Professional Documents
Culture Documents
05/06/01
10:01 AM
Page 1
Jilid II
Citra Graha, 7th Floor, Suite 703 , Jl. Jend. Gatot Subroto 35 36 , Jakarta 12950, Indonesia
Phone: 021 5200702 Fax.: 021 5200969
E-mail: fcgi@fcgi.or.id http://www.fcgi.or.id
cvr
05/06/01
10:30 AM
Page 1
Citra Graha, 7th Floor, Suite 703 , Jl. Jend. Gatot Subroto 35 36 , Jakarta 12950, Indonesia
Phone: 021 5200702 Fax.: 021 5200969
E-mail: fcgi@fcgi.or.id http://www.fcgi.or.id
buku fcgi
05/06/01
10:54 AM
Page 38
FCGI
Daftar Isi
i
iii
1
10
11
14
16
8. Kesimpulan .....
16
35
Tabel:
Tabel 1.
Tabel 2.
Tabel 3.
Tabel 4.
buku fcgi
05/06/01
10:54 AM
Page 39
FCGI
Contents
ii
v
19
2.
20
3.
25
4.
27
5.
28
6.
31
7.
32
8.
Conclusion .....................................................
33
35
Tables:
Table 1. The Board Structure in One Tier System ..............
Table 2. The Board Structure in Two Tiers System
adopted in the Netherlands ..
Table 3. The Board Structure in Two Tiers System
(as adopted in Indonesia) .
Table 4. Relationship which could impair independence ................
ii
21
22
22
26
buku fcgi
05/06/01
10:54 AM
Page 40
FCGI
Selain dari itu, meskipun tidak termasuk dalam keanggotaan FCGI, JITF
(Jakarta Initiative Task Force) turut pula berperan aktif dalam kegiatan FCGI.
Maksud dan Tujuan FCGI
FCGI bekerjasama dan berpartisipasi dalam menciptakan dan
mengembangkan Corporate Governance di Indonesia. Tujuan FCGI adalah
untuk meningkatkan kesadaran dan mensosialisasikan prinsip dan aturan
mengenai Corporate Governance kepada dunia bisnis di Indonesia dengan
mengacu kepada international best practices sehingga mereka dapat
memperoleh manfaat dalam melaksanakan prinsip dan aturan yang sesuai
iii
buku fcgi
05/06/01
10:54 AM
Page 41
FCGI
iv
buku fcgi
05/06/01
10:54 AM
Page 42
FCGI
buku fcgi
05/06/01
10:54 AM
Page 43
FCGI
vi
buku fcgi
05/06/01
10:50 AM
Page 1
FCGI
buku fcgi
05/06/01
10:50 AM
Page 2
FCGI
buku fcgi
05/06/01
10:50 AM
Page 3
FCGI
Non Executive
Director
(senior management)
(part time
independent members)
Tabel 1.
Struktur Board of Directors dalam One Tier System
Sistem Hukum Kontinental Eropa mempunyai Sistem Dua Tingkat atau
Two Tiers System. Di sini perusahaan mempunyai dua badan terpisah, yaitu
Dewan Pengawas (Dewan Komisaris) dan Dewan Manajemen (Dewan
buku fcgi
05/06/01
10:50 AM
Page 4
FCGI
Tabel 2.
Struktur Dewan Komisaris dan Dewan Direksi dalam Two Tiers System
yang diadopsi oleh Belanda
buku fcgi
05/06/01
10:50 AM
Page 5
FCGI
Tabel 3.
Struktur Dewan Komisaris dan Dewan Direksi dalam Two Tiers System
yang diadopsi oleh Indonesia
Peranan Dewan Komisaris dalam Suatu Perusahaan.
Dewan Komisaris memegang peranan yang sangat penting dalam
perusahaan, terutama dalam pelaksanaan Good Corporate Governance.
