Tinjauan Umum Tentang Good Corporate Governance

8/17/2019 Tinjauan Umum Tentang Good Corporate Governance

1/22

TINJAUAN UMUM TENTANG GOOD CORPORATE GOVERNANCE (GCG)

Oleh : Suleman Batubara S!" M!

A Pen#ert$an G%%& C%r'%rate G%ernane

I*t$lah 'en#el%laan 'eru*ahaan &a'at &$'an&an# &ar$ &e+$n$*$ ,an# lua* mau'un terbata* Seara terbata*"

$*t$lah ter*ebut ber-a$tan &en#an hubun#an antara 'en#el%la (mana#er)" &$re-tur &an 'eme#an# *aham

&ar$ 'eru*ahaan I*t$lah ta&$ .u#a &a'at mena-u' hubun#an antara 'eru*ahaan $tu *en&$r$ &en#an 'embel$

*aham &an ma*,ara-at Seara lua*" $*t$lah 'en#el%laan 'eru*ahaan &a'at mel$'ut$ -%mb$na*$ antara

hu-um" 'eraturan" aturan 'en&a+taran &an 'ra-t$- 'r$ba&$ ,an# memun#-$n-an 'eru*ahaan ter*ebut

menar$- m%&al ma*u-" ber-$ner.a *eara e+$*$en" men#ha*$l-an -euntun#an &an memenuh$ hara'an

ma*,ara-at *eera umum &an *e-al$#u* -e/a.$ban hu-um012

Oleh *ebab $tu" untu- men&a'at-an 'emahaman ,an# .ela* &an *eba#a$ u'a,a 'ene#ahan 'erbe&aan'ena+*$ran tentan# ## $tu *en&$r$" &$ *$n$ &$-eten#ah-an bebera'a 'en#ert$an ,an# &$ber$-an %leh 'ara ahl$

!al $n$ &$ura$-an *eba#a$ bahan 'erban&$n#an tentan# 'en#ert$an #%%& %r'%rate #%ernane" &$antaran,a

a&alah *eba#a$ ber$-ut : 3%rum 3%r C%r'%rate G%ernane (3CGI) $n$ In&%ne*$a men&e+$n$*$-an %r'%rate

#%ernane *eba#a$ ber$-ut:

4*e'eran#-at 'eraturan ,an# men#atur hubun#an antara 'eme#an#" 'en#uru* ('en#el%la) 'eru*ahaan"

'$ha- -re&$tur " 'emer$ntah -ar,a/an" *erta 'ara 'eme#an# -e'ent$n#an $nternal la$nn,a ,an#

ber-a$tan &en#an ha-5ha- &an -e/a.$ban mere-a atau &en#an -ata la$n *uatu *$*tem ,an# men#en&al$-an

'eru*ahaan Tu.uan C%r'%rate #%ernane $alah untu- men$'ta-an n$la$ tambah ba#$ *emua '$ha- ,an#berle'ent$n#an (*ta-eh%l&er*)6072

De+$n$*$ ,an# &$ber$-an 3CGI ter*ebut &$ ata* meru'a-an 'en#ert$an #%%& %r'%rate #%ernane *eara

lua* !al $n$ &$-arena-an &e+$n$*$ ,an# &$ber$-an ter*ebut men,an#-ut*ta-eh%l&er *eara -e*eluruhan

Dalam -a$tann,a &en#an 'en#ert$an GCG $n$" 'a&a tahun 1887 melalu$ a'a ,an# &$-enal &en#an

*ebutan Ca&burr, Re'%rt" telah men#eluar-an &e+$n$*$ ter*en&$r$ tentan# GCG092 Menurut %m$te

Ca&burr," GCG a&alah 'r$n*$' ,an# men#arah-an &an men#en&al$-an 'eru*ahaan a#ar mena'a$

-e*e$mban#an antara -e-uatan *erta -e/enan#an 'eru*ahaan &alam member$-an

'ertan##un#.a/abann,a -e'a&a 'ara*hareh%l&er* -hu*u*n,a" &an *ta-eh%l&er* 'a&a umumn,a Tentu*a.a hal $n$ &$ma-*u&-an 'en#aturan -e/enan#an D$re-tur" mana.er" 'eme#an# *aham" &an '$ha- la$n

,an# berhubun#an &en#an 'er-emban#an 'eru*ahaan &$ l$n#-un#an tertentu

Sementara $tu" Center +%r Eur%'ean P%l$, Stu&$e* (CEPS)" 'un,a +%rmula la$n GCG" 'a'ar 'u*at *tu&$ $n$"

meru'a-an *eluruh *$*tem ,an# &$bentu- mula$ &ar$ ha- (r$#ht)" 'r%*e*" *erta 'en#en&al$an" ba$- ,an# a&a

&$ &alam mau'un &$ luar mana.emen 'eru*ahaan Seba#a$ atatan" ha- &$ *$n$ a&alah ha-

*eluruh *ta-eh%l&er*" bu-an terbata* -e'a&a*hareh%l&er* *a.a !a- a&alah berba#a$ -e-uatan ,an#

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2/22

&$m$l$-$ *ta-eh%l&er* *eara $n&$$&ual untu- mem'en#aruh$ mana.emen Pr%*e*" ma-*u&n,a a&alah

me-an$*me &ar$ ha-5ha- ter*ebut A&a'un 'en#en&al$an meru'a-an me-an$*me ,an#

memun#-$n-an*ta-eh%l&er* mener$ma $n+%rma*$ ,an# &$'erlu-an *e'utar ane-a -e#$atan 'eru*ahaan

Se.umlah ne#ara .u#a mem'un,a$ &e+$n$*$ ter*en&$r$ tentan# GCG Bebera'a ne#ara men&e+$n$*$-ann,a

&en#an 'en#ert$an ,an# a#a- m$r$' /alau'un a&a *e&$-$t 'erbe&aan $*t$lah el%m'%- ne#ara ma.u(OECD)" um'aman,a men&e+$n$*$-an GCG *eba#a$ ara5ara mana.emen 'eru*ahaan bertan##un# .a/ab

'a&a *hareh%l&er5n,a Para 'en#amb$l -e'utu*an &$ 'eru*ahaan haru*lah &a'at &$'ertan##un#.a/ab-an"

&an -e'utu*an ter*ebut mam'u member$-an n$la$ tambah ba#$ *hareh%l&er* la$nn,a arena $tu" +%-u*

utama &$ *$n$ ter-a$t &en#an 'r%*e* 'en#amb$lan -e'utu*an &ar$ 'eru*ahaan ,an# men#an&un# n$la$5

n$la$tran*'aren," re*'%n*$b$l$t," a%untab$l$t," &an tentu *a.a +a$rne**0;2

Selan.utn,a" A*$an Deel%'ment Ban- (ADB) men.ela*-an bah/a GCG men#an&un# em'at n$la$ utama

,a$tu: A%untab$l$t," Tran*'aren," Pre&$tab$l$t, &anPart$$'at$%n Pen#ert$an la$n &atan# &ar$ 3$nane

C%mm$ttee %n C%r'%rate G%ernaneMala,*$a Menurut lemba#a ter*ebut GCG meru'a-an *uatu 'r%*e*

*erta *tru-tur ,an# &$#una-an untu- men#arah-an *e-al$#u* men#el%la b$*n$* &an uru*an 'eru*ahaan -e

arah 'en$n#-atan 'ertumbuhan b$*n$* &an a-untab$l$ta* 'eru*ahaan A&a'un tu.uan a-h$rn,a a&alahmena$--an n$la$ *aham &alam .an#-a 'an.an# teta'$ teta' mem'erhat$-an berba#a$ -e'ent$n#an

'ara *ta-eh%l&er la$nn,a

D$ In&%ne*$a" *eara har+$ah" #%ernane -era' &$ter.emah-an *eba#a$ 4'en#aturan6 A&a'un &alam

-%nte-* GCG" #%ernane *er$n# .u#a &$*ebut 4tata 'am%n#6" atau 'enab$ran ,an# tera-h$r $n$" ba#$ %ran#

a/am ma*$h ter&en#ar .an##al &$ tel$n#a Ma-lum" $*t$lah $tu bera*al &ar$ Mela,u Namun tam'a-n,a

*eara umum &$ -alan#an 'eb$*n$*" $*t$lah GCG &$art$-an tata -el%la 'eru*ahaan" me*-$'un ma*$h ranu

&en#an term$n%l%#$ mana.emen Ma*$h &$'erlu-an -a.$an untu- menar$ $*t$lah ,an# te'at &alam baha*an

In&%ne*$a ,an# benar

emu&$an" 4GCG6 $n$ &$&e+$n$*$-an *eba#a$ *uatu '%la hubun#an" *$*tem" &an 'r%*e* ,an# &$#una-an %leh%r#an 'eru*ahaan (BOD" BOC" RUPS) #una member$-an n$la$ tambah -e'a&a 'eme#an# *aham *eara

ber-e*$nambun#an &alam .an#-a 'an.an#" &en#an teta' mem'erhat$-an -e'ent$n#an *ta-eh%l&er la$nn,a"

berlan&a*-an 'eraturan 'erun&an#an &an n%rma ,an# berla-u

Dar$ &e+$n$*$ &$ ata* &a'at &$*$m'ul-an bah/a G%%& C%r'%rate G%ernane meru'a-an <

1 Suatu *tru-tur ,an# men#atur '%la hubun#an harm%n$* tentan# 'eran &e/an -%m$*ar$*" D$re-*$"

Peme#an# Saham &an Para Sta-eh%l&er la$nn,a<

7 Suatu *$*tem 'en#ee-an &an 'er$mban#an -e/enan#an ata* 'en#en&al$an 'eru*ahaan ,an#

&a'at membata*$ munuln,a &ua 'eluan#: 'en#el%laan ,an# *alah &an 'en,alah#unaan a*et 'eru*ahaan<

&an

9 Suatu 'r%*e* ,an# tran*'aran ata* 'enentuan tu.uan 'eru*ahaan" 'ena'a$an" ber$-ut

'en#u-uran -$ner.an,a

Dar$ 'en#ert$an &$ ata* 'ula" tam'a- bebera'a a*'e- 'ent$n# &ar$ GCG ,an# 'erlu &$'aham$ bera#am

-alan#an &$ &un$a b$*n$*" ,a-n$


3/22

a A&an,a -e*e$mban#an hubun#an antara %r#an5%r#an 'eru*ahaan &$ antaran,a Ra'at Umum

Peme#an# Saham (RUPS)" %m$*ar$*" &an &$re-*$ e*e$mban#an $n$ mena-u' hal5hal ,an# ber-a$tan

&en#an *tru-tur -elemba#aan &an me-an$*me %'era*$%nal -et$#a %r#an 'eru*ahaan ter*ebut

(-e*e$mban#an $nternal)

b A&an,a 'emenuhan tan##un# .a/ab 'eru*ahaan *eba#a$ ent$ta* b$*n$* &alam ma*,ara-at-e'a&a *eluruh *ta-eh%l&er Tan##un# .a/ab $n$ mel$'ut$ hal5hal ,an# ter-a$t &en#an 'en#aturan hubun#an

antara 'eru*ahaan &en#an*ta-eh%l&er* (-e*e$mban#an e-*ternal) D$ antaran,a" tan##un# .a/ab

'en#el%la='en#uru* 'eru*ahaan" mana.emen" 'en#a/a*an" *erta 'ertan##un#.a/aban -e'a&a 'ara

'eme#an# *aham &an *ta-eh%l&er* la$nn,a

A&an,a ha-5ha- 'eme#an# *aham untu- men&a'at $n+%rma*$ ,an# te'at &an benar 'a&a /a-tu

,an# &$'erlu-an men#ena$ 'eru*ahaan emu&$an ha- ber'eran *erta &alam 'en#amb$lan

-e'utu*an men#ena$ 'er-emban#an *trate#$* &an 'erubahan men&a*ar ata* 'eru*ahaan *erta $-ut

men$-mat$ -euntun#an ,an# &$'er%leh 'eru*ahaan &alam 'ertumbuhann,a

& A&an,a 'erla-uan ,an# *ama terha&a' 'ara 'eme#an# *aham" terutama 'eme#an# *aham

m$n%r$ta* &an 'eme#an# *aham a*$n# melalu$ -eterbu-aan $n+%rma*$ ,an# mater$al &an relean *erta

melaran# 'en,am'a$an $n+%rma*$ untu- '$ha- *en&$r$ ,an# b$*a men#untun#-an %ran# &alam ($n*$&er

$n+%rmat$%n +%r $n*$&er tra&$n#)

A'ab$la &$telaah leb$h .auh" 'erbe&aan &e+$n$*$ ta&$ mene-an-an a&an,a -en,ataan bah/a

'en#el%la" &$re-tur &an 'enanam m%&al &ar$ 'eru*ahaan te*ebut ber-$ner.a *uatu b$*n$* ,an# be*$+at lua*

