first tranche of Sustainable Green Bonds amounting to
Group, with approval from the Risk Management Rp5 trillion. All allocations from the green bond issuance
Committee (RMC). are verified by a Second Party Opinion (SPO) from SDGs
3. Fund Management Hub UI.
Funds raised from green bond issuance are managed
through tracking and monitoring mechanisms to ensure
that the funds are used appropriately.
Sustainability Bond
In 2021, Bank Mandiri successfully raised USD300 million through the inaugural issuance of its Sustainability
Bond. The funds were used to finance or refinance environmentally and socially responsible projects, in line with
the criteria outlined in the Bank’s Sustainability Bond Framework. During the offering process, the bond received
demand exceeding USD2.5 billion, which is 8.3 times the target fundraising amount, indicating a significant
oversubscription.
The Sustainability Bond Framework has been aligned with international market standards, such as the
Sustainability Bond Guidelines, Green Bond Principles, and Social Bond Principles from the International Capital
Market Association (ICMA). Additionally, the framework is also in compliance with the Sustainability Bond, Green
Bond, and Social Bond standards set by ASEAN. To enhance transparency and credibility, this framework has
received a second party opinion (SPO) from Sustainalytics, and its allocations are reviewed annually.
As part of its reporting obligations regarding the use of funds and their environmental and social impacts, Bank
Mandiri regularly publishes an annual Sustainability Bond Report. This report provides detailed information on the
use of funds and their impacts. For more information, you can access the report via the following link: https://
bankmandiri.co.id/en/web/ir/sustainability-bond.
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ESG Repo
In 2022, Bank Mandiri successfully executed an ESG Repo transaction worth USD500 million with two
counterparties. This transaction marked a significant milestone, as it was the first ESG Repo transaction in
Indonesia and one of the first in Southeast Asia. The funds raised from this transaction were used to finance
or refinance assets related to environmental, social, and governance (ESG) factors, thereby supporting broader
sustainability efforts in the banking and financing sectors.
Involvement in Green Bonds
Mandiri Group is actively identifying clients who wish to integrate sustainability into their financial strategies,
helping them develop ESG-based financing frameworks, such as the use of proceeds or sustainability-linked
frameworks. Each framework created in collaboration with clients is reviewed by a reputable second party opinion.
In 2024, Mandiri Group, through Mandiri Sekuritas, actively served as a trusted advisor to clients in designing
green bond and sustainability bond structures. This service includes assistance in identifying projects that
meet sustainability criteria, ensuring alignment with international standards such as the Green Bond Principles
and Green Loan Principles issued by the International Capital Market Association (ICMA) and the Loan Market
Association (LMA), as well as providing guidance on reporting and transparency. With this approach, Mandiri
Sekuritas supports clients in accessing sustainable financing while meeting investors’ expectations for responsible
investments.
In 2024, Mandiri Sekuritas became one of the Joint Lead Underwriters for the issuance of Social Bonds by PT
Pegadaian worth Rp252 billion and PT Sarana Multigriya Finansial (Persero) worth Rp5.64 trillion, as well as Green
Bonds by PT Oki Pulp & Paper worth Rp7.59 trillion. All of these issuances have undergone an independent
verification process. Additionally, Mandiri Sekuritas has provided advisory services to several companies in the
financial services, real estate, agriculture, energy, and pulp & paper sectors.
Sustainable Investment
Sustainable Investing Approach
As part of the Bank Mandiri ecosystem, Mandiri Exchange (FTSE) ESG Index, which is designed to assess
Investment Management (MMI) plays a crucial role in the comprehensive ESG performance of issuers.
applying Environmental, Social, and Governance (ESG)
principles across all its investment activities. MMI supports The ESG aspects contribute 10% of the total 30% weight
the Bank’s commitment to creating sustainable value by in the Value Sustainability component, alongside factors
integrating ESG factors into the investment portfolio and such as company lifecycle, scalability, regulatory risks,
decision-making processes, ensuring outcomes aligned and management quality. This assessment complements
with long-term growth and a positive impact on society. other key components, including Value Creation (50%) and
Financial Power (20%).
The investing process uses both quantitative and qualitative
methods to assess the ESG factors of each company. This In conducting ESG profiling, Bank Mandiri has developed an
analysis covers a wide range of aspects, considering not internal checklist designed to ensure that ESG assessments
only the sustainability of the company but also leveraging are carried out in a measurable, consistent, and relevant
data to detect potential alpha in the future. As a benchmark, manner, in line with a company’s characteristics.
this approach is based on the Financial Times Stock
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Measurement Metrics
Environment Social Governance
• Total GHG emissions per sales • Employee diversity: % of female • Does the company have a
• To what extent do the company’s employees proper, clear, and transparent
products/services impact the • % of expenditures for the governance structure?
environment? community compared to pre-tax • Does the company ensure the
• Does the company have short, profit accuracy and integrity of its
medium, and long-term plans • Do the company’s products/ financial reports?
for environmentally friendly services meet the social needs of • Does the company maintain the
development? the community? independence and effectiveness
• Does the company have plans • Does the company track and of the Board of Directors?
to measure and reduce its evaluate social indicators, such • Does the company protect the
carbon footprint/greenhouse gas as gender equality, employee rights of shareholders?
emissions? retention, and workplace safety?
• Does the company have plans • Does the company support
for transitioning to renewable local communities through
energy? empowerment programs?
• Does the company emphasize
community engagement and
empowerment?
Weight: 33.33% Weight: 33.33% Weight: 33.33%
As part of Bank Mandiri’s commitment to sustainability not only refer to local standards but also comply with
principles, Mandiri Capital has established Environmental international guidelines to ensure a positive impact on the
and Social criteria for every investment made. These criteria environment and society.
Environment
Referring to the Indonesian Sustainable Finance Taxonomy (TKBI) set by the OJK. Several environmental
parameters used in the assessment include:
• Climate Change Mitigation
• Climate Change Adaptation
• Protection of Healthy Ecosystems and Biodiversity
• Resource Resilience through Circular Economy
Social
Referring to the United Nations Development Programme (UNDP) Impact Measurement Management
Framework, the social aspect parameters include:
• Protection and respect for human rights
• Employment, including decent work, prevention of forced labor, protection of women and child workers,
and human resource development
• Impact on communities living near the investment companies, including job creation, efforts in poverty
alleviation, and economic growth.
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Sustainable Financing Development of Sustainable Products
Framework and Services
Sustainable Investment Products
Bank Mandiri, through the digital platform Livin’ by Mandiri, actively promotes sustainable investment options to increase retail
customer participation in supporting the sustainability agenda.
Green Sukuk and Green Bonds
Bank Mandiri proactively introduces retail investment Green Sukuk Green Bond
Rp3.1 Rp5
products aligned with ESG principles, such as the
Indonesia Green Sukuk offering and green bonds issued
by the Government of the Republic of Indonesia, based on
The Republic of Indonesia Green Bond and Green Sukuk
trillion trillion
Framework.
ESG Mutual Funds
In 2023, Bank Mandiri launched ESG Mutual Funds. These products are
ESG Mutual Funds
specifically designed for the retail market and mark an important milestone
in sustainable finance. The addition of these ESG-based investment
products demonstrates the Bank’s commitment to leading the low-carbon
Rp3,54
economy in Indonesia. As demand for sustainable investments rises, these trillion
products aim to meet customer needs while encouraging responsible
investment practices.
ESG Mutual Fund Portfolio
Mandiri FTSE Indonesia ESG Index Mutual Fund
Batavia Global ESG Sharia Equity USD, is The Mandiri FTSE Indonesia ESG Index Mutual
invested in issuers that focus on ESG or have high Fund is the first mutual fund in Indonesia that
ESG scores. uses the FTSE Indonesia ESG benchmark index,
featuring stocks that have undergone an ESG rating
process by FTSE Russell.
Bank Mandiri not only issues sustainable fundraising products and serves as an advisor but is also actively investing in green
bonds and sustainability bonds. In 2024, the Bank allocated Rp419 billion for investment in green bonds. For 2025, Bank
Mandiri has targeted the allocation of green and sustainability bonds to reach approximately 0.2% of the total investments in
securities it holds, with an allocation of Rp5 trillion for phase 2. However, the achievement of this target will depend on liquidity
needs and the financial management strategies implemented by the Company.
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Operations
164 Our Customers
• Consumer Financial Protection
• Handling of Financial Product Complaints
• Customer Satisfaction
• Responsibilities for Managing Privacy, Cybersecurity, and Data Protection
• Privacy and Data Protection Policy
• Data Protection Systems and Procedures
• Data Governance
• Cyber Security Risk Management and Management of Operational Resilience and Cybersecurity
• Information Management System Certification
• Information Security Measurement and Evaluation
• Handling of Information Security Breaches
• Information Security System Audits
204 Our Employees
• Human Resource Development
• Diversity, Equality, and Inclusion Program
• Support for Employees
• Occupational Health and Safety (OHS)
233 Our Operations
• Commitment to Reducing Emissions, Releases, and Waste
• Green Business Mindset
• Measurement and Monitoring of Operational Carbon Emissions
• Carbon Neutral Initiatives
• Environmental Conservation Costs
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Sustainable
Operations Our Customers Our Employees
Our Customers
Consumer Financial Protection
Bank Mandiri is committed to protecting the financial rights of • Transparent Communication of Product and/or
our customers and supporting the creation of a sustainable Service Information in product and service offerings.
and stable financial ecosystem. This is done by safeguarding • Marketing of Products and/or Services that protects
consumer interests, in line with POJK Regulation No. 22 customers from misleading information.
of 2023 on Consumer and Public Protection, through the • Preparation of Agreements for Products with clear
provision of equitable and responsible financial products and fair terms and conditions.
and services. Each product and service is designed with • Provision of Services for Product Usage that supports
customer welfare in mind, emphasizing transparency and responsible credit recovery.
accessibility at every stage. [OJK F.17] • Complaint Handling and Dispute Resolution as a
commitment to customer satisfaction.
The areas of customer protection included in Bank • Enhancing Financial Literacy and Inclusion to support
Mandiri’s Consumer Protection Policy are regulated under customer understanding of financial products and
the Customer Protection Standard Procedure No. K4.SP27 services.
of 2024, which includes:
• Good Faith in every interaction and transaction with Consumer protection begins with an analysis of the potential
customers. customer’s profile to ensure product understanding and
• Customer Data Protection to maintain the confidentiality prevent loans beyond financial capability. This policy
and security of personal information. includes limiting Paylater services for customers with
• Product and Service Design ensuring suitability and payroll accounts, setting maximum limits, and applying risk
feasibility for customers. criteria. Bank Mandiri also utilizes Enterprise Data Analytics
• Provision of Product and/or Service Information to to assess the financial capacity of customers, ensuring
help customers make informed decisions. installments align with their financial capabilities.
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Our Operations
For customers facing financial challenges, Bank Mandiri priority. Bank Mandiri ensures that all personal and financial
provides flexible loan restructuring options, including information is protected with advanced security systems
installment adjustments or loan modifications to help and high encryption standards, maintaining customer trust
them meet their financial obligations. Bank Mandiri also and confidentiality.
upholds fair advertising through transparent and accurate
advertising policies, ensuring that all product information is To increase awareness and understanding regarding
communicated honestly. In terms of credit collection, Bank customer protection, Bank Mandiri conducts internal
Mandiri upholds customer rights by implementing ethical socialization using various media, including wallpapers,
collection procedures that respect the privacy and dignity email blasts, and the Mandiri magazine, followed by surveys
of every individual. Customer data security is also a top to assess their effectiveness.
Employee Training on Consumer Financial Protection [GRI 404-2]
During the reporting period, 10 (ten) socialization materials customer-facing employees through annual training and
were delivered, followed by surveys to measure their comprehension testing. In the reporting year, a total of
success. Bank Mandiri also ensures understanding of 52,138 employees participated in consumer protection
consumer financial protection among employees in relevant training through e-Learning.
departments, including front-line staff and all relevant
Employee Training on Consumer Financial Protection in 2024 [GRI 404-2]
Bank Mandiri Consumer Protection E-Learning
Number of Training Participants
Training Scope:
• Understanding the concept of consumer protection
• Comprehending the implementation of consumer protection at Bank 52,138
Mandiri Employees
• Identifying risks related to consumer protection in Bank Mandiri’s
business activities
To increase awareness and knowledge among all 2. Implementation of E-Learning on Consumer
employees regarding consumer protection, Bank Mandiri Protection
implements various socialization and capacity-building E-Learning training is provided to all employees in
initiatives through the following actions: compliance with regulations requiring employee
1. Socialization through Various Internal Platforms capacity development in understanding consumer
Carried out for all employees using a variety of bank’s protection regulations.
internal platforms, such as:
• Displaying information on PC wallpapers; 3. Awareness Survey for All Employees
• Email blasts through corporate email; Surveys are conducted to measure the level of
• WhatsApp blasts through the Culture Squad across understanding and effectiveness of the socialization
all Groups; activities, ensuring that the messages and information
• Through Business Continuity Management related to consumer protection are effectively
Awareness Guidance (BCMAG) surveys, podcasts, communicated.
and Majalah Mandiri (Bank Mandiri’s magazine).
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Operations Our Customers Our Employees
Debt Collection Policy
Bank Mandiri adheres to all applicable laws and regulations Whether direct or indirect, Bank Mandiri ensures that each
related to debt collection management to ensure that each collection process complies with internal and external
process is carried out in accordance with the prevailing regulations to maintain transparency and integrity in
legal provisions. Bank Mandiri implements a responsible, customer relations. The collection process is not solely
respectful, and fair debt collection policy for all customers. focused on protecting the interests of Bank Mandiri, but
Every employee or authorized representative of Bank also ensures that the rights and privacy of customers are
Mandiri involved in the debt collection process is required respected in accordance with applicable rules.
to adhere to high ethical principles and respect the rights of
debtors, ensuring that the collection process is conducted Bank Mandiri ensures that debt collections performed
professionally and in compliance with applicable regulations. by third-party agencies can only be carried out once the
debtor’s debt has become delinquent. Bank Mandiri
Bank Mandiri has developed a debt collection policy guarantees that collections are conducted without physical
applicable to all Bank Mandiri employees and subsidiaries, or verbal pressure and are not directed toward anyone
covering retail and wholesale segment products and other than the debtor in question. Additionally, the collection
services, as outlined in the Overview of Debt Collection process must adhere to communication guidelines that
Policy1. The debt collection policy includes procedures avoid disruption, such as being conducted only at the
and management practices, and defines the working debtor’s address between 08:00 and 20:00 local time
mechanisms for debt collection, including collection and only on occasion. Collections that need to take place
methods, frequency, and other requirements. The policy outside the designated time and location can only be done
also mandates that employees specifically involved in with the debtor’s consent.
debt collection undergo periodic training based on the
Credit Collection & Recovery Policy, which encompasses Bank Mandiri requires employees handling credit and
the management of problematic loans and collection collection officers to undergo training and certification
procedures. Debt collection execution is supervised by The through internal and external programs. For debtors still
supervision of debt collection activities is carried out by the under the management of the Business Unit (BU), Bank
Wholesale Credit Recovery Unit for the wholesale segment Mandiri provides guidance through joint efforts between the
and the Retail Credit Recovery Unit for the retail segment. BU and relevant divisions. Collection officers are required
attend training related to debt collection activities such as
At every stage of collection, Bank Mandiri applies financial basic collection, collection negotiation, anti-fraud strategies,
protection policies that respect the fundamental rights of and operational collection risks, organized in collaboration
customers in accordance with the valid credit agreement. with Mandiri University Group.
Training on Debt Collection Policy in 2024 [GRI 2-24, 404-2]
Scope of Training:
Basic Collection for Operational/Outsourced Employees, Operational Risk Management for Collectors, Retail
Collection Product Knowledge, Negotiation Collection, Collection for Business, Marketing Skills for Collection, and
others.
Number of Training Titles Total Training Hours Number of Training Participants
30 Titles 22,743 Hours 3,399 Employees
1
Overview of Debt Collection Policy:
https://www.bankmandiri.co.id/documents/20143/385754317/EN_Draft_Overview+Debt+Collection+Policy_FINAL.pdf
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Loan Modification Policy
Bank Mandiri offers clear loan restructuring options which • Conversion of loan currency
consider the financial condition of the customer to ensure • Sale of debtor’s company shares
solutions that align with their financial capacity. The • Reduction of overdue interest
implementation policy for restructuring refers to the SPO
Credit Collection & Recovery and POJK Regulation 40 of Apart from Bank Mandiri’s official website, information
2019. The restructuring options provided, in accordance regarding credit restructuring and the escalation process
with POJK 40 of 2019, include: can be accessed by debtors through direct discussions
with account managers or relationship managers. Debtors
• Reduction of interest rates may also access information on loan restructuring through
• Extension of loan tenure and/or rescheduling the OJK as the government financial services regulator.
• Waiver of interest, penalties, and fees for loan restructuring Debtors will also receive more detailed information
• Additional credit facilities regarding the scheme, terms, and conditions outlined in
• Conversion of loans into temporary equity participation a Loan Restructuring Approval Letter, issued when the
• Merging and/or splitting of credit facilities restructuring request is approved by Bank Mandiri.
To ensure the restructuring goals are achieved and comply with the consumer financial protection policy, Bank Mandiri
implements the following loan restructuring and monitoring process in accordance with the scheme below:
Implementation and Monitoring Flow of Retail Segment Restructuring
Completeness
1 Restructuring 2 of Restructuring
3 Negotiation of 4 Proposal to Credit 5 Decision of Credit
Request (Initiated Restructuring
Submission Decision Maker Decision Maker
by Debtor/Bank) Scheme
Documents
Monitoring
9 Payments & Effective
Debtor’s Credit
8 Restructuring
7a Accepted
Quality
10 Completed 6 Decision
7b Rejected
In providing credit restructuring, Bank Mandiri ensures that 3). Suspension of accrual-based interest income
the process is conducted by officials or employees who are recognition
not involved in the credit granting process. This process
adheres to the fundamental principles of restructuring, As part of the monitoring process, Bank Mandiri conducts
including: a comprehensive assessment and establishes specific
a. Four Eye Principle criteria when considering credit restructuring requests. This
b. Exposure Consolidation Principle step aims to identify opportunities for credit recovery for the
c. One Obligor Principle debtor, ensuring that the credit becomes productive again
d. Credit restructuring is not performed solely to avoid: and provides benefits for both parties. Several factors are
1). Downgrading of credit quality classification considered, including:
2). Increased provisioning for impairment of assets 1. Business prospects, which include:
(PPKA) a. Potential for business growth
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Operations Our Customers Our Employees
b. Market conditions and the debtor’s position in the d. Compliance with credit agreements
competition e. Appropriateness of fund usage
c. Management quality and workforce issues f. Reasonableness of sources of repayment
d. Support from business groups or affiliates
e. Efforts made by the debtor to maintain environmental Bank Mandiri also continuously monitors credit quality
sustainability through several mechanisms, one of which is a watchlist,
2. Business performance, which includes: which serves as an early warning signal. This mechanism
a. Profitability analyzes three key aspects: the debtor’s business
b. Capital structure prospects, financial performance, and payment history. If
c. Cash flow the monitoring results indicate a decline in credit quality,
d. Sensitivity to market risks Bank Mandiri will take corrective actions, particularly for
3. Payment ability, which includes: debtors who still have viable business prospects and
a. Timeliness of principal and interest payments payment ability. This approach aims to minimize potential
b. Availability and accuracy of financial information losses and recover the credit granted.
c. Completeness of credit documentation
Resolution of Non-Performing Loans
As part of its efforts to maintain its credit portfolio quality and mitigate risks, Bank Mandiri applies a systematic approach in
handling non-performing loans. This process involves a series of steps tailored to the conditions and potential of each debtor
to ensure appropriate and effective handling. The following describes the process for handling non-performing loans applied
by Bank Mandiri.
Non-Performing Loan Handling Process
1. Review 6. Write Off
Evaluation of credit quality on a Writing off non-performing loans
regular basis based on the three from the Bank’s books, but credit
pillars of Bank Indonesia’s credit resolution efforts continue.
assessment.
5. Exit Strategy
2. Diagnosis
Resolution of credit for debtors
Identification of the root cause who are unable to undergo
of non-performing loans and restructuring or have failed in
analysis of debtor conditions to their attempts.
determine the account strategy.
4. Monitoring
3. Restructuring
Monitoring of debtor compliance to
Credit restructuring for debtors who
ensure credit quality is maintained.
still have business prospects and
good intentions.
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Our Operations
Marketing Policy Based on Fair Advertising Principles
Bank Mandiri adheres to a fair marketing policy in 4. Applying risk management principles.
compliance with regulatory provisions related to financial 5. Conducting marketing communication activities for
services advertising. Every advertisement and promotion of products and services based on Core Values, AKHLAK
Bank Mandiri’s products and financial services is designed (Amanah, Kompeten, Harmonis, Loyal, Adaptif, and
to provide accurate, clear, honest, and non-deceptive Kolaboratif), good corporate governance, corporate
information. culture, Code of Conduct, business ethics, and always
applying the principle of prudence (prudential banking).
As outlined in its Overview Fair Advertising and Responsible
Marketing Policy2, Bank Mandiri is committed to applying Bank Mandiri’s marketing personnel are tasked with
high standards of transparency and ethics in fair and thoroughly explaining the features, consequences, and risks
responsible advertising practices. This commitment of products to customers in compliance with applicable
includes delivering accurate, complete, and easily laws and regulations, including for digital products and
understandable information in all marketing materials to services. In delivering marketing information to the public
ensure that consumers can make informed decisions. and prospective customers, Bank Mandiri ensures the
As part of its customer responsibility, Bank Mandiri also provision of the following product and service information:
ensures that all marketing materials disclose any potential [GRI 417-1]
negative consequences associated with any Bank product 1. Providing clear, accurate, truthful, easily accessible
or service. Bank Mandiri is also committed to responsibly information that does not mislead customers.
targeting the appropriate audience, ensuring that products 2. Using legible fonts, writing, symbols, diagrams, and
and services are promoted to relevant parties in an ethical signs.
and inclusive manner. This approach reflects the values of 3. Explaining any terms, phrases, sentences, symbols,
sustainability and integrity that are integral to Bank Mandiri’s diagrams, or signs that the customer does not
operations. understand.
4. Providing a summary of product and/or service
The Board of Directors, as an oversight body, is responsible information in both general and personalized versions,
for overseeing all marketing and communication activities which includes:
related to products and services. To support this oversight, a. Information related to:
the Managing Unit reports to the Board of Directors at least i. Description/explanation of the product;
once a year, detailing all marketing communication activities ii. Product benefits and advantages;
related to products and services that have been carried out. iii. Product features;
iv. Terms and conditions of the product;
The objective of Bank Mandiri’s marketing communication v. Instructions/tutorial on how to use the product
for products and services is to increase brand awareness or application;
through digital and conventional media, as well as events. vi. Product/promotion validity period (if applicable,
Bank Mandiri applies risk management principles, including such as for limited-edition products); and
identification, measurement, monitoring, and risk control, vii. Communication channels that customers can
to ensure that marketing communication activities are contact if they wish to confirm further information.
conducted securely, accurately, and in a timely manner. b. Simulations and/or historical data in cases of
Bank Mandiri has also established the following measures: products and/or services that involve fund collection,
[GRI 3-3] fund distribution, and/or fund management.
1. Assigning duties and responsibilities between related
units (segregation of duties). To ensure that every customer receives accurate information,
2. Implementing a check and balance process to carry out every marketing staff at Bank Mandiri is required to undergo
marketing communication activities with a dual control training on financial product and service knowledge, as well
mechanism. as annual refreshment training.
3. Adhering to internal and external regulations.
2
Overview Fair Advertising and Responsible Marketing Policy: https://www.bankmandiri.co.id/documents/20143/385754317/
EN_Overview+Fair+Advertising+Policy_FINAL.pdf/1c3e2c27-fcaf-fc88-4ab9-cbbe5131ac8b?t=1739259875999
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Operations Our Customers Our Employees
Training on Responsible Marketing and Product Offering 2024 [GRI 404-2]
Scope of Training:
SPO Marketing of Product and Service Communications, Basic Marketing, Marketing Foundations: Consumer
Behavior, Agile Marketing Foundations, Digital Marketing Foundations, Integrated Marketing Communication
Strategies, Marketing Communications, and so on.
Number of Training Titles Total Training Hours Number of Training Participants
70 Titles 5,227 Hours 1,013 Employees
Responsible Product Offering
Bank Mandiri has policies related to the introduction of new information is hidden or minimized. Through these steps,
products outlined in its Standard Operating Procedures Bank Mandiri is committed to supporting sustainability
(SPO) for New Product Launches, and Operational and ensuring that every product and service offered meets
Technical Guidelines (PTO) for New Product Launches. ethical and transparency standards, and are socially and
These policies reflect the implementation of responsible environmentally responsible.
product and service risk management practices, and
includes integrating risk assessment and potential impacts According to a Board of Directors’ Decision Letter of 2024,
into the new product development process through a every new product recommendation is to be submitted
comprehensive (end-to-end) approach regulated by risk through a structured process, starting with discussions at
acceptance and new product development. Additionally, a technical meeting and with the New Product Coordinator.
Bank Mandiri consistently conducts monitoring and The recommendation is further evaluated by the Secretary
evaluation of new products to ensure continuous oversight and the Working Group of the Business Committee (BC) for
of risks and potential impacts after the product is launched. wholesale and retail segments. The final result is presented
to the BC, which ensures that every product and service
Bank Mandiri also transparently communicates risk undergoes evaluation in accordance with policies and
information to customers. This includes providing oversight standards. Bank Mandiri applies a process flow
information that is clear, accurate, honest, easily for the BC’s oversight of the new product launch, which is
accessible, and not misleading; balancing the potential as follows:
benefits and risks; and ensuring that no significant risk
Process Flow for Committee Oversight of New Product Implementation
Technical New Product BC Working Business
BC Secretary
Meeting Coordinator Group Committee (BC)
Organizing the Working Deciding on the status of
Group Business new products and their
Discusses and Coordinating proposals Committee (WGBC) inclusion in the RPPB, Discussing and
recommends the for new products and and reporting the as well as proposing evaluating the
status of the new submitting progress implementation results the evaluation results of development and
product. reports on product of WGBC as well as the product development discontinuation of
development. product development and the discontinuation bank products.
progress report to the BC. of bank products to the
BC.
BoD-2 BoD
BoD-1
Vice President (VP) Board Level
Vice President (VP) Level
Level
In line with the oversight conducted by the Business Committee, the introduction of new products at Bank Mandiri also follows
a series of stages, starting from gathering initiatives, determining product status, to risk approval. Each new product developed
is evaluated through a risk assessment and licensing process in accordance with regulatory requirements, including limited
trials if necessary. After obtaining approval from the relevant parties, the product is implemented with strict oversight and
regularly evaluated to ensure compliance, reliability, and security for customers.
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All these stages are depicted in the following process flow.
New Product Implementation Process Flow
1 2 3 4 5
Initial Initiative
Risk Assessment Licensing Realization Post-Realization
Establishment
• Collection of • Risk Review • Requires Regulator • Product • Reporting and
Initiatives • Risk Acceptance Approval Implementation Post-Implementation
• Technical Meeting º Fulfillment Monitoring
• Working Group of Required
• Bank Product Documents
Implementation º Compliance
Plan (RPPB) Checklist
º Licensing in
accordance
with regulator
Service Level
Agreement
(SLA)
• No Approval
Needed, Report
Realization
º Preparation of
Realization
In 2024, Bank Mandiri launched 25 products listed reviewed for compliance with labeling procedures and
in the Bank’s Product Implementation Plan (Rencana product and service information standards. There were no
Penyelenggaraan Produk Bank). These products span financial products or services withdrawn or discontinued by
various categories, including new core products, advanced the Company or its subsidiaries.
products, and digital services. Each product is developed in
accordance with internal policies, regulatory requirements, In this sustainability report, the Company does not
and relevant global sustainability guidelines to ensure disclose information regarding incidents of violations
reliability, security, and regulatory compliance. Additionally, related to product and service labeling regulations,
all products undergo independent external reviews before product information, and marketing communications/
being submitted for regulatory approval. advertising, considering confidentiality and information
sensitivity aspects. Any customer complaints regarding
During the reporting period, all (100%) of Bank Mandiri’s product information and labeling, as well as marketing
new products and services were evaluated based on communications, will be addressed in accordance with the
security aspects and other criteria established by the Bank’s established complaint handling procedures. [GRI 417-
Company, as well as regulatory requirements. Additionally, 2, 417-3] [OJK F.27, F.29]
all (100%) of Bank Mandiri’s products and services were
Products and Services of Bank Mandiri
Bank Mandiri continues to innovate in the development of sustainable financial products and services to enhance convenience
and improve the banking experience. The following are the products and services developed up to 2024, encompassing both
previous innovations and newly introduced offerings this year. This list provides an overview of various initiatives that Bank
Mandiri continues to enhance, reinforcing its commitment to delivering better financial solutions.
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Operations Our Customers Our Employees
Livin’ by Mandiri
Livin’ by Mandiri is a financial super app that provides comprehensive banking services accessible via smartphones.
Livin’ by Mandiri offers a selection of the latest solutions tailored to customers’ financial and non-financial needs. Various
conveniences are embedded in Livin’ by Mandiri, such as account opening in more than 120 countries, Cardless Cash
Deposit and Withdrawal, e-Wallet Linkage, Smart Payment, Instant Transfer using BI FAST, Instant Access, QR Payment
and Transfer Receipt, Tap to Pay, Paylater, Foreign Exchange Transfer, investment product purchases, and also Livin’
Sukha, along with various other exciting features that undoubtedly make banking easier for customers.
Livin’ Merchant
A merchant application that provides point-of-sale (POS) services starting from sales record keeping, stock management,
various payment methods, and cash out.
Livin’ Sukha
One of the flagship features of Livin’ by Mandiri to meet customers’ lifestyle needs is SUKHA. SUKHA enables
customers to purchase airline tickets, train tickets, medicines, and healthcare equipment, buy gaming vouchers and
subscribe to streaming services, purchase concert and entertainment tickets, shop for daily necessities and electronics,
order food and beverages, and even book health check-up appointments. Additionally, SUKHA offers a combination
of entertainment and educational content through articles, live streaming, and reels. SUKHA serves as an integrated
solution that fulfills entertainment and shopping needs, ensuring a comprehensive lifestyle experience.
Mandiri e-money
Chip-based electronic money issued by Bank Mandiri as a cash substitute for payment transactions such as toll roads,
parking, TransJakarta, trains, minimarkets, and various other merchants.
Mandiri Paylater
Livin’ Paylater is a loan facility provided by Bank Mandiri for QR payment transactions at all merchants, following a buy
now, pay later concept with installment options of 1, 3, 6, 9, or 12 months. Customers can apply for Livin’ Paylater online
through Livin’ by Mandiri.
Mandiri Direct Debit
A transaction acceptance service for Mandiri Cards at merchants partnering with Bank Mandiri. This service provides a
seamless transaction experience with an integrated payment flow.
Mandiri Chat Banking
A communication service between Bank Mandiri and customers through the official WhatsApp Business account
WhatsApp Bank Mandiri at 08118414000. Through this service, Bank Mandiri provides information, notifications, and
interacts with customers. Conversely, customers can also inquire about Bank Mandiri’s products and services using the
same WhatsApp number.
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ATM
A banking transaction service through ATMs that allows customers to access their accounts, conduct cash transactions,
check balances, transfer funds, make payments, and purchases using a Mandiri Card. Through domestic networks and
the International Payment Network, Mandiri ATMs also support transactions using other banks’ cards. Currently, Bank
Mandiri has also equipped its ATMs with cash deposit and cash withdrawal functions.
Mandiri EDC
A service providing Electronic Data Capture (EDC) machines available at stores/merchants partnering with Bank Mandiri.
Mandiri EDC facilitates transaction acceptance for purchases, payments, cash withdrawals, and e-money top-ups
using Mandiri Cards or other bank cards electronically through domestic networks, the International Payment Network,
and the Bank Mandiri Network.
KOPRA by Mandiri
KOPRA by Mandiri is a wholesale super digital platform that provides digital single access services and serves as
a central hub for financial transactions and business information for wholesale segment entrepreneurs and their
ecosystems, covering end-to-end operations KOPRA is available in three variants:
1. KOPRA Portal:A front-end digital service variant featuring a single access portal for seamless access.
2. KOPRA Host to Host: A digital single access service variant that integrates the customer’s system with the Bank’s
system.
3. KOPRA Partnership: A digital solution that connects wholesale and retail customers by offering a comprehensive
business ecosystem to strengthen engagement between customers and the Bank’s group.
Mandiri E-Commerce
A transaction acceptance service for Mandiri Cards and other bank cards at online stores/merchants partnered with
Bank Mandiri. Mandiri e-Commerce offers a seamless transaction experience, as payments are processed within an
integrated transaction flow without the need to access other banking channels. Customers can use Mandiri Cards or
other bank cards through the International Payment Network.
Mandiri QRIS
A payment transaction acceptance service using QR Code at Bank Mandiri merchants, supporting server-based
electronic money and other funding sources. The QR system is standardized by Bank Indonesia, enabling users to
transact interoperably using Livin’ by Mandiri or other registered and Bank Indonesia-approved applications from banks
and non-bank (fintech) providers. Mandiri QRIS offers merchants a seamless and cashless transaction experience.
Digital Lending for Ecommerce and Fintech
Bank Mandiri collaborates with digital companies in Indonesia to provide non-revolving working capital loans to MSMEs
registered as online sellers/merchants. The loan application process is conducted online through the partner’s platform
and submitted to Bank Mandiri via API integration. Funds are disbursed to the customer’s account upon loan approval.
Additionally, for digital companies without a dedicated financing application platform, Bank Mandiri offers an onboarding
website to facilitate loan applications.
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Digital Lending for Value Chain Business
A business financing product provided by Bank Mandiri for customers selling through digital platforms. Customers can
withdraw loan funds as needed on a revolving basis, as long as the loan limit has not been reached. The loan application
process is conducted online via partner platforms collaborating with Bank Mandiri and is submitted to the bank through
API integration. Customers can also track their loan application status directly through the partner platform.
Mandiri Customer Service Machine (CSM)
The latest digital banking service from Bank Mandiri, equipped with biometric verification technology for card replacement
services (changing card types, replacing damaged cards, or lost cards) and new account opening. Customers can
conduct transactions self-service at CS Machines with a practical transaction process (without the need to fill out forms),
fast, available 24/7, and without the need to wait at a branch.
Oversight on Evaluation of Financial Products or Services
Bank Mandiri is committed to providing equitable products Evaluations are conducted to ensure that all Bank Mandiri’s
and services to all its customers. Each new or updated financial products and services, including new offerings,
financial product and service is designed with customer meet security standards and applicable regulations. The
needs in mind, including features, convenience, reliability, Business Committee (BC), led by the President Director,
security, and compliance. Additionally, these financial is a board-level committee with oversight of current and
products and services are tested to ensure adequate new product and service reviews, including the evaluation
protection of personal data and secure transactions in of product development and discontinuation in accordance
accordance with established standards. with applicable regulations of the Bank. The oversight
process also ensures that product development complies
with applicable regulations and obtains the necessary
approvals and/or submits realization reports to the regulator.
Business Committee (Board-level committee) members
• President Director
• Vice President Director
Roles and Responsibilities
• Director of Corporate Banking
Evaluate the development, updating, and
• Director of Network & Retail Banking
discontinuation of credit and non-credit bank
• Director of Finance & Strategy
products, including digital banking products
• Director of Treasury & International Banking
and services, while considering the applicable
• Director of Risk Management
regulations within Bank Mandiri.
• SEVP of Corporate Banking
• SEVP of Wholesale Risk
• SEVP of Micro & Consumer Finance
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Financial Product Complaint Handling
Customer loyalty is a key foundation for Bank Mandiri’s In addition to offering the best financial products, Bank
existence for over 25 years, playing an active role in Mandiri’s commitment to customer satisfaction is reflected
providing banking solutions to individuals and businesses in its after-sales services, including a customer complaint
from various sectors. This loyalty is built on customer handling mechanism which is designed in accordance with
satisfaction with the best services offered by the company, regulatory requirements and prioritizes customer comfort.
providing the right solutions that meet customers’ financial This mechanism is implemented through internal policy for
needs. Bank Mandiri understands that customer loyalty customer complaint management.
must be maintained by building strong relationships and a
deep understanding of their needs, so they will be motivated
to recommend Bank Mandiri’s services to others.
Independent Complaint Handling Structure
As a strategic step to ensure transparency and the quality of complaint resolutions, Bank Mandiri has established a
Customer Care Unit as an internal independent body. This unit is responsible for:
1 Managing and monitoring customer complaints in accordance with the established Service Level Agreement
(SLA).
2 Handling customer complaints accurately and effectively in accordance with or even more efficiently than the
established SLA.
3 Coordinating with internal and external Ombudsman3 to review resolved and unresolved complaint handling
processes in compliance with applicable regulations
Customers can submit inquiries and complaints, in writing and verbally, through these easily accessible communication
channels:
Mandiri Call 24-hour service via: Official Social Media:
14000 Twitter @mandiricare and @bankmandiri
Facebook “Mandiri Care” and “Bank Mandiri”
Website www.bankmandiri.co.id and
Instagram @bankmandiri
select the “Contact Us” menu
An official letter addressed to Bank Mandiri, either
mandiricare@bankmandiri.co.id
delivered in person or sent by mail.
MITA Whatsapp 0811-8414-000 Bank Mandiri Branch Offices Across Indonesia
3
Ombudsman refers to independent parties, both internal and external, who conduct reviews/audits of the bank’s activities.
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Customer Complaint Handling Process
Bank Mandiri has a clear and effective mechanism for handling customer complaints, aimed at ensuring customer satisfaction
and convenience. Each complaint is processed through the following workflow:
Process Flow for Customer Complaints Handling
Monitoring Complaint
Handling
Monitoring Complaint
Case Resolution
Closed
Preparing Complaint
Customer Channels for Complaint Resolution Unit Customer Reports & SLA Achievement
Receiving Recording • Conducts Satisfied?
Submits a Complaints System Investigations
Complaint Supervision and Audit:
• Makes 1. Internal: Control testing
Decisions conducted quarterly
2. External: Audits
conducted by:
No
c. Independent
Banking organizations
Mediation, (PwC, IT Sec Asia,
Court, etc. and others)
d. Regulators (BI &
OJK)
a. Customer Complaint Handling by the Customer officer through quarterly control testing to ensure
Care Unit adherence to policies, procedures, and the SLA.
Complaints received from customers through any These audits also include evaluating the quality of
complaint submission channels are recorded in the complaint resolution and providing recommendations
complaint recording system. They are then followed up for continuous improvement.
by the Resolution Unit for investigation and decision- • Audit/ External Ombudsman: External audits
making in accordance with the established SLA. The are carried out by regulators (Bank Indonesia
entire complaint handling process is managed and & the Financial Services Authority) as well as
monitored by the Customer Care Unit. independent institutions such as PwC and IT
Sec Asia to ensure transparency, integrity, and
If customers are dissatisfied with the resolution provided compliance with regulatory requirements. These
by Bank Mandiri, they may escalate their complaints audits assess the effectiveness of control systems,
to independent parties, such as regulators (Bank validate the complaint escalation process, and
Indonesia and the Financial Services Authority/OJK), provide improvement recommendations based on
and other institutions such as LAPS SJK, the Indonesia independent evaluations.
Ombudsman, the Ministry of SOEs, and other external
media channels. Bank Mandiri implements customer complaint
resolution strategy in accordance with designated levels
b. Complaint Oversight and Audit of authority, taking into account the decision-making
To ensure effectiveness and compliance with complaint authority required for resolving customer issues and the
management policies, Bank Mandiri conducts regular complexity of the complaints. In line with this approach,
oversight and audits performed by Ombudsman the Customer Care Unit routinely collaborates with
through the following mechanisms: product owners to review received complaints, aiming
• Audit/ Internal Ombudsman: Internal audits are to enhance service quality and expedite the resolution
conducted by the Senior Operational Risk (SOR) process.
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Oversight of the Complaint Resolution Process
The Risk Monitoring Committee, a Board-level committee, Bank Mandiri sets complaint resolution targets proposed by
oversees the review of customer complaints, alongside the Operational Risk Unit to the Risk Management & Credit
the Director of Operations, who receives reports on the Committee (RMC), which are subsequently approved by
performance of customer complaint management and the Board of Directors and the Board of Commissioners.
a summary of customer complaints directly from the For 2024, Bank Mandiri’s target is 90 complaints per one
Customer Care Unit. These efforts are undertaken to million transactions. To enhance the quality of complaint
thoroughly discuss the complaint resolution process and handling, PT NielsenIQ Services Indonesia conducted a
identify necessary follow-up actions in collaboration with customer satisfaction survey on Bank Mandiri’s complaint
relevant work units. handling, achieving a score of 8.6 out of 10.
Customer Complaint Recapitulation
During the reporting year, there were 987,822 customer complaints, representing a 9% decrease compared to the previous
year. Of these, 100% were resolved in accordance with the established Service Level Agreement (SLA).
Description 2024 2023 2022
Total customer complaints 987,822 1,082,317 725,559
Complaints in the resolution process during the
- - -
reporting year
Resolved complaints 987,822 1,082,317 725,559
Total transactions 19,086,390,532 15,146,907,333 12,038,675,803
Target RAS metrics 90 90 108
Realized RAS metrics 52 71 60
Resolution rate 100% 100% 100%
*RAS metrics: Ratio of complaints to 1 million transactions
Customer Satisfaction
Customer satisfaction and loyalty are key to sustainable (CX Survey) and PT Morrigan Services for the Service
business growth. Bank Mandiri consistently applies service Excellence Survey (SES) using a sampling method.
excellence to ensure positive experiences and satisfaction
for customers across all its service contact points. As part of The CX Survey measures two main indicators, Customer
this commitment, Bank Mandiri conducts annual customer Satisfaction Score (CSAT) and Net Promoter Score (NPS).
satisfaction surveys to gather the voice of the customer and These are assessed using methods such as face-to-face
input to achieve the highest quality of service. In 2024, the interviews (F2F), computer-assisted personal interviewing
surveys were conducted in collaboration with PT NielsenIQ (CAPI), focus group discussions (FGD), and in-depth
Services Indonesia for the Customer Experience Survey interviews (IDI). Meanwhile, the SES uses the mystery
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Operations Our Customers Our Employees
shopping method to evaluate the consistency of Bank To further improve complaint handling quality, the Company,
Mandiri’s service standards across all contact points. in collaboration with independent parties, also conducted
customer satisfaction surveys regarding complaint handling
Bank Mandiri’s service performance in 2024 showed growth within Bank Mandiri and the industry. Two specific indicators
with a Customer Satisfaction Score (CSAT) of 86.11, a Net were measured in detail, with the survey results as follows:
Promoter Score (NPS) of 67, and a Service Excellence
Survey (SES) score of 91.52.
Customer Satisfaction Scores
Indicator Bank Mandiri Industry*
Satisfaction score for complaint handling 8.6 8.6
Satisfaction score for the duration of complaint
8.5 8.4
resolution
*Bank Group Based on Core Capital Tier IV
The results of the survey indicate that Bank Mandiri’s Bank Mandiri is committed to consistently making
customer satisfaction score is higher than the average improvements to continue providing the best services to
satisfaction level in the banking industry. customers, thereby enhancing customer satisfaction and
loyalty.
Privacy Management, Cybersecurity, and Data
Protection
The ease of transactions enabled by the digital era and services. The topic of Customer Data Security and Privacy
the adoption of the latest technologies brings not only has been selected as one of the primary material topics,
opportunities but also risks to information security. These reflecting its significant impact on business sustainability
risks include theft, manipulation, and misuse of data, which and stakeholder trust. To address this, Bank Mandiri
can threaten the confidentiality, integrity, and availability of continuously mitigates these risks to safeguard against
information. Bank Mandiri places privacy and information potential financial losses, reputational damage, and legal
security as key elements in delivering secure banking actions. [FN-CB-230a.2]
Responsibilities for Managing Privacy, Cybersecurity, and Data
Protection
Bank Mandiri has established responsibilities at the Board-Level Committee for managing Privacy, Cybersecurity, and Data
Protection (including personal data in accordance with the Personal Data Protection Law), as stipulated in the company’s
internal regulations at the Policy and Standard Procedure level. These responsibilities include overseeing Committees Under
the Board of Directors, which are formed to assist the Board of Directors in making decisions aligned with the vision, mission,
and strategy of Bank Mandiri.
