OECD Corporate Governance Working Papers

OECD Corporate Governance Working Papers provide timely analysis and information on national and international corporate governance issues and developments, including state ownership and privatisation policies. The working paper series is designed to make select studies by the OECD Corporate Governance Committee, OECD staff members and outside consultants available to a broad audience.


Disclosure of Beneficial Ownership and Control in Indonesia

Legislative and Regulatory Policy Options for Sustainable Capital Markets

A good corporate governance framework should combine transparency, accountability and integrity and this requires knowledge of beneficial ownership. The protection of minority investors and other stakeholder protection will be challenging without access to reliable information about the ownership, including the identity of the controlling owners, and control structures of listed companies. This report assesses the costs, benefits and practicalities of different approaches, suggesting policy options to better identify ultimate beneficial ownership in Indonesia. This report was requested by the Capital Market and Financial Institution Supervisory Agency in Indonesia, Bapepam-LK, in the context of the OECD-Indonesia corporate governance policy dialogue launched in 2011. The objective is to support policy makers and regulators in their efforts to enhance disclosure and enforcement of beneficial ownership and control as part of overall efforts to improve corporate governance standards and practices in Indonesia.


Keywords: public enforcement, private enforcement, beneficial ownership, money laundering, disclosure, outside blockholders, shareholders, control-enhancing mechanisms, corporate governance, inside blockholders
JEL: K22: Law and Economics / Regulation and Business Law / Business and Securities Law; G32: Financial Economics / Corporate Finance and Governance / Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill; G30: Financial Economics / Corporate Finance and Governance / Corporate Finance and Governance: General; K42: Law and Economics / Legal Procedure, the Legal System, and Illegal Behavior / Illegal Behavior and the Enforcement of Law
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