Indonesia+CG+Roadmap
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
22<br />
ROADMAP TATA KELOLA PERUSAHAAN INDONESIA<br />
INDONESIA CORPORATE GOVERNANCE ROADMAP<br />
berdasarkan Prinsip CG OECD, kerangka kerja<br />
tata kelola perusahaan juga harus memastikan<br />
perlakuan yang setara dari semua pemegang<br />
saham, termasuk pemegang saham non pengendali.<br />
Selain itu, seluruh pemegang saham harus memiliki<br />
kesempatan untuk memperoleh ganti rugi apabila<br />
terjadi pelanggaran atas hak-hak mereka.<br />
Di Indonesia, umumnya perusahaan terbuka dimiliki<br />
dan dikontrol oleh satu keluarga atau grup atau<br />
pemerintah (World Bank, 2010). Dalam hal ini,<br />
yang menjadi persoalan adalah kecenderungan<br />
pemegang saham pengendali untuk mengambil<br />
keputusan yang menguntungkan kepentingan<br />
mereka, tetapi dapat merugikan kepentingan<br />
pemegang saham non pengendali.<br />
Berkaitan dengan hal tersebut, kesetaraan perlakuan<br />
di antara pemegang saham dari kelas saham yang<br />
sama menjadi issue yang penting. Untuk membahas<br />
issue dimaksud, Prinsip CG OECD mengatur secara<br />
spesifik mengenai perlakuan yang setara bagi para<br />
pemegang saham (OECD, 2004)<br />
corporate governance framework should also<br />
ensure equitable treatment of all shareholders,<br />
including non-controlling shareholders. Meanwhile,<br />
all shareholders should have the opportunity to<br />
obtain compensation in case of violation of their<br />
rights.<br />
In Indonesia, generally a public company is owned<br />
and controlled by one family or a group or the<br />
government (World Bank, 2010). In this case, the<br />
problem is tendency of controlling shareholders<br />
to make decisions that favor their interests, but<br />
which may be detrimental to the interests of noncontrolling<br />
shareholders.<br />
In this regard, equality of treatment among<br />
shareholders of the same class of shares becomes<br />
an important issue. To discuss the issue in<br />
question, OECD CG Principles have specifically<br />
regulated equal treatment for shareholders (OECD,<br />
2004).<br />
“Corporate governance deals with the ways in which the suppliers of finance to corporations<br />
assure themselves of getting a return on their investment.”<br />
Shleifer and Vishny, 1997<br />
B.2. LINGKUP PERBAIKAN<br />
Dalam rangka membahas hak-hak pemegang<br />
saham dan kesetaraan diantara pemegang saham,<br />
permasalahan yang ada dikelompokkan dalam tiga<br />
bagian: Rapat Umum Pemegang Saham, Pemegang<br />
Saham Non Pengendali, dan Pembayaran Dividen.<br />
B.2. AREA OF IMPROVEMENT<br />
In order to discuss the rights of shareholders and<br />
equality among shareholders, existing problems<br />
are grouped into three parts: General Meeting of<br />
Shareholders, Non-Controlling Shareholders and<br />
Payment of Dividends.<br />
B.2.A. RAPAT UMUM PEMEGANG SAHAM<br />
Kerangka hukum dan perundang-undangan saat<br />
ini yang mengatur hak-hak pemegang saham<br />
berlandaskan pada UUPT. Umumnya perusahaan<br />
di Indonesia didirikan dengan bentuk Perseroan<br />
Terbatas (PT). Bagi perusahaan yang berbentuk<br />
PT, pemegang saham bertanggung jawab atas<br />
modal (dalam bentuk kepemilikan saham) yang<br />
B.2.A. GENERAL MEETING OF SHAREHOLDERS<br />
(GMS)<br />
The current legal and legislation framework<br />
governing the rights of shareholders is based on the<br />
Limited Liability Company Law. Generally companies<br />
in Indonesia are established in the form of a limited<br />
liability company (PT). In terms of a limited liability<br />
company, shareholders are responsible for capital (in<br />
the form of shares ownership) they have invested