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PT Saratoga Investama Sedaya Tbk From Strategy to Impact:
2023 Sustainability Report
Embarking on the Path
for Sustainable Impact
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PT SARATOGA INVESTAMA SEDAYA TBK SUSTAINABILITY REPORT 2023 1 DISCLAIMER The Sustainability Report of PT Saratoga Investama Sedaya Tbk., hereinafter referred to as “the Report,” contains material data and information for stakeholders regarding Saratoga’s sustainability performance in 2023. In general, the content of this report is derived from internal analyses as well as reliable documents and sources. The terms “Saratoga,” “Company,” or “We” in the Report refer to PT Saratoga Investama Sedaya Tbk. Readers should be aware that this report contains views and forward-looking statements. Saratoga recognizes that risks and uncertainties related to various factors could affect its operating performance and business conditions in the future. As such, we remind readers that Saratoga cannot guarantee that the forward looking statements will reflect actual conditions in the future. Therefore, we remind readers to use them prudently. The tables and charts shown in this Report present numeric data using the standard English notation. The presentation of numerical values in the text also uses the English notational standard.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 2
Disclaimer 1 Empowered Workforce for Sustained Excellence 44
TABLE OF Our Contributions to Sustainable Development Goals 45
CONTENTS Table of Contents 2 Our Impact in 2023 at a Glance 46
Commitment to Equal Opportunity 47
Theme Description 3 Employee Well-Being and Engagement 49
Learning and Development 54
Sustainability Highlights 4
Encouraging Environmental Actions for
Message from the President Director 6 Sustainable Impact 56
Our Contributions to Sustainable Development Goals 57
About Saratoga 8 A Brief Look at Our Environmental Impact 58
Business Lines 9 Saratoga Eco-Insights 59
Our Active Investment Methodology 11 Empowering Sustainability 61
Our Investment Framework 11
Membership Association 14 Igniting Positive Change through Community
Awards 15 Empowerment 65
Our Contributions to Sustainable Development Goals 67
Our Foundations in ESG Management 16 Our Impact in 2023 at a Glance 68
Sustainability Approach 17 Community Empowerment 69
ESG Governance 20 Social and Cultural Development 75
ESG Risk Assessment 23
Stakeholder Engagement 24 About this Report 78
Scope, Contents, and Boundaries of Reporting 79
Fostering Ethical Business and Good Corporate Materiality Assessment Process with Stakeholders 80
Governance 25 Saratoga’s Material Topic 82
Good Corporate Governance Principles
and Practices 26 Our Contribution to Sustainable Development Goals 83
Governance Structure 27
Towards an Ethical Business with Integrity 32 Data Table 86
Performance Evaluation and Remuneration Policy of
the Board of Commissioners and Directors 35 Index 89
UNGC Index 90
Investments for the Future 36 GRI Standard Index 91
Confronting Global Economic Challenges 37 POJK Index 97
Saratoga Economic Performance 39
Sustainable Investing 40 Feedback Form 102
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 3
From Strategy to Impact:
Embarking on a Path for
Sustainable Future
In 2023, Saratoga entered a new chapter in embarking on a regarding sustainability, formulating comprehensive plans, and
journey to create positive contributions continuously. The ensuring the thoroughness of sustainability-related policies.
Company’s growth aligns with its commitment to advancing Through this stage, Saratoga establishes the groundwork for
Indonesia’s development. In pursuit of sustainable business implementation of sustainability efforts and innovations in the
practices, Saratoga has formulated a meticulously prepared ESG future.
roadmap in 2022 functions as a strategic guide, directing the
implementation of initiatives and endeavors aimed at realizing We are committed to continuously undergoing positive
Saratoga’s sustainability objectives. transformation with the aim of becoming a company that
contributes to achieving sustainable development for all parties
This initial phase of ESG Roadmap commenced in 2023 while creating benefits for society and the environment.
concentrates on fostering the Company’s internal perception
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 4
Sustainability Economy[POJK B.1] [POJK B.2] [POJK B.3]
Highlights 2023
New and Additional
Net Asset Valuation Dividend Income Investment
Investment
IDR IDR IDR IDR
48,854 2,784 49,008 2,152
billion billion billion billion
(19.82%
(8.2% YoY)
YoY) (7.45%
(8.2% YoY)
YoY) (20.34%
(8.2% YoY)
YoY) (88.23%
(8.2% YoY)
YoY)
Augmenting Our Commitment in Sustainable Investments
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 5
Environment Social
Strengthening Actions for Reducing Our Fostering an Inclusive, Equitable, Promote Community
Environmental Preservation Ecological Footprint and Respectful Work Environment Empowerment
Initiated constructive discussion Reaching a milestone 64 employees IDR 1.223 billion
of waste management in GHG inventory for the community
in Menara Karya building, Male Female
Saratoga’s office 52% 48%
Support 32 Total training hours Scholarships for 10 students
Electricity usage
environmental 790 hours and 2 laptop donations
projects through 9.6%* in SMK ORA et LABORA
Green Leader 56%*
Participated in the 100% of employees 400 grocery packages
Paper usage
UN Global Compact received performance for vulnerable groups
Climate Ambition 57.67%* evaluations and appraisals
Accelerator Training
Employees are satisfied
Collaborating with with the management and Support for 96 elderly
2 institusions facilities provided by Saratoga from 2 nursing homes
on Pollution Reduction
*Compared to 2019 baseline data *Compared to data in 2022
Governance
ASEAN Corporate
Corruption Report on Insider trading Conflict of
Governance Card Data breach
incident code breaches action interest
Score: 89.24 zero
zero zero zero zero
(Good)
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 6
Dear Valued Stakeholders, resilient due to a robust management system adept at
MESSAGE FROM After three years of consistently publishing sustainability addressing prevailing dynamics.[POJK E.5]
PRESIDENT DIRECTOR [GRI 2-22] reports, I am proud to present our 4th Sustainability Report for
2023. This year was particularly notable for us, as it showcased At the beginning of this year, Saratoga proudly held the
our unwavering commitment to sustainability while yielding Saratoga Investment Summit, an international forum featuring
positive financial results. This success is a testament to effective prominent figures from the investment and technology
collaborations and collective efforts from all stakeholders. I sectors, alongside the President of the Republic of Indonesia
extend my deepest gratitude to all our stakeholders for their and cabinet ministers. This event signifies Saratoga’s alignment
support and contributions throughout 2023. with the government’s economic agenda and underscores
our dedication to fostering a collaborative and sustainable
Our commitment to global sustainability objectives continues, investment climate.
as we actively contribute to achieving 10 Sustainable
Development Goals (SDGs) through various initiatives. We In implementing sustainable investments, Saratoga ensures
recognize the crucial role of the Paris Agreement in addressing meticulous oversight of investment decisions by incorporating
global warming, a commitment reaffirmed at the 2023 United ESG due diligence into its evaluative framework. Saratoga
Nations Climate Change Conference (COP28). Our dedication also actively advocates for sustainability within its portfolio
to adopting sustainable investment practices are in line with companies, driving transformative change beyond financial
these objectives. metrics.[POJK D.1]
Leveraging our comprehensive Environmental, Social, and Encouraging Environmental Actions for Sustainable
Governance (ESG) roadmap developed last year, we are Impact
actively implementing it by optimizing all available resources. Our unwavering commitment to promoting environmental
This commitment to sustainability is further emphasized by the sustainability is articulated through the initiatives outlined
various initiatives we have undertaken to meet the roadmap’s in the ESG Roadmap established last year. Utilizing the ESG
objectives. A successful implementation this year will lay a roadmap as a guide to completing this year’s responsibilities,
strong foundation for our long-term sustainability journey. We have initiated discussion with the Menara Karya building’s
[POJK A.1] [POJK D.1]
management, where Saratoga’s office is located, to instigate
“Leveraging our comprehensive
responsible waste management practices. Moreover, this year
ESG Roadmap developed
Confronting Global Economic Challenges signifies Saratoga’s commencement of Greenhouse Gas (GHG)
last year, we are actively
Global economic conditions in 2023 including rising interest emissions calculations for scopes 1 to 3, enhancing our ability
implementing it by optimizing
rates, falling commodity prices and inflationary pressures, to monitor and enhance the Company’s performance.
all available resources”
presented challenges for the investment environment.
Despite these adversities, Saratoga successfully navigated We believe that environmental management requires a
the circumstances through prudent financial management, collective effort. Therefore, we extend support to endeavors
specifically leveraging the Company’s dividends to significantly such as NAFAS and Bicara Udara to bolster positive initiatives
Michael W. P. Soeryadjaya
reduce debt. On the other hand, political uncertainty in addressing clean air. Additionally, our steadfast support
President Director
Indonesia ahead of the 2024 presidential election adds to continues this year for the Green Leader Program which,
investment concerns. As a local company, Saratoga remains has been running since 2015, with the aim of inspiring and
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 7
mobilizing the community to address various environmental have established community involvement and development Moreover, the Board of Directors plays an active role in
challenges. We hope that our support can amplify the (CID) program pillars that prioritize community empowerment enforcing the Company’s governance policies and practices.
positive impact and increase public awareness in supporting efforts, cultural and social development, and environmental [POJK D.1]
environmental sustainability. preservation.
Our commitment is reflected in compliance with national
Empowered Workforce for Sustained Excellence As a business entity, Saratoga prioritizes fostering economic and international standards, as well as implementation of the
Saratoga consistently fosters a work culture that nurtures independence in community development. Since 2015, our Company’s ESG Roadmap. Collective efforts to implement good
individual development while concurrently advancing Entrepreneur Development Scholarship for Youth (ENVOY) corporate governance in 2023 have earned us recognition at
the Company’s overall progress. We believe in the pivotal Program has supported entrepreneurship development. both national and international levels. For four consecutive
role Saratoga’s workforce plays in the Company’s success. In 2023, this program engaged 18 undergraduate students years we obtained an ASEAN Corporate Governance Scorecard
Therefore, we firmly adhere to upholding equality, diversity, and from diverse regions in Indonesia to establish businesses that score above the average. In 2023, we obtained a score of
prosperity for the sustainable development of both personal also create employment opportunities by empowering local 89.24, reflecting a high level of compliance with international
and corporate excellence. community workers. governance standards.
In the reporting year, Saratoga’s workforce consisted of 48% We also believe that community development can be realized Appreciation to Our Stakeholders
women out of the total 64 employees, with one woman on the by education and infrastructure enhancement. Since 2016, On behalf of the Board of Directors, I would like to express my
three-member board of directors. This reflects Saratoga’s strong we have continuously supported ORA et LABORA Vocational sincere thanks to all of our stakeholders for their continued
commitment to promoting diversity within its organizational School by providing both financial support and other forms of support to Saratoga. The exceptional dedication and hard
structure. Additionally, our commitment to upholding equality support aligned with our competencies. Additionally, we also work contributed by our employees, partners, and investors
is reflected in our fair and transparent employee recruitment engage directly in building livable houses through financial have played a pivotal role in Saratoga’s noteworthy progress
and human resource management processes, which are based support and volunteer assistance in cooperation with Habitat and accomplishments. We would also like to express our
on individual abilities and free from bias and discrimination. for Humanity. appreciation to our investee companies for their efforts to
implement sustainability and integrating ESG into their
Saratoga steadfastly commits to ensuring their well-being As our concrete action in supporting community welfare, in business operations.
and professional growth. Fair compensation and benefits are the reporting year, we distributed 400 essential food packages
provided in accordance with employee contributions and in the month of Ramadan to underprivileged families (widows We understand that sustainability is an ongoing process.
dedication to the Company. During the reporting year, we and the elderly). Towards the end of the year, we celebrated Therefore, we look forward to sustained collaboration with
facilitated 121,259 hours of employee training and conducted Christmas by bringing joy to 96 elderly individuals residing in stakeholders to achieve further significant milestones in our
employee evaluations periodically to ensure their strategic two nursing homes. collective pursuit of shared sustainability goals.
development. This multifaceted approach underscores
our commitment to fostering a supportive and progressive Fostering Ethical Business and Good Corporate
environment for our valued employees. Governance
Saratoga is steadfast in its commitment to upholding
Fostering Positive Change through Community good corporate governance, supported by the pillars of
Empowerment accountability, transparency, fairness, responsibility and
We acknowledge that the advancement of the Company independence, which form the foundation of responsible
and the surrounding environment are inextricably linked. business. We firmly believe that ethics must be integrated into Michael W. P. Soeryadjaya
Therefore, as part of the Company’s operational strategy, we every aspect of the Company’s operations by all employees. President Director
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 8
About
Saratoga
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 9
ABOUT SARATOGA
Established in 1997, PT Saratoga Investama Sedaya
CORE VALUES VISION [POJK C.1]
Tbk. (IDX code: SRTG) is a prominent Indonesian
Work Hard To be a world-class active investment company in Indonesia that
investment company based in Jakarta. With a
Work Smart promotes a strong corporate character to create value for stakeholders
two-decade history in the investment sector, the
Work Thoroughly and the Indonesian people
Company has a proven track record of successful
Work Wholeheartedly
investments, delivering value to stakeholders and
contributing to national development.[GRI 2-1]
COMPANY CHARACTER MISSION
Integrity To be the partner of choice for investors who wish to participate in
Along with the progress of the economic and
Passion & Energy Indonesia’s growth dynamics
investment climate in Indonesia, Saratoga has an
Competence & Capability
investment focus on various strategic key sectors.
These sectors include blue chip companies from
leading national sectors, developing companies,
and promising start-up companies.[POJK C.3]
Company Data
Company Name
Form of Legal Entity Domicile
PT SARATOGA INVESTAMA SEDAYA
Limited Liability Company [GRI 2-1] South Jakarta, DKI Jakarta
TBK. [SRTG] [GRI 2-1]
Address [POJK C.2] Line of Business
Menara Karya 15th Floor Saratoga’s main focus, outlined in its Articles of Association, involves owning
Jl. H.R. Rasuna Said Block X-5 Kav 1-2, and controlling assets through its parent company, which includes a group of
South Jakarta 12950 subsidiaries. Additionally, the Company engages in management consultancy
activities where the main activities (as relevant). [GRI 2-6] [POJK C.4]
Phone
To achieve the aforesaid main business activities, the Company carries out
+62 21 5794 4355
the following supporting business activities:
1. To provide funding and/or financing as required by companies in which
Fax
the Company is investing either directly or indirectly; and
+62 21 5794 4365
2. To provide funding and/or financing as required by companies in
the aforesaid company or a group of companies or in the framework
Website
of investment of other assets in the aforesaid company or a group of
www.saratoga-investama.com
companies.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 10
Names and Addresses of Our Subsidiaries [GRI 2-2]
Subsidiary Name Correspondence Address Business Field Year of Year of Effective Operation Total Assets
Establishment Investment Ownership Status (in billion IDR)
PT Bumi Hijau Asri Menara Karya 15th Floor Investment 2007 2010 99.99% Active 132
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
PT Nugraha Eka Kencana Menara Karya 15th Floor Investment 2003 2003 99.99% Active 1,695
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
PT Saratoga Sentra Business Menara Karya 15th Floor Investment 2005 2005 99.99% Active 1,075
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
PT Surya Nuansa Ceria Menara Karya 15th Floor Investment 2015 2015 99.99% Active 373
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
PT Wahana Anugerah Menara Karya 15th Floor Investment 2005 2009 99.96% Active 16,683
Sejahtera Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
PT Wana Bhakti Sukses Menara Karya 15th Floor Investment 2007 2011 73.68% Active 3
Mineral Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
PT Lintas Indonesia Menara Karya 15th Floor Investment 2018 2018 99.99% Active 24
Sejahtera Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
PT Trimitra Karya Jaya Menara Karya 15th Floor Investment 2012 2014 99% Active 1
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
PT Interra Indo Resources Menara Karya 15th Floor Investment 2004 2004 99.99% Active 319
Jl. H.R Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 11
OUR ACTIVE We have three fundamental concepts that guide us in OUR INVESTMENT
INVESTMENT implementing active investment, namely Platform, Partnership
and Value Creation
FRAMEWORK
METHODOLOGY Saratoga has established strong credentials and extensive
Platform
national business networks in the identification of investment
Every investment we make is viewed as a strategic foundation
opportunities. Beyond that, Saratoga not only invests but
for organic expansion as well as a platform for prospective
also collaborates with business associates to develop plans
acquisitions across the whole value chain.
and values for portfolio firms. Then, as part of the divestment
process, Saratoga implemented a strategic exit plan.
Partnership
Saratoga works closely with entrepreneurs whose contributions Our portfolio is spread across:
are critical to ensure continuity and performance. Working • Early stage companies with significant upside;
with global professional investors, our role is defined as a vital • Growth companies with proven business model and
local partner, providing extensive knowledge of the market and strong financial performance; and
regulatory environment. • Listed blue chip companies with well-established
market positions, offering long term growth and capital
appreciation.
Value Creation
We provide capital support, operational input, and financial
advisory to our investee companies. We also provide them with
industry expertise, which includes knowledge and technology,
to enhance their business performance.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 12
MAIN
MERDEKA COPPER GOLD
PORTFOLIO Precious Metals
BLUE CHIP
SUMMARY
TOWER BERSAMA INFRASTRUCTURE
Technology and Digital Infrastructure
ADARO ENERGY INDONESIA
Energy and Resources
MITRA PINASTHIKA MUSTIKA CITY VISION XURYA
Automotive Digital Media Advertising Solar Energy
SAMATOR INDO GAS PROVIDENT INVESTASI BERSAMA ZAP
(PREVIOUSLY ANEKA GAS INDUSTRI) (PREVIOUSLY PROVIDENT AGRO) Beauty and Health Clinic
GROWTH
Consumer and Industrial Gas Investments
MULIA BOSCO LOGISTIK NUSA RAYA CIPTA
Cold-Chain Logistics Constructions
DELTOMED Forest Carbon
Herbal Supplement Carbon Offset Credit
JULO PROVIDENT GROWTH FUND
Financial Technology Technology Fund
TECHNOLOGY
DIGITAL
SIRCLO SC TECHNOLOGY INVESTMENT LP
e-Commerce Solution Technology Fund
FUSE
Insurance Technology
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 13
Share Ownership and Structure of Saratoga[POJK C.3]
THE COMPANY’S EFFECTIVE SHAREHOLDINGS BOTH
DIRECTLY AND INDIRECTLY.
*) THE COMPANY’S TREASURY STOCK WAS 0.21% OF TOTAL SHARES DUE TO BUYBACK AS OF 31 DECEMBER, 2022
ADRO PT ADARO ENERGY INDONESIA TBK.
AGII PT SAMATOR INDO GAS TBK. (PREVIOUSLY PT ANEKA GAS INDUSTRI TBK.)
AMARA PT AGRO MAJU RAYA
PUBLIC EDWIN SOERYADJAYA BHA PT BUMI HIJAU ASRI
CITY VISION PT CITY VISION
DELTOMED PT DELTOMED LABORATORIES
FOREST CARBON FOREST CARBON
21.51% FUSE FUSE TECHNOLOGY
HEB PT HIJAU ENERGI BERSAMA
50.00% PT UNITRAS PERTAMA SANDIAGA UNO JULO PT JULO TEKNOLOGI FINANSIAL
MBL PT MULIA BOSCO LOGISTIK
MDKA PT MERDEKA COPPER GOLD TBK.
MOMENTA PT MOMENTA AGRIKULTURA (AMAZING FARM)
32.72% MPMX PT MITRA PINASTHIKA MUSTIKA TBK.
NRCA PT NUSA RAYA CIPTA TBK.
PALM PT PROVIDENT INVESTASI BERSAMA TBK. (PREVIOUSLY PT PROVIDENT AGRO TBK.)
SIHAYO SIHAYO GOLD LIMITED
34.90% SIRCLO SIRCLO
TBIG PT TOWER BERSAMA INFRASTRUCTURE TBK.
XURYA XURYA DAYA INDONESIA
10.87%
ZAP PT ZULU ALPHA PAPA
ENERGY AND TECHNOLOGY AND DIGITAL CONSUMER PRODUCT LOGISTICS PROPERTY & RENT HEALTH CARE & RENEWABLE & DIGITAL STARTUP DIGITAL MEDIA &
PRECIOUS METALS INDUSTRIALS INFRASTUCTURE CONSTRUCTION
RESOURCES & SERVICES CONSUMER HEALTH GREEN ECONOMY ADVERTISING
15.18% 18.80% 56.69% 62.90% 100% 5.83%
MDKA AGII TBIG NRCA MPMX MBL BHA DELTOMED XURYA SIRCLO CITY VISION
ADRO PALM OWNS 5.59%
OF MDKA
10% 31.48% 6.97%
27.14% 5.60%
27.50%
AMARA SIHAYO MOMENTA FOREST
ZAP FUSE
CARBON
38.64%
HEB
JULO
19.88%
PALM
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 14
Enterprise Scale[POJK C.3] 2021 2022 2023
Number of Employees 61 59 64
Total Revenue* 26,061 6,301 (10,971)
(IDR Billion)
*Include net gain (loss) on investments in shares and other securities
Total Capitalization 37,982 34,319 22,246
(IDR Billion)
Liabilities 5,137 3,955 2,157
(IDR Billion)
Equity 55,994 59,815 48,709
(IDR Billion)
Total Assets 61,152 63,771 50,945
(IDR Billion)
Net Profit 24,890 4,616 (10,150)
(IDR Billion)
Membership Saratoga is an active member and signatory of numerous national and international associations, as seen on the table below:
Association Saratoga Membership Associations
[GRI 2-28] [POJK C.5]
Asosiasi Emiten Indonesia Corporate United Nation Global
2013 Indonesia (AEI) 2022 Secretary Association 2022 Compact (UNGC) -
(ICSA) Signatory Member
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 15
Awards
Awardee for Services and Investment
Bisnis Indonesia Award - 2023
Holding Company Category
Main Index Silver Rank in Top 50 Big
High Market Accordance with Capitalization Public
Capitalization GRI Standards 2021 Listed Company
Launching Indeks Tempo Asia Sustainability Indonesian Institute for
- IDNFINANCIALS 52 Report Rating 2023 Corporate Directorship
Page 17
Our Foundations in ESG Management
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 17
SUSTAINABILITY In our unwavering dedication to integrate sustainability initiatives
Sustainable Development Goals (SDGs)
APPROACH within our Company, we embrace a meticulous and purposeful
approach. Our commitment to sustainable practices is rooted Our Company’s activities and CID programs help accomplish
in a thorough examination and thoughtful design of our focus, 10 SDGs. Further details regarding this matter can be found on
objectives, and strategies, ensuring alignment with established page 84-85.
global and national sustainability frameworks that reflect our
dedication to responsible business practices.
