Stakeholders’ Roles and

Responsibilities
TM 8 & 9
 Shareholders
Pemegang Saham dan pemangku kepentingan lainnya,
termasuk pegawai, pelanggan, kreditur, pemasok dan
masyarakat, dengan memperhatikan dan terlibat, memegang
peran penting dalam corporate governance.

Reformasi CG terkini telah meningkatkan harapan investor

untuk CG dan setiap usaha untuk membawa kembali reformasi
ini akan mengecewakan investor dan sebaliknya memengaruhi
keyakinan dalam laporan keuangan publik dan pasar modal.

The two biggest corporate bankruptcies in U.S. history, Enron

and WorldCom, and the failures of other high-profile
companies primarily caused by fraud, which cost investors
and pensioners more than $500 billion, made investors take
notice and demand corporate accountability.
 Shareholder monitoring
Efektivitas fungsi pemantauan dan pengendalian oleh investor
ditentukan berdasarkan faktor-faktor yang saling
berhubungan:
(1)Property rights, diterbitkan oleh hukum atau persetujuan
kontrak yang mendefinisikan hubungan antara investor
perusahaan dan manajemen, sebagaimana halnya dengan
keberadaan hubungan yang beragam dari investor.
(2)Financial systems, memfasiitasi pemasok keuangan antara
rumah tangga, institusi keuangan, dan perusahaan.
(3)Networks of intercorporate competition and cooperation,
menerbitkan hubungan antara perusahaan-perusahaan di
pasar.
 Shareholders Proxy Process
In July 2007, the SEC approved two proposals addressing the
shareholder proxy process.

I. The first proposed rule would require public companies to

allow shareholder access to the company’s proxy
statements. (Proxy access proposals are shareholder
proposals that enable shareholders to nominate director
candidates who would be named in the company’s proxy
statement)
II. The second proposed rule would facilitate electron
shareholder forums. This proposal permits companies and
others to develop their own format, content, and methods
of electronic shareholder forums.
 Prinsip Dasar Pemegang Saham
Pemegang saham sebagai pemilik modal, memiliki hak dan
tanggung jawab atas perusahaan sesuai dengan peraturan
perundang-undangan dan anggaran dasar perusahaan. Dalam
melaksanakan hak dan tanggung jawabnya, perlu diperhatikan
prinsip-prinsip sebagai berikut:
1. Pemegang saham harus menyadari bahwa dalam
melaksanakan hak dan tanggung jawabnya harus
memperhatikan juga kelangsungan hidup perusahaan.
2 . Perusahaan harus menjamin dapat terpenuhinya hak dan
tanggung jawab pemegang saham atas dasar asas kewajaran
dan kesetaraan (fairness) sesuai dengan peraturan
perundang-undangan dan anggaran dasar perusahaan.
 Pedoman Pokok Pelaksanaan
1. Hak dan Tanggungjawab Pemegang Saham
1.1. Hak pemegang saham harus dilindungi dan
dapat dilaksanakan sesuai peraturan perundang-
undangan dan anggaran dasar perusahaan. Hak
pemegang saham tersebut pada dasarnya
meliputi: hak suara, informasi, bagian
keuntungan, penjelasan.
2. Tanggungjawab Perusahaan terhadap Hak dan
Kewajiban Pemegang Saham

1. Perusahaan harus melindungi hak pemegang saham sesuai dengan

peraturan
perundang-undangan dan anggaran dasar perusahaan.
2. Perusahaan harus menyelenggarakan daftar pemegang saham secara
tertib
sesuai dengan peraturan perundang-undangan dan anggaran dasar.
3. Perusahaan harus menyediakan informasi mengenai perusahaan secara
tepat waktu, benar dan teratur bagi pemegang saham, kecuali hal-hal yang
bersifat
rahasia.
4.Perusahaan tidak boleh memihak pada pemegang saham tertentu dengan
memberikan informasi yang tidak diungkapkan kepada pemegang saham
lainnya. Informasi harus diberikan kepada semua pemegang saham tanpa
menghiraukan jenis dan klasi kasi saham yang dimilikinya.
5. Perusahaan harus dapat memberikan penjelasan lengkap dan informasi
yang akurat mengenai penyelenggaraan RUPS.
 PEMANGKU KEPENTINGAN

Pemangku kepentingan (selain pemegang

saham) adalah mereka yang memiliki
kepentingan terhadap perusahaan dan mereka
yang terpengaruh secara langsung oleh
keputusan strategis dan operasional
perusahaan, yang antara lain terdiri dari
karyawan, mitra bisnis, dan masyarakat
terutama sekitar tempat usaha perusahaan.
Agar hubungan perusahaan dengan stakeholders baik
maka perlu diperhatikan prinsip-prinsip sebagai berikut:
1. Perusahaan menjamin tidak terjadinya diskriminasi
berdasarkan suku, agama, ras, golongan, dan gender
serta terciptanya perlakuan yang adil dan jujur dalam
mendorong perkembangan karyawan sesuai dengan
potensi, kemampuan, pengalaman dan keterampilan
masing-masing.
2. Perusahaan dan mitra bisnis harus bekerja sama
untuk kepentingan kedua belah pihak atas dasar
prinsip saling menguntungkan.
3. Perusahaan harus memperhatikan kepentingan
umum, terutama masyarakat sekitar perusahaan,
serta pengguna produk dan jasa perusahaan.
 Source: The World Bank Group
Center for International Private Enterprise © 2004
 Security Class Actions
The Private Securities Litigation Reform Act (PSRLA) of 1995
was passed to bring more focus to private lawsuits.
Private lawsuits are vital mechanisms for enforcing securities
laws, compensating defrauded investors, and improving
corporate governance to be used effectively by institutional
investors, particularly public pension funds.
 INSTITUTIONAL INVESTORS

