Geo Energy 15 with details of the conflict and to recuse himself/ herself from discussions and decisions on the matter. Any potential conflict of interests will be disclosed in Geo Energy’s annual report. EVALUATION OF THE PERFORMANCE OF HIGHEST GOVERNANCE BODY [GRI 2-18] A formal assessment process is in place to assess the effectiveness of the Board, the Board Committees, and each Director annually. Each director completes a self-assessment and self-evaluation form which contains objective performance criteria and factors such as the composition and effectiveness of the Board and the Board Committees, quality of information and decision making, Boardroom activities, Board’s relationship with the Management, performance, calibre and personality, as well as a Director’s skills, knowledge, experience and contributions (including the management of the organisation’s impacts on the economy, environment and people). Assessment results are analysed with key areas for improvement and followup actions are highlighted and discussed at the Board meeting. REMUNERATION POLICIES [GRI 2-19, 2-20] The Remuneration Committee considers all aspects of remuneration, including but not limited to director fees, salaries, allowances, bonuses, options, sharebased incentives and awards, benefits-in-kind and termination terms to ensure that they are fair. Geo Energy has a structured process in determining remuneration package, which considers remuneration competitiveness in the industry, the Group’s performance, and individual performance of the Directors and key management personnel. For more details on level and mix of remuneration, please refer to our Annual Report 2023 on page 27. ANNUAL TOTAL COMPENSATION RATIO [GRI 2-21] Geo Energy's annual total compensation ratio stands at 498.6 (2022: 255.94). This figure is high due to a larger proportion of employees from the mine site who receive lower annual remuneration. The percentage decrease in the annual total compensation ratio is 11.4 as the median total compensation showed a decrease, mainly attributed to fluctuations in exchange rates between the Indonesian Rupiah (IDR) and the US Dollar (USD). STAKEHOLDER ENGAGEMENT [GRI 2-29, 3-3] Geo Energy recognises the importance of stakeholder engagement in the sustainable development and strategic management of our business. It enables us to manage our stakeholder expectations, manage risks and opportunities associated with sustainability issues, as well as build trust and support during our sustainable journey. We engage with our stakeholders regularly via formal and informal channels. Our Stakeholder Engagement Plan (SEP) was established to facilitate Geo Energy’s sustainability planning and strategic development, including relevant engagement activities to gain insights and identify key issues with our key stakeholders. Our stakeholder engagement process encompasses one-way and two-way communication methods, such as websites, presentations, and interviews.
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