BUSINESS JUDGEMENT RULE: KETENTUAN DAN PELAKSANAANNYA OLEH PENGADILAN DI INGGRIS, KANADA DAN INDONESIA

https://doi.org/10.22146/jmh.56117

Yafet Yosafet Wilben Rissy(1*)

(1) Faculty of Law, Satya Wacana Christian University, Salatiga
(*) Corresponding Author

Abstract


Abstract

This article discusses the provisions of business judgment rule (BJR) in the company law and the application of BJR by the courts in the United Kingdom (UK), Canada and Indonesia. In the UK and Canada, the courts have been long examined the appropriateness of directors’ business decisions. Later, BJR was codified into the Canadian Business Corporations Act 2019, meanwhile, duty of care and fiduciary duties were codified into the UK 2006 Companies Law which implicitly regulates BJR. Indonesia adopts BJR in the Company Act 2007 but the courts rarely examine directors’ business decisions and the adoption needs to be rearranged systematically.

Intisari

Artikel ini membahas bagaimana dan kapan pengadilan menguji aturan penilaian bisnis (APS) dan bagaimana APS diatur dalam hukum perusahaan di Inggris Raya, Kanada, dan Indonesia. Pada pengadilan Inggris dan Kanada yang menganut tradisi hukum kebiasaan, APS telah lama diterapkan untuk menilai keputusan bisnis direktur. Baru-baru ini, APS dikodifikasikan ke dalam Undang-Undang Perusahaan Bisnis 2019. Sementara itu, tugas direktur untuk peduli dan tugas fidusia juga dikodifikasikan ke dalam Undang-Undang Perusahaan Inggris 2006 yang secara implisit mengatur APS. Indonesia juga mengadopsi APS dalam Undang-Undang PT 2007 tetapi pengadilan jarang menguji keputusan bisnis direktur dan adopsi ini perlu diatur ulang secara lebih sistematis.


Keywords


aturan penilaian bisnis, direktur; keputusan bisnis; tugas direktur; dan pengadilan

Full Text:

PDF


References

A. Buku

Block, Dennis J. et al, 1987, The Business Judgment Rule - Fiduciary Duties of Corporate Directors and Officers, Prentice Hall, Clifton N.J.

Farrar, John, H., 2001, Corporate Governance Theories, Principles, and Practices, 2nd edn, Oxford University Press, Oxford.

Enriques, Luca; Hansmann, Henry; and Kraakman, Reinier, 2001, The Basic Governance Structure: The Interests of Shareholders as a Class, in Kraakman et al, The Anatomy of Corporate Law: A Comparative and Functional Approach, 3rd edn, Oxford University Press, Oxford.

Rissy, Yafet Y. W., 2020, Corporate Governance: Kajian Teori, Konsep dan Praktek Terbaik Lintas Yurisdiksi, Perspektif International Serta Tantangannya, Griya Media, Salatiga, hlm. 307-312.

B. Artikel Jurnal

Akram, Muhamad Hafizh & Fanaro, Nisriina Primadani, “Implementasi Doktrin Business Judgement Rule di Indonesia”, Ganesha Law Review, Vol. 1, No.1, Mei 2019.

Armour, John and Skeel, David, “Who Should Write Hostile Takeovers, and Why? The Peculiar Divergence of US and UK Takeover Regulation” Georgetown Law Journal, Vol. 95, No. 7, Agustus 2007.

Arsalidou, Demetra, “Objectivity Vs Flexibility in Civil Law Jurisdictions and The Possible Introduction of The Business Judgment Rule In English Law”, The Company Lawyer, Vol. 24, No. 8, Agustus 2003.

Bainbridge, Stephen M., “The Business Judgment Rule as Abstention Doctrine”, Vanderbilt Law Review, Vol. 57, No. 1, Januari 2004.

Berger, David J., “Exporting the Twin Towers: The Development of Transnational Business Judgment Rule”. Saint Louis University Public Law Review, Vol. 9, No. 1, Spring 1990.

