Glass Lewis issued a controversy alert on Thursday for Bukit Asam (IDX:PTBA) shareholders ahead of the company's annual general meeting on June 12.
The alert relates to the imprisonment of Zulheri, the former president director of the coal mining company's pension fund, Dana Pension Bukit Asam.
The court sentenced the former officer to nine years in prison for corruption and mismanagement of the pension fund, resulting in state losses worth 234 billion rupiah.
Bukit Asam has proposed changes in its pension fund regulations in the upcoming meeting, albeit providing few details, Glass Lewis said.
The alert's rationale relates to relevant media coverage and egregious governance practices and falls under ethics and oversight issue.
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