Oversight by the Board of Directors and Board of Commissioners related to the Management of Privacy, Cybersecurity, and
Data Protection:
1. Risk Management Committee
This committee is formed to assist the Board of Directors in implementing effective Risk Management processes and
systems by ensuring adequate identification, measurement, and monitoring of risks, as well as the establishment of risk
management policies and strategies.
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Structure of Risk Management Committee
Chairperson Vice President Director
Secretary Group Head of Credit Portfolio Risk
Alternate Secretary Group Head of Market Risk
1. Vice President Director 6. Director of Information
2. Director of Compliance & Technology
Human Resources 7. Director of Risk Management
Permanent Voting Member 3. Director of Network & Retail 8. SEVP of Information
Banking Technology
4. Director of Operations 9. SEVP of Wholesale Risk
5. Director of Finance & Strategy
Members of the Board of Directors and SEVPs related to the subject
Non-Permanent Voting Member
matter attending as invitees
2. Risk Monitoring Committee
This committee was established to assist the Board of Commissioners in carrying out its supervisory duties and providing
advice to the Board of Directors. Its role is to ensure that the Bank’s risk management implementation remains aligned with
adequate procedures and methodologies. By maintaining proper risk management practices, the committee helps ensure
that the Bank’s business activities remain within acceptable and profitable limits.
Members, Duties & Responsibilities of the Risk Monitoring Committee
1. Risk Monitoring Committee consists of at least three (3) members, comprising
Independent Commissioners and Non-Commissioner Independent Parties.
2. The composition of the Risk Monitoring Committee includes at least 1 (one)
Member Independent Commissioner serving as Chairperson and member, with expertise in
finance, risk management, and/or business, 1 (one) Non-Commissioner Independent
Party with expertise in finance, 1 (one) Non-Commissioner Independent Party with
expertise in risk management.
1. Monitoring and evaluating risk management policies (including implementation and
compliance with regulations).
2. Reviewing risk profile reports, bank health reports, and other types of risk reports.
Duties and
3. Providing recommendations to enhance the effectiveness of risk management.
Responsibilities
4. Conducting regular meetings with relevant work units.
5. Reporting supervision results periodically to the Board of Commissioners.
6. Preparing and reviewing work guidelines regularly.
3. Steering Committee for Personal Data Protection
This committee was established as a commitment to compliance with data protection regulations. It is responsible for
formulating strategies and defining measures to fulfill obligations under the Personal Data Protection Law.
Members, Duties & Responsibilities of the Steering Committee for Personal Data Protection
1. Director of Compliance & 4. Members of the Board of
Human Resources Directors, SEVP, Group Heads,
Members 2. Director of Information and Department Heads related
Technology to the subject matter, attending
3. Director of Risk Management as invitees
1. Providing guidance on strategy and the effectiveness of Personal
Data Protection implementation Bankwide.
Duties and Responsibilities 2. Conducting mapping, assessment, and all necessary actions to
align Bank Mandiri’s operations/activities with the provisions of the
Personal Data Protection Law.
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Active Oversight by the Board of Directors and the Board of Commissioners
Strategic oversight by the Board of Commissioners and and establishing measures to fulfill obligations under the
the Board of Directors is carried out through a structured Personal Data Protection Law (PDP Law).
mechanism. Every quarter, data security and privacy
performance is discussed and formally reported in the Risk Furthermore, Bank Mandiri has established a Data
Monitoring Committee, Audit Committee, and Integrated Governance Body to support the corporate strategy
Governance Committee forums. These discussions include through the implementation of an effective and efficient data
ESG achievements related to data privacy and security, the strategy. This data governance framework is structured
effectiveness of layered security systems, and compliance based on best practices, external regulations, and Bank
with Mandiri Group security standards. This mechanism Mandiri’s internal policies. Additionally, this governance
ensures holistic information security management aligned framework involves all business units within Bank Mandiri
with the Company’s strategic objectives. to ensure integrated and optimal data management.
In addition, the Steering Committee for Personal Data To support the comprehensive management of information
Protection has been established as a testament to Bank security and cyber resilience across all operational lines,
Mandiri’s commitment to data protection regulations. The Bank Mandiri implements the 3 Lines of Model, which
Steering Committee is responsible for formulating strategies includes:
1st Line of Model: Chief Information Security Officer (CISO) Office Group
Responsible for managing cyber resilience and security by implementing operational security controls.
1.5 Line of Model: Senior Operational Risk Information Technology (SOR IT)
Responsible for testing the effectiveness of implemented operational controls.
2nd Line of Model: Operational Risk Group
Responsible for developing the framework and strategy for cybersecurity risk management.
3rd Line of Model: IT Audit Group
Responsible for conducting independent assurance, including periodic verification and review of the implementation of
cybersecurity risk management.
In 2018, Bank Mandiri established a dedicated unit, the Chief Furthermore, to support the implementation of the PDP Law
Information Security Officer (CISO) Office Group, to manage at Bank Mandiri, the Board of Directors has approved the
information security and cyber resilience. This unit operates appointment of a Personal Data Protection Officer (PDPO)
under the direct supervision of executive management or Data Protection Officer (DPO) and the establishment of a
(C-level) to ensure comprehensive implementation of dedicated work unit to support the functions of the PDPO.
cybersecurity resilience across all operational lines of the
Company (bank-wide). In its operations, the unit adopts In line with efforts to comprehensively manage information
a cyber resilience framework based on international security, data privacy, and cyber resilience, Bank Mandiri
standards and best practices, ensuring readiness to face adopts a collaborative approach across relevant work units
the ever-evolving cyber threats. to ensure optimal data protection. The information and data
security governance structure at Bank Mandiri includes the
following key elements:
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Unit Duties and Responsibilities
Managing information security and cyber resilience by:
• Designing, implementing, and evaluating information security architecture.
• Managing regulations, standards, processes, and baselines based on best practices and
Chief Information compliance with information technology security requirements from regulators and the
Security Officer (CISO)
government.
Office Group
• Ensuring the effective implementation of security reviews in application design, application
security testing, and penetration testing within the IT application system development
framework under the System Development Life Cycle.
• Identifying and analyzing cybersecurity threats through continuous monitoring functions.
• Review and provide advice to Work Units to ensure compliance with the provisions of laws
and regulations regarding Personal Data Protection.
• Monitor and evaluate compliance with laws and regulations on Personal Data Protection,
as well as the Bank’s policies and/or Personal Data Processors.
• Provide recommendations regarding the impact assessment of Personal Data Protection
Data Protection Officer and monitor the performance of Work Units related to Personal Data Processing, including
and Data Protection &
other Personal Data Controllers and/or Personal Data Processors.
Fraud Risk Group Work
Unit • Coordinate and act as the point of contact for matters related to Personal Data processing.
• Follow up and develop internal procedures to address requests from Personal Data
Subjects’ Rights while adhering to applicable laws and regulations as well as business
processes.
• Declare and deliver written notifications to Personal Data Subjects and the Personal Data
Protection Authority in the event of a Personal Data Protection failure.
The work unit responsible for carrying out tasks and duties as Data Governance and Data
Steward.
• Supporting the accurate and timely implementation of strategies, development, and
business policies of the bank, while being trend-oriented and data-driven.
• Ensure the data management and data governance provisions that guarantee the quality
of data provided to other work units.
Enterprise Data • Ensure the effectiveness of reporting activities and project initiatives aimed at achieving
Analytics Group and realizing the Bank Mandiri Data Center / single source of truth at Bank Mandiri.
• Ensure that bank business strategies, development, and policies are data-driven, focusing
on trends or data patterns, so that strategy implementation becomes more accurate and
timely.
• Oversight the work program related to the development of strategies and policies for
data management at Bank Mandiri and its subsidiaries, in accordance with the specified
requirements and schedules, and make necessary adjustments for improvement.
Work unit responsible for managing cybersecurity risk.
• Provide input to management in the formulation, development, and enhancement of the
cybersecurity risk management framework, including strategy, policies, and organizational
adequacy.
• Develop and refine procedures and tools for implementing cybersecurity risk management.
• Design and implement necessary controls to strengthen cybersecurity measures.
• Monitor the implementation of the cybersecurity risk management framework as
established by the Board of Directors and approved by the Board of Commissioners.
Operational Risk Group • Conduct assessments to evaluate the impact of cybersecurity risk management strategies
and policies on the Bank’s overall risk profile.
• Provide recommendations for cybersecurity risk management implementation to the
Board of Directors and/or other relevant units.
• Prepare and submit periodic cybersecurity risk management maturity assessment reports
to regulators.
• Review proposals for new products and emerging technologies developed by specific
units within the Bank, focusing on assessing their potential impact on the Bank’s overall
cybersecurity risk exposure.
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Privacy and Data Protection Policy
To ensure compliance with regulations and safeguard issued by external regulators that impact Bank Mandiri’s
personal data, Bank Mandiri implements a Personal Data internal policies or when there are changes in business or
Protection (PDP) Policy and Privacy Policy, as outlined in operational needs. To ensure implementation across all
internal policies in the form of Memorandum on Personal employees regarding privacy and cybersecurity, as well as to
Data Protection. This policy governs all relevant business raise awareness of the threats and the importance of these
lines/operations of Bank Mandiri, including overseas issues, Bank Mandiri has established internal policies in the
branches, customers, and vendors. This policy also applies form of standard procedures on information technology
to all financial products, whether account openings are and data management as the primary guidelines. These
conducted through branch offices or digital platforms. To are further supported by internal policies in the form of
harmonize data management across subsidiaries, including technical guidelines on data retention and security baseline,
data privacy and security, Mandiri Subsidiary Management serving as operational technical guidelines. Internal policies
Principle Guideline (MSMPG) establishes data management in the form of standard procedures related to information
provisions that can be adopted and aligned by subsidiaries. technology also regulate various aspects of information
A component of Bank Mandiri’s Privacy Policy, namely the technology security and cybersecurity. Meanwhile, internal
Individual Customer Privacy Policy and the Privacy Policy of policies in the form of standard procedures related to data
Customer of Entity, can be accessed at the following link: management focus on data governance across all Bank
bmri.id/KebijakanPrivasi. units, both domestically and internationally. Specifically
for overseas branch offices, in addition to adhering to the
All internal policies of Bank Mandiri are reviewed as provisions of these standard procedures, they are also
needed, at a minimum of once per year (annual review), or required to comply with the regulations applicable in each
in accordance with regulatory requirements. Reviews are operational country.
also conducted whenever there are provisions or changes
Personal Data Protection Strengthening Program
The personal data protection strengthening program is Group, IT Application Support Group, Operational Risk
integrated into Bank Mandiri’s bank-wide compliance Group, and Human Capital Strategy & Talent Management
governance system, risk management, and technical Group. The program focuses on four key areas:
operations through its Personal Data Protection Program 1. Business process improvement;
(PPDP) to ensure adherence to regulatory standards and 2. System development;
internal policies. Periodic evaluations are conducted on the 3. Enhancement of internal regulations, and
policies and procedures implemented by relevant units, 4. Organizational strengthening.
along with internal audits and audits by independent third
parties to ensure compliance with the bank’s Personal Data Bank Mandiri’s personal data protection strengthening
Protection Policy. program covers not only customer personal data but also
employee and third-party data associated with the bank.
To enhance data security, Bank Mandiri implements various The personal data protection strengthening program is
protection measures, including encryption, access control, integrated into Bank Mandiri’s compliance governance
and regular security audits. Through the Personal Data system, risk management, and technical operations
Storage Implementation Unit, Bank Mandiri ensures the through PPDP, ensuring adherence to regulatory standards
security of customer personal data by applying physical and internal policies. To enhance security, Bank Mandiri
and electronic data security controls, data retention implements various protective measures, including
mechanisms, strict access management, and prevention encryption, access control, and regular security audits.
of data protection failures. This unit is also responsible
for managing storage locations and media, addressing During the reporting period, Bank Mandiri reviewed internal
requests for data copies by data subjects, and recording regulations, appointed Personal Data Protection (PDP)
and adjusting storage processes as needed. officers, provided a Record of Processing Activity (ROPA),
and conducted Data Protection Impact Assessments
The complexity of implementing personal data protection (DPIA). The implemented programs included metadata
impacts all operational activities, including those involving management, data quality improvement, and adjustments
customers, employees, and third parties. A comprehensive to customer requirements, supported by personal data
personal data protection program has been developed protection training through the Mandiri University Group.
in collaboration with the Data Protection and Fraud Risk
Group, CISO Office Group, Enterprise Data Analytics
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Bank Mandiri continuously conducts comprehensive reviews of its personal data protection program to ensure operational
compliance with the Personal Data Protection Law (PDP Law). Bank Mandiri also organizes focus group discussions (FGDs)
with various associations in Indonesia, foreign institutions, and consultants to discuss best practices in personal data protection.
Framework for the Implementation of Personal Data Protection
RESPONSIBLE AND
TRUSTWORTHY DATA PROTECTION
Enhanced Customer Trust | Improvement Risk Mitigation | Compliance with Regulations
I Assess II Protect III Sustain IV Respond
Gap assessment Implementation of Ongoing monitoring Fulfillment of Data
identification for PDP personal data protection of personal data Subject Requests
Law implementation strategy management
1.1 Record of Processing 2.1 Lawful Basis For 3.1 4.1
Activities (RoPA) Processing & Consent
Management Training & Awareness
1.2 Data Protection Impact Data Subject Request
Assessment (DPIA) 2.2 Privacy Governance
Information Security 3.2
1.3 Third Party Contract 2.3
Data Protection
Management Data Classification Report
2.4 4.2
1.4 Physical and 2.5 Data Retention
Environment Assessment 3.3 Data Breach
Restriction Management &
PDP Audit Recovery
1.5 Corporate Action 2.6 Cross Border Transfer
Restriction
DPO Role Data Quality Technology & Infrastructure
Bank Mandiri has established a framework to support the implementation of Personal Data Protection, with the vision of
“Responsible and Trustworthy Data Protection.” The framework aims to enhance customer trust, improve risk mitigation,
and ensure compliance. In its implementation, this framework is supported by four main pillars: assess, protect, sustain, and
respond.
The four supporting pillars in the data protection framework implemented by Bank Mandiri are:
Assess Protect Sustain Respond
1.1. Record of 2.1. Lawful Basis 3.1. Training & 4.1. Data Subject
Processing Activities for Processing Awareness Request
Identification of & Consent Socialization, A response
the processes for Management awareness, and from the Bank in
recording personal The basis for mandatory training accommodating
data processing, processing personal on Personal the rights of Data
including mapping data and the Data Protection, Subject customers
data flows and other management of considering the in accordance with
detailed information as processing consent involvement of each the procedures and
required by law. provided by the data work unit in personal timeframes set by the
subject. data processing applicable laws and
activities. regulations.
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Operations Our Customers Our Employees
Assess Protect Sustain Respond
1.2. Data Protection 2.2. Privacy Governance The establishment of 4.2. Data Breach
Impact Assessment The creation of internal regulations Management &
(DPIA) internal provisions for employees to Recovery
An analysis/ related to Personal comply with the Handling personal
assessment Data Protection and provisions of the PDP data protection
conducted to evaluate the adjustment of Law, highlighting the failures and reporting
personal data existing provisions do’s and don’ts in them to the PDP
processing activities to comply with the implementation Authority, as well
with high potential the Personal Data of personal data as notifying the
risks. Protection Law. protection. Data Subjects of
the personal data
1.3. Third Party Contract 2.3. Information Security Media: Newsletter, protection failure.
Management Ensuring the security Podcast, Video,
Adding PDP of processed personal Online & Offline
clauses and security data through: Training, Pulse-check.
protection standards • Pseudonymization,
in agreements with encryption, 3.2. Data Protection
third parties. and/or data Report
anonymization A periodic report to
1.4. Physical & the Director of Risk
mechanisms
Environment Management in the
• Routine testing and
Assessment
review of security form of a monthly
Includes risk
control measures report, and reports
management for
to ensure effective to Management in
physical facilities
and ongoing the Data Protection
and environments
activities. Steering Committee.
against threats and
vulnerabilities, such 3.3. PDP Audit
2.4. Data Classification
as human factors, An audit process
Implementing
disasters, and conducted by
data classification
environmental risks, independent parties,
mechanisms to
by implementing both internal and
protect sensitive
controls like access external, on the
data (including
cards, access control, implementation of
personal data) from
alarms, and video the PDP to ensure
being accessed by
surveillance (CCTV). compliance and
unauthorized parties/
individuals. alignment with
1.5. Corporate Action
applicable laws.
In the event of
2.5. Data Retention
mergers, splits,
Restriction
acquisitions,
Strategies for the
consolidations, and/
deletion/destruction of
or the dissolution
personal data that has
of legal entities, the
exceeded its retention
Bank must notify the
period.
Data Subjects and
relevant authorities 2.6. Cross Border
through information Transfer Restriction
transparency. Policies related to the
transfer of personal
data outside the
jurisdiction of the
Republic of Indonesia.
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Privacy Governance in Information Security and Data Protection
In line with technological advancements and the increasing • Data quality management;
risks to information security, Bank Mandiri continues to • Data storage management;
enhance data and information protection as part of its • Data development management;
corporate sustainability strategy. Bank Mandiri does not • Data security management;
rent, sell, or provide data in any form to third parties, except • Data provisioning management;
for the purpose of financial transactions/services. The • Big data analysis management;
bank minimizes data backup management, risk mitigation, • Data backup management.
as well as documentation and monitoring. As a concrete
step, Bank Mandiri has refined its policies to mandate Internal policies, which include Standard Operating
the application of personal data protection principles in Procedures related to Data Management and Personal
accordance with PDP Law. The scope of the policy and the Data Protection, also regulate several prohibitions
implementation of personal data protection principles are concerning the management of customer data. Some of
outlined in the internal policy through the Memorandum of these prohibitions include:
Procedure on Personal Data Protection. 1. Prohibiting the disclosure of customer data and/or
personal information to third parties;
Bank Mandiri consistently updates its SOPs for Data 2. Forcing potential customers to share data as a condition
Management, which regulate the processing of personal for product/service agreements; and
data. This includes processing data in accordance with 3. Using personal data of potential customers whose
the purposes agreed upon by customers, data retention applications have been rejected. Exceptions apply
periods, processes for receiving and sending data to only if there is written or electronic consent from the
external parties, and data deletion. The data protection customer or based on legal provisions.
policies outlined in the SOPs cover all data stored within
Bank Mandiri’s database systems, which impact assets All policies and procedures related to information security
and liabilities, including commitments and contingencies. and data protection are internally available for all employees.
These SOPs govern data management activities and To support this, Bank Mandiri provides internal access
establish data governance as the foundation for an end-to- through its POPCORN (Policy and Procedure Corner)
end process, encompassing: online platform. This platform facilitates easy access
• Data initiation management; for employees to applicable policies and procedures,
• Metadata management; ensuring consistent and comprehensive implementation in
• Master data management; maintaining information security and data protection.
Information Security and Data Protection Implementation at Mandiri Group
Bank Mandiri has developed the Mandiri Subsidiaries subsidiaries must align with those of Bank Mandiri as the
Management Principles Guideline (MSMPG), which parent entity.
includes provisions governing collaboration on information
technology and data management with its Subsidiaries. MSMPG addresses various aspects, including aligning
This guideline aims to create sustainable value while information technology security architecture to ensure
adhering to the principles of good corporate governance corporate security and regulatory compliance; and
and the Articles of Association of each subsidiary. All data management that promotes the implementation of
policies and procedures are periodically reviewed to ensure integrated management information systems and data
their relevance to technological advancements, operational governance in accordance with applicable regulations.
needs, and applicable regulations. Policies implemented at Data governance at subsidiaries must also align with Bank
Mandiri’s data governance framework.
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Sustainable
Operations Our Customers Our Employees
As the parent entity, Bank Mandiri has aligned and through the Personal Data Protection Officer (PPDP)
synergized with its subsidiaries in the areas of information / Data Protection Officer (DPO), also coordinates the
resilience and security, as well as personal data protection implementation of data protection across the Mandiri
within the Mandiri Group conglomerate, through the Group Financial Conglomerate through monitoring and
implementation of monitoring and assistance provided by assistance provided to the subsidiaries. In 2024, Bank
each subsidiary. For information resilience and security, Mandiri will organize a workshop for all subsidiaries to
the CISO Office Group collaborates with subsidiaries by ensure that the implementation of Personal Data Protection
establishing Mandiri Group’s information security standards, has been comprehensively carried out and complies with
which include controls to anticipate cybersecurity attacks the law. In this regard, all subsidiaries have implemented
that are non-negotiable, considering the complexity of each privacy policies that are listed on their respective corporate
subsidiary’s systems. Compliance with these standards websites.
and controls is monitored and reported to the Board of
Commissioners and the Board of Directors of Bank Mandiri The information security policies at the subsidiaries are
and the subsidiaries on a regular basis. In 2024, the CISO based on the information security policies in place at Bank
Office Group will also organize a knowledge-sharing forum Mandiri, while taking into account the operational conditions
as part of the ongoing strengthening of cybersecurity of each entity.
resilience within the Mandiri Group.
Furthermore, regarding data protection, Bank Mandiri, The information security and data protection policies at
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subsidiaries include the following:
Bank Syariah Indonesia
(https://www.bankbsi.co.id/kebijakan-privacy/bsi)
The privacy of customer personal data is a top priority for BSI. The BSI Privacy Policy explains how the company
collects, uses, discloses, processes, and manages customer personal data. The policy applies to all personal data
owned by or under the control of BSI.
BSI provides information regarding the use of customer data, for business needs and product and service marketing.
The use and disclosure of customer data are conducted in accordance with the regulations of Bank Indonesia, the
Financial Services Authority (OJK), data protection laws, and applicable privacy regulations.
The stored data is required for application operations, including customer data (such as customer photos and photos
of visits and collateral), data entered into the menu pipeline, and unique device identifiers used. Without this data, the
application cannot be processed or stored for searches. The application does not share data internally or externally with
any third party, and this data is protected using Secure Socket Layer (SSL) encryption. Data stored in the system can be
deleted through an official request submitted in accordance with the procedures established by the bank.
Mandiri Taspen
https://www.bankmandiritaspen.co.id/article/id-kebijakan-privasi/id
Bank Mandiri Taspen is committed to maintaining the confidentiality of customer digital transactions amidst the increasing
prevalence of phishing attacks by employing advanced encryption technology as a layer of protection. Although every
transaction—including digital ones—has risks, most of these risks can be minimized through proper understanding and
use of safe transaction methods. The core principle is simple and easy to remember: BE CAUTIOUS, BE THOROUGH,
AND CONFIRM.
Mandiri Utama Finance
https://www.muf.co.id/kebijakan-privasi/
MUF always maintains the trust of every customer. One way is by ensuring customer security during transactions and
applying the following principle: BE CAUTIOUS, BE THOROUGH, AND CONFIRM.
Mandiri Tunas Finance
https://www.mtf.co.id/id/kebijakan-privasi-mtf1access
As part of its commitment, MTF uses customer personal information solely for service development purposes, without
requiring the completion of personal data forms. The website collects cookie data and visitor statistics to enhance services.
MTF also safeguards the confidentiality of consumer transactions, including digital transactions, where most risks can
be minimized through proper understanding of safe transaction practices based on the principle: BE CAUTIOUS, BE
THOROUGH, AND CONFIRM.
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AXA Mandiri Financial Services
https://axa-mandiri.co.id/web/customer/kebijakan-privasi
The need for data usage continues to grow with technological advancements. AXA Mandiri innovates to improve customer
experiences in transactions and data protection through tailor-made protection, information simplification, and procedural
efficiency. AXA Mandiri is responsible for ensuring the security and confidentiality of customer personal data in compliance
with applicable laws.
AXA Mandiri is committed to protecting customer data by implementing physical, technical, and organizational procedures
to ensure secure access, storage, and disclosure. Customer data is not shared without consent, and identities are verified
before accessing or altering data
Mandiri Sekuritas
(https://www.mandirisekuritas.co.id/id/kebijakan-privasi)
Mandiri Sekuritas is committed to maintaining the privacy and security of customer personal data as well as prospective
customers in compliance with applicable laws and regulations. The company’s privacy policy covers various aspects of
data management, from collection and use to disclosure when customers use or access our electronic systems.
The policy also includes details on customer preferences, such as data collection, tracking, cookies, transfers, disclosures,
security, the use of third-party providers, website links, and policy disclosures.
Mandiri Capital
(https://mandiri-capital.co.id/kebijakan-privasi/)
MCI provides information about its privacy policy on its website, including the collection and use of personal data such
as name, address, and email provided voluntarily by visitors. This personal data is used to enhance customer service
in compliance with applicable laws and regulations. Although customers are not required to provide such data, certain
services may not be available without it. MCI also collects cookie data and visitor statistics to improve user experience.
Users have the right to disable cookies while visiting the website.
Mandiri Europe
(https://www.bkmandiri.co.uk/privatepolicy.htm)
Bank Mandiri (Europe) is committed to protecting customer privacy by implementing clear privacy policies. These policies
include processes for maintaining confidentiality, including the use of cookies, to ensure all customer personal data is
securely stored. Customer data is not disclosed without prior consent, unless required by law and explained in the privacy
policy. Any questions regarding privacy are also addressed under the policy to maintain customer security.
Mandiri Remittance
(https://www.mandiriremittance.com/privacy-policy/)
The Privacy Notice of Mandiri International Remittance Sdn. Bhd. (MIR) explains the use of customer personal data. MIR
is committed to ensuring the processing of personal data complies with the Personal Data Protection Act 2010 (PDPA).
This notice applies to all personal data voluntarily provided by customers when accessing MIR services, as well as data
on the website and all products and services offered. This policy also governs the purposes and types of personal data,
disclosure, security, storage, integrity, and access principles for personal data processed by MIR.
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Bank Mandiri Privacy Policy
To ensure responsible management, Bank Mandiri b. Provision of promotions or programs by Bank
consistently informs customers of the purpose and legal Mandiri that may collaborate with third parties for
basis for data processing, ensuring that each consent is products and/or services that the customer already
given consciously and based on a clear understanding. possesses.
Bank Mandiri has provided information outlined in the c. Marketing and/or offering products, services, and/or
Privacy Policy, including the legality of personal data offerings from Bank Mandiri and/or other companies
processing (basis for personal data processing), the within the Mandiri Group and/or third parties
purpose of processing personal data, the types and collaborating with Bank Mandiri, for products and/or
relevance of personal data to be processed, the retention services not yet owned by the customer.
period of documents containing personal data, details of d. Fulfillment of legal regulations and orders from
the information collected, the processing period of personal regulators, law enforcement, and other authorized
data, and the rights of Data Subjects. institutions.
1. Basis for Personal Data Processing 3. Types and Relevance of Personal Data to be
Bank Mandiri has established the basis for personal Processed
data processing as regulated in the internal provisions Bank Mandiri implements comprehensive measures
related to Personal Data Protection, which include: in managing and protecting data to ensure the
a. Consent from the Data Subject for the Privacy Policy security of customer information and compliance with
signed through an inseparable consent form applicable regulations. The collection, use, and storage
b. Agreement with the Data Subject of customer information are conducted with caution
c. Fulfillment of legal obligations and transparency. All data collected by Bank Mandiri
d. Protection of the vital interests of the Data Subject is determined based on the applicable transaction
(Vital Interest) requirements. However, Bank Mandiri is committed to
e. Performing tasks in the public interest minimizing personal data requests, ensuring that the
f. Fulfillment of other legitimate interests, while ensuring requested data is relevant and complies with regulatory
a balance between Bank Mandiri’s interests and the provisions. The types of data processed are outlined in
rights of the Data Subject Bank Mandiri’s Privacy Policy.
Bank Mandiri manages consent for personal data 4. Retention Period for documents containing
processing with a focus on transparency and Personal Data
compliance with Law No. 27 of 2022 concerning Bank Mandiri has established a retention period in
Personal Data Protection (PDP Law). The consent accordance with applicable legal regulations and laws.
management system in place allows customers to
provide, modify, or withdraw their consent. 5. Details of the Information Collected
Details regarding the information collected have been
2. Purpose of Personal Data Processing provided on the types of personal data collected and
Bank Mandiri implements comprehensive measures in outlined in Bank Mandiri’s Privacy Policy. Personal data
managing and protecting data to ensure the security of processed by Bank Mandiri includes, but is not limited
customer information and compliance with applicable to, identification data, correspondence, education and
regulations. Personal data processing is carried out employment, family, financial, digital activities, and
only based on the approved legal basis and purpose as personal preferences, obtained directly or through third
consented by the data subject. parties in accordance with the provisions.
The purpose of processing personal data and the types 6. Processing Period for Personal Data
of data processed have been thoroughly identified Bank Mandiri will process personal data upon receiving
and outlined in Bank Mandiri’s Privacy Policy, which the legal basis for processing. Processing will continue
includes: during the use of Bank Mandiri’s products, services,
a. Management of products, services, and/or Bank and/or offerings or in accordance with applicable legal
Mandiri’s offerings, including profiling and scoring, provisions.
to enhance service to customers and manage Bank
Mandiri’s risk.
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Operations Our Customers Our Employees
Rights Provided to Customers to Control Their Data (Rights of Personal
Data Subjects)
Bank Mandiri guarantees customers’ rights to access, 5. Right to Withdraw Consent
correct, update, delete, and destroy personal data, as well The Data Subject has the right to withdraw consent for
as obtain data portability in accordance with applicable the processing of personal data that has been given to
regulations. Bank Mandiri ensures the fulfillment of customer Bank Mandiri, and the Data Subject agrees to provide
rights regarding personal data management, as outlined in Bank Mandiri additional time to process the termination
the Privacy Policy, which includes the following rights: of processing of their personal data as long as Bank
1. Right to Information and Access Mandiri requires.
The Data Subject has the right to obtain information
regarding the identity of the party requesting their 6. Right to Object to Automated Processing Results
personal data, the purpose of the request, and access The Data Subject has the right to object to the results
to copies of their personal data. of automatic personal data processing that have legal
consequences or significantly impact the Data Subject,
2. Right to Rectification of Data including profiling and/or credit scoring.
The Data Subject has the right to complete, update,
and/or correct personal data that is inaccurate or 7. Right to Suspend or Limit Processing
incomplete. The Data Subject has the right to suspend or limit
the processing of their personal data proportionally
3. Right to Obtain, Use, and/or Transfer Personal Data according to the purpose of personal data processing.
to Others To exercise this right, the Data Subject can contact
The Data Subject has the right to obtain, use, or Bank Mandiri through the communication channels
provide their personal data held by Bank Mandiri to provided in section H of this Privacy Policy.
third parties, as long as the communication systems
used by Bank Mandiri and the third parties are secure. 8. Other Rights in Accordance with Legal Regulations
The Data Subject has the right to exercise other rights
4. Right to Terminate Processing, Delete, and/or related to personal data processing as provided by
Destroy Personal Data applicable laws and regulations.
The Data Subject has the right to terminate processing,
delete, and/or destroy their personal data. The Data As a form of transparency, Bank Mandiri outlines the
Subject agrees to provide Bank Mandiri with time to mechanism for fulfilling its obligations in response to requests
process the termination of processing, deletion, and/or from Personal Data Subjects by providing the contents of
destruction of personal data as long as Bank Mandiri the Privacy Policy to the Personal Data Subjects through
requires. branches, the corporate website, and other touchpoints
that engage with Personal Data Subjects.
Data Protection Systems and Procedures
Data Protection Procedures
To safeguard customer personal data, Bank Mandiri data management includes processing and deleting
conducts periodic reviews and ensures that all data usage unauthorized or accidental data. This commitment is realized
has obtained customer consent. Data processing is carried through the implementation of data security management,
out in a limited manner, aligned with its purpose, and which includes monitoring asset management, protecting
guarantees the accuracy, completeness, and reliability of data during transfer processes, and destroying data in
information. The Company also protects personal data accordance with applicable procedures. Additional security
from loss, misuse, unauthorized disclosure, alteration, or measures include:
destruction by notifying the purpose of data collection and 1. Implementing data classification mechanisms to protect
processing activities. sensitive data from unauthorized access;
2. Applying data loss prevention (DLP) mechanisms to all
Bank Mandiri’s strong commitment to independent
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IT assets supporting business activities, preventing the Data Breach
loss of sensitive data or information;
To prevent intentional and unintentional data breaches,
3. Utilizing secure file sharing integrated into data
Bank Mandiri uses Data Loss Prevention (DLP) Tools,
management technologies, covering data collection,
Identity Access Management (IAM), and Multi Factor
processing, storage, and transfer;
Authentification (MFA). For enhanced protection, personal
4. Conducting security awareness and risk awareness
data is also secured through de-identification techniques,
programs for all employees to ensure adequate human
such as anonymization and pseudonymization (data
resource capabilities in data security and management,
masking and generalization). These techniques ensure
and
that data cannot be directly identified without authorized
5. Performing data backup, switch-over, and disaster
access. These proactive measures prevent threats, while
recovery training to ensure the resilience of data and IT
reactive measures effectively address incidents, thereby
assets supporting business operations.
ensuring customer data protection in compliance with the
highest security standards. [GRI 418-1] [FN-CB-230a.1]
Data Encryption
To prevent illegal access to sensitive and personal data, To ensure employee compliance with the implementation
Bank Mandiri uses encryption as a protective measure. of personal data protection, Bank Mandiri has added a
Encryption is applied to data management during usage point related to compliance with personal data protection
(Data-in-Use), transmission (Data-in-Transit) to ensure in the Employee Integrity Pact. This statement declares
data remains secure from unauthorized parties. Encryption that employees will protect and maintain the confidentiality,
measures include: reputation, credibility, and interests of Bank Mandiri,
1. Data Transfer: Secure data exchanges with third parties including actively supporting the implementation of Personal
using Secure Manage File Transfer (MFT). Data Protection and preventing the misuse of personal data
2. Drive Encryption: Encrypting storage devices to ensure that could result in harm to other individuals or parties.
data security.
3. Advanced Encryption Standard (AES): Applying Furthermore, Bank Mandiri has implemented sanctions if
encryption to electronic data. employees violate and/or fail to fulfill the obligations outlined
4. Communication Encryption: Securing communication in the provisions related to Personal Data Protection. The
channels, such as using Transport Layer Security (TLS) sanctions imposed are in accordance with the Employee
for encrypted communication media. Discipline Regulations, as specified in the Standard
Operating Procedures related to Human Resources.
User access rights are centrally managed through an Identity
Management system. For managing high-level access As of the end of 2024, Bank Mandiri has recorded no cases
rights (power users), Bank Mandiri employs Privileged of data breaches or misuse of customer privacy. Additionally,
Access Management (PAM), which includes features like over the past three years (2022–2024), there are no
Privileged Threat Analysis (PTA) to detect and notify threats information security breaches, ensuring that no customers,
based on predefined rules. clients, or employees were affected. Any complaints related
to privacy breaches are handled in accordance with Bank
Mandiri’s established complaint management procedures.
[GRI 3-3]
Integration of Data Protection Safeguards in Product and Service Development
Bank Mandiri integrates data protection into the development of products and services to ensure data security at every stage
of the business process, from design to implementation. Minimum security requirements and standardization measures for
mitigating vulnerabilities during the development phase are implemented in accordance with the Internal Policy in the form of
Technical Guidelines related to Security Baseline, where all IT initiatives and IT application developments must meet established
security requirements.
Bank Mandiri has also adopted a privacy by design concept, integrating personal data protection from the development stage,
which includes:
1. Record of Processing Activities (RoPA): Identifying processes and mapping data flows.
2. Data Protection Impact Assessment (DPIA): Assessing personal data protection, including risk identification and mitigation.
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All of these processes are governed by internal provisions related to information technology planning, change requests, and
testing. Additionally, information security testing is conducted based on vulnerability analysis through penetration testing and
scenario-based testing activities. Bank Mandiri has also implemented document confidentiality classification and security
mechanisms for each confidentiality level using a manual tagging and labeling system. Furthermore, in implementing information
security, data transmission to external parties is restricted through the implementation of Data Loss Prevention (DLP).
Disclosure and Control of Data to Third Parties
Bank Mandiri is committed to maintaining the confidentiality data are required to sign confidentiality agreements or non-
and security of personal data and does not rent, sell, or disclosure agreements (NDAs) to ensure data protection
provide such data with third parties, except for purposes remains safeguarded.
related to transactions or financial services as stipulated
by applicable regulations. Bank Mandiri has a strict policy In addition, as a form of mitigation related to cooperation
governing customer data disclosure to ensure compliance with third parties, Bank Mandiri has implemented:
with regulations and protect customer privacy, as regulated 1. Including PDP clauses in Partnership Agreements with
in the Internal Policy on Personal Data Protection in 2024. Third Parties;
This policy permits data disclosure only for legitimate 2. Establishing personal data protection security
purposes, such as fulfilling legal and regulatory obligations standards as part of Cooperation Agreements, focusing
or supporting banking transactions or services. on security aspects in personal data processing;
3. Adding requirements related to the implementation of
Data disclosure is carried out in a limited manner and at PDP into the procurement process.
a level consistent with the company’s privacy policy to
relevant third parties, including regulators, law enforcement In collaborations with third parties, including IT contractors
authorities, or business partners with the appropriate or external parties in the supply chain, Bank Mandiri does
authority. Additionally, the policy governs data disclosure to not provide data in any form to third parties for purposes
entities such as joint controllers, processors, or other parties other than executing transactions. To ensure data security
(counterparties), with strict oversight to ensure compliance in third-party collaborations, the CISO Office Group routinely
with data protection standards. For requests from law conducts vendor security inspections, covering human,
enforcement agencies or regulators, the data management process, and technological aspects. These inspections are
policy regulates disclosure in contexts such as money performed through questionnaires, interviews, and/or on-
laundering (AML), terrorism financing (CFT), or special site visits to the third-party locations.
audit requirements. All third parties receiving customer
Collection, Use, Storage, and Retention of Data
Bank Mandiri implements comprehensive measures in • Religion
data management and protection to ensure the security • Marital status
of customer information while complying with applicable • Other personal data that can be combined to identify an
regulations. The collection, use, and storage of customer individual.
information are carried out with principles of prudence
and transparency. All data collected by Bank Mandiri is Meanwhile, specific personal data includes:
determined based on applicable transactional requirements. • Health data and information
However, Bank Mandiri is committed to minimizing the • Biometric data
collection of personal data, ensuring that only relevant data • Genetic data
is requested in compliance with regulatory requirements. • Criminal records
The nature of data collected includes general personal data • Child-related data
and specific personal data. General personal data includes: • Personal financial data
• Full name • Other data as regulated under applicable laws and
• Gender regulations.
• Nationality
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Bank Mandiri ensures that customer data is used strictly the customer no longer holds active products or services
for legitimate banking transactions, in compliance with with Bank Mandiri and if the data is not included in the
security regulations, data protection laws, and customer exception categories outlined in Article 50 of the PDP Law.
consent. The data is used to facilitate banking transactions, Bank Mandiri also does not collect personal data from third
improve service quality, fulfill legal obligations, and enhance parties, except when required by law.
the customer experience through relevant product or
service offerings. All data usage is conducted under strict Personal data management can be conducted through
supervision and in adherence to applicable data protection various channels, such as branch offices, call centers, and
regulations. Mandiri’s Livin’ application. To ensure data security, Bank
Mandiri implements data masking for sensitive data in
In accordance with Internal Policies in the Form of Technical accordance with internal provisions outlined in the Technical
Guidelines on Data Retention and Law No. 27 of 2022 Guidelines on Security Baseline. Additionally, Bank Mandiri
on Personal Data Protection (PDP Law), Bank Mandiri also enforces data transmission limitations through Data
retains personal data for a maximum of 30 years. Once the Loss Prevention (DLP) tools, as regulated in the Technical
retention period expires, personal data will be destroyed if Guidelines on Data Loss Prevention.
Management of Consent for Personal Data Processing
Bank Mandiri manages customer consent for personal data data. To ensure responsible management, Bank Mandiri
processing by prioritizing transparency and compliance consistently informs customers about the purpose and
with Law No. 27 of 2022 on Personal Data Protection (PDP legal basis of data processing, ensuring that all consents
Law). The consent management system implemented by are given consciously and based on clear understanding.
Bank Mandiri enables customers to provide, modify, or Aligned with data protection and privacy principles,
withdraw their consent at any time as needed. Customer Bank Mandiri does not use customer data for secondary
consent covers data processing activities such as purposes beyond the agreed transaction requirements.
collection, use, storage, updating, and deletion of personal
Data Governance
The implementation of an effective and efficient corporate structure that supports its business strategy and corporate
strategy requires data governance based on best practices culture while remaining adaptable to emerging challenges.
and compliance with internal and external regulations, The data governance framework consists of several
involving the participation of all Bank Mandiri work units. structures, ranging from the Board of Directors level to daily
Bank Mandiri applies data governance with a model and operationalization, as follows:
1 Data Steering Forum Board of Directors Level
Data Steering Forum
The Data Steering Forum, comprising the Director of Information Technology, Director of Risk Management,
Director of Compliance, Director of Operations, and other relevant Directors/SEVPs, is responsible for providing
direction and approving data governance strategy. The committee ensures compliance with regulatory
requirements, supports the bank’s sustainable business growth in line with the corporate plan, and reviews the
implementation of the data governance strategy.
2 Data Governance Council Group Head and Department Head Level
Data Governance Council
Consisting of Group Heads and Department Heads, discusses matters with financial impact.
3 Data Task Force Department Head and Team Leader Level
Data Task Force
Comprising Department Heads, Team Leaders, and Technical Teams, conducts discussions related to the bank’s
operational aspects and coordinates implementation.
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Cyber Security Risk Management and Management of Operational
Resilience and Cybersecurity
In managing the bank’s cyber resilience and security, Bank Bank Mandiri also continuously enhances the quality of cyber
Mandiri has separated the functions of cyber security security risk management and operational management
risk management and operational management of cyber of cyber resilience and security through Cyber Security
resilience and security. This separation ensures a more Management Certifications, both national and international,
strategic, independent, and effective approach to addressing adequate internal controls by both internal and external
cyber threats. As the foundation for implementing these parties, and conducting information security assessments
functions, the Cyber Security Risk Management Framework and evaluations to identify areas for improvement.
and the Operational Management Framework for Cyber
Resilience and Security have been developed.
Cybersecurity Management
To strengthen cybersecurity processes and infrastructure, This framework consists of three main pillars: Pillar 1 covers
Bank Mandiri has designed, implemented, and regularly Risk Management Strategy for Cyber Security, Pillar 2
reviewed its information security strategy. This strategy not focuses on Organizational Structures for Cyber Security,
only complies with national regulations, such as those set by and Pillar 3 encompasses Policies, Procedures, and Risk
Bank Indonesia and the Financial Services Authority (OJK), Limits for Cyber Security. This framework is designed to
but also aligns with international standards and industry achieve the primary objective of cyber security: Zero
best practices, including ISO 27001, NIST Cybersecurity Security Breach.
Framework, CIS Benchmark, and PCI Security Standard.
Cyber Security Risk Management Framework
Policies, Procedures, and
Cybersecurity Risk Organizational Structure
Risk Limits Related to
Management Strategy Related to Cybersecurity
Cybersecurity
1 Scope of Cybersecurity 1 Cybersecurity 1 Cybersecurity Policies and
Risk Management Strategy Organizational Structure Procedures
a. Units Related to Cyber
2 Roles and Responsibilities Resilience and Security 2 Risk Appetite, Tolerance
of Units Related to Function to Maintain & Threshold Related to
Cybersecurity Cyber Resilience Cybersecurity
b. SKMR Functions for
3 Communication of Implementing MRKS 3 Documentation and
Cybersecurity Risk c. Internal Control Communication of Policies,
Management Strategy Unit Functions for Procedures, and Limits
Testing Control
4 Periodic Review of the Effectiveness and 4 Review of Cybersecurity
Cybersecurity Risk Providing Independent Policies, Procedures, and
Management Strategy Assurance Limits
(MRKS)
2 Review of the Adequacy
of Cybersecurity
Organizational Structure
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Pillar 1 Pillar 2
Cyber Security Risk Management Strategy, with a scope Organizational Structure for Cyber Security, to support
covering the following six aspects: comprehensive information security management and
1. Comprehensive understanding of cyber risks cyber resilience across all operational lines, Bank Mandiri
and their relation to the Bank’s business, the level of implements the Three Lines of Model.
exposure to cyber security risks, and the current state of
the Bank’s cyber security. To foster a cyber risk culture Policies, Procedures, and Cyber Security Risk Limits,
within the Bank, awareness programs are consistently
conducted for all employees and customers through all
communication channels. Pillar 3
2. Identification, classification, and prioritization of
covering policies and procedures established by the Bank
critical functions, IT assets, and system interconnections
as part of cyber security risk management, regulated
to develop a complete and accurate cyber risk profile.
within internal provisions. The Bank also defines the Risk
3. Identification of threats and resolution of cyber
Appetite Statement (RAS) for cyber risk as part of the
security issues, including steps to mitigate the
bank-wide operational risk Risk Appetite Statement. The
Bank’s reputational risks. Through Risk Control Self-
cyber risk RAS is quantified into cyber risk thresholds and
Assessment (RCSA) and robust risk testing, cyber risks
continuously monitored.
are continuously evaluated, and appropriate mitigation
strategies are applied. The Bank also conducts
The Cyber Security Risk Management Framework will
monitoring and takes preventive actions against
continue to be evaluated for its relevance to business strategy,
potential cyber risks.
cyber risk exposure, and the latest cyber developments
4. Security controls to protect the Bank’s IT assets from
through periodic reviews. Review of Pillar 1 Cyber Security
evolving cyber threats. To safeguard IT assets from
Risk Management Strategy includes adjustments to its
constantly evolving cyber threats, the Bank implements
relevance to the ongoing business strategy and the latest
data security management, endpoint security, and
cyber risk developments. Review of Pillar 2 Organizational
protection for software, hardware, and networks.
