Based on the data that is provided by the Transparency International, it is clear that Indonesia has been improving consistently in the Corruption Index from 2010 to 2013. There’s a significant performance leap in 2014 and its Corruption Index has maintained strong growth from then on. However, in the year of the Covid-19 pandemic, the country’s performance in this area, dropped slightly as shown in the chart below.
While the disruptive effect of the COVID-19 pandemic and its economic consequences cannot be overstated, a few countries in the region such as Singapore, are managing to recover quickly, while others still suffer the dual health and economic crises.
Indonesia is not alone in the fight against poor corporate governance. A recent survey by Nemexis, found that a majority of the 58 countries that was surveyed by them, experienced poor corporate governance during the Covid-19 pandemic and it was found to be related to purchasing and/or access to personal protective equipment. A recent article from the World Economic Forum stated that the risk of poor corporate governance has increased exponentially during the pandemic.
While the country is combating the Covid-19, the administration still pushes against the poor corporate governance tidal wave by increasing awareness on the issue.
In a recent virtual briefing, the administration reminded everyone that one of the causes of the economic crisis in the late 90s was due to poor corporate governance, and cited examples of poor investment quality, lack of transparency, weak law enforcement, large numbers of short-term non-hedge loans amongst others.
The administration encouraged both public and private sector to explore the concept of Environmental, Social and Governance (ESG) and try to implement its principals in corporate activities. Additionally, the administration also added that climate change and natural disasters are inevitable in the Southeast Asia region therefore ESG principals could help in mitigating such risks.
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