Implementation of Business Judgement Rules in Indonesia: Theories, Practices, and Contemporary Cases
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Apr 26, 2022
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Abstract
Business judgment rule considerations were born with a background of problems where they are always blamed for losses suffered by the company, the impression that is built basically does not reflect the values in the company’s business operations. This research aims to analyze how is the adoption process Business Judgement Rule in Indonesian law, and how to apply Business Judgement Rule in Indonesian. This research also intended to understand the application of the Business Judgment Rule doctrine in Indonesia. This research is normative juridical research conducted through library research and analyzed by qualitative research methods on the secondary data found. The results of this study indicate that the application of the Business Judgment Rule can provide legal protection for the board of directors for business policies taken even though the business policy results in losses for the company, as long as the business decisions are made with prudence, in good faith, and in the scope of authority and responsibility.
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Irawan, C. N., Pujiyono, P., & Cahyaningtyas, I. (2022). Implementation of Business Judgement Rules in Indonesia: Theories, Practices, and Contemporary Cases. Indonesian Journal of Advocacy and Legal Services, 4(1), 1-24. https://doi.org/10.15294/ijals.v4i1.53335
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Research Article
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References
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Rissy, Yafet Yosafet Wilben. “Business Judgement Rule: Ketentuan dan Pelaksanaannya oleh Pengadilan di Inggris, Kanada dan Indonesia.” Mimbar Hukum 32, No. 2 (2020): 275-293. https://doi.org/10.22146/jmh.56117.
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Scott, Charity. “Caveat Vendor : Broker-Dealer Liability Under The Securities Exchange Act.” Securities Regulation Law Journal 17, No. 3 (1989): 274-296. https://readingroom.law.gsu.edu/faculty_pub/293.
Shaffer, Andrew D. “Corporate Fiduciary-Insolvent : The Fiduciary Relationship Your Corporate Law Professor (Should Have) Warned You About.” American Bankrupty Law Review 8 (2000): 483.
Simbolon, Alum. “Penerapan Prinsip Business Judgment Rule di Indonesia.” SIPENDIKUM (2018): 339–353.
Sjahdeini, Sutan Remy. “Tanggungjawab Pribadi Direksi dan Komisaris.” Jurnal Hukum Bisnis 6, No. 3 (2017): 96-107.
Sjawie, Hasbullah F. “Tanggung Jawab Direksi Perseroan Terbatas Atas Tindakan Ultra Vires.” Jurnal Hukum Prioris 6, No. 1 (2017): 15-28. https://www.trijurnal.lemlit.trisakti.ac.id/index.php/prioris/article/view/1886
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Wijaya, Andika. “Implementation of the Doctrine of the Business Judgment Rule on Bankruptcy Law in Indonesia.” Yuridika 35 No. 1 (2020): 1-14. https://doi.org/10.20473/ydk.v35i1.12436
Wijaya, Ivan Satria. “Pertanggungjawaban Pengurus Badan Usaha Milik Negara Terhadap Kerugian Keuangan Negara Pada Pengelolaan Persero”, CALYPTRA 4, No. 2 (2015): 1–21. https://journal.ubaya.ac.id/index.php/jimus/article/view/2163
Akbar, Arus and Andi Fariana. Aspek Hukum Dalam Ekonomi dan Bisnis. (Mitra Kencana Media, Jakarta, 2010).
Akbar, Muhammad Gary Gagarin. “Business Judgement Rule Sebagai Perlindungan Hukum Bagi Direksi Perseroan dalam Melakukan Transaksi Bisnis.” Jurnal Justisi Ilmu Hukum 1, No. 1 (2016): 1-15. https://doi.org/10.36805/jjih.v1i1.77
Akram, Muhamad Hafizh & Nisrina Primadani Fanaro. “Implementasi Doktrin Business Judgement Rule Di Indonesia.” Ganesha Law Review 1, No. 1 (2019): 77-87. https://doi.org/10.23887/glr.v1i1.21.