Institusional Investors terdiri dari perusahaan asuransi, dana

pensiun, investment trusts, mutual trusts, mutual fund, dan
kelompok manajemen investasi kadang memegang saham-saham
yang beredar, institusi investasi di Amerika telah tumbuh dengan
signifikan selama lima dekade dan akan terus berkembank
karena banyak pegawai berpartisipasi dalam dana pensiun
 INSTITUTIONAL INVESTORS
MONITORING

Institutional shareholders normally monitor their holdings by

using a screening system based on financial performance (e.g.,
benchmarks), identifying problem areas and concerns, and
determining causes and effects of the problems

Institutional shareholders play an important role in corporate

governance by (1) exercising their right to elect directors, (2)
raising their concerns about the company’s governance by
either selling their shares or voicing their dissatisfaction, (3)
improving the efficiency of the capital markets by transmitting
private information they obtain from management to the
financial markets, and (4) reducing agency problems by
possessing resources and expertise to monitor the managerial
and oversight functions as well as reduce information
asymmetry between management and investors.
 GOVERNANCE OF
INSTITUTIONAL INVESTORS
Lembaga keuangan adalah agen pemegang saham individu
dengan tugas fidusia mengelola dana tersebut untuk
kepentingan terbaik dari investor individu mereka (principals)
DAN
memiliki dan mengelola saham, yang membuat mereka
bertanggung jawab untuk memantau perusahaan tata kelola
perusahaan publik

YANG menciptakan tanggung jawab ganda dan potensi konflik

kepentingan.

Untuk memastikan bahwa investor institusi melindungi

kepentingan penerima manfaat atau wali mereka, mereka harus
mengungkapkan tata kelola perusahaan dan kebijakan voting
serta potensi konflik kepentingan dan bagaimana mereka
mengelolanya.
 Mutual Funds
The SEC has taken several mutual fund initiatives designed to:
(1) address late trading, market timing, and revenue sharing
that create conflicts of interest between management of
mutual funds and their shareholders;
(2) improve transparency of disclosures to fund investors; (3)
strengthen the oversight function of mutual funds by
improving their governance, ethical standards, compliance,
and internal controls.
The CCO is accountable to the fund’s board.

Mutual funds and their advisors should comply with the

requirements of code of ethics (according to SEC
requirements adopted in July 2004).
 Hedge Funds
Hedge funds and other private equity investors play an
important role in influencing corporate governance issues by
promoting investor protection as their primary goal.

The hedge fund industry accounts for trillions of investment

assets. The SEC rule requires that hedge fund advisors
managing more than $25 million for more than fifteen clients
register with the SEC.

The SEC has recently aggressively enforced the insider

trading laws for insider trading abuses by both individual
investors and market professionals (e.g., a UBS research
executive, a Morgan Stanley attorney).
 Employee Monitoring
In modern corporations, particularly in the era of
technological advances, labor resources are becoming an
important part of corporate governance as capital resources.

Employee participation in corporate governance can influence

managerial control and authority, and can influence employee
cooperation in the implementation of decisions.

The most popular form of participation is Employee Ownership

(ESOPs).

Combining labor capital and equity capital by ultimately

moving to employee owned corporations can substantially
reduce agency costs by empowering employees and
protecting both labor and equity capital.
 Employee Role in Corporate
Governance
This goal of company value maximization can be achieved
when employees own the company’s shares.
The employees’ total compensation should be divided into
(1) Performance of the assigned job,
(2) performance of firm-specific skills.

Recent reforms, require audit committee to establish

WHISTEBLOWER programs encouraging employees to
report corporate misconducts, fraudulent financial
activities, or violations of applicable laws, rules, and
regulations without the fear of retaliation. An effective
whistleblower program should improve corporate
governance.
 Conclusion
• The monitoring function of corporate governance is the direct
responsibility of shareholders and other stakeholders, and can be
achieved through direct participation of investors in business and
financial affairs of corporations.
• Shareholders play an important role in monitoring public companies
to ensure the effectiveness of their corporate governance and
strengthen shareholder rights by (1) providing timely access to
information, (2) enhancing shareholders’ rights, and (3) promoting
shareholder democracy.
• Institutional investors can play an important role in reducing
information asymmetry between management and shareholders by
obtaining private information from management and conveying that to
shareholders and, thus, the capital markets.
• Employee participation in corporate governance can influence
managerial control and authority,
and can influence employee participation in decision making and
cooperation in the implementation of decisions.
• Institutional investors influence the governance of public companies
in which they invested by putting forth proposals intended to improve