Menurut Egon Zehnder, Dewan Komisaris - merupakan inti dari Corporate
Governance - yang ditugaskan untuk menjamin pelaksanaan strategi
perusahaan, mengawasi manajemen dalam mengelola perusahaan, serta
mewajibkan terlaksananya akuntabilitas. Pada intinya, Dewan Komisaris
merupakan suatu mekanisme mengawasi dan mekanisme untuk
memberikan petunjuk dan arahan pada pengelola perusahaan. Mengingat
manajemen yang bertanggungjawab untuk meningkatkan efisiensi dan daya
saing perusahaan - sedangkan Dewan Komisaris bertanggungjawab untuk
mengawasi manajemen - maka Dewan Komisaris merupakan pusat
ketahanan dan kesuksesan perusahaan. (Egon Zehnder International, 2000 hal.12-13)
Lebih lanjut tugas-tugas utama Dewan Komisaris meliputi:
1. Menilai dan mengarahkan strategi perusahaan, garis-garis besar rencana
kerja, kebijakan pengendalian risiko, anggaran tahunan dan rencana
usaha; menetapkan sasaran kerja; mengawasi pelaksanaan dan kinerja
perusahaan; serta memonitor penggunaan modal perusahaan, investasi
dan penjualan aset;
2. Menilai sistem penetapan penggajian pejabat pada posisi kunci dan
buku fcgi
05/06/01
10:50 AM
Page 6
FCGI
buku fcgi
05/06/01
10:50 AM
Page 7
FCGI
buku fcgi
05/06/01
10:50 AM
Page 8
FCGI
buku fcgi
05/06/01
10:50 AM
Page 9
FCGI
Tabel 4.
Hubungan yang dapat memperlemah Independensi
Lebih lanjut, dalam menyelenggarakan suatu "fit and proper test", pemberian
kesempatan yang sama (equal opportunity) terhadap setiap orang untuk
menempati suatu jabatan akan menuju kepada seleksi calon-calon yang
lebih memenuhi syarat dan adil.
Komisaris Independen menurut Peraturan Bursa Efek Jakarta
Keberadaan Komisaris Independen telah diatur Bursa Efek Jakarta melalui
peraturan BEJ tanggal 1 Juli 2000. Dikemukakan bahwa perusahaan yang
listed di Bursa harus mempunyai Komisaris Independen yang secara
proporsional sama dengan jumlah saham yang dimiliki pemegang saham
yang minoritas (bukan controlling shareholders). Dalam peraturan ini,
persyaratan jumlah minimal Komisaris Independen adalah 30% dari seluruh
anggota Dewan Komisaris. Beberapa kriteria lainnya tentang Komisaris
Independen adalah sebagai berikut:
1. Komisaris Independen tidak memiliki hubungan afiliasi dengan pemegang
saham mayoritas atau pemegang saham pengendali (controlling
shareholders) Perusahaan Tercatat yang bersangkutan;
2. Komisaris Independen tidak memiliki hubungan dengan direktur dan/atau
komisaris lainnya Perusahaan Tercatat yang bersangkutan;
buku fcgi
05/06/01
10:50 AM
Page 10
FCGI
10
buku fcgi
05/06/01
10:50 AM
Page 11
FCGI
5. Komite Audit
Salah satu dari komite-komite yang telah disebutkan di atas yaitu Komite
Audit memiliki tugas terpisah dalam membantu Dewan Komisaris untuk
memenuhi tanggung jawabnya dalam memberikan pengawasan secara
menyeluruh. Sebagai contoh, Komite Audit memiliki wewenang untuk
melaksanakan dan mengesahkan penyelidikan terhadap masalah-masalah
di dalam cakupan tanggung jawabnya. The Institute of Internal Auditors (IIA)
merekomendasikan bahwa setiap perusahaan publik harus memiliki Komite
Audit yang diatur sebagai komite tetap. IIA juga menganjurkan dibentuknya
Komite Audit di dalam organisasi lainnya, termasuk lembaga-lembaga
non-profit dan pemerintahan.
