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STAKEHOLDER SCORECARD APPROACH TO DEFINING &

IMPLEMENTING ASEAN CORPORATE GOVERNANCE


SCORECARD
Hasan Fauzi
Indonesian Center for Social and Environmental Accounting Research and
Development (ICSEARD)
Faculty of Economics and Business
Universitas Sebelas Maret

SEMINRA ON ASEAN CORPORATE GOVERNANCE SCORECARD


PUSAT STUDI AKUNTANSI
FAKULTAS EKONOMI DAN BISNIS
UNIVERISITAS TRISAKSI
& FORUM ON CORPORATE GOVERNANCE & CRS IAI KAPd
Jakarta 26 JULI 2018
OVERVIEW OF ASEAN
CORPORATE GOVERNANCE SCORECARD-1
• The ASEAN Corporate Governance Scorecard was introduced
in 2011
• The scorecard is a corporate governance initiative of the
Association of Southeast Asian Nations (ASEAN), under the
ASEAN Capital Markets Forum (ACMF) Implementation Plan
for the development of an integrated capital market, to
complement other ACMF initiatives and promote ASEAN as an
asset class
• Objective of the scorecard is to raise corporate governance
standards of publicly listed companies (PLCs) in ASEAN
countries and increase their visibility to investors.
OVERVIEW OF ASEAN
CORPORATE GOVERNANCE SCORECARD-2
• The scorecard covers the following five areas (Level 1 )of the
OECD principles:
• Rights of shareholders (10)
• Equitable treatment of shareholders (15)
• Role of stakeholders (10)
• Disclosure and transparency (25)
• Responsibilities of the board (40)
• Level 2: Two additional sections: Bonus and Penalty (42)
PENGERTIAN CSR, SUSTAINABILITY, GOVERNANCE&ACCOUNTABILITY -1

5
PENGERTIAN CSR, SUSTAINABILITY, GOVERNANCE&ACCOUNTABILITY -2

CSR
Milton
Donaldson Epstein Epstein
Friedman
(1995) (2014) (2014)
(1970)

Return bagi Input Output Dimensi Integrasi


shareholder Model Sustainabilit dengan
APA YANG TERJADI DENGAN CGA SAAT INI?

Video
EXTENDED ENTERPRISE RISK MANAGEMENT
(ERM)
• SUSTAI NABILITY – BEYOND ENTERPRISE RISK
MANAGEMENT
IMPLEMENTING EXTENDED ERM PLATFORM
IIRC Framework)
STAKEHOLDER SCORECARD-1
STAKEHOLDER SCORECARD & ERM
• Enterprise risk management is a process, effected by an entity's
board of directors, management and other personnel, applied in
strategy setting and across the enterprise, designed co identify
potential events that may affect the entity, and manage risk to
be within its risk appetite, to provide reasonable assurance
regarding the achievement of entity objectives
• The underlying premise of enterprise risk management is that
every organization exists to provide value for its stakeholders.
• Enterprise risk management enables management to effectively
deal with uncertainty and associated risk and opportunity,
enhancing the capacity to build value
STAKEHOLDER SCORECARD & ERM-2
• Enterprise risk management also helps ensure effective reporting
and compliance with laws and regulations, and helps avoid damage
to the organization's reputation and associated consequences
• From that perspective enterprise risk management can play a role in
management's choice to perform at a certain sustainability level and
to report thereon
• This supports Kamp-Roelands and Hibbitt's theorem that
organizations can improve their responsibilities towards the
community by providing more extensive information on their social
and environmental achievements
• Casey (2007) describes sustainable development reporting as a
relevant and valuable business risk management tool and useful for
enhancing and protecting reputation
STAKEHOLDER SCORECARD-2
• Atkinson et at (1998) and Nickols (2011) proposed the
stakeholder scorereard approach
• The transaction-based or quid-pro-quo view of the relationship
between an organization and its members or stakeholders
forms the structure of a Stakeholder Scorecard
ILLUSTRATIVE STAKEHOLDER SCORECARD
TOTAL PERFORMANCE SCORECARD
TPS AND INTEGRATED REPORTING
IIRC Framework
IIRC Framework
CLOSING NOTES
• Regulating is one way to increase transparency and performance
• Still risks exist:
• Omission
• Commission
• Some actions need be done in order for the policy (regulation) can go
as expected.
• Integrated Reporting (as the corporate governance tools in the
componen of ASEAN CG scorecard) as the last evolution of corporate
Reporting still in development
• Once adopted mandatory by financial authority and accounting
profession, the Auditor should play important role
• In ACGS: adoptions of the best practices of extended ERM using
business sustainability risk are hinghly recommended (level 1 and 2).