Bainbridge, Stephen M. “The Business Judgment Rule as Abstention Doctrine.” Vanderbilt Law Review 57, No. 1 (2004): 81–130. https://doi.org/10.2139/ssrn.429260.
Block, Dennis J., et al. The Business Judgment Rule-Fiduciary Duties of Corporate Directors and Officers, (Prentice, Clifton New Jersey, 1987).
Boen, Hendra Setiawan. Bianglala Business Judgment Rule. (PT Tata Nusa, Jakarta, 2008).
Brandson, Douglas M. “The Rule That Isn’t A Rule-The Business Judgment Rule.” Valparaiso University Law Review 36 (2002): 631-654. https://scholarship.law.pitt.edu/fac_articles/233
Cunningham, Lawrence A., and Charles M. Yablon. “Delaware Fiduciary Duty Law after Qvc and Technicolor : A Unified Standard (and the End of Revlon Duties?)” The Business Lawyer 49 (1994): 1593-1628. https://ssrn.com/abstract=917120
Detik.com. “MA Lepaskan Eks Dirut Pertamina Karen Di Kasus Korupsi Rp 568 M.” https://News.Detik.Com/Berita/D-4931904/MaLepaskan-Eks-Dirut-Pertamina-Karen-Di-Kasus-Korupsi-Rp-568-M?_Ga=2.21407481.332223227.1583567161-84216239.1549435714
Disemadi, Hari Sutra, Mochammad Abizar Yusro, and Ali Ismail Shaleh. “Perlindungan Hukum Keputusan Bisnis Direksi BUMN Melalui Business Judgement Rule Doctrine.” Jurnal Jurisprudence 10, No. 1 (2020): 127–145. https://doi.org/10.23917/jurisprudence.v10i1.11006.
Farrar, John. Corporate Governance Theories, Principles, And Practices. (Oxford University Press, Oxford, 2001).
Garner, Bryan A. Black’s Law Dictionary (Thomson West, Massachusetts, 2019).
Hartono, Rizky Novian, Sriwati, and Wafia Silvi Dhesinta Rini. “Kerugian Keuangan Negara Pada Badan Usaha Milik Negara (BUMN) dalam Perspektif Doktrin Business Judgement Rule.” KELUWIH: Jurnal Sosial dan Humaniora 2, No. 1 (2021): 23–33. https://doi.org/10.24123/soshum.v2i1.4392.
Hidayat, Shubhan Noor, Lego Karjoko, and Sapto Hermawan. “Discourse on Legal Expression in Arrangements of Corruption Eradication in Indonesia”. JILS (Journal of Indonesian Legal Studies) 5, No. 2 (2020): 391-418. https://doi.org/10.15294/jils.v5i2.40670.
Hinsey IV, Joseph. “Business Judgment and The American Law Institute’s Corporate Governance Project: The Rule, The Doctrine and The Reality.” George Washington Law Review 52 No. 4-5 (1983): 609.
Johnson, Lyman P.Q., and David Millon. “Recalling Why Corporate Officers Are Fiduciaries.” William & Marry Law Review 46, No. 5 (2005): 1597-1653. https://scholarship.law.wm.edu/wmlr/vol46/iss5/2.
Lestari, Rani, Isis Ikhwansyah, and Pupung Faisal. “Konsistensi Pengukuhan Kedudukan Kekayaan Negara Yang Dipisahkan Pada Badan Usaha Milik Negara Menurut Pelaku Kekuasaan Kehakiman Dalam Kaitannya Dengan Doktrin Business Judgement Rule.” Acta Diurnal Jurnal Ilmu Hukum Kenotariatan Dan Ke-PPAT-An 1, No. 2 (2018): 236-249. https://doi.org/10.24198/acta.v1i2.118.
Lestari, Sartika Nanda. “Business Judgment Rule Sebagai Immunity Doctrine Bagi Direksi Badan Usaha Milik Negara Di Indonesia.” Notarius 8, No. 2 (2015): 302-314. https://doi.org/10.14710/nts.v8i2.10261
Lori Mcmillan. “The Business Judgment Rule as An Immunity Doctrine.” William & Mary Business Law 4 No. 2 (2013): 521-574. https://scholarship.law.wm.edu/wmblr/vol4/iss2/5
Soekanto, Soerjono and Sri Mamudji. Penelitian Hukum Normatif. Suatu Tinjauan Singkat. (Rajagrafindo, Jakarta, 2007).