To navigate our sustainability journey, we have curated a set
of bespoke sustainability metrics tailored to our industry’s
nuances. This selection encompasses key benchmarks such
as the Sustainable Development Goals (SDGs), ISO 26000,
IFC ESG Performance Standards for Capital Market, and
Sustainability Accounting Standards Board (SASB) Asset
Management and Custody Activities Metrics. These metrics
serve as a comprehensive framework, allowing us to evaluate
our sustainability performance holistically. We employ these
metrics to conduct in-depth gap analyses, impact assessments,
and risk assessments. Through these robust evaluations, we
gain valuable insights into the most critical sustainability topics
Material Topics [GRI 3-3]
that warrant our focused attention. This analytical approach is This year, our material topics have remained consistent with
instrumental in shaping a well-informed sustainability strategy the previous year. The specific details of the process and
that addresses industry-specific challenges and aligns outcomes can be found in the “About the Report” section of
seamlessly with our corporate values. this document. In the course of identifying our material topics,
we collaborated with an external consultant and engaged with
A commitment to sustainable excellence characterizes our both internal and external stakeholders. This collaborative
corporate ethos. By adhering to globally recognized benchmarks effort resulted in the identification of seven material topics:
and leveraging industry-specific metrics, we ensure that our Sustainable Investment, Corporate and ESG Governance,
sustainability initiatives are relevant and strategically positioned Community Empowerment, Economic Performance, Good
within the broader landscape of responsible business conduct. Employment Practices, Environmental Awareness, and
This corporate approach underscores our dedication to GHG Emissions. Further details on why these topics were
shaping a sustainable future and reinforces our position as a deemed material, along with our commitments and initiatives
conscientious industry leader. within the scope of each topic, are outlined below.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 18
Policy Commitment [GRI 2-23] [GRI 2-24]
Material Topics Why this Topic is Material Commitment & Initiative
Saratoga places significant importance on both national and
international regulations as they serve as a foundation for ethical
We acknowledge our investment decision's Incorporating ESG in investment due diligence and responsible business conduct. We acknowledge that
impact on the country's long-term and decision. Investing in companies that adhering to these regulations is essential to maintain the trust
sustainability and believe responsible strive for social and environmental causes.
Sustainable Investment of our stakeholders, including investors, customers, employees,
investment practices are crucial to promoting Working closely with our portfolio companies
sustainable development. to ensure they adhere to ESG principles and and the wider community. To demonstrate our dedication to
regularly monitor their progress using our ESG compliance, we have established a comprehensive regulatory
checklist.
monitoring system to guarantee that our operations consistently
align with legal requirements. It is with pride that we announce
To fulfill our commitment to ESG, we must Maintaining good corporate governance by zero instances of non-compliance in the year 2023. [GRI 2-27]
Corporate & uphold strong governance practices that keep strengthening the role of our ESG Task Force
ESG Governance us on the right track. and refining our policies on ESG and good
governance practices.
Saratoga recorded no instances of
The Company's operations and decisions Investing in community education and
Community indirectly contribute to the local communities' development programs and providing
non-compliance with national law in 2023.
Empowerment economic development. supports to communities.
Economic performance affects our financial Working on our investment approach with At the heart of our corporate philosophy, we deeply value our
Economic health and ability to operate sustainably over prudence, discipline, and efficiency.
Performance the long term. This can maintain and enhance Implementing good financial management.
policies. These are not just procedural rules; they are essential
our stakeholders’ trust. frameworks that guide our strategic direction and emphasize the
seriousness of our commitment. Our organizational structure
We consider our workforce as our most Adhering to employment regulations, is supported by a set of thoughtfully crafted policies, notably
Good Employment valuable investment, and as such, we prioritize conducting routine employee training and including the ESG policy, the Environmental policy, the People
Practice implementing good employment practices that development activities, providing subsidies for policy, and the Prevention of Sexual Harassment policy. Each
comply with labor regulations. health programs, and enhancing grievance
mechanisms. of these policies reflects our determination to surpass industry
standards and foster an ethical, responsible corporate culture.
We have the capacity to spearhead impactful Enhancing environmental policy and investing
Environmental transformation in environmental practices in employees, investees, and community
Awareness throughout our operations, investees, and the environmental awareness programs.
wider community.
The increasing concern surrounding climate Conducting a comprehensive GHG inventory
change has led us to acknowledge our direct to identify our sources of emissions. Our
GHG Emission and indirect contribution to the emission of ultimate goal is to achieve carbon neutrality in
greenhouse gases and our role in mitigating our operations by 2027 and thereafter move
this issue. towards net-zero emissions.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 19
Translating ESG Roadmap to Action The year 2023 marks the commencement of the Initiating phase,
ESG Policy symbolizing the initial steps toward realizing our strategic vision
As disclosed in our sustainability report last year, we embarked
of sustainability. Throughout this period, we launched various
Saratoga’s ESG Policy guarantees the Company's dedication to on a strategic initiative to integrate ESG considerations into the
programs, including the initiation of greenhouse gas emissions
incorporating ESG principles throughout all aspects of its corporate fabric of our company, encapsulated in our ESG Roadmap. This
operations and investment decisions. The policy outlines Saratoga's inventory for Scope 1, Scope 2, and Scope 3 (business travel) in
comprehensive plan delineates our commitments spanning the
specific initiatives related to its operations and investment our environmental initiatives. We also began encouraging our
decisions and how these initiatives are supervised, evaluated, years 2023–2027, examined and endorsed by our esteemed
portfolio to develop ESG policies in alignment with international
managed, and disclosed. board of directors. The roadmap unfolds across distinct phases,
and national standards. Waste management initiatives have
beginning with the Initiating phase, progressing through the
been implemented within our company, and we have advocated
Performing, Excellence, Inspiring, and culminating in the
for similar measures for building management at our location.
Sustaining phase.
Environmental Policy
In the social sphere, we started mapping collaboration
Saratoga’s Environmental Policy ensures the Company’s opportunities for the CID program and initiated a gap analysis
commitment to recognizing and mitigating our impact on the 2023 INITIATING using the UN Women Empowerment Principles Tool. In the
environment. This includes identifying potential environmental
risks, promoting environmental awareness among stakeholders, The Company pursues a common internal governance realm, progress has been achieved in developing
setting targets for reducing environmental impact, and perception of Sustainability or ESG, carries out a CSR program integrated with ESG principles, establishing
transparently reporting on the company's environmental comprehensive planning, and develops relevant
CSR governance, optimizing the ESG Task Force, reinforcing
performance. policies.
safety and data privacy measures, and monitoring digital
technology systems. These initiatives collectively underscore
2024 PERFORMING
our commitment to comprehensive and sustainable corporate
People Policy The Company focuses on implementing and
practices.
monitoring the ESG program. The Company also
Saratoga’s People Policy establishes a secure workplace conducive cooperates with or has partnerships in this field.
to all individuals' well-being and ensures that fundamental rights
and opportunities are extended to each employee. Its purpose is to 2025 EXCELLENCE
ensure that all employees are treated fairly and with respect and
have access to the necessary resources and opportunities to excel The Company focuses on measuring ESG
and succeed in their roles. The policy is designed to provide a safe, performance, conducting impact evaluations,
supportive, and inclusive work environment that promotes equality, and reporting the results of the performance and
diversity, and inclusivity. evaluation in impact/ESG reports.
2026 INSPIRING
The Company focuses on communicating the
Prevention of Sexual Harassment Policy impact of its activities internally and externally.
Saratoga’s Prevention of Sexual Harassment Policy sets standards
and procedures aimed at preventing and addressing incidents of 2027 SUSTAINING
sexual harassment within the workplace. Its purpose is to provide
The Company is expected to become a National
guidance on what constitutes sexual harassment, as well as how to
Leader in ESG.
report such conduct and what actions will be taken in response to
reports.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 20
ESG GOVERNANCE ESG Task Force departments within Saratoga are integral parts of the ESG Task
Force. Each department plays a distinct role, detailed com-
[GRI 2-12][GRI 2-13][GRI 2-17]
Strong governance commitment is recognized as a pivotal prehensively in the table on the next page. This collaborative
[POJK E.1]
factor in ensuring the success of ESG integration within our approach ensures that ESG considerations are applied to every
Company. Taking practical steps to embody this commitment, aspect of the Company’s operations and decision-making
Saratoga has instituted an ESG Task Force—an ad hoc team processes.
with a specific focus on reinforcing ESG principles throughout
the organization. At the forefront of ESG initiatives within The ESG Task Force convenes bi-annual meetings as part of
the Company, the ESG Task Force assumes a multifaceted the company’s program planning and sustainability report
role encompassing planning, execution, monitoring, and preparation. Led by the Finance Director, who serves as the task
evaluation of ESG practices. Having crafted the ESG Roadmap force head, these routine meetings offer a forum for in-depth
in the previous year, their paramount responsibility is to ensure discussion on ESG-related topics or broader sustainability
alignment between the Company’s programs and the strategic issues.
direction outlined in the ESG Roadmap. The ESG Task Force
is instrumental in steering the Company’s course in line with Additionally, non-routine meetings may be convened to delve
the planned ESG initiatives. Through diligent planning and into the review and discussion of ESG policies and programs.
execution, they actively work to integrate sustainable practices Following these meetings, the task force head reports the
and uphold the commitments outlined in the ESG Roadmap. outcomes to both the Board of Directors, acting in a supervisory
capacity, and the Board of Commissioners, serving as advisors
The composition of this task force is representative of all to the task force. This reporting mechanism ensures that the
managerial levels and includes members from various leadership team and key stakeholders are apprised of the
departments across the Company. Guided by the Finance ongoing efforts, progress, and considerations within the ESG
Director and supervised by the entire Board of Directors, the Task Force, fostering transparency and accountability in the
ESG Task Force also seeks advisory input from the Board of integration of ESG principles within the organization.
“ESG success is not just about Commissioners. Highlighting the inclusivity of this initiative, all
the roadmap; it also hinges on
management commitment.
We are fortunate that
this attribute is present in
Saratoga, both within the
company and the portfolio.”
Lany Djuwita Wong
Finance Director
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 21
ESG Task Force Structure Board of Commissioner
Board of Director
Finance Director
ESG Task Force
Legal and Corporate Information System, Human Resources
Investor Relations Finance Corporate Tax Investment and
Corporate Communications Accounting and and General
Division Division Division Portfolio Division
Secretary Division and CSR Division Budgeting Division Affairs Division
Advisor Supervisor Head Member
Corporate Information System, Human Resources
Legal and Corporate Investor Relations Corporate Tax Investment and
Communications Accounting & Finance Division and General Affairs
Secretary Division Division Division Portfolio Division
and CSR Division Budgeting Division Division
Ensure compliance Manage relationships Manage social and Managing and Oversee, manage, and Administer taxes and Incorporate ESG Address labor-related
with all relevant laws with the Company’s environmental risks protecting the monitor the Company’s enforce compliance in investment due risks and issues;
and regulations. investors and and impacts through Company’s data, financial performance. to tax laws and diligence and decision; Develop training
financial stakeholders. the implementation of financial resources, regulations. monitor and ensure programs to
Communicate the CSR programs. and budget. the adherence of increase employees’
Company’s financial portfolio companies to competence in ESG.
and ESG strategy and ESG principles
performance.
See Corporate See Corporate See page 56 and 65 for See Annual Report See Annual Report See Annual Report See page 36 for details See page 44 for details
Governance Chapter Governance Chapter details 2023 for details 2023 for details 2023 for details
of Annual Report 2023 of Annual Report 2023
for details for details
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 22
Staying in The Loop
An additional commitment towards fostering robust governance
Demonstrating our Sustainability Commitments in New York
involves consistently enhancing and empowering our team with
the necessary skills and knowledge to effectively fulfill their In 2023, our commitment to global sustainability led us to capital—integral aspects aligning with our Company’s
roles in ESG integration within the Company. This commitment send a representative to New York for a week-long series sustainability commitment. This strategic attendance
is an annual endeavor, with a continuous dedication to providing of international sustainability events hosted by the United not only provided us with valuable global perspectives
training and development opportunities every year. Our training Nations. This meaningful engagement was facilitated but also offered unparalleled networking opportunities
initiatives span across all organizational levels, encompassing through our membership with the United Nations Global with industry leaders and experts from around the world.
staff to managerial positions, and extending to our portfolio Compact (UNGC), a commitment we proudly initiated Participating in these events enabled us to learn from
companies. In the year 2023, we recorded a total of 86 training the previous year. As representatives from Indonesia, best practices, stay informed about the latest trends, and
hours dedicated to ESG-related topics, signifying a notable we joined an esteemed cohort of inspiring leaders from reinforce our dedication to sustainable practices.
increase compared to the previous year. This upward trend various industries worldwide, fostering collaboration and
underscores our commitment to cultivating a knowledgeable knowledge exchange.
and skilled workforce that can adeptly contribute to the
Company’s success in ESG integration. [GRI 2-17][POJK E.2][POJK F.1] Throughout this impactful week, we participated in five
major events, each offering a unique perspective on global
sustainability challenges. The SDG Action Week, held from
September 16 to 17 at the United Nations Headquarters,
ESG Training Series featured diverse panels addressing critical issues.
Following closely was the SDG Summit from September
18 to 19, marking the halfway point toward achieving the
Training Participants
2030 Agenda and the Sustainable Development Goals.
Continuing our journey, the UN Global Compact Leaders
Sharing Session: Carbon
Board of Commissioners, Summit on September 19, 2023, provided an additional
Credit Industry and
Board of Directors, platform for contributing to global sustainability discussions.
Technology by Forest
Employees Additionally, we participated in the SDG Investment Forum on
Carbon Pte. Ltd.
September 21 held at The New York Stock Exchange, which
explored how integrating business strategy with SDGs can
UN Global Compact Climate enhance companies’ credibility in front of shareholders and
Ambition Accelerator Employees stakeholders. Our participation culminated with attendance
Training at Climate Week NYC 2023, where leading climate action
and strategies for more significant impact were discussed.
UN Global Compact Target During these events, we engaged in discussions on gender
Gender Equality Accelerator Employees equality, climate change, and the empowerment of human
Training
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 23
ESG RISK To enhance the integration of ESG considerations within The process encompassed through focus group discussions
ASSESSMENT our Company, it is imperative to gain a comprehensive
understanding of potential risks and vulnerabilities across
and workshops with our stakeholders, emphasizing a
comprehensive approach to identifying risks. In conducting
[GRI 201-2] [GRI 205-1] [POJK E.3]
the realms of environmental impact, social responsibility, and the assessment, we actively incorporated the TCFD recom-
governance practices. This understanding not only allows us to mendations, ensuring the inclusion of climate-related risks.
proactively address and manage these risks but also positions Going beyond the identification phase, we delved into a deeper
us to minimize negative impacts and seize opportunities for understanding of the root causes, potential effects, and the
improvement. formulation of risk management strategies. These strategies,
comprising both preventive and corrective measures, were
Recognizing the critical importance of navigating ESG risks, seamlessly integrated into our ESG Roadmap.[GRI 2-25]
we have embraced the practice of conducting an ESG
Risk Assessment. This acknowledgment underscores our The outcome of this comprehensive analysis resulted in the
commitment to responsible business practices, respect for identification of three risk levels: high, medium, and low. Across
our investors, stakeholders, and the environment, and our our Company, we identified a total of 29 risks, with 16 classified
dedication to compliance with applicable rules and regulations. as high urgency, nine as moderate urgency, and four as low
We conducted the ESG Risk Assessment last year by engaging urgency. To address these risks, we have developed targeted
external and reliable partners to support us. risk management strategies aimed at tackling the root causes
and mitigating their potential impact on our business.
STAGE 1 STAGE 2 STAGE 3
Identification Formulation of Prioritization
of Risk Risk Treatment of Risk
Identifying the ESG-related Developing programs and Prioritizing risks based on
risks of our Company, their policies to mitigate risks and their severity of impact and
underlying causes, and their address their impact. the projected timeline for
potential impact. implementing risk treatment.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 24
STAKEHOLDER Table of Stakeholder Engagement
ENGAGEMENT Stakeholder Engagement Method Frequency Focused Main Topics Stakeholder Expectations
[GRI 2-29] [POJK E.4]
Shareholders • General Meeting of • Annual GMS in one year. • Budget/report discussion The company has
We believe that stakeholders play an important role
Shareholders (GMS) Extraordinary GMS when • Financial accountability, superior and sustainable
in the continuity of our business. Therefore, we strive
• Public Disclosure needed appointment and performance so that it is
to always involve them in our business activities. Our
• Once a year dismissal of Directors and able to make a positive
Company thrives on the support and dedication of our
Board of Commissioners contribution to all
stakeholders – They are not just part of our journey;
• Performance Updates stakeholders
they are the essence of who we are. Their active
involvement is not just essential for our business to Employee • Regular meeting • When needed Employment/welfare Get a comfortable work
keep going; it is especially crucial as we navigate • Employee gathering • At least once a year environment, adequate
the path toward sustainability. Understanding • Employee satisfaction • Once a year employee benefits and
that each stakeholder has unique interests in our survey provide opportunities for
Company, we have embraced the need for different development
engagement methods to suit their diverse schedules
and preferences. Portfolio Company Regular meetings When needed Performance Updates Business Development
Management
Government and • Parliamentary (DPR) Routine-relative to the • Contribution to the State The company can achieve a
Policy Makers hearings regulation period • Compliance with predetermined work plan
• Regular reporting applicable laws
to regulators and
government
Work Partners • Procurement process When needed Commercial relationship • Objective procurement
(such as suppliers, • Employment contract process
banking, • Obtain mutually beneficial
association) cooperation
Media • Press Release When needed Program Implementation • Reliable news sources
• Media visit • Accurate reporting
• Press gathering
• Press conference
Page 26
Fostering Ethical Business and Good Corporate Governance
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 26
FOSTERING In pursuit of responsible and sustainable business
GOOD CORPORATE
ETHICAL BUSINESS practices, Saratoga adheres to the principles of Good
Corporate Governance (GCG). This commitment enables GOVERNANCE PRINCIPLES
AND GOOD the establishment of synergistic operational and interaction
AND PRACTICES
CORPORATE mechanisms throughout the Company, spanning all business
lines and organizational levels. Furthermore, good governance
GOVERNANCE serves as a comprehensive system of control and accountability,
The regulatory framework for corporate governance in
public companies is stipulated by the Financial Services
encompassing all stakeholders.
Authority in Circular Letter No. 32/SEOJK.04/2015, specifically
addressing the Public Company Governance Guidelines dated
In general, the objectives of implementing GCG in Saratoga
November 17, 2015. As an embodiment of this mandate and
include:
as a manifestation of the Company’s commitment, Saratoga
• Enforcing Company policies starting from management to all
maintains comprehensive governance principles applicable
levels;
beyond the confines of legal, political, and economic domains,
• Organize and control all company activities by implementing
encompassing the following:
a clearly defined set of formal rules and mechanisms;
• Accountability
• Constantly improve the accountability of the Company’s
• Fairness
management to stakeholders;
• Transparency
• Creating good communication between the Company and
• Responsibility
all stakeholders; and
• Independence
• Ensuring the Company’s compliance with applicable laws
and regulations, including and especially those related
To strengthen adherence to these principles, Saratoga is
to regulations and guidelines issued by the Indonesian
committed to implementing incremental, measurable, and
Financial Services Authority (OJK), as well as the Indonesian
purposeful changes. Every year, there is a routine assessment of
Stock Exchange (IDX).
the Company’s GCG practices based on international standards.
Over the last four years, Saratoga consistently garnered scores
surpassing the regional average in evaluations conducted
through the ASEAN Corporate Governance Scorecard,
particularly excelling in the principles of Right of Shareholders,
Equitable Treatment of Shareholders, Role of Stakeholders,
Disclosure and Transparency, and Responsibilities of the Board.
