BOARD OF COMMISSIONERS' REPORT

visits to the Port Branches were not carried out in 2021 due to the COVID-19 pandemic.

STRATEGY FORMULATION AND IMPLEMENTATION SUPERVISION

During 2021, the Board of Commissioners supervised the Company’s strategy formulation and implementation of strategy, and provided advice to the Board of Directors in accordance with the Board of Commissioners main duties and functions. Supervision of the Company’s strategy formulation was carried out by reviewing the long-term 2021-2025 strategic roadmap prepared by the Board of Directors. The supervision of the strategy implementation was carried out by the Board of Commissioners directing, monitoring, and evaluating the implementation of strategic policies as part of its supervisory duties, which included:

1. Supervision of the Use of Fixed Assets Cooperation Plan;
2. Supervision of Fixed Assets being written off;
3. Supervision of Authority changes, and the Board of Directors Draft Decree concerning Cooperation with Partners Guidelines; and
4. Changes in the Head Office Organizational Structure.

VIEW ON THE BOARD OF DIRECTORS’ PERFORMANCE

The COVID-19 pandemic is still ongoing, with 2021 being a recovery phase compared to 2020. In 2021, Global GDP growth reached 5.5%, compared to minus 3.4% in 2020. This recovery was the result of changes in the communities, Government, and business habits as they adapted to the pandemic conditions, and the recovery is expected to continue in the years ahead, with a gradual growth rate so that by the end of the pandemic the global economic growth will return to its previous position. However, the global economic recovery that occurred in 2021 was marked by two issues, namely uneven economic growth and concerns over high inflation caused by an imbalance of supply and demand. Based on data provided by the World Economic Outlook in October 2021, the economic growth that occurred in countries in the world varied from 0 to 6% with several countries recorded still experiencing negative growth. In developing countries or Emerging Markets and Developing Economies (EMDE), based on projected data in October 2021, it is estimated to grow by 6.4% in 2021. While in developed countries or Advanced Economies (AEs), it is estimated to grow by 5. 2%.

Although the global economy is still experiencing uncertainty, the national economy continues to improve. The Indonesian economy is likely to continue to recover in 2021, despite the slowdown due to the COVID-19 Delta wave between June and August 2021. After experiencing growth of 7.07% (Year on