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Corporate Governancce

Prinsip yang mengarahkan dan

mengendalikan perusahaan agar
mencapai keseimbangan antara kekuatan
serta kewenangan perusahaan dalam
memberikan pertanggungjawaban kepada
shareholder khususnya dan stakeholders
pada umumnya.

Oleh The Organization for Economic Cooperation and

Development (OECD) :
 Landasan hukum untuk menjamin penerapan good
corporate governance secara efektif.
 Hak pemegang saham dan fungsi pokok kepemilikan
perusahaan. OECD menyarankan hak-hak tersebut
dilindungi, baik secara hukum maupun oleh masing-
masing perusahaan.
Perlakuan yang adil terhadap para pemegang
Peranan the stakeholders dalam corporate
Prinsip pengungkapan informasi secara
Tanggung jawab Dewan Pengurus
Penerapan GCG menurut BUMN

Responsibility (Responsibilitas)
Independency (Independen)
Fairness (Keadilan)
Accountability (Akuntabilitas)
Transparancy (Transparansi)
5 tujuan utama

Melindungi hak dan kepentingan pemegang saham;

Melindungi hak dan
kepentingan stakeholders lainnya;
Meningkatkan nilai saham dan perusahaan;
Meningkatkan kinerja Dewan Komisaris dan
Meningkatkan mutu hubungan Dewan Komisaris dan
Pengendalian internal

Pengendalian terstruktur terdiri atas :

Pengkajian dan pengelolaan resiko Usaha;
Pengendalian menyeluruh di setiap unit, aspek
dan tingkatan;
Ketaatan pada peraturan dalam pelaksanaan,
pelaporan dan pertanggungjawaban. (System
monitoring dengan dukungan audit internal.)
 Para investor institusional lebih menaruh kepercayaan terhadap
perusahaan-perusahaan di Asia yang telah menerapkan GCG.
 keterkaitan antara terjadinya krisis finansial dan krisis
berkepanjangan di Asia dengan lemahnya tata kelola
 Internasioanlisasi pasar termasuk liberalisasi pasar finansial dan
pasar modal menuntut perusahaan untuk menerapkan GCG.
 dapat menjadi dasar bagi berkembangnya system nilai baru
yang lebih sesuai dengan lanskap bisnis
 dapat meningkatkan nilai perusahaan.
Ethics and Governance,
Creating and Ethical Organization
• Leaders of Good Character
 Possess integrity, courage, and compassion
 Careful and prudent
 Decisions and actions inspire employees to act in an
enhancing way
 Courage, temperance, wisdom, justice, optimism, integrity,
humility, reverence and compassion
• Role Models
Character and Leadership in the Workplace

 Characteristics of ethical behavior in leaders include:

“Managers are people who do things right and leaders
are people who do the right thing.” Warren Bennis
 • Rules for managers to set ethical tone at the top:
 Consider how your actions affect others.
 Do no harm.
 Make decisions that are universal.
 Reflect before deciding.
Key Markers of Highly Ethical
 Humility
 Zero tolerance for individual and collective destructive
 Justice
 Integrity
 Trust
 A focus on process
 Structural reinforcement
 Social responsibility
 Values-driven organization that encourages openness,
transparency, and provides supportive environment to
voice values without fear of retribution or retaliation
Seven Signs of Ethical Collapse
“Occurs when any organization has drifted from the
basic principles of right and wrong”
 (1) Pressure to maintain numbers
 (2) Fear and silence
 (3) Young ‘uns and bigger than life CEO
 (4) Weak board of directors
 (5) conflicts of interests overlooked or unaddressed
 (6) Innovation like no other company
 (7) Goodness in some areas atones for evil in others
Pressure to Maintain Numbers and Fear
of Reprisals
 Ethical collapse occurs when there is an unreasonable
and unrealistic obsession with meeting quantitative

 Employees are reluctant to raise issues of ethical

concern because they may be ignored, treated
badly, transferred or worse
Loyalty to the Boss and Weak Board of
Young people selected by the CEO for their
position based on inexperience, possible
conflicts of interest, and unlikelihood to
question the boss' decisions
Weak board of directors characterizes
virtually all of the companies with major
accounting frauds.
Culture of Conflicting Interests

Good example: dual relationship between

investment bankers and financial analysts
This conflict of interest arises because the
investment bank serves two client groups-
the firms for which it issues securities and the
investors to whom it sells these securities
Innovation and Ethics and Community
Involvement and Ethics
 Some CEO’s believe the same rules don’t apply because
their company is so different and more innovative than
 Remedies for good/evil balancing act include rethinking
the popular notions of social responsibility and business
and rethinking company activities, perceptions, and
‘Doing well by doing good’
Rely on virtues: truth, honesty, fairness, and
Business Ethics vs. Personal Ethics

John Maxwell believes there is no difference, should

follow the Golden Rule all the time and ask, “ How
would I like to be treated in a particular situation?”
 Many people seem to have different ethics in the
workplace than in the home
 Trust in business is the cornerstone of relationships with
customers, suppliers, employees and others who have
dealings with an organization
 Corporate culture is the shared beliefs of top managers in a
company about how they should manage themselves and
other employees, and how they should conduct their business
 Tone at the top refers to the ethical environment that is
created in the workplace by the organization’s leadership.
 Corporate culture starts with an explicit statement of values,
beliefs, and customs from top management.
 A code of ethics serves as a guide to support ethical decision
It clarifies an organization’s mission, values, and principles,
linking them with standards of professional conduct.
 Trust means to be reliable and carry through words with
 Trust becomes pervasive only if the organization’s values
are followed and supported by top management.
 Trust can be lost, even if once gained in the eyes of the
public, if an organization no longer follows the guiding
principles that helped to create its reputation for trust.
 Credo is an aspirational statement that encourages
employees to internalize the values of the company.
Johnson & Johnson: A Case of Dr.
Jekyll and Mr. Hyde?
 J&J’s credo emphasizes primary obligation to those who use and rely
on the safety of its products
 Tylenol Poisoning – J&J put customer safety first
 J&J has been withdrawing from its “trust” bank in recent years
Illegally promoted the antipsychotic Risperdal
Misleading statements about the recall of Motrin
Included methylene chloride, which is banned by the FDA, in their
baby shampoo
Ethicon vaginal mesh did not meet reasonable safety standards
 Takes a long time to build a reputation of trust, but not long at all to
tear it down
Behavioral Indicators of Fraud
 Living Beyond Means
 Financial Difficulties
 Control Issues, Unwillingness to Share Duties
 Divorce/Family Issues
 Wheeler-Dealer Attitudes
 Instability, Suspiciousness or Defensiveness
 Addiction Problems
Financial Statement Fraud

Fraud schemes occur because an employee – usually

top management – causes a misstatement or omission
of material information in the organizations’ financial
Methods include:
 Revenue Overstatement
 Expenses Understatement
 Improper Asset Valuations
 Employees (former or current) who report suspected
 Four elements:
The whistleblower
The whistleblowing act
The party to whom the complaint is made
The organization involved with the complaint
 “Bystander effect”
 Whistleblower laws protects employees who provide
information on a fraud and from retaliation