Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Republic of Indonesia

In reforming its corporate governance, and in establishing a rule-based business culture, Indonesia faces many challenges. The key challenges are as follows. Enforcement of laws and regulations needs to be strengthened. Administrative sanctions for...

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Main Author:	World Bank
Format:	Corporate Governance Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCESS TO INFORMATION ACCOUNTABILITY ADMINISTRATIVE SANCTIONS APPLICABLE LAWS AUDIT COMMITTEES AUTHORITY AUTHORIZATION BOARD MEMBERS BOARD OF DIRECTORS BOARDS OF DIRECTORS CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CASH FLOW CENTRAL BANK CHANGE OF OWNERSHIP CLASSES OF SHARES COMMON SHARES COMPANY COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATES CORPORATE CONTROL CORPORATE CULTURE CORPORATE GOVERNANCE CORPORATION CORPORATIONS CRIMINAL SANCTIONS DECISION-MAKING DECISION-MAKING PROCESS DECREE DEGREE OF CONTROL DISCLOSURE DISCLOSURE REQUIREMENTS DISCLOSURE RULES DUE DILIGENCE ECONOMIC CRISIS ENVIRONMENTAL ISSUES EQUITY MARKETS EXTERNAL AUDITORS FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STATEMENTS FIRMS FIXED INCOME FOREIGN CURRENCY FOREIGN SHAREHOLDERS GOLDEN SHARE HUMAN RESOURCES INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INTEREST RATES INTERNAL AUDIT INTERNATIONAL STANDARDS INVESTMENT BANKERS INVESTMENT CLIMATE JUDICIARY LABOR LAW LABOR UNIONS LAWYERS LEGAL DISPUTES LEGAL FRAMEWORK LEGAL OWNER LEGISLATION LIMITED LIABILITY LIMITED LIABILITY COMPANY LISTED COMPANIES MANAGEMENT BOARD MERGERS MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS NET PROFIT NUMBER OF SHARES OWNERSHIP STRUCTURE PACIFIC REGION PAID IN CAPITAL PREEMPTIVE RIGHTS PREFERENTIAL RIGHTS PRIVATE SECTOR PUBLIC COMPANIES PUBLIC COMPANY PUBLIC INFORMATION PYRAMID STRUCTURE REGULATORY FRAMEWORK REPRESENTATIVES SANCTIONS SECURITIES FIRMS SEVERANCE PAYMENT SHARE OWNERSHIP SHAREHOLDER MEETINGS SHAREHOLDERS SHAREHOLDING STAKEHOLDERS STATE-OWNED ENTERPRISES STATEMENT STATEMENTS STOCK EXCHANGE TAX AUTHORITIES TOTAL MARKET CAPITALIZATION TRANSPARENCY VOTING VOTING SHARES
Online Access:	http://documents.worldbank.org/curated/en/2004/08/6569550/report-observance-standards-codes-rosc-corporate-governance-country-assessment-indonesia http://hdl.handle.net/10986/14463

