STRENGTHENING THE BUSINESS JUDGMENT RULE IN LEGAL PROTECTION FOR DIRECTORS IN CORPORATE BUSINESS DECISION-MAKING: A COMPARATIVE STUDY BETWEEN INDONESIA AND THE UNITED STATES
DOI:
https://doi.org/10.18623/rvd.v23.6788Palavras-chave:
Business Judgment Rule, Legal Protection, Fiduciary Duty, Burden of Proof, Director LiabilityResumo
A Limited Liability Company is a legal entity with a strategic economic role, consisting of the GMS, Board of Directors, and Board of Commissioners. The Board of Directors has full authority to manage and represent the company and must make strategic decisions to achieve profit maximization. To support this role, the Business Judgement Rule (BJR) provides legal protection by shielding directors from liability for losses, as long as decisions are made in good faith, with due care, and in the company’s best interest. In Indonesia, the BJR is recognized under Article 97 paragraph (5) of the Company Law and is closely linked to fiduciary duty. However, its application remains inconsistent, particularly regarding the burden of proof, which is often imposed on directors, unlike in the United States (Delaware), where it lies on the plaintiff. This may discourage directors from taking necessary business risks.
Referências
Adams, M., & Bamhoff, J. (2012). Practice and theory in comparative law. Cambridge University Press. https://doi.org/10.1017/CBO9780511863301
Anand, G. (2012). Akibat hukum saham yang dikeluarkan perseroan tanpa terlebih dahulu ditawarkan kepada pemegang saham. Yuridika, 27(3). https://doi.org/10.20473/ydk.v27i3.298
Anandya, D., Ramadhana, K., & Easter, L. (2023). Mendudukkan kembali implementasi prinsip business judgement rule dalam perkara korupsi. Indonesia Corruption Watch.
Andriola, P. A. (2014). Leap of faith: Determining the proper burden of proof for the business judgment rule. Boston College Law Review, 55(5).
Arbour, L. (2008). The responsibility to protect as a duty of care in international law and practice. Review of International Studies, 34(3).
Atmoko, D., & Hutagalung, J. M. (2022). Pengantar hukum perusahaan. Literasi Nusantara.
Badawi, A. B. (2023). The business judgment rule [Stanford Law and Economics Olin Working Paper].
Bainbridge, S. M. (2004). The business judgment rule as abstention doctrine. Vanderbilt Law Review, 57(1). https://scholarship.law.vanderbilt.edu/vlr/vol57/iss1/3
Chia, Y. (2016). The business of judging directors' business judgments in Singapore courts. Singapore Academy of Law Journal, 28. https://search.informit.org/doi/10.3316/informit.365577340311481
CNN Indonesia. (2025, November 20). Eks Dirut ASDP Ira Puspadewi divonis 4,5 tahun penjara. CNN Indonesia. https://www.cnnindonesia.com/nasional/20251120141656-12-1297524/eks-dirut-asdp-ira-puspadewi-divonis-45-tahun-penjara
Elson, A., & Shakman, M. L. (1994). The ALI principles of corporate governance: A tainted process and a flawed product. The Business Lawyer, 49.
Glendon, M. A., Gordon, M. W., & Osakwe, C. (1982). Comparative legal traditions in a nutshell. West Publishing Co.
Gold, A. S. (2007). A decision theory approach to the business judgment rule: Reflections on Disney, good faith, and judicial uncertainty. Maryland Law Review, 66.
Gurrea-Martínez, A. (2018). Re-examining the law and economics of the business judgment rule from a comparative perspective: Notes for its implementation in non-US jurisdictions. Journal of Corporate Law Studies, 18(2).
Hadi, S., Suryamah, A., & Afriana, A. (2021). Prinsip business judgement rule dalam pertanggungjawaban hukum direksi BUMN yang melakukan tindakan investasi yang mengakibatkan kerugian. Acta Diurnal Jurnal Ilmu Hukum Kenotariatan, 4(2). https://doi.org/10.23920/acta.v4i2.553
Hartono, R. N., Sriwati, & Rini, W. S. D. (2021). Kerugian keuangan negara pada badan usaha milik negara (BUMN) dalam perspektif doktrin business judgement rule. Keluwi: Jurnal Sosial dan Humaniora, 2(1). https://doi.org/10.24123/soshum.v2i1.4392
Irawan, C. N., Pujiyono, P., & Cahyaningtyas, I. (2022). Implementation of business judgement rules in Indonesia: Theories, practices, and contemporary cases. Indonesian Journal of Advocacy and Legal Services, 4(1). https://doi.org/10.15294/ijals.v4i1.23273
Johnson, L. P. Q. (2013). Unsettledness in Delaware corporate law: Business judgment rule, corporate purpose. Delaware Journal of Corporate Law, 38.
