DEFINING CORPORATE

GOVERNANCE
Mohamad Fajri MP dan Deni Darmawati

Kuliah II – 19 Maret 2010

What is corporate governance?
There is no single, accepted definition of corporate
governance.
There are substantial differences in definition
according to which country is considered.
The subject may be treated in a narrow or a broad
manner, depending on the viewpoint of the policy
maker, practitioner, researcher or theorist.
GCG Overview

FILOSOFI BESI SEMBRANI.ppt

What is corporate governance?
 In a narrow view, corporate governance is restricted to
the relationship between a company and its
shareholders. This is the traditional finance paradigm,
expressed in agency theory.
 In a broad view, corporate governance may be seen as a
web of relationships, not only between a company and
its owners (shareholders) but also between a company
and a broad range of other stakeholders: employees,
customers, suppliers, bondholders etc. Such a view tends
to be expressed in stakeholder theory.
What is corporate governance?
Cadbury Committee (1992)
“the system by which organization are directed and
controlled or a set of rule that define the relationship
between shareholders, managers, creditors, the
government, employee, and other internal and external
stakeholders in respect to their rights and
responsibilities.
What is corporate governance?
Solomon (2007: 14)
Corporate governance is defined as the system of
checks and balances, both internal and external to
companies, which ensures that companies discharge
their accountability to all their stakeholders and act in
a socially responsible way in all areas of their business
activity.
Pengertian Corporate Governance
“Seperangkat sistem, struktur
dan mekanisme yang
mengatur perusahaan dalam
melindungi kepentingan
stakeholders, mencapai tujuan
perusahaan yang diterima
Turnbull, 1997 menjadi corporate culture dan
nilai-nilai bersama serta
menjadi alat kontrol untuk
memastikan terciptanya check
and balances.”.
Mohamad Fajri MP, 2009

Corporate governance merupakan proses dan

struktur yang diterapkan dalam menjalankan
perusahaan dengan tujuan utama meningkatkan
nilai pemegang saham dalam jangka panjang
OECD, 1999 dengan tetap memperhatikan kepentingan
stakeholders yang lain.

Seperangkat peraturan yang mengatur The Indonesian Institute for Corporate

hubungan antara pemegang saham, Governance
Syakhroza, 2002 pengelola perusahaan, pihak kreditor,
pemerintah, karyawan serta pemegang
kepentingan intern dan ekstern lainnya
yang berkaitan dengan hak-hak dan
kewajiban mereka, atau dengan kata lain
suatu sistem yang mengatur dan
mengendalikan Perusahaan.
Cadbury Committee
Good Corporate Governance in Simple Terms
For the balanced interests
Doing the right thing
of shareholders
Doing the thing right
and other stakeholders

Based on the principles:

Transparency In the right way
Accountability At the right time
Fairness In the right place
Responsibility By the right people
Indepedency

MELAKUKAN APA YANG DITULIS DAN MENULISKAN APA YANG

GCG DILAKUKAN
Manfaat GCG (Testimonial)

 “Dengan GCG, segala bentuk intervensi susah masuk. Misalnya upeti

atau sumbangan yang tidak jelas pertanggungjawabannya. Kami telah
jalan sesuai rules dan bisnis. Kalau menghadapi hal-hal negatif seperti
itu, kami bilang saja, itu melanggar GCG”. (Yosafat Siregar, Kadiv
Grup Manajemen Risiko & Internal Audit PT Astra International Tbk)
 “Sebagai perusahaan yang dikenal menjalankan GCG, imbasnya juga
bagus. Dari awal para mitra tahu bahwa kami berbisnis dengan jujur
dan tidak bertele-tele.” (Lukito Dewandaya, Presiden Direktur PT
Astra Graphia Tbk)
 “Kami merasakan manfaat GCG.Salah satunya kami merasakan
kinerja yang membaik dan sustainable dalam menghadapi krisis.”
(Hilmi Panigoro, CEO Group Medco)
 “Kami percaya bahwa pe­ne­rapan GCG secara benar dan konsisten
tidak hanya akan membuat perusahaan kami semakin besar, namun
juga menjadi semakin baik,” (Dr Ridwan Zachrie, Direktur SDM Ke­
patuhan dan Risiko Recapital Ad­visors)
What is corporate governance?
The Organization for Economic Cooperation and
Development (OECD) (2004)
Corporate governance involves a set of relationships
between a company’s management, its board, its
shareholders and other stakeholders. Corporate
governance also provides structure through which the
objectives of company are set, and the means of
attaining those objectives and monitoring performance
are determined.
What is corporate governance?
Australian Stock Exchange (ASX) (2003)
Corporate governance is the system by which
companies are directed and managed. It influences
how the objectives of the company set and achieved,
how risk is monitored and assessed, and how
performance is optimized.
GCG = Investasi Menuju Kesuksesan
Teori Corporate Governance

