PENDAHULUAN

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

Kuliah 1
 Why governance?
• Manajemen puncak membiarkan atau mendorong
praktik akuntansi yang menyimpang (misleading
accounting treatment)
• Komite audit menyetujui (sign off) misleading accounts
• Dewan komisaris tidak efektif dalam melakukan
pengawasan terhadap tindakan manajer
• Isu penting dari pihak luar tidak follow-up (ignored
atau withwahsed
• Karyawan menjadi kaya (enriched) dari berbagai
transaksi yang di lakukan oleh perusahaan/ organisasi
• US Wall Street crash 1929….Securities Act 1933
• US Corporate Scandal (eg. Penn Central)1970s…NYSE rule of
establishment of audit committee 1997

• UK Robert Maxwell MMC, BCCI, Polly Peck 1990/91…..Cadbury

Report 1992, Greenbury 1995, Hampel Report 1998, Turnbull Report 1999

• Asian Financial crisis 1997/98….OECD Principle of CG 1999, code of

corporate governance di Indonesia 2001 dan di revisi tahun 2006.

• Enron, WorldCom, Tyco, Adelphia, Global Crossing

2001/02….Sarbanes-Oxly Act 2002
• Australia HIH, OneTel 2001/02….Australia Corporate Law Economic Reform
Program 2002

