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Indonesia - Corporate Governance Case Studies (Inglês)

Following its IPO, Blue Bird approached International Finance Corporation (IFC) to support the company’s efforts to strengthen its corporate governance (CG) framework and policies to go beyond compliance with local regulations and align the company’s governance with international leading practices and standards. The company wanted to set a tone at the top that highlights the importance of CG. In collaboration with IFC, Blue Bird developed a comprehensive CG manual to clearly outline how the company should be governed. To enhance the effectiveness of its boards and more clearly delineate their roles and responsibilities, terms of references (TORs) were created for Board of Commissioners (BoC) and Board of Directors (BoD) members as well as for board-level Committees and the Corporate Secretary. To improve the capacity for monitoring risks, the company strengthened its internal audit unit and established a more formal risk management framework. With expectations of transforming from a privately held family business to a rapidly growing public company, the founders explored the development of a family governance framework, including a family constitution, in order to set the vision, values, and policies regulating the family relationship with the business and ensure the continuity of Blue Bird for generations to come.

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