Secara umum perspektif di dalam memahami corporate

governance dapat dibedakan menjadi dua pendekatan, yang
sangat berbeda secara prinsipil:

Shareholder Concept Stakeholder Concept

Fokus pada maksimalisasi Fokus pada keseimbangan

pemenuhan kepentingan kepentingan seluruh stakeholder
pemegang saham semata-mata melalui aktivitas dan proses
bisnis yang bertanggungjawab,
Orientasi bisnis jangka pendek transparan, fair
(short-term profits)
Orientasi bisnis jangka panjang
Tidak mempertimbangkan (sustainable operation)
eksternalitas negatif korporasi
yang harus ditanggung oleh Berupaya untuk menjadi good
pihak lain coporate citizen
Agency Theory
Jensen and Meckling(1976)
Fama and Jensen (1983)
 Fundamental corporate governance problem deals with
how is the principal (shareholder) able to prevent the
agent (generally management) from maximizing his own
self-interest.
 Solutions to agency problems involve establishing a
‘nexus’ of optimal contracts (explicit as well as implicit)
between the owners and management of the company.
These contracts, also knows as the “internal rules of the
game”, identify the rights of agents in the organization,
performance criteria against which they will be evaluated
and the resulting payoff functions they will tend to face.
Transaction Cost Economics
Williamson (1979,1981, 1983,1984)
 The firm itself is a governance structure. The governance
problem of a firm are perceived to proceed from a number of
contractual hazards, including self interested opportunism,
information asymmetries, asset specificity and small number
bargaining, and the problem of bounded rationality
(Learmount, 2002).
 Corporate governance deals with identifying internal measures
and mechanisms to economize the costs associated with
contractual hazards as the external market mechanism can not
be relied on to mitigate these problems because of the fact that
it has “limited constitutional powers to conduct audits and has
limited access to the firm’s incentive and resource allocation
machinery” (Williamson, 1975, p. 143 in Learmount, 2002).
Stewardship Model
Davis, Schoorman and Donaldson (1997)
 To identify different psychological and sociological
characteristics antecedents to the principal-steward
relationships and to examine “a model based on manager-
principal choice rather than a determinism” (1997, p. 43).
 Managers are more likely to serve organizational rather than
personal goals when (i) their needs are based on growth,
achievement and self-actualization; (ii) they identify
themselves with their organization and remain highly
committed to the organizational values; and (iii) their
philosophy is based on involvement and trust in a culture
based on collectivism and low power distance.
 Managers choice to behave as stewards or agents, or principals
choice to create an agency or stewardship relationship is
contingent on their psychological motivations and perceptions
of the situation.
Stewardship Model
Keasy and Wright (1997)
 Two dimensions of corporate governance are
stewardship and entrepreneurship. Good corporate
governance is “as much concerned with correctly
motivating managerial behaviour towards improving the
businesses, as directly controlling the behaviour of
managers” (Keasey and Wright, 1997, p. 2).
 The stewardship dimension emphasizes issues like fund
misappropriations by, and controlling the behaviours of,
non-owner managers; and entrepreneurship dimension
deals with reallocation of economic resources in new
combination involving both innovations and corporate
restructuring.
Stakeholder Model
Freeman (1984)
 Unlike “production view” of the firm,“managerial view”
of the firm requires the top management to
“simultaneously satisfy the owners, the employees, and
their unions, suppliers and customers” (Freeman, 1984,
p. 6) in order to be successful.
 In a “stakeholder-serving” organization, managers in
different functional disciplines can be more responsive to
the external environment by carrying forward the notion
of “internal stakeholders” as the conduits to external
groups. In such an organization, the executives should
act as “corporate spokesperson, political and social
participant and manager of the human resources of the
firm” (Freeman, 1984, p. 247).
Stakeholder Model
Buchholz (1989)
 To ensure participation of a wider constituent groups (with
economic and/or social stakes in corporate activities such as
employees, customers, suppliers, stockholders, banks,
environmentalists, government, to name but a few) in the
governance process, assuring that their wide range of interests are
taken into account by corporate management and ultimately, the
interests of society as a whole
 Give shareholders increased rights to participate in important
management decisions.
 Change in the composition of boards by including more outside
directors to alleviate concern boards are too subservient to
management.
 Employee representation at some level in corporate governance.
 Reinforce of government rules and regulation over issues like
insider trading,hostile takeover.
Stakeholder Model
Donaldson and Preston (1995)
To critically analyze significant distinctions,
limitations and implications associated with
stakeholder concepts. Attempt was made to contrast
actual or potential problems experienced by
stakeholders or may experience as a result of
management actions or inactions and effort was made
to explore the justifications and responsibility of
directors of the firm’s as trustees for the stakeholders.
Stakeholder Model
Donaldson and Preston (1995)
 The stakeholder theory is descriptive and instrumental: it can be used as a
framework to test empirical claims, estimations relevant to stockholder concept, and
to examine the connections between corporate performance and stockholder
management. Descriptive justifications: it is unethical management behavior to
focus solely in the interest of shareowners; statutes have extended the range of
permissible concern by boards to non-shareowner constituencies. Instrumental
justification: success in satisfying multiple stakeholder interests constitutes the
ultimate test of corporate performance, with monitoring devices that reduce
information asymmetry, and enforcement mechanisms including law, exit and
voice, and emphasis of fairness. The fundamental basis of stockholder theory is
normative: stakeholders have legitimate interest on the intrinsic value of the firm.
Normative justifications: a pluralistic theory of property rights supports various
groups a moral interest or stake in the affairs of the corporation. The stockholder
theory is managerial: recommends attitude, structures, and practices to constitute
stockholder management. Managerial Implications: managers are responsible to
select actions to maximize the interest of legitimate stakeholder.
 Prinsip-Prinsip
Good Corporate Governance
OECD Version