Komite Audit agar beranggotakan Komisaris Independen, dan terlepas dari
kegiatan manajemen sehari-hari dan mempunyai tanggung jawab utama
untuk membantu Dewan Komisaris dalam menjalankan tanggung jawabnya
terutama dengan masalah yang berhubungan dengan kebijakan akuntansi
perusahaan, pengawasan internal, dan sistem pelaporan keuangan
(The Institute of Internal Auditors, Internal Auditing and the Audit Committee: Working Together
Towards Common Goals).
11
buku fcgi
05/06/01
10:50 AM
Page 12
FCGI
Pada umumnya, Komite Audit mempunyai tanggung jawab pada tiga bidang,
yaitu;
a. Laporan Keuangan (Financial Reporting);
b. Tata Kelola Perusahaan (Corporate Governance); dan
c. Pengawasan Perusahaan (Corporate Control).
a. Laporan Keuangan (Financial Reporting)
Tanggung jawab Komite Audit di bidang laporan keuangan adalah untuk
memastikan bahwa laporan keuangan yang dibuat oleh manajemen telah
memberikan gambaran yang sebenarnya tentang hal-hal sebagai berikut:
1. Kondisi keuangan;
2. Hasil Usahanya;
3. Rencana dan komitmen jangka panjang.
Ruang lingkup pelaksanaan dalam bidang ini adalah:
1. Merekomendasikan auditor eksternal;
2. Memeriksa hal-hal yang berkaitan dengan auditor eksternal, yaitu:
Surat penunjukkan auditor.
Perkiraan biaya audit.
Jadwal kunjungan auditor.
Koordinasi dengan internal audit.
Pengawasan terhadap hasil audit.
Menilai pelaksanaan pekerjaan auditor.
3. Menilai kebijakan akuntansi dan keputusan-keputusan yang menyangkut
kebijaksanaan;
4. Meneliti Laporan Keuangan (Financial Statement), yang meliputi:
Laporan Paruh Tahun (Interim Financial Statements).
Laporan Tahunan (Annual Financial Statements).
Opini Auditor dan Management Letters.
Khusus tentang penilaian atas kebijakan akuntansi dan keputusan suatu
kebijaksanaan, dapat dilakukan secara efektif dengan memperoleh suatu
rangkuman yang singkat tentang semua kebijakan akuntansi yang mendasari
laporan keuangan yang diperoleh dari pejabat dalam bidang akuntansi.
12
buku fcgi
05/06/01
10:50 AM
Page 13
FCGI
13
buku fcgi
05/06/01
10:50 AM
Page 14
FCGI
d. Keanggotaan
Lebih lanjut, kriteria dan catatan lainnya tentang Komite Audit adalah:
Ketua Komite Audit harus hadir pada RUPS untuk menjawab pertanyaan
para Pemegang Saham;
14
buku fcgi
05/06/01
10:50 AM
Page 15
FCGI
dan keuangan yang memadai. Oleh karena itu, anggota Komite Audit perlu
mempunyai suatu pedoman tentang tanggung jawab dan wewenang dalam
melaksanakan tugasnya dalam bentuk Audit Committee Charter tersebut.
Tanggungjawab Komite Audit minimal yang menyangkut proses penyusunan
laporan keuangan dan pelaporan lainnya, pengawasan intern, serta
dipatuhinya ketentuan tentang undang-undang dan peraturan serta etika
bisnis. Dokumen itu juga harus menyatakan, bahwa Komite Audit akan
mengadakan rapat secara periodik dan dapat mengadakan rapat tambahan
atau rapat-rapat khusus bila diperlukan. Selanjutnya wewenang, tanggungjawab dan struktur Komite Audit harus ditetapkan dalam peraturan
perusahaan.
Berpedoman pada ketentuan the Institute of Internal Auditor mengenai Audit
Committee Charter yang harus dinyatakan dengan jelas adalah yang
menyangkut hal-hal sebagai berikut:
15
buku fcgi
05/06/01
10:50 AM
Page 16
FCGI
16
buku fcgi
05/06/01
10:50 AM
Page 17
FCGI
Hal ini menuntut adanya individu-individu dengan kualitas yang luar biasa
baik, memiliki latar belakang yang beragam, berbekal keahlian utama dan
pemahaman yang serius tentang perusahaan dan bisnis.