In the most recent reporting year, the Company achieved a score
of 89.24 which reflects Saratoga’s level of good compliance
with adopting several international standards. [GRI 2-18]
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 27
GOVERNANCE STRUCTURE Saratoga’s Governance Structure 2023
The Company believes that the governance structure plays an
important role in implementing GCG effectively. Furthermore, Board of Commissioners
Saratoga’s governance framework is designed specifically to
Edwin Soeryadjaya
safeguard the interests of the Company and its shareholders President Commissioner
exclusively. Implementation of GCG can promote advancement Joyce Soeryadjaya Kerr
in line with the Company’s vision and mission. Indra Cahya Uno Board of Directors
Sidharta Utama
Independent
In accordance with Law Number 40 of 2007 concerning Limited
Anangga W. Roosdiono
Liability Companies, Saratoga’s governance structure consists Independent
of: [GRI 2-9]
• General Meeting of Shareholders (GMS), as the main organ;
• The Board of Commissioners, led by the President Audit Committee
Nomination & Remuneration
Committee
Investment Committee
Commissioner, is responsible for supervising the Board of Anangga W. Roosdiono Anangga W. Roosdiono Edwin Soeryadjaya
Directors in managing the Company and assisted by the Chairman Chairman Supervisor
Aria Kanaka Edwin Soeryadjaya Michael W. P. Soeryadjaya
Audit Committee, and the Nomination and Remuneration Chairman
Hany Gungoro Handianto Ganis
Committee; Lany D. Wong President Director
• The Board of Directors is responsible for managing the Devin Wirawan
Company and is assisted by the Investment Committee. The
Board of Directors is led by the President Director, who also President Director
holds the position of Investment Committee chairman. [GRI 2-11] Michael W. P.
Finance Director Portfolio Director Investment Director
Soeryadjaya
Those organs carry out their respective functions in accordance Michael W. P. Devin Wirawan
Lany D. Wong
Soeryadjaya
with prevailing regulations based on the principle that each
organ is independent in performing its duties, functions and re-
sponsibilities in the Company’s sole interest. Portfolio Operation
Investment Team
Team
Furthermore, regular monitoring and evaluation are conducted
to ensure each structure’s effective and efficient performance, Internal Audit
Unit Head
Legal and Corporate
Secretary Division Head
HR & GA Division
enabling the business to adapt to the intricate and dynamic Lily Herawati Sandi Rahaju Ivonne Lo (Acting)
nature of Saratoga’s operations. For additional details on the
performance assessment of the Board of Commissioners, Board
of Directors, and supporting committees, kindly refer to the Information System, Investor Relations Corporate Communication Risk Management Corporate Tax
Finance Division
Corporate Governance Chapter within the 2023 Annual Report Accounting & Budgeting Division Division Head and CSR Division Head Division Division Head
of PT Saratoga Investama Sedaya Tbk. [GRI 2-18] Tina Nuryati (Acting) Lany D. Wong (Acting) Ryan Sual Catharina Latjuba Kemal Mawira (Acting) Olivia Maharani
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PT SARATOGA INVESTAMA SEDAYA TBK
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General Meeting of Shareholders Board of Commissioners
The General Meeting of Shareholders (GMS) serves as the Aside from that, the GMS retains the authority to designate and The Board of Commissioners has a supervisory and advisory
highest authoritative body within the company, facilitating remove the Board of Commissioners and Directors and to hold role for the Company. This role includes reviewing the
shareholder decision-making and providing a platform for them responsible for overseeing and operating the business. Company’s strategy and plans, monitoring the performance of
consensus on the Company’s strategic direction in alignment During the appointment and dismissal proceedings conducted directors, the effectiveness of the Company’s governance, and
with its articles of association, as well as relevant laws and by the GMS, due regard must be given to the recommendations conflicts of management interest, as well as reporting the role of
regulations. Therefore, decisions made during the GMS presented by the Nomination and Remuneration Committee as supervision and advisory to shareholders. [GRI 2-12]
inherently prioritize the Company’s long-term interests. well as criteria and qualifications that are in accordance with the
policies and principles stipulated in the Charter of the Board of In executing its roles and functions, the Board of Commissioners
Furthermore, the processes and procedures of the GMS are Directors and Board of Commissioners. [GRI 2-10] refers to the Board of Commissioners Charter which functions
designed to ensure equality among all shareholders. This as a work guidelines encompassing organizational structure,
encompasses the effective participation and voting rights of all In the reporting year, Saratoga held an Annual GMS (AGMS) and terms of office, operational protocols, authority delineations,
shareholders in accordance with the established meeting rules an Extraordinary GMS (EGMS) on May 15, 2023, in which all of meeting protocols, reporting procedures, and the overarching
and voting procedures. the resolutions from each GMS have been fully realized. provisions articulated in the Company’s articles of association.
Additionally, the Board of Commissioners is charged with the
responsibility of establishing pertinent committees to enhance
the effectiveness of its supervisory function.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 29
In accordance with the Company’s articles of association, The following is the short profile of Saratoga’s Board of Commissioners:
members of the Board of Commissioners are elected to serve
Composition of the Board of Commissioners [GRI 405-1]
for three years. As of December 31, 2023, the Board comprised
five members, with four men (80%) and one woman (20%). Two Name Gender Position Term of Service
of them (40%) are independent commissioners.
Edwin Soeryadjaya Male President Commissioner 2022 - 2025
Disclosure of complete information about members of the
Board of Commissioners; nomination and selection process; Joyce Soerdjaya Kerr Female Commissioner 2022 - 2025
prevention of conflict of interest; job description, responsibility,
and authority are stated in the Corporate Governance Chapter Indra Cahya Uno Male Commissioner 2022 - 2025
of the 2023 Annual Report of PT Saratoga Investama Sedaya
Tbk. [GRI 2-9] [GRI 2-10] [GRI 2-15] Sidharta Utama Male Independent Commissioner 2022 - 2025
Anangga W. Roosdiono Male Independent Commissioner 2022 - 2025
The Board of Directors Audit Committee
The primary responsibilities of the Board of Directors Indonesian citizens, with diverse backgrounds of age, education, The Audit Committee serves a crucial role in supporting
encompass articulating the strategic direction of the Company, areas of expertise, and competencies. the Board of Commissioners by overseeing internal control,
proficiently managing its resources and assets, and conducting compliance, and risk management. Additionally, the committee
internal audits aligned with governance principles and the Disclosure of complete information about members of the Board is tasked with monitoring the independence and competence
GCG framework. Furthermore, the Board is obligated to of Directors; nomination and selection process; prevention of of both the company’s external and internal auditors.
enact an information disclosure policy and foster effective conflict of interest; job description, responsibility, and authority;
communication with stakeholders. are stated in the Corporate Governance Chapter of the 2023 The appointment of members to the Audit Committee is
Annual Report of PT Saratoga Investama Sedaya Tbk. [GRI 2-9] determined by the Board of Commissioners in strict adherence
Moreover, the Board of Directors, in collaboration with the [GRI 2-10] [GRI 2-15]
to the Company’s Audit Committee Charter and pertinent
Investment Committee, possesses the authority to professionally regulations. Annually, the Board of Commissioners conducts
offer recommendations concerning the Company’s investment The Board of Directors, the Board of Commissioners, and a thorough review and reaffirmation of the committee’s
and divestment decisions. [GRI 2-11] management hold regular meetings to effectively evaluate membership.
business developments, financial performance, and
Members of the Board of Directors are appointed and dismissed opportunities. In addition, Board meetings comprehensively Disclosure of complete information about the Audit Committee;
by the GMS. Meanwhile, the evaluation process for prospective address pivotal aspects of the Company’s operations. This job description, responsibility, and authority are stated in the
members of the Board of Directors is carried out by the includes encompassing issues reported through complaint Corporate Governance Chapter of the 2023 Annual Report of
Nomination and Remuneration Committee and the Board of mechanisms or other processes and their implications on PT Saratoga Investama Sedaya Tbk. [GRI 2-9] [GRI 2-10]
Commissioners. As of December 31, 2023, the membership of stakeholders. This proactive and responsive approach enables
the Board of Directors comprised three people, one (33.3%) of the company to navigate its business operations adeptly,
whom was female. All members of the Board of Directors are fostering adaptive progress. [GRI 2-16]
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 30
The following is the profile of the Board of Directors:
Composition of the Board of Directors [GRI 2-9] [GRI 405-1] Audit Committee Profile
Name Gender Position Duties and Responsibilities Name Gender Term of Service Role
• Responsible for coordinating all of Apart from serving as chairman of the
the Company operational activities. Anangga W. Roosdiono Male 2022-2025 Audit Committee, he also serves as
• Responsible for optimizing returns Independent Commissioner of Saratoga.
for the Company on each of its
Michael W.P. Soeryadjaya Male President Director
investments (realized & unrealized) Currently holds concurrent positions
and ensuring the effectiveness Aria Kanaka Male 2022-2025 as a member of the Audit Committee
of any deal sourcing and in another public company.
portfolio monitoring.
Currently holds concurrent positions
Hany Gungoro Female 2022-2025
as a Partner in another company.
Responsible for the Company’s financial
Lany D. Wong Female Finance Director activities and leading the Company’s
ESG Task Force.
Responsible for the Company’s
investment and divestment activities
Devin Wirawan Male Investment Director
and oversight of the Company’s
investee companies.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 31
Nomination and Remuneration pertinent regulations. Annually, the Board of Commissioners development, formulation, and implementation of investment
conducts a thorough review and reaffirmation of the committee’s policies and strategies aimed at ensuring sustainability and
Committee membership. realizing the Company’s long-term objectives.
The Nomination and Remuneration Committee has the main
role of assisting the Board of Commissioners in overseeing Disclosure of complete information about the Nomination and In performing its duties and responsibilities, the Investment
the nomination process for directors, preparing remuneration Remuneration Committee; job description, responsibility, and Committee is guided with the Investment Committee Charter.
policies, and reviewing the company’s human resources authority; can be found in the Corporate Governance Chapter Disclosure of complete information about the Investment
policies. Additionally, the committee undertakes the review of of the 2023 Annual Report of PT Saratoga Investama Sedaya Committee, stipulates among which the structure of the
both the policies and the effectiveness of the implementation Tbk. [GRI 2-9] [GRI 2-10] Committee, membership, reporting, duties and responsibilities
of GCG. can be found in the Corporate Governance Chapter of the 2023
Investment Committee Annual Report of PT Saratoga Investama Sedaya Tbk. [GRI 2-9]
The appointment of members to the Nomination and [GRI 2-10] [GRI 2-15]
The Board of Commissioners empowers the Investment
Remuneration Committee is determined by the Board
Committee to provide recommendations on investment
of Commissioners in strict adherence to the Company’s
decisions following GCG principles. This encompasses the
Nomination and Remuneration Committee Charter and
Profile of The Nomination and Remuneration Committee Investment Committee Profile
Name Gender Term of Service Role Name Gender Term of Service Role
In addition to serving as Supervisor of
Apart from serving as chairman of
the Investment Committee, currently
the Nomination and Remuneration Edwin Soeryadjaya Male 2022-2025
Anangga W. Roosdiono Male 2022-2025 holds concurrent positions as President
Committee, also serves as Independent
Commissioner of Saratoga.
Commissioner of Saratoga.
Currently holds concurrent positions as In addition to serving as Chairman of
Edwin Soeryadjaya Male 2022-2025
President Commissioner of Saratoga. the Investment Committee, currently
Michael W.P. Soeryadjaya Male 2022-2025
holds concurrent positions as President
Director of Saratoga.
Currently holds concurrent positions as
Handianto Ganis Male 2022-2025
a Commissioner in another company.
Currently holds concurrent positions
Lany D. Wong Female 2022-2025
as a Director of Saratoga.
Currently holds concurrent positions
Devin Wirawan Male 2022-2025
as a Director of Saratoga.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 32
TOWARDS AN Saratoga believes that GCG practices are inseparable from This guideline has been meticulously crafted by referencing
ETHICAL BUSINESS the regulatory framework overseeing these mechanisms.
Therefore, Saratoga has issued a Code of Conduct and
the prevailing legal and regulatory framework in Indonesia and
incorporating principles that are applicable on both national
WITH INTEGRITY Corporate Governance Guidelines. These guidelines serve as and international scales. As such, this document embodies
the foundational policies governing the overall governance the Company’s steadfast commitment to preempting unethical
structure and shaping the conduct and interactions of conduct, promoting exemplary ethical standards, and fostering
stakeholders. Furthermore, this guideline stands as a framework a corporate culture rooted in ethics.
for realizing good governance, contributing to the Company’s
growth and sustainability in a broader sense. The communication and internalization of the Code of Conduct
throughout all organizational tiers fall under the purview of the
In the execution of the Company’s operational activities, Human Resources Division. This encompasses dissemination
Saratoga is committed to upholding ethics as part of and incorporation through diverse media channels, both
implementing good governance. By conducting business formal and informal, including but not limited to discussions,
ethically, it enables Saratoga to create a secure working management reviews, email correspondence, and other
environment and foster trust and credibility among its applicable means.
stakeholders. Furthermore, this commitment serves as support
for the Company’s growth and sustainability in a broader sense.
The enforcement of ethical business practices at Saratoga
Whistleblowing System [GRI 2-26] [POJK F.24]
is facilitated through the formulation and dissemination of As stipulated in the Code of Conduct and Corporate Governance
policies, which function as comprehensive guidelines for all Guidelines, Saratoga has instituted a whistleblowing system
entities operating under the Saratoga umbrella. that enables employees, internal entities, and external parties,
including vendors, contractors, and other stakeholders, to
submit reports and express concerns regarding violations of
Code of Conduct applicable regulations or other forms of unsafe work practices.
Saratoga has a Code of Conduct designed to guide all Apart from that, this mechanism is also designed to avoid
individuals associated with the organization, including members conflicts or disputes between related parties and to find
As of 2023, the Internal of the Board of Directors, the Board of Commissioners, and appropriate solutions to problems that arise.
Audit Unit received no the staff. This policy encompasses the ethical principles,
reports or queries on internal relationships and interactions, promotion of equality, Concerns may be formally reported in writing to the internal
potential Code breaches and protection of employee interests within the Company. audit unit. The report should include name, the issues and its
through the whistleblower Additionally, the Code includes stipulations addressing history, the grounds for concern, along with the date, location
channel. [GRI 205-1] [GRI 2-16] anti-corruption and fraud, underscoring the organization’s and any pertinent supporting documents should be included, if
commitment to environmental sustainability and broader available. Reports shall be directed to the specified address or
societal responsibilities. mailed to the following postal address:
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 33
or utilizing the Company’s confidential information for securities In the reporting year, Saratoga did not hold special training
Address: trading or any purposes other than those directly aligned with related to preventing acts of corruption, and this is our concern
Attn: Internal Audit supporting the Company’s business operations. for developing future training programs in 2024. [GRI 205-2]
PT Saratoga Investama Sedaya Tbk
15th floor, Menara Karya Therefore, all members of the Board of Commissioners, The Anti-Corruption and Anti-Fraud policy as stipulated in the
Jl. H.R. Rasuna Said Block X-5, Kav. 1-2 Directors, and employees at Saratoga are mandated to disclose Company’s Code of Conduct covers the following: [GRI 205-1]
South Jakarta 12950, Indonesia their share ownership to the Company at the commencement of
Email: whistleblowing.report@saratoga-investama.com each fiscal year. In addition, Saratoga is dedicated to vigilantly 1. Anti-Bribery, embezzlement of funds and payment of
overseeing this requirement. If a violation occurs, it may result in facilities.
disciplinary action following applicable regulations. Saratoga employees, including affiliates, are strictly
The Internal Audit team will promptly review all matters reported prohibited from offering or accepting bribes, facilitation
within a reasonable timeframe, after which a decision shall In 2023, no insider trading action was carried out by Directors, payments, misappropriation of funds, or any other forms of
be made whether to proceed with a detailed investigation. Commissioners, or Saratoga employees. inducements, irrespective of the purpose. This prohibition
Unreasonable reports with no supporting documents will not extends to all transactions, whether conducted directly
be reviewed further. All reported incidents will be promptly or through intermediaries such as agents, consultants,
investigated, and appropriate actions will be taken.
Anti-Corruption and Anti-Fraud Policy suppliers, sellers, and/or collaboration partners.
Corruption is delineated as the misuse of authority, inducing
The Company highly regards each report as an expression of individuals to engage in dishonest conduct while executing 2. Anti-Money Laundering
participation and honesty, whether originating from internal or their responsibilities. An instance of corruption manifests in the All Saratoga employees, including affiliates, are prohibited
external entities. In this regard, Saratoga assures the strict con- proffering, pledging, or conferring of material and non-material from engaging in or facilitating money laundering for any
fidentiality of the reporter’s identity and provides full protection advantages in inappropriate circumstances. Therefore, Saratoga form of criminal activity. Employees who are involved in
to those reporting in good faith. Furthermore, the Company is committed to preventing corruption within the Company by these activities, even if unintentionally, may be subject to
unequivocally prohibits any form of retaliation or adverse prohibiting its occurrence and implementing good governance criminal and civil sanctions against themselves and the
actions against whistleblowers. This prohibition encompasses following the Company’s code of conduct. Company.
safeguarding employees who engage in reporting or
participating in investigations from any detrimental employment In 2022, we incorporated corruption-related risks into our ESG 3. Gifts and Entertainment
consequences, including but not limited to termination, risk assessment. These risks encompass negative impacts on Gifts and entertainment can foster positive intentions
demotion, suspension, loss of benefits, threats, harassment, or the company, including the prospect of legal actions against in business relationships; however, issues may arise if
discrimination. employees or the organization and a diminished level of investor these become anticipated rewards, leading to potential
confidence. [GRI 205-1] conflicts of interest within the Company’s business
Insider Trading Prevention Policy associations. Saratoga imposes a cap on the value of gifts
As part of its commitment to preventing corruption, Saratoga and entertainment permissible for employees, specifically
All non-public company information is included as confidential
has instituted an anti-corruption and anti-fraud policy. This setting the maximum limit at USD 200 (Two Hundred US
information. The Company expressly forbids members of
policy is periodically communicated to all employees across Dollars). Gifts and entertainment exceeding this threshold
the Board of Commissioners, the Board of Directors, and all
various levels by the Human Resources Division through the are not permissible, except in situations where refusal is
employees, including their affiliates, from accessing, disclosing,
socialization and internalization of the Code of Conduct. impractical for the employee. In such cases, employees are
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 34
allowed to accept the gift and are subsequently required to These regulations delineate both affirmative obligations and
surrender it to the Human Resources Division for utilization prohibitions, particularly to the associations and engagements of
During the reporting period, no matters
in Company-related needs. Furthermore, all employees are each stakeholder. Furthermore, employees at all organizational
were indicating a conflict of interest in any
obligated to report the receipt or provision of gifts and/ echelons are mandated to prioritize the Company’s interests
decisions made by Saratoga.
or entertainment, regardless of the value being below the while fulfilling their duties and obligations.
stipulated limit.
As a result, conditions that lead to conflicts of interest, which
can hinder the performance of duties and cause unintentional
We are pleased to report that in 2023, or intentional losses, can be preempted. If a conflict of interest
Data Protection and Privacy
no incidents of corruption were reported does arise, Saratoga will undertake remedial actions in strict
Saratoga is committed to upholding data security and privacy
through our whistleblowing mechanism. accordance with the provisions stipulated in the pertinent
as stipulated in the Company’s Code of Conduct. Saratoga
[GRI 205-3]
regulations.
believes that ownership of information is a valuable asset for
the Company. Therefore, Saratoga already has a data storage
Disclosure regarding affiliated relations between members of
monitoring system and regularly monitors digital technology
the Board of Commissioners and Board of Directors and can
Anti-Money Laundering Policy be found in the Corporate Governance Chapter of the 2023
systems within the Company.
Saratoga is committed to upholding governance and complying Annual Report of PT Saratoga Investama Sedaya Tbk. [GRI 2-15]
with relevant regulations, particularly in the context of preventing
money laundering. In general, money laundering is an action
designed to hide or disguise the source of illegally obtained
funds in order to appear legitimate. To prevent activities that
may inadvertently facilitate money laundering, the Company
has established rigorous procedures to guarantee that financial
operations and activities exclusively serve the best interests of
the Company.
Managing Conflict of Interest [GRI 2-15]
Conflicts of interest may arise through deliberate or inadvertent
means. To address this issue, Saratoga has a mechanism that
regulates and prevents abuse of authority or position for
personal, family, or group interests, which results in conflicts of
interest that impede the fulfillment of obligations and may even
result in losses.
The regulations governing conflicts of interest are delineated in
the Corporate Governance Guidelines, Code of Conduct, Board
of Commissioners Charter, and Board of Directors Charter.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 35
PERFORMANCE To ensure compliance with good corporate governance Remuneration for the Board of Directors is formulated by
EVALUATION AND and the Company’s code of conduct, Saratoga evaluates
governance practices following the Company’s evaluation and
the Nomination and Remuneration Committee based on
the Company’s achievements compared to the targets and
REMUNERATION remuneration policies. Annually, the Board of Directors assumes budget that have been set. The Nomination and Remuneration
POLICY OF THE BOARD the responsibility of establishing key performance indicators,
subsequently presenting them for evaluation by the Board of
Committee submits recommendations to the Board of
Commissioners regarding structure, policies, and remuneration
OF COMMISSIONERS Commissioners at year-end. Comprehensive assessments are amounts for members of the Board of Directors and Board of
AND DIRECTORS conducted on the performance of the individual Directors and
the collective Board. Additionally, independent evaluations
Commissioners to be proposed at GMS. The Shareholders
determine the remuneration amount at the GMS.