Fairness Transparency Accountability Responsibility

bagi stakeholder melalui keterbukaan manajemen yang efektif tanggung jawab

untuk menjamin informasi yang tepat berdasarkan pada perusahaan sebagai
perlindungan waktu, akurat, dan keseimbangan anggota masyarakat
terhadap perbuatan berkualitas tentang kewenangan dan untuk mematuhi
fraud, self dealing kondisi perusahaan tanggung jawab antara hukum dan bertindak
dan penyimpangan manajer, pemegang sesuai dengan nilai-
oleh orang dalam saham, Direksi, nilai masyarakat
Komisaris, dan auditor
ASAS/ELEMEN/ASPEK GCG
Transparansi
Akuntabilitas
Responsibilitas
Independensi
Kewajaran dan Kesetaraan (Fairness)
Transparansi
Untuk menjaga obyektivitas dalam menjalankan
bisnis, perusahaan harus menyediakan informasi
yang material dan relevan dengan cara yang mudah
diakses dan dipahami oleh pemangku kepentingan.
Perusahaan harus mengambil inisiatif untuk
mengungkapkan tidak hanya masalah yang
disyaratkan oleh peraturan perundang-undangan,
tetapi juga hal yang penting untuk pengambilan
keputusan pemegang saham, kreditur dan pemangku
kepentingan lainnya.
Akuntabilitas
Perusahaan harus dapat mempertangjawabkan
kinerjanya secara transparan dan wajar. Untuk itu
perusahaan harus dikelola secara benar, terukur dan
sesuai dengan kepentingan perusahaan dengan tetap
memperhitungkan kepentingan pemegang saham dan
pemangku kepentingan lain. Akuntabilitas merupakan
prasyarat yang diperlukan untuk mencapai kinerja
yang berkesinambungan.
Responsibilitas
Perusahaan harus mematuhi peraturan perundang-
undangan serta melakukan tanggung jawab terhadap
masyarakat dan lingkungan sehingga dapat terpelihara
kesinambungan usaha dalam jangka panjang dan
mendapat pengakuan sebagai good corporate citizen.
Independensi
Untuk melancarkan pelaksanaan asas GCG,
perusahaan harus dikelola secara independen sehingga
masing-masing organ perusahaan tidak saling
mendominasi dan tidak dapat diintervensi oleh pihak
lain.
Kewajaran dan Kesetaraan (Fairness)
Dalam rangka melaksanakan kegiatannya, perusahaan
harus senantiasa memperhatikan kepentingan
pemegang saham dan pemangku kepentingan lainnya
berdasarkan asas kewajaran dan kesetaraan.
Pengaruh GCG Terhadap Nilai
Perusahaan
Fakta Empiris
Premium bagi Perusahaan yang mengimplementasikan
Good Corporate Governance secara Efektif

ASAL INVESTOR
Asia US and Europe

Malaysia 22.1 % 26.0 %

Thailand 23.1 % 28.0 %

Japan 17.0 % 21.8 %

Indonesia 24.3 % 29.8 %

Taiwan 18.0 % 24.0 %
South Korea 18.8 % 28.7 %

Source : World Bank – McKinsey, 2000

 McKinsey & Co.:
Premium investors are willing to pay for a
well governed company (2002)
Good Corporate Governance merupakan faktor menentukan di samping
faktor kinerja keuangan dalam proses pemilihan target investasi

% Premium
Japan 21
20
Taiwan 19
20

South Korea 20 2002 Survey

24

Thailand
20
26
2000 Survey
22
Malaysia 25
25
Indonesia 27
14% 18%
U.S. U.S.
Avg Avg
2002 2000
 TERIMAKASIH

MOHAMAD FAJRI MP – 08128125897

fajriputra@yahoo.com