Structure for Cyber Security includes ensuring the quantity
Furthermore, the Bank ensures data protection through
and quality of Human Resources in cyber security risk
User Access Management, allowing only authorized
management remain aligned with business strategy, cyber
employees to access sensitive data.
risk exposure, and evolving cyber threats through staffing,
5. Timely detection of cyber incidents through regular
training, certification, talent management, and competitive
surveillance and monitoring. The Bank has established
remuneration. Review of Pillar 3 Policies, Procedures, and
a Security Operations Center (SOC) to monitor
Cyber Security Risk Limits includes periodic evaluations of
suspicious anomalies or cyber threats perpetrated by
Risk Appetite, Risk Tolerance, and cyber risk thresholds, or
cybercriminals by leveraging Security Information and
as needed when specific conditions require reassessment.
Event Management (SIEM) and Threat Intelligence,
ensuring Bank Mandiri remains resilient against global
As part of the cyber security risk management strategy,
cyber threats.
particularly in ensuring cyber resilience and security, Bank
6. Detailed cyber incident response to support swift
Mandiri is committed to continuously strengthening its cyber
and effective recovery from any impact. This includes
resilience and security posture through the implementation
timely incident escalation, clear role definitions for the
of a Comprehensive, Proactive, & Reactive Cyber
team, post-incident analysis, and continuous testing of
Security Framework, which consists of three main pillars:
future cyber risks.
Governance & Awareness, Protection, and Operations.
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Management of Operational Resilience and Cyber Security
Bank Mandiri is committed to continuously strengthening its cybersecurity posture through the implementation of a
Comprehensive, Proactive, & Reactive Cybersecurity Framework, which consists of three main pillars: Governance &
Awareness, Protection, and Operations.
Cybersecurity Framework
Governance and
Protection Operations
Awareness
1. Security Awareness: 1. Defense Mechanism: 1. Security Operations Center
Employee education on Securing digital assets with (SOC):
personal data protection the latest technologies, such Proactively and reactively
awareness (such as data as antivirus implementation, maintaining system resilience
collection, processing, encryption, and access against cyber threats through
storage, correction, display, restrictions, as part of a layered 24/7 monitoring by the
and deletion) and customer defense mechanism to prevent Security Operations Center
education on secure cyber threats. (SOC).
transaction practices (such as 2. Penetration Test: 2. Threat Intelligence:
anti-fraud awareness). Regular hacking simulations Anticipating emerging cyber
2. IT Security Regulations & are conducted to ensure threats to support a swift and
Standards: optimal security measures. measured incident response.
Building a strong security 3. Access Management: 3. Vendor or Supply Chain
culture through the Restricting data access in Security Assessment:
establishment of security accordance with SOPs and Evaluating security aspects,
policies and regulations, enforcing regular password including the adequacy and
including guidelines for data changes. competence of vendors.
collection, maintenance,
management, usage, and
storage.
3. Organizational Structure
and Personnel:
Establishing a dedicated
cybersecurity operations team
and enhancing personnel
capabilities through training
and up-to-date professional
certifications.
Regulation: International Standard: International Best Practice:
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Our Operations
Cybersecurity Testing
Bank Mandiri regularly maintains IT infrastructure security automatically send phishing email simulations to
tools, ensuring their functionality and monitoring the all employees. The objective is to help employees
expiration of the technologies used. Security enhancements identify and report phishing emails, mirroring real-life
are conducted periodically through activities such as scenarios.
vulnerability analysis (VA) by independent third parties, which
include penetration testing and hacker attack simulations. c. Adversarial Attack Simulation Exercise (AASE)
Bank Mandiri routinely conducts real-life attack
To maintain and evaluate cyber resilience and security simulations performed by independent consultants
as well as to train preparedness for incident response to test its cyber resilience. These simulations
processes, Bank Mandiri regularly conducts cybersecurity employ the latest cyber-attack tactics, techniques,
testing in compliance with applicable regulations (SEOJK and procedures, focusing on human, process, and
No. 29/SEOJK.03/2022 on Cyber Resilience and Security technology aspects. One implementation of this is
for Commercial Banks). These tests are performed by the Adversarial Attack Simulation Exercise (AASE),
independent external parties and include penetration which includes testing attack scenarios through
testing, table-top exercises, social engineering exercises, third-party connections interacting with the bank’s
and adversarial attack simulation exercises, covering: systems and data. This initiative aims to identify and
address potential security gaps or vulnerabilities
i. Vulnerability-Based Testing across the company’s IT operations.
Bank Mandiri performs penetration testing for every
new application developed and periodically on internet- Examples of scenarios tested include unauthorized
facing and/or critical applications, at least once a year. access, intrusion into unencrypted API
These penetration tests are conducted by independent communications, theft of source code from the
external parties with internationally certified penetration code repository, disabling of defense systems,
testing expertise. and theft of confidential data from the data
center. Vulnerability information identified during
ii. Scenario-Based Testing the simulations, including third-party attack
Bank Mandiri conducts scenario-based testing through surfaces, is a key focus of Bank Mandiri’s ongoing
the following activities: cybersecurity improvement program. Through
a. Table-top Exercise these regular simulations, Bank Mandiri minimizes
This discussion-based testing involves personnel the risk of exploitation and strengthens its overall
from various work units, including the IT, Compliance, cybersecurity posture. The testing results showed
Risk Management, Business Continuity, Customer that all scenarios were successfully mitigated, with
Care, and Corporate Secretary units. They an “Excellent” rating across all security control
collaboratively discuss handling and mitigating aspects. The test results report is submitted to the
cyber incidents based on their respective roles. Board of Directors and regulators in accordance
Tested scenarios include ransomware attacks, illegal with applicable regulations.
hacking, unauthorized access, data breaches, and
email threats. d. Cyber Crisis Management Exercise
(Cybersecurity Simulation)
Bank Mandiri collaborates with independent Testing is conducted through a cyber crisis
international consultants to develop scenarios and management simulation involving the IT Crisis
conduct table-top exercises, aligning with the latest Management Team (CMT) to ensure a swift and
cyber-attack trends and best practices. effective response to incidents and minimize their
impact. The simulation includes discussions on
b. Phishing Drill strategic actions based on the roles of each team,
Bank Mandiri conducts social engineering risk analysis to identify potential threats, and testing
simulations, such as phishing attacks via email, recovery measures such as the use of backup
designed to trick employees into disclosing systems and data recovery processes.
sensitive information such as passwords. These
tests are executed using phishing training tools that
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Additionally, the simulation scenarios include communication exercises with regulators, customers, and business
partners to maintain transparency. The testing aims to train and assess the team’s readiness, develop strategies,
and prepare for effective crisis management. The simulation results are used to periodically update disaster recovery
policies, ensuring the protection of personal data during and after the crisis. Examples of scenarios tested include
natural disasters, ransomware attacks, phishing, malware on employee devices, application vulnerabilities, and network
attacks.
Strengthening Information Security
Bank Mandiri uses a multi-layered defense strategy to ensure to identify and address security vulnerabilities early. Bank
information security by protecting applications, networks, Mandiri also adopts Agile Development to quickly meet
and systems using state-of-the-art and continuously business needs. These methods are further reinforced
updated technology. Bank Mandiri also leverages threat through Dynamic Application Security Testing (DAST) and
intelligence services to detect the latest cyberattacks and Static Application Security Testing (SAST). Additionally,
potential data leaks on the dark web. source code management is conducted centrally using
repository, versioning, and security source code reviews.
Bank Mandiri consistently enhances its IT security Bank Mandiri also possesses digital forensic capabilities
capabilities through strategic investments across all to support security incident investigations, post-incident
security layers, including endpoints, networks, applications, recovery, and overall improvement of its security posture.
data, and infrastructure. Network and account anomaly Additionally, applications accessed by customers and
detection is strengthened using artificial intelligence (AI) employees are equipped with Multi-Factor Authentication
and machine learning, while a best-in-class, multi-layered (MFA) and transaction security using PINs to enhance
security architecture is implemented to protect the bank’s protection for digital access and transactions.
systems and data, as well as to identify and block security
anomalies at each layer. • Encryption and Data Protection:
As a valuable asset, data is protected through encryption
• Endpoint Security: at the Data-in-Use and Data-in-Transit stages to prevent
Bank Mandiri implements protection against all potential unauthorized access. These measures include Secure
vulnerabilities associated with endpoints, including the Managed File Transfer (MFT) for data transfer, Advanced
use of Virtual Private Networks (VPNs), Network Access Encryption Standard (AES) for electronic data, and
Control (NAC), antivirus/antimalware, Endpoint Detection Transport Layer Security (TLS) for communications.
and Response (EDR), disk encryption, multi-factor Personal data is also protected with Data Loss
authentication (MFA), and other advanced measures. Prevention (DLP) tools and Identity Access Management
(IAM), as well as de-identification techniques such as
• Network Security: anonymization and pseudonymization.
Bank Mandiri strengthens its internal network security
by utilizing layered and redundant devices, including • Infrastructure Security:
Intrusion Prevention Systems, Anti-DDoS tools, Antispam IT infrastructure is managed rigorously through routine
filters, Virtual Patches, and Web Application Firewalls. activities such as vulnerability analysis, including
These devices are deployed in two key locations—Data patching, hardening, penetration testing, and cyber-
Centers and Disaster Recovery Centers—to ensure attack simulations. User access rights are centrally
service availability and readiness to handle emergency managed through Identity Management, while the
situations in accordance with the Company Business highest-level access is controlled using Privileged Access
Continuity Plan. Management (PAM) equipped with Privileged Threat
Analysis (PTA) for threat detection. Additionally, servers
• Application Security: (branch and data center servers) are protected through
Bank Mandiri applies a Secure System Development Life security patches and antimalware to ensure system
Cycle at every stage of system and application development security and prevent potential cyber threats.
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Information Management System Certification
ISO/IEC 27001:2013
Bank Mandiri is committed to implementing the Information Security Management System (ISMS) based on ISO/IEC
27001:2013 and ISO/IEC 27001:2022, by adhering to the principles of confidentiality, integrity, availability, reliability,
continuity, and compliance. This is achieved while ensuring effectiveness and efficiency through the implementation
of internal regulations related to information technology across the bank. Bank Mandiri has also been certified in the
Information Security Management System (ISMS) in accordance with ISO/IEC 27001:2013 and ISO/IEC 27001:2022
standards. In 2024, Bank Mandiri renewed its certification, which includes:
• Provision of information security services by the Security Operation Center (SOC) to manage cyber threats to the
banking system and cyber operations.
• Application development and IT operations related to Livin’ by Mandiri.
• Provision of infrastructure and operations at the Data Center and Disaster Recovery Center.
• Application development and IT operations related to KOPRA by Mandiri.
ISO/IEC 17025:2017
Bank Mandiri has a digital forensic laboratory managed by the CISO Office Group, which has successfully obtained a
compliance certificate for ISO/IEC 17025:2017 issued by the National Accreditation Committee (KAN). Digital forensic
examinations are conducted on digital evidence following processes that include identification, collection, acquisition,
and preservation. With the support of digital forensic investigation processes in the laboratory, Bank Mandiri can
identify the causes, impacts, and risks of incidents on the bank’s systems and applications.
Information Security Measurement and Evaluation
To measure and evaluate the optimization of information security processes, Bank Mandiri conducts a series of assessments
by independent external assessors, including the National Cyber and Crypto Agency (BSSN), with the following results:
a. Cyber Security Maturity (CSM) Assessment achieved an “Optimal” maturity level (highest score).
b. Incident Handling Maturity Level (TMPI) Measurement reached an “Optimize” maturity level (highest score).
Handling of Information Security Breaches
To address the threat of cyberattacks, Bank Mandiri has developed the capability to detect and respond to cyber threats through
its Security Operation Center (SOC), which operates 24/7. As a reactive measure against information security incidents, the
SOC is managed consistently, effectively, and in a measurable manner. Proactive measures include monitoring and mitigating
risks associated with evolving cyber threats using leading Threat Intelligence Services. In addition, Bank Mandiri has built
internal capabilities for threat hunting to protect its brand and website from phishing threats, online fraud, unauthorized access,
and forgery.
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Bank Mandiri also established a Computer Security Incident is regularly disseminated to all employees through posters,
Response Team (CSIRT), registered with the National Cyber newsletters, and podcasts. This ensures that any risks or
and Crypto Agency (BSSN), to facilitate collaboration, potential impacts related to cybersecurity are swiftly and
coordination, and information sharing in handling cyber appropriately addressed by relevant units, such as the
incidents. The CSIRT regularly conducts IT security incident CISO Office Group, following strict standards aligned with
testing and simulations to ensure readiness in responding regulations and internal policies.
to incidents. The SOC team works closely with the CSIRT to
promptly respond, remediate, or mitigate issues according Related to incident response, Bank Mandiri developed a
to the cybersecurity incident handling framework, which recovery and business continuity management strategy to
generally includes: mitigate impacts and restore system and network security.
1. Identification and analysis of the scope of the incident This strategy is specifically outlined in internal policies.
and determination of countermeasures. Bank Mandiri also established digital forensic capabilities to
2. Containment – Mitigation processes to prevent further support security incident investigations, aiding postincident
damage. recovery, enhancing its security posture, and preventing
3. Eradication and recovery – Actions to terminate the similar incidents in the future. The cybersecurity incident
incident and restore systems. handling framework is continuously enhanced based on
lessons learned from previous incidents that have been
As part of a holistic approach to cybersecurity, Bank resolved.
Mandiri not only focuses on incident response through the
CSIRT but also strengthens early reporting by establishing In addition, Bank Mandiri has established a mechanism for
a clear escalation process via the email service laporciso@ handling Personal Data Protection failures (Data Breach),
bankmandiri.co.id. This process can be utilized by which has been outlined in the internal provisions. The
employees to report any irregularities related to information process for handling PDP failures generally consists of
security and data protection. Information about this service several stages, including:
Mechanism for Handling Data Breaches
Handling and Reporting and
Identification Analysis Containment Recovery Lessons Learned
The process of The process of The process of taking The process of The process of
collecting basic detecting and analyzing initial mitigation actions handling and providing written
information (notification) the validity of the against the indications recovering from notifications to
related to the personal indications and/or and/or complaints of a personal data regulators, data
data protection failure complaints of the the incident based protection failure subjects, and the
incident based on incident based on on the analysis of incident based on the public in the event
complaints received. incident classification. impact and risk to classification and the of personal data
the Data Subject to results of the incident disclosure, along with
prevent personal data analysis. submitting reports
disclosure. and documentation to
the relevant regulator
regarding the personal
data protection failure
incident.
The role distribution for work units as module users in handling Personal Data Protection (PDP) failures includes:
a. Users with Super Admin and Organization Admin roles – CISO Office Group – IT Security Services & Subsidiary Support.
b. Users with Operator roles – IT Applications Support Group (SME Applications), including IT Information & Data Services, IT
Wholesale and Supporting App, IT Delivery Channels, IT Onboarding and Servicing, and IT Core Banking System.
c. Users with DPO (Data Protection Officer) roles – Data Protection & Fraud Risk (DFR) Group, specifically Data Protection Operations
and Data-Fraud System Monitoring.
Any violations related to privacy, data security, or cybersecurity are categorized as breaches of the Code of Conduct and are
subject to disciplinary actions in accordance with the Employee Disciplinary Regulations, as outlined in the Human Resources
Standard Procedures (SPSDM). Disciplinary measures may range from a first written warning to termination of employment
(PHK). The levels and sanctions for Code of Conduct violations can be referenced in the Sustainability Commitment and
Governance chapter.
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Additionally, for data security violations, particularly those involving personal data, Bank Mandiri refers to Law No. 27 of 2022
on Personal Data Protection (PDP Law), which stipulates administrative sanctions for data controllers violating provisions in
Articles 35 to 46. These sanctions include:
a. Written warnings.
b. Temporary suspension of personal data processing activities.
c. Deletion or destruction of personal data.
d. Administrative fines of up to 2% of annual revenue or income, depending on the violation variables.
Training and Capability Development [GRI 404-2]
Bank Mandiri strengthens the management of information The information security awareness program is conducted
security, cybersecurity, and personal data protection through regularly bankwide to enhance understanding and foster
regular training and capability development provided to all a work culture oriented toward information security.
employees, vendors, and contractors at least once a year. Initiatives include information security campaigns through
The training and certifications offered cover technical and various media, such as monthly bulletins, quarterly posters,
non-technical skills such as Certified Information Security quarterly podcasts, and quarterly phishing simulation
Manager (CISM), Certified Information Systems Security exercises.
Professional (CISSP), Certified in Risk and Information
Systems Control (CRISC), ISO 27001 Lead Implementer, Topics covered include data protection and confidentiality,
ISO 27001 Lead Auditor, Certified Information Systems the latest cyber-attack trends, phishing identification and
Auditor (CISA), Certified Ethical Hacker (CEH), Computer prevention, and online transaction security. In addition,
Hacking Forensic Investigator (CHFI), cybersecurity cybersecurity awareness certifications are organized
awareness training, and product knowledge enhancement annually by Bank Mandiri for all employees, vendors, and
to deepen expertise in the bank’s security systems. contractors.
Phishing Drill
Information security and cybersecurity are key elements in employee performance evaluations, assessed through
understanding and response in training, awareness of phishing simulations, compliance with information security
policies, and awareness of potential cyber threats. These evaluations not only strengthen a security-conscious work
culture but also serve as a basis for individual competency assessments.
As part of this effort, Bank Mandiri regularly conducts phishing drill simulations, designed as social engineering attack
scenarios to train employees in recognizing and reporting phishing emails. These tests are carried out using an
automated system that sends phishing simulation emails to all employees. The simulations aim to enhance employees’
ability to identify and report phishing attempts, ensuring they are better prepared for real-world threats.
In 2024, Bank Mandiri has implemented various training and awareness programs regarding personal data protection to enrich
the knowledge and awareness of employees. The programs that have been carried out are as follows:
Training on Privacy and Data Security [GRI 2-24] [GRI 404-2]
Scope of Training:
Certified Information Privacy Manager (CIPM), Certified Information Systems Auditor (CISA), Certified Information
Systems Security Professional (CISSP), Certified Cloud Security Professional (CCSP), Building a Cybersecurity
Awareness Program, Cybersecurity Awareness: Phishing Attacks, Data-Driven Network Security Essentials,
Cybersecurity for Executives, ISO 27001:2022-Compliant Cybersecurity: Getting Started, Privacy in the New World of
Work, and so on.
Number of Training Titles Number of Training Hours Number of Training Participants
412 Titles 190,502 Hours 81,929 Employees
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Awareness Activities
1. Personal Data Protection (PDP) Poster
A one-page poster containing quotes/statements encouraging employees to be more aware of the potential risks
and mitigation strategies related to the implementation of personal data protection.
2. Newsletter
An article/infographic providing a comprehensive explanation of risk issues and tips related to personal data
protection.
3. Personal Data Protection (PDP) Cartoon
A short cartoon-style comic depicting everyday work situations in a lighthearted and contemporary manner.
4. Personal Data Protection (PDP) Narrative Video
A short video containing information, calls to action, and awareness about the implementation of personal data
protection, along with the associated sanctions.
5. Personal Data Protection (PDP) Pulse Check
A survey/checklist containing brief questions for employees regarding the readiness for the implementation of
personal data protection in each work unit, both at the Head Office and in regional offices.
6. Education on Personal Data Protection Consent
Education is provided to customers via social media through videos and posters on Meta, TikTok, Google Android
& iOS, and X. The campaigns include video content on Meta (consent), TikTok, and Google.
Vendor Training and Capability Development
1. In 2024, Bank Mandiri once again hosted its annual Vendor Meeting to strengthen collaboration with strategic
partners. Under the theme “Fostering Synergy & Driving Collaborative Growth Through Vendor Meeting”, the event
took place on November 26, 2024, and invited 712 vendors which comprising 225 construction vendors, 297
non-IT vendors, and 190 IT vendors.
During this forum, several key topics were discussed, including:
a. Implementation of Personal Data Protection
The topic of personal data protection implementation was presented by the Vice President – Data Protection &
Fraud Risk Group, covering the addendum of personal data protection clauses in cooperation agreements and
the Partnership Assessment Criteria for Personal Data Protection (PAC-PDP), which are criteria set by Bank
Mandiri to ensure personal data protection for (prospective) procurement partners and (prospective) credit
partners.
b. Implementation of Vendor Security Requirements
The topic of implementing the Vendor Security Requirement was presented by the Vice President – CISO
Office Group, discussing the fulfillment of Vendor Security Requirement (VSR) as part of the information security
implementation for third parties and its inclusion in the procurement process stages for the use or provision of
IT services.
2. Personal Data Protection Playbook for Vendors
Bank Mandiri has developed a Playbook to facilitate partners/vendors in fulfilling their responsibilities in executing
the scope of cooperation related to personal data processing, ensuring data security and compliance with the
PDP Law.
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Information Security System Audits
Bank Mandiri conducts regular audits on all information security activities and critical business processes, including data privacy
and fraud management, in accordance with internal and regulatory requirements. Information security audits are carried out
annually by both internal and external parties.
Internal Audit
Bank Mandiri’s Internal Audit, specifically the IT Audit Mandiri’s internet-facing IT assets, including public
division, conducted audits related to security aspects, IP addresses and bank-owned subdomains.
focusing on Cyber Resilience and Security. These audits ii. Cyber Resilience Audit of Ring 2 and Internal
were divided into two phases during 2024, as follows: Productivity Applications (IPA), inspected the
security of IT assets in Ring 2 servers and IPA
a. Phase 1 (January – April 2024), consisted of 2 audits: applications hosted in the bank’s on-premise data
i. Cyber Resilience Audit of Core Banking Systems centers or under the management of respective
(CBS), assessed the security and availability of application owners.
core banking system (eMAS) infrastructure and iii. Audit of Mandiri Cash Management (MCM),
applications. evaluated security controls of the MCM application.
ii. Cyber Resilience Audit of Mandiri Utama Finance iv. Microsoft Office 365 Audit – Examination of email
(MUF) & Mandiri Tunas Finance (MTF), evaluated security controls in Office 365 applications, including
the security of MTF and MUF web and mobile anti-malware, attachment filtering, and malware
applications. sandboxing.
v. Cyber Resilience Risk Management Information
b. Phase 2 (May – October 2024): System Audit – Assessment of the Cybersecurity
i. Cyber Resilience Audit of Internet Facing Risk Management System, specifically the Phantom
Applications (IFA), evaluated the security of Bank application.
External Audit
The management system for IT infrastructure security and with Bank Indonesia Regulation No. 23/6/PBI/2021
information at Bank Mandiri has also been audited by an regarding Payment Service Providers. The audit report
independent external auditor to validate compliance and was submitted to Bank Indonesia on November 22,
the effectiveness of the management systems in place. 2024.
Additionally, Bank Mandiri fulfills its risk management b. Data Privacy Audit is conducted to evaluate the
obligations and information system security standards maturity level of personal data protection controls
through periodic audits by external auditors, which include: and compliance with Law No. 27 of 2022. This audit
a. Payment Service Provider (PSP) Audit: This audit is is carried out from September to December 2024. It
conducted to ensure the reliability of the IT infrastructure also aims to provide an external perspective on data
supporting the payment system and information management at Bank Mandiri, with the final report
security management. The audit was conducted submitted to OJK and BI.
from July to November 2024 as part of compliance
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Our Employees
Bank Mandiri recognizes that employees are the primary drivers of the company’s sustainability and growth. Committed to
fostering an inclusive, equitable, and supportive work environment, Bank Mandiri has designed various strategic programs
focused on enhancing employee well-being, competencies, and potential. Diversity, development, welfare, and employee
safety remain top priorities in creating an empowering work ecosystem that enables every individual to reach their full potential
and make meaningful contributions to Bank Mandiri’s success.
Human Resource Development [GRI 404-2]
Talent management at Bank Mandiri serves as a cornerstone for supporting business sustainability and fostering the potential of
every individual. Guided by the core values of AKHLAK (Amanah, Competent, Harmonious, Loyal, Adaptive, and Collaborative),
which underpin every aspect of human resource management, a holistic approach to creating an inclusive and productive
work ecosystem has been designed. Through the Employee Value Proposition (EVP), which encompasses four pillars—Learn,
Synergize, Grow, and Contribute to Indonesia—Bank Mandiri ensures that every employee not only achieves professional
growth but also makes meaningful contributions to the company and society.
Employee Value Proposition (EVP) Mandirian
Learn Synergize Grow Contribute to Indonesia
Acquire or strengthen Collaborate for mutual Develop personally and Make meaningful
new and distinct benefit in achieving the professionally contributions and provide
knowledge, behaviors, Company’s vision and value and benefits for
skills, or values. mission Indonesia
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This EVP is reinforced by the 3-3-1 Human Capital Strategy, which emphasizes employee development to support business
sustainability.
1
3-3-1 Human Capital Strategy
Our Goals
To cultivate productive employees who are actively engaged, drive growth, ensure business
sustainability, and develop future leaders.
2
Human Capital Strategy
• Strategy #1 (Accelerate Capability)
Intensive and continuous development of technical and leadership capabilities.
• Strategy #2 (Augment Productivity)
Fulfillment of capacity and accelerated enhancement of productivity.
• Strategy #3 (Amplify Experience)
Strengthening employee experience through various initiatives, such as employee well-being,
business process improvements, and Mandirian DNA.
3
Mandate for Human Capital
• #1 For Mandiri
Support and activate corporate strategies and plans.
• #2 For the Nation
Contribute to talent development for Indonesia.
• #3 For Employees
Create meaningful employee experiences.
As part of human resource risk management, Bank Mandiri To prepare top talent for future leadership roles in strategic
recognizes employee turnover as a key challenge in the positions, Bank Mandiri employs a structured approach
banking industry. To address this issue, strategic initiatives focusing on the identification, development, and retention of
have been implemented that include continuous training, individuals with strong leadership potential. This approach
employee engagement through transparent communication, consists of four key stages:
and the provision of competitive compensation. These
measures are designed to reduce turnover, enhance
retention, and create a work environment that supports
professional growth and employee well-being.
1 2 3 4
Talent Identification Talent Profiling Talent Development Strategic Talent Review
The identification process Talent profiling process The formulation and The review process
is based on performance, is based on track record, implementation of talent for development plans
leadership characteristics, technical skills, leadership development plans based and implementation
capabilities, agility, and abilities, and personal on capability gaps. to ensure optimal
engagement. characteristics. succession management
sustainability.
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Leadership Development Training Program [GRI 404-2]
Bank Mandiri has a structured and tiered leadership development program designed to develop or deliver joint training
programs for all employee aligned with the leadership capacities at every level of the organization. As part of its implementation,
Bank Mandiri collaborates/partnership with educational institutions, including top universities such as Singapore Management
University, the International Institute for Management Development, and Bandung Institute of Technology. Additionally, Bank
Mandiri also partners with the BUMN School of Excellence (BSE) in delivering the Leadership Development Program. [GRI 3-3]
Orientation Phase (Onboarding)
Orientation programs for new employees and those assuming new positions (rotation or promotion).
Onboarding for New Employees (Officer Development Program (ODP) and Staff ODP:
827
Development Program (SDP)
A training program for potential leaders at Bank Mandiri consisting of recent graduates from employees
leading universities and high-performing employees who have passed a rigorous selection
process. Participants undergo various stages of training, including online courses, in-class
training, and on-the-job training. SDP:
611
employees
Onboarding - Executives
An orientation program for new or promoted L2 employees (BOD-1 level, including Group 21
Heads, RCEOs, and equivalents), aimed at strengthening leadership characteristics for employees
strategic business leaders.
Mandiri People Manager - Executive
A training program for Level 2 employees (BOD-1, equivalent to Group Head, RCEO, and
similar positions) are designed to formulate strategic objectives, uphold integrity, and strengthen
leadership capabilities. These programs also aim to enhance adaptability, drive innovation, and
213
employees
prepare leaders to navigate change with flexibility, ensuring they remain relevant in an ever-
evolving business environment.
Mandiri People Manager - Mastery
1,027
A Training program for Level 3 employees (BOD-2, equivalent to Department Head and Area
Head) aim to embed the Mandirian DNA as both a work approach and a leadership style.
These programs are designed to strengthen team leadership effectiveness through productive
employees
communication and the management of high-performing teams, while cultivating a profound
sense of purpose in every aspect of their work.
Mandiri People Manager - Advance Fundamental
A Training program for Level L3 employees (BOD-2) are designed to enhance managerial
and leadership skills, aligning with the Mandirian character traits of Always Deliver and
163
Ahead. These programs aim to drive superior performance and proactively address business employees
challenges.
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Equipping Phase
Practical managerial skills training focused on leadership capabilities.
Strategic Business Leader Program – Leading for Impact
A training program for L2 (BOD-1) and L3 (BOD-2) employees, designed to build leadership 115
capabilities that meet dynamic business demands and lead change in achieving Bank Mandiri’s employees
aspirations.
Managerial Series Program
A training program focused on managerial skills, aimed at building understanding and
6,204
capabilities in alignment with the Mandirian Way, to cultivate the mindset of effective leaders. employees
Development Phase
Acceleration of top talent to enhance capabilities for advancement to the next level.
Mandiri Advance Executive Leaders Program (MAELP)
13
members of
A program for the Board of Commissioners, Board of Directors, and SEVPs, aimed at
enhancing leadership and technical capabilities in line with Bank Mandiri’s business needs. the Board
This is achieved through training at global universities, as well as building relationships with of Directors
stakeholders. & Board of
Commissioners
Mandiri Advance Leaders Program (MALP)
A program designed to prepare top talent at the BOD-2 level for the next leadership level, 60
focusing on intrapreneurship, strategic leadership, people focus, and digital leadership. employees
498
Mandiri Advance First Leaders Program (MAFLP)
A program for top talent at the BOD-3 level (Team Leaders, Branch Managers, or equivalents),
employees
focusing on people management, digital mindset, strategy, and innovation.
51
Graduates Scholarship Program
Postgraduate scholarship programs at leading universities for Level 3 and Level 4 employees, employees
fully funded by Bank Mandiri.
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Mission-Based Development
Bank Mandiri’s leadership programs focus on Human Capital initiatives to cultivate a culture of Resilient Mandirian Learners.
To support this culture, Human Capital employs a gamification approach in employee development through the concept of
mission-based development. Each position level at Bank Mandiri is assigned specific missions designed to accelerate the
development of competencies and leadership skills.
Missions for Employees at Different Levels
BOD-1 Mission: BOD-2 Mission: BOD-3 Mission: BOD-4 Mission:
Lead discussions on Collaborate with Work with supervisors Collaborate with
team development and supervisors to propose to create a development supervisors to help
succession planning, development plans and plan and implement plan development and
setting an example as a actively participate in capability-building proactively carry out
role model in building and reviewing development activities according to the development initiatives.
enhancing capabilities. strategies to accelerate agreed-upon plan.
capability building.
Graduate Traineeship/Apprenticeship Programs
In response to the increasingly competitive industry landscape, Bank Mandiri is committed to supporting young generations in
preparing for the workforce. The bank provides training and internship programs for recent graduates, designed to equip them
with the necessary skills and practical experience in the industry.
The available training programs include:
Officer Development Program (ODP)
The ODP aims to cultivate future leaders by attracting exceptional talent, particularly fresh graduates or individuals with less
than 4 years of work experience, through partnerships with restigious universities in Indonesia and globally.
The ODP entry path is specifically designed to address the following hiring needs:
• Wholesale Banking
The ODP Wholesale Banking program develops skilled and knowledgeable professionals into leaders and Wholesale
Bankers specializing in wholesale funding, lending, and solutions.
• Regional Business
The ODP Regional Business program prepares professionals to become expert Retail Banker leaders with strong
capabilities in funding, lending, transactions, and services.
• Information Technology and Digital Banking
The ODP IT and Digital Banking program cultivates digital talent into leaders and professionals with the vision and
expertise to drive IT and technology transformation.
• Risk Management
The ODP Risk Management program equips individuals with specialized expertise to become leaders and professionals
in risk management.
• Business Enabler
The ODP Business Enabler program fosters the development of leaders and professionals across various business
enabler functions, including banking operations, finance, strategy, legal, human resources, market research, corporate
communication, and real estate management.
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Candidates who pass the selection process are appointed as prospective employees and required to complete a nine-
month incentive-based educational program, consisting of:
1 month of 5 months of 3 months of placement In 2024, the ODP enrolled:
classroom on-the-job in a business unit as
learning training permanent employee
with probationary period
827 individuals
My Digital Academy
Bank Mandiri has established My Digital Academy, a tailored training
program designed for early engagement and recruitment. This initiative
includes a one-month innovation bootcamp for final-year students and
fresh graduates from top universities in Indonesia, focusing on IT capability
development. The program equips digital talent with essential skills in In 2024, My Digital Academy enrolled:
application development, data analysis, artificial intelligence, blockchain,
and more, supporting Bank Mandiri’s Corporate Plan to become the Best 542 individuals
Modern Digital Bank.
As part of its commitment to supporting and contributing to Mandiri offers various internship programs. These initiatives
government programs that provide young generations with provide real work experience in the banking industry
opportunities to explore the professional world and enhance while helping participants develop essential skills for their
their competencies in preparation for future careers, Bank professional journey.
Internship
Bank Mandiri’s Internship Program is designed to offer university students
and recent graduates the opportunity to broaden their understanding of the
professional world and develop the competencies required for a successful
career. This program not only provides hands-on work experience but also
In 2024, the Internship
encourages participants to explore their interests, refine their talents, and
Program had:
acquire new skills. Additionally, the Internship Program enhances Bank
Mandiri’s reputation as an employer of choice, supporting its employee
recruitment strategy. 257 participants
Field Work Practice
As part of its social responsibility in education, Bank Mandiri selectively offers
Field Work Practice opportunities for high school students or equivalent,
enabling them to gain hands-on experience in various Bank Mandiri units.
This program equips students with real-world exposure while fostering their In 2024, the Field Work Practice
interests, talents, and skill development, preparing them for future careers. Program had:
19 participants
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Operations Our Customers Our Employees
Kriya Mandiri: Bank Mandiri’s Tangible Contribution to Nation Building
The Kriya Mandiri program is an integrated internship initiative by Bank Mandiri aimed
at developing high-quality human resources as key assets for advancing corporate
growth and the national economy. Guided by the Employee Value Proposition, “Learn,
Synergize, Grow, Contribute to Indonesia,” the program provides fresh graduates with
The number of participants
opportunities to gain real-world work experience while refining their competencies to
in the Kriya Mandiri program
excel in the job market. By combining theoretical learning with practical experience, the
in 2024 reached:
program equips participants with relevant banking knowledge and skills. Kriya Mandiri
offers opportunities for various roles, including front office positions (Teller and Customer
Service) at branch offices, as well as back office roles at the Head Office or branches. 3,281 individuals
Technical Development Program
To ensure employees possess the skills required for their roles, Bank Mandiri offers a variety of job-specific development training
programs tailored to technical and role-specific needs. Mandiri University Group manages these competency development
initiatives using the Leadership Capability Model (LCM) and Technical Capability Model (TCM). These initiatives include:
Operation
Upskilling & Reskilling Beyond Lending Mandirian Ready to Go
Transformation
Training for employees Training for the Digital
Training designed
impacted by the Smart commercial business Training aimed at
to support business
Branch Program, focusing unit (wholesale) to enhancing employees’
transformation and
on upskilling for new roles enable employees digital capabilities.
enhance employee
and reskilling for role to offer transaction
competencies, preparing
transitions. solutions beyond loans to
them for the digital era.
customers.
In delivering job-specific training, Bank Mandiri collaborates with institutions, including the National Professional Certification
Agency (BNSP), the Banking Professional Certification Institute (LSPP), the Risk Management Certification Agency (BSMR),
the Indonesian Mutual Fund and Investment Association (APRDI), and the Indonesian Capital Market Professional Certification
Institute (LSPPMI). Additionally, partnerships are also established with other institutions, organizations, and companies with
high levels of expertise and competence in their respective fields. Throughout 2024, various training programs have been
successfully conducted, including: [F.22]
Banking Technology and Systems 10,762 Operational Excellence 2,126
participants participants
Certification Programs 41,025 Product Knowledge 1,762
participants participants
Credit and Financing Management 3,881 Professional Appraisal and Valuation 66
participants participants
19,711 Risk Management and Regulatory 15,764
Customer Relationship Management participants Compliance participants
Digital Transformation and Innovation 11,564 Sales and Marketing Skills 14,256
participants participants
General Banking Skills 712,338 Cybersecurity and Information Security 73,842
participants participants
Leadership and Management Skills 28,824
participants
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Bank Mandiri’s Training and Certification Institutions
Bank Mandiri operates a Training Institution (Lembaga Pelatihan Kerja - LPK) and a Professional Certification Institution
(Lembaga Sertifikasi Profesi - LSP) to support employee competency development through specialized training programs and
professional certifications tailored to their roles.
Training Institution (LPK)
The LPK is an official training institution licensed by the Jakarta Manpower Office, aimed at enhancing
employee competencies through Competency-Based Training. It is designed to meet regulatory standards
related to Payment Systems and Rupiah Management (SPPUR), while also developing employees’
knowledge, skills, and attitudes. Additionally, the LPK maximizes the use of BTK Training facilities for optimal
training outcomes.
Professional Certification Institution (LSP)
LSP Bank Mandiri was established based on the Board of Directors Decree No. KEP.DIR/10A/2023 dated
March 6, 2023, and officially licensed by the National Professional Certification Agency (BNSP) under license
number BNSP-LSP-2446-ID on March 14, 2024. The establishment of the LSP reflects the implementation
of Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector, demonstrating Bank
Mandiri’s commitment to enhancing employee competencies, competitiveness, and quality in line with
nationally and internationally recognized standards.
As a Second Party Professional Certification Institution (P2), the LSP focuses on providing competency
certification services for Bank Mandiri employees and its subsidiaries, including Bank Syariah Indonesia
(BSI), Bank Mantap, Mandiri Utama Finance Group (MUG), and Mandiri Tunas Finance (MTF). Its certification
programs cover various fields, such as General Banking Officer Level I, Work Training for Instructors,
Compliance in General Banking, Customer Feedback Management, and Basic Software Development.
LSP Bank Mandiri is supported by a robust organizational structure comprising a Board of Advisors, the
Head of LSP, and three main divisions: Administration, Certification, and Quality Management. Additionally,
the institution ensures the credibility and objectivity of the certification process through the roles of the
Scheme Committee and the Impartiality Committee.
Support for Scholarship and Certification Programs
Bank Mandiri supports the professional development of all employees by providing financial suppport for pursuing academic
degrees or professional certifications. This initiative ensures equal access to skill enhancement opportunities and the fulfillment
of professional requirements, covering all employees, including permanent, contract, outsourced, contractor, and part-time
workers.
Postgraduate Scholarship Program
Bank Mandiri provides selected employees with the opportunity to pursue advanced education at top universities, both
domestically and internationally. This program is designed to broaden their knowledge, refine their expertise, and empower
them to make meaningful contributions to Bank Mandiri and society.
Mandiri Executive Scholarship for Postgraduate (MESP)
The MESP is a domestic Master’s degree scholarship program designed for top BOD-2 talent to enhance skills aligned
with the company’s long-term strategies. Currently, Bank Mandiri collaborates with Monash University Indonesia for
the MESP program. In 2024, 21 employees participated in the program, focusing on a Master of Business Innovation.
Overseas Master’s Scholarship Program
This scholarship is offered to top BOD-3 talent who meet specific criteria, providing them with opportunities for global
exposure, networking, and the development of international perspectives. In 2024, 30 employees pursued advanced
degrees at prestigious institutions such as Carnegie Mellon University, NYU Stern, HEC Paris, The University of Manchester,
The University of Melbourne, IE University, EDHEC, IMD Business School, and ESADE. Fields of study include Master of
Science, Master of Business Administration, and LLM programs.
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Operations Our Customers Our Employees
Certification Programs
Bank Mandiri offers a range of certification programs designed to meet regulatory and internal competency standards. These
certifications are divided into two main categories: Mandatory Certifications and Non-Mandatory Certifications.
Mandatory Certifications
Mandatory certifications are required by external regulators and Bank Mandiri’s internal standards. These certifications
ensure that employees in specific roles possess and maintain the necessary competencies for their jobs.
Certification Name Objective Target Participants
Mandatory Certifications Required by Regulators
Risk Management Certification Demonstrates proficiency in risk Executives, officers, and employees
management. of Bank Mandiri.
Treasury Dealer Certification Develops competency in treasury Officers and staff engaged in
activities across three levels: basic, treasury activities.
intermediate, and advanced
Mutual Fund Selling Agent Ensures marketing competency in Bank Mandiri frontliners.
(WAPERD) mutual fund markets, in compliance with
regulatory standards (OJK).
Broker-Dealer Marketing Agent Provides qualifications for selling Officers and employees involved in
(WPPEP) securities products. securities sales.
Payment Systems & Rupiah Competency in payment systems and Bank Mandiri employees in the field
Currency Management rupiah currency management. of payment systems and rupiah
Certification (SPPUR) money management.
HR Management Certification Competency in human resource Employees and officials of Bank
(MSDM) management. Mandiri in the HR department.
Certification Required by Bank Mandiri’s Internal Policies
Competency-Based Interview Competency in conducting competency- Leaders with unit head positions
(CBI) Certification based interviews for recruitment and interviewers from the HR
processes. department.
In 2024, Bank Mandiri provided financial supports through the Mandatory Certification Program, fully funded by the
Bank, benefiting 41,025 participants, consisting of 32,915 participants with permanent worker status and 8,110
participants with contract worker status.
Non-Mandatory Certification
Certifications tailored to meet the internal needs of Bank Mandiri, aimed at enhancing employees’ skills to optimally
support various business activities of the company.
Certification Name Objective Target Participants
Limited Marketing Securities Employees providing referral
Training for offering referral services to
Broker Representative services to clients for partner
partner securities firms.
Certification (WPPEPT) securities firms of Bank.
Refreshment of Limited
Marketing Securities Broker Advanced training program to update Holders of the WPPEPT
Representative Certification knowledge on the capital market. certification.
(WPPEPT)
Bank Mandiri’s certification program is a vital component of the employee development initiative, designed to enhance skills in
a measurable manner. During its implementation period, a total of 12,528 employees, equivalent to 32.97% of the workforce,
participated in a program, achieving relevant skill improvements in their respective fields. These programs not only strengthen
individual capabilities but also generate significant benefits for the company by improving productivity and supporting business
objectives.
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Mentorship Program
Bank Mandiri has integrated a mentorship program into its human resource development framework to provide guidance and
support for employees. Through this initiative, employees are connected with experienced mentors who offer direction and
insights to enhance their professional journeys.
Women Empowerment
The Women Empowerment program, part of the Srikandi Mandiri initiative, focuses on the development of employees,
particularly at L3 and L4 levels, through a holistic mentoring approach. Experienced Mandiri leaders (L2, L3+, and L3) serve as
mentors in the program, with the following objectives:
• Building a community: Establishing a supportive network among female employees to share experiences and inspire one
another.
• Providing Exposure: Facilitating opportunities for participants to connect with career sponsors, thereby opening pathways
for further development.
• Knowledge Sharing: Organizing discussions between mentors and mentees to transfer practical knowledge, strengthen
professional skills, and boost the confidence of female employees.
