Disiapkan untuk diskusi kalangan terbatas oleh Kementerian BUMN. Dilarang memperbanyak tanpa izin tertulis Ministry of State-owned Enterprises Republic of Indonesia Good Corporate Governance Implementation In Indonesia’s State-owned Enterprises May 18 th 2011 Presented by Gatot Trihargo, Deputy Assistant for Strategic Industry & Manufacturing SOEs II
21
Embed
Good Corporate Governance Implementation In Indonesia's State ...
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Disiapkan untuk diskusi kalangan terbatas oleh Kementerian BUMN. Dilarang memperbanyak tanpa izin tertulis
Ministry of State-owned Enterprises Republic of Indonesia
Good Corporate Governance Implementation
In Indonesia’s State-owned Enterprises
May 18th 2011
Presented by Gatot Trihargo,
Deputy Assistant for Strategic Industry & Manufacturing SOEs II
Disiapkan untuk diskusi kalangan terbatas oleh Kementerian BUMN. Dilarang memperbanyak tanpa izin tertulis 2
AGENDA
1 Profile of Indonesia’s State-owned Enterprises (SOEs)
2 Rightsizing Policy to tackle uneven Performance between SOEs
3 Implementation of GCG in Indonesia’s SOEs
3
Currently there are 142 state-owned enterprises..
and 18 companies in which the government has minority stake.
142 SOEs in Various Industry Sectors
Portfolio encompasses various sectors providing diversification and synergy opportunities
Total Number of SOEs
2007 2008 2009 2010 2011*
Listed 14 14 15 17 18
Corporations (Non Listed) 111 113 112 111 110
Special Purpose Entities 14 14 14 14 14
Total SOEs 139 141 141 142 142
Corporations in which the Ministry has a minority stake 21 21 19 18 18
* As of February 2011
SOEs by Industry
3
Construction 13
Industrial Area 6
Miscellaneous 8
Transportation & Infrastructure
17
Mining 6
Strategic Industries 12
Energy 5
Telecommunication 5
Printing 6
Fishing 2
Forestry 6 Plantation
15 Agriculture Supporting
5
Banking 4
Insurance 10
Finance 8
Logistic & Certification
11
Tourism 3
4 4
Increasing the role of State-Owned Enterprises as state instruments
for national welfare based on corporate practices
Focus on implementing a strong corporate mechanism to ensure sustainable value enhancement of SOE…
Improving quality of SOEs’ management to become more accountable and transparent
Strengthening succession and selection process of SOEs’ top management and continuously enhancing
their compensation structure
Implementing a stricter performance goal setting and evaluation through the Board of Commissioners of
SOE
…While encouraging a stronger role by SOEs in accelerating nation development
Increasing role of SOEs to promote economic growth and to contribute to state revenue
Increasing quality of the execution of Public Service Obligation
Increasing role of SOEs in pioneering business to increase participation of micro and small business
players
Vision and Role of the Ministry
Vision
Role of the Ministry
Creating world class corporations …
…while encouraging SOEs to play a stronger role in accelerating the nation’s development
Focusing on implementing a strong corporate mechanism to ensure a sustainable value enhancement of SOEs
4
5 5 5
SOEs’ Significant Capex & Opex Spending Help Enable and Sustain Indonesia’s Economic Growth
The SOEs’ total capital expenditure and operating expenditures consistently exceed the State’s capital expenditure
budget, reflecting the relative importance of SOEs in powering Indonesia’s future economic growth
SOE’s capex investments in basic infrastructure (e.g. to increase connectivity) lay the groundwork for Indonesia’s
future economic growth
The multiplier effect created from SOEs’ expenditures is a significant engine of growth for Indonesia’s economy
Capital Expenditure (Rp Trillion) Operating Expenditure (Rp Trillion)
2010 2011F 2010 2011F
State’s expenditure budget
in APBN P 2010 & APBN 2011 95.0 121.7 112.6 131.5
SOEs * 196.9 210.1 932.2 1,020.9
Percentage of SOEs to State 207.3% 172.6% 827.9% 776.3%
GDP 6,253.8 ** 7,019.9 *** 6,253.8 ** 7,019.9 ***
Percentage of SOEs spending to GDP 3.1% 3.0% 14.9% 14.5%
*) Excluding the subsidiaries of SOEs **) Source : APBN-P 2010 ***) Source : APBN 2011
6 6 6
SOEs are Market Leaders in Strategic & Competitive Sectors Such as Telecommunications, Banking, Cement, Energy, Mining, Infrastructure
