Rabu, Desember 24, 2014 | Issue Number : 2549

Good Corporate Governance for Financing Companies

The Financial Services Authority (“OJK”) has issued Regulation No. 30/POJK.05/2014 on Good Corporate Governance for Financing Companies (“2014 Regulation”), aimed at improving the organizational quality of conventional and sharia financing companies (“Financing Companies”).

This objective is implemented through establishing good corporate governance principles for the following activities:

a.	Appointing company organs (shareholders, board of directors, commissioners, and sharia supervisors);
b.	Appointing external auditors;
c.	Remuneration and wage policies for company organs and employees;
d.	Management of financing;
e.	Risk management and internal supervision;
f.	Annual business plan;
g.	Information disclosure;
h.	Business ethics; and
i.	Self-assessment reporting on compliance with good corporate governance principle.

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This objective is implemented through establishing good corporate governance principles for the following activities:

a.	Appointing company organs (shareholders, board of directors, commissioners, and sharia supervisors);
b.	Appointing external auditors;
c.	Remuneration and wage policies for company organs and employees;
d.	Management of financing;
e.	Risk management and internal supervision;
f.	Annual business plan;
g.	Information disclosure;
h.	Business ethics; and
i.	Self-assessment reporting on compliance with good corporate governance principle.

......