Development of ESG-Related
Competencies
Bank Mandiri actively incorporates Environmental, Social, and
Governance (ESG) principles into its human resource development
curriculum. The objective is to cultivate employees who are not only 52
skilled but also deeply aware of sustainability in all aspects of business Training on Sustainability
processes. ESG-related learning is delivered through various platforms,
including e-learning, online training, and Internal Discussion Forums (FDI).
These platforms provide employees with opportunities to deepen their
understanding and apply sustainability principles in their daily work.
All employees have participated in ESG-related competency
development programs
In 2024, Bank Mandiri set a target to increase the number of training participants by 10% of the total workforce. Additionally,
we committed to achieving a minimum employee participation rate of 85% in training and development programs, with an
average of over 40 training hours per employee planned for the year. These targets were designed to strengthen competencies,
enhance digital skills, and ensure employees possess the capabilities necessary to support sustainable business growth. [GRI
404-1]
In its implementation, Bank Mandiri successfully exceeded the established targets. In 2024, the number of training participants
reached 949,438, reflecting a 22.7% increase compared to the previous year’s 773,920 participants. The employee participation
rate in training programs stood at 97.87% of the total active workforce, surpassing the minimum target of 85%. Furthermore,
the average training hours per employee reached 107.8 hours, representing a significant achievement compared to the initial
target. These results highlight Bank Mandiri’s success in optimizing human capital development to support the company’s
objectives effectively. [GRI 404-1]
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Sustainable
Operations Our Customers Our Employees
Diversity, Equality, and Inclusion Program [F.18]
Human resource management at Bank Mandiri focuses not only on competency development but also on creating an inclusive
and equitable work environment. Bank Mandiri believes that diversity is a key strength in driving innovation and collaboration.
Through the Diversity, Equality, and Inclusion program, Bank Mandiri is committed to supporting every individual in realizing
their full potential, without limitations, while fostering a workplace culture of respect and competitiveness.
Commitment to Human Rights and Diversity
As an initial step in creating an inclusive work environment, Bank Mandiri continually strives to create an equitable and
Bank Mandiri implements a diversity, equality, and inclusion inclusive work environment for all employees. To achieve
policy based on human rights principles. Bank Mandiri is this goal, equality in all aspects of resource management,
committed to respecting and adhering to international labor free from discriminatory practices is ensured. Bank Mandiri
standards outlined in the International Labour Organization firmly rejects all forms of discrimination based on gender,
(ILO) Conventions. All of our employment policies and race, sexual orientation, religion, age, disability, and social
practices align with ILO standards, including respect for status. Every employee is treated equitably and equally in all
freedom of association, the elimination of forced labor, aspects of the company’s operations.
child labor protection, and the implementation of non-
discrimination in the workplace. [GRI 3-3] Unethical practices such as human trafficking, forced labor,
and child labor exploitation are unacceptable. The right to
As part of this commitment, the implementation of human freedom of association and the right to engage in collective
rights at Bank Mandiri is governed by the Human Rights bargaining are fully guaranteed, along with efforts to ensure
Principles in Employment and the Respectful Workplace equal pay for equal work. This commitment is reinforced
Policy (RWP). This includes clear guidelines to ensure through the signing of the Integrity Pact and Annual
respect for human rights across all internal operations of Statement by all levels of the company, including the Board
Bank Mandiri, including resource management, business of Directors and the Board of Commissioners.
activities, and the products and services offered. Moreover,
the policy extends to suppliers and business partners,
ensuring that human rights principles are consistently
applied across Bank Mandiri’s value chain and business
ecosystem.
Human Rights Risk Identification
Bank Mandiri has developed a human rights risk map experiences and perspectives anonymously, resulting in
aimed Bank Mandiri implements a risk management valid and representative data. The survey results are then
process for human capital aspects, including risks related comprehensively analyzed, complemented by an analysis
to human rights (HR). This process begins with identifying of internal policies to provide in-depth insights into existing
potential risks to ensure effective management. In 2024, risks and to strengthen the mitigation measures taken by
Bank Mandiri conducted an employee engagement survey Bank Mandiri. Through this identification process, Bank
involving 30,717 employees, representing 80.81% of the Mandiri has identified several human rights risks as follows:
total workforce. The survey included various questions
designed to identify potential risks associated with human
capital, including human rights risks within Bank Mandiri’s
internal operations.
Through this survey, employees can share their
Bank Mandiri’s
Scope Subject Human Rights Risk Vulnerable Groups
Policy
Bank Mandiri’s Employees Human Resource • Discrimination • Employees
Operations Management • Forced Labor • Women
Standard Operating • Equal Renumeration • Disabilities
Procedures (SPSDM) • Migrant Workers
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Human Rights Mitigation and Remediation
The human rights assessment, based on the results of the The employee grievance handling mechanism and the HC4U
employee engagement survey, covers 80.81% of the total service are managed internally, while the Whistleblowing
workforce. This assessment identifies various potential System is managed by an external party. Further details
human rights risks that may affect employees, such as about these reporting channels can be found on page 228.
discrimination and forced labor. All identified risks have
been managed through a comprehensive mitigation plan, The follow-up process for received reports involves several
which includes the following strategic measures: relevant parties, including the HC Engagement & Outsource
• Strengthening internal policies that prohibit all forms of Management Group, Senior Investigator (SIV)/Regional
discrimination and forced labor. Additionally, all employees Business Control (RBC), and the Head of the Work Unit, in
reaffirm their commitment each year by completing an accordance with the applicable process flow.
integrity pact that underscores their respect for human
rights. To support employees who are victims of human rights
• Providing training and education to employees and violations, Bank Mandiri provides professional counselors
management to raise awareness of the importance of trained in Psychological First Aid (PFA). These counselors
respecting human rights. The training materials cover assist victims in the reporting process, provide protection,
topics such as discrimination prevention, diversity and and facilitate mental well-being recovery during the
inclusion, and protection against forced labor. proceedings.
• Offering transparent, secure, and anonymous reporting
mechanisms for reporting human rights violations, which In the event of human rights-related issues, Bank Mandiri is
are handled by a dedicated team to ensure objective committed to facilitating recovery from the negative impacts
investigations and protection for whistleblowers. caused. Remediation efforts include the following steps:
• Conducting regular monitoring through internal audits • Fair and transparent investigations
to ensure that no practices violate human rights. This • Protection for Victims and Witnesses/Whistleblowers
process also includes the annual reassessment of • Legal and psychological counseling
human rights risks to evaluate potential new risks and • Corrective actions against the perpetrators
adjust mitigation strategies accordingly.
Individuals proven to have committed acts of discrimination,
All employees are required to uphold equality, avoid violence, bullying, and harassment in the workplace will face
discriminatory behavior, and preserve the dignity of every sanctions as outlined in the Collective Labor Agreement
individual in the workplace. In the event of a human rights (CLA), Human Resources Standard Operating Procedures
violation, employees are provided with access to various (SPSDM) and their amendments, as well as applicable
reporting channels designed to ensure transparency and laws and regulations. Each violation will be followed up
protection, as follows: in accordance with the Employee Discipline Regulations
(PDP), which govern the types of violations and the penalties
that may be imposed, including: [GRI 3-3]
Head of Work Unit • Actions contrary to norms, including immoral conduct,
through the Employee Grievance Handling either inside or outside the Bank, may be subject to
Mechanism termination of employment (TOE).
• Failure to respect fellow employees may be subject to a
second written warning.
• Arbitrary behavior toward other employees may be
Whistleblowing System Letter to subject to a final written warning and termination.
CEO (WBS-LTC) • Violations of work rules or procedures may be subject to
termination of employment (TOE).
HC4U Service
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Sustainable
Operations Our Customers Our Employees
Diversity, Equality, and Inclusion at Bank Mandiri
“
Bank Mandiri instills the values of diversity, equality, and inclusion as the foundation
of its corporate culture. By respecting differences in backgrounds and perspectives,
diversity becomes a driving force for innovation and creativity. Equality is realized through
equitable access for all employees to develop without discrimination, while inclusivity
ensures that everyone can contribute fully in a work environment that fosters mutual
respect.
To ensure these values are consistently applied, Bank The implementation of the RWP is periodically monitored
Mandiri conducts regular monitoring of diversity through by the Board of Commissioners as part of their supervisory
a data-driven approach to ensure gender, age, and other function, with reports submitted semiannually to the
demographic representations reflect the commitment to Minister of State-Owned Enterprises (SOEs). Through
inclusion and equality. The results of this monitoring are this integrated monitoring mechanism, Bank Mandiri
used to identify areas requiring improvement, develop more ensures the consistent application of policies across all
inclusive strategic measures, and assess the progress of organizational levels.
diversity policy implementation across the organization.
One outcome is the composition of female employees, In addition, Bank Mandiri actively promotes the values
which has reached 52.40%, with the number of women of diversity and anti-discrimination through training and
in managerial positions now reaching 45.65% in 2024. outreach programs. In 2024, 21 training sessions were held
Additionally, the representation of other groups, such to further support the implementation of the RWP, including
as employees with disabilities, continues to rise through training on anti-discrimination and harassment, gender
inclusive recruitment programs. diversity and inclusion, workplace well-being, and fostering
a respectful work environment.
Bank Mandiri has a strict zero-tolerance policy towards
any form of harrassment, whether sexual or non-sexual,
and discrimination in the workplace or in any work-related
activities. This is clearly stated in the Respectful Workplace
Policy (RWP), which is designed to protect the dignity of
all individuals, promote mutual respect, and ensure a work
environment free from discrimination, bullying, harassment,
and both physical and mental abuse. Through the RWP,
Bank Mandiri is committed to fostering a harmonious,
inclusive, conducive, and productive work environment
that promotes business sustainability and upholds human
rights, ensuring a workplace free from harassment. [GRI 3-3]
The responsibility for diversity and inclusion in the
workplace lies with the Director of Compliance and Human
Resources, as well as all Heads of Work Units, who
ensures the consistent application of this policy across the
entire organization. The policy applies to all Bank Mandiri
operations, including employees, external partners acting
on the bank’s behalf, and subsidiaries or affiliated entities. To view an overview of the RWP, please visit:
www.bankmandiri.co.id/en/esg-policies
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Training and Dissemination on Discrimination and Violence Prevention
In 2024, Bank Mandiri, through the Industrial Relations Awareness Forum
(IRAF), organized a hybrid (offline and online) dissemination of the Respectful
Workplace Policy (RWP) to all employees (100%). This session, held at the
Head Office and across all Regions and Areas of the bank, aimed to enhance
employees’ understanding of the importance of maintaining a workplace free
from discrimination and violence.
During the same session, Bank Mandiri also disseminated the 2023–2025
Collective Labor Agreement (CLA) to ensure employees understand their
rights, obligations, and the policies that foster a conducive work environment.
Additionally, discussions covered strategies for implementing anti-fraud measures
and addressing the bank’s latest operational issues to strengthen integrity and
corporate governance.
Bank Mandiri is committed to fostering a work environment free from discrimination, violence, bullying, and harassment.
In 2024, a total of 41 incidents related to RWP were reported through the WBS reporting channel, all of which have been
addressed and subjected to corrective or disciplinary actions in accordance with applicable standards and procedures, and
have been declared resolved. Through prompt and effective complaint handling, as well as the launch of the RWP Guideline,
Bank Mandiri continues to strengthen its efforts to create an inclusive workplace culture that promotes diversity and respects
human rights. [GRI 406-1]
Commitment to Freedom of Association and Collective Bargaining
Bank Mandiri is fully committed to ensuring that all the Bank Mandiri Employees’ Union (SPBM), which
employees have the right to form, join, and participate in currently represents 13,615 members. Bank Mandiri is
trade unions, in accordance with applicable laws. This committed to ensuring that the process is inclusive, free
commitment aligns with Law Number 21 of 2000 concerning from discrimination, and without intimidation for any
Trade Unions/Labor Unions, which has been implemented employees involved. Bargaining sessions are transparent
in Article 9 Paragraph (2) of the Collective Labor Agreement and include all employees within Bank Mandiri’s operations.
(CLA), stating: “Every employee has the right to become [GRI 2-30]
a member of the Employee Union by submitting a written
application, and the Bank is not allowed to prohibit any As of 2024, all of our employees (100%) are covered by the
employee from becoming or not becoming a member of Collective Labor Agreement (CLA), which governs wages,
the Employee Union.” working hours, and employee welfare. This agreement
applies to all employees, both permanent and contract, and
We also support the activities of the Bank Mandiri Employee was updated on December 5, 2023, to remain in effect until
Union by providing various necessary facilities. This support 2025. In accordance with the CLA and Indonesian Labor
includes the provision of a workspace equipped with Law No. 13 of 2003, Bank Mandiri is also committed to
adequate infrastructure, utility assistance, and operational prohibiting child labor and forced labor in all of our business
support to ensure the smooth functioning of the Employee operations. Bank Mandiri ensures that all activities,
Union in fulfilling its role. This policy is also consistent including those of our business partners, comply with these
with international principles set forth by the International regulations as part of the company’s Corporate Social
Labour Organization (ILO) Conventions No. 87 on Freedom Responsibility. [GRI 408-1, 409-1] [OJK F.19]
of Association and No. 98 on the Right to Organize and
Collective Bargaining. To maintain an equitable and inclusive work environment, an
internal grievance system is provided that allows employees
We respect the right of every employee to engage in to report violations of freedom of association or intimidation
collective bargaining, addressing important issues such anonymously and securely. All reports are taken seriously by
as wages, working conditions, and employee welfare is the Human Capital Engagement & Outsource Management
respected. This bargaining process is conducted through Group – Industrial Relations Department, which ensures that
investigations are conducted transparently and thoroughly.
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Operations Our Customers Our Employees
Formal Talent Pipeline Development Strategy
Talent development is vital for shaping future leaders. To further promote diversity, Bank Mandiri prioritizes local
At Bank Mandiri, diversity and equality underpin every community representation in senior management positions
recruitment process, focusing on candidates’ abilities, skills, at key operational sites. As of 2024, 99,4% of senior
and experiences. A diverse workforce is fostered through management comprises individuals from local communities.
inclusive policies, diversity training, and a workplace culture Senior management refers to BOD-1, while key operational
that respects differences and encourages collaboration. sites are defined as Our significant operational area, namely
Selection processes is unbiased, ensuring no consideration Indonesia. By involving local communities in leadership
of race, gender, religion, marital status, or disability. This roles, the aim is to enhance strategic perspectives,
approach complies with labor laws, including Law No. 13 of positively impact local communities, and reflect workplace
2003, as amended by Law No. 6 of 2023, and Government diversity. [GRI 202-2]
Regulation No. 35 of 2021. Furthermore, our compensation
policies go beyond legal requirements, offering severance Bank Mandiri continuously refines its talent recruitment
packages and long-service awards that exceed statutory programs to align with strategic priorities. To anticipate
mandates. [GRI 3-3] hiring needs, recruitment forecasts analyze factors such as
upcoming retirements, changes in business and operational
strategies, and expected employee turnover.
Workforce Planning (Recruitment Needs Projection) for 2024
Employee Baseline Projected New Hires for 2024
for 2023: 38,940 employees • Selective Replacement: Focused on
strengthening revenue-generating functions
within the Wholesale and Retail segments, as
well as enhancing Digital and Data Protection
Projected Employee Exits for 2024 capabilities, with an estimated total of 2,328 new
hires.
Retirement Non-Retirement • End of Year Workforce Projection (2024): The
881 employees 1,441 employees total number of employees is projected to reach
38,946, reflecting a 0.02% year-over-year (YoY)
growth.
Employee Employee
38,940
Turnover Turnover
New Employee
38,946
Retirement Non-Retirement
881 1,441 2,328
employees employees employees
+0.02%
2023 2024
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Bank Mandiri implements a talent attraction strategy through strategic collaborations with selected and targeted universities to
recruit top talent. This approach seeks individuals who not only meet technical qualifications but also align with the company’s
values and culture. It primarily targets students and recent graduates with exceptional potential, aiming to prepare them as
future leaders at Bank Mandiri.
Currently, Bank Mandiri partners with renowned universities such as University of Indonesia, Gadjah Mada University, Brawijaya
University, Padjadjaran University, Bandung Institute of Technology, Sepuluh Nopember Institute of Technology, Telkom
University, Bina Nusantara University, and others that meet specific criteria. This collaboration supports the need for high-
quality human resources aligned with the vision and mission of Bank Mandiri.
The following are the four key programs forming the core of Bank Mandiri’s talent attraction initiatives.
Talent Hunt
This program focuses on building strong relationships and mutually beneficial collaborations with selected
universities. It aims to identify and recruit high-potential candidates, particularly final-year students or recent
graduates, who are ready to enter the workforce and adapt to the company’s culture.
Future Me
Targeting first- to fourth-year active university students selected through a rigorous process, this program
includes inspirational sharing sessions and career mentoring. The primary objective is to accelerate participants’
career readiness, particularly for roles at Bank Mandiri. Additionally, it supports digital transformation, enhances
human resource quality, strengthens the company’s image, and fosters closer relationships with stakeholders.
Visit Mandiri
Engagement initiatives with selected universities and communities, such as the Ikatan Abang None Jakarta,
are designed to introduce Bank Mandiri to students through company visit programs. These initiatives aim to
raise awareness about the company and inspire students to consider Bank Mandiri as a prospective career
destination from an early stage.
My Digital Academy (IT-Specific)
An exclusive bootcamp program designed to nurture young IT talent. It offers intensive and structured training
combined with hands-on learning from experts in digital and technology fields. During the 2023–2024 period,
this program successfully attracted 542 participants.
New Talent Pool in 2024
Talent Hunt: Future Me: Visit Mandiri: My Digital Academy:
1,234 candidates 148 candidates 96 candidates 423 candidates
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Operations Our Customers Our Employees
To meet business needs and support talent development, Bank Mandiri has implemented a series of recruitment programs
aimed not only at fulfilling hiring requirements but also at fostering individual potential within the organization. These programs
include:
Officer Development Program (ODP)
A leadership recruitment initiative targeting fresh graduates from universities across
Indonesia or individuals with less than four years of work experience. By the end of 2024, a
total of 827 candidates had been recruited through this program.
Clerical Staff Recruitment
A program designed for fresh graduates or individuals with at least two years of work
experience, specifically for clerical positions. By the end of 2024, 356 candidates had been
successfully recruited through this initiative.
Special Regional Leadership Candidates (CPDK)
This program focuses on recruiting and developing talent from specific regions, providing
opportunities for local talents. CPDK employees undergo intensive training that includes
both in-class and on-the-job components to familiarize them with operational standards and
business processes. By the end of 2024, 68 candidates had been selected through this
program.
Experienced Hire
A recruitment initiative targeting experienced professionals with more than three years of
work experience, specifically for roles or segments requiring specialized expertise. In 2024,
128 candidates were placed in key positions through this program.
To streamline the recruitment and selection process, Bank Mandiri utilizes a digital platform called Talentics. Serving as an
Applicant Tracking System (ATS), Talentics allows candidates to submit job applications online while enabling the recruitment
team to efficiently monitor and screen qualified candidates for required positions. Collaboration with Talentics began in 2023
and encompasses recruitment efforts at the Head Office and regional branches.
Support for Employees with Disabilities
As part of its commitment to inclusion, Bank Mandiri
places special emphasis on employees with disabilities, Number of Employees with Disabilities by
ensuring they have equal opportunities during the Employment Status (Individuals)
recruitment process. The recruitment of employees with
Organic 15
disabilities is conducted independently by each business
unit in coordination with the Human Capital Unit and in Kriya 4
collaboration with third parties, such as the Forum Human
Outsource 72
Capital Indonesia. Available positions for employees with
disabilities include roles as contact center staff, back-office
Types of Disabilities (Individuals)
staff, and information technology staff.
Hearing Impaired 4
Number and Percentage of Employees with Physically Disabled 18
Disabilities by Gender
Visually Impaired 7
Male 74 individuals (81,32%)
Speech Impaired 1
Female 17 individuals (18,68%)
Other Difable 61
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Number of
Job Types Employees Support for Difable
(Individuals) The Mandiri Contact Center provides opportunities for
difable individuals to join the Kriya Mandiri program.
Call Center 15
Bank Mandiri ensures accessibility through difable- In 2024,
friendly infrastructure, including ramps, adapted 4 difable
Back Office 31
restrooms, and assistive technology tailored to participants
Front Office 23 their needs. Through this initiative, Bank Mandiri were part of the
reaffirms its commitment to ensuring that every Kriya Mandiri
Fields (Lapangan) 20 individual, regardless of background or physical program.
condition, has equal opportunities to learn, grow, and
IT 2 contribute meaningfully. This initiative underscores
Bank Mandiri’s dedication to fostering diversity and
inclusion in the workplace.
Diversity Composition
Bank Mandiri consistently strives to enhance the diversity composition across the organization, with a particular focus on
improving gender representation as part of its commitment to inclusion and equality. In 2024, Bank Mandiri had a total of
38,874 employees, comprising 18,505 male and 20,369 female employees. Additionally, there were 33,069 non-employee
workers, including outsourced personnel in administrative roles, housekeeping, driving, security, sales, collections, and IT
support.
All employee-related information is collected and processed through the SAP eHCMS and SPARK System by the Human
Capital Services Group and the HC Engagement & Outsource Management Group. Further details on employee diversity are
provided in the Sustainability Performance Data section on page 289. [GRI 2-7, 2-8]
Support for Female Employees
Bank Mandiri ensures equal opportunities for all employees, regardless of gender. Female employees have the same access as
their male counterparts to develop their skills and contribute professionally. In 2024, the number of female employees reached
20,369 individuals (52.40%).
Composition of Female Employees
Total female employees
52.40%
Female employees across all Female employees in management
management levels (junior, middle, positions within revenue-generating
and top management): functions:
45.65% 50%
Female employees at the junior Female employees in roles related
management level: to STEM (Science, Technology,
Engineering, and Mathematics):
46.82%
45.65%
Female employees at the top
management level:
24.52%
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Operations Our Customers Our Employees
Srikandi Mandiri
As a commitment to creating an inclusive and ideal workplace for women, Bank Mandiri consistently implements the
Srikandi Mandiri Program. This program aims to foster a respectful, inclusive work environment that supports women’s
well-being and contributions to society. To achieve this, Srikandi Mandiri is built upon four key missions:
1. Enhancing the holistic well-being of female employees at Bank Mandiri.
2. Creating a collaborative space for shared solutions.
3. Promoting the development and leadership of female employees.
4. Generating social and economic impact for women.
To realize its commitment, Srikandi Mandiri implements various initiatives under four main streams:
Connect Women in Circle Srikandi
Bank Mandiri fosters a dedicated space for female employees
to exchange aspirations, collaborate on solutions, share
inspiring stories, and discuss experiences. This initiative aims
to build a supportive community that encourages collective
growth.
Lead to The Future
Foster Well-Being Through various skill development programs, Srikandi Mandiri
empowers female employees by strengthening their digital
Srikandi Mandiri enhances the well-being of female
and leadership capabilities, equipping them to navigate future
employees through two key initiatives:
challenges.
• Physical and mental well-being, which includes
promoting a healthy lifestyle and providing
teleconsultation services for physical and mental Give Back to Society
health. As a form of social contribution, Srikandi Mandiri encourages
• Financial and social well-being, covering financial female employees to create social and economic impact
consultation programs, financial management within their communities, whether through empowerment
seminars, and the Respectful Workplace Program to programs or other social initiatives.
ensure a safe and inclusive work environment.
To reinforce its commitment to the welfare of female As part of these initiatives, Counseling Sessions are
employees, Bank Mandiri has implemented several available in collaboration with professional psychologists.
initiatives, including the Respectful Workplace Policy This program is designed to support female employees
campaign. This campaign aims to raise awareness of the in addressing emotional and mental challenges, providing
importance of fostering a respectful workplace. Through the necessary assistance to create a healthier and more
internal communication channels and social media, the productive work-life balance.
campaign messages are effectively conveyed to reach all
employees.
Competitive Compensation
Employee welfare is a top priority at Bank Mandiri. the risk of gender discrimination. Bank Mandiri ensures
Through a performance-based, equitable, and transparent that all employees are paid in accordance with applicable
compensation strategy, which includes merit-based salary laws, including the regional minimum wage (UMR) in each
increases, compensation is determined based on position operational area, as well as providing additional cost-of-
classification, length of service, and achievements, without living allowances in specific regions. [GRI 3-3, 405-2]
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The entry-level wage at Bank Mandiri is set 4.39% higher same year, approximately 26.85% of Bank Mandiri’s total
than the highest UMR in Indonesia, applicable across all workforce received promotions, which includes 10,436
operational locations with ratio between male and female employees. Bank Mandiri continuously strives to improve
employees is 1:1, indicating that there is no gender-based employee welfare through equitable and transparent
wage disparity. This competitive remuneration strategy not remuneration policies, in line with sustainability principles.
only aims to attract the best talent but also serves as a Bank Mandiri uses performance assessment system that
key strategy for improving employee retention. [GRI 3-3, 202- mitigates discrimination by evaluating not only based
1] [F.20] on assessments from the Direct Supervisor (Employee
Manager/EM), but also from the Employee Manager’s
Each year, Bank Mandiri participates in the Annual Manager (EMM), complemented by a 360-degree
Salary Survey for the Banking Industry, organized by the assessment (evaluation by peers and subordinates). The
independent agency Willis Towers Watson. This survey indicators used in performance evaluations also cover
is conducted by all banks within the Indonesia Business aspects closely related to KPIs and Mandirian DNA, where
Partner Bank Group (KBMI) IV, the Association of State- the descriptions of each indicator do not contain gender-
Owned Banks (Himbara), and the majority of private banks in based discrimination.
Indonesia. Besides serving as a reference for remuneration
policies, the survey is also used by Bank Mandiri as part of Mitigation measures have been implemented to ensure
the gender pay gap audit to ensure that wage policies are there is no wage disparity between men and women for
applied equitably and free from discrimination. positions with the same responsibilities and roles. While no
pay gap has been found, regular evaluations are conducted
The salary survey includes projections for inflation, the latest to ensure this equality is maintained. Furthermore, we
minimum wage data, and various other relevant information, continue to enhance women’s representation in managerial
which are used as benchmarks in evaluating the salary positions as part of our commitment to diversity and
structure. During this review process, Bank Mandiri ensures inclusion.
there is no discrimination based on disability, age, sexual
orientation, or gender. Bank Mandiri’s salary structure As part of the commitment to creating an inclusive work
matrix is based on market position and performance level, environment and supporting employee welfare, Bank
reflecting the results of annual performance evaluations. Mandiri provides various non-salary benefits to both
permanent and contract employees across all operational
Bank Mandiri is committed to ensuring pay equality for areas, including: [GRI 401-2]
all employees, free from gender discrimination. In the
Permanent Contract
Type of Benefits Program Name
Employees Employees
Life Insurance BPJS Employment, BPJS Health, Grief Compensation Yes Yes
Health Insurance BPJS Health, Mandiri Inhealth Yes Yes
Disability and Incapacity
BPJS Employment, BPJS Health, Mandiri Inhealth Yes Yes
Coverage
Job Loss Guarantee BPJS Employment Yes Yes
Housing Allowance Housing provided or paid by the company Yes Yes*
Maternity leave, paternity leave, annual leave, and block leave (5
Leave Yes Yes
consecutive days as part of annual leave)
BPJS Employment, Bank Mandiri Pension Fund, Bank Mandiri
Retirement Preparation Pension Insurance, retirement debriefing, health insurance for Yes Yes*
Bank Mandiri retirees
Training and Certification
Training and certification funded or provided by the company Yes Yes
Costs **
* In accordance with the agreement
** The training and certification undertaken by employees must be aimed at enhancing their competencies in alignment with their job responsibilities.
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Operations Our Customers Our Employees
To support employee well-being, particularly during childbirth, Bank Mandiri provides a maternity leave of 3 months for female
employees and a paternity leave of 5 working days for male employees. This provision is also in line with the new Maternal and
Child Welfare Law, which will be published in 2024. [GRI 3-3, 401-3]
Long-Term Incentive Program
Bank Mandiri continues to implement initiatives related to Meanwhile, the Employee Stock Ownership Program
the Employee Stock Ownership Program (ESOP) and the (ESOP) is designed to foster a sense of ownership among
Management Stock Ownership Program (MSOP), which employees while motivating them to contribute at their
have been in place since 2015. These programs are best. Shares under this program are granted to employees
designed for all employees and management who meet who meet management’s criteria, which include individual
specific criteria, utilizing a mechanism of granting shares performance, talent classification, and professional track
and a vesting period. records. Since 2015, Bank Mandiri has distributed a total
of 96,003,800 shares, with a vesting period ranging from
For the Management Stock Ownership Program (MSOP), three to five years.
shares are provided as part of a Long-Term Incentive (LTI)
aimed at Non-Independent Directors and Commissioners. Looking ahead, Bank Mandiri remains committed to
This program seeks to encourage improved performance continuing these stock ownership programs, adjusting their
in the future and to reward contributions in sustaining and scope to suit employees and management.
enhancing the company’s share value over time. The LTI
awards are calculated based on several key indicators,
such as Total Shareholder Return, Return on Equity, and
Non-Performing Loans.
Regular Performance Appraisals and Feedback Process
In 2024, 100% of our employees have completed performance reviews, goal setting, and evaluations to support performance
development and goal achievement through various evaluation mechanisms. These processes align with career growth
initiatives, ensuring employees receive valuable feedback to unlock their full potential. [GRI 404-3]
Evaluation Type Methods Frequency
Individual Performance Individual KPIs Conducted twice a year (Mid-Year Review and Year-End
Performance Review)
Team-Based Performance Division KPIs Conducted twice a year (Mid-Year Review and Year-End
Review)
Management by objectives Goal Setting Conducted twice a year (Mid-Year Review and Year-
End Review), with development dialogues available
throughout the year as needed
360-Degree Feedback System 360-Degree Survey Conducted annually
Ongoing Feedback Development dialogues Continuous throughout the year
The 2024 performance evaluation covers all
eligible employees, regardless of gender, at all
levels, and in line with established procedures.
This process is designed to assess performance
formally and support ongoing career
development. [GRI 404-3]
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Support for Employees
Bank Mandiri offers a variety of support programs to ensure the well-being of its employees, both personally and professionally.
These initiatives are designed to foster a supportive and productive work environment.
Well-being Program
Psychological Financial
Well-being Well-being
Mandirian
Workplace Physical & Healthy
Well-being Well-being
Work-life balance is key to creating productive and happy employees. By focusing on employee well-being, Bank Mandiri aims
to provide a healthy, safe, and comfortable environment for all staff. The main goal of this initiative is to enhance the Employee
Value Proposition (EVP), employee engagement, value creation, and overall performance.
The Employee Well-Being program is a comprehensive initiative that addresses important areas such as mental health, work
environment, financial well-being, and physical health.
Mental Well-Being
• Online Psychological Counseling
To help employees manage mental health and stress, Bank Mandiri offers online psychological counseling. Employees can
access this service through the Bank Mandiri’s health facilities. Appointments can be made through the 24-hour Employee
Contact Center, and online sessions with a psychologist are available threeAvailable from Monday to Friday from 08:00 AM
to 04:00 PM Western Indonesia Time (WIB) by appointment.
• Social and Community Activities
To encourage employee engagement and support mental well-being, especially in managing workplace stress, Bank
Mandiri facilitates Employee Affinity Groups and employee communities that help create an inclusive and harmonious work
environment.
Currently, Bank Mandiri supports a variety of communities, including three spiritual groups, seven arts and culture groups,
two social groups, and 24 sports communities across 12 operational regions. This initiative strengthens relationships among
employees and provides a space for personal expression, promoting a healthy work-life balance.
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Operations Our Customers Our Employees
Workplace Well-Being
Childcare Support
Bank Mandiri offers lactation rooms and
daycare services at the Plaza Mandiri
Building to support employees with
families. The daycare provides full-time
care with early childhood education
programs to foster children’s physical,
psychological, and motor development.
Employees can also use carer’s leave to
care for immediate family members.
Parental Leave
Bank Mandiri supports family well-being with its paid parental leave policy, which caters to various employee needs during
childbirth or other personal situations. For primary caregivers, Bank Mandiri provides 3 months of maternity leave under
the following conditions:
• Maternity leave can be taken as 1.5 months before the expected delivery date (based on the calculation of an obstetrician
or midwife) and 1.5 months after delivery; or
• Upon the employee’s request, with approval from their spouse and accompanied by a doctor’s certificate, maternity
leave can be taken as 1 month before delivery and 2 months after delivery.
Meanwhile, for secondary caregivers, Bank Mandiri provides paternity leave of 5 working days to allow fathers to accompany
their spouses during childbirth, exceeding the legal minimum of 2 days.
Additionally, to support employees’ emotional and physical health, Bank Mandiri grants up to 45 days of leave for employees
who experience a miscarriage. Bank Mandiri also offers 5 working days of leave for employees who support a partner
during a miscarriage, showing empathy during this difficult time.
Understanding the importance of flexibility, Bank Mandiri’s leave policy also includes various family or caregiving leave
options beyond parental leave. These include leave for weddings, bereavement, religious ceremonies, and health-related
reasons such as illness, check-ups, or menstrual leave for female employees who experience severe discomfort on the
first or second day of menstruation. Bank Mandiri also offers personal leave for events such as graduations, approved
dispensations, or emergency situations like natural disasters. To enhance convenience, employees can take up to 4 hours
of flexible arrival or departure time on the same day, with a maximum of three instances per month.
Flexible Work Arrangements
Bank Mandiri provides additional flexibility to employees by offering flexible
working hours and remote work (working from home) options to support
their well-being. Working hours are adjusted based on supervisor approval,
taking into account the job’s requirements. This arrangement ensures tasks
are completed efficiently, maintains the required total working hours, and
ensures adequate staffing without needing additional staff or overburdening
others. Employees under these arrangements continue to receive the same
salary and benefits without changes.
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Financial Well-Being
Retirement Program
To support employees’ financial security after
retirement, Bank Mandiri offers a range of In 2024, Bank Mandiri conducted a Pre-Retirement
retirement programs in line with employment Preparation Program to support post-employment
agreements. These programs are managed readiness. The program included training on Retirement
through the Employer Pension Fund (DPPK), Rights and Obligations, Healthy Living in Retirement,
including both the Defined Contribution Managing Retirement Funds and Assets, Investment
Pension Program and the Defined Benefit Products for Retirees, SME Business Planning, Maximizing
Pension Program. Additionally, Bank Mandiri Social Media, Mandiri Auctions, and Sharing Sessions with
prioritizes the health of employees approaching Retiree Communities, including Bank Mantap clients and
retirement age by providing access to Mandiri Bank Mandiri alumni retirees. Additionally, the program
Health Care Cooperative, which offers health featured SME Business Sharing Sessions to provide
services, assistance, and benefits. Membership participants with further insights and inspiration.
contributions are 2% from employees and 3%
from Bank Mandiri. [3-3, 201-3] A total of 727 participants
attended this program,
In addition, Bank Mandiri is committed to underscoring Bank Mandiri’s
supporting employee well-being through tailored commitment to preparing
transition programs designed to assist employees employees for a productive
as they approach retirement. These programs and fulfilling retirement.
include skill-enhancement training to help [GRI 404-2]
employees prepare for life after retirement. [GRI
3-3, 404-2]
Employee Welfare Credit
Bank Mandiri offers the credit facility to support the financial well-being of its employees. This program provides unsecured
loans with special interest rates to meet various employee needs.
The facility is available to all eligible employees to enhance their quality of life and covers the following purposes:
• Acquiring suitable housing according to their needs, including renovations or home construction.
• Obtaining motor vehicles as a means of transportation.
• Addressing multipurpose needs, such as household expenses, education, emergencies, and other necessities.
Physical Well-being and Healthy Lifestyle
• Regular Health Check-ups As part of its commitment to employee well-being, Bank
Every employee receives an annual health check-up, Mandiri offers equal access to healthcare services, allowing
which includes a thorough physical examination. both male and female employees to cover healthcare
• Health Clinic Facilities expenses for their spouses, as well as enabling female
Bank Mandiri operates a health clinic at its headquarters, employees to extend coverage to their husbands and
equipped with medical equipment and staffed by children.
healthcare professionals to support employee health.
• Mandiri Club Fitness Center To enhance knowledge on physical and mental health,
Employees can take advantage of the Mandiri Club financial literacy, and workplace well-being, Bank Mandiri
fitness center at the headquarters to maintain optimal regularly organizes seminars with experts. In 2024, 889
fitness and health. educational programs, including seminars, webinars, and
podcasts, were held and attended by employees both in-
person and online.
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Operations Our Customers Our Employees
Formal Grievance Reporting
Bank Mandiri has established a formal mechanism for its confirmed, appropriate sanctions are applied based on the
employees to voice their grievances concerning the bank’s applicable policies.
employee management practices and industrial relations
implementation. The bank provides multiple reporting All complaints are resolved within 30 days, either verbally
channels, ensuring that each complaint is processed in or in writing, in compliance with the Collective Labor
accordance with established procedures. If a violation is Agreement (CLA). Available reporting channels include:
Through the Head of the Unit
If the issue is
still unresolved,
If the issue remains employees
unresolved, the may request
complaint can be assistance from the
escalated in writing Employee Union
to a higher-level Representatives
supervisor with to represent or
the knowledge
1
accompany them
of the immediate
supervisor. 3 in further resolution
efforts.
Complaints may be
submitted verbally
or in writing to the
2 If the second stage
fails, the resolution
will be taken over
4
direct supervisor by the Group or
(EM). Region with the
knowledge of the
HCEOM Group.
If a resolution through the Employee Grievance Mechanism does not result in an agreement, the issue can be
addressed through the industrial dispute mechanism in accordance with Law No. 2 of 2004.
HC4U Services
Bank Mandiri offers a channel for employees to report complaints or concerns related to work, personal matters, or family
issues. This service includes multiple reporting options such as Call Centers, Email, Walk-in Centers, and Chat, ensuring
that employees can easily submit complaints with confidentiality. Reports will be followed up by the responsible Work Unit
for Engagement & Outsource Management.
Moreover, Bank Mandiri has implemented policies to provide counseling and support for victims of violations, including
human rights violations, harassment, discrimination, violence, bullying, and other forms of abuse. This includes psychological
and financial counseling provided by professional third-party consultants. Victims or reporters will also receive support from
senior employees or qualified psychologists within Bank Mandiri, who will offer moral support, protect their rights, and
assist with handling, protection, and recovery.
WhistleBlowing System
Bank Mandiri has established a Whistleblowing System that allows both employees (internal) and third parties (external) to
report potential violations. Reports can be submitted via the Whistleblowing System - Letter to CEO (WBS-LTC), which can
be accessed through the website, email, PO Box, or SMS/WhatsApp. All reports are managed by a third party to ensure
the confidentiality of the whistleblower’s identity.
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Our Operations
Employee Engagement
In efforts to foster an inclusive and productive work serve as a vital foundation for building strong engagement.
environment, Bank Mandiri regularly conducts an Employee
Engagement Survey at the end of the current year as part Employee survey also plays an important role in creating job
of its commitment to consistently evaluating employee well- satisfaction at Bank Mandiri. The indicator of this success
being across all organizational levels. Through the Employee is reflected in the voluntary turnover rate, which reached
Engagement Survey (EES), Bank Mandiri assesses various 2.63% or a total of 1,024 employees in 2024, a decrease
aspects contributing to employee well-being and work of 2% compared to the previous year, which was recorded
experience, such as engagement, job satisfaction, work at 2.68% or a total of 1,044 employees. This achievement
goals and happiness, stress levels, and employee loyalty highlights Bank Mandiri’s ongoing commitment to retaining
scores (Employee Net Promoter Score or eNPS), which employees and maintaining strong retention rates compared
gauges the likelihood of employees recommending Bank to industry standards. [GRI 401-1]
Mandiri as an employer based on their experiences.
To further enhance employee retention, Bank Mandiri
In 2024, Bank Mandiri’s employee engagement score has implemented strategic initiatives such as career
reached 89.93%, reflecting an increase from the previous development programs, competitive compensation, an
year’s score of 89.65%. This annual survey had a inclusive work environment, and support for work-life
participation rate of 80.81%. This increase reflects Bank balance.
Mandiri’s consistent efforts to improve the employee
experience by actively listening to feedback and taking The turnover data for Bank Mandiri employees in 2024 can
meaningful actions. Additionally, Bank Mandiri consistently be found in the table below:
recognizes and appreciates employee contributions, which
Voluntary Turnover Rate Category 2024 (%)
Total voluntary turnover rate 2.63
Male 1.05
Gender
Female 1.59
<30 0.82
Age 30-50 1.64
>50 0.18
Top Management 0.01
Middle Management 0.05
Position
Junior Management 0.96
Non-Management 1.62
Turnover Rate Category 2024 (%)
Total turnover rate 6.06
Male 2.82
Gender
Female 3.24
<30 1.16
Age 30-50 3.01
>50 1.89
Top Management 0.06
Middle Management 0.23
Position
Junior Management 1.90
Non-Management 3.86
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Sustainable
Operations Our Customers Our Employees
Occupational Health and Safety (OHS) [OJK F.21]
To support employee well-being, Bank Mandiri prioritizes Building Management, which oversees the implementation
health and safety in the workplace. This commitment is of OHS policies, fully supports this initiative. Through a
reflected in the creation of a healthy, safe, and conducive structured approach, safety and health standards are
environment that enhances the productivity of employees, applied effectively in every work area, including throughout
customers, and all those involved in operations. Bank the supply chain.
Mandiri is dedicated to minimizing workplace risks and
ensuring incident-free operations through continuous The Safety and Health Committee (P2K3) plays a
efforts. crucial role in ensuring the successful implementation
of OHS policies. The committee engages in active
To achieve these goals, the OHS system is implemented consultation with and participation from both workers
consistently in line with national standards and regulations, and their representatives. P2K3 consists of employee and
including: management representatives, with the committee secretary
• Law No. 1 of 1970 on Occupational Safety being an OHS expert. The committee is responsible for
• Ministry of Health Regulation No. 48 of 2016 on coordinating and monitoring OHS programs across all
Occupational Health and Safety Standards for Offices work units, gathering and managing OHS data, reporting
quarterly to the Ministry of Manpower and Transmigration,
and organizing health education and campaigns.
Preparedness and Emergency Response
To create a healthy, safe, and productive work environment, To maintain optimal readiness, Bank Mandiri routinely
Bank Mandiri prioritizes not only the implementation of an inspects essential facilities such as first aid kits, portable
Occupational Health and Safety (OHS) system but also fire extinguishers, hydrant systems, and sprinklers.
the development of strategic measures for emergency Additionally, facilities like elevators, emergency
preparedness and response. These initiatives are supported staircases, and evacuation systems undergo regular
by Business Continuity Management (BCM), designed to maintenance to ensure reliability during emergencies.
ensure business continuity, safeguard safety, and minimize
the impact of disruptions or disasters. The BCM framework 2. Incident Management
is built on two main pillars: When incidents occur, Bank Mandiri implements
1. Preparedness coordinated emergency response measures, including:
Bank Mandiri ensures operational readiness through • Crisis Management: Managing disaster response
the following measures: coordination and ensuring effective crisis
• Risk and Threat Assessment (RTA): Identifying and communication.
managing risks in work units location to strengthen • Emergency Response: Executing standardized
resilience against disruptions or disasters. procedures for evacuating or isolating employees,
• Business Impact Analysis (BIA): Evaluating the customers, guests, and third parties.
criticality of work units, services, applications, and • Business Continuity: Activating alternative locations
third-party contributions to operational continuity to maintain uninterrupted operations.
• Recovery Strategies: Developing systematic recovery • Disaster Recovery: Utilizing alternative systems to
procedures to minimize operational impacts. sustain operations during disruptions.
• Testing and Drills: Conducting regular simulations
and tests to verify the effectiveness of recovery
strategies.
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Our Operations
These procedures are supported by Standard Operating Building, Equipment, Technology, Human Resources,
Procedures (SOPs) and Technical Operating Guidelines and Third Parties, collectively referred to as BETH3.
(TOGs) aligned with applicable standards and This ensures operational preparedness across all areas,
regulations. Bank Mandiri employs a comprehensive from headquarters to branch offices nationwide.
framework that encompasses five critical aspects:
Hazard Identification, Risk Assessment, and Determining Control
(HIRADC)
Bank Mandiri takes proactive measures to ensure building managers maintain proper control and implement
workplace safety and health through comprehensive effective mitigation strategies for potential disruptions
hazard identification and risk assessment processes. The or disasters. It also includes a thorough assessment of
HIRADC framework, implemented using a Risk and Threat OHS policy implementation to ensure compliance with
Assessment (RTA) approach, is applied across various established standards. The identified risks and their
locations, including the Plaza Mandiri head office building corresponding mitigation measures are presented in the
and work units. This process is designed to ensure that table below.