SOEs command around 53.2% of market share in the cellular telecommunication sector in terms of number of
subscribers
State-owned banks constitute around 37.1% of the banking sector’s total assets
Cement-producer SOEs command 52.0% of sector’s total sales
Energy & Mining contribute more than 50.0% of energy supply
Telecommunications Banking Cement Energy & Mining
53.2% Subscribers of Cell Telco
Telkom Mandiri
BRI BNI BTN
37.1% Total of Assets
Gresik Group Kupang Baturaja
52.0% Total of Sales > 50% Energy Supply
Pertamina PTBA PGN
as of December 2010
Disiapkan untuk diskusi kalangan terbatas oleh Kementerian BUMN. Dilarang memperbanyak tanpa izin tertulis 7
AGENDA
1 Profile of Indonesia’s State-owned Enterprises (SOEs)
2 Rightsizing Policy to tackle uneven Performance between
SOEs
3 Implementation of GCG in Indonesia’s SOEs
Disiapkan untuk diskusi kalangan terbatas oleh Kementerian SOEs. Dilarang memperbanyak tanpa izin tertulis
26 SOEs 92.5%
Others 7.5%
8 8 8
26 Biggest SOEs (By Revenues) Performance of Indonesian SOEs are unevenly dominated by 26 of its Biggest
IDR Billion
% of 26 to Total
Revenue Net Income
Asset Equities
26 SOEs 90.4%
Others 9.6%
26 SOEs 92.8%
Others 7.2%
As of December 2010 (figures are proximate for non listed SOEs and audited for listed SOEs)
No 26 Biggest SOEs (By Asset) Revenues Net Income Asset Equity
1 PT Pertamina 444,855 15,829 278,586 103,548
2 PT Perusahaan Listrik Negara 163,764 10,316 369,051 149,931
3 PT Telkom Tbk 68,629 11,537 99,758 56,415
4 PT Bank BRI Tbk 50,160 11,472 404,286 36,673
5 PT Bank Mandiri Tbk 43,898 9,218 449,775 41,542
6 PT Pusri 33,363 3,139 34,790 16,733
7 PT Bank BNI Tbk 23,850 4,103 248,581 33,149
8 Perum Bulog 20,721 861 15,807 5,484
9 PT PGN Tbk 19,766 6,239 32,087 15,101
10 PT Garuda Indonesia Tbk 19,534 516 13,666 3,469
Our SOEs have consistently shown stable and significant growth, as seen by 14,97% increase in
revenues and 19,61% increase in net profit
19 19 19
SOEs Play a Major Role in Indonesian Capital Markets As of end of March 2011, among 10 biggest market capitalization in Indonesian Stock Exchange, 5 are SOEs
No. Company Name
Market Cap
Mar 31, 2011
(Rp Triliun)
1 PT Astra International Tbk 231
2 PT Bank Central Asia Tbk 171
3 PT Bank Mandiri (Persero) Tbk 159
4 PT Telekomunikasi Indonesia
(Persero) Tbk 148
5 PT Bank Rakyat Indonesia
(Persero) Tbk 142
6 PT Unilever IndonesiaTbk 117
7 PT Perusahaan Gas Negara
(Persero) Tbk 95
8 PT Gudang Garam Tbk 81
9 PT Bank Negara Indonesia
(Persero) Tbk 74
10 PT United Tractors Tbk 72
Total 1,290
Market Capitalization, 18 SOEs vs 422 Non SOEs
Dec’05 – Mar’11 Total Return for Shareholders – SOEs Top List
26,79%
73,21%
SOE
Others
1225.16%
495.39%
50.89%
392.53%
345.18%
211.29%
277.47%
287.710
5,000
10,000
15,000
20,000
25,000
30,000
Jan-
06
May
-06
Sep
-06
Jan-
07
May
-07
Sep
-07
Jan-
08
May
-08
Sep
-08
Jan-
09
May
-09
Sep
-09
Jan-
10
May
-10
Sep
-10
Jan-
11
BMRI BBRI BBNI TLKM PGAS ANTM PTBA SMGR
• As of end of March 2011, 18 SOEs contributed 27% to IDX total capitalization. There are 440 companies in IDX
• Market Capitalization of 18 listed SOEs as end of march was IDR 837 trillion.
5 of 10 biggest companies in IDX
by market cap are SOEs
20 20 20
Key Points GCG has been a major KPI for SOE for a decade and has helped maintain steady performance
• Indonesia has 142 SOEs, 26 of which contributed more than 90% of most
financial gains. Other smaller SOEs might be important for the state as it carries
out mission that the private sector can not accomplish.
• Indonesia’s SOEs play major role in Indonesia’s development, be it from direct
contribution to State budget or other support to the economy in general.
• GCG implementation has been started since early 2000s and has been
sustainably maintained by different Ministers of SOEs.
• Independent assessments and reviews assessment on GCG implementation
have been carried out by State Auditors. More than half of SOEs has
implemented GCG, 40% of which has properly implemented GCG principle to
their operation.
• GCG implementation, along with Rightsizing policy, will continue to be key
policies to sustain and improve SOEs performance which has consistently