• Bank century
 Landasan moral & Filosofis CG
• In the great “Chessboard” of human society, every
single piece has a principle of motion of its own,
altogether different from that which the legislature
might chase to impress upon it. If those two principles
coincide and act in the same direction, the game of
human society will go on easily and harmoniously, and
is very likely to be happy and successfully. If they are
opposite or different, the game will go on miserably ,
and the society must be at all times in the highest
degree disorder.
• Adam Smith, theory of moral sentiments (1759, p
234)
 Arti “governance”
• Dari kata governor dan memiliki kaitan erat
dengan bahasa prancis kuno, governance yang
berarti “mengendalikan” dan “suatu keadaan
yang sedang di kendalikan” (state of being
governed)
• Dapat diartikan sebagai suatu situasi dan
kondisi yang baik dan berjalan sesuai dengan
arah yang diharapkan (good order) dan berada
dalam kondisi yang terkendali (in control)
 What is CG
• Suatu perangkat menyeluruh dari hukum dan
aturan main, budaya dan sistim kelembagaan
yang menentukan apa yang dapat dilakukan
oleh sebuah perusahaan publik, siapa yang
mengawasi mereka, bagaimana pengawasan
tersebut dilakukan dan bagaimana tingkat
resiko dan keuntungan dari berbagai aktivitas
usahanya di alokasikan (Blair, 1995)
 Cont’s
• Seperangkat peraturan yang mengatur hubungan
antara pemegang saham, pengurus perusahaan,
pihak kreditur, pemerintah, karyawan, serta
pemegang saham, kepentingan internal dan
eksternal lainnya yang berkaitan dengan hak-hak dan
kewajiban mereka atau dengan kata lain suatu sistim
yang mengendalikan perusahaan. Tujuan corporate
governance adalah untuk menciptakan nilai tambah
bagi semua pihak yang berkepentingan
(stakeholders)
» Forum for Corporate Governance in Indonesia)
 Cont’s
• The term of corporate governance refers to
the relationship among these three groups
(shareholders, board of director and top
management) in determining the direction
and performance of the corporation (Monk
and Minows, 2001)
 Cont’s
• “A system by which corporations are directed
and controlled. Boards of directors are
responsible for the governance of their
corporations. The shareholders’ role is to
appoint the directors and auditors and to
satisfy themselves that an appropriate
governance is in place.” (Cadbury, 1992)
 CG development
• Pre-1992 : an American debates
• Post-1992: The Cadbury report (UK)
• The new corporate governance: OECD report
(1998)
• OECD principles on corporate governance
(1999)
• Internationalization of principles
 Principle of CG
• Protecting the right of shareholders
• Treating shareholders fairly
• Recognizing the role of stakeholders
• Ensuring disclosure and transparancy
• Clarifying responsibilities of the board of
directors
 The RAFT principle of CG
• Responsibility (pertanggungjawaban)
– Di dalam upaya mencapai tujuannya, perusahaan juga harus
mematuhi peraturan perundang-undangan yang berlaku
• Accountability (akuntabilitas)
– Didasarkan pada sistem “internal checks and balances” termasuk
praktik audit yang sehat (sound audit practices)
• Fairness (kewajaran)
– Keadilan & kesetaraan dalam memenuhi hak-hak stakeholder yang
timbul berdasarkan perjanjian & aturan perundangan yang berlaku
• Transparency (transparansi)
– Keterbukaan dalam melaksanakan proses pengambilan keputusan,
pengungkapan informasi materil dan relevan
 CG Principles: Responsibility
• Perusahaan sebagai economic agents harus
selalu memenuhi aturan hukum &
perundangan (taxation, industrial relation,
environmental protection & works safety,
wage standard, fair competition)
• Perusahaan harus meminimalisir persepsi
negatif (negative externality) masyarakat
• Perusahaan harus berprilaku sebagai “good
corporate citizen”
 CG Principles: Accountability
• Mendeteksi &meminimalisir agency problems
dari berbagai kepentingan yang ada dalam
perusahaan
• Aturan yang tegas menyangkut fungsi, hak,
tugas dan tanggungjawab dari corporate tripot
(RUPS, DK, DD)
• Aturan yang tegasmenyangkut fungsi, hak,
tugas dan tanggungjawab dari the corporate
agents (top management teams)
 CG Principles: Fairness
• Aset perusahaan di kelola dengan benar
(truthfully) dan hati-hati (prudently)
• Setiap stakeholders diperlakukan fairly dan
seluruh hubungan kontraktual harus
dilaksanakan secara efektif
• Menjaga tindakan perusahaan yang akan
mengarah pada kegiatan; frauds, dilution,
managerial or controlling shareholder self
dealing & insider trading
 CG Principles: Transparency
• Keterbukaan informasi perusahaan secara;
accuracy, timely, clearly, consistently &
comparable
• Publikasi laporan keuangan dan informasi
material lainya yang signifikan secara penuh
(no surprise policy)
• Akses yang memadai thd informasi penting
perusahaan & disclosure thd setiap adanya
konflik kepentingan (conflict of interest)
 Manfaat Penerapan CG
• Sumberdaya perusahaan dikelola secara
truthfully and responsibly
• Sustainable improvement dari kinerja
operasional perusahaan
• Meningkatnya citra/image perusahaan sebagai
economic agent yang bertanggungjawab
• Meningkatkan trust & confidence para investor
• Meningkatkan value of the firm
 Cont’s
• It helps to ensure that an adequate and appropriate system of
controls operates within a co and hence assets may be
safeguarded
• It prevents any single individual having too powerful an
influence
• It is concerned with the relationship between co’s mgmt, the
board,shareholders and other stakeholder
• It aims to ensure that the co is managed in the best interest of
shareholders and other stakeholders
• It tries to encourage both transparency and accountability
which investors are increasingly looking for corporate mgmt
and corporate performance
» Mallin (2004)
 Corporate Governance Score
• Company level
– Ownership structure and concentration
• Transparency of ownership
• Concentration and influence of ownership
– Stakeholder relations
• Regularity of, ease of, access to, and information on shareholder meetings
• Voting & meeting procedure
• Ownership rights (registration and transparency, equality of ownership right)
– Transparency and disclosure
• Type of public disclosure standard adopted
• Timing of, and access to, public disclosures
• Independence and standing of auditor
– Board structure and process
• Board structure & composition
• Role & effectiveness of board
• Role & independence of outside
• Board & executive compensation, evaluation and success policies