OECD Corporate Governance Factbook 2025: Indonesia
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Indonesia’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In January 2023, Indonesia enacted Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector,1 which includes provisions for strengthening issuers and public companies in the capital market. As a follow-up, in December 2024, OJK issued OJK Regulation No. 45 of 2024 on the Development and Strengthening of Issuers and Public Companies.
In July 2023, the Financial Services Authority (OJK) issued OJK Regulation No. 13 of 2023 on Policies to Safeguard Capital Market Performance and Stability during Significant Market Fluctuations. The regulation allows public companies to buy back their shares without the approval of the general meeting of shareholders when market conditions fluctuate significantly.
In October 2023, OJK issued OJK Regulation No. 18 of 2023 on the Issuance and Requirements of Debt Securities and/or Sukuk Based on Sustainability. The new regulation expands the scope beyond green bonds to also cover green sukuk, social bonds/sukuk, sustainability bonds/sukuk, waqf sukuk, and sustainability-linked bonds.
In December 2023, OJK issued OJK Regulation No. 26 of 2023 on the Use of International Financial Reporting Standards in the Capital Market, providing guidelines for public companies listed in more than one country in preparing their financial statements.
In February 2024, OJK issued OJK Regulation No. 4 of 2024 on Reports of Share Ownership or Changes in Ownership of Public Companies and Pledging of Public Company Shares. The regulation shortens the reporting deadline for share ownership or ownership changes.2
In July 2024, OJK issued OJK Regulation No. 10 of 2024 on the Issuance and Reporting of Regional Bonds and Regional Sukuk.3
In May 2025, OJK issued OJK Regulation No. 9 of 2025 on the Dematerialization of Equity Securities and the Management of Unclaimed Assets in the Capital Market,4 providing the legal basis for public companies to issue securities in scripless form.
In July 2025, OJK issued Regulation No. 14 of 2025 on the Electronic Conduct of General Meetings of Shareholders, Bondholders, and Sukukholders. The regulation provides the legal basis for using information technology in these meetings,5 given the large number and wide geographical distribution of shareholders, bondholders and sukukholders in Indonesia.
In July 2025, OJK also issued OJK Regulation No. 17 of 2025 on Securities Offerings through Securities Crowdfunding Services. The regulation aims to enhance transparency, supervision, and governance of securities crowdfunding service providers and issuers.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Indonesia |
923 |
|
26.3% |
USD 760 bn |
54.5% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** While this item marks only one category per jurisdiction, Indonesia also sets a threshold for mandatory takeover bids at 50% of voting rights.
*** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* It is recommended that companies ensure at least 33% of the members are independent.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD.
This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
The full book is available in English: OECD (2025), OECD Corporate Governance Factbook 2025, OECD Publishing, Paris, https://doi.org/10.1787/f4f43735-en.
© OECD 2025
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← 1. It is also known as the Financial Sector Omnibus Law (FSOL).
← 2. The shortened reporting deadline aligns with Article 87(3) of FSOL, from a maximum of 10 business days to 5 business days after acquiring voting rights. The technical provisions on this matter are further regulated in OJK Circular Letter No. 10/SEOJK.04/2025.
← 3. It aligns with Law No. 1 of 2022 on Fiscal Relations between the Central and Regional Governments and Government Regulation No. 1 of 2024 on the Harmonization of National Fiscal Policy.
← 4. The regulation also sets out the mechanism for managing unclaimed assets in the capital market.
← 5. It aims to enhance efficiency and effectiveness while mitigating the risk of failing to reach a quorum.