[GRI 2-18][GRI 2-19]][GRI 2-20][GRI 2-21] are conducted annually by both the Board of Commissioners
and the Board of Directors. These processes are integral to The remuneration structure for the Board of Commissioners and
enhancing the overall efficiency and effectiveness of the Board of Directors consists of salaries for the Board of Directors,
Company’s performance. honorarium for members of the Board of Commissioners, and
other benefits and allowances for the Board of Commissioners
The Nomination and Remuneration Committee diligently and Board of Directors. Nevertheless, remuneration for
determines the remuneration of the Board of Commissioners, Independent Commissioners does not include bonuses to
taking into account their performance and aligning it with maintain their independent status.
industry standards. This thoughtful approach ensures fair and
relevant compensation, fostering a positive and motivating In 2023, the remuneration granted to members of the Board of
environment for the members of the Board. Commissioners and the Board of Directors is as follows:
Total Amount Received by the Board of Commissioners
Type of Remuneration and Other Facilities
and the Board of Directors in 2023
Salary & Religious Holiday Allowance IDR 19,564,174,000
Bonus IDR 18,969,751,000
Allowance & Facilities IDR 3,099,205,048
Long Term Incentive Program (Shares) 3,145,000 (Shares)
More details on the remuneration policies and the evaluation of the performance of the Board of Commissioners and Board of
Directors can be found in the Corporate Governance Chapter of the 2023 Annual Report of PT Saratoga Investama Sedaya Tbk.
Page 37
Investments for the Future
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 37
CONFRONTING
GLOBAL
ECONOMICS
CHALLENGES
The current global economic climate presents several sector. These dividends are partly allocated towards debt
challenges for investors. Rising interest rates, a response to reduction, resulting in a substantial improvement in our financial
inflation, make borrowing more expensive and potentially standing. Previously burdened with a debt position of IDR3.9
stifle economic growth. This, in turn, could impact corporate trillion in 2021, our current debt stands at IDR930 billion, with
profitability. Additionally, investors might demand a higher a net debt of IDR263 billion. This improved financial position
return on riskier assets to justify holding them over safer options places Saratoga on solid ground, enabling us to capitalize on
like bonds with their now-increased interest rates. Furthermore, favorable opportunities. In addition to our proactive financial
commodity price volatility adds another layer of complexity. management strategy, Saratoga maintains a low direct exposure
While some businesses might benefit from lower production to retail sectors. This deliberate approach serves as a safeguard
costs, for others, it could mean a hit to profitability, especially against the risks associated with inflation that may impact
those reliant on commodity exports. Finally, inflation itself is a businesses operating in these specific segments.
major concern. It shrinks consumer buying power and raises
business costs. Sectors heavily reliant on retail customers might In the context of Indonesia, a unique challenge arises from
be particularly impacted, struggling to pass on all the increased the upcoming presidential election in 2024. The political
costs. Overall, these interconnected factors create a landscape landscape introduces an element of uncertainty that has made
of uncertainty for investors, demanding careful analysis before many foreign investors hesitant to allocate funds to Indonesian
making any investment decisions. companies. Nevertheless, as an Indonesian company actively
investing in other local enterprises, the impending presidential
In the face of these challenges, Saratoga remains resolute in election in 2024 does not deter us from seeking and capitalizing
maintaining our performance. We adopt a prudent approach in on investment opportunities. We maintain confidence in our
managing our financial resources, navigating the complexities robust management system, which we believe is resilient to
brought about by high-interest rates, commodity prices volatility, the dynamics that may accompany changes in government
and inflationary pressures. Our commitment to sound financial leadership. We perceive the upcoming election as unlikely to
management is evident in our strategic use of significant have a substantial impact on our business operations.
dividends received from our portfolio in the commodities
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 38
Bridging Stakeholders: Fostering Green Discourse at the Saratoga Investment Summit
To kick off this year, we hosted the Saratoga Investment Summit, an international-scale This economic strategy of downstream production has been a central focus for Saratoga’s
event that brought together stakeholders from diverse backgrounds, including government portfolio companies in recent years. In the realm of environmentally friendly energy,
officials, business leaders, and investors. The summit, held in a hybrid format at Fairmont Adaro and Merdeka have initiated commodity downstreaming efforts, encompassing
Hotel Jakarta on January 26, 2023, served as a room to engage in a discussion about the aluminum, nickel, bauxite, and copper, to support the electric vehicle industry. Moreover,
future of investment and economic development. Furthermore, this summit aligns with our Adaro actively champions a water-based electricity plant that adds renewable energy to
25th-anniversary celebration last year, reflecting our commitment to making this milestone the grid. On the other hand, Merdeka is actively engaged in the development of lithium
a significant event. batteries for electric vehicles. Additionally, Saratoga has invested capital in companies
within the renewable energy sector, exemplified by our partnership with Xurya. Together,
We were honored to have the President of the Republic of Indonesia, Joko Widodo, these strategies underscore not only our commitment but also that of our portfolio to
inaugurate the event. The summit also welcomed Luhut Binsar Pandjaitan, the Coordinating actively and sustainably contribute to national economic development.
Minister for Maritime and Investment Affairs of the Republic of Indonesia. Both figures shared
insights into Indonesia’s economic strategy for downstream production, emphasizing The Saratoga Investment Summit attracted other influential figures in investment
its role in promoting regional equality. Commodity downstreaming projects align with and technology development. We welcomed speakers and moderators from Indies
Indonesia’s commitment to capture opportunities in green development, ensuring a Capital Partners, Northstar Group, and our own company. In the realm of technology
sustainable economy. The summit was also attended by Sandiaga Uno, the Indonesian advancement, we invited senior management representatives from Xendit to share their
Minister of Tourism and Creative Economy, who participated in the panel discussion on the insights. Additionally, upper management from Adaro was also invited to speak at this
development of successful startups in Indonesia. summit.
In his address, the President emphasized
the significance of attracting green
investment, particularly in developing
electric vehicles and renewable energy
ecosystems. He encouraged investors
to consider investing in Indonesia to
contribute to these vital sectors.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 39
SARATOGA ECONOMIC
PERFORMANCE [POJK F.3] Financial Performance Highlights [POJK F.2]
2021 2022 2023
Performance Aspects
In this overview, we provide a summary of our financial in billion Rupiah
performance, with more detailed data available in our annual
Net Income (Loss) 24,890 4,616 (10,150)
report. For 2023, we recorded a historical high dividend income
of IDR2,784 billion, reflecting a robust performance by our Net Asset Valuation 56,316 60,931 48,854
portfolio companies. This is despite our Net Asset Valuation
Dividend Income 1,648 2,591 2,784
(NAV) declining to IDR48.9 trillion from the previous year, driven
by the decrease in share prices of Adaro and Merdeka due to Investment 59,695 61,518 49,008
commodity prices fluctuations. The total investment in 2023
New and Additional Investment 1,317 18,290 2,152
that we made was IDR 2,152 billion, all of which were in line with
the implementation of sustainable finance (see page 40). For Operating Costs 153 232 222
a comprehensive understanding of our financial achievements
and strategic insights, we encourage you to refer to our detailed
annual report.
Direct Economic Value Generated and
Distributed [GRI 201-1]
Direct economic value generated and distributed refers to and retained economic value. Our directly produced
the financial benefits generated directly by a Company’s core economic value is quantified through various revenue streams,
business activities and subsequently distributed to various encompassing dividend income, interest, investment income,
stakeholders. Understanding this economic value is crucial for and other sources. Notably, we experienced a positive increase
assessing a Company’s financial performance and its impact in revenue, marking a 7.2% growth from the previous year.
on shareholders, employees, and the broader community. By Turning to our distributed economic value, we wish to emphasize
delving into the intricacies of directly generated and distributed the substantial increase in our cash dividend payments.
economic value, one gains insights into the sustainability, Collectively, our economic value distributed witnessed a
efficiency, and overall health of a business, contributing to deci- commendable rise of 8.6%, reflecting our commitment to
sion-making process and strategic planning. strategic investments and contributions to various sectors. For
an in-depth analysis and additional insights, we encourage
The provided tables offer a brief overview of our economic further exploration of the detailed tables presented in our
performance, detailing direct economic value generated, financial reports.
distributed economic value, total economic value distributed,
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 40
2021 2022 2023 SUSTAINABLE INVESTING
Description
in billion Rupiah
As one of the most prominent investment companies in
Direct Economic Value Generate Indonesia, we play a pivotal role in facilitating and supporting
the operations of various enterprises. Acknowledging the
Revenues* 1,665 2,613 2,820
significance of our decisions, we understand that we hold
Distributed Economic Value considerable weight in contributing to national goals.
Recognizing our impact on enabling companies with
Operating Expenses
objectives to grow, we are committed to making investment
- Operating Expenses 40 92 74
decisions. Our dedication lies in steering towards sustainable
- Other Operating Expenses 20 24 21
investments that align with both our business objectives and
broader societal responsibilities. Implementing sustainable
Salaries, Wages, and Employee Welfare 114 141 148
investment also allows us to be aware of the risks that may arise
Payments to Creditors in the future. This awareness positions us to effectively manage
- Cash Dividends Payment these risks and transform them into opportunities for growth
296 810 1,014
- Payment of Interest Expense and and resilience. Through a forward-thinking and sustainable
192 185 95
Other Financing Expenses approach to investment, we not only safeguard our own
interests but also contribute to the long-term viability of the
Payments to the Government businesses we support.
Payment of Corporate Income Tax and Other Taxes 48 50 62
Saratoga actively implements sustainable investment
Investment on Community Development/ practices through a three-fold approach. Firstly, we integrate
1 1 1
CID funding environmental, social, and governance (ESG) aspects when
making investment decisions. This comprehensive evaluation
Total economic value distributed 711 1,303 1,415
ensures that our investments not only yield financial returns
but also contribute positively to the environment, society,
Retained economic value 954 1,315 1,405
and adhere to sound governance principles. Secondly, our
commitment to sustainable investment is evident in our
*The revenue represent the dividend income, interest, investment income and other income proactive pursuit of opportunities to invest in environmental
and social enterprises. By actively seeking out and supporting
During the reporting year, Saratoga did not receive any financial assistance from the government.[GRI 201-4] businesses that prioritize environmental and social impact, we
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 41
aim to contribute to the growth of enterprises that align with our
vision of responsible and sustainable investing. Furthermore,
The Stages of Investment Due Diligences
we take an active role in encouraging our existing portfolio of
companies to embrace and practice sustainability. By fostering
1 2 3 4 5
a culture of responsible business practices within our portfolio,
we aim to create a ripple effect that extends the benefits of
sustainability throughout our business network.
We are actively advocating for the integration of ESG principles
in our portfolio companies, despite facing certain challenges. Opportunity Initial Desktop Term Sheet New Investment
Evaluation Diligence
Our publicly-listed company has demonstrated a growing An opportunity that Offer of a A new investment is
meets the Initial evaluation of Evaluation on the non-binding taken up with the
awareness of the significance of ESG, and they have initiated
investment criteria documents and investment viability proposal to the selected
its implementation. However, our non-listed companies, of Saratoga is either meeting with top through sharing potential investee company
STAGES
though aware, have not yet integrated ESG principles into their found or proposed. management or of information, investee that agrees to
founder of the development of the company. Saratoga’s
operations. Despite these challenges, we remain committed to potential business case, and proposal.
encouraging and facilitating a more profound implementation investee company. submission of
recommendation to
of ESG principles throughout our entire portfolio. [POJK E.5]
the Investment
Committee.
2023
124 companies 23 companies 10 companies 4 companies 3 companies
ESG Due Diligence Investing in Conscious Companies
How we implement sustainable investment is integral to our We maintain an open stance towards investing in companies digital technology. In the environmental sector, our focus
investment decision-making process, primarily by considering that champion commendable social and environmental extends to companies dedicated to climate change adaptation,
ESG aspects. At every stage of our investment evaluation causes. While our commitment to supporting such initiatives exemplified by our investment in Xurya and Forest Carbon. Our
process, which involves five key stages, we strive to integrate is unwavering, we also recognize the importance of evaluating commitment to these sectors exemplifies our dedication to
sustainability considerations. The process begins with the economic performance of prospective investments. Our strategically investing in ventures that not only contribute to
detecting opportunities that align with our investment criteria. investment choices over the years further emphasize this long-term economic viability, but also make a positive impact
These opportunities are equally available to all companies. dedication. In terms of social impact, we take pride in our on society and the environment. [POJK F.26]
Then the process followed by an initial evaluation, a desktop investment in SIRCLO, serving as a catalyst for transformative
assessment of investment viability, the presentation of a change by empowering businesses across diverse scales —
non-binding proposal if interest persists, and ultimately, the from giant enterprises to grassroots businesses — through
realization of a new investment.[POJK F.17]
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 42
Saratoga Responsible Investment
SIRCLO PT Xurya Daya Indonesia (Xurya) Forest Carbon
SIRCLO is driven by a mission to support everyone Xurya stands as a pioneering company specializing Forest Carbon extends beyond being a mere carbon
in navigating the expanding e-commerce industry. in rooftop solar power plants, known as Pembangkit credit provider; at its core, the company is driven
In the year 2022, SIRCLO achieved a significant Listrik Tenaga Surya (PLTS). Until 2023, the company by a mission to restore degraded wetland forests.
milestone, engaging nearly one million users from achieved a significant milestone by emerging as a The heart of its initiatives lies in the preservation
the micro, small, and medium enterprises (MSME) trusted provider, having successfully installed rooftop of peatland on Sumatra Island, a crucial endeavor
sector within its ecosystem. This user base includes PLTS for over 100 companies. This impactful initiative that not only mitigates carbon emissions but also
brand owners, warungs, and micro or nano-influ- spans across 11 provinces in Indonesia, showcasing facilitates the regeneration of areas previously
encers spread across 514 cities and 34 provinces Xurya’s widespread influence. The cumulative effect devastated by fire. However, Forest Carbon’s impact
in Indonesia. SIRCLO goes beyond business, of these projects has generated an impressive total transcends environmental benefits alone. The
actively empowering vulnerable groups, with 65% of of more than 166 million kilowatt-hours of clean projects undertaken by the company play a pivotal
womenpreneurs and 0.71% of people with disabilities energy. Notably, this substantial output has resulted role in generating employment opportunities for
being integral parts of its ecosystem. Moreover, in a noteworthy reduction in carbon emissions, local communities. Simultaneously, these initiatives
SIRCLO has positively impacted the socio-economic amounting to an annual equivalent of 148 million contribute to the protection of endangered species
conditions of MSMEs, increasing their turnover by kilograms, marking Xurya’s substantial contribution inhabiting the areas under restoration.
34% and facilitating an average savings of 20% on towards environmental sustainability.
operational costs. Additionally, SIRCLO’s commitment
extends to environmental initiatives, encompassing
waste management, recycling, and carbon footprint
monitoring programs.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 43
Reiterating our commitment on numerous occasions underscores that our dedication extends beyond internal operations, reaching
Sustainability Performance into the realm of instigating positive initiatives within our portfolio. Functioning as both an extension and a reflection of our unwavering
of Our Portfolio commitment to sustainability, our portfolio actively engages in meaningful initiatives, contributing positively and aligning with our vision
for embracing ESG principles. In the following section, we will delve into the notable progress made by our major portfolio companies in
advancing sustainability throughout this year.
PT Adaro Energy Indonesia Tbk (Adaro) PT Merdeka Copper Gold Tbk (Merdeka) PT Tower Bersama Infrastructure Tbk
(Tower Bersama)
Adaro consistently integrates environmental Merdeka’s sustainability efforts have earned In 2023, Tower Bersama emerged as a shining
considerations into its business model and plans. recognition through an improved ESG rating by MSCI, example of sustainability, receiving international
Under its subsidiary, Adaro Power, the company positioning Merdeka as the highest-rated mining acclaim for its exceptional performance. The
strategically pursues green and renewable energy company in the country this year. Additionally, Merdeka TrenAsia ESG Excellence 2023 award (Action
alternatives. Having ventured into solar-generated plays a significant role in the nation’s commitment to predicate) acknowledges Tower Bersama’s standout
energy in recent years, Adaro achieved a significant reduce greenhouse gas emissions. In alignment with achievements in various ESG dimensions within
milestone in 2023 by initiating a national hydropower one of the government’s proposed strategies to shift the Telecommunications and BTS Provider sector.
project. This accomplishment is noteworthy for both towards electric vehicles, Merdeka stands as a crucial Furthermore, at the 15th Annual Global CSR & ESG
Adaro and Saratoga and aligns with the nation’s stakeholder in the electric vehicle supply chain due to Summit & Awards 2023 in Vietnam, Tower Bersama
commitment to boosting the renewable energy mix. In its commitment to nickel production. clinched the Platinum award for Best Workplace
2022, Adaro also embarked on developing a Carbon Practice, affirming its dedication to cultivating a
Abatement Roadmap, showcasing its dedication to positive and inclusive work environment. Adding to
reducing and mitigating carbon emissions. The plan its impressive accolades, Tower Bersama secured two
commenced implementation this year. distinguished awards – the TOP CSR Award and the
TOP Leader on CSR Commitment Award.
Page 45
Empowered Workforce for Sustained Excellence
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 45
EMPOWERED Within the organization, our employees are the cornerstone of
OUR CONTRIBUTIONS TO
WORKFORCE our success, serving as the essential pillars that uphold the very
foundation of our achievements. We go beyond considering SUSTAINABLE DEVELOPMENT
FOR SUSTAINED them merely as staff; rather, we embrace them as integral
GOALS
EXCELLENCE members of our extended family, essential partners, and a
reliable support system. Recognizing the pivotal role they play,
Through our concrete action of Saratoga’s commitment to
we prioritize effective employee management.
human resource management and development, we contribute
to the achievement of Sustainable Development Goals, which
Our commitment extends well beyond the professional realm,
are 4) Quality Education and 5) Gender Equality.
as we are dedicated to fostering an environment of equal
opportunity, prioritizing the well-being of our employees, and
providing continuous learning and development opportunities.
This commitment to their holistic growth and fulfillment is
exemplified by the refinement of our people policy and the
establishment of the sexual harassment prevention policy last
year.
These policies stand as a testament to our dedication to
providing a workplace where every individual is treated with
respect and dignity. They underscore our commitment to
creating an inclusive and supportive atmosphere where
employees can thrive both personally and professionally.
Furthermore, our overarching ESG policy places a strong
emphasis on the value we place on our human capital and
outlines our vision for how we aspire to treat and nurture them
within our organization. Through these policies, we aim to
not only meet legal and ethical standards but also to actively
promote a workplace culture where every employee feels
valued, supported, and empowered. [GRI 3-3]
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 46
Our Impact in 2023 at a Glance [GRI 404-3]
Increasing the average
790
training hours per worker
from 13.03 (2022)
to 14.11 (2023) total training hours
48% 0 Report 0 Report
of all employees are female of Sexual Harassment of discrimination
100% of employees Employees are satisfied
received performance with the management and facilities
evaluations and appraisals provided by Saratoga
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SUSTAINABILITY REPORT 2023 47
Saratoga Year-End Gathering
As tradition dictates, we held our annual year-end
gathering once again this year on the 8th of
December at Lucy in the Sky in Menteng, Central
Jakarta. This special event serves as a platform for
our employees to come together, fostering a sense
of camaraderie and providing an opportunity for
everyone to have a good time. Beyond the festivities,
the year-end gathering holds significant meaning
for us – it is a moment to celebrate our collective
achievements and express gratitude for the hard
work and dedication of our valued employees.
COMMITMENT TO Inclusion in Our Workforce of Directors, we prioritize gender diversity, with one out of every
EQUAL OPPORTUNITY Last year marked a significant milestone for our organization three directors being female. This deliberate effort extends
[POJK-F.18] in human resources management as we reported a refinement to our senior management at the coordinating level, where
in our people policy. This update underscored our unwavering we have achieved a near balance between male and female
commitment to fostering an inclusive workplace culture. leadership. [GRI 405-1]
Central to this commitment is our dedication to providing equal
opportunities to every individual, regardless of background. We Our workforce predominantly falls within the productive age
believe that diversity is a source of strength, and by prioritizing range of 30 to 50, reflecting a dynamic and experienced
equality, we aim to create an environment where all employees team. Despite this, we actively promote age diversity by
can thrive and contribute their unique perspectives. providing opportunities for employees beyond this age bracket.
