Mekanisme internal: Supervisory

Board

Corporate Governance
Program S1 Akuntansi
Dosen
Dr. Zaitul, SE, MBA, Ak

Kuliah 6
Peran Dewan Komisaris dan direksi
Two-tier Board One-tier Board

BoC bertanggungjawab untuk BoD bertanggungjawab

mengawasi dan menasehati, untuk mengelola dan
sedangkan BoD mengarahkan
bertanggungjawab terhadap
operasional (overall
management)
 Peran BoD
• Reviewing business level strategy
• Reviewing corporate level strategy
• Providing specialist advice
• Reviewing the decision process
• Providing a second opinion
• Changing the corporate management
 Stuktur dewan komisaris
• Komite audit
• Komite eksekutif
• Komite kompensasi / renumerasi
• Komite nominasi
• Komite teknology informasi
• Komite resiko
Peran director pada Anglo-Saxon model
• Menentukan jajaran manajemen (CEO)
perusahaan
• Melakukan pengwasan dan pengendalian
terhadap CEO
• Memberhentikan jajaran manajemen
 Indonesia’s Code of CG
• Dewan Komisaris
– Komposisi, Pengangkatan dan Pemberhentian
– Anggota Dewan Komisaris
– Kemampuan dan Integritas Anggota Dewan
Komisaris
– Fungsi Pengawasan Dewan Komisaris
– Komite Penunjang Dewan Komisaris
– Pertanggungjawaban Dewan Komisaris
 Peran director pada Continental-Europe
model
• RUPS (bukan dewan komisaris) yang
memilih/menentukan serta memberhentikan
dewan direksi
• Melakukan pengawasan dan memberikan
nasehat pada dewan komisaris (supervise &
advice)
 Cont’s
Positive features
• Checks & balance
• Advice from different
perspective
• Knowledge of local
condition
• Dispassionate advice
• Extra resources in term of
problem solution
Negative features
• Conflict of interest
• Over extended elsewhere
• May lack of knowledge
• Become overly involved in
daily management activity
 Value of board governance
• Investor bersedia untuk membeli saham
perusahaan dengan harga premium jika
perusahaan tersebut mempraktikan “good
board governance”
 Proses pengambilan keputusan
Two-tier board model One-tier board model
• Dewan komisaris : decision • Board of director ; decision
control management dan decision
• Dewan direksi : decision control
management
 Karakteristik two-tier baord
• Ada pemisahan yang jelas antara fungsi
eksekutif (dewan direksi) dengan fungsi
monitoring (dewan komisaris)
• Pemisahan yang jelas antara management
decision dan control decision
 Perspektif Shareholder dan stakeholder
tentang board governance
shareholder
• Executive dan non-executive
directors bertanggungjawab pada
shareholder
• Executive dan non-executive
directors seharusnya mengadopsi
kebijakan yang konsisten dengan
memaksimumkan kemamakmuran
pemilik
• Profitabilitas dan efisiensi
merupakan standar keberhasilan
• Korporasi berorientasi
(subordinate) pada kepentingan
shareholders
stakeholder
• Executive dan non-executive
directors tidak hanya
bertanggungjawab pada
shareholder.
• Executive dan non-executive
directors seharusnya mengadopsi
kebijakan untuk kepentingan
stakeholder
• Profitabilitas dan efisiensi penting
untuk survive, long term growth,
dan stabilitas
• Korporasi dipadangan sebagai
superordinate entity
 Decision strategy and the formal
independence corporate board
• Board leadership: pemisahan antara CEO dan
Chair position …penunjukan lead directors
• Board composition: penunjukan NEDs …dewan
komisaris independen…
• Board structure: pemisahan dewan komisaris
dengan direksi….pembentukan dewan
komisaris independen
• Board diversity: gender, etnis, latar belakang
pendidikan, demografi dll.
 Teori
Decision management (DM) Decision control (DC)
• Service roles; Resources • Control roles; agency theory
dependence theory and and legalistic approach
Stakeholder theory
 Cont’s
• DM + DC ; strategic roles……stewardship
theory
 Resources Dependence theory
• Decision management and services role of
board of director
– Co-opting of external influencers
– Establishment of contracts (and the raising of
fund)
– Enhancement of the organization’s reputation
– Giving of advice to organizations
 Agency theory
• Selecting the CEO
• Exercising direct control during period of crisis
• Receiving managerial decisions and
performance
Integration of DM, DC and strategic role of
board
• Membantu mengerakan organisasi pada kurva
Learning Curve yang berhubungan dengan pesaing,
pasar dan teknologi
• Membuat iniasitif/ide managemen menjadi lebih
baik dengan proses ratifikasi
• Mempersiapkan manajemen dalam implementasi
ide yang telah di ratifikasi
• Membantu membangun komitmen dan sense of
belonging terhadap strategi perusahan anggota
dewan
 External board contingency
Outsider system
• Dispersed ownership and control
• Separation of ownership from control
• Little incentive for outside investors to
participate in corporate control
• A climate where hostile takeovers are
not unusual, can be costly and
antagonistic
• Interest of stakeholder are not
represented
• Low commitment of outside investors
to the long term financial strategies
• Takeover may create monopoly
Insider system
• Concentrated ownership
• Association of ownership with
control
• Control by related parties such as
banks, partners and employee
• Absence of hostile takeover
• Interests of other stakeholders are
represented
• Intervention of outside investor is
limited to periods of clear financial
failure
• Insider system may create collusion
and cartels
 Generic type of board committees
Attribute Operating committees Monitoring committee

Composition Insider dominated Outsider dominated

Purpose Advice to management Accountability and legitimacy

Function Integration of decision Separation of decision

management with decision management from decision
control control
Examples of Executive committee Audit committee
committee Finance committee Compensation committee
Strategy committee Risk management committee
Nominating committee
 Penelitian di CG
Nature of governance Asymmetric principal-agent relationship
relationship
Goal of governance Minimization of agency cost, while maximizing the benefit of
decentralization decision making

Nature governance Contractual and formal control

mechanism

Potential risk in Focuses attention excessively to agency cost minimization,

governance while ignoring value creation aspects
 Contractual nature of family firm
Separation of Varies from no separation to some degree of separation
ownership and control

Nature of agency Conflicting interest due to separation of ownership from

problems control ; also self control problem

Internal control Role of board of directors varies from passive to active;

mechanism potentially strong owner control

External control Market for corporate control not effective; stock market
mechanism available to some family firm