P.T. Timah Achievements

A. Financial Management.

1. Selection of hardware and software and project management of the company's management information systems implementation.

2. Development of the company's accounting policies to meet international requirements.

3. Redesign of all financial procedures.

4. Design of the company's Chart of Accounts and reporting systems.

5. Assistance with the specification of the company's communications network.

6. Redesign of the Finance Directorate organisation structure.

7. Development of all job descriptions and KPI's for managerial level staff.

8. Recruitment and management of all Management Information Systems staff.

9. Design and implementation of the company's senior management information systems.

10. The achievement of the company's first ever unqualified audit report in the first year of my appointment and clean audit reports during the duration of my contract. (the company's financial reports had been qualified for 16 years in succession prior to my commencement).

11. Development of the company's information systems standards, procedures and policies.

12. Management and implementation of office automation systems including E-mail, electronic banking and PC network.

13. Management of the implementation and integration of functions such as Payroll, Supply and Maintenance which required development of completely new approaches to those functions such as new payroll policies and payment methods.

14. Completion of the company's "Information Systems Plan" and "Long Term Information Systems Strategy".

15. Downsizing of the Finance Directorate from well over 200 staff to approximately 70.

16. Writing of the company's 1992 to 1995 annual report including Directors statements.

17. Completion of numerous business evaluations, feasibility studies and valuations of subsidiaries, take over targets and other ventures.

18. Management of the company's international credit rating process through S&P and Moody's.

B. General.

1. Chairmanship of a production committee to improve overall performance of the company's mining and maintenance operations.

2. Selection and management of expatriate staff in all disciplines.

3. Chairmanship of a team appointed to redesign the complete organisations structure of the company and downsize 3,000 staff within 3 months.

4. Assistance with the development of a merit based payroll system.

5. Assistance with the formulation of the corporate strategy and production strategy.

6. I wrote the company profile and developed the company's environmental policy.

7. I wrote most English language press releases, responses to journalists and analysts questions on behalf of the President Director and the company generally and wrote articles for several other publications in Indonesia including Petrominer, the Indonesian Mining Journal and the Asian Journal of Mining.

8. I wrote speeches for the President Director of Timah, the Director General of Mines and the Minister for Mines and Energy.

9. I was appointed part of Indonesia's delegation to the Association of Tin Producing Countries.

10. I managed most aspects of the company's Initial Public Offering including dealings with Indonesian and international lawyers, auditors and public relations company's. I also oversaw the preparation of the company's prospectus and formed part of the international roadshow team.

11. I undertook subsequent investor relations roadshows on behalf of the company through Asia, Europe the United States and Australia.

12. I undertook an Asian marketing review necessitating discussions with customers throughout Asia and designed to increase customer satisfaction and service levels.

13. I negotiated many contracts on behalf of the company.

14. I filled the role of Investor and Analyst Relations Manager after the IPO whilst Timah staff were being groomed to undertake that role.

Prior to the commencement of my contract, the World Bank reviewed Timah's financial management and made the following observations. "The company's current accounting and financial functions and EDP systems are completely inadequate to meet management's existing reporting and control objectives and are certainly incapable of meeting the objectives of the company following restructure". As I have already stated, the company had received qualified audit reports for 16 years in succession.

Upon conclusion of my contract, Timah had a fully functional Finance Directorate and Treasury Department which exercised control over the financial affairs of the whole organisation utilising modern technology meeting the reporting and other requirements of both domestic and international stock exchanges. Timah is also recognised internationally as the largest and lowest cost tin producer in the world.

The overall corporate restructuring was considered such a success that it was documented and used by Indonesian Universities as part of their post graduate course material and has received recognition from the World Bank. It is difficult to describe the magnitude of the changes achieved in the company. In 1991, liquidation was seriously considered by the Government as one of 3 options available to it. By October 1995, the company was privatised and listed on the London Stock Exchange and described as a world class mining company by investment bankers investigating the company.

Timah was only the second Indonesian Government company to be listed internationally, the first Indonesian Government mining company to be privatised and the first Indonesian company to be listed on the London Stock Exchange. I believe that the Government body overseeing Timah's privatisation considered the whole transaction to have been completed without problems and very efficiently and has publicly commented on the success of the transaction.