Reform of the Limited Liability Company Law for the Enforcement of Good Corporate Governance
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Published
Apr 30, 2023
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Abstract
The presence of majority shareholders who also hold positions as public company executives leads to a conflict of interest due to their dual status. During the general meeting of shareholders, these shareholders have the power to endorse the work plans of the directors and commissioners. As per the limited liability corporation law, shareholders are responsible for appointing and dismissing directors and commissioners. This study aims to investigate the conflict of interest that arises when a majority shareholder serves as a director or commissioner, utilizing normative legal theory. The research focuses on a sample of companies in the financial industry. The findings of this study recommend regulatory reforms to govern the voting rights of majority shareholders at the annual general meeting of shareholders (AGMS). It suggests that the AGMS should exclude the voting rights of shareholders with conflicts of interest. Additionally, any transaction involving a conflict of interest should require the approval of other shareholders, which can be deliberated during a general meeting of shareholders.
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How to Cite
Johan, S., & Yuan, L. (2023). Reform of the Limited Liability Company Law for the Enforcement of Good Corporate Governance. Journal of Law and Legal Reform, 4(2), 211-234. https://doi.org/10.15294/jllr.v4i2.65375
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Research Article
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All writings published in this journal are personal views of the authors and do not represent the views of this journal and the author's affiliated institutions. Author(s) retain copyrights under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0).
References
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Jao, Robert, Mediaty, Djabir Hamzah, Kevin Winar, and Abdul Rakhman Laba. “The Effect of the Board of Commissioners and Audit Committees Effectiveness on Internet Financial Reporting.” International Journal of Academic Research in Accounting 9, No. 2 (2019): 37–48. https://doi.org/10.6007/IJARAFMS/v9-i2/6027
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Johan, Suwinto. “Knowing Company Secrets Through Employee Posts on Social Media.” Diponegoro Law Review 6, No. 2 (2021): 203–16. https://doi.org/10.14710/dilrev.6.2.2021.203-216
Johan, Suwinto, and Ariawan Ariawan. “Pertanggungjawaban Direksi Setelah Pemberian Acquit and Discharge.” Acta Comitas Jurnal Hukum Kenotariatan 5, No. 3 (2020): 586–600. https://doi.org/10.22437/ujh.3.1.107-137
Kohar, Fiona Priscilla, and Yetty Komalasari Dewi. “Abuse of Rights by Majority Shareholders in Indonesian Family-Owned Company: Is It Likely?” Sriwijaya Law Review 5, No. 1 (2021): 29–41. https://doi.org/10.28946/slrev.Vol5.Iss1.603.pp29-41
Kong, Yusheng, Takuriramunashe Famba, Ophias Kurauone, Grace Chituku-Dzimiro, and Huaping Sun. “Corporate Governance Mechanisms, Ownership and Firm Value: Evidence from Listed Chinese Firms.” International Journal of Financial Studies 8, No. 20 (2020): 1–26. https://doi.org/10.3390/ijfs8020020
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Matheson, John H., and Vilena Nicolet. “Shareholder Democracy and Special Interest Governance.” Minnesota Law Review 103 (2019): 1649–1697.
Merendino, Alessandro, and Rob Melville. “The Board of Directors and Firm Performance: Empirical Evidence from Listed Companies.” Corporate Governance (Bingley) 19, No. 3 (2019): 508–51. https://doi.org/10.1108/CG-06-2018-0211
Mohammed, Fatimoh. “Impact of Corporate Governance on Banks Performance in Nigeria.” Journal of Emerging Trends in Economics and Management Sciences 3, No. 3 (2012): 257–60.
Mouline, Boubker, and Hicham Sadok. “Corporate Cash Holdings and Agency Conflicts: Evidence from Moroccan Developing Market.” Universal Journal of Accounting and Finance 9, No. 1 (2021): 24–32. https://doi.org/10.13189/ujaf.2021.090103
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Suzuki, Sin Nosuke, Hideyuki Kanematsu, Dana M. Barry, Nobuyuki Ogawa, Kuniaki Yajima, Katsuko T. Nakahira, Tatsuya Shirai, Masashi Kawaguchi, Toshiro Kobayashi, and Michiko Yoshitake. “Virtual Experiments in Metaverse and Their Applications to Collaborative Projects: The Framework and Its Significance.” Procedia Computer Science 176 (2020): 2125–2132. https://doi.org/10.1016/j.procs.2020.09.249
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Veselovsky, Mikhail Yakovlevich, Marina Alekseevna Izmailovа, Aleksei Valentinovich Bogoviz, Svetlana Vladislavlevna Lobova, and Alexander Nikolaevich Alekseev. “Innovative Solutions for Improving the Quality of Corporate Governance in Russian Companies.” Quality - Access to Success 19, No. 162 (2018): 60–66.