Risk Types of Risk
Mitigation
Categories Risks Levels
Natural and Earthquake Medium to • Structural resilience is improved through repairs to cracked ceilings,
Human- Flood high organization of rooftop cables, and inspections of antenna poles.
Induced • Emergency response capabilities are enhanced through training,
Threats Fire Medium to
(Unintentional) high evacuation simulations, and regular updates of Emergency Response
Team (ERT) contact information.
Power Failure
• Building security procedures involve rearranging unused items, updating
(Blackout)
the Floor Warden structure, and appointing a Safety Manager.
Mass Riots
• Fire protection equipment maintenance includes inspecting and replacing
fire extinguishers, testing smoke detectors, and repairing safety devices.
• Emergency evacuation plans involve installing clear evacuation signs,
ensuring sterile escape routes, and verifying the condition of assembly
points.
• Power supply backup measures include monitoring transformer rooms,
repairing leaks, and removing unused equipment.
• Collaboration with third parties facilitates rapid fire suppression with the
Fire Department and secures local areas during riots in coordination with
the Police.
Technological Hardware Medium to • Server configurations use High Availability (HA) setups.
Disruptions Damage high • Very critical or critical servers are housed at two locations, DC Plaza Mandiri
Server hang and DRC Rempoa, with active-active or active-standby configurations.
(freeze) • Every live application is supported by a backup system.
Cyber Attacks • Physical security measures include restricted access, secure areas with
layered doors, and supervision by authorized personnel.
• Continuous monitoring includes CCTV installation, perimeter security
devices, and the use of authentication technologies such as digital
signatures.
As outlined in the table, mitigation measures have been developed to reduce existing risk levels. The primary focus of these
efforts is to manage all risks previously categorized as medium to high, aiming to bring them into the low to medium range.
To enhance the comprehensive implementation of Occupational Health and Safety (OHS), Bank Mandiri has established OHS
criteria as part of its procurement requirements. This policy ensures that vendors and business partners comply with strict
safety and health standards, fostering synergy between internal and external parties to create a safe working environment.
Furthermore, Bank Mandiri remains committed to continuously improving OHS performance by aligning its policies with the
latest regulations and best practices.
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Sustainable
Operations Our Customers Our Employees
Bank Mandiri regularly evaluates its progress in reducing or terrorism or bomb incidents. These sessions are held
preventing OHS risks by implementing strategic measures, at least once annually.
which include: 3. Organizing annual fire and disaster evacuation drills,
1. Providing emergency response guidelines to including earthquake simulations for building occupants
employees, guests, and the Building Emergency conducted to evaluate the readiness of the Emergency
Response Team through paging messages, evacuation Response and evacuation durations. These drills
posters, desktop wallpapers on employees’ PCs, involve participation from local Fire Departments and
instructional videos on internal media, safety briefings law enforcement agencies.
prior to events, and annual outreach programs with the 4. Ensuring quick response and smooth communication
local Fire Department. during emergencies by conducting Call Tree Tests.
2. Conducting emergency response training for Floor 5. Assessing the Crisis Management Team’s readiness to
Wardens, and the Emergency Response Team (ERT). respond to emergencies and recovery efforts through
The training covers topics such as fire suppression, Tabletop Testing exercises.
search and rescue (SAR), and handling threats like
Health and Employment Insurance
In addition to strategic measures in managing OHS risks, such as Plaza Mandiri, Menara Mandiri, Wisma Mandiri,
Bank Mandiri demonstrates its commitment to employee and Graha Mandiri.
welfare through a range of healthcare facilities and 6. Offering life insurance coverage for employees and their
programs, including: registered dependents in collaboration with Mandiri
Inhealth.
1. Providing healthcare coverage for employees and
their registered dependents through BPJS Health in Bank Mandiri is committed to creating an inclusive work
compliance with government regulations. environment and supporting employee well-being through
2. Offering comprehensive social security and protection equitable healthcare facilities, regardless of employment
programs for employees via BPJS Employment. status. All employees, whether permanent or contractual,
3. Delivering a wide range of healthcare services, including have equal access to these facilities. Bank Mandiri also
inpatient and outpatient care, maternity services, ensures that employees’ spouses receive equal healthcare
dental care, general health check-ups, eyewear, and coverage. Healthcare facilities are routinely promoted and
specialized health insurance for employees and their accessible through the Mandiri CLICK platform in the form
registered dependents. of booklets and electronic banners. Bank Mandiri also
4. Extending health insurance coverage to employees actively fosters health awareness through various media
who have entered retirement. channels and activities, featuring renowned experts to
5. Providing accessible health clinics at key locations, enhance employee health knowledge and engagement.
OHS Training Program in 2024
Firefighting Training • Fire Volunteer Brigade
and Certification (Balakar) Training
Level 1 at Mandiri Tower
Jayapura, Regional XII
• Fire Volunteer Brigade
(Balakar) Training at
Plaza Mandiri
Number of Participants
Engaging the Emergency
31 Employees
Response Team (ERT) at each
respective site
232 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Our Operations
Our Operations
Commitment to Reducing Emissions, Releases,
and Waste [OJK F.12]
Bank Mandiri is committed to reducing carbon emissions friendly materials, and regular monitoring of environmental
and achieving carbon neutrality in its operations by 2030, performance.
aligned with the aspiration of Net Zero Emission (NZE).
This initiative encompasses efficient energy usage, the Bank Mandiri integrates best practices in energy
implementation of renewable energy, and sustainable efficiency and resource management by implementing an
mobility strategies across all of the company’s operational environmental management system that encompasses the
office buildings to support a transition toward being more entire company’s operations. In 2024, Bank Mandiri aimed
environmentally friendly. to reduce operational carbon emissions by 25% from
baseline through energy efficiency measures, optimization
Bank Mandiri is fully dedicated to responsibly managing of renewable energy usage, and the application of best
environmental impacts, guided by the environmental policy environmental management practices. As part of our
outlined in the Sustainable Finance Operational Procedure commitment to environmental stewardship, Bank Mandiri
Standards approved by the relevant Directors. This policy actively engages with stakeholders to identify, understand,
serves as the primary framework for our operations and and respond to relevant environmental issues, ensuring
includes strategic measures to maintain environmental our approach aligns with the needs and expectations of all
balance while supporting the transition toward sustainable related parties.
operations. The policy also reflects Bank Mandiri’s
commitment to energy efficiency, water resource To achieve the carbon neutrality target by 2030 in line with
optimization, waste reduction, the use of environmentally the NZE aspiration, Bank Mandiri has developed a medium-
and long-term strategy focused on three key initiatives:
Carbon neutrality initiatives
Measurement and monitoring of
Green Business Mindset through energy efficiency and
operational carbon emissions
carbon offsetting
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Sustainable
Operations Our Customers Our Employees
Green Business Mindset
The active involvement of all Bank Mandiri employees is a the use of environmentally friendly materials and products
key factor in realizing environmentally friendly operational that support community empowerment, such as reducing
transformation and ensuring the integration of sustainability the use of single-use plastics/paper, waste management,
principles into all business processes. By fostering a green and involving Bank Mandiri’s fostered MSME partners.
business mindset, Bank Mandiri aims to shift the mindset
and behavior of all employees, from operational levels Throughout 2024, Bank Mandiri has embedded a
to management, towards more sustainable business sustainable work culture through various strategic initiatives,
practices. including:
• Mandatory E-Learning: Driving Sustainable Change,
To support an environmentally friendly work culture, Bank participated in by 29,084 Bank Mandiri employees.
Mandiri encourages employees to prioritize digitalization • Regular digital campaigns, consistently disseminating
in work processes by optimizing infrastructure such as the sustainability messages through office devices.
use of Microsoft Teams for inter-departmental document • In-person campaigns, engaging employees through
preparation and hybrid coordination. Bank Mandiri also events such as Happy Hour.
promotes organizing events across all units by prioritizing
Measurement and Monitoring of Operational Carbon
Emissions [GRI 3-3, 305-1, 305-2, 305-3, 305-4, 305-5, 305-6, 305-7] [OJK F.11, F.12]
Bank Mandiri, through its ESG Group as the unit responsible representing operational activities prior to the COVID-19
for emissions reporting, monitors operational carbon pandemic.
emissions by calculating Scope 1 and 2 greenhouse gas
(GHG) emissions in accordance with the Greenhouse Gas During the reporting period, Bank Mandiri’s total operational
Protocol (GHG Protocol) methodology and applicable emissions were recorded at 239,594 tCO2e, reflecting
national methodologies. Scope 1 includes fuel consumption a 33% or 119,159 tCO2e from 2019 and 19% or 56,119
for 4,857 operational vehicles and generators from 138 tCO2e from 2023. This reduction highlights Bank Mandiri’s
locations while Scope 2 emissions derive from electricity ongoing commitment to reducing operational carbon
consumption in 1,793 operational office buildings, including emissions in alignment with its NZE aspirations. All GHG
usage by tenants. Bank Mandiri has designated 2019 as emission calculations (Scope 1 and 2) have been verified
the baseline year for Scope 1 and Scope 2 emissions, by PT Superintending Company of Indonesia (Sucofindo).
Digital Carbon Tracking
In support of achieving its NZE commitment, Bank Mandiri became a pioneer
in Indonesia by launching a Digital Carbon Tracking platform in 2023. This
platform represents Bank Mandiri’s adoption of climate change mitigation
technology, enabling transparent monitoring of all operational carbon
emissions. It is accessible to stakeholders via the corporate website (esg.
bankmandiri.co.id).
The platform tracks carbon
footprints and emissions
reductions, covering operations
from the head office to branch
offices. Emission recording
through the Digital Carbon
Tracking platform adheres to the
Greenhouse Gas Protocol (GHG
Protocol) standards and has
adopted ISO 14064.
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Our Operations
Direct Emissions Indirect Emissions Total Operational Emissions
Scope 1 Scope 2 Scope 1 and 2 (tCO2e)
(tCO2e) (tCO2e) 2024 Target
270,392
Baseline 2019 Baseline 2019
2024
75,640 283,113
239,594
2024 Target 2024 Target
40,174 230,218 Emission Intensity (Scope 1
dan 2) (tCO2e/employee)
2024 2024
2023
46,741 192,853
3.9
Reduction from Baseline 2019 2024
33% or 119,159 tCO2e 3.2
Notes:
• The emission factors used in the emission calculations for 2019–2023 for Scope 1 refer to the emission factors issued by the Ministry of Energy and Mineral
Resources in 2020, while the emission factors for Scope 2 refer to the Electricity Sector of the Ministry of Energy and Mineral Resources in 2019. In 2024,
adjustments were made in the use of emission factors for Scope 1, considering the type of fuel used, and for Scope 2, the Operational Margin was applied based
on the reference from the Ministry of Energy and Mineral Resources. These adjustments contributed to an increase in Scope 1 emissions and a decrease in
Scope 2 emissions. The adjustments were made based on recommendations from the verification body, PT Superintending Company of Indonesia (Sucofindo).
• Scope 1 emissions are calculated to include carbon dioxide (CO₂) gas using an activity-based approach, based on fuel consumption data from 4,857 operational
vehicles and generators across 138 locations. Methane (CH₄) and nitrous oxide (N₂O) gases are not disclosed, as their contribution is less than 1%.
• Scope 2 emissions are calculated using a location-based approach based on electricity consumption data from PLN (Indonesia’s state-owned electricity
company) according to customer IDs for 1,793 operational buildings, including tenants.
• Emission intensity is calculated using the denominator of all organic employees, outsourced workers (TAD), and kriya (including adjustments to the 2023
calculations).
• The calculation of Scope 1 and 2 emissions only includes carbon dioxide (CO2) based on the operational control consolidation approach.
• In accordance with internal regulations, Bank Mandiri has not calculated Ozone Depleting Substances (ODS), biogenic emissions, Nitrogen Oxides (NOx), Sulfur
Oxides (SOx), and other pollutants in its emissions calculations, as the Bank’s operations do not significantly involve the use of these substances, making them
irrelevant to its business activities. [GRI 305-6, 305-7]
• There was a 16% increase in Scope 1 emissions from the set target due to the addition of operational vehicles.
• The 2024 Scope 2 emissions target was successfully achieved, exceeding the target by 17%.
• In the coming periods, Bank Mandiri plans to add operational buildings to support business expansion, which is expected to contribute to an increase in
Greenhouse Gas (GHG) emissions. However, Bank Mandiri remains committed to achieving its GHG emission reduction targets as reported to the Financial
Services Authority (OJK).
Carbon Neutral Initiatives
Bank Mandiri’s carbon neutral initiatives represent strategic mechanisms through the purchase of 3,027 Verified
measures to support carbon neutrality target in its operations. Carbon Units (VCUs) in the carbon market. Additionally, it
These efforts are realized through various carbon emission includes the initiation of climate change mitigation projects
reduction initiatives, including energy efficiency, the use of in collaboration with carbon professionals and academics.
environmentally friendly technologies, and carbon offset
Energy Reduction [GRI 302-1, 302-2, 302-3, 302-4, 302-5] [OJK F.6, F.7]
Bank Mandiri is committed to reducing energy consumption cars and motorcycles, as part of its operational fleet. Bank
through various initiatives designed to enhance energy Mandiri is also expanding the installation of charging stations
efficiency across all banking operations. The largest sources in various operational areas. Additionally, Bank Mandiri is
of energy consumption come from electricity usage for daily committed to increasing the use of renewable energy in its
operational needs and fuel for transportation and backup operations through the installation of solar panels.
power, such as generators. To conserve energy, Bank
Mandiri implements timers to turn off lights during breaks In 2024, electricity consumption reached 239,728,902
and holidays. [GRI 3-3] kWh, while fuel usage for transportation and generators
was recorded at 18,741,519 liters. Overall, total energy
To reduce dependence on fossil fuels, Bank Mandiri consumption showed a decrease of 8.2% compared to
continues to promote the use of electric vehicles, including 2023.
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Sustainable
Operations Our Customers Our Employees
Adoption of Climate Change Mitigation Technologies [GRI 302-1] [GRI 305-5]
As part of its commitment to achieving carbon neutrality, and electric and hybrid vehicles in operations, and the
Bank Mandiri has adopted various climate change mitigation implementation of green building concepts. Through these
technologies. These initiatives include the installation of efforts, Bank Mandiri successfully reduced GHG emissions
solar panels to increase the use of renewable energy by 33% compared to the baseline year.
404 units 8 station
electric vehicle
electric and
(EV) charging
hybrid vehicles
stations
26 units 870 units
solar panels
charging units installed across
installed 4 operational
buildings
Green Buildings
Acknowledging that every building has an impact 5. Installing solar panels in various buildings, including
on the environment, Bank Mandiri is committed to Plaza Mandiri, Menara Mandiri Medan, Menara
designing and operating green buildings that are not Mandiri Palembang, and Mandiri Indjoko Surabaya;
only environmentally friendly but also promote the well- 6. Implementing water recycling systems with reverse
being of their users. One concrete example of this osmosis technology, enabling treated wastewater to
commitment is Plaza Mandiri, which achieved a Gold- be reused for watering plants.
level green building certification from the Green Building
Council of Indonesia (GBCI) in 2024. Additionally, the During the reporting period, Bank Mandiri’s sustainability
Mandiri Digital Tower, inaugurated in September 2024, initiatives contributed to energy efficiency totaling
earned a platinum certification in the Design Recognition 49,370,154 kWh or 177,733 GJ compared to 2023.
category, while the Mandiri Indjoko Surabaya building These efforts support Bank Mandiri in reducing its
received a Gold certification for Design Recognition carbon footprint and achieving more environmentally
from GBCI. friendly operations. [GRI 302-4, 305-5]
Bank Mandiri also continues to implement other
sustainability initiatives across its operational buildings
such as:
1. Utilizing natural lighting by increasing the use of
glass panels;
2. Replacing standard lighting with LED lights in
operational buildings and 241 Smart Branch offices;
3. Upgrading air conditioning (AC) systems and
adopting inverter technology in main buildings;
4. Installing glass with low Overall Thermal Transfer
Value (OTTV) to reduce AC usage;
236 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Our Operations
Reverse Vending Machine
As part of its commitment to environmental Through the RVM program, Bank Mandiri goes beyond
sustainability, Bank Mandiri has implemented a range its role as a financial institution, positioning itself as a
of ESG programs through relevant initiatives, including catalyst for sustainability. The program exemplifies
a strategic partnership with Plasticpay to install how the synergy of technology, education, and
Reverse Vending Machines (RVM) at several Bank environmental awareness can create a positive impact.
Mandiri offices. This program demonstrates Bank With such collaborations, Bank Mandiri remains
Mandiri’s responsibility in managing plastic bottle waste committed to building a greener and more sustainable
more effectively and contributing to carbon footprint future for generations to come.
reduction, aligning with the Sustainable Development
Goals (SDGs) of the United Nations. Successfully prevented environmental
pollution by collecting
Awareness of the environmental impact of plastic
waste serves as the primary driver behind this initiative. 78,811 plastic bottles, weighing a
Indonesia is one of the largest contributors to plastic
total 1,473.7 kg
waste globally, with over 3 million tons of unmanaged
plastic annually. This situation not only threatens marine
and terrestrial ecosystems but also contributes to
This program also successfully provided
climate change through greenhouse gas emissions from
economic benefits amounting to
non-degradable waste. Recognizing these challenges,
Bank Mandiri steps forward to be part of the solution by Rp4.4 million*
integrating innovation and sustainability through RVM
*) Each plastic bottle collected earns 56 Plasticpay
technology, making it easier for employees to recycle
Points, with each point redeemable for the equivalent
plastic. of one Rupiah.
Since December 2023, Bank Mandiri has launched a
special program for its customers and employees to Emission
support this initiative, called “Livin’poin bonus for every reduction of
plastic bottle deposited in RVM machines.” The program
has shown significant results as of December 31, 2024.
7.8 ton CO2 eq
Through the use of RVMs, Bank Mandiri and Plasticpay
have engaged 826 users, including customers, and Land savings
recorded 8,435 transactions. To further support the from plastic
initiative, the program offers Livin’poin as bonuses for waste
every plastic bottle exchanged via RVMs. From these accumulation
transactions, a total of 49,150 Livin’poin have been equivalent to
distributed to 1,217 customers who participated,
resulting in the collection of 49,150 plastic bottles. 1,245.2 m2
Use of Environmentally
Friendly Materials
[OJK F.5]
As part of its sustainability commitment, Bank Mandiri has taken significant steps in incorporating environmentally friendly
materials into its products and services. One of these initiatives is the production of prepaid, debit, and credit cards
made from recycled PVC. These recycled-material cards represent Bank Mandiri’s effort to reduce the environmental
impact of its banking operations.
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Sustainable
Operations Our Customers Our Employees
Waste Management [GRI 3-3, 306-1, 306-2, 306-3, 306-4, 306-5] [OJK F.13, F.14]
Given its significant impact on the environment and public To monitor waste management, Bank Mandiri conducts
health if not addressed properly, waste management is periodic waste recording managed by the Corporate Real
a global challenge also taken on by Bank Mandiri. In its Estate Group. During the reporting period, 1961 kg of B3
operations, Bank Mandiri generates various types of waste, hazardous waste and 151,8582 kg of domestic waste was
including paper waste from administrative processes, transported by licensed third parties.
domestic waste from office activities, and electronic waste
from obsolete equipment. To address this challenge, Bank To minimize waste ending up in landfills, Bank Mandiri
Mandiri is committed to reducing waste generation and focuses on managing plastic waste, particularly PET
managing waste efficiently in compliance with applicable bottles. Bank Mandiri has partnered with third-party
environmental standards. Through a responsible approach, providers to install Reverse Vending Machines (RVMs).
Bank Mandiri ensures that every type of waste is identified, Through these machines, the public can exchange their
managed, and handled appropriately to minimize any plastic bottles and earn points via the Livin’ App. These
negative environmental impacts. points can be redeemed for various purposes, incentivizing
the public to engage actively and responsibly in plastic
To mitigate waste-related impacts, Bank Mandiri actively waste management.
identifies waste with significant risks, such as hazardous
waste (B3), and implements appropriate mitigation During the reporting period, Bank Mandiri successfully
measures. Bank Mandiri collaborates with licensed third implemented several waste management initiatives,
parties responsible for managing hazardous waste such as including:
used oil, batteries, and light bulbs. This partnership ensures • Implementation of paperless policies and digitalization
that waste is processed according to applicable regulations initiatives through Livin’ Super App, Kopra, and
and does not harm the environment. For domestic branchless banking (laku pandai).
waste, Bank Mandiri partners with licensed third-party • Diverting plastic waste from landfills through RVMs,
organizations to sort waste generated from its operational totaling 1,473.7 kg.
activities, ensuring proper handling and compliance with
environmental standards.
1. Scope: Plaza Mandiri
2. Scope: Menara Mandiri, Sentra Mandiri, Plaza Mandiri
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Our Operations
Water Management [GRI 3-3, 303-1, 303-2, 303-3, 303-4, 303-5] [OJK F.8, F.13, F.14, F.15, F.16]
Bank Mandiri manages water usage with a focus on In managing water impact, Bank Mandiri employs a
reducing consumption and increasing recycling to support sewage treatment plant (STP) to ensure that effluents
environmental sustainability. Clean water sourced from third meet environmental standards before being discharged
parties, supplied by external providers, is used minimally and into water bodies. A portion of the treated water is also
only for specific purposes to reduce environmental impact reused for watering plants, while a reverse osmosis process
and preserve water resources. Bank Mandiri also ensures further treats the water into potable water. Effluent quality is
that the water used does not come from water-stressed tested monthly by accredited laboratories, with the results
areas. This policy reflects Bank Mandiri’s commitment reported to relevant authorities to ensure compliance with
to responsible water management in compliance with environmental regulations. In 2024, Bank Mandiri recorded
applicable environmental policies. liquid waste discharge of 81,4003 m³, with 32,1344 m³
managed through reverse osmosis.
As part of its sustainability initiatives, Bank Mandiri
implements water recycling systems in several buildings, Bank Mandiri has also constructed biopore holes and
including Wisma Mandiri, Plaza Mandiri, and MM infiltration wells in green open areas to maintain groundwater
Wijayakusuma. Recycled water from these systems is balance and prevent water pollution. These efforts help
reused for various purposes such as flushing toilets and increase rainwater absorption into the soil, supporting water
maintaining plants, significantly reducing the use of clean conservation around the company’s operational areas. At
water in daily operations. To monitor consumption and Mandiri University in Wijayakusuma, Bank Mandiri built a
ensure efficient water use, Bank Mandiri records water usage 1.8-hectare artificial lake that serves as a water reservoir
on a monthly basis. In 2024, water consumption from third- and is the primary water source for buildings in the area after
party sources reached 574,3761 m³, while recycled water the stored water is processed into raw water. This ensures
usage amounted to 88,7882 m³, representing 13% of the a sustainable water supply while reducing dependence on
total water consumption. There was a decrease in the use external water sources.
of recycled water in 2024 due to the need for replacement
parts for the Reverse Osmosis system, resulting in reduced With these various initiatives, throughout 2024, there were
utilization. no incidents of effluent spills from Bank Mandiri into the
environment, nor any complaints from the public regarding
environmental issues.
Environmental Conservation Costs [OJK F.4, F.9, F.10]
In 2024, Bank Mandiri’s total environmental expenses amounted to Rp54.11 billion, consisting of Rp52.51 billion for CSR
activities focused on nature conservation and environmental preservation, Rp1.4 billion for solar panel installation as part
of energy efficiency efforts and carbon footprint reduction in company operations, and Rp198 million for the RVM program,
demonstrating a tangible commitment to plastic waste management and environmental sustainability.
Although Bank Mandiri’s operations do not directly impact conservation areas or regions with high biodiversity, Bank Mandiri
remains committed to environmental preservation. During the reporting period, Bank Mandiri planted 100,000 trees as part
of its conservation initiatives. Bank Mandiri’s credit policies integrate biodiversity aspects to ensure that every project with
potential environmental impacts adheres to strict sustainability standards, supports nature conservation, and maintains
ecosystem balance.
1. Scope: Sentra Mandiri, Menara Mandiri, Plaza Mandiri, Wisma Mandiri
2. Scope: Menara Mandiri, Plaza Mandiri, Wisma Mandiri
3. Scope: Plaza Mandiri
4. Scope: Plaza Mandiri
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 239
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Sustainability
Beyond
Banking
242 Access to Financial Services and Financial Inclusion
• Commitment to Financial Inclusion
• Points of Reach of Financial Services
• Support for Micro, Small, and Medium Enterprises (MSMEs)
• Digital Innovation for Financial Services
• Innovation in Branchless Distribution Channels
263 Non-Financial Support for Underserved Groups
• Community Empowerment through CSR Programs
• Financial Literacy Program to Support Financial Inclusion
• Policy Advocacy and Sustainability Research
240 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 241
Page 242
Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Access to Financial Services and
Financial Inclusion
The diversity of Indonesia’s society, encompassing a wide range of social, economic, and cultural backgrounds, serves as a
source of inspiration for Bank Mandiri to provide financial inclusion services. Recognizing the unique needs of each segment
of society, Bank Mandiri is committed to to contributing to efforts aimed at addressing gaps in financial access, particularly for
underserved and vulnerable communities. As part of its responsibilities, Bank Mandiri actively supports the Financial Services
Authority’s (OJK) target of achieving 90% financial inclusion by 2024.
Commitment to Financial Inclusion
Bank Mandiri places financial inclusion as one of its top 3. Persons with disabilities;
strategic priorities. This commitment is realized through 4. Workers without legal identification documents;
a variety of tailored products and services aimed at the 5. Regions with limited access to formal financial networks
financial inclusion of underserved groups, designed to due to geographical barriers, dispersed populations, or
facilitate access to financial services and reach all segments low financial literacy;
of society. Bank Mandiri has identified key target groups 6. Marginalized and/or vulnerable groups, such as women
as priorities, focusing on individuals and communities that and children;
are underserved by financial institutions (unbanked dan 7. Micro-business entrepreneurs facing difficulties in
underbanked), including: accessing capital or banking services.
1. Individuals with low income or irregular-income;
2. Individuals facing difficulties in accessing banking To address the needs of these target groups, Bank Mandiri
services; provides inclusive financial solutions, which include:
Product/
Service Targeted Group Product/Service Description Impact and Reach
Name
Micro • Individuals with low income or irregular- Productive micro credit with • Distribution of KUR: Rp63.9
Financing income low-interest rates to support trillion.
through • Individuals facing difficulties in accessing micro businesses and enhance • Distribution KUM: Rp26.9
People’s banking services financial inclusion. trillion.
Business • Regions with limited access to formal
Credit (KUR) financial networks due to geographical
and Micro barriers, dispersed populations, or low
Business financial literacy
Credit (KUM) • Marginalized and/or vulnerable groups,
such as women and children
• Micro-business entrepreneurs facing
difficulties in accessing capital or banking
services
Livin’ Micro-business entrepreneurs facing An entrepreneurship application The total number of active
Merchant difficulties in accessing capital or banking that helps MSMEs manage users reached 2.39 million, with
services their finances and business 1.47 million (61.51%) located
operations, from recording sales in non-urban areas, marking a
and checking product inventory 42.3% increase compared to
to processing sales revenue the previous year.
withdrawals.
Mandiri Agent • Regions with limited access to formal Banking services provided The total number of Mandiri
(Branchless financial networks due to geographical through Mandiri Agents, Agents reached 110,672
Banking) barriers, dispersed populations, or low supported by mobile technology agents, with 94,748 (85.76%)
financial literacy Agent Banking System, enabling operating in non-urban areas.
• Individuals facing difficulties in accessing access to financial services in Additionally, 61,300 (55.48%)
banking services remote areas. agents have adopted the Agent
Banking System.
242 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Non-Financial Support for Underserved Groups
Product/
Service Targeted Group Product/Service Description Impact and Reach
Name
PNM Mekaar Marginalized and/or vulnerable groups, Group-based financing without Disbursed financing totaling
such as women and children collateral for underprivileged Rp3 trillion.
women aiming to develop small
businesses.
Bank Mandiri continues to innovate by providing financial Livin’ Merchant supports MSME entrepreneurs in expanding
solutions that cater to underserved groups. Two flagship their reach and enhancing business competitiveness
innovations that embody this commitment are Livin’ through the digitalization of business and financial
Merchant and the Agent Banking System (ABS), developed processes. Meanwhile, the Agent Banking System (ABS)
through in-depth market analysis and direct feedback from addresses the needs of communities in remote areas with
customers. limited access to formal financial services.
Responsible Approach
In addition to offering products and services that reach Data Analytics technology to evaluate customers’ financial
a broad segment of society, Bank Mandiri emphasizes capacity accurately, ensuring that offered installments
responsibility in ensuring the financial well-being of its remain within their means.
customers. This responsible approach applies not only
to all customers but is also specifically tailored to support Internally, Bank Mandiri consistently enhances its human
financial inclusion target groups, aiming to prevent the risk resources capacity through regular training programs.
of over-indebtedness. In 2024, Bank Mandiri conducted specialized training
programs designed to equip employees with the skills to
This effort begins with a comprehensive analysis of potential prevent aggressive sales techniques and inappropriate
customers’ profiles to ensure they understand the products treatment of target groups.
and avoid loans that exceed their financial capacity. This
process includes establishing Risk Acceptance Criteria The training includes the Consumer Financial Protection
(RAC) as a pre-screening measure, covering factors such Training, attended by 52,000 participants, and the
as age limits, checks through the Financial Information Responsible Marketing and Product Offering Training,
Service System (SLIK), loan collectability status, and attended by 1,013 participants. These programs aim to
evaluation of the Debt Burden Ratio (DBR) to ensure loan equip employees with an empathy-driven approach to
installments do not exceed 35% of a prospective borrower’s service, ensuring they respect customers’ needs and rights
income. Additionally, Bank Mandiri leverages Enterprise while promoting inclusive financial services.
Oversight and Complaint Mechanism
Bank Mandiri’s commitment to financial inclusion is 1. Sales Generalist Productive (SGP): This team serves as
implemented through structured oversight and inclusive the frontline in assisting customers, providing immediate
complaint mechanisms. To support this, Bank Mandiri solutions for any complaints raised.
has appointed the Director of Network & Retail Banking to 2. Micro Units: Spread across 12 regions throughout
directly oversee and ensure the achievement of financial Indonesia, these units ensure that complaint processes
inclusion objectives. This strategic role not only sets are handled quickly and effectively, bringing services
policy directions but also ensures that the implementation closer to local communities.
of financial inclusion programs is effective and delivers 3. Mandiri Mitra Agent (MMA): Acting as an extension of
tangible impacts. the complaint handling service, MMAs play a vital role in
reaching customers in hard-to-access areas, ensuring
As part of its customer-oriented services, Bank Mandiri that financial inclusion transcends geographical
recognizes the importance of accessible channels for boundaries.
submitting complaints, especially for customers in financial
inclusion target groups. To address this, Bank Mandiri offers Through focused oversight and these inclusive complaint
three easily accessible complaint mechanisms designed to mechanisms, Bank Mandiri strengthens its commitment
reach all segments of society, including those in remote to delivering fair and equitable financial services to all
areas: Indonesians.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 243
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Points of Reach of Financial Services
Bank Mandiri continues to expand its service network through branches, ATMs, self-service facilities, and digital channels to
enhance accessibility and customer experience. The following data illustrates the availability of the company’s service points.
Points of Reach of Financial Services [OJK F.23] [OJK F.28]
Rp220 trillion 8.7 million
2,200 12,892 198,000 110,672 32 million
Retail Deposit Active Prepaid
Branch Offices Funds ATMs EDCs Mandiri Agents Debit Cards Cards
Oil Palm
Plasma Credit: 3.17 million
• 225 cooperatives Rp63.9 Rp26.9 Accounts
7.2 million Rp397.4 trillion • 90.8 thousand farmers trillion trillion Opened through
Payroll Accounts Retail Loan Value KUR KUM Mandiri Agents
• Rp11.2 trillion
Credit
Cards Rp4.2 Rp20.65
trillion trillion
Outstanding Rp89.72 trillion
Rp19.3 trillion Conventional Community Fund Transaction
Sales Volume
SME Center Loan Services Collection via Volume through
Disbursement Mandiri Agents
Rp66.1 trillion Mandiri Agents
Rp4,025 trillion
Rp20.3
Transaction Value Digital Services trillion
241 unit
Financing via
29.0 million Rp3,878 million Smart Branches Mandiri Pintar
Users of Livin’ Transaction Volume
Application
Rp783.1 billion
Financing to MSMEs via Digital
Offering
461.1 thousand
Rp627 million
Users
Transaction
Volume
503 thousand
Transaction 775.9
Volume thousand 77,149
Student Savings Mandiri Value
Rp158.5 billion
Accounts (SimPel) Chain Users
Rp219 billion Transaction
Buy Now Pay Later Value
Transactions
Pay Later
Mutual Rp1.4 117,586
Funds & trillion Active Users
Bonds Transaction
Value Rp22,703 trillion
219.7
Forex thousand Kopra Transaction Value
Transaction Transaction
Volume
Rp2.28 trillion
2.39 million
Account Receivable Users of Livin’
Financing Merchant
962 million
Top Up & 147 million
Rp1.77 trillion
Transaction Merchant Number of Transaction
Payment Frequency Distributor Financing Frequencies
244 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Non-Financial Support for Underserved Groups
Low or No-Administration Fee Savings Products [FN-CB-240a.3]
Bank Mandiri offers a range of savings products designed to expand access to financial services for all segments of society,
especially those previously underserved. Customers can open accounts through branch offices, Mandiri Agents, or digitally via
the Livin’ app and the join.bankmandiri.co.id website. These products not only facilitate transactions but also enhance financial
literacy, empower customers to manage their finances more effectively, and promote a savings culture as an essential step
toward healthy financial planning.
Tabungan Mitra Usaha Rp
Tabungan TKI TKI
(TabunganMU)
A savings account in Indonesian Rupiah for A savings account in Indonesian Rupiah for
individuals, designed to facilitate banking Indonesian Migrant Workers (TKI) or Prospective
transactions at an affordable cost. Migrant Workers (PMI) and their families, subject to
the terms and conditions set by the Bank.
Tabungan NOW Tabungan Branchless
Rp
Banking
A savings product in Indonesian Rupiah for An individual savings account in Indonesian Rupiah
individuals, offering ease and convenience, from that leverages technology and information through
account opening anytime and anywhere via the branchless banking agents (Mandiri Agents) in
Livin’ by Mandiri app or join.bankmandiri.co.id to collaboration with Bank Mandiri, enabling broader
conducting online and offline transactions using access to banking services for all communities and
various features and channels provided by Bank promoting financial inclusion.
Mandiri.
Tabunganku Rp Tabungan Simpanan Rp
Pelajar (SimPel)
Tabunganku is a savings account designed for Mandiri Tabungan Simpanan Pelajar (SimPel) is
individuals with easy and flexible requirements, jointly a type of Mandiri Savings product designed for
issued by banks across Indonesia to promote a students in Early Childhood Education (PAUD/
saving culture and enhance community welfare. TK/RA), Elementary School (SD/MI), Junior High
School (SMP/MTs), Senior High School (SMA/MA),
or equivalent, to teach children in Indonesia the
importance of saving from an early age.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 245
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Support for Micro, Small, and Medium Enterprises
(MSMEs)
Bank Mandiri’s MSME Financing As part of its financial inclusion, Bank Mandiri places special
emphasis on microfinancing, which not only supports small
business owners but also extends financial access to low-
income households and other vulnerable groups in need. In
+6.3%
addition, the bank provides financial education programs
targeted at disadvantaged and low-income individuals,
aiming to improve their financial literacy and empower them
to manage their resources effectively. Responsibility for
microfinancing commitments at Bank Mandiri falls under
the governance structure, specifically under the Director
of Network & Retail Banking, who oversees micro and
consumer financing, MSMEs, and other related areas.
134 To support the sustainability of this initiative, Bank Mandiri
has established a quantitative microfinance target as part
of the Board of Directors’ Key Performance Indicators
126 (KPIs), specifically the disbursement of Micro Business
Loans (KUM) totaling Rp20.6 trillion in 2024. This target has
a specific annual timeframe, as it is part of the Board of
Directors’ annual assessment, which is reported through
the General Meeting of Shareholders (GMS). Additionally,
the Board of Directors regularly reports the progress of
2023 2024 target achievement through quarterly analyst meetings,
(In trillion Rupiah) (In trillion Rupiah))
which are transparently disclosed to the public. In 2024,
Bank Mandiri successfully exceeded this target, achieving
a total KUR disbursements of Rp26.9 trillion, demonstrating
Bank Mandiri supporting the micro, small, and medium a strong commitment to the sustainable development of
enterprises (MSMEs) sector, which plays a strategic role microfinance.
in strengthening the national economy, creating jobs, and
fostering local community development. In 2024, Bank Through its extent of involvement in microfinance, Bank
Mandiri has allocated 10.20% of its total loan portfolio to Mandiri is committed to building a sustainable financial
the MSME sector, covering the micro and SME segments. inclusion ecosystem. This is achieved by providing direct
From a nominal perspective, total MSME financing in 2024 microfinancing and fostering partnerships with other
grew by 6.3% compared to 2023. financial institutions. ensuring that its initiatives align with the
broader goals of economic empowerment and inclusion.
In terms of credit quality, Bank Mandiri successfully Bank Mandiri also collaborates with communities, NGOs,
maintained the Non-Performing Loan (NPL) ratio for the and governmental authorities to enhance the reach and
SME segment at 0.92% in 2024, while the NPL ratio for the impact of its initiatives, ensuring alignment with broader
micro segment stood at 1.41%. goals of economic empowerment and inclusion.
246 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Non-Financial Support for Underserved Groups
Direct Involvement in Microfinance
Bank Mandiri’s direct microfinancing efforts are focused on the disbursement of People’s Business Credit (KUR) and Micro
Business Credit (KUM) programs.
People’s Business Credit (KUR) Micro Business Credit (KUM)
KUR is a financing program for working capital and/ KUM is a credit facility designed for micro-entrepreneurs
or investment provided to micro, small, and medium who require financing for productive business activities,
Enterprises (MSMEs) that are productive and feasible whether for investment or working capital. KUM offers
but have not yet met traditional banking requirements competitive interest rates, fixed installments, and a
(non-bankable). This program aims to enhance financing fast and easy application process. The distribution
access for MSMEs, strengthen capital, and drive of KUM supports MSMEs in increasing production
economic growth and job creation. As a wholesale bank, capacity, expanding market reach, and enhancing
Bank Mandiri implements an ecosystem-based KUR competitiveness, ultimately contributing to the local
distribution strategy by collaborating with wholesale economy. In 2024, Bank Mandiri disbursed KUM totaling
debtor companies to recommend their managed Rp26.9 trillion to 351,066 debtors.
partners as KUR recipients. From 2008 to 2024, Bank
Mandiri distributed KUR to 3.02 million debtors with a
total value of Rp63.9 trillion.
Microfinancing Performance
Rp 63% of Bank Mandiri’s social portfolio is Total Micro Portfolio by Gender
allocated to the micro segment (KUR & KUM).
Microfinance Disbursement
KUM
44.77% Number of
Debtors 55.23%
KUR
Rp26.9 Rp40,842 billion Portfolio Rp49,970 billion
trillion 555,814 debtors 685,145 debtors
Rp20.5 Total Amount
Rp15.4 trillion
Current
trillion 94.50% Collectibility 95.65%
Non-Performing
1.64% Loans (NPL) 1.22%
Rp62.1 Rp62.3 Rp63.9 Bank Mandiri supports women’s empowerment, with
trillion trillion trillion women currently representing the largest segment in the
micro debtor portfolio. In addition to their dominance
in numbers, the higher credit quality of female debtors
reflects their significant role in driving microeconomic
growth.
2022 2023 2024
KUR Disbursement by Sector
Microfinance Disbursement by Geography
Non-urban Debtors:
981,685 (79.0%)
debtors with a total of
Rp118.27 trillion Rp11.07trillion Rp14.91trillion Rp616 million
Urban Debtors:
260,784 (21.0%) Agriculture Trade Sector Fisheries
debtors with a total of Sector Sector
Rp23.60 trillion
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 247
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Microfinancing Ecosystem
To support its commitment to expanding financial access for the community, Bank Mandiri has developed an integrated
microfinancing ecosystem. Through strategic collaborations with communities and other entities, this ecosystem is designed
to holistically connect microfinance services.
Trade Ecosystem
Bank Mandiri established strategic partnerships by deploying Points of Service (PoS) in 29 Distribution Centers (DC)
since October 2023. This collaboration aims to extend financing to retailers and merchants who were previously
underserved by formal financial services. Additionally, it leverages the Digital Micro Business Credit (KUM) facility to
address accessibility challenges, particularly in hard-to-reach areas.
Dedicated
Sales
PoS Type B
(Located within the DC)
Non-branch physical unit for small
transactions, basic services, and
support from a mobile team.
Retailers
Distribution Center
PoS Type C Mandiri Agents
(Located ≤15 km from the
DC)
Third-party partnerships with digital
channels for transactions, onboarding,
and community acquisition.
Total Disbursement through KUM Purchase
Total Disbursement through KUR and KUM
Financing (Digital KUM)
Number of Debtors:
219,004 Number of Debtors:
966
members members
Total Disbursement:
Rp24.7 Utilization Limit:
Rp157.8
trillion billion
248 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Non-Financial Support for Underserved Groups
Trade Ecosystem Distribution
Region Number of POS Distribution Center (DC)
Region 1 3 Batam, Pekanbaru, Medan
Region 2 3 Jambi, Lampung, Palembang
Region 3 3 Cikokol, Tangerang, Kemayoran
Region 4 2 Bekasi, Cipinang
Region 5 2 Bogor, Depok
Region 6 3 Sukabumi, Bandung, Karawang
Region 7 4 Semarang, Solo, Yogyakarta, Purwokerto
Region 8 2 Malang, Surabaya
Region 9 3 Samarinda, Pontianak, Banjarmasin
Region 10 4 Makassar, Manado, Kendari, Ambon
Bank Mandiri also provides microfinancing through the rely on seasonal harvests. This condition necessitates
farmer ecosystem as a solution to reach farmers in rural access to financing that supports the sustainability of their
areas with challenging geographical access. Farmers often businesses while reducing financial vulnerability.
face economic difficulties due to irregular income, as they
Sugarcane Farmer Ecosystem
Collaboration between Bank Mandiri and offtaker aims to support the sugarcane farmer microfinancing ecosystem,
starting from providing recommendations for farmers to facilitating loan repayments.
3. Bank Mandiri collaborates 7a. Offtaker pays the
with agents/farm stores farmers’ obligations 7
from the harvest
3 proceeds to Bank
Mandiri
Agent/Farmer Store
5b. Order, payment,
7
and supply of 7b. Offtaker pays
agricultural sugarcane dues
production 5 to collectors/
facilities (saprotan) cooperatives after
deducting obligations
5a. Bank Mandiri 6. Collectors/
disburses loans to 1b. Membership
cooperatives sell
farmers based on registration
the harvested
recommendations produce
5 1
Collectors/
Farmers Cooperatives Offtaker
1a. Collectors/
Cooperatives partner
2b. Cooperation agreement with offtakers
2 1
2a. Bank Mandiri collaborates with offtakers to finance farmers who are partners of the offtaker
2
4. Offtaker recommends farmers and their associated collectors/cooperatives to Bank Mandiri
4
Number of Active Farmers: Total Disbursement:
211 farmers Rp12.8 billion
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 249
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Rice Farmer Ecosystem
The financing distribution scheme for rice farmers is implemented through a partnership with offtaker.
1 2 3
Farmers deliver GKP (dry unhusked Farmer groups sell GKP to the The offtaker company deducts
rice) harvests to the farmer groups/ offtaker company at an agreed the farmers’ credit obligations
Farmer Group Associations price based on the cooperation and transfers the amount to
agreement (PKS) Bank Mandiri
Underlying PKS Underlying PKS
Farmer Groups/Farmer
Farmers Group Associations Offtaker
5 4
The farmer groups transfer the Farmers receive the remaining sales
remaining proceeds after deducting proceeds of their harvests after
credit obligations to the farmers credit obligations are deducted
Active Farmers: Total Disbursement:
10,312 farmers Rp781.7 billion
Corn Farmer Ecosystem
The KUR (People’s Business Credit) distribution scheme for corn farmers in Sumbawa involves collaboration between
the Bank, offtakers, traders, and farming input agents. Payments are made gradually through an escrow mechanism
until the farmers’ KUR is fully repaid.
