Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Private Regulatory
Pemegang Saham Stakeholders Standards
(for example, accounting
•Employees and auditing)
RUPS •Customers
Laws
•Suppliers
•Creditors Regulations
•Society
Dewan Komisaris
Bank
Reputational agents
Dewan Direksi • Accountants
• Lawyers
• Credit rating
• Investment bankers Markets
Management • Financial media • Capital market
• Investment advisors • Labor market
•Internal Auditor • Research
•Accounting • Corporate Governance • Product market
analyst
Source : Modification from Corporate Governance : A Framework for Implementation, Cadburry, 1999
& Corporate Governance, Kim & Nofsinger, 2004
Penguatan Governance harus melibatkan berbagai pihak baik internal perusahaan maupun eksternal dalam
konteks pengendalian Board sehingga pencapaian tujuan perusahaan tetap konsisten.
Sources of Corporate
Governance
• Corporate laws
• Securities laws
• Listing standards
• Best practices
Corporate Governance Reforms
• SOX in 2002
CG di Indonesia
• Pada tahun 1999, Komite Nasional Kebijakan
Corporate Governance (KNKCG) dibentuk
berdasarkan Keputusan Menko Ekuin Nomor:
KEP/31/M.EKUIN/08/1999
• Pada bulan November 2004, Pemerintah
dengan Keputusan Menko Bidang
Perekonomian Nomor:
KEP/49/M.EKON/11/2004 telah menyetujui
pembentukan Komite Nasional Kebijakan
Governance (KNKG) yang terdiri dari Sub-
Komite Publik dan Sub-Komite Korporasi
– Menggantikan KNKCG
CG di Indonesia
• KNKG:
– Telah mengeluarkan Pedoman Good
Corporate Governance (GCG)
• Pertama kali tahun 1999, kemudian
disempurnakan tahun 2001, dan terakhir tahun
2006
– Pada awal tahun 2004 juga telah
mengeluarkan Pedoman GCG Perbankan
Indonesia dan pada awal tahun 2006
mengeeluarkan Pedoman GCG
Perasuransian Indonesia
CG di Indonesia
• Pasar Modal:
– Bapepam-LK telah mengeluarkan berbagai
regulasi terkait GCG
• Komisaris independen
• Komite audit
• Pedoman Penyajian dan Pengungkapan Laporan
Keuangan Emiten dan Perusahaan Publik
CG di Indonesia
• Perbankan:
– PBI No. 8/4/PBI/2006 mengenai Pelaksanaan
Good Corporate Governance bagi Bank
Umum
• BUMN:
– Kep Menteri BUMN No: KEP-117/M-
MBU/2002 tentang Penerapan Praktek Good
Corporate Governance pada Badan Usaha
Milik Negara (BUMN)
Corporate Governance Rating
• Investor focus on corporate governance
generated a demand for and interest in the
development of rating metrics or systems
that gather, analyze, rank, and compare
corporate governance practices of public
companies
Corporate Governance Reporting
• CGR should:
– Disclose all relevant information about the
company’s corporate governance
– Focus on the company’s sustainability
performance
– Provide transparent information about
performance and its impacts on all
stakeholders
– Assess the company’s responsiveness to the
needs of its stakeholders
McKinsey Survey
McKinsey Survey
McKinsey Survey
IICD CG Scorecard – 2005
OECD Principles Mean Score (%)
Rights of Shareholders 51.23
Equitable Treatment of Shareholders 83.02
Role of Stakeholders 58.76
Disclosure and Transparency 66.64
Responsibilities of the Board 52.36
Overall Mean Score 61.26
IICD CG Scorecard
Category Mean Score Mean Score
(%) (%)
2005 2004
SOEs 74.63 76.38
Banking 70.70 74.91
Overall 61.26 67.29
IICD CG Scorecard
• Two major factors contribute to the
decrease, which are:
– The second study involved all listed
companies while the first study only involved
firms that are/have been included in the LQ-
45 Index. Firms in the LQ-45 Index have
higher score than other companies.
– The second study employed more stringent
instrument than the first study.
IICD CG Scorecard
(Same Subject Companies)
Category Mean Score Mean Score
(%) (%)
2005 2004
SOEs 76.51 76.38
Banking 78.00 74.91
Overall 69.50 67.29
CLSA – Score CG 2003
CLSA – CG Score 2005 & 2007
Transparency International -
Corruptions Perception Index (CPI)