Corporate

Governance
Miryam Ompusunggu
(1506809721)
Nadia Nur Fadilla
(1506809785)
Salsa Andiani (1506809873)
Sindy Millatina Putri
(1506809910)

Scandal
Poor
management
practices
Fraudulent
financial
reporting

- Is concerned
w/how well
organizations meet
their obligations
- Underpinning the
integrity &
efficiency of
financial markets

Process by
which
organizations
are directed
& controlled

Co
rp
or
go
at
ve e
ce rna
n

W
H
O
?

Managers/Owners
Hire professional
managers

Developmen
t of a
separate
corporate
entity
allowed
organization
to raise
funds from
individual
shareholders
to enlarge
their
operations

Owners
Oversee the financial Public
reporting process, monitor
shareholders
internal controls, monitor
Institutional
invertors
the choices of accounting
policies & procedures, Other
oversee the hiring &corporations

Governance of
the Modern
Corporation
oversee the hiring &
Audit
committee

performance
of external
Compensati
Board of
auditor inon
producing the
companys
financial directors
committee
statement

Oversee
compensation
packages for the
senior executives
of the corporation

CEO, CFO,
COO

Managers,
employees

interest in the
effective running
of the
corporations,
appointed for
specific periods of
Corporate
time
governanc
e
committee
Monitors the
ethical
performance of
the corporation &
oversees
Creditor
compliance
w/the
Financial
companys
institution
internal
code of
Bondholder
ethics, federal, &
state regulations

Stakeholders
Costumers, vendor partners,
state & local entities, community
partners

To be truly effective, boards

should follow these six steps
Create a climate of trust and
candor
Foster a culture of open
dissent
Mix up roles
Ensure individual
accountability
Let the board assess
leadership talent
Evaluate the boards
performance

QUESTIONS FOR
DIAGNOSING YOUR BOARD

If you answer yes to all

questions, you have an
exemplary board.
Even with a board that
passes all the tests and
meets all the
established criteria,
ethical misconduct can
still come down to the
individual personalities
involved

Fiduciary Responsibilities
Corporate Governance is about managers fulfilling a fiduciary
responsibilities to the owners of their company
Based on trust
Agency Theory

Conflict of interest

Process and
Machanism

Oversight

To support

Shareholders VS
Managers

Check and Balance

Prinsip Dasar
Pedoman Good Corporate Governance
Indonesia
Perbankan

Asas Good Corporate Governance

Mencapai suntainabilitas usaha dengan memperhatian kepentingan
Shareholder, nasabah, dan stakeholders lainnya
Transparan
si
Akuntabilit
as

Disclosure

Tepat waktu, memadai,

jelas, akurat

Kejelasan Fungsi dan cara

mempertanggungjawabkannya

Responsibi
litas

Compliance

Independe
nsi

No other
party
intervention

Objektif

Adil

Stakeholders

Kewajaran
dan
Kesetaraan

Undang-undang dan peraturan

lainnya

Good Corporate Governance

Payoff
More attractive to investor and lenders
Purchase from firms with strongest shareholder rights
Sell the stocks from firm with weakest shareholder rights

More profitable
Faster Sales Growth
Research from Harvard Warthon and Deuthce Bank Study

Institutional investors would pay Premiums to

well governed companies
30% Eastern Companies
22% Asia and Latin America
Research from McKinsey

OFF LABEL MARKETING

Case Study: Off- Label Marketing

Bextra Pain Killer
Meningkatkan risiko
serangan jantung dan
stroke

Depakote
Epilepsi,
Bipolar, dan
Migrain

Dementia
&
Schizophreni
a

Unawful
promotion of
drugs
prescription
Failure to report
safety data
False price

Paxil

Wellburtin

Off- Label Drugs

Tidak sesuai indikasi atau tidak
sesuai dengan Label yang
ditetapkan oleh FDA atau BPPOM

LEGAL
Hak Prerogatif Dokter
?
Doctors must
inform the
patients

Evil Doctors

Case Study: Off- Label Marketing

Fines

<

Revenue and
Profit

Millions $$ VS Billions $$

Lanjoooooooot!!
!

Case Study: Off- Label Marketing

Unlawful and Unethical Practices
Maximizing Profits supported by inffective sanctions or fines
DOJ/Government Firms, Doctors, Drugstores
Firm Corporate Governance
Board of Diretors Responsibility
Internal Control

Why would illegal marketing activities feature so

frequently in the pharmaceutical industry?
At what point they be considered endemic?
Illegal marketing sudah tidak dapat dipungkiri
Meningkatkan profit
Pengguna tidak mengetahui, tetapi
membutuhkan obatnya dan dijual bebas
Sanksi dirasa tidak berat
Endemik:
Praktik terus dilakukan tanpa adanya tindakan
hukum yang efektif
Dilakukan masal.
Dianggap wajar untuk menghasilkan profit
besar tanpa perlu biaya yang tinggi

Leading
Organizational
Change

4. Critics argue that fines are too affordable. In other words, a $1 billion fine
for activities that generate several billions of dollars in illegal sales simply
becomes a cost of doing business. Should fines be more punitive? How much
would
be enough?
Pemberian
denda dapat menjadi salah satu cara meminimalisir praktik ilegal.
angka denda tersebut dapat ditinggikan dengan misalnya hitungan denda ialah sebesar cost
sekian tahun ke depan

5. Is the payment of a monetary fine sufficient restitution for these offenses?

Why or why not?
sanksi denda kami anggap tidak dapat mewakili tindak illegal yang dilakukan oleh perusahaan
Bisa diberikan sanksi yang lebih lagi misalnya memberikan skorsing produksi, atau melarang
penjualan produk tersebut.

6. How could this apparently endemic problem be approached differently?

seharusnya sanksi yang diberikan bukan hanya denda.
Pemerintah juga dapat melakukan pendekatan tidak hanya ke perusahaan farmasi, namun
juga ke dokter-dokter dan rumah sakit dengan menetapkan peraturan agar para dokter
memberikan resep obat-obat yang hanya dibutuhkan sesuai dengan indikasi penyakit pasien
saja
pemerintah dapat memperketat peraturan terhadap distributor obat-obatan
Untuk pencegahannya, pihak manajemen perusahaan seharusnya membuat kontrol internal
perusahaan
membentuk corporate governance committee