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Al-Sartawi, Abdalmuttaleb M.A.M., and Zakeya Sanad. “Institutional Ownership and Corporate Governance: Evidence from Bahrain.” Afro-Asian Journal of Finance and Accounting 9, No. 1 (2019): 101–15. https://doi.org/10.1504/AAJFA.2019.096916
Almoneef, Ahmed, and Durga Prasad Samontaray. “Corporate Governance and Firm Performance in the Saudi Banking Industry.” Banks and Bank Systems 14, No. 1 (2019): 147–58. https://doi.org/10.21511/bbs.14(1).2019.13
Amrah, Muneer Rajab, and Mohammed Mahdi Obaid. “Effective Corporate Governance Mechanisms, Ownership Structure and Financial Reporting Quality: Evidence from Oman.” Asia-Pacific Management Accounting Journal 14, No. 3 (2019): 121–54. https://doi.org/10.24191/apmaj.v14i3-06
Arora, Akshita, and Shernaz Bodhanwala. “Relationship between Corporate Governance Index and Firm Performance: Indian Evidence.” Global Business Review 19, No. 3 (2018): 675–89. https://doi.org/10.1177/0972150917713812
Aspan, Henry. “Good Corporate Governance Principles in The.” International Journal of Law Reconstruction 1, No. 1 (2017): 87–100.
Ayunitha, A., Hesti Wuri Sulastri, Muhammad Iqbal Fauzi, Muhamad Azis Prabowo Sakti, and Mohammad Nugraha. “Does the Good Corporate Governance Approach Affect Agency Cost?” Solid State Technology 63, no. 4 (2020): 3760–70. http://solidstatetechnology.us/index.php/JSST/article/view/3199.
Balp, Gaia. “Activist Shareholders at De Facto Controlled Companies.” Brooklyn Journal of Corporate, Financial & Commercial Law 13, No. 2 (2019). https://doi.org/10.2139/ssrn.3270453
Bank Capital. “Dewan Komisaris Bank Capital,” n.d. https://www.bankcapital.co.id/id/direktur.
Bank Mega. “Manajemen Komite Bank Mega,” n.d. https://bankmega.com/id/tentang-kami/manajemen-komite/.
Bank Victoria. “Direksi Bank Victoria,” n.d. https://www.victoriabank.co.id/page/tentang-kami/manajemen/-direksi/.
Bhegawati, A. S., and M. S. Utama. “The Role of Banking in Indonesia in Increasing Economic Growth and Community Welfare.” South East Asia Journal of Contemporary Business, Economics and Law 22, No. 1 (2020).
Caesario, Emanuel. “Direktur Independen Didepak Dari Jajaran Manajemen Emiten,” 2019. https://market.bisnis.com/read/20190101/192/874409/direktur-independen-didepak-dari-jajaran-manajemen-emiten.
Catan, Emiliano M., and Marcel Kahan. “The Never-Ending Quest for Shareholder Rights: Special Meetings and Written Consent.” Boston University Law Review 99, No. 3 (2019): 743–786.
Eforis, Chermian. “State Ownership and Corporate Governance: An Empirical Study of State Owned Enterprises in Indonesia.” Accounting and Finance Review 3, No. 1 (2018): 26–32.
Gupta, Pankaj Kumar, and Shallu Singh. “Corporate Governance Structures in Transition Economies-Issues and Concerns for India.” Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 66, No. 6 (2018): 1459–67. https://doi.org/10.11118/actaun201866061459
Guritno, Tatang. “Kilas-Balik-Kasus-Emirsyah-Satar-Di-Garuda-Sebut-Gratifikasi-Wajar-Hingga,” 2022. https://nasional.kompas.com/read/2022/01/14/08254091/kilas-balik-kasus-emirsyah-satar-di-garuda-sebut-gratifikasi-wajar-hingga?page=all.
Herdjiono, Irine, and Indah Mega Sari. “The Effect of Corporate Governance on the Performance of a Company. Some Empirical Findings from Indonesia.” Journal of Management and Business Administration. Central Europe 25, No. 1 (2017): 33–52. https://doi.org/10.7206/jmba.ce.2450-7814.188
Hermuningsih, Sri, Hadri Kusuma, and Rahma Anzalia Cahyarifida. “Corporate Governance and Firm Performance: An Empirical Study from Indonesian Manufacturing Firms.” Journal of Asian Finance, Economics and Business 7, No. 11 (2020): 827–34. https://doi.org/10.13106/jafeb.2020.vol7.no11.827
Indriani, Anisa. “Sosok Armand Hartono Putra Mahkota Djarum Yang Tambal Sepatu Pakai Lakban,” 2021. https://finance.detik.com/sosok/d-5712187/sosok-armand-hartono-putra-mahkota-djarum-yang-tambal-sepatu-pakai-lakban.