Mengingat bahwa akhir-akhir ini Corporate Governance merupakan salah
satu topik pembahasan sehubungan dengan semakin gencarnya publikasi
tentang kecurangan (fraud) maupun keterpurukan bisnis yang terjadi sebagai
akibat kesalahan yang dilakukan oleh para eksekutif manajemen, maka hal
ini menimbulkan suatu tanda tanya tentang kecukupan (adequacy) Corporate
Governance. Demikian pula halnya tentang kredibilitas proses penyusunan
laporan keuangan perusahaan dipertanyakan. Oleh karena itu adalah suatu
hal yang wajar dan penting bagi semua pihak yang terkait dengan proses
penyusunan laporan keuangan untuk mengupayakan mengurangi bahkan
menghilangkan krisis kepercayaan (credibility gap) dengan mengkaji kembali
peranan masing-masing dalam proses penyusunan tersebut. Dalam hal ini
Komite Audit mempunyai peran yang sangat penting dan strategis dalam hal
memelihara kredibilitas proses penyusunan laporan keuangan seperti halnya
menjaga terciptanya sistem pengawasan perusahaan yang memadai serta
dilaksanakannya Good Corporate Governance. (Improving Audit Committee
Performance: What Works Best - A Research Report prepared by PricewaterhouseCoopers,
the Institute of Internal Auditors Research Foundation)
Akhirnya, suatu Dewan Komisaris yang aktif, canggih, ahli, beragam, dan
yang terpenting - independen yang mengikuti proses-proses efektif yang
ditempuh oleh Dewan Komisaris dan komite-komite yang berkaitan adalah
yang paling baik untuk ditempatkan dalam memastikan bahwa aset-aset
perusahaan telah dialokasikan untuk pemanfaatannya secara produktif.
17
buku fcgi
05/06/01
10:50 AM
Page 18
FCGI
18
buku fcgi
05/06/01
10:50 AM
Page 19
FCGI
19
buku fcgi
05/06/01
10:50 AM
Page 20
FCGI
Rights of Shareholders
Equitable Treatment of Shareholders
Role of Stakeholders in Corporate Governance
Disclosure and Transparency
Role of the Board of Directors
Although there are many views concerning the definition and the objective of
Corporate Governance, particular fundamental standpoints apply. For
instance, to succeed in competitive markets, a corporation should have
innovative corporate managers who are willing to take appropriate risks, and
constantly evolve new strategies to meet changing circumstances. This
requires that managers have latitude for discretionary action. However
managers may have incentives to deviate from acting in the interest of
capital providers. For example, recently the Indonesian Capital Market
Supervisory Agency (BAPEPAM) applied penalties to three publicly listed
companies.
One of the companies was proven to carry out loan transactions amounting
to 10 billion rupiahs with its 64% shareholder without approval of the other
shareholders. This is considered to be a breach of breaking the BAPEPAM
rules concerning conflict of interest. (Bisnis Indonesia, "Bapepam kenakan sanksi
kepada 3 emiten dan 4 sekuritas". www.bisnis.com) Hence, rules and procedures to
protect capital providers are necessary. These include:"independent
monitoring of management; transparency of corporate performance,
ownership, and control; and participation in certain fundamental
decisions by shareholders - in other words, 'Corporate Governance'."
(Egon Zehnder International, 2000: p. 12-13)
2. The Board of Commissioners in Indonesian Company Law (UUPT
1995), the Code of Conduct, and other respective regulation.
The Board of Commissioners in the One Tier System (Anglo Saxon) and
Two Tiers System (European Continental)
With regard to the board structure in a company, there are two systems,
derived from different legal systems, namely Anglo Saxon and European
Continental.
20
buku fcgi
05/06/01
10:50 AM
Page 21
FCGI
The Anglo Saxon legal system has a One Tier System. The company has a
single Board of Directors where there is usually a combination of senior
managers (Executive directors) and independent directors who work on a
part time basis (Non-executive directors). In principle, the latter are
appointed because of their wisdom, experience and contacts. The countries
with a One Tier System are, for example, United States and United Kingdom.