Simultaneously, we currently have 3 employees working
We are committed to fostering a gender-balanced workforce on a temporary basis, and it is imperative to emphasize our
at all organizational levels, reflecting our dedication to diversity commitment to equal rights for all. Whether on a temporary or
and inclusion. Currently, our workforce composition stands full-time basis, we ensure that every individual in our workforce
at 48.44% women among 64 employees, a testament to our enjoys the same rights, fostering an inclusive and fair work
recognition of the significance of representation. In our Board environment for everyone. [GRI 2-8]
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 48
Equitable and Compliant Recruitment
EMPLOYEES Male Female
BASED ON Practices
EMPLOYMENT At Saratoga, we firmly believe in fostering equal opportunity
32 Temporary
TYPE [GRI 2-7] Permanent
employees
right from the outset, beginning with a fair and open
employees
recruitment process. Our commitment revolves around
29
4.69% ensuring that recruitment decisions are free from any biases
Permanent and discrimination related to gender, race, skin color, or political
1 employees
Temporary opinions. We adhere to a recruitment process that is not only fair
employees 95.31% but also transparent, allowing individuals to be assessed solely
2
based on their merits. In the past year, we successfully recruited
a total of 7 individuals. Additionally, we acknowledge that
attrition is a natural part of any organization, and 2 employees
Male Female
left the company for personal reason. The turnover rate for the
EMPLOYEES Director Manager and Staff and reporting year is 3.13%, a decrease of 54% from the previous year
BASED ON Supervisor Non-Staff
(6.78%). On the flip side, we welcomed 1 intern from University
JOB TITLE
Staff and of Western Australia, contributing to the exchange of fresh
Non-Staff Director perspectives and ideas within our dynamic workplace.[GRI 2-8]
13
39.06% 4.69%
9 9
8
7 NEW EMPLOYEES [GRI 401-1][POJK C.3b]
5
Manager
and Supervisor <30 2
2 2 2 2 2
1 1 1
0 0 0 0 56.25% Years old
0
d
d
d
d
d
d
d
d
d
ol
ol
ol
ol
ol
ol
ol
ol
ol
3
s
s
s
s
s
s
s
s
30 - 50
s
ar
ar
ar
ar
ar
ar
ar
ar
ar
Ye
Ye
Ye
Ye
Ye
Ye
Ye
Ye
Ye
Years old 2
0
0
0
0
0
0
0
0
0
-5
-5
-5
<3
<3
<3
>5
>5
>5
30
30
30
>50 0 Male
Years old
0 Female
EMPLOYEES
BASED ON 23
AGE GROUP EMPLOYEES TURNOVER RATE
Male 18
<30 33.33%
52% 48% 10
Years old
0.00%
7
Female 30 - 50 0.00%
3 3
Years old 0.00%
d
d
0.00%
d
d
d
d
ol
ol
ol
ol
ol
ol
>50 Male
s
s
s
s
s
s
ar
ar
ar
ar
ar
ar
Years old
Ye
Ye
Ye
Ye
Ye
Ye
10,00% Female
0
0
0
0
0
0
-5
-5
<3
<3
>5
>5
30
30
Page 50
PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 49
We uphold a steadfast commitment to conducting compliant EMPLOYEE WELL-BEING to ethical business practices and the creation of a work
environment that prioritizes the welfare of our team.
and humane recruitment practices throughout our organization.
It is crucial to emphasize that our dedication to this principle also
AND ENGAGEMENT
Our extensive employee compensation and benefits package
extends to our portfolio companies. We want to make it explicitly
encompass various components, including the basic salary,
clear that we have absolutely no affiliation with any form of child Fair Compensation and Benefits annual bonuses, meal facilities, transportation allowance,
or forced labor. This principle is of utmost importance to us, and
We recognize that providing fair remuneration goes beyond overtime pay, allowances for diverse social and religious
we adhere to it rigorously. Furthermore, we deeply value our
meeting our obligations to our employees—it is a vital element events, health facilities and programs, long-service pay, and
employees and strive to demonstrate this through providing
in cultivating a robust and thriving workforce. Fair pay is not participation in our vehicle ownership program. For a detailed
them with fair compensation and benefits that align with their
merely a legal mandate; it plays a pivotal role in establishing breakdown, kindly refer to the provided table on the next page.
contributions and dedication to our Company. [GRI 3-3][POJK-F.19]
a workplace where our team members feel appreciated and These compensation and benefits packages are thoughtfully
well-supported. Our emphasis on just compensation and designed in accordance with our company policies and are fully
comprehensive benefits underscores our authentic dedication compliant with legal standards.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 50
Saratoga Employee Compensation
and Benefit 2023 [GRI 401-2]
EMPLOYEE At our Company, we take great pride in providing a Recognizing the crucial role fair compensation and
PERMANENT TEMPORARY
COMPENSATION EMPLOYEE EMPLOYEE basic salary that goes beyond regulatory standards, benefits play in retaining our valuable employees, we
AND BENEFIT* [GRI 401-2]
a testament to our commitment to fair compensation. conducted a comprehensive evaluation of our retention
Our lowest-ranking employees receive a salary of IDR program in late 2022. This assessment led to several
Basic Salary 5,550,000, which surpasses the government-mandated significant improvements aimed at enhancing our
minimum wage by 13.22%. [POJK F.20] This figure, however, employees’ overall well-being. One notable enhancement
Annual Bonus
does not encompass the additional benefits detailed was the upgrade of our medical insurance, offering a
Meals Facilities
in the provided table. In addition to our commitment higher coverage to better support the health and welfare
to competitive salaries, our dedication to regulatory of our workforce. In addition to these improvements, the
Transportation Allowance* compliance extends to our employees’ well-being. evaluation also introduced a car ownership program,
We ensure that all our employees are registered in the providing our employees with an opportunity to enjoy the
Overtime Allowance*
national health insurance system and labor security benefits of vehicle ownership.
Leave Allowance*
program, contributing to their overall health and security.
This comprehensive approach reflects our commitment As part of our ongoing commitment to recognizing
Religious Holiday Allowance to upholding not only fair wages but also the overall and rewarding dedication, we continue to honor our
welfare of our valued workforce. long-serving employees. Those who reach the 5-year
Marriage Allowance
milestone are entitled to a month of leave and a month
Bereavement Money Additionally, we uphold a gender-neutral approach to of allowances. Additionally, at the 10-year mark and its
compensation, maintaining a 1:1 wage ratio between multiples, we express our gratitude with the provision of
Special Allowance/Aid women and men employees at the same employee level. additional benefits in the form of precious metals. These
This practice underscores our commitment to preventing initiatives reflect our dedication to fostering a workplace
Health Facilities*
discrimination in the workplace. Our compensation and culture that values and rewards long-term commitment
BPJS Health Program benefits structure is intricately tied to the competence and dedication.
and contributions of each employee, ensuring a fair and
BPJS Employment program merit-based system. [GRI 405-2]
Long Service Pay*
Vehicle Ownership Program*
*Benefits given vary based on work function/position/level/
division/term of service in accordance with Company policy
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 51
Balancing Work and Life [GRI 401-3] [GRI 404-2] graduations, family celebrations such as the marriage of their
children, and important religious ceremonies like circumcision
At Saratoga, we believe in fostering a workplace culture where
or baptism. We also provide paid leave to accommodate our
our employees are not just colleagues but an extension of our
employees’ religious commitments, such as participating in Hajj
family. Recognizing that our employees have families of their
or fulfilling other obligations mandated by their faith. These paid
own, we are deeply committed to caring for the well-being of
leaves reflect our commitment to the well-being and work-life
their loved ones through various programs. One cornerstone
balance of our employees. During the reporting period, four
of our family-centric approach is our maternity leave policy,
employees benefited from the maternity leave policy, while
which provides our expectant mothers with a total of 3 months
another four employees benefited from religious paid leave.
of rest time both before and after childbirth, extending to
cases of miscarriage. This is in accordance with the prevailing
labor policies in Indonesia. Inclusive of this commitment, our
male employees are entitled to paid leave for a few days to
accompany their wives during childbirth or in the unfortunate Our Support for Employee
event of a miscarriage.
Work-Life Balance
Upon the return of our employees to the workplace, our
dedication to creating a supportive and comfortable
environment for new mothers continues to be a priority.
This commitment is evident in the provision of a dedicated Parental Leave for
breastfeeding room within our Company premises. As part of Both Parents After
our ongoing office renovation, including enhancements to the Birth or Miscarriage
breastfeeding room, we are planning to add essential facilities
such as a specialized freezer for storing expressed breast milk.
Going beyond the immediate needs, we extend our support Allowances and
to the broader family unit. We reimburse delivery costs up to Contributions for
the third birth or the arrival of the third child. Additionally, we Employee’s Spouse
offer allowances and contributions for the spouses and children and Children
of our employees (up to a maximum of three children with an
age limit of 21). This comprehensive support includes covering
hospitalization costs for the mentioned family members in case
they require hospital care. Our commitment to caring for our Paid Leaves
employees’ families reflects our values of creating a holistic and for Family and
supportive work environment. Religious Events
In addition to fostering a supportive work environment, we
offer paid leave to support our employees during significant
life events. This includes personal milestones like weddings,
Page 53
PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 52
Safety, Health and Wellness
A key aspect of ensuring employee well-being is fostering
To the Peak We Go: Wellness and Togetherness
a secure environment that minimizes potential hazards. To
achieve this, we prioritize the provision of a workplace that is
and collaboration across different professional domains
not only adequate but also safe. This includes maintaining a
within our organization.
clean workspace, well-equipped toilet facilities, a cafeteria
for communal breaks, the installation of smoke detectors, fire
The participants navigated the scenic landscapes of
fire extinguisher, and a designated praying room. By offering
Telaga Biru Lake, explored rejuvenating hot water springs,
these amenities, we aim to create a work environment where
and conquered the challenging Kandang Badak saddle
our employees can feel secure, comfortable, and supported in
before reaching the majestic summit of Gunung Gede.
every aspect of their professional journey. [POJK F.21]
The adventure reached its pinnacle with an overnight
camping experience at the enchanting Surya Kencana
Our commitment to the well-being of our employees extends to
campsite, providing the team with an opportunity to
their health coverage through the Indonesian Social Insurance Saratoga prides itself on fostering a closely-knit
bond under the vast starlit sky. Looking ahead, Saratoga
Administration Organization, known as Badan Penyelenggara environment, where the bonds among employees extend
is dedicated to turning this exhilarating expedition into
Jaminan Sosial (BPJS). This national health insurance ensures beyond the confines of the workplace. We understand the
an annual tradition. Our next target is to embark on the
that our employees have access to necessary medical services significance of valuing life beyond professional endeavors,
exploration of the renowned Mount Semeru in East Java
and facilities. The monthly health insurance contribution is recognizing that a harmonious work-life balance contributes
next year.
a joint effort, with both Saratoga and employees sharing the to a thriving community. In a landmark moment for Saratoga
responsibility. Saratoga’s contribution to the health contribution in 2023, our employees collectively embraced the spirit of
amounts to 4% of each employee’s salary, and employees adventure by undertaking a hiking expedition to Gunung
simultaneously contribute 1% of their salary toward the monthly Gede Pangrango. This strategic initiative aimed not only at
health insurance premium. promoting wellness but also at cultivating a sense of unity
and teamwork among our diverse workforce.
In addition to providing comprehensive health insurance
coverage, we recognize the significance of promoting holistic The expedition, which unfolded on November 10th and 11th,
well-being among our employees. To encourage a healthy and saw a diverse group of participants, including staff members,
active lifestyle, we offer subsidies for various health-supporting senior managers, and members of the Board of Directors.
activities, including yoga classes, combat sessions, tennis, and This expedition was a new adventure for some participants,
gym memberships. This initiative is aimed at supporting our making it a truly memorable experience for them. The
employees in maintaining not only their physical health but also group, consisting of individuals from different levels of the
their overall well-being. By fostering a culture of wellness, we organizational hierarchy and various departments within
believe our employees can lead healthier and more fulfilling Saratoga, brought together a diverse range of perspectives
lives, both inside and outside the workplace. and skills. This mix of backgrounds not only added richness
to the overall journey but also highlighted the power of unity
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 53
and is duly recorded as part of the Company’s liabilities for misconduct in this area, with a strong emphasis on ensuring
Planning for our Employees’ Future employee benefits, as detailed in the Company’s Consolidated the confidentiality and anonymity of those who come forward.
[GRI 201-3]
Financial Statements. These initiatives underscore our This commitment is particularly crucial in cases of sexual
Our Company is unwaveringly dedicated to the well-being of our dedication to the long-term welfare of our employees, reflecting harassment, where we are unwavering in providing support and
long-term employees, viewing them as essential members of our our Company’s ethos of fostering a supportive and caring counseling for the victims. Our dedication extends to taking
extended family rather than mere team members. We believe it environment that extends well beyond the workplace. decisive sanctions and disciplinary actions against individuals
is our duty to ensure that our employees age gracefully and are proven to be perpetrators. This comprehensive approach
supported in their later years. In alignment with this commitment reflects our unwavering support for survivors, creating a
and in adherence to Indonesian Law Number 24 of 2011, which
Valuing Employee Concerns and workplace environment where assistance is provided to those
requires the registration of all employees in the labor security Feedback who have experienced harm, rather than shielding wrongdoers.
program, or Jaminan Sosial Tenaga Kerja (Jamsostek) by BPJS We are pleased to report zero cases of sexual harassment
Ketenagakerjaan, we have instituted a range of comprehensive Prioritizing the well-being of our employees, we have this year.
programs. established a robust framework to ensure a safe and inclusive
work environment. Recognizing the importance of providing To facilitate open communication with our employees, we are
In this national employment social security program, we prioritize avenues for individuals to voice concerns and report issues, dedicated to providing them with opportunities to express
both old-age security and pension security for our employees. we’ve implemented a comprehensive grievance mechanism. their feedback openly. We firmly believe in the importance of
The financial contributions to these social security components acknowledging our employees’ perspectives and consider their
are a joint effort, with support coming from both the Company Employees are encouraged to share their concerns via email at input valuable in shaping our practices. While our Company
and our valued employees. For old-age security, the Company whistleblowing.report@saratoga-investama.com or currently does not have an employee association, we explicitly
contributes funds equivalent to 3.7% of each employee’s hr@saratoga-investama.com, covering a range of issues from state in our policies that we allow and encourage our employees
monthly salary, while employees dedicate 2% of their salary to workplace conflicts to inappropriate behavior. Additionally, to form associations or to be involved in a labor union of their
this program. This collaborative financial commitment ensures individuals have the option to approach their direct supervisors choice.
robust coverage for our employees’ well-being during their to express grievances.
post-employment years. Alternatively, our employees can share their thoughts through
Our commitment to maintaining a secure and harmonious an annual employee satisfaction survey, which serves as
Furthermore, in prioritizing for pension security, the Company workplace is further reinforced through the thorough a valuable tool for gathering insight. The primary goal is to
demonstrates its commitment by allocating es funds equivalent investigation of all submitted complaints by our dedicated understand our employees’ perceptions of their experiences
to 2% of each employee’s monthly salary, complemented by a 1% Human Resources and General Affairs divisions. within the Company. The feedback received from the survey is
contribution deducted directly from the employee’s salary. This instrumental in guiding our continuous improvement initiatives.
dual contribution approach is designed to establish a stable This year, we received zero reports through our reporting The survey evaluates employee satisfaction across various areas,
foundation for our employees as they plan for a secure and channel, emphasizing the effectiveness of our proactive including employee management, training and development,
comfortable retirement. It reflects our commitment to providing approach to address concerns and uphold a positive and compensation and benefits. The results from the survey
comprehensive support for our employees’ financial security workplace culture. [GRI 406-1] serve as a benchmark for our progress, and we strive to ensure
and peace of mind in their later years. that the satisfaction levels exceed those of the previous year.
In 2022, we introduced a dedicated policy aimed at preventing Employees are satisfied with the management and facilities
To strengthen the aforementioned efforts, we have proactively sexual harassment within our Company, emphasizing the provided by Saratoga [GRI 2-30]
established an employee pension fund. This initiative is a crucial seriousness of the matter. The policy explicitly outlines
component of our comprehensive employee benefits package the availability of our grievance hotline for reporting any
Page 55
PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 54
LEARNING AND DEVELOPMENT our leadership remains well-informed about the latest industry
trends and management practices. Always on the lookout for
In 2023, Continuous Training new training opportunities, our human resources department
[GRI 404-1][GRI 404-2][POJK F.22]
remains responsive to the changing needs of each sector.
Additionally, in further support of our workforce, we consci-
Saratoga received Recognizing the fast-paced nature of our world and the
entiously evaluate employee performance, identifying areas
continuous evolution of knowledge, we are committed to
where both formal and informal training can play a crucial role
keeping our team abreast of the latest insights. This not only
in fostering professional growth.
ensures they stay informed about recent developments but
0 also empowers them to grow both personally and professionally.
Our commitment to ongoing training is a fundamental aspect
This year, a significant number of our employees, totaling 56,
participated in a training session, representing an increase
Report of Discrimination of our overall development strategy. By fostering a culture of
compared to the previous year. Furthermore, there has been
continuous learning, we not only provide our team with the
an uptick in the average training hours per worker, increasing
skills needed to thrive in a dynamic environment but also
from 13.03 to 14.11 since last year. Notably, our managerial
contribute to their personal growth and the overall success of
levels have significantly benefited from our robust training
0
our organization.
program, as evidenced by the increased training hours for
this group. The details of our training hours are elaborated
In demonstrating our dedication to employee development, we
Report of Sexual encourage our managerial-level staff to attend a minimum of two
in the subsequent table. The complete list of trainings are
Harassment training sessions each year. This proactive approach ensures
elaborated in our Annual Report. [GRI 404-2] [POJK F.22]
Saratoga’s Employee Training 2023 [GRI 404-1]
Number of workers Average Hours of Training
Description Training Hours
receiving training per Worker
Total 56 790 14.11
Improved Employee
Satisfaction Survey Result Based on Gender
Male 31 383 12.35
Female 25 407 16.28
Based on Job Title
Director and Senior Management 24 276.50 11.52
Manager and Supervisor 11 183 16.64
Staff and Non Staff 21 330.50 15.74
Page 56
PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 55
Performance Evaluation and
Empowering Excellence: Saratoga’s Growth Assessment [GRI 404-3]
Dynamic Training with James Gwee At Saratoga, we place a strong emphasis on continuous
development, recognizing the importance of addressing
On December 11, 2023, Saratoga organized a highly individual weaknesses and areas for improvement. This
enriching training session featuring James Gwee, commitment is evident in the regular evaluations and
a distinguished expert specialist in enhancing assessments conducted on our employees’ performance,
employees’ performance in sales and leadership. which we consider essential tools for enhancing capabilities
The training, titled “Boost Your Confidence, and advancing our company. We employ various assessment
Improve Your Selling Skills,” drew the participation methods tailored to our diverse workforce. For all employees,
of 30 Saratoga employees, including those at the we utilize the Key Performance Indicator (KPI) assessment,
manager assistant level and above. Spanning a ensuring that each metric is specific, measurable, and relevant
full day and lasting for 12 hours, the training took to individual roles.
place at the Adaro Institute-Cyber 2 building.
This comprehensive session not only covered To further enhance our evaluation process, employees at staff
theoretical aspects but also incorporated practical level and above undergo an additional layer of assessment
elements, including direct selling exercises. To through the 360-degree feedback method. This approach
enhance the experiential aspect of the training, all allows employees to receive comprehensive feedback from
participants transitioned to the mall, where they all directions — including themselves, colleagues, superiors,
actively engaged in selling various products. This and subordinates. The insights gained through this process
hands-on approach added a practical dimension contribute to a well-rounded and insightful evaluation, providing
to the theoretical concepts, ensuring that a holistic view of an individual’s performance and areas for
employees could immediately apply and reinforce growth.
their newly acquired skills.
Aligned with our unwavering dedication to employee
development, we take pride in the fact that all our employees
undergo performance evaluation in the reporting year. The
results of these evaluations play a crucial role in shaping
“Participating in the training led by James Gwee was memorable. Focused on boosting confidence
our strategic decisions, including future training initiatives,
and enhancing selling skills, the sessions delved into negotiation theories, providing a solid foundation
compensation increases, promotions, job rotations, mutations,
for immediate practice. The real game-changer was the practice sessions that profoundly boosted my
and adjustments to our management structure.
confidence. The negotiation skills acquired during this training are readily applicable in real-world
scenarios, particularly when sealing deals with our target companies.”
Pauline
Senior Manager in Investment
Page 57
Encouraging Environmental Actions for Sustainable Impact
Page 58
PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 57
ENCOURAGING Environmental stewardship is at the heart of our Company’s
ENVIRONMENTAL values. We understand the importance of making responsible
choices, and we are dedicated to reducing our ecological
ACTIONS FOR footprint while inspiring others to do the same. This commitment
SUSTAINABLE is a central pillar of our comprehensive ESG Roadmap. This year,
our focus in the environmental realm revolves around increasing
IMPACT awareness and taking action to curb greenhouse gas emissions
(GHG).
[POJK F.11] [POJK F.12] [POJK F.10]
[POJK F.1] [POJK F.7] [POJK F.8]
In Saratoga, we are pursuing sustainability through three main
avenues: optimizing our operations, empowering our teams,
and implementing green initiatives across our portfolio. This
holistic approach underscores our dedication to preserving the
environment and actively shaping a more sustainable future.
OUR CONTRIBUTIONS TO Environmental Preservation
SUSTAINABLE DEVELOPMENT
GOALS
Through our comprehensive approach toward environmental
preservation, we contribute to the achievement of Sustainable
Development Goals, which are 7) Affordable and Clean Energy,
12) Responsible Consumption and Production, 13) Climate
Action, and 15) Life on Land.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 58
A Brief Look at Our Environmental Impact
Collaborating with
Reaching a Milestone 2 institutions
in GHG Inventory on Pollution Reduction
Initiated constructive discussion
of waste management
in Menara Karya building, Saratoga’s office
Participated in the
Support
Climate Ambition
32 environmental Accelerator Training
projects through Green Leader by UNGC
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 59
SARATOGA Environmental Excellence is a Team issues, we actively facilitate their participation in socialization
and training programs. This ensures their ongoing interest and
ECO-INSIGHTS Effort [POJK F.1] commitment to these crucial matters. In 2023, we participated in
the UN Global Compact Climate Ambition Accelerator Training.