&$*erta$ &en#an l$n#-un#an hu-um ,an# membentu- t$n#-ah la-u0>2 A'a 'un &e+$n$*$n,a" 'a&a &a*arn,a

'en#el%laan 'eru*ahaan berhubun#an &en#an ara ,an# &$amb$l *uatu 'eru*ahaan #una member$

-a'a*$ta* -e'a&a 'ara $ne*t%rn,a bah/a -%r'%ra*$ ter*ebut telah men.alan-an -$ner.a mana.emen ,an#

ba#u* &an bah/a a*et 'eru*ahaan ,an# &$*e&$a-an %leh $ne*t%r telah &$#una-an *eara la,a- &an

men#untun#-an Dar$ bebera'a 'en#ert$an tentan# ## ter*ebut" &a'at &$-ata-an bah/a 'en#ert$an ## *an#at

ter#antun# -e'a&a tu.uan utama &ar$ -%r'%ra*$ ter*ebut Bebera'a ne#ara men$t$-berat-an 'a&a

-ebutuhan untu- memenuh$ -e$n#$nan ma*,ara-at -hu*u*n,a A'a-ah tu.uan &ar$ 'eru*ahaan men$t$-

berat-an 'a&a -e'ent$n#an -ar,a/an" 'ubl$-(*ta-eh%l&er*) la$nn,a *e'ert$ 'ema*%-" -re&$tur" &$na* 'a.a-

&an -%mun$ta* &$mana 'eru*ahaan $tu ber%'era*$

Dalam ran#-a menumumbuh-emban#-an ## $n$" Or#an$*at$%n 3%r E%n%m$ C%r'%rat$%n An&

Deel%'ment (OECD) telah men#emban#-an *e'eran#-at 'r$n*$'5'r$n*$' G%%& C%r'%rate G%ernane

,an# &a'at &$tera'-an *eara lu/e* (+le-*$bel) *e*ua$ &en#an -ea&aan" bu&a,a" &an tra&$*$ &$ ma*$n#5

ma*$n# Ne#ara" *eba#a$ ber$-ut" ,a-n$: +a$rne**" a%untab$l$t," re*'%n*$b$l$t, &an tran*'aren,

Pr$n*$'5'r$n*$' $n$ &$hara'-an &a'at men.a&$ auan atau ru.u-an ba#$ 'ara ba#$ re#ulat%r

('emer$ntah) &alam memban#un +rame/%r- ba#$ 'enera'an %r'%rate #%ernane Ba#$ 'ara 'ela-u

u*aha &an 'a*ar m%&al 'r$n*$'5'r$n*$' $n$ &a'at men.a&$ #u$&ane atau 'e&%man &alam

men#elab%ra*$ be*t 'rat$e* ba#$ 'en$n#-atan n$la$ (aluat$%n) &an -eberlan#*un#an (*u*ta$nab$l$t,)

'eru*ahaan

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4/22

B Tu.uan Umum Dar$ G%%& C%r'%rate G%ernane

Dar$ -e*eluruhan ura$an ter*ebut &$ ata*" &a'at &$*$m'ul-an bah/a tu.uan &ar$ 'e&%man 'en#el%laan

'eru*ahaan ,an# ba$- (#%%& %r'%rate #%ernane) antara la$n 'ertama" untu- mema-*$mal-an n$la$

'eru*ahaan &an 'eme#an# *aham &en#an men#emban#-an tran*'aran*$" -e'era,aan &an

'ertan##un#.a/aban &an &en#an meneta'-an *$*tem 'en#el%laan ,an# men&%r%n# &an mem'r%m%*$-an-reat$+$ta* &an -e/$rau*ahaan ,an# 'r%#re*$+ e&ua" 'eru*ahaan haru* mem'erhat$-an berba#a$

-e'ent$n#an ,an# berbe&a &ar$ 'ara '$ha- ,an# mem'un,a$ -e'ent$n#an terha&a' 'eru*ahaan

Peru*ahaan haru* mem$n$mal-an beban b$a,a untu- menen#ah$ berba#a$ -e'ent$n#an ,an# berbe&a &ar$

'ara '$ha- ,an# ber-e'ent$n#an: hal $n$ haru* &$a'a$ melalu$ ara ,an# ra*$%nal &an a&$l untu-

-e'ent$n#an .an#-a 'an.an# &an -euntun#an 'eru*ahaan" 'ara 'eme#an# *aham haru* mela-u-an *e#ala

u*aha untu- memutu*-an &an mela-u-an t$n&a-an5t$n&a-an ber&a*ar-an m%ral$ta* ,an# ba$- &an 'r$n*$'5

'r$n*$' /ar#a 'eru*ahaan ,an# ba$- &an tan##un# .a/ab *%*$al

1 3a-t%r53a-t%r ?an# Men&u-un# Ter$'tan,a G%%& C%r'%rate G%ernane

Pen#alaman ,an# ter.a&$ &$ In&%ne*$a men#$n&$-a*$-an bah/a 'eraturan 'erun&an#5un&an#an

,an# mema&a$ telah ter*e&$a untu- mema*t$-an -eterbu-aan &an 'erla-uan ,an# /a.ar ba#$ 'eme#an#

*aham m$n%r$ta* Namun" a&a &ua elemen utama ,an# ter-a$t &en#an#%%& %r'%rate #%ernane

Pertama" ma,%r$ta* 'eru*ahaan terbu-a &an 'eme#an# *aham 'en#en&al$ haru* &en#an tulu*

mem'era,a$ bah/a a&alah &em$ -e'ent$n#an e-%n%m$* mere-a .u#alah untu- mem'erla-u-an 'eme#an#

*aham m$n%r$ta* *eara /a.ar Den#an &em$-$an" haru* a&a #%%& /$ll untu- merubah -ultur &an

mema*u--an -%n*e' -e/a.$ban +$&u*$ar$ &alam men.alan-an -e#$atan u*aha mere-a

e&ua" haru* a&a 'ene#a-an hu-um ,an# berart$ &ar$ 'en#a&$lan ,an# mem'er-enan-an tuntutan

ba$- re#ulat%r &an 'ubl$- untu- mem'er%leh #ant$ ru#$ ba$- 'er&ata mau'un '$&ana @alau &$ l$n#-un#an

,an# menera'-an *tan&ar et$-a ,an# tert$n##$'un" ma*$h *elalu a-an a&a '$ha- ,an# mela-u-an'en,$m'an#an Den#an &em$-$an" 'ubl$- haru* mem$l$-$ 'er*e'*$ bah/a &alam hal5hal *eba#a$mana

&$*ebut-an *ebelumn,a" mere-a &a'at men##una-an .alur hu-um melalu$ 'en#a&$lan

D$ In&%ne*$a" -$ta telah memula$ men$'ta-an -%n&$*$ ,an# -%n&u*$+ ba#$ 'enera'an#%%& %r'%rate

#%ernane &en#an men#eluar-an 'eran#-at 'eraturan ,an# memenuh$ *tan&ar $nterna*$%nal Namun

ma*$h ban,a- hal ,an# haru* &$la-u-an untu- men#ubah 'er*e'*$ &an m%t$a*$ 'eru*ahaan terbu-a &an

men$n#-at-an *$*tem 'era&$lan -$ta #una men&u-un# 'ene#a-an 'eraturan5'eraturan ter*ebut

B Pr$n*$' Pr$n*$' Da*ar G%%& C%r'%rate G%ernane

1 Pr$n*$' ea&$lan (Ju*t$e)

Pr$n*$' -ea&$lan $n$ meru'a-an -eran#-a 'en#el%laan 'eru*ahaan haru* mem'r%te-*$ ha-5ha-

'eme#an# *aham Pr$n*$' $n$ men#a-u$ ha- -e'em$l$-an &ar$ 'ara 'eme#an# *aham Sela,a-n,a 'em$l$-


5/22

&ar$ *aham ,an# &$a-u$ *eara hu-um &an meru'a-an ba#$an &ar$ *uatu 'eru*ahaan" 'ara 'eme#an#

*aham ter*ebut mem$l$-$ ha- untu- men#$-ut *erta-an -e'ent$n#an mere-a &alam 'eru*ahaan ter*ebut

Pen#el%laan 'eru*ahaan ,an# e+e-t$+ ber#antun# 'a&a hu-um" 'r%*e&ur &an 'ra-t$- umum ,an#

mem'r%te-*$ ha- -e'em$l$-an &an mema*t$-an met%&e ,an# aman ata* -e'em$l$-an" re#$*tra*$ &an

'en#al$han *aham ,an# beba* &$la-u-an

Pr$n*$' -ea&$lan $n$ .u#a men#a-u$ ha- 'eme#an# *aham untu- turut *erta &alam 'en#amb$lan -e'utu*an

'ent$n# &alam 'eru*ahaan *e'ert$ 'em$l$han &$re-tur &an 'er*etu.uan ata* 'r%*e* mer.er atau a-u$*$*$

Pen#el%laan ber-a$tan &en#an ha- untu- turut *erta &alam 'r%*e&ur %t$n# &alam 'em$l$han &$re-tur"

'en##unaan 'er/a-$lan &alam 'r%*e*%t$n#" &an -emam'uan 'eme#an# *aham untu- member$-an

#a#a*an &alam ra'at 'eme#an# *aham &an untu- men#a&a-an ra'at lua* b$a*a 'eme#an# *aham

Pr$n*$' -ea&$lan $n$ .u#a ber-a$tan &alam -eran#-a 'en#el%laan 'eru*ahaan haru* &a'at mema*t$-an

'erla-uan ,an# *etara ba#$ 'ara 'eme#an# *aham" terma*u- 'eme#an# *aham m$n%r$ta* &an a*$n#

Semua 'eme#an# *aham haru* mem$l$-$ -e*em'atan untu- mem'er%leh #ant$ ru#$ ba#$ 'elan##aran ha-5

ha- mere-a Dalam 'en#ert$an $n$" berart$ -aran#-a hu-um haru* men#$-ut*erta-an hu-um ,an# &a'at

mem'r%te-*$ ha- &ar$ 'eme#an# *aham m$n%r$ta* &ar$ 'en##una a**et ,an# t$&a- *e*ua$ &an tran*a-*$,an# &$la-u-an %leh 'eme#an# *aham ma,%r$ta*" 'en#el%la atau &$re-tur 'eru*ahaan tan'a

*e'en#etahuan 'eme#an# *aham m$n%r$ta*

7 Tran*'aran*$ (Tran*'aran,)

Pr$n*$' tran*'aran*$ $n$ men#haru*-an -era#-a 'en#el%laan 'eru*ahaan haru* &a'at mema*t$-an

bah/a 'en#un#-a'an ,an# a-urat &an te'at &$a&a-an *e-a$tan &en#an mater$ ,an# men,an#-ut

'eru*ahaan" terma*u- *$tua*$ -euan#an" -$ner.a" -e'em$l$-an &an -e'em$m'$nan &ar$ *uatu

'eru*ahaan Pr$n*$' $n$ men#a-u$ bah/a $ne*t%r &an 'eme#an# *aham membutuh-an $n+%rma*$

men#ena$ -$ner.a *uatu 'eru*ahaan" ha*$l -euan#an &an %'era*$%naln,a" *e'ert$ la,a-n,a .u#a $n+%rma*$menan#an$ tu.uan 'eru*ahaan &an +a-t%r5+a-t%r mater$ untu- me're&$-*$ r$*$-% #una mem%n$t%r $ne*ta*$

mere-a In+%rma*$ +$nan$al&$*$a'-an untu- memenuh$ *tan&ar -ual$ta* 'embu-uan &an au&$t ,an# t$n##$

&an haru* meru'a-an *ub,e- &ar$ 'embu-uan &an la'%ran *e'ert$" *aham -e'em$l$-an &an hal untu-

mem$l$h" $&ent$ta* &ar$ &e/an an##%ta &an -%m'en*a*$ ata* e-*e-ut$+ &an e-*e-ut$+ -un$ meru'a-an hal

,an# 'ent$n# ba#$ $ne*t%r &an 'eme#an# *aham '%ten*$al &an meru'a-an -%m'%nen ,an# 'ent$n# &ar$

-etran*'aran*$an

Menurut 'r$n*$' $n$" *uatu 'eru*ahaan untu- men.a#a %b,e-t$$ta* &alam men.alan-an b$*n$*" haru*

men,e&$a-an $n+%rma*$ ,an# mater$al &an relean &en#an ara ,an# mu&ah &$a-*e* &an &$'aham$ %leh

'eman#-u -e'ent$n#an Peru*ahaan haru* men#amb$l $n$*$at$+ untu- men#un#-a'-an t$&a- han,a ma*alah

,an# &$*,arat-an %leh 'eraturan 'erun&an#5un&an#an" teta'$ .u#a hal ,an# 'ent$n# untu- 'en#amb$lan