Iramani, R. R., Abdul Mongid, and Muazaroh Muazaroh. “Positive Contribution of the Good Corporate Governance Rating to Stability and Performance: Evidence from Indonesia.” Problems and Perspectives in Management 16, No. 2 (2018): 1–11. https://doi.org/10.21511/ppm.16(2).2018.01
Irawati, Nisrul, Azhar Maksum, Isfenti Sadalia, and Iskandar Muda. “Financial Performance of Indonesian’s Banking Industry: The Role of Good Corporate Governance, Capital Adequacy Ratio, Non Performing Loan and Size.” International Journal of Scientific and Technology Research 8, No. 4 (2019): 22–26.
Jao, Robert, Mediaty, Djabir Hamzah, Kevin Winar, and Abdul Rakhman Laba. “The Effect of the Board of Commissioners and Audit Committees Effectiveness on Internet Financial Reporting.” International Journal of Academic Research in Accounting 9, No. 2 (2019): 37–48. https://doi.org/10.6007/IJARAFMS/v9-i2/6027
Johan, Suwinto. “Definisi Perseroan Terbuka Atau Publik Menurut Peraturan Perundang-Undangan Indonesia.” Jurnal Mercatoria 14, No. 1 (2021): 38–45. https://doi.org/10.31289/mercatoria.v14i1.4429
Johan, Suwinto. “Financial Institution and Public Listed Companies : How the Supervision Regulated Under the Indonesian Law ?” Varia Justicia 17, No. 2 (2021): 171–83. https://doi.org/10.31603/variajusticia.v17i2.4064
Johan, Suwinto. “Knowing Company Secrets Through Employee Posts on Social Media.” Diponegoro Law Review 6, No. 2 (2021): 203–16. https://doi.org/10.14710/dilrev.6.2.2021.203-216
Johan, Suwinto, and Ariawan Ariawan. “Pertanggungjawaban Direksi Setelah Pemberian Acquit and Discharge.” Acta Comitas Jurnal Hukum Kenotariatan 5, No. 3 (2020): 586–600. https://doi.org/10.22437/ujh.3.1.107-137
Kohar, Fiona Priscilla, and Yetty Komalasari Dewi. “Abuse of Rights by Majority Shareholders in Indonesian Family-Owned Company: Is It Likely?” Sriwijaya Law Review 5, No. 1 (2021): 29–41. https://doi.org/10.28946/slrev.Vol5.Iss1.603.pp29-41
Kong, Yusheng, Takuriramunashe Famba, Ophias Kurauone, Grace Chituku-Dzimiro, and Huaping Sun. “Corporate Governance Mechanisms, Ownership and Firm Value: Evidence from Listed Chinese Firms.” International Journal of Financial Studies 8, No. 20 (2020): 1–26. https://doi.org/10.3390/ijfs8020020
Marzuki, Mahmud Peter. Penelitian Hukum: Edisi Revisi. Revisi. (Jakarta: Kencana Prenada Media Grup, 2017).
Matheson, John H., and Vilena Nicolet. “Shareholder Democracy and Special Interest Governance.” Minnesota Law Review 103 (2019): 1649–1697.
Merendino, Alessandro, and Rob Melville. “The Board of Directors and Firm Performance: Empirical Evidence from Listed Companies.” Corporate Governance (Bingley) 19, No. 3 (2019): 508–51. https://doi.org/10.1108/CG-06-2018-0211
Mohammed, Fatimoh. “Impact of Corporate Governance on Banks Performance in Nigeria.” Journal of Emerging Trends in Economics and Management Sciences 3, No. 3 (2012): 257–60.
Mouline, Boubker, and Hicham Sadok. “Corporate Cash Holdings and Agency Conflicts: Evidence from Moroccan Developing Market.” Universal Journal of Accounting and Finance 9, No. 1 (2021): 24–32. https://doi.org/10.13189/ujaf.2021.090103
Muhammad, Rifqi, Ahsin Suluki, and Peni Nugraheni. “Internal Factors and Non-Performing Financing in Indonesian Islamic Rural Banks.” Cogent Business and Management 7, No. 1 (2020). https://doi.org/10.1080/23311975.2020.1823583
Mustafa, Aree Saeed, and Abdullah Saeed Barwari. “Minority Shareholders Rights and Audit Quality: Empirical Evidence from Turkey.” Journal of Accounting Finance and Auditing Studies (JAFAS) 4, No. 4 (2018): 27–44. https://doi.org/10.32602/jafas.2018.003
Negash, Minga. “Corporate Governance and Ownership Structure in Sub Sahara Africa: The Case of Ethiopia.” Ethiopian e-Journal for Research and Innovation Foresight 5, No. 1 (2013): 33–50. https://doi.org/10.2139/ssrn.2121504
NISP, Bank OCBC. “Manajemen Bank OCBC NISP,” n.d. https://www.ocbcnisp.com/id/tentang-ocbc-nisp/profile/manajemen.