Berkhan, Matthew, “The Derivative Action in Australia And New Zealand: Will The Statutory Provisions Improve Shareholders’ Enforcement Rights?”, Bond Law Review, Vol. 19, No. 1, Januari 1998.

Branson, M. Douglas, “The Rule at Isn't a Rule - Business Judgment Rule”, Alparaiso University Law Review, Vol. 36, No. 34, Summer 2002.

Brooks, Kim and Anand, Anita I., “The Allocation of Profits Between Related Entities and the Oppression Remedy: An Analysis of Ford Motor Co. v. Omers”, Ottawa Law Review, Vol. 36, No. 1, Winter 2004.

Cheffins, Brian, “The Oppression Remedy in Corporate Law: The Canadian Experience”, University of Pennsylvania Journal of International Business Law, Vol. 10, No. 3, Summer 1998.

Demmoth, Deborah A., “Directors' Duty of Care and the Business Judgment Rule: American Precedents and Australian Choices”, Bond Law Review, Vol. 4, No. 2, 1992.

Donaldson, Lex and Davis, James H., “Stewardship Theory or Agency Theory: CEO governance and shareholder returns”, Australian Journal of Management, Vol. 16, No. 1, Juni 1991.

Farrar, John, H., “Business Judgment and Defensive Tactics in Hostile Takeover Bids”, Canadian Business Law Journal, Vol. 15, No. 1, Maret 1989.

Frank H. Easterbrook and Daniel R. Fischel, “The corporate contract. (Contractual Freedom in Corporate Law)”, Columbia Law Review, Vol. 89, No. 7, November 1989.

Giraldo, Laguado Andrés, Carlos, “Factors governing the application of the business judgment rule: an empirical study of the US, UK, Australia and the EU” en Vniversitas, Vol. 111, 2006.

Gurrea-Martinez, Aurelio, “Re-examining the law and economics of the business judgment rule: Notes for its implementation in non-US jurisdictions”, Journal of Corporate Law Studies, Vol. 18, No. 2, July 2018.

Hinsey IV, Joseph, “Business Judgment and the American Law Institute's Corporate Governance Project: The Rule, The Doctrine and the Reality”. George Washington Law Review, Vol. 15, No. 4-5, May 1984.

Hofmann, Melissa, “The Statutory Derivative Action in Australia: An Empirical Review of its Use and Effectiveness in Australia in Comparison to the United States, Canada and Singapore”, Corporate Governance eJournal, http://www.austlii.edu.au/au/journals/ElderLRev/2005/1.pdf, Mei 2004.

Horrigan, Bryan, “Directors’ Duties and Liabilities — Where Are We Now and Where Are We Going in the UK, Broader Commonwealth, and Internationally?”, International Journal of Business and Social Science, Vol. 3, No. 2, Januari 2012.

Howard, John, “Takeover battles and the business judgment rule: recent American case law development”, Canadian Business Law Journal, Vol.11, No. 4, Agustus 1986

Hu, Pamela L., & C. Silberglied, Russell, “From Production Resources to Peoples Department Stores: A Similar Response by Delaware and Canadian Courts on the Fiduciary Duties of Directors to Creditors of Insolvent Companies”, Journal of Business and Technology Law, Vol. 1, No. 2, 2007.

Jensen, Michael C. and Meckling, William H., “Theory of the firm: Managerial behaviour, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3, No. 4, 1976.

Johnson, Lyman P.Q., “Corporate Officers and The Business Judgment Rule”, Business Lawyer, Vol. 60, No. 2, Februari 2005.

Johnson, Lyman P.Q., “Unsettledness in Delaware Corporate Law: Business Judgment Rule, Corporate Purpose”, Delaware Journal of Corporate Law, Vol. 38, No. 2, Spring 2013.

Keay, Andrew, & Loughrey, Joan, “The Concept of Business Judgment”, Legal Studies, Vol. 39, No. 1, Maret 2019.

