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IFC Launches New Edition of Corporate Governance Manual to Help Indonesian Companies

Office building in SCBD Jakarta (KalderaNews/JS de Britto)
JAKARTA, KalderaNews - IFC, a member of the World Bank Group, says in its latest Corporate Governance Manual that Indonesian companies could benefit more from valuable opportunities to bring in internal changes to maintain shareholders’ confidence, increase access to capital, and reduce vulnerability to financial crises.

While Indonesia has implemented a series of initiatives to strengthen its corporate governance regime, and the business community’s awareness of the importance of corporate governance has risen dramatically, there is still a great need for improvement, according to the 2nd Edition of the Indonesia Corporate Governance Manual.

Developed in collaboration with Otoritas Jasa Keuangan (OJK), the latest Corporate Governance Manual aims to help Indonesian companies improve corporate governance practices by highlighting case studies and sharing best practices to enhance performance and boost access to finance. It also lays out key corporate governance regulatory changes for listed companies in recent years.

In today’s business environment, good corporate governance improves a company’s reputation by putting in place processes that ensure fair, responsible, transparent, and accountable corporate behavior,” said Azam Khan, IFC’s Country Manager for Indonesia, Malaysia, and Timor-Leste. “Companies that insist on the highest standards of governance reduce risks and enjoy better access to capital, which helps them survive and thrive.” 

He said as companies move beyond box-ticking and aim to raise corporate governance standards to attract more capital and enhance reputation, they often lack enough in-house expertise and knowledge to design and implement corporate governance improvement plans. Publications like the Indonesia Corporate Governance Manual should be an indispensable resource for corporate secretaries, lawyers, and other staff who advise companies and the Board of Commissioners on implementing corporate governance improvements as well as aligning with international best practices.

"Besides enhancing resilience and sustainable performance of the individual company, improved corporate governance has an important role in promoting sustainable economic growth by building investor confidence, reducing the cost of capital, strengthening financial markets, and indirectly creating jobs,” said Wimboh Santoso, Chairman of the Board of Commissioners, OJK. 

“We hope that this manual will inspire Indonesian companies to adopt and implement good governance practices, not simply as an exercise in regulatory compliance but as a means to create highly competitive, profitable, and well- governed companies.”

IFC’s Indonesia corporate governance work is implemented in partnership with the Swiss State Secretariat for Economic Affairs (SECO). The goal is to improve financial performance and operational efficiency by promoting better corporate governance practices among companies in Indonesia. The project aims to strengthen the corporate governance regulatory regime, conduct training and awareness activities, and provide firm-specific services to the market. (JS)

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