PKS with traders
2
PKS with
Saprotan Agent
3
Saprotan Agent 5b. Mentoring and monitoring
through Sahabat Tani
5
5a. Saprotan 5
Transactions 5
Selling the Selling the
KUR harvest harvest
4 6 6
Farmer Trader Offtaker
Deduction to the harvest Purchase of harvest
8 7
PKS with offtaker
1
Active Farmers: Total Distribution:
2,574 Farmers Rp133.8 billion
250 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Non-Financial Support for Underserved Groups
Existing Financing Scheme Ecosystem for Palm Oil Farmers
Bank Mandiri’s financing scheme for palm oil farmers involves collaboration between farmers, farmer groups collectors,
and palm oil mills, using an integrated payment mechanism to fulfill farmers’ credit obligations.
Farmers deliver fresh fruit Farmer groups transfers the deducted credit
bunches (TBS) to the farmer obligations to Bank Mandiri.
groups
6
2 Underlying PKS
5
Farmer groups deducts credit
obligations from the sales 1
proceeds and distributes the
Farmer remaining payment to farmers
Farmer Groups
4 4 4b. Palm oil mills make
payments for the purchase
4a. Palm oil mills make
of TBS to farmers via farmer
payments for the purchase
groups
of TBS to farmers via farmer
groups
Farmer groups Palm oil mills
sells the TBS to purchase the TBS
collectors. from farmer groups
3
Collectors Palm Oil Mill
Active Farmers: Total Distribution:
59,115 farmers Rp7.8 trillion
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Financing Ecosystem for Palm Oil Farmers - Replanting Scheme
Bank Mandiri’s replanting financing scheme supports palm oil farmers through partnerships with cooperatives and
offtaker company to renew plantations and ensure sustainable credit fulfillment.
5
5a. Loan Disbursement
5
5b. Fund Transfer
3. Plantation
1. Farmers register 2. Cooperative submits development
as members of the a partnership model
cooperative. proposal to offtaker
1 2
4
4. Handover Certificate
Farmers Cooperative (BAST) for plantations Offtaker
developed under the
partnership model
7. Entering TM-1 for
8 FFB Sales
8c. Margin Payment 7
8
8a. Payment for FFB Sales
8
8b. Installment Payment
Number of Active Farmers: Total Disbursement:
103 farmers Rp9.18 billion
Microfinancing through Institutional Partnerships
In addition to providing direct financing, Bank Mandiri strengthens its microfinancing solutions through partnerships with other
institutions. This approach is designed to create an ecosystem that directly connects lenders with borrowers, bypassing
traditional intermediaries such as banks.
Partnership with Financial Technology (Fintech)
Bank Mandiri established strategic partnerships with One example of this collaboration is the partnership with the
Fintech Peer-to-Peer (P2P) Lending platforms to expand Batumbu platform, which focuses on providing financing
microfinancing access through indirect schemes (loan for MSMEs in Indonesia. Through Batumbu, MSMEs gain
channeling) and referral models, which are integrated into easier access to financing, supporting business growth
the business ecosystem of fintech partners. and expanding the digital ecosystem for small and medium
enterprises.
252 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Non-Financial Support for Underserved Groups
Partnership for Women’s Empowerment
Bank Mandiri continues to strengthen its commitment to encourages group members to support one another in
supporting women’s economic empowerment through loan repayment, fostering strong community solidarity while
a strategic partnership with PT Permodalan Nasional enhancing discipline and a sense of collective responsibility
Madani (PNM). This collaboration supports PNM’s flagship among participants. As of 2024, Bank Mandiri has disbursed
program, Membina Ekonomi Keluarga Sejahtera (Mekaar), financing amounting to Rp3 trillion to PNM Mekaar.
which is designed to empower underprivileged women
engaged in ultra-micro businesses.
Through a group responsibility approach, the program
Digital Innovation for Financial Services
Digital Banking Roadmap
Throughout 2024, Bank Mandiri has been implementing experience, improving both User Interface (UI) and User
a digital banking roadmap that continues to be refined to Experience (UX) while addressing diverse customer
meet customer needs. This roadmap consists of five key needs. This includes continuous development of Livin’,
components: Kopra, and Smart Branch.
1. Levelling Up Digital Readiness, as the foundation 4. Digital Ecosystem Expansion, Bank Mandiri is
for digital transformation, Bank Mandiri focuses strengthening collaborations with third parties and
on strengthening the reliability of its fundamental strategic partners to enhance its digital ecosystem,
IT systems, including core banking improvements, expanding access for customers to seamlessly use
business process re-engineering, high-performance Bank Mandiri’s products and services across various
infrastructure development, and more. channels.
2. Developing Digital Native Products, Bank Mandiri 5. Data-Driven Decision-Making Process, Bank Mandiri
develops digital-native banking services through is optimizing data utilization to drive business growth.
various innovations, with customers at the center. The This includes leveraging artificial intelligence, visual
development of digital-native products ensures that analytics, robust data management governance, and
the Bank can deliver fully end-to-end digital banking data analytics. These efforts aim to support more
services. accurate and sustainable business decision-making
3. Modernizing Distribution Channels, Bank Mandiri is while generating long-term revenue sources.
modernizing its digital channels to enhance customer
Innovation in Mobile/Online Distribution Channels Targeting
Underserved Demographics
Bank Mandiri introduces Livin’ Merchant, an innovative cashier application designed to support MSMEs in managing
their business operations efficiently. This app enables sales tracking, product stock checks, and sales proceeds
disbursement, all within a single, user-friendly platform. With intuitive and integrated features, Livin’ Merchant offers a
comprehensive solution for MSMEs, even in remote areas.
The Livin’ Merchant network is widely distributed across Indonesia, covering diverse areas, ensuring inclusive
and equitable access to services for communities with limited geographical access, as well as those previously
underserved by financial and banking services. This innovation reflects Bank Mandiri’s commitment to leveraging
mobile/online distribution channels to reach underserved demographic segments, while promoting financial inclusion
and empowering MSMEs across the country.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 253
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Approximately 1.47 million Livin’ Merchant users are located in non- Transaction Value
urban areas. such as Rengel, Petarukan, Duri, Pamanukan, Tartutung,
Ujung Batu, Pangkalan Balai, Muara Tembesi, Pulau Punjung, Karo, 2.2 X
Muara Tewah, Pangkalan Bun, Rengat, and various other areas.
1.8 X
This represents a 42.3% increase compared to the
previous year. 1.2 X
X
169 thousand
157 thousand Q1 2024 Q2 2024 Q3 2024 Q4 2024
132 thousand 192 thousand
144 thousand
Transaction Volume
187 thousand 2.8 X
2.0 X
1.3 X
156 thousand X
40 thousand
181 thousand 109 thousand
Q1 2024 Q2 2024 Q3 2024 Q4 2024
Livin’ Merchant is equipped with various outstanding features to support MSMEs’ needs while making it easier for micro-
business owners to transition into the digital era.
Livin’ Merchant Features
Home Page Product Catalog Cashier Transactions Orders
Primary Benefits Offered to MSME Enhanced Benefits for MSME Merchants
Merchants
15-minute Onboarding
Three daily settlements
0% merchant discount rate
(MDR)
Sector-specific Card Payment Distributor Ordering
Modern and comprehensive solutions Acceptance and Merchant
Food & Beverages Financing
point-of-sales system and Kiosk
254 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Non-Financial Support for Underserved Groups
Livin’ by Mandiri is a digital banking application that expands financial access, reaching a wide
audience, including previously underserved segments. By leveraging digital technology, this app
overcomes geographical barriers and limitations in banking infrastructure. Features such as QR
transfers, e-money top-ups, integration with e-wallets, savings plans, and fixed deposits allow
users to manage their finances easily, directly from their mobile phones without needing to visit a
branch.
With an inclusive and user-friendly approach, Livin’ by Mandiri offers a modern banking experience
that prioritizes convenience and accessibility. This innovation reflects Bank Mandiri’s commitment
to achieving broader and more equitable financial inclusion.
Livin’ by Mandiri Flagship Features
Just Take a Selfie, Savings Ease of opening savings accounts without visiting a branch, everything can be
is Done done within minutes directly through the Livin’ by Mandiri app.
One account for all Check all Bank Mandiri products, including savings, loans, credit cards, and
(savings, loans, credit favorite e-wallets, right from the Livin’ by Mandiri dashboard.
cards, & favorite e-wallets)
Quick Pick Favorite Deals Users can customize the features they access most frequently to appear on the
main screen.
Check Balance & Top Up This feature allows customers to manage and link all their e-wallet accounts.
Automatic E-Wallet Users can also set up automatic top-ups by frequency and amount as needed.
Cardless Cash Withdrawal Livin’ by Mandiri provides the convenience of cardless cash withdrawals and
and Deposit deposits, ideal for customers without debit cards.
Goal Saving & Time Plan and set the amount for Mandiri Tabungan Rencana and Mandiri Deposito to
Deposits better prepare for the future.
Smart Reminder, Late fees can be avoided with smart reminders. Additionally, Livin’ by Mandiri
E-Statement & E-Billing users can review transaction histories up to 15 months. For Mandiri Credit Cards,
monthly transaction statements are also available in Livin’ by Mandiri.
Open Ecosystem Livin’ by Mandiri is developed with an open ecosystem concept. Bank Mandiri
offers digital services frequently used by customers in their daily lives.
Open an Overseas Indonesian citizens abroad can enjoy the convenience of using Livin’ by Mandiri
Account with local numbers, including opening rupiah accounts. Livin’ by Mandiri is
currently
available in 121 countries worldwide.
Branch reservation Branch reservation services without the wait.
Personal Loan Selected customers can apply for and top up personal loans directly from the
app.
Credit card Ease of opening savings accounts without visiting a branch—everything can be
done within minutes directly through the Livin’ by Mandiri app.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 255
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Active Users (Thousand) Digital Loans via Livin’
(Rp Billion)
+12.85%
+11.8%
14,874 14.8
13,180 13.2
9,658
2022 2023 2024 2023 2024
Transaction Value (Rp Trillion) Transaction Volume (Million)
+23.4%
+37.8%
4,025 3,878
3,261
2,815
2,435
1,939
2022 2023 2024 2022 2023 2024
Average Daily New Account Openings via Total Livin’ Fee Based Income (Rp Billion)
Livin’ (in ‘000 accounts per business day)
+20.70%
+3.2%
17.2 2,624
16.7
2,174
1,736
2022 2023 2024
2023 2024
256 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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Non-Financial Support for Underserved Groups
Quick Response Transaction Volume (Millions)
Code Indonesian 2024: 627
Standard (QRIS) 2023: 210
Pay/Receive
Transfer 198%
QR Multiple SoF: (Saving Account, CC, Paylater)
Expanding Bank Mandiri’s Top Up and Payment Volume
ecosystem through collaboration (Millions)
with top digital players. 2024: 962
2023: 760
26.58%
Facilitating Customers in Disbursement of Credit Card
Installment Conversion via Livin’
Converting Installments and (Rp trillion)
Applying for Power Cash via Livin’
2024: 7.9
2023: 6.4
Power Cash Value
2024: Rp7.9 trillion 69% 24%
2023: Rp6.4 trillion credit card installment conversion
through Livin’
Livin’ Paylater Paylater Disbursement
(Rp billion)
Livin’ Paylater, offered by Bank Mandiri, is a
convenient loan facility designed to facilitate Q1 2024: 76
payments for QR transactions at all merchants. With Q2 2024: 105
the concept of “buy now and pay later,” customers
have the flexibility to settle their payments within 1, Q3 2024: 147
3, 6, 9, or 12 months. The application for Mandiri
Paylater can be conveniently completed online Q4 2024: 219
through the Livin’ by Mandiri platform.
Q3 to Q4: 49%
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 257
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Mandiri Value Chain
A digital platform supporting the business financing ecosystem by connecting suppliers,
distributors, and principals to improve financial service access.
In the SME segment, Bank Mandiri provides financing to the value chain of wholesale
customers, allowing easy application based on Risk Acceptance Criteria (RAC). Payments
are processed digitally through Mandiri Financial Supply Chain for trade receivables and
payables. In 2024, Bank Mandiri is set to disburse Rp2.28 trillion for Account Receivable
Financing and Rp1.77 trillion for Distributor Financing.
In the micro segment, Bank Mandiri offers the Mandiri Value Chain platform for Liquefied
Petroleum Gas (LPG) 3 kg gas orders to streamline the LPG supply chain and purchasing
administration. By 2024, 74,498 LPG distributors from 2,651 LPG agents will be using
this platform. Additionally, it includes the KUM Talangan Micro Credit Facility with an easy
application process. KUM Talangan has disbursed 448 LPG distributors with a total loan
value of Rp36.54 billion.
Account Account
Payable Receivable
VENDOR/ BUYER/
SUPPLIER PRINCIPAL DISTRIBUTOR
Supplier Distributor
Financing Financing
BANK
Flow of Goods
Mandiri Supply Chain
Management Flow of Money
Indonesia’s Digital MSME Market (PaDi UMKM)
Through PaDi UMKM, a digital trading platform
integrated with state-owned enterprises (SOEs),
Bank Mandiri introduces invoice financing to
support MSME vendors working with SOES.
Vendors can easily access this facility through
the PaDi UMKM app or website, which is directly
linked to Bank Mandiri’s landing page.
The financing is offered for short-term periods of
up to three months, with limits reaching Rp200
million. By 2024, the total loan disbursed through
PaDi UMKM had reached Rp3.7 billion to 64
debtors.
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Non-Financial Support for Underserved Groups
Mandiri Pintar
Mandiri Pintar is a strategic initiative by Bank Mandiri to offer
digital solutions that expand financing access for MSMEs
across Indonesia. By simplifying the application process for
productive micro-credit through the platform, Mandiri Pintar
specifically targets segments of society that previously faced
challenges accessing conventional financial services.
Through technology integrated with Directorate General of
Population and Civil Registration (Dukcapil) and Program
Credit Information System (SIKP), this platform allows micro-
marketing agents to process credit applications in just 15 minutes, directly via mobile without the need to visit a branch.
This approach not only speeds up the process but also reduces the geographic barriers that often hinder MSMEs in
remote areas.
In 2024, the success of disbursing credit amounting to Rp20.3 trillion to 235,937 debtors highlights Mandiri Pintar’s role
in supporting MSME business growth. Monitoring the activities of marketing agents through Sahabat Pintar provides
in-depth data to devise better financing strategies and credit risk management.
Digital Offering for MSMEs
1A 2A
3 4 5
Top-Down Leads Offering Top Down
1B 2B
Landing Page Underwriting Disburse
Bottom Up Offering Bottom Up
Bank Mandiri introduces a special offering for selected Applications, along with the submitted data and
MSME customers to expand access to financial services documents, are automatically entered into the Leads
while promoting and familiarizing the community with Monitoring system for distribution to Relationship
the digital ecosystem. The bank will deliver a digital Managers (RMs). RMs will contact customers within
offer containing a Landing Page link to selected MSME three working days, conduct credit analysis based on
customers via WhatsApp Business, Livin’, and Kopra. visits, and proceed with the underwriting process using
Customers can access the link to apply for financing, the LOS IPS or New LOS SME system. Throughout
select products, set facility limits and tenures, and 2024, Bank Mandiri successfully disbursed financing
complete the required data. amounting to Rp783.1 billion to MSMEs through this
digital offering initiative.
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New Simple (Portfolio Monitoring System & Lead Action)
Bank Mandiri has a new underwriting system to streamline the MSME credit process, featuring the following
capabilities:
1 Leads & Pipeline Monitoring and following up on loan applications processed by Relationship
Monitoring Managers (RMs) monthly, through both digital and conventional means.
2 Portfolio A dashboard used to monitor credit portfolios at the regional or area level,
Monitoring ensuring the maintenance of high credit quality.
3 Obligo Monitoring the utilization of credit facilities for debtors with transactional facilities,
Monitoring as well as overseeing the execution of bank-funded projects.
4 Early Warning A feature that automatically provides alerts if there are signs of deteriorating
System (EWS) debtor conditions, along with recommendations for actions to prevent a decline
in credit quality.
5 Restructuring A dashboard that contains data on restructured debtors and facilitates follow-up
Monitoring monitoring by RMs.
6 Special Rate A feature for applying for special interest rates digitally, ensuring a paperless
Automation process.
7 Loan Installments Monitoring monthly debtor installment obligations to ensure timely
Monitoring payments. New
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Non-Financial Support for Underserved Groups
Innovation in Branchless Distribution Channels
Mandiri Agents
Bank Mandiri extends its reach through Mandiri Agent to address the needs of underserved communities, particularly
in areas with limited access to formal financial services. Mandiri Agent acts as an extension of Bank Mandiri, offering
the opportunity for people to access services such as account opening, money transfers, and bill payments without
needing to visit a branch to support broader financial inclusion, Mandiri Agent not only provides basic banking services
but also actively participates in executing various government programs and other initiatives that offer direct benefits
to the community.
Function Types of Services
To implement the government program through
OJK called
Banking Payments (mobile top-ups,
to expand access to financial services and (withdrawal, e-wallet top-ups, electricity
provide financial education to the public. cash deposit, tokens, BPJS, installment
transfer) payments, and more)
Referral Mandiri Products Government Programs
Distribution of Government Assistance:
Account Referral for Subsidiary
Opening Productive Services Program Keluarga Harapan Program Bantuan Program Kartu
Micro Credit (Family Hope Program) Sembako (Staple Food
Assistance Program)
Tani (Farmers’
Card Program)
(KUM/KUR)
Mandiri Agent also provides direct benefits to agents through commission payments for each transaction conducted,
thus becoming an additional source of income. Mandiri Agent not only strengthens financial inclusion but also empowers
the local economy by supporting the agriculture, telecommunications, and MSME sectors. This initiative acts as a
bridge connecting the community with financial services, creating a positive and sustainable impact across Indonesia.
Mandiri Agent Achievements
110,672 89,409 (82.16%)
are MSMEs
Mandiri Agents
88.01 million Rp20.65 trillion 3.17 million
transaction frequency volume of Mandiri Agent number of Bank Mandiri accounts
customer funds successfully opened through Mandiri Agen
Rp89.72 trillion 65.76 thousand Rp6.98 trillion
transaction frequency productive micro credit referral productive micro credit referral accounts
accounts
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Mandiri Agent Demographics Mandiri Agent Ecosystem Distribution
94,748 (85.76%) 13.49% 6.94%
Mandiri Agents are located Telecommunications Others
in non-urban areas
1.88%
Plantations
75.36%
Consumer
1.55%
15,733 Goods
Oil and
(14.24%) Gas
Mandiri Agents
are located in 0.79%
urban areas Healthcare
Digitalization of Mandiri Agent through the Mandiri Agent application (Agent Banking System/ABS) is a strategic step in
driving innovation in mobile and online-based distribution channels. This application allows Mandiri Agent to enhance
efficiency in serving the public while expanding the reach of financial inclusion. As of 2024, there are 61,300 ABS users,
representing 55.48% of the total Mandiri Agents. Compared to the previous system, which relied solely on EDC Mini
ATMs, this application offers more advanced and comprehensive features, such as:
Key Features
Deposit/Withdraw/Transfer to Mandiri & Other Banks
Bill Payments & Installments
Credit Referrals & Account Opening
Agent Transaction Advances
EDC Mini Real-time Commission Recording Aplikasi Agent Banking
ATM System (ABS)
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Non-Financial Support for Underserved Groups
Non-financial Support for Underserved
Groups
We understand that supporting underserved groups requires a broader approach than only access to financial services.
Therefore, Bank Mandiri introduces various non-financial initiatives focused on improving the capacity of individuals and
communities. These efforts include skills training, educational support, and strengthening community-based small businesses.
With this approach, we aim to create opportunities that enable them to achieve economic and social independence, while
building stronger and more inclusive communities.
Community Empowerment through the CSR Program
[F.25]
Bank Mandiri recognizes the important role in supporting responsible economic growth and community empowerment through
its corporate social responsibility and environmental responsibility (CSR) programs. Referring to ISO 26000, which focuses on
running businesses in an ethical and transparent way, and providing a positive contribution to society and the environment,
Mandiri’s CSR program is managed by the Corporate Social Responsibility Department under the Corporate Secretary Group.
The person in charge of this TJSL program is the SEVP Corporate Relations, who operates under the supervision of the
President Director.
ISO 26000 Standard Principles
Human Rights Consumer Issues
Labour Practices The Environment
Organizational
Fair Business Practices Governance Community Involvement &
Development
Before its implementation, Bank Mandiri conducted an evaluation to understand the potential and specific needs of the
community, and adopted the concept of creating shared value (CSV) to deliver various benefits to stakeholders, in accordance
with Ministry of SOE Regulation No. PER-1/MBU/03/2023.
Objectives
1. To build a harmonious relationship between the Bank and the community.
2. To support the growth of micro, small, and medium enterprises (MSMEs), making them resilient, sustainable, and
competitive through professional management.
3. To promote MSME development while considering aspects of equality, independence, professionalism, and ethics.
4. To preserve the quality of life and improve the living standards of society, including in the fields of education, health, and
welfare.
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Implementation Basis
1. Law No. 7 of 1992 on Banking, as amended by Government Regulation in Lieu of Law No. 2 of 2022 on Job Creation.
2. Law No. 19 of 2003 on State-Owned Enterprises, as last amended by Government Regulation in Lieu of Law No. 2 of
2022 on Job Creation.
3. Law No. 40 of 2007 on Limited Liability Companies, as last amended by Government Regulation in Lieu of Law No. 2 of
2022 on Job Creation.
4. Government Regulation No. 47 of 2012 on Corporate Social and Environmental Responsibility.
5. Regulation of the Minister of State-Owned Enterprises of the Republic of Indonesia No. PER-1/MBU/03/2023, dated
March 24, 2023, on Special Assignments and the Corporate Social and Environmental Responsibility Program for State-
Owned Enterprises.
Principles
Referring to PER-1/MBU/03/2023 regarding the Specific Guidelines for the CSR Program for State-Owned Enterprises, four
principles are set out for the CSR program:
1. Integrated, based on risk analysis and business processes that are interconnected with stakeholders.
2. Strategic, having a clear direction to achieve the Bank’s objectives.
3. Impact-Oriented and Measurable, contributing and providing benefits that drive change or create added value for both
stakeholders and the Bank.
4. Accountability-Driven, ensuring responsibility and transparency to mitigate risks of misuse or irregularities.
Pillars [GRI 203-2]
The TJSL program of Bank Mandiri aims to create a out in monthly internal meetings within the Corporate
significant positive impact on improving community welfare Social Responsibility Department. Through this approach,
by providing opportunities for individuals to independently no community complaints regarding TJSL programs were
develop economic activities. To ensure optimal impact, recorded during the reporting year. [GRI 413-1, 413-2] [F.23, F.24]
Bank Mandiri conducts comprehensive assessments to
understand the potential and needs of the local community. The implementation of TJSL is guided by four key pillars:
All implemented programs are evaluated periodically to social, legal and governance, economic, and environmental.
ensure their effectiveness. These evaluations are carried
Social Law and Governance Economic Environment
Fulfilling the basic Ensuring legal certainty Promoting sustainable Managing natural
human right to live in and governance that is economic growth resources and the
fairness and equality to effective, transparent, through job and environment sustainably
improve the welfare of accountable, and business opportunities, as a way of ensuring the
society overall. participatory, creating inclusive industries, survival of life on Earth.
stability and security infrastructure
based on the law. development, and clean
energy that is supported
by the community.
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2024
Type of Activities Achievements (Number of Programs)
Target Realization
Social Pillar 492 Rp112 Billion Rp112.02 Billion
Economic Pillar 343 Rp82.5 Billion Rp82.50 Billion
Environmental Pillar 348 Rp52.5 Billion Rp52.51 Billion
Legal and Governance Pillar 12 Rp3 Billion Rp3 Billion
Total 1,195 Rp250 Billion Rp250.03 Billion
In 2024, Bank Mandiri successfully disbursed Rp250.03 billion in Corporate Social and Environmental
Responsibility (TJSL) funds, marking a 43% increase from the previous year’s Rp174.6 billion. This growth
reflects Bank Mandiri’s commitment to achieving sustainability goals through impactful programs that benefit
both society and the environment.
CSR Program Achievements
Bank Mandiri’s commitment to implementing TJSL (Corporate Social and Environmental Responsibility) programs has been
recognized by various institutions. The numerous awards received throughout 2024 reflect its dedication to initiatives that
create a tangible impact on society.
Award
No Date Awarding Institution
Award Name Category
1 March 2024 Indonesia CSR 1. The Best Leadership Focus Commitment First Indonesia
Excellence Awards 2024 on CSR Magazine
2. Excellence Community Program Award
The Best CSR in MSME Program The
Best Integrated CSR Awards
2 April 2024 Kelana Wastra 2024 Largest B2B Transaction Volume Category Ministry of State-
Owned Enterprises
(BUMN)
3 May 2024 Development of Contribution in Promoting the South Sumatra Ministry of Villages,
Underdeveloped and Transmigration Area as a Competitive Development of
Transmigration Regions Transmigration Region Underdeveloped
of Indonesia Regions, and
Transmigration
4 May 2024 TOP CSR Awards 2024 1. TOP CSR Awards 2024 on Stars 5 Top Business
2. TOP Leader on CSR Commitment
5 June 2024 Bisnis Indonesia (BISRA) Gold Champion Social Responsibility to Bisnis Indonesia 2024
2024 Accelerate Stronger Recovery
6 July 2024 Jakarta Cooperation 1. Community Empowerment Category Jakarta Provincial
Movement Award 2. Environmental Category Government
7 July 2024 National Family Day Implementation of the Stunting Mitigation National Family
Program in Gunung Kidul Region Planning Agency
(BKKBN)
8 September 7 Most Popular Brand of Social Program/Community Development Jawa Pos
2024 The Year 2024 Category
9 October 2024 Trade Expo Indonesia Best Booth Category more than 100 m² at Ministry of Trade
Trade Expo Indonesia 2024
10 October 2024 CSR Awards 2024, Most Impactful Program on Health and Investor Trust
Impact Symphony: Education
Corporate Social
Responsibility
Appreciation Night 2024
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CSR Program Implementation
Bank Mandiri’s Corporate Social Responsibility (TJSL) program is designed to reach communities surrounding its operational
areas, as well as strategically selected groups. In 2024, the program’s implementation focuses on three main priorities:
education, environment, and the development of Micro and Small Enterprises (UMK).
Some of Bank Mandiri’s flagship TJSL programs in 2024 include:
Education Environmental Micro and Small
Priority Priority Enterprise (UMK) Others
Development
• Urban Livin • Mandiri Clean Action • Mandiri Young Entrepreneurs • Mandiri Sharing Kindness
• Mandiri Air • Mandiri Health (WMM) • Infrastructure and Public
• Mandiri Scholarship • Mandiri Green Circle • Bank Mandiri’s Rumah BUMN Facility Development
• Disaster Response (RB)
• Urban Festival
• Homecoming with Mandiri
• Mandiri Sahabat Desa
• Mandiri Sahabat Difabel
• Rice Milling Unit (RMU)
• Mandiri Sahabatku
Mandiri Bersama Mandiri Program
This program serves as the core initiative of Bank Mandiri’s TJSL, aiming to empower communities and support
sustainable economic growth in Indonesia. Through a collaborative and innovative approach, it is designed to foster
greater economic independence within society.
As part of Bank Mandiri’s commitment to the Sustainable Development Goals (SDGs), this program specifically
contributes to SDG 8: Decent Work and Economic Growth, with the following key objectives:
• Improving the economic well-being of communities across Indonesia.
• Strengthening community-based economic empowerment.
• Enhancing financial literacy for underprivileged groups.
• Promoting sustainable community development.
• Supporting the National Economic Recovery Program (PEN) initiated by the government.
Young Entrepreneurs Mandiri (WMM)
This program provides young entrepreneurs with opportunities to grow their
businesses through various facilities, including business training, mentoring,
and access to business networks and investors. Additionally, WMM plays a
role in supporting the young entrepreneurial community, enabling them to
expand their businesses and become role models in the business world.
• Reaching over 3,000 participants in the Business
Existing category
• Providing education to 1,010 entrepreneurs
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Rumah BUMN (RB) Bank Mandiri
As a center for MSME development, Rumah BUMN serves as a platform
for entrepreneurs to enhance their business capabilities. Through various
training sessions and mentoring programs, MSMEs are encouraged to
develop high-quality products and expand their market reach, both nationally
and internationally. This program also includes business capacity building,
digital marketing enhancement, access to financing through the People’s
Business Credit (KUR) scheme, as well as certification and intensive training
for MSME entrepreneurs.
23 Rumah BUMN 15,101 100+ training sessions
units across fostered provided to MSMEs and
Indonesia MSMEs Rumah BUMN facilitators
Urban Festival
A program designed to accelerate MSME growth through a rigorous selection
process to identify the best MSMEs. Selected participants receive exclusive
training and the opportunity to further develop their businesses. This program
not only provides recognition and appreciation for outstanding MSMEs but
also grants access to business networks and investment opportunities to
accelerate their business growth.
In 2024, over 5,000 20 MSMEs 5 MSMEs were awarded
participants joined were as main winners, receiving
the selection selected as business capital and
process. finalists. mentorship access.
Mandiri Clean Action
Bank Mandiri encourages public awareness of environmental cleanliness
through this collective initiative, involving employees and communities in
maintaining clean public areas and large event spaces.
Facilities provided
• Recycling Vending Machines to raise recycling awareness.
• Garbage Boats to collect waste from water bodies near event locations.
• Garbage Trucks for efficient waste management.
2024 Event Locations
• Gelora Bung Karno (GBK) Stadium during Indonesia’s National Team
matches.
• Mandiri Jogja Marathon 2024.
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Urban Livin
This program promotes sustainable and inclusive urban lifestyles by educating
communities about environmental and social responsibility. It focuses on
three pillars: environment, education, and economy, integrating sustainability
into daily activities through local community collaborations.
Mandiri Waste Sorting
Community-based waste management education.
• Organic Waste Processing using biodigester machines.
• Eco-enzyme Production from household waste.
• Collaboration with communities and schools to increase
environmental awareness.
Mandiri School Equivalency Program
Providing educational access to individuals who could not complete
formal education. This program offers equivalent primary (Paket A), junior
secondary (Paket B), and senior secondary education (Paket C).
In 2024, 242 participants completed their education and obtained an
accredited diploma from BAN PNF.
Mudik Bersama Mandiri
To support communities in celebrating religious holidays with family, Bank
Mandiri provides free transportation for thousands of homecoming travelers
annually.
In 2024, a total of 6,256 travelers participated in this
program, supported by a fleet of 145 buses.
Mandiri Sahabat Desa
Bank Mandiri is committed to fostering self-sufficient and empowered
villages through infrastructure development and economic empowerment.
This program focuses on rural economic development by providing support
for small businesses, education, and social infrastructure.
Support Provided
• Education includes financial literacy training.
• Infrastructure encompasses the provision of solar-powered clean water
systems, the construction of communal sanitation facilities, and street
lighting.
• Distribution of production equipment for fisherwomen and the repair of
fishing boats.
• Healthcare focuses on stunting prevention aid packages and free
healthcare services.
The primary location in 2024: Morowali, Central Sulawesi.
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Mandiri Sehat
Mandiri Sehat focuses on improving healthcare services for communities,
particularly in areas with limited access to medical facilities. Through this
program, Bank Mandiri aims to enhance healthcare access for vulnerable
communities, support the availability of healthcare facilities in remote areas,
and help people receive better and more affordable medical services.
Services provided:
• Health Services for Abdi Dalem in Ngayogyakarta.
• Medical equipment donations, including 24 ambulances and 688
community health posts (posyandu).
• Blood donation programs, conducted four times a year.
• Emergency response vehicles for disaster situations.
Mandiri Sahabat Difabel
This program aims to empower individuals with disabilities by improving
their quality of life through access to education, skills training, and economic
support. Bank Mandiri is committed to promoting equality and inclusion,
ensuring that every individual has the same opportunity to grow and
contribute.
Support Provided
• Providing financial literacy training for the
disabled community.
In 2024, 100
• Skills training and education programs to
individuals
enhance employment opportunities. with disabilities
• Development support for MSMEs managed by received MSME
individuals with disabilities. development
support.
Rice Milling Unit (RMU)
The RMU program is designed to help farmers improve their harvest yields
by providing modern and efficient rice processing infrastructure. This initiative
not only enhances productivity but also strengthens farmers’ well-being
through a more optimized production system, minimizes disadvantageous
supply chains, and increases their bargaining power in the market.
Support provided includes:
• Construction of rice processing buildings and facilities.
• Provision of rice production machinery and equipment.
• Institutional assistance for farmers to enhance productivity.
Bank Mandiri established RMU in three locations:
Pamarican, Kebumen, and Jembrana, benefeting 27,520
farmers.
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Mandiri Sahabatku
Since 2011, Bank Mandiri has been conducting a series of entrepreneurship
training programs for Indonesian Migrant Workers (PMI) and their families,
aiming to equip them with entrepreneurial skills so they can become
independent business owners upon returning to their home country. These
training sessions are delivered both offline and online, reaching PMI in various
countries, including Hong Kong, Malaysia, South Korea, Japan, Indonesia,
and Arab nations. Additionally, the mentorship program collaborates with
alumni of Mandiri Young Entrepreneurs (WMM) and Rumah BUMN to provide
continuous mentoring and training for selected PMI and their families.
A total of 20,482 Indonesian Migrant Workers (PMI) have
received financial management education through the
Mandiri Sahabatku program.
Mandiri Lingkar Hijau
Focusing on waste management and circular economy to create positive
environmental and social impacts. This program includes waste collection
from the food and beverage industry, research and processing of waste into
economically valuable products, and training for communities on sustainable
waste management.
In 2024, the Mandiri Lingkar Hijau program was
launched for the first time in Bandung, in collaboration
with farmer groups, coffee shops, vocational high school
(SMK) students, and Mandiri Young Entrepreneurs
Alumni.
Mandiri Air
Bank Mandiri provides access to clean water for communities in need. The
Mandiri Air program aims to improve access to clean water and proper
sanitation in areas facing water infrastructure challenges. This program
includes the development of clean water and sanitation systems, as well as
education on water management and environmental hygiene to support a
better quality of life.
Main focus:
• Development of clean water and sanitation systems.
• Education on water management and environmental hygiene.
The program’s primary locations are in 17 villages across
Nabire, Pandeglang, Temanggung, and Banyumas.
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Beasiswa Mandiri
Beasiswa Mandiri is a program focused on expanding educational access
for outstanding students in Indonesia, particularly those facing financial
constraints. This program aims to develop a generation of highly competent,
competitive young individuals who can contribute to the nation’s progress.
Main targets:
• Outstanding students from various universities in Indonesia.
• Children from underprivileged families with excellent academic
potential.
• Sons and daughters of TNI/Polri members as a tribute to their
families’ service.
• National Flag Hoisting Troop (Paskibraka) members as a recognition
of their dedication.
Types of scholarships provided:
• Full tuition assistance for selected students.
• Financial support for academic needs such as books, stationery, and
research activities.
• Skills training and personal development programs, including
mentoring and leadership training.
• Internship opportunities at Bank Mandiri to gain professional work
experience.
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Bangkit Bersama Mandiri Program
As part of Bank Mandiri’s commitment to supporting community well-being, the Bangkit Bersama Mandiri program
is designed to address various social, health, education, and environmental challenges. This initiative goes beyond
short-term assistance by fostering long-term community resilience in a sustainable manner.
This program aligns with the priorities of the Sustainable Development Goals (SDGs), particularly SDG 10: Reduced
Inequalities, with key objectives including:
• Supporting disaster-affected communities through emergency response and post-disaster recovery.
• Assisting underprivileged groups in meeting their basic needs.
• Improving access to essential infrastructure such as places of worship, sanitation facilities, and other public
amenities.
• Building a sustainable ecosystem that promotes social and economic well-being for communities.
Mandiri Disaster Response
As a disaster-prone country, Indonesia requires a swift and well-coordinated
response to support affected communities. Bank Mandiri’s Disaster Response
Program reflects its commitment to providing emergency assistance and
supporting post-disaster recovery. In its implementation, Bank Mandiri
collaborates with the National Disaster Management Agency (BNPB), the
Ministry of State-Owned Enterprises (BUMN), and local governments to
ensure aid is delivered quickly and effectively.
Aid Recipient Locations:
Volcanic Eruption Disaster Response
• Mount Merapi, West Sumatra
• Mount Ruang, North Sulawesi
• Mount Lewotobi, East Flores, East Nusa Tenggara (NTT)
Flood Disaster Response
• Kerinci Regency, Jambi
• Humbang Hasundutan Regency, North Sumatra
• Karanganyar Regency, Central Java
• Demak Regency, Central Java
• Grobogan Regency, Central Java
• Ciledugkulon Village, Cirebon Regency, West Java
• North Sulawesi Region
• Ogan Komering Ulu Regency, South Sumatra
• Kudus Regency, Central Java
• Sepaku District, Penajam Paser Utara Regency, East Kalimantan
• Pesisir Selatan Regency, West Sumatra
• Belopa, Luwu Regency, South Sulawesi
• Gorontalo Regency, Gorontalo
Landslide Disaster Response
• Lebong Regency, Bengkulu
• Tanah Datar Regency, West Sumatra
• Agam Regency, West Sumatra
Earthquake Disaster Response in Sumedang Regency, West Java.
Fire Disaster Response in Manggarai, South Jakarta.
A total of more than 16,000 aid packages containing food,
medicine, and other essential supplies were distributed.
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Non-Financial Support for Underserved Groups
Mandiri Sharing Kindness
The Mandiri Berbagi Kebaikan program reflects Bank Mandiri’s social
commitment to supporting underprivileged communities, particularly during
major religious holidays and other significant moments. The assistance provided
is designed to deliver direct benefits and help alleviate the burdens of those in
need.
Aid Recipient Locations:
Ramadan
57,000 care packages for orphans and underprivileged communities.
Eid al-Adha
• A total of 5,000 canned qurban meat was distributed to outer islands and
disaster-affected areas, including Mount Ruang (North Sulawesi), Agam
Regency (West Sumatra), Bontang (East Kalimantan), Morowali (Southeast
Sulawesi), and Mentawai (West Sumatra).
• Additionally, 278,100 qurban meat packages were distributed simultaneously
across all Bank Mandiri operational areas.
Mandiri Jogja Marathon
The CSR Dropbox Shoe Donation Program collected 300 pairs of gently
used shoes from marathon participants to be distributed to informal workers,
including rickshaw drivers, horse cart drivers, and sanitation workers.
Bank Mandiri Commemorative Anniversary
• A total of 2,600 orphans received educational assistance.
• Additionally, 70,200 social aid packages were provided through the Pasar
Murah Mandiri program, offering essential goods at affordable prices for
underprivileged families.
Christmas Day
A total of 2,000 gift packages were distributed to orphanages and nursing
homes.
Public Infrastructure Development [GRI 213-1]
Access to basic infrastructure is a key factor in improving community well-
being. Bank Mandiri’s Public Facilities Development Program focuses on
providing facilities that support social and economic life, particularly in areas
with limited infrastructure.
Program Impact:
• Enhancing access to basic services, especially for communities in
remote areas.
• Improving quality of life through better facilities.
• Driving local economic growth by improving connectivity and
supporting infrastructure.
Facilities Built in 2024:
• Places of worship, including mosques, churches, and temples.
• Rural roads and bridges to improve community accessibility.
• Sanitation and clean water facilities in various regions.
• Other public facilities, such as renovations for uninhabitable homes.
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Evaluation of the CSR Program
Bank Mandiri regularly conducts monitoring and evaluations to ensure the effectiveness and improve the implementation of
CSR programs in the future. In an effort to monitor local conditions and issue developments, Bank Mandiri maintains regular
communication through routine meetings and other communication channels with the government, relevant institutions, and
community leaders. Additionally, Bank Mandiri applies the Social Return on Investment (SROI) method as part of the evaluation
to assess the impact generated by the CSR programs. The SROI score reflects the economic value of the social impact
generated by the CSR program. [GRI 2-25, 3-3, 413-1, 413-2] [F.23]
Program Name SROI Value
Gelora Bung Karno (GBK) Eco Food Court 2.76
Rumah BUMN South Jakarta 3.9
Papua Medical Community Without Borders 1.7
BUMNU Jember 2.89
Rice Milling Unit (RMU) Kebumen 3.2
Rice Milling Unit (RMU) Pamarican 3.7
Note: The SROI value reflects the ratio between the social value generated and the costs incurred for each program. A score greater than 1 indicates that the
program provides greater social benefits compared to its investment, meaning it has a positive impact on the community and surrounding environment.
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Financial Literacy Program to Support
Financial Inclusion
Bank Mandiri continues to push for financial inclusion by As part of its financial inclusion and literacy strategy, Bank
enhancing financial literacy through implementation of the Mandiri adopts a phased approach involving three levels
CSR program focusing on educational activities and the of literacy: Beginner, Skilled, and Independent. Each level
development of supporting facilities and infrastructure. is designed to address the unique needs of participants,
This initiative is designed to reach people from various providing relevant financial education supported by
backgrounds, providing practical insights to help them infrastructure that encourages financial independence.
manage their finances wisely while maximizing economic
opportunities.
Independent Level
Description: Literacy Programs:
Focuses on business owners or individuals who • Mandiri Young Entrepreneur
are ready to manage their finances or businesses (WMM)
independently by utilizing digital technology and • Livin’ Up Your Financial
complex financial strategies.
Skilled Level
Description: Literacy Programs:
Focuses or individuals on business owners who • Rumah BUMN
are developing their businesses by enhancing their • Mandiri SME Center
skills in financial and business management in a • Rice Milling Unit (RMU)
more structured way.
Beginner Level
Description:
Focus on individuals or business actors who are new to financial literacy,
aiming to help them understand the basic concepts of personal and
business finance.
Literacy Programs:
• Mandiri Sahabatku
• Digital Financial Education through Social Media
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
Bank Mandiri Financial Literacy
Program Type Program Name Target Participants Social Impact (Quantitative) 2024
Livin’ Up Your Financial Youth Generation 1,799 participants from two universities.
Participated by PMI from six countries:
Hong Kong, Malaysia, South Korea,
Indonesian Migrant Workers
Mandiri Sahabatku Japan, Indonesia, and Saudi Arabia. As of
(PMI)
2024, a total of 20,482 PMI have joined
Financial Education the program.
Promoted digital financial education
Digital Financial through 190 posts across three of
Communities in remote areas
Education through Bank Mandiri’s social media platforms:
and Youth Generation
Social Media Facebook, X (Twitter), and Instagram, with
a total of 97.22 million views.
A total of 23 Rumah BUMN have been
established across various regions in
Rumah BUMN Micro Entrepreneurs
Indonesia, focusing on enhancing the
capacity of MSMEs.
There are 101 Mandiri SME Center
Mandiri SME Center Micro Entrepreneurs
locations with a total of 1,494 debtors.
Training or Business
Management Tools Reaching more than 3,000 participants
Mandiri Young in the existing business category
Micro Entrepreneurs
Entrepreneur (WMM) and providing education to 1,010
entrepreneurs.
Establishment of RMU at three locations,
Rice Milling Unit (RMU) Farmers namely Pamarican, Kebumen, and
Jembrana, benefiting 27,520 farmers.
In addition to the CSR program, Bank Mandiri also conducts financial literacy initiatives through various other programs as
follows.
Mandiri Education Livin’ Up Your Financial
Through the “Livin’ Up Your Financial” Mandiri Education program, Bank Mandiri continues to develop financial literacy
activities in collaboration with educational institutions as hosts and Financial Services Authority (OJK) representatives
as one of the speakers. This program is attended by academics aged around 17-25 years and the general public aged
around 25-50 years. In 2024, two sessions of Mandiri Education Livin’ Up Your Financial have been held, with the main
focus on digital-era investment.
Date of Execution:
Mandiri Edukasi Date of Execution: Mandiri
Goes To Edukasi Goes November 26, 2024
May 14, 2024
Universitas Papua To Universitas Participants:
Participants:
Pattimura 515 Participants
664 Participants
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Non-Financial Support for Underserved Groups
Digital Financial Education Through Social Media
In the digital era, Bank Mandiri leverages social media to enhance financial literacy, particularly reaching communities in
remote areas. Through official platforms such as Facebook, Twitter, and Instagram, engaging and relevant educational
content is provided to address public information needs.