Pargendler, Mariana, Ronald Gilson, Henry Hansmann, Jed Kroncke, John Morley, Florian Möslein, Katharina Pistor, Roberta Romano, Bruno Salama, and Steven Davidoff Solomon. “The Corporate Governance Obsession Abstract Problems – from Economic Development and Systemic Risk to Rising Inequality – Corporate Governance as a Solution to a Constellation of Economic and Social.” Journal of Corporation Law 42, No. 2 (2016): 359–402.
Pemerintah Republik Indonesia. Undang Undang Perseroan Terbatas No. 40 Tahun 2007.
Peni, Emilia, and Sami Vähämaa. “Did Good Corporate Governance Improve Bank Performance During the Financial Crisis?” Journal of Financial Services Research, 2012. https://doi.org/10.2139/ssrn.1740547
Rauterberg, Gabriel V. “The Separation of Voting and Control: The Role of Contract in Corporate Governance.” Yale Journal on Regulation 38 (2021): 1124–1181. https://doi.org/10.2139/ssrn.3637204
Redaksi OCBC NISP. “Pengertian Bank, Jenis-Jenis, dan Fungsinya Bagi Masyarakat,” 2021. https://www.ocbcnisp.com/en/article/2021/07/15/pengertian-bank.
Republik Indonesia. “Undang Undang No. 10 Tahun 1998 Tentang Perubahan Atas Undang Undang No.7 Tahun 1992 Tentang Perbankan Dan Bank Umum Syariah,” 1998.
Republik Indonesia. “Undang Undang No. 40 Tahun 2007 Tentang Perseroan Terbatas,” 2007.
Republik Indonesia. “Undang Undang No. 8 Tahun 1995 Tentang Pasar Modal,” 1995.
Saleh, Tahir. “Tok Liang Xian Jadi Investor Baru Mayapada Direksi Diganti,” 2021. https://www.cnbcindonesia.com/market/20210510150016-17-244677/tok-liang-xian-jadi-investor-baru-mayapada-direksi-diganti.
Suzuki, Sin Nosuke, Hideyuki Kanematsu, Dana M. Barry, Nobuyuki Ogawa, Kuniaki Yajima, Katsuko T. Nakahira, Tatsuya Shirai, Masashi Kawaguchi, Toshiro Kobayashi, and Michiko Yoshitake. “Virtual Experiments in Metaverse and Their Applications to Collaborative Projects: The Framework and Its Significance.” Procedia Computer Science 176 (2020): 2125–2132. https://doi.org/10.1016/j.procs.2020.09.249
Swedan, Ziyad Mohamed, and Sohail Ahmed. “The Impact of Corporate Governance Implementation on Firm Performance: A Case Study of Indonesia.” International Journal of Business Society 2, No. 11 (2019): 42–47.
Tim Detik Finance. “2-Eks-Direksi-Aisa-Divonis-4-Tahun-Penjara-Gegara-Manipulasi-Laporan-Keuangan,” 2021. https://finance.detik.com/bursa-dan-valas/d-5674705/2-eks-direksi-aisa-divonis-4-tahun-penjara-gegara-manipulasi-laporan-keuangan.
Triatmodjo, Yuwono. “Tersangka-Korupsi-Jiwasraya-Dikenakan-Pasal-Dengan-Ancaman-Penjara-Maksimal-20-Tahun,” 2020. https://insight.kontan.co.id/news/tersangka-korupsi-jiwasraya-dikenakan-pasal-dengan-ancaman-penjara-maksimal-20-tahun.
Veselovsky, Mikhail Yakovlevich, Marina Alekseevna Izmailovа, Aleksei Valentinovich Bogoviz, Svetlana Vladislavlevna Lobova, and Alexander Nikolaevich Alekseev. “Innovative Solutions for Improving the Quality of Corporate Governance in Russian Companies.” Quality - Access to Success 19, No. 162 (2018): 60–66.
Waruwu, Andika Pribadi. “Qualification of Ultra Vires Act by Board of Directors Company in Indonesian Law and Court.” Locus Journal of Academic Literature Review 1, No. 5 (2022): 298–307. https://doi.org/10.56128/ljoalr.v1i5.81