-e'utu*an %leh 'eme#an# *aham" -re&$tur &an 'eman#-u -e'ent$n#an la$nn,a

A&a'un 'e&%man '%-%- 'ela-*anaan &ar$ 'r$n*$' tran*'aran*$ $n$ a&alah"'eru*ahaan haru*

men,e&$a-an $n+%rma*$ *eara te'at /a-tu" mema&a$" .ela*" a-urat &an &a'at &$'erban&$n#-an *erta

mu&ah &$a-*e* %leh 'eman#-u -e'ent$n#an *e*ua$ &en#an ha-n,a In+%rma*$ ,an# haru* &$un#-a'-an

mel$'ut$" teta'$ t$&a- terbata* 'a&a" $*$" m$*$" *a*aran u*aha &an *trate#$ 'eru*ahaan" -%n&$*$ -euan#an"


6/22

*u*unan &an -%m'en*a*$ 'en#uru*" 'eme#an# *aham 'en#en&al$" -e'em$l$-an *aham %leh an##%ta

D$re-*$ &an an##%ta De/an %m$*ar$* be*erta an##%ta -eluar#an,a &alam 'eru*ahaan &an 'eru*ahaan

la$nn,a ,an# mem$l$-$ benturan -e'ent$n#an" *$*tem mana.emen r$*$-%" *$*tem 'en#a/a*an &an

'en#en&al$an $nternal" *$*tem &an 'ela-*anaan GCG *erta t$n#-at -e'atuhann,a &an -e.a&$an 'ent$n#

,an# &a'at mem'en#aruh$ -%n&$*$ 'eru*ahaan

Pr$n*$' -eterbu-aan ,an# &$anut %leh 'eru*ahaan t$&a- men#uran#$ -e/a.$ban untu- memenuh$

-etentuan -eraha*$aan 'eru*ahaan *e*ua$ &en#an 'eraturan 'erun&an#5un&an#an" raha*$a .abatan" &an

ha-5ha- 'r$ba&$ eb$.a-an 'eru*ahaan haru* tertul$* &an *eara 'r%'%r*$%nal &$-%mun$-a*$-an -e'a&a

'eman#-u -e'ent$n#an

9 A-untab$l$ta* (A%untab$l$t,)

A-untab$l$ta* $n$" men*,arat-an *uatu 'eru*ahaan haru* &a'at mem'ertan##un#.a/ab-an

-$ner.an,a *eara tran*'aran &an /a.ar Untu- $tu 'eru*ahaan haru* &$-el%la *eara benar" teru-ur &an

*e*ua$ &en#an -e'ent$n#an 'eru*ahaan &en#an teta' mem'erh$tun#-an -e'ent$n#an 'eme#an# *aham

&an 'eman#-u -e'ent$n#an la$nA-untab$l$ta* meru'a-an 'ra*,arat ,an# &$'erlu-an untu- mena'a$

-$ner.a ,an# ber-e*$nambun#an Oleh *ebab $tu" *uatu 'eru*ahaan haru* meneta'-an r$n$an tu#a* &an

tan##un# .a/ab ma*$n#5ma*$n# %r#an 'eru*ahaan &an *emua -ar,a/an *eara .ela* &an *elara* &en#an

$*$" m$*$" *a*aran u*aha &an *trate#$ 'eru*ahaan

Peru*ahaan haru* me,a-$n$ bah/a *emua %r#an 'eru*ahaan &an *emua -ar,a/an mem'un,a$

-%m'eten*$ *e*ua$ &en#an tu#a*" tan##un# .a/ab" &an 'erann,a &alam 'ela-*anaan GCG Peru*ahaan

haru* mema*t$-an a&an,a *$*tem 'en#en&al$an $nternal ,an# e+e-t$+ &alam 'en#el%laan 'eru*ahaan

Peru*ahaan haru* mem$l$-$ u-uran -$ner.a untu- *emua .a.aran 'eru*ahaan ,an# -%n*$*ten &en#an n$la$5n$la$ 'eru*ahaan" *a*aran utama &an *trate#$ 'eru*ahaan" *erta mem$l$-$ *$*tem 'en#har#aan &an

*an-*$ (re/ar& an& 'un$*hment *,*tem) Dalam mela-*ana-an tu#a* &an tan##un# .a/abn,a" *et$a' %r#an

'eru*ahaan &an *emua -ar,a/an haru* ber'e#an# 'a&a et$-a b$*n$* &an 'e&%man 'er$la-u(%&e %+

%n&ut) ,an# telah &$*e'a-at$

; Pertan##un#.a/aban (Re*'%n*$b$l$t,)

Pr$n*$' re*'%n*$b$l$t, $n$ men#haru*-an -eran#-a 'en#el%laan 'eru*ahaan mema*t$-an &e/an &an'ertan##un#.a/aban &e/an -e'a&a 'eru*ahaan &an 'ara 'eme#an# *aham Pr$n*$' $n$ ber$m'l$-a*$ 'a&a

-e/a.$ban hu-um &ar$ 'ara &$re-tur -e'a&a 'eru*ahaan &an 'ara 'eme#an# *aham et$-a 'er/a-$lan

'eme#an# *aham telah &$'$l$h" 'ara &$re-tur &$*,arat-an untu- men.al$n hubun#an &en#an berba*$*-an

-e'era,aan untu- *et$a &an mem$l$-$ 'erhat$an Den#an ara ,an# &em$-$an" mere-a &$*,arat-an untu-

men#h$n&ar$ -e'ent$n#an 'r$ba&$ &alam men#amb$l -e'utu*an &an bert$n&a- a-t$+" ra.$n &an ber&a*ar-an

'a&a $n+%ma*$ ,an# &$'er%leh *eara men,eluruh Seara umum" *et$a' &$re-tur men.a&$ .am$nan ba#$

*eluruh 'eme#an# *aham


7/22

Pr$n*$' $n$ .u#a men,ata-an bah/a &e/an ter*ebut bertu#a* untu- mem%n$t%r '$ha- 'en#el%la ,an#

telah &$&ele#a*$-an untu- men.alan-an 'eru*ahaan &an mem$nta 'ertan##un# .a/aban mere-a &alam

'en##unaan a**et 'eru*ahaan02 A&am Sm$th 'a&a tahun 1 men##ambar-an -ea&aan ,an#

&em$-$an $n$ *eba#a$ *ebuah 'em$*ahan antara -e'em$l$-an &an %ntr%l 02 Dalam -%nte-* $n$" &e/an

ter*ebut 'erlu &$'$*ah-an &ar$ mana.emen untu- &a'at men$la$ mana.emen *eara %b.e-t$+ ea&aan $n$

&$hara'-an &a'at mem$n$mal$*$r 'r%blem a#en*$ *eara e+e-t$+ Seara umum" $n$ men*,arat-an bah/abebera'a &$re-tur bu-anlah an##%ta t$m mana.emen atau ter-a$t &en#an mere-a melalu$ hubun#an

-eluar#a atau'un b$*n$*02

A'a ,an# &$.ela*-an &$ ata*" a&alah 'ent$n# !al $n$ &$-arena-an bah/a -ual$ta* &ar$ 'en#el%laan

'eru*ahaan ber#antun# 'a&a -ual$ta* 'ara &$re-tur Oleh *ebab $tu" &alam 'en#ert$an $n$ men*,arat-an

'en#$-ut*ertaan 'ara 'r%+e**$%nal n%n5e-*e-ut$+ ,an# -%m'eten &an &$re-tur $n&e'en&ent" ,an# mem$l$-$

-emam'uan" -%m$tmen berba*$*-an -e'era,aan &an %.e-t$$ta* untu- men,e&$a-an 'e&%man *trate#$*

&an mem%n$t%r -$ner.a ata* nama 'eme#an# *aham

Tan##un# .a/ab &$re-*$ ata* 'erl$n&un#an *ta-eh%l&er menurut 'en#ert$an $n$" meru'a-an *uatu

-e/a.$bann,a untu- &alam mela-u-an 'en#el%laan 'eru*ahaan haru* men#a-u$ ha- 'ubl$-umum (*ta-eh%l&er*) *eba#a$mana &$a-u$ &alam hu-um &an men&%r%n# -er.a *ama ,an# a-t$+ antara

'eru*ahaan &an 'ubl$- &alam men$'ta-an -ema-muran" -e*em'atan -er.a" &an 'en&u-un# 'eru*ahaan

ber*$+at +$nan*$al Oleh *ebab $tu" *e%ran# &$re-*$ haru* tun&u- -e'a&a hu-um &an 'eraturan &$mana

'eru*ahaan $tu ber%'era*$

A&an,a hubun#an ba$- antara *ta-eh%l&er &en#an 'eru*ahaan a-an membantu 'eru*ahaan

ter*ebut &alam menera'-an 'r$n*$' ## ,an# 'a&a a-h$rn,a -ea&aan $n$ 'eru*ahaan &a'at mena'a$

tu.uann,a082 Dalam men$n#-at-an hubun#an &$antara 'eru*ahaan &en#an *ta-eh%l&er $n$" &$ ban,a-

ne#ara" 'eru*ahaan telah men*,arat-an -etentuan ,an# meleb$h$ 'eraturan ,an# a&a *e'ert$" -etentuan

tentan# 'en,e&$aan .a*a -e*ehatan &an 'en*$un" men&%r%n# -ebera#aman ra* &an #en&er &alam

'en##unaan tena#a -er.a &an 'ra-t$- 'r%m%*$" 'ember$an &u-un#an +$nan*$al ata* 'en&$&$-an &anmem+%rmula*$ &an men#a&%'*$ l$n#-un#an ramah te-n%l%#$ Ban,a- 'eru*ahaan beru*aha men#h$n&ar$

untu- 'a&a 'ertemuan tahunan an- Dun$a=Dana M%neter Interna*$%nal (IM3) 'a&a a-h$r bulan lalu

U*aha $n$" *ela$n untu- mem'ererat hubun#an &$antara *e*ama *ta-eh%l&er &en#an 'eru*ahaan

.u#a men#uran#$ t$n&a- -%ru'*$ &an 'en,ua'an &alam ran# men.alan-an 'eru*ahaan

Pr$n*$' re*'%n*$b$l$t, men*,arat-an" *uatu 'eru*ahaan haru* mematuh$ 'eraturan 'erun&an#5un&an#an

*erta mela-*ana-an tan##un# .a/ab terha&a' ma*,ara-at &an l$n#-un#an *eh$n##a &a'at ter'el$hara

-e*$nambun#an u*aha &alam .an#-a 'an.an# &an men&a'at 'en#a-uan *eba#a$ #%%& %r'%rate $t$en

Ber&a*ar-an ura$an &$ ata*" tentan# 'r$n*$' re*'%n*$b$l$t, $n$" %r#an 'eru*ahaan haru* ber'e#an#

'a&a 'r$n*$' -ehat$5hat$an &an mema*t$-an -e'atuhan terha&a' 'eraturan 'erun&an#5un&an#an" an##aran&a*ar &an 'eraturan 'eru*ahaan (b,5la/*) Peru*ahaan haru* mela-*ana-an tan##un# .a/ab *%*$al

&en#an antara la$n 'e&ul$ terha&a' ma*,ara-at &an -ele*tar$an l$n#-un#an terutama &$ *e-$tar 'eru*ahaan

&en#an membuat 'erenanaan &an 'ela-*anaan ,an# mema&a$

> In&e'en&en*$ (In&e'en&en,)

http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn6http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn7http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn8http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn9http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn9http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn9http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn6http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn7http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn8http://www.blogger.com/post-create.g?blogID=7430187512134684222#_ftn9


8/22

Tu.uan utama &ar$ 'r$n*$' $n&e'en*$ $n$ a&alah" untu- melanar-an 'ela-*anaan a*a* GCG"

'eru*ahaan haru* &$-el%la *eara $n&e'en&en *eh$n##a ma*$n#5ma*$n# %r#an 'eru*ahaan t$&a- *al$n#

men&%m$na*$ &an t$&a- &a'at &$$nteren*$ %leh '$ha- la$n Beran#-at &ar$ tu.uan ,an# &$#ambar-an %leh

'r$n*$' $n$" ma*$n#5ma*$n# %r#an 'eru*ahaan haru* men#h$n&ar$ ter.a&$n,a &%m$na*$ %leh '$ha- mana'un"

t$&a- ter'en#aruh %leh -e'ent$n#an tertentu" beba* &ar$ benturan -e'ent$n#an &an &ar$ *e#ala 'en#aruh

atau te-anan" *eh$n##a 'en#amb$lan -e'utu*an &a'at &$la-u-an *eara %b,e-t$+ Ma*$n#5ma*$n# %r#an'eru*ahaan haru* mela-*ana-an +un#*$ &an tu#a*n,a *e*ua$ &en#an an##aran &a*ar &an 'eraturan

'erun&an#5un&an#an" t$&a- *al$n# men&%m$na*$ &an atau melem'ar tan##un# .a/ab antara *atu &en#an

,an# la$n" *eh$n##a ter/u.u& *$*tem 'en#en&al$an $nternal ,an# e+e-t$+

e*etaraan &an e/a.aran (3a$rne** )