id	okr-10986-14463
recordtype	oai_dc
spelling	okr-10986-144632021-04-23T14:03:18Z Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Republic of Indonesia World Bank ACCESS TO INFORMATION ACCOUNTABILITY ADMINISTRATIVE SANCTIONS APPLICABLE LAWS AUDIT COMMITTEES AUTHORITY AUTHORIZATION BOARD MEMBERS BOARD OF DIRECTORS BOARDS OF DIRECTORS CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CASH FLOW CENTRAL BANK CHANGE OF OWNERSHIP CLASSES OF SHARES COMMON SHARES COMPANY COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATES CORPORATE CONTROL CORPORATE CULTURE CORPORATE GOVERNANCE CORPORATION CORPORATIONS CRIMINAL SANCTIONS DECISION-MAKING DECISION-MAKING PROCESS DECREE DEGREE OF CONTROL DISCLOSURE DISCLOSURE REQUIREMENTS DISCLOSURE RULES DUE DILIGENCE ECONOMIC CRISIS ENVIRONMENTAL ISSUES EQUITY MARKETS EXTERNAL AUDITORS FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STATEMENTS FIRMS FIXED INCOME FOREIGN CURRENCY FOREIGN SHAREHOLDERS GOLDEN SHARE HUMAN RESOURCES INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INTEREST RATES INTERNAL AUDIT INTERNATIONAL STANDARDS INVESTMENT BANKERS INVESTMENT CLIMATE JUDICIARY LABOR LAW LABOR UNIONS LAWYERS LEGAL DISPUTES LEGAL FRAMEWORK LEGAL OWNER LEGISLATION LIMITED LIABILITY LIMITED LIABILITY COMPANY LISTED COMPANIES MANAGEMENT BOARD MERGERS MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS NET PROFIT NUMBER OF SHARES OWNERSHIP STRUCTURE PACIFIC REGION PAID IN CAPITAL PREEMPTIVE RIGHTS PREFERENTIAL RIGHTS PRIVATE SECTOR PUBLIC COMPANIES PUBLIC COMPANY PUBLIC INFORMATION PYRAMID STRUCTURE REGULATORY FRAMEWORK REPRESENTATIVES SANCTIONS SECURITIES FIRMS SEVERANCE PAYMENT SHARE OWNERSHIP SHAREHOLDER MEETINGS SHAREHOLDERS SHAREHOLDING STAKEHOLDERS STATE-OWNED ENTERPRISES STATEMENT STATEMENTS STOCK EXCHANGE TAX AUTHORITIES TOTAL MARKET CAPITALIZATION TRANSPARENCY VOTING VOTING SHARES In reforming its corporate governance, and in establishing a rule-based business culture, Indonesia faces many challenges. The key challenges are as follows. Enforcement of laws and regulations needs to be strengthened. Administrative sanctions for violation of securities or disclosure rules may not be adequate. Efforts should be expended to ensure that corporate officials in the position of trust are held accountable when they violate the law. Sanctions should go beyond fines, and the incentive system should be changed so that violators are truly discouraged, and good corporate behavior is promoted. This requires strengthening enforcement capacity of Bapepam for securities violations, and its independence as the securities regulator. The Company Law should explicitly refer to the fiduciary duties of directors and managers for violation of securities laws. Current efforts to amend the Company Law need to be expedited. Further efforts should also be expended to develop alternative (non-judiciary) mechanisms, such as shareholder activism, for encouraging compliance. 2013-07-23T14:43:41Z 2013-07-23T14:43:41Z 2004-08 http://documents.worldbank.org/curated/en/2004/08/6569550/report-observance-standards-codes-rosc-corporate-governance-country-assessment-indonesia http://hdl.handle.net/10986/14463 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Corporate Governance Assessment (ROSC) Economic & Sector Work East Asia and Pacific Indonesia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCESS TO INFORMATION ACCOUNTABILITY ADMINISTRATIVE SANCTIONS APPLICABLE LAWS AUDIT COMMITTEES AUTHORITY AUTHORIZATION BOARD MEMBERS BOARD OF DIRECTORS BOARDS OF DIRECTORS CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CASH FLOW CENTRAL BANK CHANGE OF OWNERSHIP CLASSES OF SHARES COMMON SHARES COMPANY COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATES CORPORATE CONTROL CORPORATE CULTURE CORPORATE GOVERNANCE CORPORATION CORPORATIONS CRIMINAL SANCTIONS DECISION-MAKING DECISION-MAKING PROCESS DECREE DEGREE OF CONTROL DISCLOSURE DISCLOSURE REQUIREMENTS DISCLOSURE RULES DUE DILIGENCE ECONOMIC CRISIS ENVIRONMENTAL ISSUES EQUITY MARKETS EXTERNAL AUDITORS FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STATEMENTS FIRMS FIXED INCOME FOREIGN CURRENCY FOREIGN SHAREHOLDERS GOLDEN SHARE HUMAN RESOURCES INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INTEREST RATES INTERNAL AUDIT INTERNATIONAL STANDARDS INVESTMENT BANKERS INVESTMENT CLIMATE JUDICIARY LABOR LAW LABOR UNIONS LAWYERS LEGAL DISPUTES LEGAL FRAMEWORK LEGAL OWNER LEGISLATION LIMITED LIABILITY LIMITED LIABILITY COMPANY LISTED COMPANIES MANAGEMENT BOARD MERGERS MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS NET PROFIT NUMBER OF SHARES OWNERSHIP STRUCTURE PACIFIC REGION PAID IN CAPITAL PREEMPTIVE RIGHTS PREFERENTIAL RIGHTS PRIVATE SECTOR PUBLIC COMPANIES PUBLIC COMPANY PUBLIC INFORMATION PYRAMID STRUCTURE REGULATORY FRAMEWORK REPRESENTATIVES SANCTIONS SECURITIES FIRMS SEVERANCE PAYMENT SHARE OWNERSHIP SHAREHOLDER MEETINGS SHAREHOLDERS SHAREHOLDING STAKEHOLDERS STATE-OWNED ENTERPRISES STATEMENT STATEMENTS STOCK EXCHANGE TAX AUTHORITIES TOTAL MARKET CAPITALIZATION TRANSPARENCY VOTING VOTING SHARES