Our commitment to sustainability, fortified by the ESG Roadmap This comprehensive program extended over six months, from
established last year, continues to be a central focus. Internally, May 17 to November 19, 2023, and included a total of 19 sessions.
we recognize the importance of enhancing efficiency to Throughout the program, our representatives delved into the
minimize our environmental footprint. fundamentals of GHG emissions, gaining valuable insights into
the Science-Based Targets Initiative (SBTi), and understanding
Proactive measures and small yet meaningful changes are the concept of achieving net-zero emissions. The participants
being implemented, and the success of these initiatives is were equipped with knowledge on creating climate ambition
anchored in the dedicated efforts of our entire workforce, and formulating effective strategies for the management of
from top management to emerging talent. We take pride in the greenhouse gas emissions.
cohesive collaboration across all levels, exemplifying our shared
commitment to environmental stewardship and corporate In our pursuit to cultivate a more environmentally conscious
responsibility. habit, we have initiated constructive discussions with the
building management for Menara Karya, the building where our
To instill a deeper understanding of environmental issues, the office is located, regarding various waste management initiatives.
company actively engages employees through a variety of We are thrilled to share that they have warmly embraced our
initiatives. Our board consistently reinforces environmentally approach. One noteworthy step the building has taken is the
responsible practices in daily life, underscoring the importance procurement of sorting bins. These bins enable the efficient
of reducing electricity and water consumption. This includes segregation of trash based on their types—a small yet crucial
adopting simple habits such as turning off lights in vacant step in simplifying the recycling and repurposing process.
rooms and using water judiciously. Furthermore, our team
benefits from the guidance of our Climate Leader employee,
who offers daily reminders to be mindful of our consumption
and environmental footprints. This dedicated volunteer actively
educates the public on climate change realities and advocates
for both local and global solutions, receiving personal training
from the former president of Climate Reality Project Indonesia
in 2021. [POJK F.7] [POJK F.8]
Strategically placed posters on walls serve as continual prompts
to maintain environmentally friendly habits. In alignment
with our commitment to sustainability, significant operational
adjustments have been implemented, encouraging the
digitization of signatures to minimize paper usage. To further
support our employees’ engagement with environmental
Page 61
PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 60
Fortifying Our Footprint Inventory usage of fossil/biofuel. Scope 2 refers to the indirect emissions optimizing resource efficiency, and transitioning our mobility
This year holds special significance for us as we have reached from energy/utilities, in our context calculated through the to eco-friendly options like electric vehicles and public
a crucial milestone—embarking on the calculation of GHG electricity we purchase. Our Scope 3 calculations refer to other transportation. These initiatives reflect our dedication to
emissions across Scope 1 through Scope 3 for the first time in value chain activities. Currently, our Scope 3 calculations are leading by example in sustainable practices within our industry.
2023. The boundary for Scope 2 calculations spans back to limited to business travel-related emissions, such as flights, rail, [GRI 305-1] [GRI 305-2] [GRI 305-3] [GRI 305-5] [POJK F.11] [POJK F.12]
2020, offering a comprehensive overview of our emissions in and hotels. However, looking ahead, our commitment extends
recent years. Furthermore, we conducted the calculation for to expanding Scope 3 calculations to include employee In 2023, we mark the fifth consecutive year of upholding
Scope 1 and Scope 3 for 2022 and 2023. In collaboration with commuting. our commitment to calculating our electricity and paper
an external accountable partner, we not only performed the consumption. In both calculations, we are pleased to report a
calculations but also gained valuable insights on how to conduct Our GHG baseline for future assessments will be established decrease from the baseline set in 2019 although an increase
them independently. This underscores our commitment to from the 2022 calculations, providing a benchmark for tracking from the previous year, 2022. These increases are due to
actively reduce our environmental footprint and represents our environmental performance. Notably, in the year 2023, our a return to a more typical operation after COVID-19. These
the initial step in monitoring climate risks. It also aligns with highest GHG emissions were attributed to Scope 3, accounting achievements are a testament to the collective efforts of all our
our efforts to implement various greenhouse gas reduction for 62.18% of the total emissions. We have taken note of the employees throughout the year.
initiatives outlined in our ESG roadmap. increase in our Scope 1 and Scope 3 emissions from 2022 to
2023. These rises are largely due to the necessary mobility
Saratoga’s GHG data was calculated in compliance with demands within our business operations. Notably, in 2023, we
Electricity Usage [POJK F.6]
the internationally acknowledged GHG Protocol. The GHG experienced more international flights and longer overall travel
considered in the calculation includes, but is not limited to, durations. Moving forward, addressing these emissions will be
carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), and a key focus area for us. Emission reduction is our priority, and 81,108 2019*
fluorinated gases. All results are quantified in CO2 equivalent we actively promote a comprehensive approach. We encourage 2021
(CO2eq) units. The scope of the calculation comprises only the organizations under our supervision to calculate their carbon 51,981 2022
operations directly governed by Saratoga. Our calculation of footprint, fostering a collective commitment. Internally, we are 2023
69,730
Scope 1 refers to our direct emissions, calculated through our implementing strategic partnerships for carbon reduction,
77,946 Unit: kWh
2021 2022 2023
Emission Category Source
(tCO2eq)
Paper Usage [POJK F.5]
Scope 1 Fuel Combustion, Fugitive Emission, Process Emissions
Not available 4.83 8.98
2019*
300
2021
125 2022
Scope 2 Electricity & Energy Purchased 45.22 60.67 67.81
2023
110
Scope 3 Value Chain Activities Not available 60.77 126.23 127 Unit: Rim
TOTAL 126.26 203.02
Page 62
PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 61
EMPOWERING Seeding Sustainability: In the most recent reporting year, the program centered on
SUSTAINABILITY Cultivating Green Leaders the critical issue of carbon reduction under the theme “Jejak
Karbon” or “Carbon Footprint” in English, emphasizing the
Climate change poses significant challenges, but our Company importance of mitigating carbon emissions.
is committed to being part of the solution. We recognize the
urgency of addressing the root causes and are actively involved The 9th Green Leader program brought together 32
in supporting impactful programs. environmental enthusiasts from 15 provinces in Indonesia.
Participants came from diverse backgrounds, including
Since 2015, we have proudly partnered with Eco Camp’s program, teachers/lecturers, employees, environmental activists,
fostering the development of green leaders. This initiative researchers, clergy, entrepreneurs, and students. To qualify
provides a collaborative space for environmental enthusiasts as a participant, each individual had to have implemented an
to converge, learn, and collaborate. The Green Leader program environmental project and had a community that could be
is designed to specifically focus on cultivating individuals with mobilized or developed. Additionally, participants were required
the ability to inspire and mobilize larger communities to address to offset the carbon emissions generated throughout the
critical environmental issues. program.
The 9th Green Leader Participant Distribution
WEST
WEST 1 KALIMANTAN
SUMATRA
2
SOUTH PAPUA
SOUTH KALIMANTAN
1 SUMATRA 9 1
“To address climate change 1 2
issues, we need to begin with 1
1 4 SOUTH SULAWESI
education” LAMPUNG 4 2
BANTEN 1 1
DKI JAKARTA CENTRAL 1
JAVA
WEST JAVA
BALI EAST NUSA TENGGARA
D.I. YOGYAKARTA
Edwin Soeryadjaja WEST
NUSA TENGGARA
President Commissioner
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The Green Leader program encompasses a variety of activities, For the waste management projects, participants lived in Cibunut Village in West Java, where they learned how to collect and manage
spanning from training sessions to project implementation. both organic and non-organic waste. Those involved in the conservation program visited the Cikapundung River in West Java to gain
The training component involves coaching from experts and detailed insights into the area. Participants in the environmental education category resided in Sekolah Rimba Indonesia, allowing
provides participants with opportunities to stay in locations them to experience an environmentally focused school directly. The last group, focusing on agriculture and food, collaborated with
relevant to their respective projects. In 2023, the 32 projects Seni Tani to learn about cultivating a sustainable lifestyle.
(one from each participant) were categorized into four major
areas: waste management, conservation, environmental
education, and agriculture and food. The Saratoga sustainability
team consistently oversees the program, and we actively take
part in the event to share our expertise.
THE 9TH GREEN LEADER
ACHIEVED
11
WASTE MANAGEMENT
PROJECT
5
CONSERVATION
PROJECT
9
ENVIRONMENTAL
EDUCATION PROJECT
2
AGRICULTURAL The Green Leader program has collected enthusiastic feedback from participants, with an impressive 81.5% expressing increased
AND FOOD PROJECT confidence in their leadership abilities and commitment to the environmental movement. This positive response underscores the
program’s effectiveness in empowering individuals and fostering a deeper commitment to environmental stewardship.
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“Being a part of the Green Leader program has significantly impacted my life “Joining Green Leader stemmed from a deep-seated motivation
and outlook. It has provided me with a unique opportunity to expand my network to bring about positive changes in my environment. Throughout
by connecting with like-minded individuals who share a similar passion for the program, my involvement extended to impactful activities,
environmental causes. I had the opportunity to contribute as an ambassador such as participating in forest rehabilitation, learning
for the program. Through this experience, I have not only gained knowledge sustainable practices for utilizing non-wood forest goods
about sustainable practices but have also cultivated a heightened sense of to reduce dependency on the woods, and nurturing the
consciousness in everything I do. This program has made me more aware of communities residing in close proximity to the forest.
my behavior, extending from my interactions with myself to those around me,
and even towards other non-human beings. Actively participating in the Proyek The program’s focus on community engagement proved to
Rumah Minim Sampah or Less Waste House Project in English allowed me to be immensely beneficial in enhancing economic conditions.
apply these principles in a practical setting. We actively encouraged the adoption of various plantation
techniques and the diversification of products, aiming
What makes Green Leader exceptional is its holistic approach to sustainability to empower the community economically. By fostering
which is evident in its meticulous planning, such as providing zero-waste lunches sustainable practices and promoting economic resilience,
for participants. Saratoga plays a significant contribution to the program, both Green Leader provided a platform not only for personal growth
financially and as active speakers, and curriculum organizers, underscores their but also for making a tangible difference in the lives of the
dedication to fostering a sustainable future. Overall, Green Leader has not only communities it touched.”
enriched my understanding of environmental issues but has also empowered
me to be a catalyst for positive change in my community.”
Maria Imelda Prawesti Duanto
An inspiring homemaker
A dedicated civil servant
from Central Java
from West Kalimantan
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Supporting a Good Cause:
Bicara Udara Collaborating in a Reflective 15 cities. This collaboration stands as a testament to our
dedication to addressing environmental challenges and
Conversation: Clean Air for a fostering awareness around crucial issues, such as air
In the face of pressing environmental challenges, our
focus on addressing pollution as a critical issue is both
Healthier Life quality.
global and national, particularly given its significant impact
Our Company has consistently intensified its efforts to As a tangible outcome of our collaboration with NAFAS, we
on public health and its association with preventable
actively participate in programs supporting environmental organized an impactful talk on clean air. The event, held in
diseases. Jakarta, as one of the world’s most polluted
causes, showcasing a commitment to positively contributing Saratoga’s office, garnered a substantial audience with 60
cities, underscores the urgency for immediate action.
to the well-being of our communities. A commitment participants. The primary focus of the talk was to educate
Recognizing the gravity of the pollution crisis, our Company
outlined in our ESG Roadmap involved collaborating attendees about the pressing issue of air pollution. It delved
has taken proactive steps this year by extending support
with another organization to further our sustainability into the severity of the problem, establishing connections
to a non-profit organization dedicated to combating this
mission. We take pride in expanding our partnerships and to the local context in Jakarta and its implications for
issue.
contributions this year. public health. Additionally, the talk addressed the sources
of air pollution and dispelled common misconceptions
We are excited to announce our endorsement of Bicara
In a noteworthy collaboration, we joined forces with surrounding this critical environmental concern. This event
Udara, an organization dedicated to promoting clean
NAFAS Indonesia, a company widely recognized for its symbolizes our commitment to proactive engagement and
air movements in urban areas. Bicara Udara emerged
crucial role in providing reliable air quality data to society. knowledge-sharing for the betterment of our communities
out of concern for the adverse effects of air pollution
NAFAS manages the largest outdoor air quality network and the environment.
on Indonesian children. The organization actively raises
in Indonesia, spanning over 180 sensor locations across
awareness through public campaigns, collaborates with
policymakers, and supports research initiatives focused
on promoting clean air. Our commitment to Bicara Udara
includes financial support, and we actively encourage our
portfolio to engage in the organization’s initiatives aimed
at raising awareness about pollution through socialization
efforts.
This commitment reflects a core belief ingrained in
Saratoga’s leadership philosophy. Our esteemed CEO,
Michael Soeryadjaya plays a pivotal role within Bicara
Udara as a driving force for change His values and
principles resonate throughout our Company, shaping our
collective mindset and propelling us toward excellence in
our environmental endeavor.
Page 66
Igniting Positive Change through Community Empowerment
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IGNITING POSITIVE As an integral part of Indonesian society, Saratoga is committed Pillars of Saratoga’s CID Program
CHANGE THROUGH to creating shared value by actively contributing to the positive
impact and enhancement of the quality of life within the
COMMUNITY Indonesian community. Beyond mere economic returns, we
COMMUNITY
EMPOWERMENT firmly believe that investments should actively support human
resource development, strengthen communities, and preserve
EMPOWERMENT
environmental sustainability. These endeavors reflect our
dedication to achieving long-term sustainable development.
COMMUNITY
As an investment company, Saratoga’s mission is to proactively EMPOWERMENT SOCIAL AND CULTURAL
deliver value to all stakeholders, with a particular emphasis on DEVELOPMENT
the communities surrounding our operational areas. In pursuit
of this mission, we encourage our investee companies to
actively engage in fostering positive societal and environmental
contributions within their operational domains. [GRI 413-1] [GRI 413-2]
[POJK F.23]
ENVIRONMENTAL
PRESERVATION
While our operations may not have a direct significant impact
on the environment, we strongly believe that environmental
sustainability is integral to supporting community development. Saratoga is steadfast in its commitment to supporting various
In line with this commitment, we have developed programs Community Empowerment programs, encompassing
that prioritize not only community advancement but also initiatives such as quality education, job training programs,
environmental preservation. Our CID programs revolve around and entrepreneurship development, especially for the younger
three pillars: Community Empowerment, Social and Cultural generation. We firmly believe that the socio-economic
Development, and Environmental Preservation. These growth of a community is intricately tied to the development
initiatives exemplify our proactive approach to contributing to of individuals and the community as a whole. Hence, each
the holistic well-being of society and the environment. community empowerment initiative undertaken by Saratoga is
designed to create tangible opportunities, fostering sustainable
development for individuals and communities.
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SUSTAINABILITY REPORT 2023 67
Social and Cultural Development holds a pivotal role in Our initiatives include a teacher and local leader training OUR CONTRIBUTIONS TO
the SDGs and serves as a cornerstone in building resilient
and empowered communities. Through this pillar, Saratoga is
program in collaboration with Eco Learning Camp, aimed
at raising environmental awareness. Further details on our
SUSTAINABLE DEVELOPMENT
dedicated to ensuring equal opportunities and access to basic environmental preservation initiatives can be found on page 56. GOALS
living needs for everyone. Our efforts extend to improving
social conditions and living standards in Indonesia, including Beyond profit, Saratoga adheres to the philosophy that a Our Community Empowerment and Social and Cultural
initiatives like providing housing support to low-income families business should bring positive benefits to the surrounding Development programs are designed to contribute to the
and assisting vulnerable groups such as orphans and single community. Embracing the triple bottom line concept— achievement of the Sustainable Development Goals, including
mothers. Additionally, Saratoga contributes to non-profit harmonizing profit, people, and planet—we design every CID to (1) reduce poverty, (4) improve education quality, (5) promote
organizations managing preservation and promotion programs program to showcase how the private sector can engage in gender equality, (7) encourage clean energy, (8) support
of Indonesia’s national culture. financially sustainable activities, providing maximum returns and economic growth, (11) build sustainable cities and communities,
benefits to all stakeholders. Saratoga’s unwavering commitment and (13) adapt to the challenges of climate change.
Recognizing the urgency to address climate change and lies in our determination to make a positive contribution and a
protect the Earth for future generations, Saratoga is steadfast real impact on community welfare.
in its commitment to Environmental Preservation. We Community Empowerment
continually strive to build environmental awareness and In 2023, Saratoga channeled IDR1,223,065,483 worth of
knowledge within the community, understanding that this support for the community and environment. The majority of the
awareness is fundamental to environmental protection. budget was allocated to Environmental Preservation programs.
Contribution (IDR)
Pillar
2022 2023
Community Empowerment [GRI 203-1] 500,000,000 496,902,300
Social and Cultural Development [GRI 203-1] 328,909,835 226,163,183
Social and Cultural Development
Environmental Preservation [GRI 203-1] [POJK F.4] 150,000,000 500,000,000
Total 978,909,835 1,223,065,483
This section will further elaborate on the pillars of Community Empowerment and Social and Cultural Development.
Detailed information on the Environmental Preservation pillar can be found in the Environmental Section of this report.
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Our Impact in 2023 at a Glance [GRI 203-1] [GRI 203-2]
IDR1,223,065,483
had been distributed
10 students 2 laptops
to the community were awarded were donated to
full scholarship and SMK ORA et LABORA
Provided funding assistance
2 houses for the renovation of
18 students
construction was funded
in Gresik in partnership with
Habitat Indonesia
1 elderly
home
in Tangerang
participated in entrepreneurship
coaching and mentoring through
the ENVOY 14 program
96 elderly residents from 400
2 nursing homes grocery packages
in Tangerang and DKI Jakarta were supported were given to elderly mothers in
to enjoy Christmas celebrations together East and North Jakarta during Ramadan
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COMMUNITY Strive, Labor, and Enriching Knowledge Saratoga’s commitment to collaborating with the government
EMPOWERMENT for Upcoming Innovators in developing vocational schools that produce competent and
skilled graduates poised for the workforce.
[GRI 203-1][POJK F.25]
Saratoga firmly believes that education is the key to nurturing
Our support to SMK OeL takes various forms, ranging from
competent human resources capable of actively contributing
providing school facilities to deploying Saratoga employees
to national development. With a vision for a better future for
as volunteers in the Executive Committee. The assignment
Indonesia, we acknowledge the significance of imparting
of Saratoga volunteers is aimed at assisting the school in
knowledge and skills to the younger generation. Saratoga’s
developing a curriculum aligned with industry needs, fostering
commitment is evident in our focus on community development
relationships between the school and industry, and ensuring
within the education sector, particularly among the youth.
adequate funding for school operations.
Our aim is to strengthen the foundation of empowerment and
elevate the quality of life for communities. Through community
In 2023, we extended full scholarships to 10 students, covering a
empowerment programs, we emphasize efforts to educate and
comprehensive 4-year education program. The school program
enhance the competence of human resources, with the primary
includes three years of regular vocational education and an
“Education plays a crucial goal of creating capable, excellent, and skilled individuals ready
additional year of internship, allowing students to acquire
role in shaping the to face the challenges of the times.
practical skills for a seamless transition into the workforce.
intellectual landscape
Alongside the scholarships, we donated 2 laptops to enhance
of our nation, and it’s Responding to the increasing demand for green energy and
teaching facilities. Our hope is that the training programs
imperative for all of us the development of the power generation sector in Indonesia,
and facility support provided to SMK OeL will facilitate the
to contribute to this Saratoga has been actively supporting the preparation of
smooth implementation of education and training programs,
transformative journey. By Indonesian youth to meet the evolving job market since 2016.
subsequently contributing to the reduction of the relatively
collaborating with other This support is extended to Ora et Labora Vocational High
high unemployment rate among vocational school graduates in
institutions, we strive School (SMK OeL), specializing in training technicians to
Indonesia.
for better education by become power plant operators. This initiative underscores
nurturing young talents
and providing scholarship
support. In Indonesia, the
path to progress involves
collective efforts, and
together, we can pave the
way for a brighter future in
education.”
Edwin Soeryadjaja
President Commissioner
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SUSTAINABILITY REPORT 2023 70
I am truly grateful for the invaluable support and opportunities that the SMK
Ora et Labora Foundation, Partners, and Scholarship Donors throughout my
educational journey.
The scholarship provided by Saratoga has played a pivotal role in preparing me
for entering the workforce. The financial assistance I receive has significantly
alleviated the economic burden on my parents, allowing me to focus on my
studies without undue stress. Additionally, the non-material support, such as
internship placements, has been crucial for my future career development.
I deeply appreciate the expertise and guidance offered by the professional
teachers and trainers at SMK Ora et Labora. The knowledge imparted by
them will undoubtedly serve as a valuable asset as I pursue my aspirations
for the future.
Bagus Nurcahyo
Alumni of SMK Ora et Labora & Saratoga’s Scholarship Recipient
Operator of PT Energi Duta Utama
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Saratoga recognizes the pivotal role of entrepreneurship in driving the Indonesian economy forward. Embracing the entrepreneurial spirit not only addresses
Empowering Future social challenges but also facilitates job creation, elevating the standard of living and the overall economy of communities. Saratoga firmly believes that
Entrepreneurs of imparting entrepreneurship education to the younger generation empowers them to become productive, self-reliant entrepreneurs capable of making a
genuinely positive impact on their communities. Since 2015, we have actively championed the Entrepreneur Development Scholarship for Youth (ENVOY)
Indonesia: Entrepreneur program initiated by the Mien R. Uno Foundation.