In 2024, 88 Facebook posts achieved 20.53 million views, 53 X (Twitter) posts garnered 23.53 million views, and
49 Instagram posts received 53.17 million views. This not only delivers insights on financial management but also
encourages the public to take concrete steps to improve their financial literacy.
Mandiri SME Center
Mandiri SME Center was established to meet the needs of customers by providing four access solutions required by
small and medium-sized enterprises (SMEs). As of December 2024, there are 101 Mandiri SME Centers spread across
all operational areas of Bank Mandiri. The Mandiri SME Center business model aims to develop the business potential
of SMEs within a certain radius, with a focus on accelerating and simplifying the credit financing process. Additionally,
Mandiri SME Centers also enhance the competencies of MSME players through mentorship and training programs,
including tax consultation services and financial reporting education.
Mandiri SME Center Services
Banking and Capital Access
Providing an easy, fast, and flexible financing process for SMEs, including digital access to banking products.
Human Resource Capability Enhancement Access
Improving human resource capabilities through training and collaboration with institutions, as well as
providing portals to support customer needs.
Network and Marketing Access
Helping SMEs with product branding and facilitating collaboration and marketing through digital platforms
and e-commerce.
Information Technology (Digital) Access
Offering technology training and supporting collaboration with startups, as well as organizing events to
promote technology-based products.
Policy Advocacy and Sustainability Research
In addition to literacy and education, Bank Mandiri’s efforts The research focus includes green economy, sustainability,
also involve policy advocacy and sustainability research and the implementation of environmental, social, and
aimed at creating systemic impact and strengthening the governance (ESG) from the supply and demand sides
sustainability structure in society. Bank Mandiri supports the of funding. On the supply side, the research covers the
transition to a low-carbon economy through sustainability adoption of ESG by financial institutions, such as banks
research facilitated by the Mandiri Institute, a research and asset managers. On the demand side, the research
center established in 2014. The Institute plays a key role in highlights how companies integrate sustainability into their
providing policy input to the government and stakeholders business strategies.
through focus group discussions and research related to
the financial sector, sectoral trends, and global standards.
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Sustainability Beyond
Banking Access to Financial Services and Financial Inclusion
ESG Implementation Report 2024: Bridging The Impact
(80%), with an increasing emphasis on governance aspects
in 2024. These findings indicate that ESG is becoming an
increasingly strategic element, driven by a combination of
internal initiatives and external pressures.
However, challenges remain in ESG implementation,
particularly in measuring greenhouse gas (GHG) emissions.
While 64% of listed companies have measured Scope 1 and
2 emissions, only 51% of these include Scope 3. Among
non-listed companies, only 36% measure Scope 1 and 2
emissions, and just 45% of them account for Scope 3.
On the other hand, sustainable financing presents
significant opportunities, although adoption remains low.
Only 7% of companies have issued sustainable bonds, but
interest in these instruments is high, with 43% of companies
expressing interest. With substantial potential in the
The ESG Implementation Report 2024, published by renewable energy sector, Indonesia has an opportunity to
the Mandiri Institute, highlights the growing adoption of expand the sustainable finance market as part of its efforts
ESG values by companies in Indonesia, supported by to support the national decarbonization agenda.
frameworks such as the Global Reporting Initiative (GRI),
International Financial Reporting Standards (IFRS), Task Globally, policies such as the Carbon Border Adjustment
Force on Climate-related Financial Disclosures (TCFD), and Mechanism (CBAM) and the European Union Regulation
Task Force on Nature-related Financial Disclosures (TNFD). on Deforestation-Free Products (EUDR) pose challenges
In Indonesia, regulatory bodies like the Financial Services that require careful anticipation. As a key exporter of palm
Authority (OJK) and the Indonesian Institute of Accountants oil and steel, Indonesia must mitigate the impacts of these
(IAI) are driving sustainability reporting by adopting IFRS S1 policies to remain competitive. This report underscores the
and S2, aligning with national sustainability priorities. importance of sustainability research in addressing these
risks and encourages companies to learn from international
According to the 2024 Mandiri Institute ESG Implementation best practices to strengthen ESG implementation and
Survey, most listed companies adopt ESG practices to enhance global market competitiveness.
enhance corporate value (87%) or comply with regulations
Dissemination of Sustainability Research Results and Policy Advocacy
The dissemination of research findings is conducted through
the Mandiri Institute Insight 2024 forum. This forum brings
together practitioners and experts to discuss the importance
of cross-sector synergy in bridging the implementation of
global ESG standards with the readiness of Indonesia’s
financial and business sectors. The launch of this research
provides in-depth insights into the implementation of ESG
in both listed and unlisted companies, while also identifying
challenges and opportunities to advance sustainable
finance in Indonesia. Through Mandiri Institute, Bank
Mandiri aims for this report to serve as a strategic guide
for the government, businesses, and other stakeholders
to accelerate ESG adoption, strengthen sustainability
commitments, and support Indonesia’s economic
transformation toward global competitiveness.
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Non-Financial Support for Underserved Groups
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Appendices Sustainability Financial Services Authority SASB Content Index for
Performance Data GRI Content Index References Commercial Banks
Economics
2024 2023 2022
DECRIPTION UNIT STANDARD
Target Realization Target Realization Target Realization
Overview of Economic Performance
Operating Income* Rp billion 163,299,965 164,331,290 144,196,848 146,266,161 118,205,080 126,762,391 [GRI 2-6]
Net Profit Rp billion 55,182,160 55,782,742 44,267,871 55,060,057 32,743,598 41,170,637 [OJK B.1.a,
B.1.b, B.1.c,
Total Assets Rp billion 2,358,450,957 2,427,223,262 2,125,491,985 2,174,219,449 1,854,343,528 1,992,544,087
C.3.a, F.2]
Productive Assets Rp billion 2,286,409,322 2,151,504,265 1,695,360,822 1,894,264,000 1,421,727,760 1,778,598,799
Bank Loans/ Rp billion 1,520,132,360 1,623,216,612 1,303,177,027 1,359,832,195 1,119,162,503 1,172,599,882
Financing
Third-Party Funds Rp billion 1,718,291,200 1,698,896,916 1,562,493,526 1,576,950,000 1,394,468,183 1,490,844,592
Operating Income* Rp billion 56,085,608 60,053,557 49,488,677 146,266,161 33,983,497 126,762,391
Operating Rp billion 55,182,160 55,782,742 44,267,871 48,256,541 32,743,598 36,391,339
Expenses
DECRIPTION UNIT 2024 2023 2022 STANDARD
Economic Performance (consolidated)
Interest income Rp million 129,638,641 113,747,621 95,943,875 [GRI 201-1]
Sharia income Rp million 21,597,386 18,796,849 16,438,243 [OJK B.1.a,
B.1.b, B.1.c,
Premium income Rp trillion 13,095,263 13,720,000 14,380,273 F.2]
Gains on sale of securities and Rp million 150,297 125,295 899,579
government bonds
Profit from sale of fixed assets Rp million 2,835 8,624 2,821
Income from fees and other commissions Rp million 23,447,520 20,148,410 18,802,148
Income from fair value through profit or Rp million 4,483,298 3,473,796 3,494,409
loss - net
Other income Rp million 14,240,197 16,900,640 11,984,146
Economic value generated Rp million 206,655,437 186,911,235 161,945,494
Other operating expenses*) Rp million (34,619,683) (29,444,402) (28,618,312)
Employee salaries and benefits Rp million (23,990,763) (24,423,089) (24,641,746)
Payments to providers of capital Rp million (60,053,557) (48,256,541) (36,391,339)
Dividend payments to shareholders**) Rp million (33,036,034) (24,702,382) (16,816,893)
Payments to government (taxes, levies, Rp million (15,238,365) (14,633,011) (11,425,358)
etc.) ***)
Procurement of goods and services Rp million (8,380,230) (6,086,960) (4,826,716)
Community expenditures Rp million (250,030) (174,600) (137,600)
Economic value distributed Rp million (175,568,662) (147,720,985) (122,857,964)
Economic value retained Rp million 31,086,775 39,190,250 39,087,530
Note:
*) Interest income, sharia income, and premium income
**) Interest expenses, sharia expenses, and claims expenses
***) Excluding current year profit attributable to non-controlling interests
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DECRIPTION UNIT 2024 2023 2022 STANDARD
Performance Ratios****
Minimum Capital % 20.1 21.48 19.46 [GRI 2-6]
Adequacy Ratio [OJK B.1.a,
(CAR) C.3.a, F.2]
Non-performing % 0.68 0.68 1.09
productive assets
and non-productive
assets to total
productive and non-
productive assets
Non-performing % 0.67 0.68 1.09
productive assets
to total productive
assets
Allowance for % 2.32 2.87 3.91
Impairment Losses
(AIL) on financial
assets to productive
assets
Gross Non- % 0.97 1.02 1.88
Performing Loan
(NPL)
Net Non-Performing % 0.33 0.29 0.26
Loan (NPL)
Return on Assets % 3.59 4.03 3.3
(ROA)
Return on Equity % 24.19 27.31 22.62
(ROE)
Net Interest Margin % 4.93 5.25 5.16
(NIM)
Efficiency Ratio % 56.46 51.88 57.35
(BOPO)
Loan to Deposit Ratio % 98.04 86.75 77.61
(LDR)
Liquidity Coverage %
Ratio (LCR)
a. Individual LCR % 139.21 176.24 191.02
b. Consolidated % 140.64 169.58 186.79
LCR
Note:
****) Bank only
DECRIPTION UNIT 2024 2023 2022 STANDARD
Banking Access
Branch Offices Unit 146 139 138 [GRI 2-6] [OJK
Overseas Offices Unit 7 7 7 C.3.d]
Sub-Branch Offices* Unit 2,054 2,104 2,225
Payment Points Unit 36 36 42
Mobile Cash Unit 77 77 77
Micro Mobile Cash Unit 21 21 22
ATMs Unit 12,896 12,906 13,027
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Performance Data GRI Content Index References Commercial Banks
DECRIPTION UNIT 2024 2023 2022 STANDARD
Digital Banking
E-Channel List
Livin’ by Mandiri Apps Number of Active 14.9 13.2 9.7 [GRI 2-6] [OJK
Users (Million) B.1.a, C.4,
Transaction 3.9 2.2 1.9 F.26, F.27]
Frequency (Billion)
Transaction Value 4,027 3,271 2,472
(Rp Trillion)
ATM Transaction 1.04 1.04 1.03
Frequency (Billion)
Transaction Value 772.0 774.9 785.1
(Rp Trillion)
E-Money Number of Active 8.7 15.7 7.3
Cards (Million)
Purchase 1.4 1.3 1.2
Transaction
Frequency
(Million)
Purchase 24.6 22.1 19.9
Transaction Value
(Rp Trillion)
Top-Up 211 181.2 155.8
Transaction
Frequency
(Million)
Top-Up 25 22.4 20.2
Transaction Value
(Rp Trillion)
EDC Number of 198 201.3 190.1
Merchants
(Thousand)
Transaction 328.1 262.9 220.5
Frequency
(Million)
Transaction Value 148.5 136.4 122.4
(Rp Trillion)
Smart Branch Number of 241 249 241
Branches (Units)
DECRIPTION UNIT 2024 2023 2022 STANDARD
Comparison of Targets and Performance of Portfolios, Financing Targets, or Investments in Financial Instruments or Projects
Aligned with Sustainable Finance Implementation
Types and Number Jenis Types of Sustainable Types of Sustainable Financing: [GRI 2-6]
of Products Meeting Financing: • Green Portfolio [OJK B.1.a,
the Criteria for • Green Portfolio • Social Portfolio B.1.d, C.4,
Sustainable Business • Social Portfolio Sustainable Products: F.3, F.26,
Activities Sustainable Products: • Green Loan F.27]
• Green Loan • Sustainability Linked Loan
• Sustainability Linked • Corporate-in-Transition Financing
Loan • Green Mortgage
• Corporate-in-Transition Sustainable Funding:
Financing • Sustainability Bond
• Green Mortgage • Green Bond
Sustainable Funding: • ESG Repo
• Sustainability Bond
• Green Bond
• ESG Repo
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DECRIPTION UNIT 2024 2023 2022 STANDARD
Nominal Value of Products and/or Services Meeting the Criteria for Sustainable Business Activities
a. Fundraising Rp billion 18,000 5,000 12,454 [GRI 2-6]
b. Fund Distribution Rp billion 292,507 264,080 228,764 [OJK B.1.a,
C.4, F.3]
Total Productive Assets for Sustainable Business Activities
a. Total Loans/ Rp billion 292,507 264,080 228,764 [GRI 2-6]
Financing for [OJK B.1.a,
Sustainable C.4, F.3]
Business
Activities
b. Total Non-Loans/ Rp billion 1,018,272 821,707 703,875
Financing for
Sustainable
Business
Activities
Percentage of Total % 22.32 24.30 24.50
Loans/Financing
for Sustainable
Business Activities
to Total Bank Loans/
Financing
DECRIPTION UNIT 2024 2023 2022 STANDARD
Sustainable Business Activity Financing Portfolio
Categories of Sustainable Business Activities
Renewable Energy Rp billion 11,773 9,727 6,149 [OJK B.1.d,
Energy Efficiency Rp billion - - - B.1.e, F.3,
F.26, F.27]
Pollution Prevention Rp billion - - -
and Control
Environmentally Rp billion 111,432 102,413 92,956
Sustainable
Management of
Living Natural
Resources and Land
Use
Terrestrial and Rp billion - - -
Aquatic Biodiversity
Conservation
Clean Transportation Rp billion 7,545 3,926 3,107
Sustainable Waste Rp billion 1,176 1,171 867
and Wastewater
Management
Climate Change Rp billion - - -
Adaptation
Eco-efficient and/ Rp billion 10,621 5,354 3,307
or Circular Economy
Adapted Products,
Production
Technologies and
Processes
Green Buildings Rp billion 6,268 6,612 16
Other Environmentally Rp billion 9,644 8,776 5,067
Friendly Business
Activities
Micro, Small, and Rp billion 133,548 126,101 117,295
Medium Enterprises
(MSMEs) Activities
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Performance Data GRI Content Index References Commercial Banks
DECRIPTION UNIT 2024 2023 2022 STANDARD
Total KKUB Portfolio Rp billion 292,507 264,080 228,764
a. Green Portfolio Rp trillion 149 129.20 106.4
b. Social Portfolio Rp trillion 144 134.87 122.4
% Share of % 22.32 24.32 24.53
Sustainable Financing
DECRIPTION UNIT 2024 2023 2022 STANDARD
Micro, Small, and Medium Enterprises (MSMEs) Activities
Palm Oil Plantations Rp billion 23,296 21,651 19,278 [GRI 2-6]
and CPO [OJK B.1.a,
Retail Trade in Food, Rp billion 18,671 16,881 16,772 B.1.d, C.4,
Beverages, and F.2 F.3] [FN-
Tobacco CB-240a.1.]
[FN-CB-
Hotels, Restaurants, Rp billion 11,054 9,971 9,380 240a.2.]
and Accommodations
Retail Trade Rp billion 9,224 8,630 8,411
in Household
Equipment
Agriculture Rp billion 5,520 5,722 5,491
Non-Financial Rp billion 3,780 5,208 5,343
Business Services
Social Services and Rp billion 5,740 4,911 4,374
Institutions
Land Transportation Rp billion 4,406 3,846 3,348
Services
Livestock and Animal Rp billion 3,989 3,756 3,510
Feed
Retail Trade in Rp billion 4,098 3,364 3,680
Textiles and Textile
Products
Others Rp billion 43,770 41,548 37,702
Total Rp billion 133,548 125,494 117,295
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DECRIPTION UNIT 2024 2023 2022 STANDARD
Sustainable Financing Products
Green Loan Rp trillion 3.78 3.50 4.67 [GRI 2-6]
Corporate-in- Rp trillion - 0.74 - [OJK B.1.d,
Transition Financing C.4, F.3,
F.26, F.27]
Green Mortgage Rp trillion 0.58 - -
Sustainability-Linked Rp trillion 3.02 0.65 1.49
Loan
Sustainable Funding
Sustainability Bond US$ million - - - [GRI 2-6]
[OJK B.1.a,
Green Bond Rp billion - 5,000 -
B.1.d, C.4,
ESG Repo US$ million - - 500 F.3, F.26,
F.27]
Sustainable Investments
Green Sukuk Rp billion 3,116 3,047 - [GRI 2-6]
Green Bond Rp billion 292 180 - [OJK B.1.a,
B.1.d, C.4,
ESG-Based Mutual Rp billion 3,540 17 - F.2, F.3,
Funds F.26, F.27]
Electric Vehicle Rp billion 910 393 -
Financing
Solar Panel Financing Rp billion N/A 0.61 -
DECRIPTION UNIT 2024 2023 2022 STANDARD
Local Engagement
Number of Local Supplier 1,036 986 895 [GRI 204-1]
Suppliers [OJK B.1.e]
Proportion of Local % 98.39 98.38 99.5
Suppliers
Value of Local Rp trillion 8.22 5.45 4.8
Purchases (Rp trillion)
Percentage of Local % 98.05 99.29 97.78
Purchases
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Environment
BASELINE
DECRIPTION UNIT 2024 2023 2022 STANDARD
(2019)
Direct Energy Consumption
Energy Consumption GJ 863,024 1,040,756 1,046,804 1,140,603 [GRI 302-1,
(Electricity) 302-2] [OJK F.6]
Energy Consumption (Fuels) GJ 642,865 599,749 569,528 906,514
Energy Consumption (Solar GJ NR NR NR NR
or Other Renewable Energy)
Total Energy Consumption GJ 1,505,889 1,640,506 1,616,331 2,047,117
*- Electricity consumption is calculated by dividing the total electricity cost (Rp) by the tariff per kWh, then converting the result into gigajoules (GJ) using The Greenhouse Gas Protocol
Initiative (2004).
- Fuel consumption (Pertamax) is calculated by dividing the total purchase cost (Rp) by the price per liter, then converting the result into GJ.
Energy Intensity
Energy Consumption (GJ /Total 30.00 42.10 42.34 52.40 [GRI 302-3]
Intensity Employees) [OJK F.6]
Reduction in Energy Consumption (Bank Only)
Total Energy Consumption GJ 277,579 99,847 93,799 1,140,603 [GRI 302-4,
Reduction 302-5] [OJK
F.7]
Greenhouse Gas (GHG) Emissions from the Company (Bank Only)
Direct GHG Emissions ton CO2e 46,741 43,077 42,698 75,640 [GRI 305-1,
(Scope 1) 305-5]
Indirect GHG Emissions ton CO2e 192,853 252,636 260,082 283,113 [GRI 305-2,
(Scope 2) 305-5]
Total GHG Emissions ton CO2e 239,594 295,713 303,787 362,863 FN-CB-410b.1.
Percentage of Greenhouse Gas Emissions from the Company (Bank Only)
Direct GHG Emissions % 19.51 14.57 14.10 21.08 [GRI 305-1,
(Scope 1) 305-5]
Indirect GHG Emissions % 80.49 85.43 85.90 78.92 [GRI 305-2,
(Scope 2) 305-5]
Total GHG Emissions % 100 100.00 100.00 100.00 FN-CB-410b.3.
Emission Intensity per Employee (Bank Only)
Scope 1 & 2 GHG Emissions tCO2e/ 3.2 3.9* 4.0* 4.6* [GRI 305-4]
Intensity employee [OJK F.11]
*There has been a restatement of the emission intensity calculation.
Financed Emissions
Other Indirect Emissions million tCO2e 19.4 18.1 N/A N/A [GRI 305-3]
(Scope 3)
Commercial Real Estate million tCO2e 0.2 0.3 N/A N/A
Project Finance* million tCO2e 0.5 0.6 N/A N/A
Business Loans million tCO2e 12.3 10.7 N/A N/A
Corporate Bonds million tCO2e 0.1 0.1 N/A N/A
Sovereign Loans million tCO2e 1.8 1.1 N/A N/A
Mortgages million tCO2e 0.4 0.4 N/A N/A
Motor Vehicle Loans million tCO2e 0.4 0.4 N/A N/A
Sovereign Bonds million tCO2e 3.7 4.5 N/A N/A
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BASELINE
DECRIPTION UNIT 2024 2023 2022 STANDARD
(2019)
Financing Emissions by Sector*
Absolute Emissions by Sector:
Power Generation million tCO2e 2.23 2.40 N/A N/A [GRI 305-3], FN-
Iron and Steel million tCO2e 1.00 1.59 N/A N/A CB-410b.2.
Oil and Gas million tCO2e 1.22 1.38 N/A N/A
Livestock million tCO2e 1.52 1.01 N/A N/A
Agriculture million tCO2e 0.92 0.61 N/A N/A
Coal million tCO2e 0.62 0.55 N/A N/A
Chemicals and million tCO2e 0.90 0.49 N/A N/A
Petrochemicals
FMCG million tCO2e 1.01 0.44 N/A N/A
Non-Ferrous Mining million tCO2e 0.52 N/A N/A N/A
Cement million tCO2e 0.40 0.37 N/A N/A
Construction million tCO2e 0.40 0.33 N/A N/A
Emission Intensity by Sector:
Livestock tCO2 e/Rp 381.9 320.6 N/A N/A [GRI 305-4],
billion [OJK F.11]
Cement tCO2 e/Rp 385.6 310.3 N/A N/A
billion
Oil and Gas tCO2 e/Rp 80.0 185.2 N/A N/A
billion
Power Generation tCO2 e/Rp 99.0 152.5 N/A N/A
billion
Iron and Steel tCO2 e/Rp 94.4 124.9 N/A N/A
billion
Coal tCO2 e/Rp 23.3 52.7 N/A N/A
billion
Chemicals and tCO2 e/Rp 83.9 35.5 N/A N/A
Petrochemicals billion
Pulp and Paper tCO2 e/Rp 97.9 33.9 N/A N/A
billion
Shipping tCO2 e/Rp 42.2 N/A N/A N/A
billion
Non-Ferrous Mining tCO2 e/Rp 31.0 N/A N/A N/A
billion
FMCG tCO2 e/Rp 29.0 28.5 N/A N/A
billion
Mining tCO2 e/Rp 9.4 24.9 N/A N/A
billion
*Project Finance includes power generation projects.
**Business Loans based on emission data reported by the debtor.
Water Withdrawal and Usage (Bank Only)
Water Usage from Third m3 574,376 560,911 498,365 410,316 [GRI 303-3,
Parties* 303-5] [OJK F.8]
Recycled Water Usage** m3 88,788 141,106 138,580 104,372
Total Water Usage m 3
663,164 702,017 636,945 514,688
% of Recycled Water Usage % 13 20 22 20
* Scope: Sentra Mandiri, Menara Mandiri, Plaza Mandiri, Wisma Mandiri
** Scope: Menara Mandiri, Plaza Mandiri, Wisma Mandiri
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DECRIPTION UNIT 2024 2023 2022 STANDARD
Waste Management by Licensed Third Parties
Hazardous Waste* kg 196 1,520 4,400 [GRI 303-4,
Domestic Waste** kg 151,858 N/A N/A 306-3] [OJK
F.13. F.14, F.15]
Liquid Waste*** m3 81,400 10,200 63,693
Liquid Waste Treated through m3 32,134 31,610 28,104
Reverse Osmosis****
*Scope: Plaza Mandiri
**Scope: Menara Mandiri, Sentra Mandiri, Plaza Mandiri
***Scope: Plaza Mandiri
****Scope: Plaza Mandiri
Waste Generation by Management Method
Managed by third party kg 151,858 N/A N/A [GRI 306-4,
306-5]
Paper Usage
Printing Paper Rim 139,393 136,718* 142,089* [OJK F.5]
*There is a restatement of paper usage data due to the addition of paper types being accounted for.
Environmental Costs
Solar Panel Installation rupiah 1,400,000,000 - - [OJK F.4]
Upgrading and Repairing RO rupiah - - 1,510,000,000 [OJK F.4]
Water Recycling Systems
CSR Activities in Nature and rupiah 52,510,000,000 22,500,000,000 645,015,195 [OJK F.4, F.25]
Environmental Conservation
LED Installation rupiah - 2,250,000,000 - [OJK F.4]
Reverse Vending Machine rupiah 198,000,000 N/A N/A [OJK F.4]
Program
Energy Reduction Initiatives
Green Building Certified unit 3 1 [GRI 302-4,
Offices 305-5], [OJK
Smart Branches unit 241 241 F.7, F.12]
Solar Panels unit 870 727
Operational Vehicles Using unit 404 136
Electric Vehicles
DESCRIPTION UNIT 2024
Loan by Sectors
Commercial - Others % 20.80
Retail - Others % 20.20
Manufacturing % 10.20
Hotels, Restaurants, and Entertainment % 9.00
Agriculture % 8.30
Commercial and Professional Services % 6.80
Metals and Mining % 6.10
Real Estate % 5.60
Transportation % 5.40
Services % 4.60
Others % 2.90
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Social
BOARD OF 2024 2023 2022
COMMISSIONERS
UNIT STANDARD
AND BOARD OF
DIRECTORS
Board of People 9 1 9 2 8 2 [GRI 405-1]
Commissioners
Board of Directors People 10 2 9 3 10 2
2024 2023 2022
EMPLOYMENT UNIT STANDARD
Number of Employees by Nationality
Indonesia People 18,504 20,369 18,565 20,374 18,322 19,854 [GRI 2-7]
India People 1 0 1 0 0 0
Total People 18,505 20,369 18,566 20,374 18,322 19,854
Number of Employees by Age
< 30 years People 4,404 5,581 4,390 5,729 4,415 5,977 [GRI 2-7,
405-1]
30 - 50 years People 12,610 13,881 12,479 13,715 12,182 13,010
[C.3.b]
> 50 years People 1,491 907 1,697 930 1,725 867
Total People 18,505 20,369 18,566 20,374 18,322 19,854
Number of Employees by Employment Status
Permanent Workers People 16,616 17,590 16,601 17,762 16,630 18,017 [GRI 2-7,
2-8, 405-1]
Contract Workers People 1,713 2,636 1,721 2,416 1,478 1,701
[C.3.b]
Trainee People 176 143 244 196 214 136
Total Organic People 18,505 20,369 18,566 20,374 18,322 19,854
Employees
(Permanent,
Contract & Trainee)
Outsourced People 25,834 7,235 26,428 25,975 33,188 7,213
Employees
Total Employees People 44,339 27,604 44,994 27,882 44,297 27,067
(Organic and
Outsourced)
Number of Employees by Education Level
Doctorate People 12 1 11 2 10 2 [GRI 2-7,
2-8, 405-1]
Master’s Degree People 1,189 770 1,194 730 1,166 693
[C.3.b]
Bachelor’s Degree People 16,188 18,506 16,038 18,342 15,616 17,695
or equivalent
Diploma People 512 973 588 1,130 649 1,274
Senior High School People 599 119 725 170 868 190
Junior High School People 5 - 10 - 12 -
Elementary School People - - - - 1 -
Total People 18,505 20,369 18,566 20,374 18,322 19,854
Description:
Male Female
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EMPLOYMENT UNIT STANDARD
Number of Employees by Work Area
Region I/Sumatera 1 People 989 1,232 1,057 1,298 1,059 1,270 [GRI 2-7,
2-8, 405-1]
Region II/Sumatra 2 People 1,197 1,369 1,248 1,391 1,134 1,316
[C.3.b]
Region III/Jakarta 1 People 847 1,542 871 1,621 931 1,636
Region IV/Jakarta 2 People 742 1,596 787 1,647 819 1,682
Region V/Jakarta 3 People 741 1,364 793 1,385 814 1,427
Region VI/Java 1 People 1,004 1,238 1,072 1,266 1,052 1,222
Region VII/Java 2 People 1,176 1,421 1,283 1,486 1,233 1,377
Region VIII/Java 3 People 1,179 1,737 1,281 1,780 1,236 1,650
Region IX/ People 818 978 882 1,027 896 1,033
Kalimantan
Region X/Sulawesi People 918 1,125 991 1,164 987 1,099
and Maluku
Region XI/Bali and People 538 637 575 637 554 604
Nusa Tenggara
Region XII/Papua People 284 391 313 431 318 438
Overseas Office People 27 5 27 5 25 6
Subsidiary Company People 60 19 69 16 62 14
Head Office People 7,985 5,715 7,317 5,220 7,202 5,080
Total People 18,505 20,369 18,566 20,374 18,322 19,854
Number of Employees by Organizational Management Level
Top Management People 117 38 113 33 107 30
Middle Management People 721 285 714 263 707 260
Junior Management People 9,413 8,287 9,000 7,935 8,664 7,634
Non Management People 8,254 11,759 8,739 12,143 8,844 11,930
Total People 18,505 20,369 18,566 20,374 18,322 19,854
Description:
Top Management: BOD-1
Middle Management: BOD-2
Junior Management: BOD-3
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BOARD OF BOARD OF TOP MIDDLE JUNIOR NON
COMMISSIONERS DIRECTORS MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT
EMPLOYMENT UNIT YEAR
Number of Employees by Age Group and Organizational Management Level
Orang 2024 0 0 0 0 0 0 0 0 667 580 578 1,134
18-24 Orang 2023 0 0 0 0 0 0 0 0 503 441 613 1,087
Orang 2022 0 0 0 0 0 0 0 0 484 382 363 596
Orang 2024 0 0 0 0 0 1 45 27 3,694 3,106 4,745 7,558
25-34 Orang 2023 0 0 0 0 0 1 32 21 3,754 3,214 5,424 8,258
Orang 2022 0 0 0 0 1 1 41 23 3,709 3,375 5,873 9
Orang 2024 2 0 0 0 28 9 332 131 3,434 3,247 2,234 2,545
35-44 Orang 2023 1 0 0 0 25 11 318 107 3,102 3,001 1,829 2,206
Orang 2022 0 0 0 0 24 7 279 105 2,801 2,692 1,559 1,848
Orang 2024 0 0 4 2 69 23 311 113 1,498 1,282 595 462
45-54 Orang 2023 0 1 3 2 67 19 313 120 1,505 1,195 717 520
Orang 2022 1 1 3 1 63 18 346 121 1,529 1,126 888 548
Orang 2024 9 1 6 0 20 5 33 14 120 72 102 60
>54 Orang 2023 10 1 6 1 21 2 51 15 136 84 156 72
Orang 2022 7 1 7 1 13 4 41 11 141 59 161 68
PERCENTAGE OF DIVERSITY UNIT 2024 2023 2022 STANDARD
Percentage of Employees by Gender
Male % 47.60 47.68 47.99 [GRI 405-1]
Female % 52.40 52.32 52.01
Percentage of Board of Commissioners and Board of Directors by Gender
Male % 86.36 87.26 81.82 [GRI 405-1]
Female % 13.64 21.74 18.18
Percentage of Employees by Position
Top Management % 0.40 0.37 0.36 [GRI 405-1]
Middle Management % 2.59 2.51 2.53
Junior Management % 45.53 43.49 42.69
Non Management % 51.48 53.63 54.42
Percentage of Employees by Age Group
< 30 years % 25.69 26.00 27.00 [GRI 405-1]
30 - 50 years % 68.15 67.00 66.00
> 50 years % 6.17 7.00 7.00
Percentage of Employees by Education Level
Doctorate % 0.03 0.03 0.03 [GRI 405-1]
Master’s Degree % 5.04 4.94 4.87
Bachelor’s Degree or equivalent % 89.25 88.29 87.26
Diploma % 3.82 4.41 5.04
Senior High School % 1.85 2.30 2.77
Junior High School % 0.01 0.03 0.03
Elementary School % - - -
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EMPLOYEES WITH
UNIT 2024 2023 2022 STANDARD
DISABILITIES
Number of Employees with Disabilities
Organic People 15 15 13 [GRI 405-1]
Kriya People 4 9 18
Outsourcing People 72 8 -
Total People 91 32 31
Number of Employees with Disabilities by Gender
Male People 74 23 [GRI 405-1]
Female People 17 9
Total People 91 32 31
Types of Disabilities
Hearing Impairment People 4 3 [GRI 405-1]
Physical Disability People 18 29
Visually Impaired People 7 -
Speech Impaired People 1 -
Other Disabilities People 61 -
Total People 91 32
31
Types of Jobs
Call Center People 15 19 [GRI 405-1]
Back Office People 31 9
Front Office People 23 2
Fields People 20 -
IT People 2 2
Total People 91 32 31
2024
REMUNERATIONS UNIT STANDARD
Average Salary by Position and Gender
Top Management Rp/Month 89,168,843 104,022,441 [GRI 405-2]
Middle Management Rp/Month 44,923,940 44,496,587
Junior Management Rp/Month 16,788,693 16,266,629
Non Management Rp/Month 6,799,640 6,753,421
REMUNERATIONS UNIT 2024 STANDARD
Top Management Ratio 1.17 [GRI 405-2]
Middle Management Ratio 0.99
Junior Management Ratio 0.97
Non Management Ratio 0.99
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AVERAGE WAGE GAP BETWEEN FEMALE AND MALE
UNIT 2024 STANDARD
EMPLOYEES BY POSITION
Average Pay Gap
Top Management % 16.7 [GRI 405-2]
Middle Management % 1.0
Junior Management % 3.1
Non Management % 0.7
Median Pay Gap
Top Management % 13.9 [GRI 405-2]
Middle Management % 0.6
Junior Management % 3.6
Non Management % 1.5
2024
WAGE INDICATOR UNIT STANDARD
Average Salary + Other Incentives (Benefits)
Top Management Rp 90,289,259 104,773,551
Middle Management Rp 44,923,940 44,496,587
Junior Management Rp 16,788,693 16,266,629
Non Management Rp 6,799,640 6,753,421
ANNUAL TOTAL COMPENSATION UNIT 2024 STANDARD
Annual Total Compensation Ratio
Ratio of annual total compensation of the highest paid Ratio 34.06 [GRI 2-21]
individual to the median annual total compensation of
all employees (excluding the highest paid individual)
Percentage increase in the ratio of annual total % 15.62
compensation of the highest paid individual to the
median annual total compensation of all employees
(excluding the highest paid individual)
2024 2023 2022
EMPLOYEE
UNIT STANDARD
RECRUITMENT
Number of Employee Hires by Age and Gender
< 30 years People 671 649 1,109 1,494 1,006 1,028 [GRI 401-1]
30 - 50 years People 615 499 117 47 152 43
> 50 years People 3 0 16 2 7 1
Total People 1,289 1,148 1,242 1,543 1,165 1,072
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EMPLOYEE
UNIT STANDARD
RECRUITMENT
Number of New Employee Hires by Work Area and Gender
Region I/Sumatera 1 People 60 46 48 114 21 59 [GRI 401-1]
Region II/Sumatra 2 People 82 61 123 112 36 40
Region III/Jakarta 1 People 48 66 23 61 28 71
Region IV/Jakarta 2 People 41 85 27 97 39 89
Region V/Jakarta 3 People 38 70 28 55 40 60
Region VI/Java 1 People 53 59 77 112 24 51
Region VII/Java 2 People 56 40 92 158 36 48
Region VIII/Java 3 People 57 54 78 179 33 72
Region IX/ People 47 39 30 55 21 46
Kalimantan
Region X/Sulawesi People 73 53 66 111 34 52
and Maluku
Region XI/Bali and People 37 43 46 51 18 26
Nusa Tenggara
Region XII/Papua People 13 20 14 22 14 15
Overseas Office People 0 0 0 0 0 0
Head Office People 684 512 590 416 821 443
Total People 1,289 1,148 1,242 1,543 1,165 1,072
Number of New Employee Hires by Management Level
Top Management People 1 0 10 3 4 0 [GRI 401-1]
Middle Management People 0 0 9 1 5 2
Junior Management People 910 676 490 337 589 322
Non Management People 378 472 733 1,202 567 748
Total People 1,289 1,148 1,242 1,543 1,165 1,072
Number of New Employee Hires by Nationality
Indonesia Orang 1,289 1,148 1,241 1,543 1,165 1,072
India Orang 0 0 1 0 0 0
Total Orang 1,289 1,148 1,242 1,543 1,165 1,072
EMPLOYEE
UNIT 2024 2023 2022 STANDARD
RECRUITMENT
New Employee Recruitment Cost
Average recruitment Rp 4,378,859 4,378,859 4,378,859
cost per employee
Internal Recruitment
Internal Recruitment % 42 52 23
New Recruitment % 58 48 77
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EMPLOYEE
UNIT STANDARD
TURNOVER
Number of Employee Turnover by Age
< 30 years People 176 276 181 265 185 231 [GRI 401-1]
30 - 50 years People 429 740 387 629 423 511
> 50 years People 491 242 429 157 359 131
Total People 1,096 1,258 997 1,051 967 873
Number of Employee Turnover by Work Area
Region I/Sumatra 1 People 55 94 50 89 47 69 [GRI 401-1]
Region II/Sumatra 2 People 54 78 43 63 45 60
Region III/Jakarta 1 People 65 129 75 88 60 77
Region IV/Jakarta 2 People 56 117 60 103 45 81
Region V/Jakarta 3 People 63 89 55 92 41 57
Region VI/Java 1 People 51 75 58 69 52 51
Region VII/Java 2 People 72 102 56 73 60 61
Region VIII/Java 3 People 82 96 57 73 58 68
Region IX/ People 38 78 36 64 38 49
Kalimantan
Region X/Sulawesi People 51 77 47 59 32 46
and Maluku
Region XI/Bali and People 28 29 31 23 19 9
Nusa Tenggara
Region XII/Papua People 11 32 13 28 13 16
Overseas Office People 0 0 0 0 0 0
Subsidiary Company People 1 1 4 2 4 1
Head Office People 469 261 412 225 453 228
Total People 1,096 1,258 997 1,051 967 873
Number of Employee Turnover by Management Level
Top Management People 21 3 14 3 16 2 [GRI 401-1]
Middle Management People 64 25 55 17 54 15
Junior Management People 426 314 388 262 425 263
Non Management People 585 916 540 769 472 593
Total People 1,096 1,258 997 1,051 967 873
Number of Employee Turnover by Nationality
Indonesia People 1,096 1,258 997 1,051 967 873
Total People 1,096 1,258 997 1,051 967 873
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VOLUNTARY EMPLOYEE
UNIT 2024 2023 2022 STANDARD
TURNOVER RATE
Total Voluntary Turnover Rate
Total Voluntary Turnover Rate % 2.63 2.68 2.89 [GRI 401-1]
People 1,024 1,044 1,102
By Gender
Male % 1.05 1.07 1.35 [GRI 401-1]
Female % 1.59 1.62 1.54
By Age
< 30 years % 0.82 0.92 0.90 [GRI 401-1]
30 - 50 years % 1.64 1.67 1.86
> 50 years % 0.18 0.09 0.12
By Position
Top Management % 0.01 0.09 0.01 [GRI 401-1]
Middle Management % 0.05 0.09 0.06
Junior Management % 0.96 0.09 1.10
Non Management % 1.62 0.09 1.72
By Nationality
Indonesia % 2.63 2.68 2.89
EMPLOYEE TURNOVER
UNIT 2024 2023 2022 STANDARD
RATE
Total Turnover Rate
Total Turnover Rate % 6.06 5.26 4.82 [GRI 401-1]
By Gender
Male % 2.82 2.56 2.53 [GRI 401-1]
Female % 3.24 2.70 2.29
By Age
< 30 years % 1.16 1.15 1.09 [GRI 401-1]
30 - 50 years % 3.01 2.61 2.45
> 50 years % 1.89 1.50 1.28
By Position
Top Management % 0.06 0.04 0.05 [GRI 401-1]
Middle Management % 0.23 0.18 0.18
Junior Management % 1.90 1.67 1.80
Non Management % 3.86 3.36 2.79
By Nationality
Indonesia % 6.06 5.26 4.82
MATERNITY LEAVE UNIT 2024 2023 2022 STANDARD
Workers Eligible for Maternity Leave
Male People 13,463 13,743 13,932 [GRI 401-3]
Female People 13,626 14,605 14,274
Workers Who Take Maternity Leave
Male People 575 621 590 [GRI 401-3]
Female People 829 1,152 1,169
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MATERNITY LEAVE UNIT 2024 2023 2022 STANDARD
Workers Who Return To Work After Taking Maternity Leave
Male People 575 621 590 [GRI 401-3]
Female People 829 1,152 1,169
Rate of Workers Who Take Maternity Leave and Return To Work
Male % 100 100 100 [GRI 401-3]
Female % 100 100 100
The Rate of Employees Who Return to Work After Maternity Leave and are Still Employed 12 months After Returning
Male % 100 100 100 [GRI 401-3]
Female % 100 100 100
ABSENTEEISM
UNIT 2024 2023 2022 STANDARD
RATE
Absentee Rate % of Total Working 0.65 1.02 1.07
Days
Employee % of Employees 6 11 13
Absent
Note: The absentee rate calculation includes both permanent and contract employees. In 2024, Bank Mandiri set a target absentee rate of 1%.
EMPLOYEE ENGAGEMENT UNIT 2024 2023 2022 STANDARD
Employee Engagement Survey
Employee Engagement Survey % 89.93 89.65 88.05
Index
Coverage of Employee % 80.81 75 49
Engagement Survey
TRAINING UNIT 2024 2023 2022 STANDARD
Training on Collection Policies
Number of Training Topics titles 30 NR NR [GRI 404-2] [OJK
F.22]
Number of Participants People 3,399 NR NR
Training on Consumer Financial Protection
Number of Training Topics titles 102 171 NR [GRI 404-2] [OJK
F.22]
Number of Participants People 10,260 26,288 NR
Training on Marketing and Product Information
Number of Training Topics titles 70 49 NR [GRI 404-2] [OJK
F.22]
Number of Participants People 1,013 18,152 NR
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AVERAGE
TRAINING NUMBER OF TOTAL AVERAGE NUMBER OF TOTAL AVERAGE NUMBER OF TOTAL AVERAGE STANDARD
HOURS TRAINING TRAINING TRAINING TRAINING TRAINING TRAINING TRAINING TRAINING TRAINING
PARTICIPANTS HOURS HOURS PARTICIPANTS HOURS HOURS PARTICIPANTS HOURS HOURS
By Job Level
SEVP – 154 9,532 62 158 15,558 90.5 148 17,392 117.5 [GRI 404-1]
SVP [OJK F.22]
VP - AVP 4,120 533,885 130 3,965 807,516 202.6 3,793 661,178 174.3
SM - FAM 13,993 1,947,625 139 13,822 2,553,630 184.2 13,293 2,153,892 162
Executor 19,659 1,743,310 89 19,751 1,839,932 88.5 20,364 1,713,998 84.2
Non- 55 649 12 59 808 9.2 87 2,640 30.3
Executor
Pension/ 2,032 80,698 40 1,738 120,638 58 1,377 80,870 58.7
Terminate
By Gender
Female 20,916 2,140,788 102 20,623 2,664,804 124.4 20,338 2,360,482 116.1 [GRI 404-1]
[OJK F.22]
Male 19,118 2,175,159 114 18,894 2,674,432 136.6 18,736 2,270,256 121.2
Total 40,034 4,315,947 108 39,517 5,339,236 130.2 39,074 4,630,738 118.5
PRODUCTS AND SERVICES UNIT 2024 2023 2022 STANDARD
Product and Service Evaluation
Percentage of products % 100 100 100 [OJK F.27]
evaluated for safety
Products recalled or products 0 Livin’ web 0 [OJK F.29]
discontinued
Data Security Incidents
Number of data security breach Case 0 0 0 [GRI 2-27] [GRI
418-1], [FN-CB-
Percentage of incidents % 0 0 0
230a.1]
involving customer data
Number of affected accounts Accounts 0 0 0
Data and Privacy Security Training
Number of training topics titles 412 197 NR [GRI 404-2]
Number of participants People 81,929 87,793 NR
Customer Complaint Summary
Total customer complaints Unit 912,786 1.082.317 725.559 [OJK F.24]
Complaints in the resolution Unit - - -
process (within the reporting
year*)
Resolved complaints Unit 912,786 1,082,317 725,559
Transaction Volume Transaction 17,381,363,048 15,146,907,333 12,038,675,803
Complaint Index Ratio 0.000053 0.000071 0.00006
Resolution Rate % 100 100 100
Targeted RAS Metric (Complaint Ratio 90 90 108
Ratio per Million Transactions)
Actual RAS Metric (Complaint Ratio 53 71 60
Ratio per Million Transactions)
Customer Satisfaction
Net Promoter Score Score 67 66 60 [OJK F.30]
Customer Satisfaction Score Score 86.11 86.76 86
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INCLUSIVE FINANCIAL
UNIT 2024 2023 2022 STANDARD
ACCESS
Mandiri Agent Performance
Individual Mandiri Agents Individu 110.672 130,100 156,049 [OJK B.1.e,
F.23, F.26, F.28]
Transaction volume Rp trillion 89,72 92.82 88.65
Number of transactions million 86.83 69.27
88,01
transaction
Savings accounts generated by
total 3,17 2,870,000 2,287,036
Mandiri Agents
Financial Literacy and Inclusion Activities
Number of activity participants People 35,876* 13,132 - [OJK F.23, F.26,
F.28] [FN-CB-
240a.4.]