Non Executive
Director
(senior management)
(part time
independent members)
Table 1.
The Board Structure in the One Tier System
The European Continental legal system has a Two Tiers System. The
company will have two separated boards, a supervisory board (the Board of
Commissioners) and management board (the Board of Directors). The latter
manages and represents the company under the direction and supervision of
the former. The members of the management board are appointed and may
be removed by the supervisory board at any time. It must also provide the
supervisory board with information and respond to inquiries. The Board of
Commissioners is primarily responsible for supervising the duties of the
management. It should not engage in management functions and may not
represent the company in dealings with third parties. The members of the
Board of Commissioners are appointed and removed at the General Meeting
of the Shareholders. Countries with a Two Tiers System are Denmark,
Germany, the Netherlands and Japan. Since the Indonesian legal system is
based on the Netherlands legal system, the Indonesian company law has
taken up the Two Tier Systems for its company board structure. However in
21
buku fcgi
05/06/01
10:50 AM
Page 22
FCGI
the current legal system there are important differences, including the rights
and obligations of the Board of Commissioners which under normal
circumstances do not includes the power of appointment and dismissal of
directors.
Table 2.
The Board Structure in Two Tiers System adopted in the Netherlands
Table 3.
The Board Structure in Two Tiers System (as adopted in Indonesia)
22
buku fcgi
05/06/01
10:50 AM
Page 23
FCGI
23
buku fcgi
05/06/01
10:50 AM
Page 24
FCGI
24
buku fcgi
05/06/01
10:50 AM
Page 25
FCGI
25
buku fcgi
05/06/01
10:50 AM
Page 26
FCGI
Table 4.
Relationships which could impair independence
In addition to conducting a fit and proper test, the creation of equal
opportunity to everybody to apply for the position will lead to the selection
of more qualified candidates.
Requirements to appoint Independent Commissioners according to
the Jakarta Stock Exchange Regulation
The requirement for Independent Commissioners has already been
decreed by the Jakarta Stock Exchange (BEJ) through the BEJ regulation
dated 1 July 2000. It remarks that listed companies are obliged to have
Independent Commissioners proportionally equal to the shares owned by
the non-controlling shareholders. In this rule the minimum requirement for
the Independent Commissioners is 30 % of the BoC. Some criteria for the
Independent Commissioners are as follows:
1. The Independent Commissioner has no affiliation relationship with the
controlling shareowner of the company;
2. The Independent Commissioner has no affiliation relationship with the
director and or other commissioners of the company;
26
buku fcgi
05/06/01
10:50 AM
Page 27
FCGI
27
buku fcgi
05/06/01
10:50 AM
Page 28
FCGI
a. Compensation/Remuneration Committee
Makes recommendations on executive compensation and compensation
policies, including the relationship of corporate performance and the
CEO's compensation.
b. Nominating/Governance Committee
Oversees the process by which commissioners and directors are
nominated, selects the candidates to be nominated, and recommends
policies and procedures regarding board structure and process.
c. Audit Committee
Provides oversight of the company's accounting, financial reporting and
disclosure practices, its system of internal controls, and its independent
auditors. (Egon Zehnder International, 2000: p. 31)
5. Audit Committee
One of the aforementioned committees, the audit committee, has separate
tasks in term of supervising and assisting the BoC in fulfilling its oversight
responsibilities. For instance, the Audit Committee has the power to conduct
or authorize investigation into matters within the committee's scope of
responsibilities. The Institute of Internal Auditors (IIA) recommends that
every public company have an audit committee organized as a standing
committee . The Institute also encourages the establishment of audit
committees in other organizations including not for profit and governmental
bodies. The audit committee should consist solely commissioners who are
independent, independent of management. The primary responsibilities of
the audit committee should be assisting the BoC in carrying out their
responsibilities as they relate to the organization's accounting policies,
internal control and financial reporting practices. (The Institute of Internal Auditors,
Internal Auditing and The Audit Committee: Working Together Toward Common Goals)
In general, audit committees exercises responsibility in three areas,
namely:
a. Financial Reporting.
b. Corporate Governance.
c. Corporate Control.