Mayasari, Dian Ety. “Kedudukan BUMN Sebagai Kekayaan Negara Dalam Kaitannya Dengan Kerugian Keuangan Negara.” Jurnal Sapientia et Virtus 1, No. 1 (2014): 82–102. https://doi.org/10.37477/sev.v1i1.157
Nasution, Bismar, Mahmul Siregar, and Mahmud Mulyadi. “Business Judgement Rule Dikaitkan Dengan Tindak Pidana Korupsi Yang Dilakukan Oleh Direksi Badan Usaha Milik Negara Terhadap Keputusan Bisnis Yang Diambil.” USU Law Journal 4, No. 1 (2015): 33–44.
Prasetio. Dilema BUMN Benturan Penerapan Business Judgment Rule (BJR). (PT Rayyana Komunikasindo, Jakarta, 2014).
Prasetio, I., Lego Karjoko, and Albertus Sentot Sudarwanto. "Dilemma In The Implementation Of Business Judgment Rule In Commercial Transactions Of State-Owned Enterprises." Journal of Talent Development and Excellence 12, No. 2s (2020): 1541-1549.
Rissy, Yafet Yosafet Wilben. “Business Judgement Rule: Ketentuan dan Pelaksanaannya oleh Pengadilan di Inggris, Kanada dan Indonesia.” Mimbar Hukum 32, No. 2 (2020): 275-293. https://doi.org/10.22146/jmh.56117.
Rukmono, B. Sugeng. "Some Problems in the Implementation of the Business Judgment Rule Principles to the Directors of State-Owned Enterprises in Indonesia." 3rd International Conference on Globalization of Law and Local Wisdom (ICGLOW 2019). Atlantis Press, 2019. https://doi.org/10.2991/icglow-19.2019.59
Scott, Charity. “Caveat Vendor : Broker-Dealer Liability Under The Securities Exchange Act.” Securities Regulation Law Journal 17, No. 3 (1989): 274-296. https://readingroom.law.gsu.edu/faculty_pub/293.
Shaffer, Andrew D. “Corporate Fiduciary-Insolvent : The Fiduciary Relationship Your Corporate Law Professor (Should Have) Warned You About.” American Bankrupty Law Review 8 (2000): 483.
Simbolon, Alum. “Penerapan Prinsip Business Judgment Rule di Indonesia.” SIPENDIKUM (2018): 339–353.
Sjahdeini, Sutan Remy. “Tanggungjawab Pribadi Direksi dan Komisaris.” Jurnal Hukum Bisnis 6, No. 3 (2017): 96-107.
Sjawie, Hasbullah F. “Tanggung Jawab Direksi Perseroan Terbatas Atas Tindakan Ultra Vires.” Jurnal Hukum Prioris 6, No. 1 (2017): 15-28. https://www.trijurnal.lemlit.trisakti.ac.id/index.php/prioris/article/view/1886
Wibowo, Muhtar Hadi. “Corporate Responsibility in Money Laundering Crime (Perspective Criminal Law Policy in Crime of Corruption in Indonesia)”. JILS (Journal of Indonesian Legal Studies) 3, No. 2 (2018), 213-36. https://doi.org/10.15294/jils.v3i02.22740.
Wijaya, Andika. “Implementation of the Doctrine of the Business Judgment Rule on Bankruptcy Law in Indonesia.” Yuridika 35 No. 1 (2020): 1-14. https://doi.org/10.20473/ydk.v35i1.12436
Wijaya, Ivan Satria. “Pertanggungjawaban Pengurus Badan Usaha Milik Negara Terhadap Kerugian Keuangan Negara Pada Pengelolaan Persero”, CALYPTRA 4, No. 2 (2015): 1–21. https://journal.ubaya.ac.id/index.php/jimus/article/view/2163