Pr$n*$' $n$ men#hambat *uatu 'eru*ahaan &alam mela-*ana-an -e#$atann,a" haru* *enant$a*a

mem'erhat$-an -e'ent$n#an 'eme#an# *aham &an 'eman#-u -e'ent$n#an la$nn,a ber&a*ar-an a*a*

-e*etaraan &an -e/a.aran Oleh *abab $tu" untu- mena'a$ tu.uan &ar$ 'r$n*$' -e*etaraan $n$ 'eru*ahaan

haru* member$-an -e*em'atan -e'a&a 'eman#-u -e'ent$n#an untu- member$-an ma*u-an &an

men,am'a$-an 'en&a'at ba#$ -e'ent$n#an 'eru*ahaan *erta membu-a a-*e* terha&a' $n+%rma*$ *e*ua$

&en#an 'r$n*$' tran*'aran*$ &alam l$n#-u' -e&u&u-an ma*$n#5ma*$n#

Peru*ahaan haru* member$-an 'erla-uan ,an# *etara &an /a.ar -e'a&a 'eman#-u -e'ent$n#an

*e*ua$ &en#an man+aat &an -%ntr$bu*$ ,an# &$ber$-an -e'a&a 'eru*ahaan Peru*ahaan haru* member$-an

-e*em'atan ,an# *ama &alam 'ener$maan -ar,a/an" ber-ar$r &an mela-*ana-an tu#a*n,a *eara

'r%+e*$%nal tan'a membe&a-an *u-u" a#ama" ra*" .en&er" &an -%n&$*$ +$*$-

D Pe&%man Pela-*anaan G%%& C%r'%rate G%ernane

Pen#el%laan 'eru*ahaan ,an# ba$- 'a&a a/aln,a ter-a$t &en#an 'er*er%an Terbu-a Dalam

un&an#5un&an# men#ena$ 'er*er%an terbata*" 'er*er%an terbu-a &$&e+$n$*$-an *eba#a$ 'er*er%an ,an#

m%&al &an .umlah 'eme#an# *ahamn,a memenuh$ -r$ter$a tertentu" atau *uatu 'er*er%an ,an# telah

mela-u-an 'ena/aran umum *e*ua$ &en#an 'eraturan ,an# berla-u &alam 'a*ar m%&al Untu- r$n$an

,an# leb$h -hu*u*" -$ta haru* men#au 'a&a &e+$n$*$ 'er*er%an terbu-a &alam Un&an#5un&an# men#ena$

'a*ar m%&al ,an# member$-an art$ *eba#a$ ber$-ut 4Suatu 'er*er%an terbu-a a&alah *uatu 'r*er%an ,an#

*ahamn,a &$m$l$-$ %leh *e-uran#n,a 9FF %ran# &an ,an# m%&al &$*et%rn,a *e-uran#n,a ber.umlah R'9FFFFFFFFF"5 atau ,an# .umlah 'eme#an# *aham &an m%&al &$*et%rn,a a&alah *eba#a$mana &$tentu-an

&alam 'eraturan 'emer$ntah

E 3a-t%r Pen#hambat !a- Peme#an# Saham M$n%r$ta*


9/22

@alau'un 'eran#-at hu-um *ehubun#an &en#an -eterbu-aan &an 'erl$n&un#an ha-5ha- 'eme#an#

*aham &alam ran#-a RUPS telah -%m'rehen*$+" namun ter&a'at bebera'a +a-t%r ,an# men,ebab-an

'eru*ahaan terbu-a &a'at mela-*ana-an -ehen&a- b$*n$* mere-a &en#an *e&$-$t mem'ert$mban#-an

-e'ent$n#an 'eme#an# *aham m$n%r$ta*

Pertama" ma,%r$ta* 'eru*ahaan terbu-a &$ In&%ne*$a &$-en&al$-an %leh -elur#a" -el%m'%- atau-%n#l%mera*$ ,an# meme#an# leb$h &ar$ >F *aham ,an# bere&ar %n&$*$ $n$ men,ebab-an '$ha-

'en#en&al$ &a'at &en#an mu&ah meme'er%leh 'er*etu.uan ata* 'r%'%*al ,an# mere-a a.u-an" -arena

mere-a meme#an# ma,%r$ta* ha- *uara

e&ua" /alau'un &alam hal tran*a-*$ ,an# men#an&un# benturan -e'ent$n#an memerlu-an 'er*etua.uan

'eme#an# *aham m$n%r$ta* ($n&e'en&en)" &alam 'ra-te-n,a a&alah *ul$t ba#$ Ba'e'am untu- men#%ntr%l

&an mem%n$t%r B$a*an,a 'eme#an# *aham m$n%r$ta* t$&a- men##una-an -e*em'atan untu- ha&$r &alam

RUPS 'ertama" men#haru*-an &$la-*ana-ann,a RUPS ,an# -e&ua" &en#an -e/a.$ban -u%rum ,an# leb$h

ren&ah !al $n$ memun#-$n-an 'en#amb$lan *uara &a'at &en#an mu&ah &$menan#-an %leh '$ha-

'en#en&al$ ,an# ber-e'ent$n#an

et$#a" /alau'un -eterbu-aan ,an# &$la-u-an 'eru*ahaan -uran# mema&a$ atau men,e*at-an &a'at

&$.a&$-an &a*ar untu- men#a.u-an tuntutan terha&a' &$re-*$ 'eru*ahaan -e

'en#a&$lan eem'at" -ara-ter$*t$- 'a*ar -euan#an In&%ne*$a &$&a*ar$ %leh hubun#an ,an# &$m%t%r$

'erban-an" &$ mana 'eme#an# *aham utama *uatu 'eru*ahaan er$n# -al$ .u#a mem$l$-$ u*aha &$ b$&an#

'erban-an Pember$an -re&$t ,an# t$&a- &$&a*ar$ %leh -e'utu*an ,an# /a.ar (arm len#th) telah

men#a-$bat-an ber-uran#n,a #%%& /$ll &ar$ 'eme#an# *aham &$ 'a*ar m%&al Den#an &em$-$an"

'eme#an# *aham 'en#en&al$ 'eru*ahaan terbu-a t$&a- term%t$a*$ men.alan-an b$*n$* *eara /a.ar &an

a&$l &en#an 'eme#an# *aham m$n%r$ta*

1 Perla-uan ,an# A&$l Terha&a' Para Peme#an# Saham

Menurut ## 'a&a 'r$n*$'n,a 'ara 'eme#an# *aham haru* &$'erla-u-an *eara a&$l ber&a*ar-an

'r$n*$' -e*etaraan Den#an &em$-$an" 'ara 'eme#an# *aham haru* mem'un,a$ ha- 'enuh ,an# t$&a-

&$lan##ar untu- member$-an *atu *uara untu- *et$a' *aham Pr$n*$' $n$ &alam 'ela-*anaann,a

*uatu 'er*er%an haru* member$-an -e'a&a 'ara 'eme#an# *aham $n+%rma*$ ,an# &$'erlu-an men#ena$

'er*er%an *eh$n##a memun#-$n-an 'ember$an *uara ,an# berman+aat Per*er%an t$&a- b%leh ber'$ha-

7 Tan##un# Ja/ab Peme#an# Saham

Pr$n*$' $n$ men,ata-an bah/a Para 'eme#an# *aham mem'un,a$ rem%t %ntr%lata* 'er*er%an

haru* men#$n#at tan##un# .a/ab mere-a *eba#a$ 'eme#an# *aham 'a&a *aat mela-u-an t$n&a-an ,an#

mem'en#aruh$ 'en#uru*an 'eru*ahaan ba$- &en#an .alan 'ember$an *uara atau ara5ara la$nn,a Para

'eme#an# *aham m$n%r$ta* .u#a haru* mem'un,a$ tan##un# .a/ab ,an# *e.alan *eh$n##a mere-a t$&a-

men,alah#una-an ha-5ha- mere-a ber&a*ar-an Un&an#5Un&an# N%1 tahun 188> Tentan# Per*er%an

Terbata* &an An##aran Da*ar 'er*er%an mere-a ma*$n#5ma*$n#


10/22

Tan##un# .a/ab 'eme#an# *aham $n$" *alah *atun,a &$atur &alam 'a*al 9 UUPT me#atur

men#ena$ t$n&a-an5t$n&a-an tertentu' 'eme#an# *aham 'er*er%an terbu-a &an tertutu ,an# men,ebab-an

'ara 'eme#an# *aham ter*ebut bertan##un# .a/ab *eara 'enuh Para 'eme#an# *aham ,an#

mem'un,a$ -%ntr%l ata* 'er*er%an mem'un,a$ ban,a- *e-al$ -e*em'atan untu- melan##ar bata*5bata*

mere-a Interen*$ mere-a ,an# t$&a- &a'at &$benar-an &alam 'en#el%laan 'eru*ahaan" m$*aln,a" haru*

&$ata*$ &en#an tran*'aran*$ ,an# leb$h lua*" 'ertan##un#.a/aban mana.emen &an ,an# terutama" &en#an#ant$ ru#$ ,an# &$teta'-an %leh 'en#a&$lan

A&a'un ha-5ha- 'ara 'eme#an# *aham m$n%r$ta* antara la$n" 'ertama" terma*u- ha- untu-

men#a/a*$ &an untu- mener$ma $n+%rma*$ &ar$ 'er*er%an01F2 Seba#$mana &$atur &alam Un&an#5Un&an#

N%m%r 1 tahun 188> tentan# 'er*er%an terbata* 'a*al 9 a,at (7) ,a$tu Ra'at Umum Peme#an# Saham

(RUPS) berha- mem'er%leh *e#ala -eteran#an ,an# ber-a$tan &en#an &en#an -e'ent$n#an 'er*er%an

&ar$ &$re-*$ &an -%m$*ar$*" e&ua"mem$nta &$a&a-ann,a RUPS" *eba#a$mana &$atur &alam Un&an#5

un&an# 'er*er%an terbata* 'a*al &alam a,at (7) bah/a 4'en,elen##araan RUPS *eba#a$mana

&$ma-*u& &alam a,at (1) &a'at 'ula ata* 'erm$ntaan 1 (*atu) 'eme#an# *aham atau leb$h ,an# ber*ama5

*ama me/a-$l$ *atu 'er*e'uluh ba#$an &ar$ .umlah *eluruh *aham &en#an aha- *uara ,an# *ah" atau

*uatu .umlah ,an# leb$h -e$l *eba#a$mana &$tentu-an &alam an##aran &a*ar 'er*er%an ,an#

ber*an#-utan60112 "et$#a" memer$-*a 'er*er%an0172 eem'at" ha- mem$nta #ant$ ru#$ 'embel$an -embal$

*aham ,an# telah &$tem'at-an %leh 'er*er%an &en#an &ana ,an# bu-an bera*al &ar$ laba *eba#a$mana

&alam 'a*al 9F a,at (9) 4&$re-*$ *eara tan##un# renten# bertan##un# .a/ab ata* -eru#$an ,an# &$&er$ta

'eme#an# *aham ,an# ber$t$-a& ba$- " ,an# t$mbul a-$bat batal &em$ hu-um *eba#a$mana &$ma-*u& &alam

a,at (7) 0192 el$ma"ha- menuntut -arena t$n&a-an ,an# t$&a- a&$l atau t$&a- 'erlu Seba#a$mana 'a*al >;

a,at (7) 4 Set$a' 'eme#an# *aham berha- men#a.u-an #u#atan terha&a' 'er*er%an -e'en#a&$lan Ne#er$"

a'ab$la &$ru#$-an -arena t$n&a-an 'er*er%an ,an# &$an##a' t$&a- a&$l &an tan'a ala*an ,an# /a.ar

*eba#a$ a-$bat -e'utu*an RUPS"&$re-*$ atau -%m$*ar$*01;2 eenam" ha- menuntut -arena -elala$an atau

-e*alahan mana.emen01>2 Pa*al > (9) &an 8 (7) UUPTetu.uh" ha- mem$nta 'embel$an -embal$ *aham

,an# telah &$teta'-an *eba#a$mana &$atur &alam 'a*al 91 a,at (7) UUPT012 e&ela'an" ha- untu-men&a'at 'er*etu.uan &alam 'erubahan an#aran &a*ar *eba#a$mana &$atur &alam 'a*al > a,at (1) &an

(7)012e*emb$lan" ha- &alam hal -%n*%l$&a*$" 'en##abun#an" 'en#amb$lal$han" 'a$l$t atau 'embubaran

'er*er%an &$atu &alam 'a*al UUPT012 e*e'uluh" ha- ata* 'en.ualan atau 'ember$an .am$nan ata*

-e-a,aan 'er*er%an (l$-u$&a*$) e*ebela*" ha- ata* 'embel$an -embal$ *aham ,an# telah &$tem'at-an