Kirkbride, James and Letza, Steve, “Minority shareholders and corporate governance Reflections on the derivative action in the UK, the USA and in China”, International Journal of Law and Management, Vol. 51, No. 4, Juli 2009.

Lestari, Sartika Nanda, “Business Judgment Rule Sebagai Immunity Doctrine Bagi Direksi Badan Usaha Milik Negara di Indonesia”, Notarius, Vol. 8, No. 2, September 2015.

Macintosh, Jeffrey G., “The Oppression Remedy: Personal or Derivative”, Canadian Bar Review, Vol. 70, No. 1, Maret 1991.

Macintosh, Jeffrey G., “Bad Faith and the Oppression Remedy: Uneasy marriage, or Amicable Divorce?”, Canadian Bar Review, Vol. 69, No. 2, Juni 1990.

Masrurah, Bewani Octavianisa, “Konsep Itikad Baik Dalam Penerapan Business Judgment Rule Berdasarkan Sistem Hukum Perseroan Indonesia Dan Malaysia’, Jurnal Ilmu Sosial dan Pendidikan, Vol. 3, No. 3, November 2019.

McMillan, Lori, “The Business Judgment Rule as an Immunity Doctrine”. William and Mary Business Law Review, Vol. 4, No. 2, Agustus 2013.

MP, Ponsford, “Corporate Governance and the Business Judgment Rule: Fiduciary Duties of Directors in Canada and the People’s Republic of China”. Journal of Civil Legal Science, Vol. 5, No. 1, Januari 2016.

Miller, Geoffrey, “Special Symposium Issue: Political Structure and Corporate Governance: Some Points of Contrast Between the United States and England”, Columbia Business Law Review, Vol. 1, Winter 1998.

Ponta, Adina, & Catana, Radu, N., “The Business Judgement Rule and Its Reception in European Countries”, The Macrotheme Review, Vol. 4, No. 7, Winter 2015.

Prasetio, et al., “Dilemma in the Implementation of Business Judgment Rule in Commercial Transactions of State-Owned Enterprises”, Talent Development & Excellence’, Vol. 2, No. 2, Special Issue 2020.

Riley, Christopher, “Derivative claims and ratification: time to ditch some baggage”, Legal Studies, Vol. 34, No. 4, Desember 2013.

Rissy, Yafet Yosafet Wilben, “Ketentuan dan Pelaksanaan Business Judgement Rule di Amerika, Australia dan Indonesia”, Jurnal Masalah-Masalah Hukum, Vol. 49, No. 2, April 2020.

Ross, Stephen A., “The economic theory of agency: The principal’s problem”, American Economic Review, Vol. 63, No. 2, Mei 1973.

Rotem, Yaad, “The law applicable to a derivative action on behalf of a foreign corporation-corporate law in conflict”, Cornell International Law Journal, Vol. 46, No. 2, Spring 2013.

Rukmono, Bambang Sugeng dan Soehartono, “Some Problems in the Implementation of the Business Judgment Rule Principles to the Directors of State-Owned Enterprises in Indonesia”, Advances in Social Science, Education and Humanities Research, Oktober 2019.

Sudarno et al, “Business judgment rule application in company: a comparison based on the case in Indonesia and Malaysia”, IOP Conf. Series: Earth and Environmental Science, 2019.

Stout, Lynn A., “In Praise of Procedure: An Economic and Behavioral Defense Of Smith V. Van Gorkom And The Business Judgment Rule”, Northwestern University Law Review, Vol. 96, No. 2, Winter 2002.

Vasudev, P.M.,Corporate Stakeholders in Canada—An Overview and a Proposal”, Ottawa Law Review, Vol. 45, No. 1, Spring 2014.

Weinberger, Lael Daniel, “The Business Judgment Rule and Sphere Sovereignty”, Thomas M. Cooley Law Review, Vol. 27, No. 2, Mei 2010.