28
buku fcgi
05/06/01
10:50 AM
Page 29
FCGI
a. Financial Reporting
The responsibility of the Audit Committee in the area of financial reporting
is to provide assurance that financial disclosures made by management
reasonably portray the company's:
1. Financial Condition.
2. Results of Operations.
3. Plans and Long Term commitments.
The specific steps involved in carrying out this responsibility include:
1. Recommending the external auditors.
2. Overseeing the external audit coverage, including:
Auditor engagement letter
Estimated fees
Timing of auditors' visits
Coordination with internal audit
Monitoring audit results
Review of auditors performance.
3. Reviewing accounting policies and policy decisions.
4. Examining the financial statements, including:
Interim financial statements
Annual financial statements
Auditor's opinion and Management Letters
.
With respect to the review of accounting policies and policy decisions, a
useful approach would be to require from the chief accounting officer a
concise summary of all significant accounting policies underlying the
financial statements. This summary should be updated as necessary and
reviewed by both the external and the internal auditors.
b. Corporate Governance
The responsibility of the Audit Committee in the area of corporate
governance is to provide assurance that the corporation is in reasonable
compliance with pertaining laws and regulation, is conducting its affairs
ethically, and is maintaining effective controls against employee conflict of
interest and fraud.
29
buku fcgi
05/06/01
10:50 AM
Page 30
FCGI
30
buku fcgi
05/06/01
10:50 AM
Page 31
FCGI
31
buku fcgi
05/06/01
10:50 AM
Page 32
FCGI
The primary responsibility for financial and other reporting, internal con
trols and compliance with laws, regulations and ethics within the entity
rests with executive management;
The governing board or chief executive has oversight responsibilities in
these areas, and the audit committee assists the governing board or
chief executive in fulfilling these responsibilities. The audit committee
must have unrestricted access to all information, including documents
and personnel, and have adequate resource in order to fulfill its oversight
responsibilities;
It is important to have an impartial and objective assessment of the
entity's management;
The chief executive and the governing body must support and endorse
an audit committee which operates independently of management and is
free of organizational impairments;
The audit committee and the internal auditors should maintain a degree
of professional independence when assessing management's
performance of its responsibilities. However, this does not mean that an
adversarial role is necessary or desirable because the internal auditors
and management should have common goals;
To ensure the independence of the internal auditing function and that
appropriate action is taken on audit findings, the Audit Committee should
promote and enhance the mutual cooperation among the committee,
internal auditors and executive management.
(The Institute of Internal Auditors, The Audit Committee in the Public Sector)
32
buku fcgi
05/06/01
10:50 AM
Page 33
FCGI
33
buku fcgi
05/06/01
10:50 AM
Page 34
FCGI
In summary, an active, sophisticated, skilled, diverse and importantlyindependent BoC and related committees that follows effective board
processes is best positioned to ensure that the corporation's assets are
being put to their most productive use.
34
buku fcgi
05/06/01
10:50 AM
Page 35
FCGI
35
buku fcgi
05/06/01
10:50 AM
Page 36
FCGI
36
buku fcgi
05/06/01
10:50 AM
Page 37
FCGI
AAJ Integrasi
Akzo Nobel
Cipta Niaga, PT. (Persero)
Damen Shipyards
Danareksa, PT. (Persero)
Delft Instruments
Elnusa Pan Pacific
ING Barings
Insight Consulting
Inti, PT. (Persero)
Integrasi Software, PT.
KPMG Accountants NV
Kustodian Sentral Efek Indonesia, PT.
Matahari Putra Prima Tbk., PT.
Ministry of Economics Affairs of the Netherlands
Mitra Investdana Sekurindo, PT.
P&O Nedlloyd
PricewaterhouseCoopers
Rabobank
Salim Indoplantations, PT.
Shell Nederland BV
Unilever
VNO-NCW
37