*eba#a$man &$atur &alam 'a*al >> a,at (1) &an (7) UUPT 0182

Dalam 'eratuan ,an# &$-eluar-an %leh Ba&an Pen#a/a* Pa*ar M%&al (Ba'e'am) .u#a

member$-an 'erl$n&un#an terha&a' 'ara 'eme#an# *aham m$n%r$ta* &alam hubun#ann,a &en#an

tran*a-*$ ,an# men#an&un# 'ertentan#an -e'ent$n#an (%n+l$t %+ $ntere*t) &an 'en#amb$lal$han tertentu

9 Ra'at Umum Peme#an# Saham

RUPS meru'a-an %r#an 'er*er%an terbata* ,an# tert$n##$ &$mana %r#an $n$ mem'un,a$ ha- &an

-e/enan#an ,an# t$&a- &$m$l$-$ %leh &$re-*$ &an -%m$*ar$* RUPS $n$ &$ba#$ &alam &ua maam ,a$tu RUPS

Tahunan &an RUPS Huar B$a*a e&ua RUPS ter*ebut haru* &$la-u-an *e*ua$ &en#an -etentuan an##ara

&a*ar 'er*er%an &an Un&an#5Un&an# N% 1 Tahun 188> Tentan# Per*er%an Terbata*

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11/22

; %m$*ar$*

Dalam 'a*al 1 but$r (>) &$*ebut-an bah/a %m$*ar$* a&alah %r#an 'er*er%an ,an# bertu#a*

mela-u-an 'en#a/a*an *eara umum &an atau -hu*u* *erta member$-an na*$hat -e'a&a D$re-*$ &alam

men.alan-an 'er*er%an07F2 Dar$ 'en#ert$an $n$" &a'at &$-ata-an bah/a +un#*$ &ar$ %m$*ar$* 'a&a

'r$n*$'n,a a&alah bertan##un# .a/ab ata* &an ber/enan# untu- men#a/a*$ -eb$.a-an &an t$n&a-anD$re-*$" &an member$-an na*$hat -e'a&a &$re-*$ .$-a &$'erlu-an Untu- membantu %m$*ar$* &alam

men.alan-an tu#a*n,a" ber&a*ar-an 'r%*e&ur ,an# &$teta'-ann,a *en&$r$"

%m$*at$* &a'at mem$nta na*$hat &ar$ '$ha- -et$#a &an=atau membentu- -%m$te -hu*u* Se%ran#

%m$*ar$* haru*lah *e*e%ran# ,an# mem'un,$ -ara-ter ,an# ba$- &an 'en#alaman ,an# &$'erlu-an

Set$a' an##%ta %m$*ar$* &an %m$*ar$* *eba#a$ *uatu ba&an 'er*er%an &an 'ara 'eme#an# *aham"

mere-a .u#a haru* mema*t$-an bah/a 'er*er%an mela-*ana-an tan##un# .a/ab *%*$aln,a (m$*aln,a

bert$n&a- *eba#a$ /ar#a ,an# ba$- &$ne#ara5ne#ara &$mana 'er*er%an mela-u-an u*ahan,a) &an

mem'erhat$-an -e'ent$n#an berba#a$ '$ha- ,an# mem'un,a$ -e'ent$n#an terha&a' 'er*er%an

Untu- men.am$n tera'a$n,a +un#*$ &ar$ -%m$*ar$* ter*ebut" &alam hal $n$ -%m'%*$*$ %m$*ar$*

haru*lah *e&em$-$an ru'a *eh$n##a memun#-$n-an 'embuatan -e'utu*an ,an# e+e-t$+ &an e'at

Se-uran#n,a 7F an##%ta %m$*ar$* haru*lah meru'a-an %ran# luar untu- men$n#-at-an e+e-t$+$ta* &an

tran*'aran*$ mu*,a/arah ,an# &$la-u-an %leh %m$*ar$* Se#ala 'en&a'at ,an# berbe&a &ar$ -e'utu*an5

-e'utu*an ,an# &$buat %leh -%m$*ar$* haru*lah &$atat &alam n%tulen ra'at -%m$*ar$* %m$*ar$* ,an#

meru'a-an %ran# luar t$&a- b%leh mem'un,a$ -a$tan &en#an D$re-*$ &an 'eme#an# *aham ,an#

mem'un,a$ %ntr%l ata* 'er*er%an &an t$&a- mem'un,a$ -e'ent$n#an ,an# &a'at men#uran#$ -emam'uan

mere-a untu- mela-*ana-an tu#a*n,a &en#an tan'a ber'$ha- untu- -e'ent$n#an 'er*er%an Den#an

mel$hat a'a ,an# &$-ata-an &$ ata*" %m$*at$* 'er*er%an terbu-a *e-uran#n,a ter&$r$ &ar$ &ua %ran#

Dalam -a$tann,a &en#an 'ela-*anaan ##" -%m$*ar$* haru* men.alan-an *e#ala -e/a.$bann,a

ber&a*ar-an 'eraturan 'erun&an#5un&an#an ,an# berla-u ba$- menurut UUPT mau'un an##aran &a*ar*erta 'eraturan5'eraturan ter-a$t la$nn,a Heb$h .auh la#$" %m$*ar$* haru* mematuh$ *e#ala hu-um &an

'eraturan ,an# berla-u *erta An##aran Da*ar 'er*er%an &alam men.alan-an tu#a*n,a &an mema*t$-an

bah/a D$re-*$ .u#a mematuh$n,a

Dar$ ura$an &$ ata* -hu*u*n,a tentan# -%m$*ar$*" ber&a*ar-an UUPT" %m$*ar$* haru*

mela-*ana-an -e/a.$bann,a &en#an ma-*u& ba$- &an tan##un# .a/ab 'enuh untu- -e'ent$n#an

'er*er%an Un&an#5un&an# member$-an /e/enan# -e'a&a -%m$*ar$* untu- memberhent$-an *e%ran#

&$re-tur haru* menan&atan#an$ la'%ran tahunan 'er*er%an arena $tu" %m$*ar$* mem'un,a$ tan##un#

.a/ab hu-um ,an# *ama &en#an D$re-*$ ata* la'%ran -euan#an ,an# men,e*at-an ,an# men,ebab-an

-eru#$an ba#$ '$ha- la$nn,a Ber&a*ar-an UUPT" *et$a' %m$*ar$* haru* member$tahu-an -e'a&a

'er*er%an men#ena$ -e'em$l$-an *ahamn,a atau -eluar#an,a &alam 'er*er%an atau 'er*er%an la$nn,a

Untu- men.am$n terla-*anan,a 'r$n*$'5'r$n*$' 'en#el%laan 'eru*ahaan ,an# ba$- $n$" &alam hal

untu- mema-*$mal-an +un#*$ &ar$ -%m$*ar$* ma-a ra'at %m$*ar$* haru* &$a&a-an *eara teratur" m$*aln,a

*eara 'r$n*$' *e-uran#n,a *e-al$ &alam *ebulan %m$*ar$* haru* meneta'-an 'r%*e&ur Ra'at %m$*ar$*

&an *et$a' %m$*aru* haru* &$ber$-an *al$nan n%tulen *et$a' Ra'at %m$*ar$*

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12/22

Dalam -a'a*$ta*n,a *eba#a$ 'en#a/a*" *u&ah *ela,a-n,a %m$*aru* mem'un,a$ a-*e* terha&a'

$n+%rma*$ men#ena$ 'er*er%an *eara men,eluruh &an 'a&a /a-tun,a !al $n$ 'ent$n#" men#$n#at

$n+%rma*$ ,an# &$'er%leh %leh -%m$*ar$* ter*ebut &a'at &$man+aat-ann,a ba$- *eba#a$ ma*u-an mau'un

*eba#a$ &a*ar untu- mela-u-an $ne*t$#a*$ mau'un 'erba$-an terha&a' mana#emen 'eru*ahaan

Oleh -arena %m$*ar$* t$&a- mem'un,a$ /e/enan# e-*e-ut$+ &alam 'er*er%an (-eual$ &alam-ea&aan5-ea&aan tertentu *eba#a$mana &$atur &alam 'a*al 1FF UUPT)" a&alah -e/a.$ban D$re-*$ &an=atau

'ara 'eme#an# *aham untu- mema*t$-an 'ember$an $n+%rma*$ men#ena$ 'er*er%an -e'a&a %m$*ar$*

> D$re-*$

D$re-*$ &alam -e&u&u-ann,a *eba#a$ %r#an 'er*er%an ,an# bertan##un# .a/ab 'enuh ata*

'en#uru*an 'er*er%an untu- -e'ent$n#an &an tu.uan 'er*er%an *erta me/a-$l$ 'er*er%an ba$- &$ &alam

mau'un &$ luar 'en#a&$lan *e*ua$ &en#an -etentuan an#aran &a*ar0712 Dalam -e&u&u-ann,a $n$" 'a&a

'r$n*$'n,a D$re-*$ bertu#a* men.alan-an &an men#el%la 'er*er%an Untu- membantu D$re-*$ &alam

mela-u-an tu#a*n,a" ber&a*ar-an 'r%*e&ur ,an# &$teta'-an %leh D$re-*$" D$re-*$ &a'at mem$nta na*$hat&ar$ '$ha- -et$#a atau membentu- -%m$te -hu*u* Set$a' an##%ta D$re-*$ haru*lah meru'a-an *e*e%ran#

,an# mem'un,a$ -ara-ter ,an# ba$- &an 'en#alaman ,an# &$'erlu-an D$re-*$ men#uru* *aham" &$re-*$

a-an men.alan-an tan##un# .a/ab *%*$al 'er*er%an (m$*aln,a bert$n&a- *eba#a$ /ar#a ,an# ba$- &$

ne#ara5ne#ara &$mana 'er*er%an me.alan-an u*ahan,a) &an mem'erhat$-an -e'ent$n#an berba#a$ '$ha-

,an# mem'un,a$ -e'ent$n#an terha&a' 'er*er%an

D$re-*$ *eba#a$ %r#an 'er*er%an ,an# bertan##un# .a/ab 'enuh ata* 'en#uru*an 'er*er%an untu-

-e'ent$n#an &an tu.uan 'er*er%an *erta me/a-$l$ 'er*er%an ba$- &$ &alam mau'un &$ luar 'en#a&$lan

*e%ran# D$re-*$ haru* bert$n&a- untu- -e'ent$n#an 'er*er%an *eara -%n*$*ten men#emban#-an

-eter$-atan 'er*er%an terha&a' Pe&%man Pen#el%laan Peru*ahaan ?an# Ba$- &an man+aatn,a terha&a'

'er*er%an *eara-e*eluruhan -arena -e'atuhan ter*ebut

Untu- mem+un#*$-an D$re-*$ &alam *uatu 'eru*ahaan -%m'%*$*$ D$re-*$ haru*lah *e&em$-$an ru'a

*eh$n##a memun#-$n-an 'embuatan -e'utu*an ,an# e+e-t$+ &an e'at Se-uran#n,a 7F an##%ta

%m$*ar$* haru*lah meru'a-an %ran# luar untu- men$n#-at-an (a) e+e-t$+$ta* 'erann,a *eba#a$ 'en#el%la"

&an (b) tran*'aran*$ mu*,a/arah ,an# &$la-u-an %leh D$re-*$ Jumlah D$re-*$ ,an# meru'a-an %ran# luar

'a&a a-h$rn,a haru*lah *e&em$-$an ru'a *eh$n##a *uara ,an# mere-a ber$-an mem'un,a$ 'en#aruh

terha&a' *e#ala -e'utu*an 'ent$n# ,an# &$amb$l 'a&a *et$a' Ra'at D$re-*$ D$re-tur ,an#

meru'a-an %ran# luar t$&a-b%leh mem'u,a$ $-atan &en#an %m$*ar$* &an 'eme#an# *aham ,an#

mem'un,a$ %ntr%l ata* 'er*er%an &an t$&a- mem'un,a$ -e'ent$n#an ,an# &a'at men#uran#$ -emam'uan

mere-a untu- men.alan-an tu#a* mere-a &en#an tan'a ber'$ha- untu- -e'ent$n#an 'er*er%an

Oleh *ebab $tu" *eme*t$n,a &alam 'ela-*anaan D$re-*$ 'er*er%an terbu-a *e-uran#n,a ter&$r$ &ar$

7 (&ua) an##%ta D$re-*$ *ela-u %r#an 'eru*ahaan &alam men.alan-an tu#a* &an /e/enan#n,a haru*

mematuh$ *e#ala un&an#5un&an# &an 'eraturan ,an# ber-e-uatan huum *erta An##aran Da*ar Per*er%an

&alam men.alan-an tu#a*5tu#a*n,a

Dalam -a$tan,a &en#an -e'atuhan terha&a' 'eraturan 'erun&an#5un&an#an $n$" *e%ran# D$re-*$

haru* men.alan-an tu#a*5tu#a*n,a &en#an ma-*u& ba$- &an 'enuh tan##un# .a/ab untu- -e'ent$n#an



13/22

'er*er%an Set$a' an##%ta D$re-*$ bertan##un# .a/ab *eara 'r$ba&$ ata* *e#ala -e*alahan atau -elala$an