Corporate Social Responsibility (CSR) Costs
Mandiri Sahabatku Rp Million 200 1,444 500 [GRI 203-1,
413-1] [OJK
Mandiri Young Entrepreneurs Rp Billion 6 1.5 8.9
F.25]
Rumah BUMN Rp Billion 4.2 2.0 2.6
Healthy Homecoming with 4.7 3.9
Rp Billion 11.3
BUMN
Aksi Bersih Mandiri** Rp Billion 6.4 - -
Mandiri Air** Rp Billion 2.3 - -
KUR and KUM Performance
KUM Rp trillion 26.9 20.5 15.4 [GRI 413-1]
[OJK F.25, F.26,
KUR Rp trillion 63.9 62.3 62.1
F.28] [FN-CB-
240a.1.]
*Including the Livin’ Up Your Financial, Mandiri Sahabatku, Mandiri Young Entrepreneurs (WMM), and Rice Milling Unit (RMU) programs in 2024
**New Program in 2024
REALIZATION 2024 2023
ACHIEVEMENTS ACHIEVEMENTS
OF BANK
(NUMBER OF (NUMBER OF STANDARD
MANDIRI CSR TARGET REALIZATION REALIZATION TARGET
PROGRAMS) PROGRAMS)
TARGETS
Social Pillar 492 Rp112 Billion Rp112.02 Billion 426 Rp74.0 Billion Rp47.5 Billion [GRI 203-
1, 413-1]
Economic 343 Rp82.5 Billion Rp82.50 Billion 280 Rp70.4 Billion Rp 68.8 Billion
[OJK F.2,
Pillar
F.3, F.25]
Environmental 348 Rp52.5 Billion Rp52.51 Billion 232 Rp23.3 Billion Rp22.5 Billion
Pillar
Legal and 12 Rp3 Billion Rp3 Billion 23 Rp6.9 Billion Rp11.2 Billion
Governance
Pillar
Total 1,195 Rp250 Billion Rp250.03 Billion 961 Rp174.6 Billion Rp150 Billion
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CSR PROGRAM BUDGET ALLOCATION UNIT 2024 2023 STANDAR
Charitable Donations % 44.80 42.35
Community Investments % 54.00 53.65
Commercial Initiatives % 1.20 4.00
CSR CONTRIBUTIONS UNIT 2024 2023 STANDARD
Cash Contribution* Rp Million 0 0
In-Kind Giving** (product or service donations, Rp Million 250.03 174.67
projects/collaborations, or similar)
Management Overhead (consulting and research Rp Million 6.56 9.6
costs)
* Bank Mandiri does not provide direct cash assistance to the community. All CSR contributions are carried out through community development programs
and strategic infrastructure development.
** Total funds realized from the CSR program
SOCIAL PERFORMANCE
UNIT 2024 2023 2022 STANDARDD
OVERVIEW
People’s Business Credit (KUR) Rp Trillion 63.9 62.3 62,1 [OJK B.3]
Beneficiaries of CSR Programs Million 6.5 5.9 5,9
People
Proportion of Female People 20,369 20,374 19.854
Employees
Proportion of Female Managers % 48.91 48.7 48,9
Recapitulation of ESG Capacity Hour 72,600 11,622 -
Building
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Governance
DECRIPTION UNIT 2024 2023 2022 STANDARD
DIVERSITY OF BOARD OF COMMISSIONERS AND DIRECTORS
Female Commissioners % 10 18 20 [GRI 2-9]
Female Directors % 17 25 17 [GRI 2-9]
Independence of the Board of Commissioners
Independent Commissioners % 50 55 50 [GRI 2-9]
CGPI Assessment Results
Governance Structure Score 26.65 31.53 26.65
Governance Process Score 36.24 31.24 36.24
Governance Outcome Score 32.22 32.45 32.22
Total Score Score 95.30 95.22 95.11
(Most Trusted) (Most Trusted) (Most Trusted)
WBS-LTC
Reporting Channels [GRI 2-26]
Letter report 4 9 1
Email report 52 42 47
Website report 79 55 66
SMS/WhatsApp report 122 60 23
Report Classification
Fraud report 38 46 30
Non-Fraud report 219 121 107
Number of Reports Followed report 257 167 137
Up
Number of Reports Resolved report 257 167 137
WHISTLEBLOWING REPORTS
Conflict of Interest case 7 [GRI 205-3]
Discrimination or Harassment case 0
Violations of Customer case 0
Information Security
Corruption and Bribery case 0
Anti-Money Laundering case 0
Violations
Others* case 6
Total case 13
Forgery of Signatures, Fictitious Credit, Manipulation of Credit Documents/Data
CODE OF CONDUCT AND ETHICAL STANDARDS TRAINING
Number of Training Topics title 273 76 [GRI 404-2,
404-3], [FS4]
Number of Participants people 17,301 12,730
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 301
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Performance Data GRI Content Index
Financial Services Authority
References
SASB Content Index for
Commercial Banks
Anti-Corruption and Anti-Fraud Communication and Training by Region
2024 2023
LOCATION UNIT STANDARD
TOTAL % TOTAL %
Anti-Corruption and Anti-Fraud Policies and Procedures Communicated by the Organization
Head Office people 13,811 35.53 12,389 32.43 [GRI 205-2]
Sumatra (Region 1, 2) people 4,787 12.31 4,779 12.51
Jakarta (Region 3, 4, 5) people 6,832 17.57 7,309 19.13
Java (Region 6, 7, 8) people 7,755 19.95 7,770 20.34
Kalimantan (Region 9) people 1,796 4.62 1,929 5.05
Sulawesi & Maluku (Region 10) people 2,043 5.26 2,086 5.46
Bali & Nusa Tenggara (Region 11) people 1,175 3.02 1,158 3.03
Papua (Region 12) people 675 1.74 756 1.98
Total people 38,874 100.00 38,198 100
Participation in Anti-Corruption and Anti-Fraud Training
Head Office people 1,812 42.08 3,588 32.29 [GRI 205-2]
Sumatra (Region 1, 2) people 343 7.97 1,064 9.58
Jakarta (Region 3, 4, 5) people 533 12.38 2,389 21.5
Java (Region 6, 7, 8) people 541 12.56 2,057 18.51
Kalimantan (Region 9) people 590 13.70 953 8.58
Sulawesi & Maluku (Region 10) people 223 5.18 468 4.21
Bali & Nusa Tenggara (Region 11) people 212 4.92 408 3.67
Papua (Region 12) people 52 1.21 184 1.66
Total people 4,306 100.00 11,111 100
Suppliers Receiving Anti-Corruption Communication
2024 2023
DESCRIPTION UNIT STANDARD
TOTAL % TOTAL %
Service Providers People 415 58 659 42 [GRI 205-2]
Goods Suppliers People 297 42 895 58
Total People 712 100 1,554 100
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GRI Content Index
PT Bank Mandiri (Persero) Tbk has reported the information cited in this GRI content index
Statement of Use
for the period 1 January until 31 December 2024 in accordance to the GRI Standards.
GRI 1 Used GRI 1: Foundation 2021
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
General GRI 2: General 2-1 Organizational details 26
Disclosures Disclosures 2021
2-2 Entities included in 37
the organization’s
sustainability reporting
2-3 Reporting period, 37, 38
frequency and contact
point
2-4 Restatement of 37
information
2-5 External assurance 38
2-6 Activities, value chain, 30, 37,
and other business 280-285
relationship
2-7 Employees 221,
289-290
2-8 Workers who are not 221,
employees 289-290
2-9 Governance structure 43, 64-65,
and composition 301
2-10 Nomination and 57
selection of the highest
governance body
2-11 Chair of the highest 43
governance body
2-12 Role of the highest 43, 62,
governance body 64-65,
in overseeing the 116
management of
impacts
2-13 Delegation of 64-65
responsibility for
managing impacts
2-14 Role of the highest 24, 38,
governance body in 64-65
sustainability reporting
2-15 Conflict of interest 49
2-16 Communication of 62-63, 66
critical concerns
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Performance Data GRI Content Index
Financial Services Authority
References
SASB Content Index for
Commercial Banks
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
2-17 Collective knowledge of 52, 132
the highest governance
body
2-18 Evaluation of the 47
performance of the
highest governance
body
2-19 Remuneration policies 57
2-20 Process to determine 57
remuneration
2-21 Annual total 60, 293
compensation ratio
2-22 Statement on 16, 20, 69
sustainable
development strategy
2-23 Policy commitments 28, 69
2-24 Embedding policy 42, 64-65,
commitments 69, 166,
201
2-25 Process to remediate 77, 274
negative impacts
2-26 Mechanisms for 77, 301
seeking advice and
raising concerns
2-27 Compliance with laws 297-298
and regulations
2-28 Membership 36
associations
2-29 Approach to 116
stakeholder
engagement
2-30 Collective bargaining 217
agreements
Material Topics GRI 3: Material 3-1 Process to determine 116, 118
Topics 2021 material topics
3-2 List of material topics 118, 120
Economic GRI 3: Material 3-3 Pengelolaan terhadap 85, 227
Performance Topics 2021 topik material
GRI 201: 201-1 Direct economic 280
Economic value generated and
Performance distributed
2016
201-2 Financial implications 102
and other risks and
opportunities due to
climate change
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Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
201-3 Defined benefit plan 227
obligations and other
retirement plans
201-4 Financial assistance 85
received from
government
Market Presence GRI 3: Material 3-3 Management of 218, 223
Topics 2021 material topics
GRI 202: Market 202-1 Ratios of standard 223
Presence 2016 entry level wage by
gender compared to
local minimum wage
202-2 Proportion of senior 218
management hired
from the local
community
Indirect GRI 3: Material 3-3 Management of 263
Economic Topics 2021 material topics
Impacts
GRI 203: Indirect 203-1 Infrastructure 263, 299
Economic investments and
Impacts 2016 services supported
203-2 Significant indirect 263, 264
economic impacts
Procurement GRI 3: Material 3-3 Management of 87
Practices Topics 2021 material topics
GRI 204: 204-1 Proportion of spending 87, 285
Procurement on local suppliers
Practices 2016
Anti-corruption GRI 3: Material 3-3 Management of 79
Topics 2021 material topics
GRI 205: Anti- 205-1 Operations assessed 79
corruption 2016 for risks related to
corruption
205-2 Communication and 78, 81, 86,
training about anti- 302
corruption policies and
procedures
205-3 Confirmed incidents of 76, 301
corruption and actions
taken
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Performance Data GRI Content Index
Financial Services Authority
References
SASB Content Index for
Commercial Banks
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
Tax GRI 3: Material 3-3 Management of 85
Topics 2021 material topics
GRI 207: Tax 207-1 Approach to tax 85
2019
207-2 Tax governance, 85
control, and risk
management
207-3 Stakeholder 85
engagement and
management of
concerns related to tax
207-4 Country-by-country 85
reporting
Energy GRI 3: Material 3-3 Management of 235
Topics 2021 material topics
GRI 302: Energy 302-1 Energy consumption 235-236,
2016 within the organization 286
302-2 Energy consumption 235, 286
outside of the
organization
302-3 Energy intensity 235, 286
302-4 Reduction of energy 235-236,
consumption 286, 288
302-5 Reductions in energy 235, 286
requirements of
products and services
Water and GRI 3: Material 3-3 Management of 239
Effluents Topics 2021 material topics
GRI 303: Water 303-1 Interactions with water 239
and Effluents as a shared resource
2018
303-2 Management of water 239
discharge-related
impacts
303-3 Water withdrawal 239, 287
303-4 Water discharged 239, 287
303-5 Water consumption 239, 287
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Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
Emissions GRI 3: Material 3-3 Management of 234
Topics 2021 material topics
GRI 305: 305-1 Direct (Scope 1) GHG 234, 286
Emissions 2016 emissions
305-2 Energy indirect (Scope 234, 286
2) GHG emissions
305-3 Other indirect (Scope 108, 234,
3) GHG emissions 286, 287
305-4 GHG emissions 234, 286,
intensity 287
305-5 Reduction of GHG 234, 236,
emissions 286, 288
305-6 Emissions of ozone- - Emissions of Not Bank Mandiri’s
depleting substances ozone-depleting applicable operations
(ODS) substances do not
(ODS) significantly
involve the
use of such
substances,
making them
irrelevant to
the Bank’s
business
activities.
305-7 Nitrogen oxides (NOx), - Nitrogen oxides Not Bank Mandiri’s
sulfur oxides (SOx) and (NOx), sulfur applicable operations
other significant air oxides (SOx) do not
emissions and other significantly
significant air involve the
emissions use of such
substances,
making them
irrelevant to
the Bank’s
business
activities.
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Performance Data GRI Content Index References Commercial Banks
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
Waste GRI 3: Material 3-3 Management of 238
Topics 2021 material topics
GRI 306: Waste 306-1 Waste generation and 238
2020 significant waste-
related impacts
306-2 Management of 238
significant waste-
related impacts
306-3 Waste generated 238, 288
306-4 Waste directed from 238, 288
disposal
306-5 Waste directed to 238, 288
disposal
Employment GRI 3: Material 3-3 Management of 224
Topics 2021 material topics
GRI 401: 401-1 New employee hires 229, 293-
Employment and employee turnover 296
2016
401-2 Benefits provided to 223
full-time employees
that are not provided to
temporary or part-time
employees
401-3 Parental leave 224
Training and GRI 3: Material 3-3 Management of 169, 206,
Education Topics 2021 material topics 227
GRI 404: Training 404-1 Average hours of 213, 298
and Education training per year per
2016 employee
404-2 Programs for 115, 132,
upgrading employee 165-166,
skills and transition 170, 201,
assistance programs
204, 206,
227, 297-
298, 301
404-3 Percentage of 224, 301
employees receiving
regular performance
and career
development reviews
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Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
Diversity GRI 3: Material 3-3 Management of 214, 216,
and Equal Topics 2021 material topics 222
Opportunity
GRI 405: 405-1 Diversity of governance 289,
Diversity bodies and employees 291-292
and Equal
405-2 Ratio of basic salary 222,
Opportunity
and remuneration of 292-293
2016
women to men
Non GRI 3: Material 3-3 Management of 216
Discrimination Topics 2021 material topics
GRI 406: Non 406-1 Incidents of 217
Discrimination discrimination and
2016 corrective actions
taken
Local Community GRI 3: Material 3-3 Management of 274
Topics 2021 material topics
GRI 413: Local 413-1 Operations with 264, 274,
Communities local community 299
2016 engagement, impact
assessments, and
development programs
413-2 Operations with 264, 274
significant actual and
potential negative
impacts on local
communities
Marketing and GRI 3: Material 3-3 Management of 169
Labeling Topics 2021 material topics
GRI 417: 417-1 Requirements for 169
Marketing and product and service
Labeling 2016 information and
labeling
417-2 Incidents of non- -
compliance concerning
product and service
information and
labeling
417-3 Incidents of -
non-compliance
concerning marketing
communications
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Performance Data GRI Content Index References Commercial Banks
Material Aspects OMISSION
and General GRI Standard Disclosure Page Requirement
Disclosures Reason Explanation
Omitted
Customer Privacy GRI 3: Material 3-3 Management of 191
Topics 2021 material topics
GRI 418: 418-1 Substantiated 191,
Customer complaints concerning 297-298
Privacy 2016 breaches of customer
privacy and losses of
customer data
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Financial Services Authority
References [SEOJK G.4]
Circular Letter No.
Disclosure Page
16/SEOJK.04/2021
Sustainability Strategy
A.1 Explanation of the Sustainability Strategy 16, 20, 111
Overview of Sustainability Performance
B.1 Overview of Economic Performance 8, 280-286,
299
B.2 Overview of Environmental Performance 10,12
B.3 Overview of Social Performance 12, 300
Company Profile
C.1 Vision, Mission, and Sustainability Values 27
C.2 Company Address 26
C.3 Company Scale 26, 29-30,
280-281,
289-290
C.4 Products, Services, and Business Activities Conducted 26, 282-285
C.5 Memberships in Associations 36
C.6 Significant Organizational Changes 37
Board of Directors’ Statements
D.1 Board of Directors’ Statements 16, 20
Sustainability Governance
E.1 Responsibility for the Implementation of Sustainable Finance 67
E.2 Competency Development Related to Sustainable Finance 52
E.3 Risk Assessment of Sustainable Finance Implementation 61
E.4 Stakeholder Engagement 116
E.5 Issues Related to the Implementation of Sustainable Finance 67
Sustainability Performance
F.1 Activities to Build a Sustainability Culture 28, 114
Economic Performance
F.2 Comparison of Targets and Performance in Production, Portfolio, Financing 280-285,
Targets, Investments, Revenue, and Profit/Loss 288, 297-
299
F.3 Comparison of Targets and Performance in Portfolios, Financing Targets, or 282-285,
Investments in Financial Instruments or Projects in Alignment 299
Environmental Performance General
F.4 Environmental Costs 239, 288
Material Aspects
F.5 Use of Environmentally Friendly Materials 110, 237,
288
Energy Aspects
F.6 Amount and Intensity of Energy Used 235, 286
F.7 Efforts and Achievements in Energy Efficiency and Renewable Energy Usage 235, 286,
288
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Performance Data GRI Content Index References for Commercial Banks
Circular Letter No.
Disclosure Page
16/SEOJK.04/2021
Water Aspects
F.8 Water Usage 239, 287
Emission Aspects
F.11 Amount and Intensity of Emissions Produced by Type 234, 286,
287
F.12 Efforts and Achievements in Reducing Emissions 233-234,
288
Waste and Effluent Aspects
F.13 Amount of Waste and Effluent Produced by Type 11, 238-
239, 288
F.14 Waste and Effluent Management Mechanisms 238-239,
288
F.15 Spills That Occurred (if any) 239, 288
Environmental Complaints Aspects
F.16 Number and Nature of Environmental Complaints Received and Resolved 239
Social Performance
F.17 Commitment of Financial Services Institutions (FSIs), Issuers, or Public 164
Companies to Provide Equal Access to Products and/or Services for Consumers
Employment Aspects
F.18 Equality of Employment Opportunities 11, 214
F.19 Child Labor and Forced Labor 217
F.20 Regional Minimum Wage 223
F.21 Decent and Safe Working Environment 230
F.22 Employee Training and Development 210,
297-298
Community Aspects
F.23 Impact of Operations on Surrounding Communities 244, 264,
274, 299
F.24 Community Complaints 264, 298
F.25 Social and Environmental Responsibility (CSR) Activities 263, 288,
299
F.26 Innovation and Development of Sustainable Finance Products/Services 282-283,
285, 299
F.27 Products/Services Evaluated for Customer Safety 171, 282,
283, 285,
298
F.28 Impact of Products/Services 244, 299
F.29 Number of Products Recalled 171, 298
F.30 Customer Satisfaction Survey on Sustainable Finance Products and/or Services 299
Others
G.1 Written Verification from Independent Parties, If Any 38
G.2 Feedback Form 315
G.3 Responses to Feedback on the Previous Year’s Report 315
G.4 List of Disclosures According to POJK 51/2017 37, 311
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SASB Content Index Commercial
Banks
Code Description Page
Data Security
FN-CB-230a.1. (1) Number of data breaches, (2) percentage involving personally identifiable 298
information (PII), (3) number of account holders affected
FN-CB-230a.2. Description of approach to identifying and addressing data security risks 178
Financial Inclusion & Capacity Building
FN-CB-240a.1. (1) Number and (2) amount of loans outstanding qualified to programs designed to 284, 299
promote small business and community development
FN-CB-240a.2. (1) Number and (2) amount of past due and nonaccrual loans qualified to programs 284
designed to promote small business and community development
FN-CB-240a.3. Number of no-cost retail checking accounts provided to previously unbanked or 245
underbanked customers
FN-CB-240a.4. Number of participants in financial literacy initiatives for unbanked, underbanked, or 299
underserved customers
Incorporation of Environmental, Social, and Governance Factors in Credit Analysis
FN-CB-410a.2. Description of approach to incorporation of environmental, social and governance 133
(ESG) factors in credit analysis
Financed Emissions
FN-CB-410b.1. Absolute gross financed emissions, disaggregated by (1) Scope 1, (2) Scope 2 and 286
(3) Scope 3
FN-CB-410b.2. Gross exposure for each industry by asset class 108, 287
FN-CB-410b.3. Percentage of gross exposure included in the financed emissions calculation 108, 286
FN-CB-410b.4. Description of the methodology used to calculate financed emissions 108
Business Ethics
FN-CB-510a.1. Total amount of monetary losses as a result of legal proceedings associated with Not
fraud, insider trading, anti-trust, anti-competitive behaviour, market manipulation, reported
malpractice, or other related financial industry laws or regulations
FN-CB-510a.2. Description of whistleblower policies and procedures 77
Systemic Risk Management
FN-CB-550a.1. Global Systemically Important Bank (G-SIB) score, by category 67
FN-CB-550a.2. Description of approach to incorporation of results of mandatory and voluntary 90-107
stress tests into capital adequacy planning, long-term corporate strategy, and other
business activities
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Sustainable Banking Assessment
(SUSBA) References
Indicator Disclosure Page
Objective Sustainability Strategy and Stakeholder Engagement 21-23, 101-107, 111-112,
116-117, 118-122
Participation in sustainable finance initiatives 91-100, 116-122,
130-136, 149, 278
Policy Public statements on ESG (Environmental, Social, and Governance) 130-131, 134-136,
140-141
Public statements on specific sectors 139, 142-148
Process ESG risk assessment and transaction approvals 133-139
Supervision and client engagement 136-139
Community Responsibility towards ESG 61, 64-68
Environmental & social staff training and performance evaluation 52-56, 64-68, 115, 132,
165-166, 170, 201
Product Integration of ESG into products and services 131, 133-139, 140-148,
149, 150-161
Portfolio ESG risk assessment and mitigation at the portfolio level 134-139
Disclosure of ESG risk exposure and targets 134-139, 150-161
314 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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(SUSBA) References Feedback Form Statement Green Bond Impact Report
Feedback Form [SEOJK G.2, G.3]
Bank Mandiri did not receive any feedback on the 2023 Sustainability Report. Bank Mandiri remains open to feedback and
suggestions for the improvement of the report by providing forms and channels for stakeholders to share their input.
YOUR PROFILE (PLEASE FILL OUT IF YOU WISH)
Name :
Institution/Company :
Email :
Phone/Cell :
STAKEHOLDER GROUPS
Shareholders/Investors Customers Employees
Labor Unions Media Suppliers
Civil Society Organizations/NGOs Government/OJK Business Organizations
Others
Somewhat Don’t Strongly
How would you evaluate the writing of this report? Disagree Agree
Disagree Know Agree
The report is easy to understand
The report is useful
The report reflects the performance of the company in
sustainable development
How would you rate the materiality level on the Not Somewhat Don’t Very
Important
following topics: Important Important Know Important
Data Security and Customer Privacy
Sustainable Finance Portfolio (Sustainable Portfolio)
Digitalization and Access to Finance (Financial Inclusion)
Community Development
Managing Environmental Footprint
Integration of ESG into Bank Products and Services
Climate Change
Employee Development
Business Ethics (Ethics and Anti- Corruption)
Diversity, Equity, and Inclusion
Please provide your suggestions, recommendations, or comments on this report:
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 315
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Independent Assurance Statement
Independent Assurance Statement
No. 0160/KSP-I/2025
To the management and stakeholders of PT Bank Mandiri Responsibility
(Persero) Tbk, BANK MANDIRI is responsible for the preparation of the report
and all information and claims therein, which include establishing
We were engaged by PT Bank Mandiri (Persero) Tbk (‘BANK sustainability management targets, performance management,
MANDIRI’) to provide assurance regarding its Sustainability Report data collection, and other performance actions.
2024 (‘the Report’). The assurance engagement was conducted
by our assurance team, which possesses extensive relevant In performing this engagement, meanwhile, our responsibility to
professional and technical competencies and experience. The the management of BANK MANDIRI is solely for the purpose of
team comprised certified sustainability reporting specialists and verifying the statements it has made in relation to its sustainability
certified sustainability reporting assurers to ensure a high level of performance, specifically as described in the agreed scope, and
competency in executing the engagement. expressing our opinion on the conclusions reached.
Independence Methodology
We carried out all assurance undertakings with independence and In order to assess the veracity of certain assertions and specified
autonomy, having not been involved in the preparation of any data sets included within the Report, as well as the systems and
key part of the Report, nor did we provide any services to BANK processes used to manage and report them, the following methods
MANDIRI during 2024 that could conflict with the independence of were employed during the engagement process:
the assurance engagement.
Reviews were conducted on the Report, internal policies,
Assurance Standards, Levels, and Criteria documentation, management and information systems, and
Our work was carried out in accordance with AA1000 Assurance included interviews with relevant staff in sustainability-related
Standards v3 (AA1000AS v3) issued by AccountAbility and management and reporting. This also involved following data
International Standard on Assurance Engagements ISAE 3000 trails to the initial aggregated source and checking data samples
(Revised), ‘Assurance Engagements other than Audits or Reviews in greater depth.
of Historical Financial Information,’ issued by the International
Auditing and Assurance Standards Board. Scope of Assurance
We provided a Type 2 assurance engagement under AA1000AS v3.
By designing our evidence-gathering procedures to obtain a This involved:
moderate level of assurance as set out in AA1000AS v3, readers of 1) Assessment of BANK MANDIRI’ adherence to the AA1000AP
the report can be confident that all risks or errors have been reduced (2018); and
to a very low level, although not necessarily to zero. Moreover, 2) Assessment of the accuracy and quality of the specified
BANK MANDIRI’ adherence to the AccountAbility Principles (AP) sustainability performance information contained within the
was evaluated in accordance with the criteria of AA1000AP (2018) Report, in relation to the agreed scope of GRI Standards which
on Inclusivity, Materiality, Responsiveness, and Impact. In addition, includes Environmental and Social KPIs:
the Report, within the agreed scope, has been assessed according - Environmental:
to the GRI Standards criteria. 305. Emission
Limitations - Social:
Our scope of work was limited to a review of the accuracy and 404. Training and Education
reliability of specified data and interviews with data providers, 417. Marketing & Labelling
persons in charge of data collection and processing, as well 418. Customer Privacy
as persons in charge of sustainability performance-related
information.
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Conclusions Impact
Conclusions in regard to adherence to the AA1000AP (2018) of BANK MANDIRI has demonstrated a commitment to addressing
Inclusivity, Materiality, Responsiveness, and Impact include the stakeholder concerns and engaging with the local community.
following findings: This responsiveness has helped BANK MANDIRI maintain a positive
reputation and build strong relationships with its stakeholders.
Inclusivity The company focuses on measuring and reporting social
performance metrics to minimize or eliminate negative impacts
BANK MANDIRI has demonstrated a commitment to promoting
while maximizing positive relationships with the community and
an inclusive work by promoting diversity, and equity. The
other stakeholders. Furthermore, BANK MANDIRI should consider
assessment has shown that there are comprehensive policies and
promoting sustainability initiatives with its supply chain to lower its
procedures in place that take into account the different needs and
carbon footprint, waste, and environmental degradation.
backgrounds of all stakeholders. Moreover, BANK MANDIRI has
established appropriate channels and mechanisms for feedback
Conclusion on the accuracy and quality of the specified
and suggestions from stakeholders.
sustainability performance.
However, to enhance its commitment to inclusivity, BANK MANDIRI Based on our limited assurance engagement, nothing has come to
is recommended to develop strategies for attracting and retaining our attention that causes us to believe the data of the Report, in
a diverse workforce by ensuring inclusive practices and updating relation to the agreed scope, has been materially misstated.
existing policies. These updates should promote inclusivity
and address any potential biases or discrimination within the All key assurance findings are included herein, while detailed
organization. We also encourage BANK MANDIRI to enhance observations and follow-up recommendations have been
stakeholder trust and engagement, as well as improve long-term submitted to BANK MANDIRI management in a separate report.
business resilience.
Materiality Jakarta, January 23, 2025
We found that BANK MANDIRI has demonstrated a good PT Sucofindo
understanding of material aspects that impact stakeholders and Engagement Leader
the business itself. BANK MANDIRI has identified key material
issues relevant to its operations and has incorporated them into its
sustainability reporting process.
However, we recommend that BANK MANDIRI further strengthen its
commitment to materiality principles by conducting assessments
Syaeful Bahrie
to identify sustainability aspects that can guide and support
Certified Assurance Practitioner No. 10024117
decision-making.
Certified Sustainability Reporting Assurer No. A-PK2I3-2501-008
Responsiveness
We found that BANK MANDIRI has demonstrated a strong Sucofindo is an independent and state-owned companybased in
commitment to engaging with stakeholders and addressing their Indonesia that offers a wide range of inspection, testing of industrial
concerns in various aspects by establishing clear mechanisms for products, marine survey, quality assurance and quality control,
responding to stakeholder concerns transparently and ensuring certification of management system such as ISO 9001, ISO 14001, and
prompt follow-up. Through proactive stakeholder and local OHSAS 18001, as well as certification of various product standards.
community engagement, BANK MANDIRI has been able to build Sucofindo is member of IDSurvey Holding Company.
strong relationships with its stakeholders and create a culture of
trust and collaboration. Sucofindo is known for its high level of professionalism and competence,
and its services are recognized not just in Indonesia, but also
However, BANK MANDIRI should continue to enhance its internationally. Sucofindo has a variety of technologies and equipment
responsiveness framework by promoting greater collaboration that helps them provide expertise and support their client’s business
between the company and its stakeholders. objectives. Over the years, Sucofindo has gained a reputation for its
reliability, integrity, and consistency with delivering quality services.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 317
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Sustainability Financial Services Authority SASB Content Index for Appendices Performance Data GRI Content Index References Commercial Banks 318 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
Page 319
GREEN BOND
REPORT
December
2024
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 319
Page 320
TABLE OF CONTENTS
01 Introduction
02 Summary of Bank Mandiri’s Green
Bond Framework & Issuance Details
03 Allocation Report
04 Impact Report
05 Conclusion
320 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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01
GREEN BOND REPORT
INTRODUCTION
Global efforts to achieve Net Zero In facing challenges and
Emissions (NZE) and Sustainable uncertainties, Bank Mandiri
Development Goals (SDGs) consistently and proactively
commitments rely heavily on the innovates products and services
financial sector’s involvement. that prioritize the principles
As Indonesia’s largest bank and of Environmental, Social,
corporate lender, PT Bank Mandiri and Governance (ESG). This
(Persero) Tbk. (Bank Mandiri) comprehensive transformation
recognizes its important role in encompasses policies, strategies,
pioneering sustainable finance and daily operations, advocating for
generating positive environmental environmental conservation and
and social impacts. social inclusion through various
carbon-neutral initiatives, and
Bank Mandiri has developed a expanding financial services to
transformative business plan to reach marginalized communities and
become a Sustainability Champion economically underserved areas.
for a Better Future by implementing
the Sustainable Finance Action Bank Mandiri actively directs
Plan (RAKB). This vision is realized financing to various environmentally
through three main commitments, friendly activities as part of its
namely Lead Indonesia’s Transition commitment to sustainable
to Low Carbon Economy, Net environmental management. The
Zero Emission (NZE) in Operations main focus is on renewable energy
by 2030, and Catalyzing Multiple projects, sustainable infrastructure,
Growth for Social Impact to Achieve and business practices supporting
SDGs. environmental sustainability.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 321
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0
GREEN BOND REPORT
In addition, Bank Mandiri is As a follow-up to the RAKB and
determined to increase access sustainability commitment, Bank
to banking and financial services, Mandiri successfully launched its
especially for underserved first domestic Environmentally Sound
communities. These efforts include Bond, namely the Bank Mandiri
driving social and economic Environmentally Sound Bond I
progress and empowering the Phase I Year 2023 in July 2023.
unbanked and non-bankable The issuance of this bond is an
segments through digitalization important step in the implementation
of the Sustainable Banking pillar,
Bank Mandiri’s sustainability which includes the development of
initiatives are not just standalone a sustainable portfolio, the provision
efforts, but a comprehensive of environmentally friendly products,
approach to sustainable finance. The and the improvement of sustainable
bank strengthens these initiatives services. Through this initiative,
by developing internal capabilities Bank Mandiri confirms its dedication
to implement ESG (Environmental, to supporting the government’s
Social, Governance) principles and program towards a sustainable
integrating a green business mindset economy, actively participating in the
as a fundamental value of the sustainable finance roadmap initiated
company. by the Financial Services Authority
(OJK) and actively contributing
to achieving the 17 Sustainable
Development Goals (SDGs).
322 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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02
GREEN BOND REPORT
SUMMARY OF
BANK MANDIRI’S
GREEN BOND
FRAMEWORK &
ISSUANCE DETAILS
GREEN B O N D F R A M E WO R K
The issuance of Bank Mandiri’s of Environmentally Friendly Debt
Domestic Green Bond is carried out Securities (Green Bonds) (“POJK
in accordance with the Financial 60”) and engaged SDGs Hub
Services Authority Regulation Universitas Indonesia to provide a
No. 60/POJK/04/2017 regarding Second Party Opinion (SPO). Below
the Issuance and Requirements is the summary of the framework:
USE OF PRO CE E DS
Bank Mandiri will ensure a minimum 70% of the proceeds for financing or
refinancing Environmentally Friendly Public Activities or Kegiatan Usaha
Berwawasan Lingkungan (KUBL).
Environmentally Friendly Public Activities (KUBL) Sectors
• Renewable energy Living • Climate Change
• Energy efficiency • Terrestrial and Adaptation
• Pollution Prevention Aquatic Biodiversity • Eco-efficient
& Control • Clean transportation adapted products
• Environmentally • Sustainable Water • Green building
Sustainable and Wastewater
Management of Management
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GREEN BOND REPORT
P ROJEC T E VALUAT I O N AND SE LE CT I O N
Technical Team (ESG
Group, Treasury Risk Management
Business Group, and other and Credit Policy
Unit related Group) Committee (RMPC)
MANAG E M E NT O F P RO CE E DS
The projects and assets will be identified and
Monitoring periodically monitored ensuring overall compliance
and Tracking with the portfolio allocation requirements in the
KUBL sectors accordance with Financial Services
Authority Regulation No. 60 of 2017.
If there are remaining funds unallocated, they may be
Unallocated invested in safe and liquid financial instruments, in
Proceeds cash or high-quality instruments such as government
bonds or Bank Indonesia instruments, following
Bank Mandiri’s liquidity management strategy until
full allocation is achieved.
324 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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GREEN BOND REPORT
R EPORT ING
Bank Mandiri is obligated to submit periodic review reports conducted by
Environmental Experts once a year and whenever there is a material change
in KUBL. The review report is attached to the Company’s Annual Report
submitted to the Financial Services Authority.
Allocation Reporting
This allocation reports will provide the following detail:
• Brief descriptions of projects funded from the Green Bond
issuance;
• The amount of funds obtained from Green Bond allocated to each
project.
Impact Reporting
Bank Mandiri will report the positive impact resulting from the
implementation of KUBL projects. The calculation of environmental
impact can be measured using practical indicators.
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 325
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0
GREEN BOND REPORT
TH E ISSUA N C E
On July 4, 2023, Bank Mandiri the domestic bond market with an
issued Bank Mandiri Phase I Green emission value of Rp5 trillion and
Bonds I year 2023, marked as the oversubscribed by 3.7 times.
inaugural green-form issuance on
Plafond Size Rp10 Trillion
1st Phase Issuance Size Rp5 Trillion
Tenor and Size Seri A: 3 years – Rp1.95 trillion
Seri B: 5 years – Rp3.05 trillion
Coupon Seri A: 3 years – 5.80%
Seri B: 5 years – 6.10%
Coupon Payment Quarterly 30/360
Securities Distribution 4 July 2023
Rating idAAA from Pefindo
Listing Indonesia Stock Exchange (IDX)
Use of Proceeds To finance or refinance, in whole or in part,
eligibility green bond projects in accordance with
certain prescribed eligibility criteria as described in
POJK No.60/2017, with minimum 70% allocation
Final Orderbook Rp18.70 Trillion
326 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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03
GREEN BOND REPORT
ALLOCATION
REPORT
As of October 2024, Bank Mandiri year 2023. The allocation details are
has fully allocated the proceeds of as follows:
Bank Mandiri Phase I Green Bonds I
Eligible Category Loan Type Amount Allocation of
(Refinanced/ Allocated* Proceeds
financed) (in IDR billion)
Renewable Energy Refinanced 3,030 61%
(2023)
Environmentally Refinanced 1,958 39%
Sustainable (2019, 2023)
Management of Living
Natural Resources and
Land Use
Total 4,988 100%
* Clean amount excludes issuance fees (e.g. underwriter fee, legal counsel fee, etc)
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 327
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04
GREEN BOND REPORT
IMPACT REPORT
The estimated environmental and social impact for Eligible Categories
according to the Green Bond Framework are shown in the tables below:
Eligible Alignment % of Asset Types of Brief Descriptions &
Category to SDGs Allocation Projects Impact Indicators*
Renewable 61% Hydro Power Estimated environmental impact
Energy Plant produced:
Renewable energy produced per
Year: 533,038 MWh
The minimum avoided Green House
Gas emissions per year: 58,364
tCO2e
The potential of houses served:
approx. 122,256 houses
Environmentally 39% Certified Palm Bank Mandiri has provided financing
Sustainable Oil & CPO to certified palm oil and CPO (Crude
Management of Palm Oil) industries that adhere to
Living Natural global best practices in sustainability.
Resources and This commitment is reflected in their
Land Use certifications from the Indonesian
Sustainable Palm Oil (ISPO) and the
Roundtable on Sustainable Palm Oil
(RSPO).
* For details on assumptions to calculate impact indicators, see Appendix I
328 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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05
GREEN BOND REPORT
CONCLUSION
Bank Mandiri recognizes the and transform operations,
importance of integrating and financing that supports
sustainability values into the environmentally friendly businesses
company’s vision and mission. By with a lower carbon footprint, such
implementing the Environmental, as Sustainability-Linked Financing &
Social, and Governance (ESG) Transition Financing.
principles in business activities, Bank
Mandiri is determined to contribute In ensuring accountability for
to sustainable economic growth the issuance of Environmentally
and support the achievement of the Sound Bonds, Bank Mandiri
17 Sustainable Development Goals is committed to improving
(SDGs). management mechanisms,
transparency in using funds, and
As one of Indonesia’s leading players the credibility of annual reports.
in sustainable finance, Bank Mandiri As a validation step, this report
encourages sustainable finance has undergone an independent
practices, especially in supporting external review conducted by the
the Low Carbon Economy. This SDGs Hub, University of Indonesia,
commitment is realized through further reinforcing Bank Mandiri’s
support for clients in high-carbon- commitment to transparency and
intensity sectors, innovative financial accountability.
solutions to help clients decarbonize
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GREEN BOND REPORT
AP P E ND I X I
IMPACT REPORTING
KEY ASSUMPTIONS
The reported results are based on the assumptions from publicly
available sources. Key assumptions for impact calculation are indicated
in the table below.
Eligible Types of Data Assumption
Category Projects
Renewable Hydro Power The calculation for minimum GHG emission avoided is using the
Energy Plant assumption from publicly available source below:
CO2 emission factor of Sumatera Selatan interconnection
system: 0.95 tCO2e/MWh
CO2 emission factor for hydro power plant: 0.84 tCO2e/
MWh (Kementerian ESDM. 2019. Faktor Emisi Sistem
Ketenagalistrikan)
Environmentally Certified Palm Financing to certified palm oil and CPO (Crude Palm Oil) industries
Sustainable Oil & CPO that adhere to global best practices in sustainability within their
Management of operations, with the details as follow:
Living Natural Certification: ISPO (Indonesian Sustainable Palm Oil) and
Resources and RSPO (Roundtable on Sustainable Palm Oil)
Land Use Total land amount: 19 (14 ISPO and 5 RSPO)
Total land area: 142,805 hectares (78,999 hectares (ISPO) and
63,806 hectares (RSPO))
330 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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GREEN BOND REPORT
A P P E ND I X 2
REVIEW REPORT YEAR 2
GREEN BOND BANK MANDIRI
SDGS HUB UI
Sustainable Development
SDGs Hub UI Goals Hub (SDGs Hub)
Sustainable Development Goals Hub I-SER FMIPA UI
University of Indonesia Gedung Laboratorium Multidisiplin FMIPA
Kampus Depok, Depok 16424
REVIEW REPORT BY
ENVIRONMENTAL EXPERT
SDGs Hub Universitas Indonesia, the Environmental Expert organization, has
been selected to review Bank Mandiri’s Sustainable Environmentally Friendly
Bonds Report Phase I 2023 (“Green Bond Report”). Our review results include
several supporting data related to the issuance of Bank Mandiri Sustainable
Environmentally Friendly Bonds I Phase I 2023 (“Green Bond Phase I 2023”).
Environmental Experts have relevant experience and certificate competencies in
environmentally friendly activities (attached-Attachment I).
Bank Mandiri Management Responsibilities
Bank Mandiri management is responsible for preparing and presenting the Green
Bond Phase I 2023 Report 2024 under Bank Mandiri’s Green Bond Framework.
Responsibilities of Environmental Experts
The Environmental Expert’s responsibility is to review
the Green Bond Report and several other supporting documents following the
provisions of POJK No. 60 of 2017. The review we carried out included the
suitability of the implementation of the selection of Environmentally Friendly
Business Activities (“KUBL”) projects as stated in the Green Bond Framework
and in POJK 60 of 2017. Even though POJK No. 18 of 2023 replaces POJK 60 of
2017, but Issuers who have issued Environmentally Friendly Debt Securities before
POJK 18 of 2023 comes into force, following the provisions regulated in POJK No.
60/POJK.04/2017 concerning Issuance and Requirements for Environmentally
Friendly Debt Securities (Green Bond). Funds were distributed from Phase I Green
Bond issuance 2023 to selected KUBL projects; per Green Bond Frameworks,
100% of the proceeds from the Green Bond Phase I 2023 issuance have been
allocated, as reported in the Green Bond Phase I 2023 Report 2024 and there is no
difference in the KUBL category in the framework for funded projects. Environmental
Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 331
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GREEN BOND REPORT
Sustainable Development
SDGs Hub UI Goals Hub (SDGs Hub)
Sustainable Development Goals Hub I-SER FMIPA UI
University of Indonesia Gedung Laboratorium Multidisiplin FMIPA
Kampus Depok, Depok 16424
Experts reviewed the environmental impacts in the 2023 Green Bond
Phase I 2024 Report and adjusted them to the available data.
Review results
The results of the review of Green Bond Phase I 2023 Report 2024
regarding the distribution of the proceeds from the issuance of Green
Bond Phase I 2023 are as follows:
1) The selection of the KUBL project in distributing funds from the issuance
of Green Bond Phase I 2023 is under the Green Bond Framework.
2) 100% of the proceeds from the issuance of Green Bond Phase I 2023
have not changed from the funds that have been allocated to finance
the two approved KUBL sectors. The two projects are renewable energy
and management of biological natural resources (pages 5 in the Annual
Report).
3) The ongoing renewable energy project has an estimated positive impact
on the environment which is the most minimal impact estimate of the
project and is in accordance with the indicators in the KUBL that Bank
Mandiri has previously determined. These indicators are obtained
through consistent calculations and in accordance with existing best
practices. The estimated number of households/houses that can be
served by renewable energy in the second year (2024) is 122,256
houses (pages 7 and 9 in the Annual Report).
4) The Sustainable Living Natural Resources and Land Management
project already has a record of impact calculations where there have
been 14 ISPO certifications and 5 RSPO certifications with a land area
of 142,805 hectares; this is under the sustainability aspect and reduces
negative impacts on the environment and local communities.
Jakarta, December 24th, 2024
Dr. Triarko Nurlambang, MA Prof. Dr. Jatna Supriatna, M.Sc
332 PT Bank Mandiri (Persero) Tbk Sustainability Report 2024
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GREEN BOND REPORT Sustainability Report 2024 PT Bank Mandiri (Persero) Tbk 333
Page 334
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p.71
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PT Deloitte Advis Indonesia
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