Integrated Corporate Governance for Financial Conglomerates

As part of a comprehensive effort in regulating financial conglomerates, the Financial Services Authority (“OJK”) has issued Circular Letter No. 15/SEOJK.03/2015 on the Implementation of Integrated Corporate Governance for Financial Conglomerates (“2015 Circular”).

The 2015 Circular provides guidance for financial services institution acting as a holding in financial services group company (“Holding Company”), serving to implement the integrated corporate governance action. Additionally, the 2015 Circular also stipulates the guidance for the Holding Company to self-assess the implementation of integrated corporate governance, as well as the procedures to report the assessment to the OJK.