&alam men.alan-an tu#*n,a D$re-*$ haru* men,$m'an bu-u5bu-u 'er*er%an" men,$a'-an &an

men,erah-an Ha'%ran Tahunan &an la'%ran -euan#an tahunan -e'a&a TUPS Tahunan *erta membuat

&an men,$m'an Da+tar Peme#an# Saham &an n%tulen RUPS Ber&a*ar-an Pa*al UUPT" *e%ran#

an##%ta &$re-*$ haru* men#un#-a'-an -e'a&a 'er*er%an *e#ala -e'em$l$-an *ahamn,a atau an##%ta

-eluar#an,a &alam 'er*er%an atau &alam 'er*er%an la$nn,a Se%ran# an##%ta D$re-*$ ,an# mem$l$-$*aham &alam 'eru*ahaan5'eru*ahaan &$ma-*u& haru* mela'%r-an -e'em$l$-an *ahamn,a -e'a&a

Ba'e'am

e'utu*an RUPS

e'utu*an RUPS &$amb$l ber&a*ar-an mu*,a/arah untu- mu+a-at B$la hal ter*ebut t$&a- tera'a$"

-e'utu*an &$amb$l ber&a*ar-an *uara terban,a- b$a*a &ar$ .umlah *uara ,an# &$-eluar-an *eara *ah

-eual$ UU N%1=188> &an atau An#aran Da*ar menentu-an

3 Pr$n*$'5Pr$n*$' G%%& C%r'%rate G%ernane (GCG) Dalam Un&an#5

Un&an# N% ;F Tahun 7FF Tentan# Per*er%an Terbata*

D$re-*$ betan##un# .a/ab 'enuh &alam mela-*ana-an tu#a*n,a untu- -e'ent$n#an 'er*er%an Oleh *ebab

$tu" *et$a' an##%ta &$re-*$ /a.$b &en#an $t$-a& ba$- &an 'enuh tan##un# .a/ab men.alan-an tu#a*n,a

&en#an men#$n&ah-an 'eraturan 'erun&an#5un&an#an ,an# berla-u .u#a an##aran &a*ar 'er*er%an 0772

Dalam 'a*al Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata* men,ebut-an bah/a

&$re-*$ /a.$b men,am'a$-an la'%ran tahunann,a -e'a&a RUPS *etelah &$telaah %leh -%m$*ar$*

'eru*ahaan ,an# ber*an#-utan0792 Ha'%ran $n$ a&alah /u.u& &ar$ tan##un# .a/ab &$re-*$ &an -%m$*ar$*terha&a' 'eru*ahaan Oleh -arena $tu" la'%ran tahunan $n$ haru* &$tan&atan#an$ %leh *eluruh &$re-*$ &an

-%m$*ar$*07;2 Ba#$ &$re-*$ &an atau -%m$*ar$* ,an# t$&a- mau menan&atan#an$ la'%ran tahunan ter*ebut

haru* men,ebut-an ala*ann,a *eara tertul$* &alam la'%ran tahunan ,an# ber*an#-utan atau &alam *urat

ter*en&$r$07>2 Oleh *ebab $tu" &$re-*$ atau -%m$*ar$* ,an# t$&a- menan&atan#an$ la'%ran tahunan tan'a

member$-an ala*ann,a *eara tertul$*" ma-a &$re-*$ atau -%m$*ar$* ,an# ber*an#-utan &$an##a'

men,etu.u$ la'%ran tahunan ter*ebut072

Untu- men.am$n -ebenaran &an %b,e-t$$ta* la'%ran tahunan ,an# &$buat %leh &$re-*$ &an -%m$*ar$*

ter*ebut -hu*u*n,a men#ena$ la'%ran -euan#an" ma-a la'%ran -euan#an ter*ebut haru* &$buat *e*ua$

&en#an *tan&ar a-untan*$ -euan#an072 Terha&a' 'eru*ahaan ,an# men#h$m'un &an atau men#el%la

&ana &ar$ ma*,ara-at" menerb$t-an *urat 'en#a-uan utan# -e'a&a ma*,ara-at" Peru*ahaan Tb-"'er*er%an ,an# meru'a-an 'er*er%" 'er*er%an ,an# mem$l$-$ 'ere&aran uan# 'al$n# *e&$-$t

>FFFFFFFFFF"5 (l$ma 'uluh m$l$ar ru'$ah) atau 'er*er%an ,an# &$/a.$b-an %leh 'eraturan 'erun&an#5

un&an#an" &$re-*$ /a.$b member$-an la'%ran -euan#ann,a -e'a&a a-untan 'ubl$- untu- &$la-u-an

'en#au&$tan072 Pelan##aran terha&a' -etentuan $n$" men.a&$-an la'%ran -euan#an ter*ebut t$&a-

&$*ah-an %leh RUPS0782 Suatu la'%ran -euan#an ,an# telah &$au&$t %leh a-untan 'ubl$- haru*

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14/22

&$*am'a$-an *eara tertul$* -e'a&a RUPS melalu$ &$re-*$09F2Terha&a' la'%ran -euan#an ,an# &$ter$ma

&an &$*ah-an %leh RUPS haru* &$umum-an &alam *urat -abar 0912

Pa*al 8 a,at (9) Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata*" men,ata-an bah/a

a'ab$la la'%ran -euan#an ,an# &$buat %leh &$re-*$ &an -%m$*ar$* ter*ebut t$&a- benar atau men,e*at-an"

ma-a mere-a bertan##un# .a/ab *eara tan##un# renten# terha&a' '$ha- ,an# &$ru#$-an %leh la'%ran-euan#an ter*ebut0972 A,at *elan.utn,a &ar$ 'a*al $n$ men,ata-an bah/a terha&a' &$re-*$ atau -%m$*ar$*

,an# &a'at membu-t$-an bah/a &$a t$&a- ber*alah ata* -et$&a-benaran &an $n+%rma*$ ,an# men,e*at-an

&alam la'%ran -euan#an ,an# &$buat" ma-a terha&a'n,a t$&a- &a'at &$m$nta-an tuntutan #ant$ -eru#$an

0992

Mel$hat ura$an &$ ata*" tentan# la'%ran tahunan &an -euan#an *uatu 'er*er%an &alam hubun#ann,a

&en#an ha- untu- mem'er%leh $n+%rma*$ terha&a' *uatu 'er*er%an" &a'at &$-ata-an bah/a 'a&a

'r$n*$'n,a re#ula*$ &$ b$&an# 'er*er%an $n$ men#u'a,a-an *eara ma-*$mal a#ar 'ara *ta-eh%l&er* &an

.u#a 'ubl$- &a'at mem'er%leh $n+%rma*$ ,an# benar &an a-urat *eara -%nt$nue &an ber-elan.utan ata*

*uatu 'er*er%an !al $n$ &$tu.u-an untu- men.am$n -e'ent$n#an berba#a$ '$ha- -hu*u*n,a 'ara 'eme#an#

*aham &an*ta-eh%l&er* la$nn,a

!a- untu- mem'er%leh $n+%rma*$ $n$ a'ab$la &$t$n.au &ar$ Un&an#5Un&an# N% Tahun 188> tentan# Pa*ar

M%&al" -etentuan $n$ antara la$n &$ atur &alam 'a*al 1 un&an#5un&an# ber*an#-utan Dalam 'a*al $n$

&$*ebut-an bah/a t$&a- *atu '$ha- 'un &a'at men.ual e+e- &alam 'ena/aran umum " -eual$ 'embel$ atau

'eme*an men,ata-an &alam +%rmul$r 'eme*anan e+e- bah/a 'embel$ atau 'eme*an telah mener$ma atau

mem'er%leh -e*em'atan untu- membaa 'r%*'e-tu* ber-enaan &en#an e+e- ,an# ber*an#-utan *ebelum

atau 'a&a *aat 'eme*anan &$la-u-an09;2 Dalam men.am$n terla-*anan,a -eterbu-aan $n+%rma*$

$n$" 09>2 Ba'e'am *eba#a$ 'en#a/a* &$ b$&an# 'a*ar m%&al &$/a.$b-an untu- mem'erhat$-an

-elen#-a'an" -eu-u'an" %b,e-t$$ta*" -emu&ahan untu- &$men#ert$ &an -e.ela*an &%-umen 'ern,ataan

'en&a+taran untu- mema*t$-an bah/a 'ern,ataan 'en&a+taran memenuh$ 'r$n*$' -eterbu-aan

(&$*l%u*ure)092 Oleh *ebab $tu" &a'at &$-ata-an bah/a ha- untu- mem'r%leh $n+%rma*$ tentan#'er*er%an meru'a-an *alah *atu ha- 'eme#an# *aham ,an# &$.am$n %leh Un&an#5Un&an# N% Tahun

188> tentan# 'a*ar m%&al melalu$ 'erantara Ba'e'am

hu*u* ba#$ 'er*er%an ,an# $n#$n mela-u-an 'ena/aran *ahamn,a &$ 'a*ar m%&al (#% 'ubl$)" -e'a&a

'eru*ahaan ber*an#-utan &$/a.$b-an untu- member$-an $n+%rma*$ *eara a-urat &an ber-elan.utan

-hu*u*n,a tentan# +a-ta mater$l092 3a-ta mater$l ,an# &$*a.$-an %leh 'eru*ahaan &alam 'r%*'e-tu* ,an#

&$ta/ar-an haru* benar5benar memuat $n+%rma*$ ,an# *e*un##uhn,a Den#an -ata la$n" 'eru*ahaan

ber*an#-utan t$&a- b%leh men,embun,$-an &an atau member$-an $n+%rma*$ ,an# t$&a- *ebenarn,a

092 !al $n$ &$tu.u-an a#ar $n+%rma*$ ,an# &$ber$-an t$&a- men,e*at-an Den#an &em$-$an" &$hara'-an

-e'ent$n#an 'ubl$- ($ne*t%r) &a'at terl$n&un#$" *eh$n##a $ne*ta*$ (m%&al) ,an# &$tanam-an &a'at

member$-an -euntun#an ba#$ $ne*t%r ,an# ber*an#-utan Untu- leb$h .ela*n,a &$ ba/ah $n$ &$tul$*-an

bun,$ &ar$ -etentuan ter*ebut" ,a$tu0982 :

(1) Set$a' 'r%*'e-tu* &$laran# memuat -eteran#an ,an# t$&a- benar tentan# +a-ta mater$al atau t$&a-

memuat -eteran#an ,an# benar tentan# +a-ta mater$al ,an# &$'erlu-an a#ar 'r%*'e-tu* t$&a- member$-an

#ambaran ,an# men,e*at-an

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15/22

Dalam -a$tann,a &en#an +a-ta mater$l $n$" 'a*al 8 a,at (1) men,ata-an *eba#a$ ber$-ut 0;F2 :

(1) Set$a' 'en#umuman &alam me&$a ma**a ,an# berhubun#an &en#an *uatu 'ena/aran

umum &$laran# memuat -eteran#an ,an# t$&a- benar tentan# +a-ta mater$al &an atau t$&a- memuat

'ern,ataan tentan# +a-ta mater$al ,an# &$'erlu-an a#ar -eteran#an ,an# &$muat &$ &alam 'en#umuman

ter*ebut t$&a- member$-an #ambaran ,an# men,e*at-an

Meru.u- 'a&a -e&ua 'a*al ter*ebut &$ ata*" terl$hat .ela* bah/a *et$a' 'eru*ahaan ,an# $n#$n mena/ar-an

*ahamn,a &$ 'a*ar m%&al &$haru*-an untu- member$-an $n+%rma*$ ,an# a-urat &an benar -e'a&a 'ubl$-

($ne*t%r)" ba$- &alam 'r%*'e-tu* ,an# &$ta/ar-an mau'un &alam 'en#umuman ,an# &$buat &$ me&$a

ma**a emu&$an" $n+%rma*$ ,an# &$ber$-an &alam 'r%*'e-tu* &an 'en#umuman ter*ebut" haru*&$un#-a'-an &an t$&a- b%leh &$*embun,$-an !al la$n ,an# haru* &$'erhat$-an a&alah a&an,a -eharu*an

ba#$ 'eru*ahaan untu- member$-an -e*em'atan ,an# /a.ar ba#$ 'ubl$- untu- membaa 'r%*'e-tu* ,an#

&$ta/ar-an

A&a'un -%n*e-uen*$ hu-um a'ab$la -eterbu-aan $n+%rma*$ t$&a- ter'enuh$ &alam 'r%*'e-tu* ,an#

&$ta/ar-an men#a-$bat-an tran*a-*$ ,an# &$la-u-an terha&a' 'r%*'e-tu* ter*ebut a&alah batal &em$

hu-um0;12 Oleh *ebab $tu" Ba'e'am *eba#a$ 'en#a/a* 'a*ar m%&al &$ber$-an -e/enan#an untu-

memer$-*a *,arat5*,arat ,an# &$ber$-an %leh *et$a' 'eru*ahaan 'a&a *aat 'eru*ahaan ,an# ber*an#-utan

mela-u-an 'en&a+taran0;72 !al $n$ &$tu.u-an a#ar $n+%rma*$ &alam 'r%*'e-tu* ,an# a-an &$ta/ar-an

ter*ebut benar5benar memuat -eteran#an ,an# *e*un##uhn,a" bu-an man$'ula*$ atau -eb%h%n#an

