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Corporate Governance of Financial Conglomerates in Indonesia: Legal Issues and Gaps

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Corporate Governance in Banking and Investor Protection

Part of the book series: CSR, Sustainability, Ethics & Governance ((CSEG))

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Abstract

This chapter aims to examine recent regulatory reform on corporate governance of financial conglomerates in Indonesia. Over the past few decades, financial conglomerates have rapidly emerged and become the prevalent feature of Indonesian financial markets. These conglomerates are complex. They give rise to intricate corporate governance issues due to their complexities. To minimise the issues and to endorse good corporate governance practices of financial conglomerates, the Indonesian Financial Service Authority enacted a regulation on the implementation of integrated corporate governance for financial conglomerates in November 2014. This is the first regulation that specifically addresses financial conglomerate in its entirety as a group in Indonesia. It sets out minimum requirements to be followed by financial conglomerate in establishing its group-wide corporate governance arrangements. Dissimilar to many other countries that adopted the financial holding company concept, this regulation requires a financial conglomerate to appoint the lead entity, which is either the parent company or an appointed sister company, to be held responsible for implementing integrated corporate governance of the financial conglomerate in its entirety as a group. This chapter critically evaluates the regulatory requirements on corporate governance of financial conglomerate, especially related to the lead entity, in this regulation. It finds that many requirements specified in this regulation conflict with the requirement stipulated in other prevailing laws. These conflicting regulatory requirements might raise legal issues for the parties within the financial conglomerate. Furthermore, this chapter argues that this new regulation has not fully addressed the corporate governance issues in financial conglomerates. Thus, we suggest further legal reform to enhance the regulation and to address the legal issues and gaps by enacting a particular law for financial conglomerates.

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Notes

  1. 1.

    The Indonesian Financial Service Authority (OJK) is an independent and integrated financial authority that established by the Law No.21 of 2011. It has authority to regulate, supervise, inspect, and investigate all financial activities and institutions in Indonesia. It is mandated to implement an integrated regulation and supervision towards all financial services activities, including to financial conglomerates.

  2. 2.

    It is worth noting here that the OJK also enacted Regulation No.17/POJK.03/2014 on the Implementation of Integrated Risk Management for Financial conglomerate, which further implemented through the OJK Circular Letter No.14/SEOJK.03/2015. This regulation is considered as an integral part of the Integrated Regulation.

  3. 3.

    The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to banking, securities, and insurance sectors, including the regulation of financial conglomerates.

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  1. Griffith Law School, Griffith University, Nathan, QLD, Australia

    Tony Tony

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  1. Department of Business Administration, University of Cantabria, Santander, Spain

    Belén Díaz Díaz

  2. Guildhall Faculty of Business and Law, London Metropolitan University, London, United Kingdom

    Samuel O. Idowu

  3. College of Business Administration, University of Sharjah, Sharjah, United Arab Emirates

    Philip Molyneux

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Tony, T. (2018). Corporate Governance of Financial Conglomerates in Indonesia: Legal Issues and Gaps. In: Díaz Díaz, B., Idowu, S., Molyneux, P. (eds) Corporate Governance in Banking and Investor Protection. CSR, Sustainability, Ethics & Governance. Springer, Cham. https://doi.org/10.1007/978-3-319-70007-6_8

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