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14 ROADMAP TATA KELOLA PERUSAHAAN INDONESIA INDONESIA CORPORATE GOVERNANCE ROADMAP pengawasan, pengaturan dan penegakan hukum (OECD, 2004). Kerangka kerja tata kelola perusahaan di Indonesia didasarkan pada prinsip-prinsip: transparansi, akuntabilitas, responsibilitas, independensi, serta kewajaran dan kesetaraan (KNKG, 2006). Adapun prinsip-prinsip tata kelola tersebut pada dasarnya selaras dengan prinsip-prinsip yang terkandung dalam Pancasila dan UUD 1945. Dengan merujuk pada hirarkhi perundang-undangan di Indonesia, prinsip-prinsip tersebut diturunkan secara lebih konkrit di dalam berbagai peraturan perundangundangan di Indonesia. A.2. LINGKUP PERBAIKAN Kerangka kerja tata kelola perusahaan meliputi banyak aspek. Pada bagian ini, akan dibahas beberapa aspek penting yaitu: A.2.A. PENERAPAN ”COMPLY OR EXPLAIN” Pedoman Umum Good Corporate Governance Indonesia (Pedoman Umum GCG) diterbitkan pertama kali oleh KNKCG tahun 1999 dan telah me ngalami dua kali perbaikan pada tahun 2001 dan 2006. that run the functions of supervision, regulation and law enforcement (OECD, 2004). The corporate governance framework in Indonesia is based on the principles of transparency, accountability, responsibility, independence, as well as fairness and equality (KNKG, 2006). Governance principles are basically in line with the principles contained in Pancasila and the 1945 Constitution. With reference to the hierarchy of legislation in Indonesia, these principles are derived in a more concrete form in various laws and regulations in Indonesia. A.2. AREA OF IMPROVEMENT The corporate governance framework encompasses many aspects. In this section we discuss several important aspects, namely: A.2.A. APPLICATION OF ”COMPLY OR EXPLAIN” APPROACH The Indonesia’s Code of Good Corporate Governance were published for the first time by KNKCG in 1999, and revised in 2001 and 2006. “Improved firm corporate governance practices increase firm share prices; hence, better-governed firms appear to enjoy a lower cost of capital”. Stijn Claessens & Burcin Yurtoglu, 2012. Pada dasarnya, Pedoman Umum GCG tidak memiliki kekuatan hukum yang mengikat (non-binding force). Oleh karenanya, implementasinya tidak dapat dipaksakan, baik di tataran regulator maupun korporasi. Namun demikian, regulator menggunakan Pedoman Umum GCG dari KNKG sebagai rujukan penting dalam mengembangkan peraturan-peraturan yang relevan dengan tata kelola perusahaan. Selain itu, korporasi juga dapat menggunakan pedoman-pedoman KNKG sebagai rujukan dalam menyusun sistem, struktur dan pedoman tata kelola perusahaannya serta peraturan internal perusahaan lainnya. Basically, Code of GCG do not have a binding legal force (non-binding force). Therefore, the implementation cannot be enforced, both at corporate and regulator levels. However, the regulators are using Code of GCG as an important reference in developing regulations relevant to corporate governance. In addition, corporations can also use the KNKG codes as a reference in preparing governance systems, structures and guidelines for themselves and the internal regulations of other companies.
ROADMAP TATA KELOLA PERUSAHAAN INDONESIA INDONESIA CORPORATE GOVERNANCE ROADMAP 15 Undang-undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas (UUPT) merupakan produk hukum utama bagi perusahaan berbentuk perseroan terbatas (PT), termasuk perusahaan yang merupakan Emiten atau Perusahaan Publik di pasar modal. Pada dasarnya, UUPT ini telah mengakomodasi konsep dan prinsip tata kelola perusahaan yang baik dibandingkan undang-undang sebelumnya 3 . Kini, Dewan Komisaris dan Direksi dituntut untuk lebih akuntabel dalam melaksanakan fiduciary duties. Kewajiban untuk mengimplementasikan praktik tata kelola perusahaan yang baik (good corporate governance) dan tanggung jawab sosial perusahaan (Corporate Social Responsibility/CSR) juga mulai diterapkan dalam UUPT 2007. Disamping itu, juga terdapat ketentuan bagi perusahaan yang menjalankan kegiatan usaha berdasarkan prinsip syariah, untuk memiliki Dewan Pengawas Syariah. Dengan demikian, UUPT 2007 memberikan perhatian yang lebih besar dalam hal penerapan tata kelola perusahaan di Indonesia. Di samping itu, Emiten dan Perusahaan Publik juga tunduk pada ketentuan yang diatur dalam Undang- Undang Nomor 8 Tahun 1995 tentang Pasar Modal (UUPM) dan peraturan pelaksanaannya. Hingga saat ini, Pedoman Umum GCG dari KNKG belum secara meluas diterapkan dalam praktik bisnis di Indonesia. Hal ini dikarenakan penerapan Pedoman Umum GCG bersifat sukarela dan tidak merupakan bagian dari ketentuan perundang-undangan. Law No. 40 of 2007 concerning Limited Liability Company (Limited Liability Company Law) is a major legal product for companies in the form of a limited liability company (PT), including companies that are Issuers or Public Companies in the capital market. Basically, the Limited Liability Company Law has accommodated the concepts and principles of good corporate governance if compared to the previous law 3 . Currently, the Board of Commissioners and Board of Directors are required to be more accountable in carrying out fiduciary duties. The obligation to implement good corporate governance (GCG) practices and corporate social responsibility (CSR) also began to be applied in the 2007 Limited Liability Company Law. In addition, there are also provisions for companies that run businesses based on Sharia principles, to have a Sharia Supervisory Board. Accordingly, the 2007 Limited Liability Law gives greater attention in terms of the application of corporate governance in Indonesia. In addition, Issuers and Public Companies are also subject to the provisions stipulated in Law No. 8 of 1995 concerning Capital Market (Capital Market Law) and its implementing regulations. Until now, the Code of GCG of the KNKG have not been widely applied in business practices in Indonesia. This is because application of Code of GCG is voluntary and does not form part of the statutory provisions. “When developing a corporate governance code, it is preferable to have the support of the government as well as the business community. … the establishment of a code of best practice in a country is a continuous labor of love. It takes time and effort, and there have to be willing participants who want to do it in the interests of their country. Having regard to international institutional investment taking place across an electronic, borderless world, however, every country today should endeavor to establish its own code within the parameters of internationaly approved principles and guidelines of corporate governance.” Mervyn King, Chairman of the King Committee on Corporate Governance, South Africa, 2005 3 Pengaturan perusahaan berbentuk PT sebelumnya diatur melalui Kitab Undang-undang Hukum Dagang (KUHD) yang berlaku sejak jaman kolonialisasi Belanda hingga kemudian dihapus dengan dikeluarkannya Undang-undang Nomor 1 Tahun 1995 tentang Perseroan Terbatas (UUPT). Kemudian UUPT 1995 dihapus dan diganti dengan UUPT 2007. 3 Limited Liability Companies were previously regulated by the Code of Commercial Law (KUHD) in force since the Dutch colonial time until then removed with the issuance of Law No. 1 of 1995 concerning Limited Liability Company (Limited Liability Company Law). Then the 1995 Limited Liability Company Law was removed and replaced by the 2007 Limited Liability Company Law.
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