spellingShingle	ACCESS TO INFORMATION ACCOUNTABILITY ADMINISTRATIVE SANCTIONS APPLICABLE LAWS AUDIT COMMITTEES AUTHORITY AUTHORIZATION BOARD MEMBERS BOARD OF DIRECTORS BOARDS OF DIRECTORS CAPITAL MARKET CAPITAL MARKET LAW CAPITAL MARKETS CASH FLOW CENTRAL BANK CHANGE OF OWNERSHIP CLASSES OF SHARES COMMON SHARES COMPANY COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATES CORPORATE CONTROL CORPORATE CULTURE CORPORATE GOVERNANCE CORPORATION CORPORATIONS CRIMINAL SANCTIONS DECISION-MAKING DECISION-MAKING PROCESS DECREE DEGREE OF CONTROL DISCLOSURE DISCLOSURE REQUIREMENTS DISCLOSURE RULES DUE DILIGENCE ECONOMIC CRISIS ENVIRONMENTAL ISSUES EQUITY MARKETS EXTERNAL AUDITORS FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STATEMENTS FIRMS FIXED INCOME FOREIGN CURRENCY FOREIGN SHAREHOLDERS GOLDEN SHARE HUMAN RESOURCES INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INTEREST RATES INTERNAL AUDIT INTERNATIONAL STANDARDS INVESTMENT BANKERS INVESTMENT CLIMATE JUDICIARY LABOR LAW LABOR UNIONS LAWYERS LEGAL DISPUTES LEGAL FRAMEWORK LEGAL OWNER LEGISLATION LIMITED LIABILITY LIMITED LIABILITY COMPANY LISTED COMPANIES MANAGEMENT BOARD MERGERS MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS NET PROFIT NUMBER OF SHARES OWNERSHIP STRUCTURE PACIFIC REGION PAID IN CAPITAL PREEMPTIVE RIGHTS PREFERENTIAL RIGHTS PRIVATE SECTOR PUBLIC COMPANIES PUBLIC COMPANY PUBLIC INFORMATION PYRAMID STRUCTURE REGULATORY FRAMEWORK REPRESENTATIVES SANCTIONS SECURITIES FIRMS SEVERANCE PAYMENT SHARE OWNERSHIP SHAREHOLDER MEETINGS SHAREHOLDERS SHAREHOLDING STAKEHOLDERS STATE-OWNED ENTERPRISES STATEMENT STATEMENTS STOCK EXCHANGE TAX AUTHORITIES TOTAL MARKET CAPITALIZATION TRANSPARENCY VOTING VOTING SHARES World Bank Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Republic of Indonesia
geographic_facet	East Asia and Pacific Indonesia
description	In reforming its corporate governance, and in establishing a rule-based business culture, Indonesia faces many challenges. The key challenges are as follows. Enforcement of laws and regulations needs to be strengthened. Administrative sanctions for violation of securities or disclosure rules may not be adequate. Efforts should be expended to ensure that corporate officials in the position of trust are held accountable when they violate the law. Sanctions should go beyond fines, and the incentive system should be changed so that violators are truly discouraged, and good corporate behavior is promoted. This requires strengthening enforcement capacity of Bapepam for securities violations, and its independence as the securities regulator. The Company Law should explicitly refer to the fiduciary duties of directors and managers for violation of securities laws. Current efforts to amend the Company Law need to be expedited. Further efforts should also be expended to develop alternative (non-judiciary) mechanisms, such as shareholder activism, for encouraging compliance.
format	Economic & Sector Work :: Corporate Governance Assessment (ROSC)
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Republic of Indonesia
title_short	Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Republic of Indonesia
title_full	Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Republic of Indonesia
title_fullStr	Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Republic of Indonesia
title_full_unstemmed	Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Republic of Indonesia
title_sort	report on the observance of standards and codes : corporate governance country assessment, republic of indonesia
publisher	Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2004/08/6569550/report-observance-standards-codes-rosc-corporate-governance-country-assessment-indonesia http://hdl.handle.net/10986/14463
_version_	1764429146657652736

Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Republic of Indonesia

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