Keay, A., & Loughrey, J. (2018). The concept of business judgment. Legal Studies. https://doi.org/10.1017/lst.2018.29
Kershaw, D. (2018). The foundations of the business judgment rule in the United States. In The foundations of Anglo-American corporate fiduciary law. Cambridge University Press. https://doi.org/10.1017/9781316135891.004
Lestari, S. N. (2015). Business judgment rule sebagai immunity doctrine bagi direksi badan usaha milik negara di Indonesia. Notarius, 8(2).
Lewis, S. (2021). Precedent and the rule of law. Oxford Journal of Legal Studies, 41(4).
Lowry, J. (2009). The duty of loyalty of company directors: Bridging the accountability gap through efficient disclosure. The Cambridge Law Journal, 68(3). https://doi.org/10.1017/S000819730999016X
Lukito, R. (2016). Perbandingan hukum: Perdebatan teori dan metode. Gadjah Mada University Press.
McMillan, L. D. (2013). The business judgment rule as an immunity doctrine. William & Mary Business Law Review, 4(2).
Nicola, F. G., & Frankenberg, G. (2024). Comparative law: Introduction to a critical practice. Edward Elgar Publishing. https://doi.org/10.4337/9781035314942
Nwafor, A. O. (2014). Shareholders profit maximization and stakeholders interests in corporate governance. Corporate Ownership & Control, 11(4). https://doi.org/10.22495/cocv11i4c7p9
Reimann, M., & Zimmermann, R. (Eds.). (2019). The Oxford handbook of comparative law. Oxford University Press. https://doi.org/10.1093/oxfordhb/9780198810230.001.0001
Rissy, Y. Y. W. (2020). Business judgement rule: Ketentuan dan pelaksanaannya oleh pengadilan di Inggris, Kanada dan Indonesia. Mimbar Hukum, 32(2).
Santiago, F. (2024). Reconstruction of the business judgment rule doctrine in Indonesia: Legal comparison with England, Canada, the United States, and Australia. Jurnal IUS Kajian Hukum dan Keadilan, 12(1). https://doi.org/10.29303/ius.v12i1.1371
Sanyoto, A. A., & Lie, G. (2025). The dynamics of the criminalization of corruption: A critical review of the business judgment rule. Indonesian Journal of Law and Economics Review, 20(4).
Sedana, M. W. A., & Sarjana, I. M. (2023). Doktrin business judgement rule dalam pertanggungjawaban direksi perseroan terbatas berdasarkan undang-undang perseroan terbatas. Jurnal Kertha Desa, 11(8).
Seenacherry, M. K. (2020). Liability of company directors: The business judgement rule as developed in the US and adopted by Germany compared to the Netherlands’ approach. Amsterdam Law Forum, 6(1), 1. https://doi.org/10.37974/ALF.345
Sembodo, G. P., Nefi, A., & Fakhriah, E. L. (2022). Urgensi penerapan prinsip business judgment rule dalam peraturan pemerintah nomor 63 tahun 2019 tentang investasi pemerintah. Jurnal Poros Hukum Padjadjaran, 3(2). https://doi.org/10.23920/jphp.v3i2.789
Sharfman, B. S. (2017). The importance of the business judgment rule. NYU Journal of Law and Business, 14.
Sheehy, B. (2023). Business judgment rule. In S. Idowu & others (Eds.), Encyclopedia of sustainable management (p. 1). Springer. https://doi.org/10.1007/978-3-031-25984-5_107
Velasco, J. (2021). A defense of the corporate law duty of care. Iowa Journal of Corporation Law, 47(3).
Wildayanti, & Salenda, K. (2022). Penerapan prinsip business judgment rule (BJR) terhadap putusan direksi perusahaan perseroan terbatas. Alauddin Law Development Journal, 4(3). https://doi.org/10.24252/aldev.v4i3.18819
Zweigert, K., & Kötz, H. (2011). An introduction to comparative law. Oxford University Press.
Downloads
Publicado
Como Citar
Edição
Seção
Licença
Submeto (emos) o presente trabalho, texto original e inédito, de minha (nossa) autoria, à avaliação de Veredas do Direito - Revista de Direito, e concordo (amos) que os direitos autorais a ele referentes se tornem propriedade exclusiva da Revista Veredas, sendo vedada qualquer reprodução total ou parcial, em qualquer outra parte ou outro meio de divulgação impresso ou eletrônico, dissociado de Veredas do Direito, sem que a necessária e prévia autorização seja solicitada por escrito e obtida junto ao Editor-gerente. Declaro (amos) ainda que não existe conflito de interesse entre o tema abordado, o (s) autor (es) e empresas, instituições ou indivíduos.
Reconheço (Reconhecemos) ainda que Veredas está licenciada sob uma LICENÇA CREATIVE COMMONS:
Licença Creative Commons Attribution 3.0