Widjaja, Gunawan, “The Conception and Implementation of “Business Judgment Rule” In Indonesia according to Law No. 40 Year 2007 re. Perseroan Terbatas (Law on PT)”, Asian Law Institute Conference, Hongkong, 2009.

Wijaya, Andika, “Implementation of the Doctrine of the Business Judgment Rule on Bankruptcy Law in Indonesia”, Yuridika, Vol. 35, No. 1, Oktober 2020.

C. Peraturan Perundang-Undangan

Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas (Lembaran Negara Tahun 2007 Nomor 106, Tambahan Lembaran Negara Republik Indonesia Nomor 4756).

Peraturan Otoritas Jasa Keuangan Nomor 33/PJOK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.

D. Internet

Aronson v. Lewis, 473 A.2d 805, 812 (Del. 1984), “Supreme Court of Delaware”. Decided: March 1, 1984, IV, https://law.justia.com/cases/delaware/supreme-court/1984/473-a-2d-805-4.html, diakses pada 30 Juli 2020.

Detik.com, “MA Lepaskan Eks Dirut Pertamina Karen di Kasus Korupsi Rp 568 M”, https://news.detik.com/berita/d-4931904/ma-lepaskan-eks-dirut pertamina-karen-di-kasus-korupsi-rp 568m?_ga=2.21407481.332223227.1583567161-84216239.1549435714, diakses pada 9 Maret 2020.

Kames, Lord Henry Home, “Principles of Equity”, https://quod.lib.umich.edu/e/ecco/004841431.0001.000/1:8?rgn=div1;view=fulltext>, diakses pada 2 September 2019.

Kerr v. Danier Leather Inc., SCC 44 (CanLII), [2007] 3 SCR 331. https://www.canlii.org/en/ca/scc/doc/2007/2007scc44/2007scc44.html, diakses pada 30 Juli 2020.

Kompas.Com, “Eks Dirut Pertamina Bebas karena Risiko Bisnis, Kasus Jiwasraya Bernasib Sama?”, https://nasional.kompas.com/read/2020/03/11/09415771/eks-dirut-pertamina-bebas-karena-risiko-bisnis-kasus-jiwasraya-bernasib-sama?page=all, diakses pada 12 Maret 2020.

Maple Leaf Foods Inc. v. Schneider Corp., 1998 CanLII 5121 (ON CA), 42 O.R. (3d) 177 (C.A.). https://www.canlii.org/en/on/onca/doc/1998/1998canlii5121/1998canlii5121.html, diakses pada 30 Juli 2020.

Peoples Department Stores Inc. (Trustee of) v. Wise, [2004] SCC 68, [2004] 3 SCR, https://scc-csc.lexum.com/scc-csc/scc-csc/en/item/2184/index.do, diakses pada 1September 2019.

Re City Equitable Fire Insurance Co [1925] Ch 407, https://www.revolvy.com/page/Re-City-Equitable-Fire-Insurance-Co, diakses pada 2 September 2019.

E. Dokumen Resmi Lain

The UK Companies Act 2006

The Canadian Business Corporation Act 2019.



DOI: https://doi.org/10.22146/jmh.56117

Article Metrics

Abstract views : 8052 | views : 15022

Refbacks

  • There are currently no refbacks.


Copyright (c) 2020 Yafet Yosafet Wilben Rissy

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Mimbar Hukum Indexed by:

DOAJ (Directory of Open Access Journal) Bielefeld Academic Search Engine (BASE) COREWorldCatLIVIVOCopac JISTHarvard LibraryElectronic Journals LibraryColumbia University LibrariesLeiden University LibrariesUniversity of Saskatchewan-CanadaGent University LibraryWestern Theological SeminaryUniversity of OxfordThe University of SheffieldThe University of Manchester Toronto Public LibraryEbsco  

Member of :

Crossref


MIMBAR HUKUM ISSN: 0852-100X(print), ISSN: 2443-0994(online)