Development for Youth
ENVOY is an entrepreneurship development program specifically designed for undergraduate students who have been operating a business unit for a
(ENVOY) Program minimum of eight months. Through this program, mentored students are poised to enhance both their businesses and personal skills, ultimately transforming
into independent individuals capable of contributing to their family’s economy and creating job opportunities within their surrounding environment.
Distributions of ENVOY 14 Participants Demographics of ENVOY 14 Participants
MALE
6
1
JAMBI
WEST JAVA
CENTRAL JAVA
7 4
3 FEMALE
3
EAST JAVA
YOGYAKARTA
12
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ENVOY 14 Timeline
Recruitment
April - August 2022
First Opening and Training Offline “Knowing My Business” Training in Jakarta on November 22, 2022
September 2022
Coaching and Mentoring
September 2022 - March 2023
Enrichment
September 2022 - July 2023
Online Training via Zoom Meeting
Second Training
November 2022 This program welcomes all Indonesian students aspiring The ENVOY program unfolds over 12 months, divided into two
to enhance their entrepreneurial skills and wholeheartedly distinct phases, each spanning 6 months. In the initial 6-month
Third Training commit to engaging in all training and mentoring processes, phase, participants embark on enriching coaching sessions,
irrespective of their university affiliation—be it public or private. paving the way for the subsequent 6-month mentoring phase.
January 2023 While the persistent challenges of the COVID-19 pandemic Selected participants are privileged to access a myriad of
necessitated a shift to online platforms such as Zoom Meetings coaching and mentoring facilities, encompassing entrepre-
Individual Sessions and the website for the entire selection process of ENVOY 14, neurship training, business coaching, mentoring, networking
the program displayed resilience by seamlessly incorporating a opportunities, as well as regional and national exhibitions. At
September 2022 - March 2023 hybrid approach, combining both online and offline methods for the conclusion of the program, each participant undergoes
training and mentoring activities. a comprehensive evaluation to gauge the progress of their
Program Closure businesses, marking the successful culmination of their
transformative journey.
September 2023
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Positive Impact of ENVOY 14 Program On the Community
ENVOY 14 program facilitated a transformative journey for and Environment
each participant, encompassing comprehensive evaluations
of both individual growth and business development. These
evaluations were instrumental in guiding participants to amplify Local Community Empowerment Responsible Waste Management
their personal capacities while concurrently refining the
Number of participant’s business
Number of participant’s business
management of their businesses.
17 Employees
9 Rethink
Interns 8 Recycle
On the Development of 12 7
Repair
Participants' Business Partners
5 5 Reduce
Replace
3 2
Business Turnover Increase 1
Reuse
Refill
Number of participant’s
<100%
7 100-250%
business
250-500% Throughout the program, participants not only Participants actively implemented 7 out of the
4 4
500-1000% dedicated themselves to business development, 9 waste management steps in their business
2 >1000% but also actively engaged in impactful social operations. Noteworthy initiatives included
1 contributions, especially within their local rethinking through the incorporation of
communities. Participants successfully created energy-saving tools and efficient management
job opportunities and empowered local workforce of leftover goods. Additionally, participants
members. Among the 18 businesses run by contributed to recycling and repair activities by
Each participant witnessed a remarkable surge in
participants, an impressive 17 businesses employed innovatively repurposing unused items and offering
their business turnover throughout the 6-month
permanent, contract, or freelance workers, while 3 various repair services. These holistic efforts
mentoring period of ENVOY. The calculation of this
businesses hired paid and certified apprentices, and underscore the participants’ commitment to both
increase is grounded in a comparison between
12 businesses fostered cooperative relationships business success and responsible community and
turnover before and after participating in the program.
with various partners in their local vicinity. Besides environmental stewardship.
Notably, 7 participants achieved an exceptional surge
creating job opportunities for the surrounding
in turnover, ranging from an impressive 250% to
community, participants also demonstrated social
500%. This outstanding growth is a testament to the
concern through various social activities, including
impactful strides made by participants in advancing
charity events, donations, and knowledge-sharing
their businesses through the ENVOY program.
activities with the community.
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ENVOY 15 Preview
In 2023, ENVOY 15 Program embarked on its journey,
“All the ENVOY materials have been incredibly helpful in running
initiating a robust selection process that unfolded
my business, but what stands out the most and had never been
from April 1 to May 1, 2023, spanning three months
considered before is the Impact Model. This framework explains
of thorough evaluation. The program officially
how our business can benefit both ourselves, others, and the
commenced on September 7, 2023, marking the
environment.”
beginning of a transformative journey. Training 1 aptly
titled “Knowing Myself,” unfolded over five impactful
days online. During this period, participants delved into
Dwi Wahyu Riana the exploration of their visions, goals, entrepreneurial
ENVOY 14 Participant from West Java
mindset, and the intricacies of the Business Model
Canvas. This virtual learning experience provided
a valuable platform for participants to gain insights
that deepened their self-awareness and laid a solid
foundation for shaping their dream businesses and
entrepreneurial aspirations.
“My main impression is directed towards my fellow batch
Building on this empowering start, Training 2 took
members. We come from various business industries and diverse
place in Jakarta as an offline training experience.
personalities. From this differentiation, constructive criticism and
Focused on “Knowing My Business,” delved into
helpful suggestions emerge, allowing us to enrich our insights
crucial aspects such as marketing strategies, financial
and learn together with friends from different business sectors.”
literacy, and leadership skills. Participants gained
valuable insights into scaling up their businesses
while cultivating effective leadership qualities. This
Muhammad Wildan Aldiansyah dynamic offline training not only enhanced their
ENVOY 14 Participant from East Java
business acumen but also equipped them with
the skills needed to navigate the entrepreneurial
landscape with confidence and success.
The challenges posed by the pandemic have been rich with valuable lessons for us all. As we reflect on these experiences, we
The ENVOY 15 Program continues to inspire
envision the participants as ambassadors, carrying forward the wisdom gained to foster broader benefits and impacts in the realm of
participants on their entrepreneurial journey,
entrepreneurship education in Indonesia. Our steadfast support aims to empower young individuals from across the nation, nurturing
fostering growth, innovation, and the development of
their aspirations to become successful entrepreneurs and, in turn, contributing to the prosperity of their surrounding communities
impactful leaders in the business realm.
through meaningful job creation. Together, we strive to inspire and uplift the next generation of Indonesian entrepreneurs, fostering
a positive ripple effect for the greater good.
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SUSTAINABILITY REPORT 2023 75
SOCIAL AND Supporting the Development of to wild animal intrusion, water seepage, roof leaks, and the risk of
CULTURAL Decent Homes for Indonesian Families collapse. During the reporting year, Saratoga provided financial
support for the construction of 1 house in Sooko Village, East
DEVELOPMENT Our commitment to the welfare of our fellow citizens is Java Province.
[GRI 203-1][POJK F.25] manifested through various programs aimed at addressing the
needs of those most in need. As part of our efforts to enhance In addition to financial donations, Saratoga also provided
the quality of life in Indonesian communities, we have partnered volunteers support to help build 1 house in Mauk Village,
with Habitat for Humanity Indonesia (Habitat Indonesia) to Banten Province through the “Habitat Charity Golf Build 2023”
build safe and comfortable housing for Indonesian families, activity. The event was held on July 29, 2023, aiming to enable
particularly those from disadvantaged backgrounds. Many volunteers and donors to see and feel the direct impact of
low-income families in Indonesia reside in inadequate housing their support. Saratoga sent 7 female employees from various
lacking proper sanitation and access to clean water, which departments to be involved as volunteers in this activity. In total,
poses significant health risks and hampers child development. 19 volunteers from various HCGT donor companies participated
Therefore, through this partnership, we strive to support the in construction activities such as iron bending and foundation
accessibility of decent homes for more underprivileged families excavation. At the end of the event, one of Saratoga’s volunteers,
in Indonesia. Almira was awarded Volunteer of the Day for her exemplary spirit
and dedication.
In 2023, through the Habitat Charity Golf Tournament (HCGT)
2023 program, Saratoga, along with several other donor The HCGT program serves as tangible proof of business synergy
companies, participated in the construction of habitable houses to create positive impact and benefit for many individuals.
in various regions of Indonesia, including Banten and East Java Furthermore, Saratoga’s involvement in this program embodies
“We can gather assistance
provinces. Many families in this area inhabit non-permanent the Company’s commitment and concern towards addressing
to build decent houses
houses with plywood and bamboo woven walls, old tile roofs, and social issues in society.
for low-income workers in
unplastered floors. This condition makes their homes vulnerable
Indonesia through Habitat
for Humanity. I can envision
how we can influence many
people to participate in the
movement to construct
suitable housing for
underprivileged families in
Indonesia.”
Edwin Soeryadjaja
President Commissioner
Representatives of Saratoga at the Habitat Charity Golf Build 2023 Event in Mauk Village, Tangerang
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Ramadhan, A Season of Solidarity and Giving
Saratoga believes that as a responsible company, we have
an obligation to create shared value with stakeholders and
actively contribute to giving back to society. We are committed
to making a positive impacts, not only within our internal
corporate environment but also in the local communities
where our business operates.
In 2023, as a form of social awareness and in celebration of Eid
al-Fitr, Saratoga proudly distributed 400 basic food packages
to help underprivileged families prepare for the holiday. The
food packages were allocated specifically to vulnerable
communities, such as widows, and the elderly women, residing
in North Jakarta and East Jakarta. This sharing activity was
held in April 2023, involving all Saratoga employees who
enthusiastically participated in distributing the food packages
to each family in need.
The Holy Month of Ramadan brings forth an atmosphere
of kindness, blessings, and warmth through the spirit of
sharing. We view this moment as an opportunity to fulfill
our sustainability commitment and provide support to the
surrounding community. We believe that by extending
assistance to those in need, Saratoga can contribute to
fostering a caring and compassionate societal environment.
Through initiatives like these, our aspiration is to inspire others
to join us in creating positive impacts for the communities
around us.
Saratoga Distributes Basic Needs to Dhuafa and Elderly Families in Cilincing, North Jakarta
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Joy of Christmas: Spreading Love Amongst Others
Saratoga is committed to making a positive impact on Saratoga’s employees actively engaged in communal
society. Driven by this commitment, we consistently carries festivities, including joint Christmas worship sessions
out its mission to continue supporting humanitarian efforts and shared meal gatherings, reinforcing bonds of
and demonstrating care for others. As an expression of our solidarity and compassion. By orchestrating these
gratitude and support for humanity, throughout December acts of kindness, Saratoga endeavors in helping the
2023, the Company organized acts of kindness and vulnerable communities while fostering a culture
Christmas joy-sharing activities with 96 elderly individuals of inclusion and care. Through initiatives like these,
from 2 nursing homes. These nursing homes included Panti Saratoga continues to uphold its commitment
Wredha Marfati in Tangerang, Banten Province, and Panti to sustainable social impact, enriching lives and
Wredha Melania in South Tangerang, DKI Jakarta Province. fostering resilience within the communities we serve.
Christmas represents a significant emotional milestone
shared within families. Recognizing the risk of social isolation
among the elderly residing in nursing homes, Saratoga
aimed to foster a sense of community and joy during this
festive season. In line with our commitment to corporate
social responsibility, Saratoga seized the opportunity to
provide both material and moral support to the elderly
residents and caretakers at the nursing home.
The Company provided financial support and distributed
thoughtful goodie bags containing sustenance items
such as snacks and toiletries to each elderly resident
and caretaker. Additionally, Saratoga provided financial
assistance towards the renovation of one nursing home,
demonstrating our dedication to supporting long-term
community infrastructure. Beyond material contributions, Christmas Celebration with the Elderly at
Handover of Financial Support to Marfati Nursing Home
Marfati Nursing Home
Management and Elderly
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About This Report
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SUSTAINABILITY REPORT 2023 79
ABOUT THIS As an investment company, Saratoga is deeply dedicated to In our commitment to reader convenience, we have highlighted
fostering responsible and sustainable investments. Since GRI and POJK indicator numbers in a distinct color within the
REPORT 2021, we have proudly maintained a tradition of annually relevant narrative sections and included a user-friendly Index
releasing a Sustainability Report, a testament to our unwavering List on pages 91 and 97.
commitment to transparency and accountability. This report
serves as a comprehensive resource, offering stakeholders a Recognizing that a comprehensive sustainability report hinges
detailed insight into our performance in effectively managing on the presentation of credible data and information, Saratoga
operational impacts across economic, social, and environmental places great importance on ensuring their quality. We have yet
spheres. In our 2023 Sustainability Report, transparency and to carry out an external assurance process for this Report. To
accountability take center stage as we openly showcase our achieve this, all content and data undergo a rigorous internal
commitment and responsibility, further strengthening our verification process approved by our esteemed Board of
relationships with valued stakeholders. Directors. [GRI 2-5][GRI 2-14] [POJK G.1]
We trust that this report provides an accurate depiction of our SCOPE, CONTENTS, AND
ESG performance throughout the reporting year. Additionally,
our regular publications aim to illuminate the dynamics and
BOUNDARIES OF REPORTING
[GRI 2-2]
progression of our sustainability endeavors from one year to
the next. Easily accessible via our company’s website, previous We have composed this fourth Sustainability Report, which
reports offer a valuable resource. includes data and information from Saratoga and its subsidiaries,
as remarked on page 10, with a scope consistent with our Annual
To ensure a comprehensive overview, Saratoga has meticulously Report this year. Some of the performance discussions in this
compiled a report in accordance with the 2021 GRI Standards, report also reflect the performance of our investee companies.
covering the period from 1 January to 31 December 2023. Financial data comes from audited financial reports.
The report incorporates various indicators, adhering to the
requirements and recommendations of multiple frameworks, During the reporting period, there were no significant changes
standards, and guidelines. to the Company’s business activities, ownership structure,
organization, or supply chain.[POJK C.6] In addition, no restatements
• Financial Services Authority Regulation (POJK) No. 51/ are made to previous reports. In presenting the report, we
POJK.03/2017 concerning the Implementation of Sustainable use the terms “Saratoga”, “Company”, or “We” to represent PT
Finance for Financial Services Institutions, Issuers, and Saratoga Investama Sedaya Tbk. [GRI 2-3] [GRI 2-4]
Public Companies (POJK 51)
• Task Force on Climate-related Financial Disclosures (TCFD) The data and information presented in this report can be
Framework qualitative, quantitative, or both, and descriptive explanations
• Sustainable Development Goals (SDGs) regarding policies, efforts, and achievements. Numerical data is
• 10 Principles of the United Nations Global Compact (UNGC) presented in English metric unless otherwise stated.
Page 81
PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 80
In our commitment to delivering an exceptional report, we have MATERIALITY ASSESSMENT ensuring a thorough understanding of our contributions and
responsibilities.
embraced the reporting principles outlined in the GRI 2021
Standards. These principles, including accuracy, balance, clarity,
PROCESS WITH
comparability, completeness, sustainability context, timeliness, STAKEHOLDERS [GRI 3-1] In our commitment to transparency and responsible disclosure,
we have diligently followed the principles and guidelines
and verifiability, serve as our guiding pillars in compiling the
Saratoga is committed to presenting high-quality reports outlined by the GRI in 2021. These standards serve as our
Sustainability Report.
through a materiality assessment process that is carried out guiding framework, ensuring that our communication goes
in a participatory and strategic manner. In the past year, our beyond regulatory requirements to provide stakeholders
Going beyond mere compliance, Saratoga actively engages
approach to identifying material topics has evolved significantly. with accurate and detailed insights. By embracing these best
stakeholders in shaping the report’s content through a
We have shifted towards a more holistic perspective, expanding practices, we meet expectations and actively contribute to a
meticulous materiality assessment process. This ensures that
our focus beyond traditional considerations to comprehensively more sustainable and responsible business landscape.
the report encompasses topics that hold significance and
assess our impact on environmental, social, governance, and
relevance to the sustainability of Saratoga.
human rights aspects. This transformation allows us to capture In 2022, we have partnered with external consultants to identify
the nuanced complexities that define our Company’s footprint, our material topics. These 2022 material topics are still relevant
for 2023.We use systematic procedures with our stakeholders
as follows [GRI 3-1]:
We realized that it is crucial to receive external input
to enhance our Sustainability Reporting. To facilitate
1 Identify Actual and Potential Impact 2 Assess the Significance of the Impact
this, we have included a Feedback Form at the end of
To comprehensively assess our Company's impact, we When identifying material topics, it is essential to evaluate the
this report. We encourage readers and users to share carefully examine both the tangible and potential importance of each impact by thoroughly assessing both its
their suggestions, feedback, opinions, and any other consequences across different facets of society and the severity and likelihood. This process takes into account
valuable input to enhance the overall quality of future broader environment. This encompasses both favorable internal and external viewpoints. To collect these
reporting. [POJK G.3] and adverse effects that our operations might exert on the perspectives, we organized focus group discussions (FGDs)
economy, environment, society, and human rights. and distributed questionnaires. The questionnaires garnered
responses from 18 individuals who represented a diverse
For questions, feedback, and comments on this array of stakeholders, including Saratoga employees, NGOs,
report, please send them to: suppliers, media, and other relevant parties.
3 4
Corporate Secretary
PT Saratoga Investama Sedaya Tbk Prioritize the Most Significant Impact Approval of Material Topics
15th floor, Menara Karya
Jl. H.R. Rasuna Said Block X-5 Kav 1-2 Following a comprehensive evaluation of impact severity The finalization of this process involves securing approval
and likelihood, we set a threshold to identify the most from the Board of Directors. This step ensures the alignment
South Jakarta 12950, Indonesia prioritized impacts. These prioritized impacts are of our sustainability reporting with the expectations and
subsequently categorized into relevant topics, enabling a concerns of our stakeholders and our company. By
Phone: +62 21 5794 4355 targeted approach to address the most significant issues. obtaining the endorsement of the Board, we affirm the
Fax: +62 21 5794 4365 This strategic focus ensures that our efforts are commitment to transparency and responsiveness, fostering
Website: www.saratoga-investama.com concentrated on mitigating and managing the most a reporting framework that resonates with the diverse
crucial challenges facing our company and its interests and considerations of our key stakeholders and
Email: corporate.secretary@saratoga-investama.com stakeholders. organizational objectives.[GRI 2-14]
Page 82
PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 81
The Company’s procedures to identify material topics significantly impacting the economy, environment, society, and human rights Each of these topics serves as a crucial focal point requiring
have led to several material topics. These crucial topics are carefully evaluated and detailed below [GRI 3-2]. attention to ensure the long-term sustainability and success
of Saratoga’s business operations. By prioritizing these
areas, Saratoga not only aligns future business strategies
01 02 03 with our values, goals, and stakeholder obligations but also
contributes to broader sustainability objectives. The practical
implementation of these material topics is integral to ensuring
Saratoga’s enduring status as a responsible and profitable
business.
Over the past year, in line with our commitment to advancing
carbon neutrality and minimizing environmental negative
impact, we have implemented a comprehensive strategy to
assess our environmental footprint. Two new focal points,
environmental awareness and GHG emissions, have been
Sustainable Corporate & ESG Community incorporated into our agenda. By prioritizing these key areas,
Investment Governance Empowerment we are confident that our collective efforts will significantly
contribute to reducing our overall environmental negative
impact. This proactive approach underscores our unwavering
commitment to sustainable practices and environmental
stewardship.
04 05 06 07 In disclosing Saratoga’s material topics, we adhere to specific
indicators within the GRI Standards. Additionally, we incorporate
standards from the SASB and comply with requirements from
POJK 51 to address topics beyond the scope of GRI. Notably,
for environmental awareness, we have compiled an internal
indicator to showcase the effectiveness of our initiatives in
that area. The correlation between material topics and their
designated indicators for disclosure is detailed on the following
page.
Economic Good Environmental Greenhouse
Performance Employment Awareness Gases Emission
Practices
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SUSTAINABILITY REPORT 2023 82
SARATOGA’S Material Topic Description of Material Topic Topic Specific Disclosure
MATERIAL Sustainable Investment Consideration of ESG factors in our investment decisions in addition to financial Incorporation of ESG Factors in
TOPIC [GRI 3-2] returns. Investment Management & Advisory
Topic as part of SASB Standard for
Asset Management and Custody
Activities Sector.
Corporate & ESG Governance Covers several aspects of corporate governance, including anti-corruption, good • GRI 2: General Disclosure
corporate governance, and governance to manage impacts related to ESG aspects. • GRI 205: Anti-corruption 2016
Community Empowerment Highlights the importance of building positive relationships with the local community • GRI 413: Local Communities 2016
and contributing to community empowerment. • GRI 203: Indirect Economic Impacts
2016
Economic Performance This topic covers Saratoga’s financial performance that aims not only to generate GRI 201: Economic Performance 2016
profits but also to maintain a positive image of the Company.
