Corporate Governance for Tech Startups

CorporateGovernanceforTechStartups October2023 CCAcVentures Yuliana Sudjonno is α Partner, Sustainabilityand Risk Assurance Leader at PwC Indonesia.She leads the firm's assurance practice, Shefocuses on Good Governance, Internal AuditStrategy, and Capacity Building- Samira Shihab is a Principal at AC Ventures.She leads the firm's Value Creation Team. Angelo wijaya is a Community Specialist atAC Ventures. Andrias Hendrik is α Tax Partner atPwC Indlonesia. Valentine Hadeli is a Value Creation Analystat AC Ventures. Gleny is a Risk Assurance Senior Manager atPwC Indonesia. Rizki Aditya is α Risk Assurance SeniorManager at PwC Indonesia. Raka Akbaris α Risk Assurance Manager atPwC Indonesia. Vanessa Valerie is a Risk AssuranceManager at PwC Indonesia. PwC's Disclaimer Thls publicotion hos oeen preporec for generol gulcance on matters of Interest only ancl coes not constituteprofessioncl ocvice. No representotion or warranty (express or implied) is given as to the accuracy or completeness ofprofessional acvics. You should not oct upon the inforrmation contoined in this publicction without obtaining spscificJoj auns go Knp Jo Alqisuodsai iqpl Auo anssn o idasgo rou op suao pun seakodue saquo s!! upsoyanyconsequences of you or anyone else ccting, or refrcining to act, In relicnce on the Infomation contcined in thispublication or for any docision basod on it. The documents, or informotion obtained from PwC, must not be modle ovailolole or copied, in whole or in part, to anyother persons/porties without our prior written permission which we may, at our discretion, grant, withhold cr grontsubject to conclitions (including conditions as to legol responsiloility or absence tinereot) PwC Inclonesio Is comprisec of KAP Tonudirecjc, Wiloisoncl, Rintis &: Rekon, PT PricewoterhouseCoopers Incionesioof which is a separote legal entity and all of which together constitute the Indonesian member firms of the PwC globalAdivisory, PT Prima Wahcna Carakc, PT PricawaterhouseCoopors Consulting Indlonesia, and PwC Legal Indonesio, cachnetwork, which Is collectively referrecl to os PwC Inclonesio. PwC refers to the PwC network anc/or one or more of its member frms, ecch of which is o seporote legol entity.Please see http:/www.pwc.com/structure for further detoils. Three Lines Model BOD&BOCBestPractices Summarized Scope/Roles of the BOD and BOCPage 16Building Board of Directors: Best PracticesPage 18Building Board of Commissioners: Best PracticesPage 18Foster Independence and AccountabilityPage 18Continuously Learn and AdaptPage 18 Page 19 Treasury ManagementPage 20AccountingPage 22Tax PlanningPage 24Risk ManagementPage 25 Investing In ESG: A Strategic Imperative for Tech Startups Why embed EsG into startups' Corporate Governance?Impact Principles at AC VenturesHow might startups embed ESG into their Corporate Governance?Best Practices from ESG Advocates Looking AheadPage 33 PwC's InsightsPage 34 From Basicto Brilliance:Mastering Startup Governance In recent years, corporate governance has shifted frombeing an option to a necessity for startups. In today'spost-Covid landscape, with its limited availability ofdiligence on startups, This accentuates the need for robustgovernance structures, especially tor tech companies,regardless of their size, Effective corporate governanceboosts investor confidence, underlining its vital role in thesustainability and success of the local digital economy. AC Ventures, in partnership with PwC Indonesia, is proud topresent this playbook: a meticulously designed guide oncorporate governance for tech startups. This resource aimsthe competitive business landscape with a well-defined Michael SoerijadjiFounder &Managing Partner This playbook underscores the importance of foresight andproactive measures. While tech startups in Indonesia,including our portfolio companies, consistently exhibit avibrant entrepreneurial spirit, certain observablechallenges and notable case studies serve as cautionarypreventive strategies. With that in mind, AC Ventures andPwC Indonesia offer our expertise to guide founders tobuild solid structures, make informed decisions, and avoidcommon pitfalls in regards to Corporate Governance. CCAcVentures This guide offers practical advice, centering onaccountability, and ethical business practices It aims tohelp startups establish a robust foundation that promotessustainable growth and maintains investor trust. We aspire for this playbook to be a cornerstone reference,governance challenges, By implementing the strategiesand best practices suggested, startups can reducepotential risks, fostering a business environment thatchampions innovation and growth. Leveraging our collective expertise, AC Ventures and PwCIndonesia remain devoted to steering tech startupstowards excellence, nurturing an ecosystem characterizedby trust and innovation. Samira Shihab Principal,Head of Value Creation The current era drives the business world to continuouslyexperience and