Melalu$ ara $n$" &$hara'-an al%n 'embel$ e+e- &a'at terl$n&un#$ &ar$ 'erbuatan uran# 'ela-u 'a*ar m%&al

ter*ebut

%n*e-uen*$ hu-um la$n terha&a' man$+ula*$ atau -eb%h%n#an terha&a' +a-ta mater$l ,an# &$*am'a$-an

&alam 'r%*'e-tu* %leh *uatu 'eru*ahaan a&alah &a'at &$m$nta-ann,a 'ertan#un#.a/aban *eara hu-um

-e'a&a '$ha- ,an# member$-an $n+%rma*$ &an atau men,embun,$-an +a-ta mater$l ter*ebut 0;92 Sela$n $tu"

-e'a&a '$ha- ,an# ber*an#-utan &a'at &$m$nta-an tuntutan #ant$ ru#$ 0;;2 !al $n$ &a'at &$l$hat &alam 'a*al

1 Un&an#5Un&an# N% Tahun 188> Tentan# Pa*ar M%&al ,an# men,ata-an *eba#a$ ber$-ut 0;>2 :

1) Set$a' '$ha- ,an# mena/ar-an atau men.ual e+e- &en#an men##una-an 'r%*'e-tu* atau &en#anara la$n" ba$- tertul$* mau'un l$*an" ,an# memuat $n+%rma*$ ,an# t$&a- benar tentan# +a-ta mater$al atau

t$&a- memuat $n+%rma*$ tentan# +a-ta mater$al &an P$ha- ter*ebut men#etahu$ atau *e'atutn,a men#etahu$

men#ena$ hal ter*ebut /a.$b bertan##un# .a/ab ata* -eru#$an ,an# t$mbul a-$bat 'erbuatan &$ma-*u&

7) Pembel$ e+e- ,an# telah men#etahu$ bah/a $n+%rma*$ ter*ebut t$&a- benar &an men,e*at-an

*ebelum mela-*ana-an 'embel$an e+e- ter*ebut t$&a- &a'at men#a.u-an tuntutan #ant$ ru#$ terha&a'

-eru#$an ,an# t$mbul &ar$ tran*a-*$ E+e- &$ma-*u&

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16/22

Men#au 'a&a -e&ua 'a*al ter*ebut &$ ata*" terl$hat .ela* bah/a *et$a' '$ha- (*$a'a'un) &a'at &$m$nta-an

#ant$ -eru#$an" a'ab$la ,an# ber*an#-utan &alam mena/ar-an atau men.ual e+e- tern,ata memuat

$n+%rma*$ ,an# t$&a- benar tentan# +a-ta mater$al" atau t$&a- memuat $n+%rma*$ tentan# +a-ta mater$al" &an'$ha- ter*ebut men#etahu$ atau *e'atutn,a men#etahu$ men#ena$ hal ter*ebut" ma-a -e'a&an,a &a'at

&$m$nta-an #ant$ -eru#$an ata* -eru#$an ,an# t$mbul a-$bat 'erbuatan &$ma-*u& etentuan $n$ t$&a-

a'ab$la 'embel$ atau 'eme*an e+e- ter*ebut telah men#etahu$ bah/a $n+%rma*$ ter*ebut t$&a- benar &an

men,e*at-an *ebelum mela-*ana-an 'embel$an

Dar$ 'a'aran &$ ata* tentan# ha- untu- mem'er%leh $n+%rma*$" a'ab$la &$t$n.au &ar$ Un&an#5Un&an# N% ;F

Tahun 7FF tentan# Per*er%an Terbata* &an .u#a Un&an#5Un&an# N% Tahun 188> tentan# Pa*ar M%&al"

&a'at &$-ata-an bah/a -e&ua un&an#5un&an# $n$ 'a&a 'r$n*$'n,a men#u'a,a-an *eara ma-*$mal a#ar

berba#a$ '$ha- &a'at mem'er%leh $n+%rma*$ ,an# benar &an a-urat terha&a' *uatu 'er*er%an !al leb$h

&$utama-an terha&a' 'er*er%an ,an# b$&an# u*ahan,a men#h$m'un &an atau men#el%la &ana

ma*,ara-at" menerb$t-an *urat 'en#a-uan utan# ba#$ ma*,ara-at" Per*er%an Tb-" 'er*er%an ,an#

mem$l$-$ 'ere&aran uan# m$n$mal >FFFFFFFFFF"5 (l$ma 'uluh m$l$ar ru'$ah) &an la$n5la$n

A euntun#an &an Man+aat Penera'an Pr$n*$'5Pr$n*$' GCG Ba#$ Per*er%an

Seba#a$mana telah &$ura$-an 'a&a al$nea ter&ahulu" bah/a GCG meru'a-an *uatu ara untu- men.am$n

bah/a mana.emen bert$n&a- ,an# terba$- untu- -e'ent$n#an*ta-eh%l&er* Pela-*anaan GCG menuntut

a&an,a 'erl$n&un#an ,an# -uat terha&a' ha-5ha- 'eme#an# *aham" terutama 'eme#an# *aham

m$n%r$ta* Pr$n*$'5'r$n*$' atau 'e&%man 'ela-*anaan GCG menun.u--an a&an,a 'erl$n&un#an ter*ebut"

t$&a- han,a -e'a&a 'eme#an# *aham" teta'$ mel$'ut$ *eluruh '$ha- ,an# terl$bat &alam 'eru*ahaanterma*u- ma*,ara-at0;2

Mel$hat 'en#ert$an GCG *eba#a$mana &$.ela*-an 'a&a bab ter&ahulu" &a'at &$*$m'ul-an bah/a

e*en*$ %r'%rate #%ernane a&alah 'en$n#-atan -$ner.a 'eru*ahaan melalu$ *e'er$*$ atau 'emantauan

-$ner.a mana.emen &an a&an,a a-untab$l$ta* mana.emen terha&a' *hareh%l&er* &an 'eman#-u

-e'ent$n#an la$nn,a" ber&a*ar-an -eran#-a aturan &an 'eraturan ,an# berla-u Untu- men$n#-at-an

a-untab$l$ta*" antara la$n &$'erlu-an au&$t%r" -%m$te au&$t" *erta remunera*$ e-*e-ut$+ GCG member$-an

-eran#-a auan ,an# memun#-$n-an 'en#a/a*an ber.alan e+e-t$+ *eh$n##a ter$'ta me-an$*me he-*

an& balane* &$ 'eru*ahaan

Sebera'a .auh 'eru*ahaan mem'erhat$-an 'r$n*$'5'r$n*$' &a*ar GCG telah *ema-$n men.a&$ +a-t%r'ent$n# &alam 'en#amb$lan -e'utu*an $ne*ta*$ Terutama *e-al$ hubun#an antara 'ra-t$- %r'%rate

#%ernane &en#an -ara-ter $ne*ta*$ $nterna*$%nal *aat $n$ ara-ter $ne*ta*$ $n$ &$tan&a$ &en#an

terbu-an,a 'eluan# ba#$ 'eru*ahaan men#a-*e* &ana melalu$ '%%l %+ $ne*t%r* &$ *eluruh &un$a Suatu

'eru*ahaan &an atau ne#ara ,an# $n#$n menua$ man+aat &ar$ 'a*ar m%&al #l%bal" &an .$-a -$ta $n#$n

menar$- m%&al .an#-a 'an.an# ,an#" ma-a 'enera'an GCG *eara -%n*$*ten &an e+e-t$+ a-an men&u-un#

-e arah $tu Bah-an .$-a'un 'eru*ahaan t$&a- ber#antun# 'a&a *umber &a,a &an m%&al a*$n#" 'enera'an



17/22

'r$n*$' &an 'ra-t$- GCG a-an &a'at men$n#-at-an -e,a-$nan $ne*t%r &%me*t$- terha&a' 'eru*ahaan D$

*am'$n# hal5hal ter*ebut &$ ata*" GCG .u#a &a'at <

Men#uran#$ a#en, %*t" ,a$tu *uatu b$a,a ,an# haru* &$tan##un# 'eme#an# *aham *eba#a$ a-$bat

'en&ele#a*$an /e/enan# -e'a&a '$ha- mana.emen B$a,a5b$a,a $n$ &a'at beru'a -eru#$an ,an# &$&er$ta

'eru*ahaan *eba#a$ a-$bat 'en,alah#unaan /e/enan# (/r%n#5&%$n#)" atau'un beru'a b$a,a 'en#a/a*an,an# t$mbul untu- mene#ah ter.a&$n,a hal ter*ebut

Men#uran#$ b$a,a m%&al (%*t %+ a'$tal)" ,a$tu *eba#a$ &am'a- &ar$ 'en#el%laan 'eru*ahaan ,an# ba$-

ta&$ men,ebab-an t$n#-at bun#a ata* &ana atau *umber &a,a ,an# &$'$n.am %leh 'eru*ahaan *ema-$n

-e$l *e$r$n# &en#an turunn,a t$n#-at re*$-% 'eru*ahaan

Men$n#-at-an n$la$ *aham 'eru*ahaan *e-al$#u* &a'at men$n#-at-an $tra 'eru*ahaan ter*ebut -e'a&a

'ubl$- lua* &alam .an#-a 'an.an#

Men$'ta-an &u-un#an 'ara *ta-eh%l&er ('ara '$ha- ,an# ber-e'ent$n#an) &alam l$n#-un#an 'eru*ahaan

ter*ebut terha&a' -ebera&aan &an berba#a$ *trate#$ &an -eb$.a-an ,an# &$tem'uh 'eru*ahaan" -arena

umumn,a mere-a men&a'at .am$nan bah/a mere-a .u#a men&a'at man+aat ma-*$mal &ar$ *e#alat$n&a-an &an %'era*$ 'eru*ahaan &alam men$'ta-an -ema-muran &an -e*e.ahteraan

Sela$n man+aat GCG *eba#a$mana &$*ebut-an &$ ata*" *alah *atu man+aat la$n &ar$ GCG a&alah untu-

men$n#-at-an 'erl$n&un#an -e'ent$n#an $ne*t%r terutama 'ara 'eme#an# *aham terbu-a 0;2 Sela$n $tu"

'enera'an GCG &alam *uatu 'er*er%an &$hara'-an &a'at men&%r%n# tumbuhn,a me-an$*me he- an&

balane &$ l$n#-un#an mana.emen -hu*u*n,a &alam member$ 'erhat$an -e'a&a -e'ent$n#an 'eme#an#

*aham &an 'eman#-u -e'ent$n#an la$nn,a

Dalam -a$tann,a &en#an $m'lementa*$ 'r$n*$'5'r$n*$' GCG &alam *uatu 'eru*ahaan" Ban- Dun$a telah

member$-an re-%men&a*$ *eba#a$ ber$-ut


18/22

eenam" men#-%n+$rma*$ tan##un# .a/ab hu-um 'ara a-untan Oleh -arena $tu" -%n*e' un&an#5un&an#

a-untan 'ubl$- &$*aran-an untu- mem'er-uat tan##un# .a/ab hu-um 'ara a-untan" -hu*u*n,a untu-

memun#-$n-an tuntutan hu-um terha&a' 'ara a-untan *e-$ran,a ter&a'at +rau& mau'un *uatu -elala$an

,an# n,ata

etu.uh" mem'er'en&e- .an#-a /a-tu 'en,erahan la'%ran tahunan &ar$ *emula 17F har$" *e.a- 7FF9 telah&$-uran#$ men.a&$ 8F har$

e&ela'an" -etentuan men#ena$ -%m$*ar$* $n&e'en&en .u#a 'erlu &$atur &$ &alam un&an#5un&an# lemba#a

-euan#an n%n5ban-

e*emb$lan" merumu*-an leb$h .auh men#ena$ $n&e'en&en*$ 'ara -%m$*r$* $n&e'en&en !a$ $n$ ter-a$t

&en#an ura$an tentan# 'eran" -e/.$ban &an a-untab$l$ta* -%m$*ar$* $n&e'en&en

Seba#a$mana telah &$ura$-an 'a&a al$nea ter&ahulu" bah/a GCG meru'a-an *uatu ara untu- men.am$n

bah/a mana.emen bert$n&a- ,an# terba$- untu- -e'ent$n#an*ta-eh%l&er* Pela-*anaan GCG menuntut

a&an,a 'erl$n&un#an ,an# -uat terha&a' ha-5ha- 'eme#an# *aham" terutama 'eme#an# *aham

m$n%r$ta* Pr$n*$'5'r$n*$' atau 'e&%man 'ela-*anaan GCG menun.u--an a&an,a 'erl$n&un#an ter*ebut"t$&a- han,a -e'a&a 'eme#an# *aham" teta'$ mel$'ut$ *eluruh '$ha- ,an# terl$bat &alam 'eru*ahaan

terma*u- ma*,ara-at0;82

Dar$ *eluruh ura$an &$ ata* tentan# man+aat GCG" &a'at &$*$m'ul-an bah/a *et$&a-n,a a&a tu.uh