Good Employment Practice Saratoga is dedicated to ensuring that our employment practices align with pertinent • GRI 401: Employment 2016
labor laws and regulations, with a primary focus on upholding and protecting labor rights. • GRI 402: Labor/Management
Encompassing initiatives aimed at enhancing employee well-being, our commitment Relations 2016
extends to fostering an inclusive, equitable, and respectful work environment for all. • GRI 404: Training and Education
Through these efforts, we strive to create a workplace that not only complies with legal 2016
standards but also prioritizes the holistic development and satisfaction of our valued • GRI 405: Diversity and Equal
employees. Opportunity 2016
• GRI 406: Non-discrimination 2016
Environmental Awareness The topic emphasizes promoting sustainable practices and building environmental • POJK 51 - F.1 indicator about activities
awareness within Saratoga’s internal and external stakeholders, including investee to build a culture of sustainability
companies. • Total training hours to create
environmental awareness for internal
and external stakeholders including
our investee companies
GHG Emission Talks about the greenhouse gas emissions and aims to minimize their impact on climate GRI 305: Emissions 2016
change and the surrounding area.
Page 84
Our Contribution to Sustainable Development Goals
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 84
OUR CONTRIBUTION SUSTAINABLE DEVELOPMENT GOALS INITIATIVES AND ACHIEVEMENTS IN 2023 PAGES
TO SUSTAINABLE
DEVELOPMENT • 400 essential food packages were distributed to elderly women • 5; 7; 68; 76
GOALS in East and North Jakarta.
• Financial support and basic necessities were provided to 96 • 5; 7; 68; 77
elderly residents from 2 nursing homes in Tangerang and DKI
Jakarta.
• Facilitated employee training opportunities, accumulating to a • 5; 46; 54
total of 790 training hours in 2023.
• Through our ongoing volunteer work as Committee Executives, • 7; 69
we continue to support SMK Ora et Labora in developing an
industry-aligned curriculum by actively engaging employees.
• Scholarships were provided to 10 students, and school • 5; 68-70
appliances were donated to SMK Ora et Labora.
• 30% of our Board of Directors are women. • 7;27;29-30;47
• Saratoga has a gender-balanced workforce, with women • 5; 7; 46; 48
comprising 48% of employees.
• An open and fair recruitment process devoid of gender bias is • 7; 48
ensured.
• A 1:1 wage ratio between women and men employees at the • 50
same management level is maintained.
• Various initiatives, including the ENVOY program dedicated • 7; 68; 71; 76-77
to supporting women entrepreneurs and providing donations
to single mothers and elderly women, were implemented to
uphold gender equality and empower all women.
• Invested in companies which support renewable energy • 12-13; 41-43
transition such as Xurya and Adaro Energy.
• Since 2016, we have been deeply involved in assisting SMK Ora • 69-70
et Labora to enhance the quality of vocational education in
the power generation engineering field by offering expertise,
facilities, and material resources.
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 85
SUSTAINABLE DEVELOPMENT GOALS INITIATIVES AND ACHIEVEMENTS IN 2023 PAGES
• 18 young Indonesian entrepreneurs were empowered to develop their skills and businesses through the 14th Batch of the ENVOY 7; 68; 71-74
program.
• We partnered with a non-profit organization to support the construction of decent housing for families in Sooko Village, East Java.
• Voluntary assistance was offered for the construction of a home in Mauk Village, Banten. 68; 75
• Sponsorship and financial aid were provided for the renovation of a nursing home in Tangerang.
• Initiated constructive discussion of waste management in Saratoga’s office, Menara Karya building.
• 5-6; 58-59
• 57.67% reduction in paper usage*
• 5; 60; 88
*compared to baseline data 2019
• 41% of the community development budget was allocated towards environmental conservation programs. • 67
• Supported and sponsored The Green Leader program which aimed at cultivating and educating 32 environmental activists from 15 • 5-7; 58; 61-63
provinces, especially addressing carbon reduction issues.
• Provided financial support for positive actions to increase public awareness about clean air such as NAFAS and Bicara Udara. • 5-6; 58; 64
• Invested in Forest Carbon, a carbon credit company that restore forests by restoring degraded wetland forests and protect endangered • 42
species at the site.
• 57.67% reduction in paper usage* • 5; 60; 88
*compared to baseline data 2019
• Hosted Saratoga Investment Summit, an international-scale event that brought together stakeholders from diverse backgrounds,
6; 38
including government officials, business leaders, and investors.
Page 87
Data Table
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 87
DATA TABLE EMPLOYEE STATISTICS [GRI 2-7] [POJK C.3]
Employees Based on Employment Type
2021 2022 2023
TYPE OF EMPLOYMENT
Male Female Male Female Male Female
Permanent Employees 30 27 28 27 32 29
Temporary Employees 1 3 1 3 1 2
TOTAL 31 30 29 30 33 31
Employees Based on Job Title
2021 2022 2023
EMPLOYEE CATEGORY
Male Female Male Female Male Female
Director
<30 Years old 0 0 0 0 0 0
30 - 50 Years old 2 0 2 0 2 0
> 50 Years old 0 1 0 1 0 1
Manager and Supervisor
<30 Years old 2 1 0 1 1 1
30 - 50 Years old 11 7 12 7 13 9
> 50 Years old 5 6 5 7 5 7
Staff and Non-Staff
<30 Years old 2 2 2 2 2 2
30 - 50 Years old 8 10 7 9 8 9
> 50 Years old 1 3 1 3 2 2
TOTAL 31 30 29 30 33 31
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 88
Employees Based on Age Group Employees Turnover Rate
2021 2022 2023 2021 2022 2023
AGE GROUP AGE GROUP
Male Female Male Female Male Female Male Female Male Female Male Female
<30 Years old 4 3 2 3 3 3 <30 Years old 0.00% 0.00% 0.00% 0.00% 33.33% 0%
30 - 50 Years old 21 17 21 16 23 18 30 - 50 Years old 19.05% 11.76% 9.52% 6.25% 0% 0%
>50 Years old 6 10 6 11 7 10 >50 Years old 0.00% 0.00% 16.67% 0.00% 0% 10.00%
TOTAL 31 30 29 30 33 31
New Employees [GRI 401-1]
AGE GROUP
2021 2022 2023 ELECTRICITY AND PAPER USAGE DATA
Male Female Male Female Male Female
Electricity and Paper Usage
<30 Years old 2 1 0 0 2 0
DATA Unit 2019* 2021 2022 2023
30 - 50 Years old 4 2 1 1 3 2
>50 Years old 0 0 0 0 0 0 Electricity Usage [POJK F.6] kWh 81,108 51,981 69,730 77,946
TOTAL 6 3 1 1 5 2
Paper Usage [POJK F.5] Rim 300 125 110 127
*baseline year
Departing Employees
2021 2022 2023
AGE GROUP
Male Female Male Female Male Female
<30 Years old 0 0 0 0 1 0
30 - 50 Years old 4 2 2 1 0 0
>50 Years old 0 0 1 0 0 1
TOTAL 4 2 3 1 1 1
Page 90
Index
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PT SARATOGA INVESTAMA SEDAYA TBK
SUSTAINABILITY REPORT 2023 90
UNGC INDEX UNGC PRINCIPLES LOCATION
HUMAN RIGHTS
Businesses should support and respect the protection of internationally proclaimed 16-24; 44-55
Principle 1
human rights.
Principle 2 Businesses should make sure that they are not complicit in human rights abuses. 16-24; 44-55
LABOUR
Businesses should uphold the freedom of association and the effective recognition of 53
Principle 3
the right to collective bargaining.
Principle 4 Businesses should uphold the elimination of all forms of forced and compulsory labour. 49
Principle 5 Businesses should uphold the effective abolition of child labour. 49
Businesses should uphold the elimination of discrimination in respect of employment 7; 47-50
Principle 6
and occupation.
ENVIRONMENT
Principle 7 Businesses should support a precautionary approach to environmental challenges. 16-24; 56-64
Businesses should undertake initiatives to promote greater environmental 16-24; 56-64
Principle 8
responsibility.
Businesses should encourage the development and diffusion of environmentally 16-24; 56-64
Principle 9
friendly technologies.
ANTI-CORRUPTION
Businesses should work against corruption in all its forms, including extortion and 33
Principle 10
bribery.
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GRI CONTENT INDEX
OMISSION GRI SECTOR
GRI STANDARD DISCLOSURE LOCATION STANDARD REF.
REQUIREMENT(S) OMITTED REASON EXPLANATION
NO.
General disclosures
GRI 2: General 2-1 Organizational details 9
Disclosures 2021
2-2 Entities included in the organization’s sustainability
10; 79
reporting
2-3 Reporting period, frequency and contact point 79
2-4 Restatements of information 79
2-5 External assurance 79
2-6 Activities, value chain and other business relationships 9
2-7 Employees 48; 87
2-8 Workers who are not employees 47-48
2-9 Governance structure and composition 27; 29-31
2-10 Nomination and selection of the highest governance
28-29; 31
body
2-11 Chair of the highest governance body 27; 29
2-12 Role of the highest governance body in overseeing the
20; 28
management of impacts
2-13 Delegation of responsibility for managing impacts 20
2-14 Role of the highest governance body in sustainability
79-80
reporting
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OMISSION GRI SECTOR
GRI STANDARD DISCLOSURE LOCATION STANDARD REF.
REQUIREMENT(S) OMITTED REASON EXPLANATION
NO.
2-15 Conflicts of interest 29; 31; 34
2-16 Communication of critical concerns 29; 32
2-17 Collective knowledge of the highest governance body 20; 22
2-18 Evaluation of the performance of the highest governance
26-27; 35
body
2-19 Remuneration policies 35
2-20 Process to determine remuneration 35
2-21 Annual total compensation ratio 35
2-22 Statement on sustainable development strategy 6
2-23 Policy commitments 18
2-24 Embedding policy commitments 18
2-25 Processes to remediate negative impacts 23
2-26 Mechanisms for seeking advice and raising concerns 32
2-27 Compliance with laws and regulations 18
2-28 Membership associations 14
2-29 Approach to stakeholder engagement 24
2-30 Collective bargaining agreements 53
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OMISSION GRI SECTOR
GRI STANDARD DISCLOSURE LOCATION STANDARD REF.
REQUIREMENT(S) OMITTED REASON EXPLANATION
NO.
Material topics
3-1 Process to determine material topics 80
GRI 3: Material
Topics 2021
3-2 List of material topics 81-82
Economic performance
GRI 3: Material
3-3 Management of material topics 17
Topics 2021
GRI 201: 201-1 Direct economic value generated and distributed 39
Economic
Performance 2016 201-2 Financial implications and other risks and opportunities
23
due to climate change
201-3 Defined benefit plan obligations and other retirement
53
plans
201-4 Financial assistance received from government 40
Indirect economic impacts
GRI 3: Material
3-3 Management of material topics 17
Topics 2021
GRI 203: Indirect 203-1 Infrastructure investments and services supported 67-69; 75
Economic
Impacts 2016 203-2 Significant indirect economic impacts 68
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OMISSION GRI SECTOR
GRI STANDARD DISCLOSURE LOCATION STANDARD REF.
REQUIREMENT(S) OMITTED REASON EXPLANATION
NO.
Anti-corruption
GRI 3: Material
3-3 Management of material topics 17
Topics 2021
GRI 205: Anti- 205-1 Operations assessed for risks related to corruption 23; 32-33
corruption 2016
205-2 Communication and training about anti-corruption
33
policies and procedures
205-3 Confirmed incidents of corruption and actions taken 34
Emissions
GRI 3: Material
3-3 Management of material topics 17
Topics 2021
GRI 305: Emissions 305-1 Direct (Scope 1) GHG emissions 60
2016
305-2 Energy indirect (Scope 2) GHG emissions 60
305-3 Other indirect (Scope 3) GHG emissions 60
Our primary focus
this year is to initiate
and improve our
Information
305-4 GHG emissions intensity - GHG calculation
GHG emissions intensity unavailable/
strategy. The
Incomplete
intensity data will
be our concern for
future reporting
305-5 Reduction of GHG emissions 60
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OMISSION GRI SECTOR
GRI STANDARD DISCLOSURE LOCATION STANDARD REF.
REQUIREMENT(S) OMITTED REASON EXPLANATION
NO.
Information The indicator is
305-6 Emissions of ozone-depleting substances (ODS) - Emissions of ozone-depleting unavailable/ not relevant to the
Incomplete organization
Nitrogen oxides (NOx), sulfur Information The indicator is
305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other
- oxides (SOx), and other unavailable/ not relevant to the
significant air emissions
significant air emissions Incomplete organization
Employment
GRI 3: Material
3-3 Management of material topics 17
Topics 2021
GRI 401: 401-1 New employee hires and employee turnover 48; 88
Employment 2016
401-2 Benefits provided to full-time employees that are not
50
provided to temporary or part-time employees
401-3 Parental leave 51
Training and education
GRI 3: Material
3-3 Management of material topics 17
Topics 2021
GRI 404: Training 404-1 Average hours of training per year per employee 54
and Education 2016
404-2 Programs for upgrading employee skills and transition
51; 54
assistance programs
404-3 Percentage of employees receiving regular performance
46; 55
and career development reviews
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OMISSION GRI SECTOR
GRI STANDARD DISCLOSURE LOCATION STANDARD REF.
REQUIREMENT(S) OMITTED REASON EXPLANATION
NO.
Diversity and equal opportunity
GRI 3: Material
3-3 Management of material topics 17
Topics 2021
GRI 405: Diversity 405-1 Diversity of governance bodies and employees 29-30; 47
and Equal
Opportunity 2016 405-2 Ratio of basic salary and remuneration of women to men 50
Non-discrimination
GRI 3: Material
3-3 Management of material topics 17
Topics 2021
GRI 406: Non-dis-
406-1 Incidents of discrimination and corrective actions taken 53
crimination 2016
Local communities
GRI 3: Material
3-3 Management of material topics 17
Topics 2021
GRI 413: Local 413-1 Operations with local community engagement, impact
66
Communities 2016 assessments, and development programs
413-2 Operations with significant actual and potential negative
66
impacts on local communities
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POJK INDEX[POJK G.4]
TOPIC LOCATION
A. SUSTAINABILITY STRATEGY
A.1 Elaboration of Sustainability Strategy 6
B. OVERVIEW OF PERFORMANCE ON SUSTAINABILITY ASPECTS
B.1 Economic Aspects, covering at least:
a. Quantity of products or services sold;
b. Revenue or sales;
c. Net profit or loss;
d. Environmentally friendly products; and
e. Engagement of local stakeholders on sustainable finance business process.
4
B.2 Environmental Aspects, covering at least:
a. Energy consumption;
b. Reduction of Emission produced;
c. Reduction of waste and effluent; and
d. Biodiversity conservation.
B.3 Social Aspect
C. COMPANY PROFILE
C.1 Vision, Mission, and Sustainability Values 9
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TOPIC LOCATION
C.2 Company Address 9 ; 102
C.3 Business Scale, covering at least:
a. Total assets or assets capitalization, and total liabilities
b. Number of employees by gender, position, age, education and employment status 9; 13-14; 87
c. Shareholders name and percentage of stock ownership; and
d. Operational areas
C.4 Products, Services, and Business Activities 9
C.5 Membership of Associations 14
C.6 Significant Changes in Issuers and Public Companies 79
D. ELABORATION OF BOARD OF DIRECTORS
D.1 Elaboration of Board of Directors
a. Policy to respond to challenges in fulfilling sustainability strategies
6-7
b. Implementation of sustainable finance
c.Target achievement strategies
E. SUSTAINABILITY GOVERNANCE
E.1 Person in Charge of Sustainable Finance Implementation 20
E.2 Competency Development on Sustainable Finance 22
E.3 Risk Assessment on the Implementation of Sustainable Finance 23
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TOPIC LOCATION
E.4 Relationship with Stakeholders 24
E.5 Issues Regarding the Implementation of Sustainable Finance 6; 41
F. SUSTAINABILITY PERFORMANCE
F.1 Activities to Building a Culture of Sustainability 22; 57; 59
ECONOMIC PERFORMANCE
F.2 Comparison of Production Targets and Performance, Portfolio, Financing or Investment Targets, Revenue and Profit/Loss 39
Comparison of Portfolio Targets and Performance, Financing or Investment Targets on Financial Instruments or Projects that
F.3 39
Align with Sustainable Finance
ENVIRONMENTAL PERFORMANCE
General Aspect
F.4 Environmental Costs 67
Material Aspect
F.5 Consumption of Environmentally Friendly Materials 60; 88
Energy Aspect
F.6 The Quantity and Intensity of Energy Consumed 60; 88
F.7 Efforts and Achievements in Energy Efficiency and the Use of Renewable Energy 57; 59
Water Aspect
F.8 Water Consumption 57; 59
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TOPIC LOCATION
Biodiversity Aspect
F.10 Biodiversity Conservation Efforts 57
Emissions Aspect
F.11 The Amount and Intensity of Emissions Produced by Type 57; 60
F.12 Efforts and Achievements in Reducing Emission 57; 60
SOCIAL PERFORMANCE
F.17 Commitment to Provide Equal Products and/or Services to Consumers 41
Employment Aspect
F.18 Equal Employment Opportunity 47
F.19 Child Labor and Forced Labor 49
F.20 Regional Minimum Wage 50
F.21 Safe and Healthy Working Environment 52
F.22 Employee Training and Development 54
Community Aspect
F.23 Operational Impacts on Local Communities 66
F.24 Community Complaints 32
F.25 Corporate Social Responsibility (CSR) 69; 75
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TOPIC LOCATION
Responsibility For Sustainable Products/ Services
F.26 Innovation and Development of Sustainable Financial Products/Services 41
G. OTHERS
G.1 Written Verification by an Independent Party (if any) 79
G.2 Feedback Form 102
G.3 Response to Feedback on the Previous Year's Sustainability Report 80
List of Disclosures in Accordance with the Financial Services Authority Regulation Number 51/POJK.03/2017 concerning The
G.4 97
Implementation of Sustainable Finance for Financial Services Institutions, Issuers And Public Company
Page 103
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FEEDBACK FORM 1. This Sustainability Report provides valuable insights into Saratoga’s economic, environmental, social, and
[POJK G.2] governance performance.
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Thank you for taking the time to read the 2023
Sustainability Report of Saratoga. To improve the 2. The data and information disclosed in this report are structured, systematic, and easily understandable
quality of our reporting and increase transparency of
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our sustainability performance, we kindly request that
you fill in the Feedback Form below and send it back
3. The data and information disclosed in this report are complete, transparent, and unbiased.
to us. Your feedback will be valuable in helping us to
better prepare our Sustainability Report for next year. Agree Somewhat Agree Disagree
Thank you again for your time and assistance.
4. The design, font type, size, color scheme, layout, and images in this report are attractive and easy to read.
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5. What are the information(s) in this report that you consider most useful?
6. What are the information(s) in this report that can be improved?
7. What information in this report do you think should be included in future reports?
Reader’s Profile
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Institution/ Company:
Thank you for taking the time to provide your feedback for this Report. We value your input and encourage you to send
Email:
your completed feedback form to:
Category:
PT Saratoga Investama Sedaya Tbk[POJK C.2]
Government Media
Menara Karya 15th floor
Jl. H.R. Rasuna Said Block X-5 Kav 1-2,
NGO General Public
South Jakarta 12950
Telephone : +62 21 5794 4355
Industry Others (please specify)
Fax : +62 21 5794 4365
Whatsapp : +62 811 9966 999 +62 815 9966 999
Academic Website : www.saratoga-investama.com
Email : corporate.secretary@saratoga-investama.com
Page 104
PT Saratoga Investama Sedaya Tbk Menara Karya - 15th Floor Jl. H.R. Rasuna Said Block X-5 Kav. 1-2 South Jakarta 12950 Phone : +62 21 5794 4355 Fax : +62 21 5794 4365 www.saratoga-investama.com
Names mentioned 56 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Saratoga Investama Sedaya CORE VALUES
p.10
unresolved
org
DKI Jakarta TBK.
p.10
unresolved
org
PT Bumi Hijau Asri
p.11
unresolved
org
PT Nugraha Eka Kencana
p.11
unresolved
org
PT Surya Nuansa Ceria
p.11
unresolved
org
PT Wana Bhakti Sukses
p.11
unresolved
org
PT Lintas Indonesia
p.11
unresolved
org
PT Trimitra Karya Jaya
p.11
unresolved
org
PT Interra Indo Resources
p.11
unresolved
org
ANEKA GAS INDUSTRI TBK.
p.14 ×2
unresolved
org
PT AGRO MAJU RAYA PUBLIC
p.14
unresolved
org
PT BUMI HIJAU ASRI CITY VISION
p.14
unresolved
org
PT CITY VISION DELTOMED
p.14
unresolved
org
PT DELTOMED LABORATORIES FOREST CARBON
p.14
unresolved
org
PT JULO TEKNOLOGI FINANSIAL MBL
p.14
unresolved
org
PT MULIA BOSCO LOGISTIK MDKA
p.14
unresolved
org
PT MOMENTA AGRIKULTURA
p.14
unresolved
org
PROVIDENT AGRO TBK.
p.14 ×2
unresolved
org
SIHAYO GOLD LIMITED
p.14
unresolved
org
PT ZULU ALPHA PAPA ENERGY
p.14
unresolved
—
Policy Makers
p.25
unresolved
org
Financial Services Authority
p.27 ×2
unresolved
person
Supervisor
· Chairman
p.28
unresolved
—
Joyce Soerdjaya Kerr
· Commissioner
p.30
unresolved
—
Sidharta
· Independent Commissioner
p.30
unresolved
org
Minister of Tourism and Creative Economy
p.39
unresolved
org
PT Xurya Daya Indonesia
p.43
unresolved
person
Manager
· Director
p.49
unresolved
org
Penyelenggara
p.53
unresolved
org
PT Energi Duta Utama
p.71
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