One Tier Board Model

Two Tier Board Model

Modification Board Model

The Verenigde Oostindische Compagnie (VOC)• Internal Structure can describe today as a

one-tier board model• The board of seventeen directors, elected

by the 76 governors of the six chambers (Amsterdam, Middelburg, Rotterdam, Delft, Hoorn, and Enkhuizen)

• in 1623, Introduced what we call a Supervisory Board

Enron Cases• high degree of irresponsible and partly criminal

conduct, particularly by external auditors• what is stunning is not only the failure of the

auditing control device – which can be classified somewhere in the middle between inside and outsidecontrol – but that all control mechanisms failed

• efficient internal control of management and auditing by the supervisory board or the responsible board committee is indispensable

Management Board (Vorstand) Supervisory Board (Aufischtsrat) (control

the management not the corporation)

German dalam 3 UU Ketenagakerjaan (iron, steel and coal industries) mensyaratkan komposisi 3:1 bagi wakil tenaga kerja dalam Aufischtsrat jika mempekerjakan lebih dari 500 pekerja

Entrusts both management and control to the hands of the board of directors

Board of Directors, distinct into:• executive directors (led by CEO) who are

employed as managers parallel to their directorate

• non-executive directors (led by board chairman) who are not involved in the running of the day-to-day business of the company

All directors have the same powers, non-executive directors can also take the initiative in management decisions, and they are not restricted to post-decision approval like the German supervisory board

Percival v Wright [1902] 2 Ch 421. disebutkan all directors – regardless of whether they are executives or non-executives – owe the same duties to the company

One-tier model with the conseil d’administration Two-tier model with the conseil d’administration

dan conseil de surveillance The Loi Nouvelle Régulations Economique

(NRE)109, adopted in 2001, Introduced Third Model, There is position Président Directeur Générale (PDG), who took both the position of chairman of the board and of the chief executive officer

Labour participation is secured in that two members of the workers’ council

From January 2004, based on Vietti-Reform ties by Mirone Committe, companies will have the choice between three different board models:• two-tier board structure following the German model with a

management board (consiglio di gestione) and a supervisory board (consiglio de sorveglianza)

• One-tier structure that ties in with the Anglo-Saxon model• Collegio Sindacale and Consiglio di Amministrazione (that

composed at least of one third of independent directors and for a control committee (comitato per il controllo sulla gestione) exclusively composed of independent directors)

• There is no role of Employee Representation

Two Tier Board Model, Management Function by Direksi dan Control Function by Dewan Komisaris

Three Tier Board Model (Syar’i Business) Direksi, Dewan Komisaris dan Dewan Pengawas Syariah (Pasal 109)

Direksi Organ Tubuh; GENERAL Meeting sebagai Otak, oleh karena itu seolah-olah Direksi adalah Personifikasi PT.

2 (dua) Konsep Direksi:•Trustee Doctrine•Agency Doctrine

Agency Doctrine, sejalan dengan Financial Theory.

John R. Boatright mengatakan, “The most important right of shareholder are elect the board of director”

Berdasarkan Waktu• Sebelum (PT Evergreen Printing Glass vs. Willem Sihartoe

Hoetahoeroek)• Setelah (PT Asuransi Kerugian Jasa Raharja vs.

Setiarko”Graha Gapura” dan KRT Rubianto Argonandi“PT Rencong Aceh Semen”

Berdasarkan Fiduciary Duty( Delaware Supreme Court Decision)• Duty of Loyalty, Re Emerging Comunication Inc.

Shareholder Litigation. 3 dari 7 dihukum. Inside Director: Prosser, Inside Director and Company Counsel: John Raynor dan Outside Director Salvatore Mouio.

• Duty of Care, Smith vs Van Gorkom (Trade Union Corporation Case, Marmon Group) Kesepuluh Direktur dihukum mengganti kerugian US $ 23.5 Million