-euntun#an GCG ,a$tu F2

1 en,amanan be-er.a &$ tem'at ,an# aman" n,aman" *ehat &an ber*$h

7 T$&a- ter-%re-*$n,a mar#$n -euntun#an 'eru*ahaan" -arena #an##uan %'era*$%nal

9 Pra-t$*$ &$ la'an#an &a'at bela.ar &ar$ -e.a&$an &an -a*u* ma*a lalu ,an# meru#$-an 'eru*ahaan

; Men$n#-at-an $tra" re'uta*$ &an -re&$b$l$ta* 'eru*ahaan &$ mata *u''l$er" m$tra &an re-anan b$*n$*"

$ne*t%r &an 'eman#-u -e'ent$n#an

> Mam'u men#ant$*$'a*$ &an men&ete-*$ '%ten*$ #an##uan %'era*$%nal mau'un -eru#$an la$nn,a *aat

mel$hat #e.ala atau $n&$-a*$ '%ten*$ -eru#$an ,an# munul

Men$n#-at-an bu&a,a &an eth%* -er.a ,an# *a&ar re*$-%

Men$n#-at-an -e'a*t$an beru*aha &$ ma*a &e'an -arena mam'u mem$n$mal$*a*$ -eru#$an *e.a- &$n$

012Ira M M$llte$n"6The E%lut$%n %# C%r'%rate G%ermane $n the Un$te& State*"6D$baa-an &$ &e'an

3%rum E-%n%m$ Dun$a" Da%*" S/$** (7 3ebruar$ 188) 4I*t$lah 'en#el%laan 'eru*ahaan6 mem$l$-$ ban,a-

&e+$n$*$ I*t$lah ter*ebut &a'at mena-u' *e#ala hubun#an 'eru*ahaan" hubun#an antara m%&al" 'r%&u-"

.a*a &an 'en,e&$a *umber &a,a manu*$a" 'elan##an &an bah-an ma*,ra-at lua* I*t$lah $n$ .u#a &a'at

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19/22

mena-u' *e#ala aturan hu-um ,an# &$tun.u-an untu- memun#-$n-an *uatu 'eru*ahaan untu- &a'at

&$'ertan##un# .a/ab-an &$ ha&a'an 'ara 'eme#an# *aham &an 'ubl$" *e'ert$ .u#a -er.a &ar$ 'a*ar untu-

men#-%ntr%l 'eru*ahaan I*t$lah $n$ .u# a&a't men#au 'a&a 'ra-t$- au&$t &an 'r$n*$'5'r$n*$' 'embu-aan"

&an .u#a &a'at men#au -e'a&a -ea-t$+an 'eme#an# *aham Seara leb$h *em'$t" $*t$lah $n$ &a'at

&$#una-an untu- memn##ambar-an 'eran &an 'ra-t$- &ar$ &e/an &$re-*$ A&a'un *ebutan ,an# te'at

untu- &e+$n$*$ $n$ a&alah : Pen#el%laan 'eu*ahaan ber-a$tan &en#an hubun#an antara mana#er'eru*ahaan &an 'eme#an# *aham" &$&a*ar-an -e'a&a 'an&an#an bah/a &e/an &$re-*$ meru'a-an a#en

'ara 'eme#an# *ahan untu- mema*t$-an *uatu 'eru*ahaan untu- &$-el$la #una -e'ent$n#an 'ara

'eme#an# *aham Para&$#ma $n$ *an#atlah *e&erhana" 'ara mana#er ('en#el%la) bertan##un# .a/ab

-e'a&a &e/an -%m$*ar$* &an &e/an -%m$*ar$* -e'a&a 'eme#an# *aham Erman Ra.a#u-#u-" O' C$t

072Ib$&

0924Pen#ert$an &an Pr$n*$' Da*ar G%%& C%r'%rate G%ernane (GCG)6"htt':==///ma&an$5r$%m=+$le*=Bab

7F17FGCG&%" D$a-*e*" 7; A#u*tu* 7FF

0;2Ib$&

0>2H$n#-un#an ,an# leb$h lua* &$bentu- %leh aturan 'en&a+taran bur*a e+e- *eba#a$mana 'ula

*e-um'ulan un&an#5un&an# &an 'eraturan ,an# ber-a$tan &en#an *,arat 'en#un#-a'an &an *tan&ee

'embu-uan< 'enerb$tan &an 'en.ualan *e-ur$ta*< 'embentu-an 'eru*ahaan< 'em$l$han 'er/a-$lan &an hal

'em$l$- *aham< 'er*a$n#an ata* -%ntrl 'eru*ahaan< mer.er &an a-u$*$*$< -e/a.$ban ,an# &$'era,a-an

-e'a&a 'ara &$re-tur" -ar,a/an &an 'ee#an# *aham ma,%r$ta*< 'emenuhan $*$ -%ta-< ha- -re&$tur &an

-eban#-rutan" hubun#an buruh" 'ra-t$- *et%r +$nan$al< -eb$a.a-n 'en*$un &na 'a.a- H$n#-un#an

'en#el%la 'eru*ahaan &$tentu-an %leh -ual$ta* &an -emun#-$nan a&an,a 'ene#a- .u&$*$al &an 'eraturan

&ar$ un&an#5un&an# &an 'eraturan5'eraturan" 'emahaman umum &ar$ -e/ar#ane#araan 'eru*ahaan &an

hara'an ma*,ara-at men#ena$ tu.uan 'eru*ahaan" &an -%m'et$*$ 'r%&u-" .a*a &an 'a*ar m%&al

*eba#a$mana 'ula %'a*a untu- mana.emen &an buruh *erta 'a*ar untu- %ntr%l 'eru*ahaan02Para &$re-tur umumn,a &$ber$ -ua*a untu- mela-u-an tan##un# .a/ab tertentu : men,e/a" member$

-%m'en*a*$" mem%n$t%r &an men##ant$ '$ha- mana.emen *en$%r .$-a meman# &$'erlu-an" member$ na*$hat

mana.emen men#ena$ *trat,e#$" renana &an -e'utu*an utama 'eru*ahaan< men,e&$a-an 'an&an#an

*trate#$* -e &e'an"" mema*t$-an 'emenuhan -etentuan 'erun&an#5un&an#an &an 'eraturan la$nn,a &an

.u#a -e*atuan &ar$ la'%ran 'embu-uan &an -euan#an" mem'erhat-an huun#an antara 'eru*ahaan

ter*ebut &en#an 'ubl$ (*ta-eh%l&er*) &an ma*,ara-at lua*" &an men#%r#an$*a*$-an *tru-tur &an 'r%*e*

&e/an

02A&am Sm$th" An InKu$r, Int% The Nature an& Cau*e* %+ The @alth %+ Nat$%n*" hlm 7;57>

(E&/$n annan" E& Un$er*$t, %+ Ch$a#% Pre** 18)< A&%l'h Berle L Gar&$ne Mean*" The M%&ern

C%r'%rat$%n L Pr$ate Pr%'ert, hlm 179 (1897)" M$hael C Jen*en L @$ll$am Mel$n# 4The%r, %+ The 3$rm"

Mana#er$al Beha$%r" A#en, %*t* an& O/ner*h$' *truture" J%urnal %+ 3$nan$al E%n%m$*" hlm 9F>"

9F8) (18)

02Seba#$a %nt%h" menurut $n# Re'%rt %n C%r'%rat$%n G%ermane" *et$&a-n,a a&a &ua n%n

e-*e-ut$+ ,an# haru* bertu#a* &alam &e/an &an &$re-*$ n%n e-*e-ut$+ $n$ haru*lah meru'a-an: Mana.emen

$n&e'en&ent &an t$&a- (mener$ma) -euntun#an ba#a$mana'un &ar$ 'eru*ahaan *ela$n 'en&a'at (+ee)

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20/22

mere-a In bu-anlah &$ma-*u&-an *eba#a$ 'en#e-*lu*$an &$re-*$ n%n e-*e-ut$+" ,an# mem$l$-$ -%ntra-

&en#an 'eru*ahaan" untu- mem'er%leh 'en#har#aan atau'un untu- mene#ah mere-a untu-

mem'er%leh *aham=ba#$an &alam 'eru*ahaan &en#an ara $n&e'en&ent &$ luar 'eru*ahaan" D$re-tur &an

'en#el%la (mana#er) &ar$ ana- 'eru*ahaan te*ebut" atau ana- 'eru*ahaan $ne*t%r ma,%r$ta*" ,an# t$&a-

mem$l$-$ -e/a.$ban e-*e-ut$+ &alam 'eru*ahaan ter*ebut" mantan &$re-tur e-*e-ut$+ ,an# t$&a- la#$

&$'e-er.a-an *eara 'enuh namun ma*$h mem$l$-$ -emam'uan untu- member$ ma*u-an -e'a&a &e/anber&a*ar-an 'en#alaman mere-a" &$re-tur e-*e-ut$+ *en$%r &ar$ ana- aban# 'eru*ahaan ,an# t$&a-

mem$l$-$ -e/a.$ban e-*e-ut$+ &alam an- aban# 'eru*ahaan te*ebut The In*t$tute %+ D$ret%r* $n S%uth

A+r$a" the $n# Re'%rt %n C%r'%rate G%ernane" 22 77";715;7; (78 N%ember 188;)

082H$hat Melb$n A E$*enber#6 C%r%rate C%n&ut that D%e* N%t Ma$m$e Sharehh%l&er* Ga$n" hlm

7" Stet*%n Ha/ Re$e/ 1 (188)

01F2In&%ne*$a" Un&an#5Un&an# N% 1 Thaun 188> Tentan# Per*er%an Terbata*

0112In&%ne*$a" Un&an#5Un&an# N% 1 Tahun 188> Tentan# Per*er%an Terbata*

0172In&%ne*$a" Un&an#5Un&an# N% 1 Tahun 188> Tentan# Per*er%an Terbata*'a*al 11F UUPT

0192In&%ne*$a" Un&an#5Un&an# N% 1 Thaun 188> Tentan# Per*er%an Terbata*

01;2In&%ne*$a" Un&an#5Un&an# N% 1 Tahun 188> Tentan# Per*er%an Terbata*

01>2In&%ne*$a" Un&an#5Un&an# N% 1 Thaun 188> Tentan# Per*er%an Terbata*"





07F2In&%ne*$a" Un&an#5Un&an# N% 1 Thaun 188> Tentan# Per*er%an Terbata*'a*al 1 but$r (>)

0712In&%ne*$a" Un&an#5Un&an# N% 1 Thaun 188> Tentan# Per*er%an Terbata* 'a*al 1 but$r (;)

07724G%%& C%r'%rate G%ernane6" htt':==///t$mah%m='##a*'-at'r%+$le" D$a-*e*" > A#u*tu* 7FF

0792In&%ne*$a" Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata* Pa*al

07;2In&%ne*$a" Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata* Pa*al a,at (1)

07>2In&%ne*$a" Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata* Pa*al a,at (7)

072In&%ne*$a" Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata* Pa*al a,at (9)




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21/22

09F2 In&%ne*$a" Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata* Pa*al a,at (9)

0912In&%ne*$a" Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata* Pa*al a,at (;)

0972In&%ne*$a" Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata* Pa*al 8 a,at (9)

0992In&%ne*$a" Un&an#5Un&an# N% ;F Tahun 7FF tentan# Per*er%an Terbata* Pa*al 8 a,at (;)09;2In&%ne*$a" Un&an#5Un&an# N% Tahun 188> tentan# Pa*ar M%&al Pa*al 1

09>2 In+%rma*$ atau +a-ta mater$al a&alah $n+%rma*$ atau +a-ta 'ent$n# &an relean men#ena$ 'er$*t$/a"

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Un&an# N% Tahun 188> tentan# Pa*ar M%&al Pa*al 1 an#-a ()

092In&%ne*$a" Un&an#5Un&an# N% Tahun 188> tentan# Pa*ar M%&al Pa*al > a,at (1)

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092Ib$&

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Pa*al 1F1

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'ern,ataan 'en&a+taran &alam ran#-a 'ena/aran umum memuat $n+%rma*$ ,an# t$&a- benar tentan# +a-ta

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'en&a+taran men.a&$ e+e-t$+" 'en.am$n 'ela-*ana em$*$ e+e- &an 'r%+e*$ 'enun.an# 'a*ar m%&al atau '$ha-

la$n ,an# member$-an 'en&a'at atau -eteran#an &an ata* 'er*etu.uann,a &$muat &alam 'ern,ataan

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telah men#amb$l lan#-ah5lan#-ah ,an# u-u' untu- mema*t$-an bah/a 'ern,ataan atau -eteran#an ,an#

&$muat &ala

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