INDONESIA Law and Practice Contributed by: Ira A Eddymurthy and A Charlie R Malessy, SSEK Law Firm
However, specific corporate governance require - ments are also stipulated for public companies, entities operating within certain sectors such as the oil and gas, banking or insurance sec - tors and entities designated as state-owned enterprises. For instance, the Financial Servic - es Authority ( Otoritas Jasa Keuangan or OJK), the regulatory body overseeing capital markets and financial sectors in Indonesia, has imposed specific corporate governance requirements on public companies and both bank and non-bank financial institutions. In addition to the aforementioned regulations, there are various other laws and regulations per - tinent to the practice of corporate governance in Indonesia that should be noted, as follows. • Central government regulations: (a) Law No 8 of 1995 regarding Capital Mar - kets, last amended by Law No 4 of 2023 regarding the Development and Strength - ening of the Financial Sector ( “Law 4/2023” ) (hereinafter collectively referred to as the “Capital Markets Law” ) (b) Law No 13 of 2003 regarding Manpower, last amended by the Job Creations Law (the “Manpower Law” ) (c) the Investment Law; and (d) Law No 19 of 2003 regarding State- Owned Enterprises, last amended by Law No 1 of 2025 regarding the Third Amend - ment to Law No 19 of 2003 (the “SOEs Law” ). • OJK regulations: (a) OJK Regulation No 15/POJK.04/2020 of 2020 regarding the Planning and Holding of General Meetings of Shareholders of Public Companies ( “OJK Reg, 15/2020” ) (b) OJK Regulation No 33/POJK.04/2014 of 2014 regarding Directors and Board of Commissioners of Issuing Companies or
Public Companies ( “OJK Reg, 33/2014” ) (c) OJK Regulation No 21/POJK.04/2015 of 2015 regarding the Implementation of Corporate Governance Guidelines for Publicly Traded Companies ( “OJK Reg, 21/2015” ) (d) OJK Circular Letter No 32/SEO - JK.04/2015 of 2015 regarding Corporate Governance Guidelines for Public Com - panies ( “OJK CL 32/2015” ) (e) OJK Regulation No 45 of 2024 regarding the Development and Strengthening of Issuer and Public Companies ( “OJK Reg, 45/2024” ) (f) OJK Regulation No 34/POJK.04/2014 of 2014 regarding Nomination and Remuner - ation Committees of Issuing Companies or Public Companies; (g) OJK Regulation No 73/POJK.05/2016 of 2016 regarding Good Corporate Govern - ance of Insurance Companies, as last amended by OJK Regulation No 43/ POJK.05/2019 of 2019; (h) OJK Regulation No 48 of 2024 regarding Good Corporate Governance for Financ - ing Institutions, Venture Capital Compa - nies, Microfinance Institutions, and Other Finance Institutions; and (i) OJK Regulation No 16/POJK.04/2020 regarding the Implementation of Elec - tronic General Meetings of Shareholders of Public Companies. 1.3 Corporate Governance Requirements for Companies With Publicly Traded Shares As discussed in 1.2 Sources of Corporate Gov- ernance Requirements , specific regulations governing corporate governance requirements apply to public companies listed on the Indone - sia Stock Exchange (IDX). The primary legislation
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