PRINSIP KETERBUKAAN DALAM KERANGKA GOOD CORPORATE GOVERNANCE DI PASAR MODAL (Studi Kasus PT. Perusahaan Gas Negara)

Mei Edi Mujito, ST., S.Hut, Prof. M. Hawin, S.H., LL.M., Ph.D.

2011 | Tesis | S2 Magister Hukum

Satu penyebab rentannya perusahaan-perusahaan di Indonesia terhadap gejolak perekonomian antara lain adalah lemahnya penerapan Good Corporate Governance(GCG). Prinsip-prinsip yang ada di GCG adalah prinsip transparansi/keterbukaan, prinsip akuntabilitas, prinsip responsibilitas, dan prinsip kewajaran. Keempat prinsip GCG harus dilaksanakan secara simultan agar GCG tercapai. Prinsip keterbukaan tentang fakta material sebagai jiwa pasar modal didasarkan pada prinsip yang memungkinkan tersedianya bahan pertimbangan bagi investor, sehingga investor secara rasional dapat mengambil keputusan untuk melakukan pembelian atau penjualan saham. Penelitian ini dibuat untuk melihat sejauh mana pelaksanaan prinsip keterbukaan dalam kerangka Good Corporate Governance di pasar modal sudah berjalan dan bagaimana penerapan sanksi pelanggaran prinsip keterbukaan dalam kerangka Good Corporate Governance di pasar modal? Sifat penelitian yang dilakukan adalah penelitian yuridis normatif, dilengkapi penelitian lapangan (Studi Kasus PT. Perusahaan Gas Negara). Data dikumpulkan dengan studi pustaka dan wawancara pada pemegang kebijakan sekaligus investor/pemilik saham PT. Perusahaan Gas Negara, Surabaya. Dari penelitian ini diketahui beberapa hal bahwa Prinsip Keterbukaan untuk mencapai Good Corporate Governance telah dilaksanakan dengan menyampaikan informasi penting dalam laporan berkala dan laporan peristiwa penting perseroan kepada pemegang saham dan instansi pemerintah yang terkait sesuai dengan peraturan perundang-undangan yang berlaku secara tepat waktu, akurat, jelas dan objektif. Pelaksanaannya dapat terlihat pada saat perusahaan melakukan penawaran umun (primary market level) didahului dengan Pernyataan Pendaftaran Emisi ke Bapepam dengan menyertakan semua dokumen penting yang dipersyaratkan. Namun, mekanisme di lapangan, prospektus ringkas merupakan metode transparansi yang sangat mahal tetapi tidak efektif karena untuk menganalisa kondisi dan prospek perusahaan tidak cukup dalam waktu tiga hari, selain itu biaya pemasangan iklan prospektus ringkas sangat mahal.

One cause of the vulnerability of companies in Indonesia to the turmoil in the economy, among others, is the weak implementation of Good Corporate Governance (GCG). The principles on good corporate governance is the principle of transparency, accountability principle, the principle of responsibility, and the principle of fairness. The four principles of good corporate governance should be implemented simultaneously in order to achieve good corporate governance. The principle of openness about the material facts as the soul of capital markets is based on the principle of making available material for consideration for investors, so investors can rationally decide to make a purchase or sale of shares. This study was made to see how far the implementation of the principles of transparancy within the framework of Good Corporate Governance in the capital market has been running and how to sanction violations of the principles of transparancy within the framework of Good Corporate Governance in the stock market? The research conducted is a normative juridical research, equipped field research (Case Study PT. National Gas Negara). Data were collected with a literature study and interviews on the policy holders as well as investor /shareholder of PT. National Gas Negara, Surabaya. From this research note a few things that the Transparancy principle in order to achieve good corporate governance has been carried out by delivering important information in periodic reports and report important events company to shareholders and relevant government agencies in accordance with the laws and regulations that apply in a timely, accurate, clearly and objectively. Implementation can be seen at the primary market level preceded by a Registration Statement to Bapepam issued to include all the important documents required. However, the mechanisms in the field, summary prospectus is a method of transparency that is very expensive but ineffective because in order to analyze the condition and prospects of the company is not sufficient within three days, besides the cost of advertising is very expensive prospectus summary.

Kata Kunci : Prinsip keterbukaan, Good Coperate Governance, Pasar Modal