OJK Amends Regulation on Corporate Governance
OJK published amendments to the regulation on good corporate governance for "financing companies." The key amendments to the regulation relate to the changes in definition, number of Directors, the duties and membership of the audit committee, the duties and membership of the remuneration and nomination committee, and the mechanism of imposing sanctions. The amended regulation comes into force on the date of promulgation.
The key amendments include the following:
- Changes to the definitions of finance companies, Sharia business units, good corporate governance, debtors, affiliates, sharia supervisory boards, independent commissioners, affiliates, and conflicts of interest
- Additional provisions regarding authority of OJK to evaluate the application of good corporate governance
- Changes to the limit on disclosure of share ownership of directors and commissioners from 50% or more to 5% or more
- Addition of provisions related to enforcement of compliance
- Adjustments to provisions related to administrative sanctions
Related Links (in Indonesian)
Effective Date: April 29, 2020
Keywords: Asia Pacific, Indonesia, Banking, Operational Risk, Disclosure, Governance, OJK
Previous Article
FCA Extends Timeline to Cease Issuance of LIBOR-Linked Loan ProductsNext Article
SNB Publishes Multiple Forms for Reporting by BanksRelated Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
