1 – 3 DESEMBER 2020

“TRANSFORMING BUSINESS TOWARD STAKEHOLDER VALUE FOR WELL-BEING,

RESILIENCE & SUSTAINABILITY”

https://isif.socialinvestment.id/

Dari Shareholder Value Maximization menujuStakeholder Capitalism

J a l a lDisampaikan pada Indonesia Social Investment Forum 2020

Plenari 1 “Dari Shareholder Value menuju Stakeholder Value: PergeseranParadigma Relasi Perusahaan dan Pemangku Kepentingan”

Jakarta, 1 Desember 2020

Teori Pemegang Saham dan Teori Pemangku Kepentingan(Friedman, 1970; Freeman, 1984)

Teori Pemegang Saham (Shareholder Theory)

menyatakan bahwa tujuanperusahaan adalah untuk

meningkatkan (belakangan: memaksimalkan) keuntungannya

untuk diberikan kepada pemilikmodal. Teori Pemangku

Kepentingan (Stakeholder Theory) menyatakan bahwa

untuk mencapai tujuannya (yang bukan sekadar mencari

keuntungan), perusahaan perlumemperhatikan,

menyeimbangkan, dan memenuhi ekspektasi seluruh

pemangku kepentingannya.

Beragam Pemanfaatan Teori Pemangku Kepentingan

Teori Pemangku Kepentingantelah berkembang sedemikianrupa, dari sebuah teori ‘pinggiran’ yang menantang dominasi TeoriPemegang Saham menjadi teoriyang dimanfaatkan dalamberagam bidang manajemen—mulai dari yang makro(keberlanjutan bisnis, manajemenstrategik) hingga yang sangatspesifik (pelaporan keberlanjutan, komunikasi krisis).

Yang penting digarisbawahi: teoripemangku kepentingan juga memasukkan pemegang sahamke dalam pihak yang perludiperhatikan kepentingannya oleh perusahaan.

Kapitalisme Pemangku Kepentingan(Freeman dan Liedtka, 1997; Freeman, Martin, dan Parmar, 2007)

“The idea of stakeholders is actually quite old, growing up in the 1960s through the work of management theorists Eric Rhenman, Igor Ansoff, Russell Ackoff, and their students. The idea is connected to a very old tradition that sees business as an integral part of society, rather than an institution that is separate and purely economic in nature.”

(Freeman dan Liedtka, 1997)

“The seeds of these deeply troubling issues are beginning to germinate. Global warming, global financial crises, and global terrorism threaten to destabilize our world. It is more imperative than ever to carefully study and understand the power of markets and capitalism.”

(Freeman, Martin dan Parmar, 2007)

Business Roundtable: Statement on the Purpose of a Corporation

Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity. We believe the free-market system is the best means of generating good jobs, a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all.

Businesses play a vital role in the economy by creating jobs, fostering innovation and providing essential goods and services. Businesses make and sell consumer products; manufacture equipment and vehicles; support the national defense; grow and produce food; provide health care; generate and deliver energy; and offer financial, communications and other services that underpin economic growth.

While each of our individual companies serves its own corporate purpose, we share a fundamental commitment to all of our stakeholders. We commit to:

• Delivering value to our customers. We will further the tradition of American companies leading the way in meeting or exceeding customer expectations.

• Investing in our employees. This starts with compensating them fairly and providing important benefits. It also includes supporting them through training and education that help develop new skills for a rapidly changing world. We foster diversity and inclusion, dignity and respect.

• Dealing fairly and ethically with our suppliers. We are dedicated to serving as good partners to the other companies, large and small, that help us meet our missions.

• Supporting the communities in which we work. We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses.

• Generating long-term value for shareholders, who provide the capital that allows companies to invest, grow and innovate. We are committed to transparency and effective engagement with shareholders.

Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities and our country.

WEF: Manifesto Davos 2020 - Tujuan Universal Perusahaan dalam Revolusi Industri 4.0 (Schwab, 2019)

A. The purpose of a company is to engage all its stakeholders in shared and sustained value creation. In creating such value, a company serves not only its shareholders, but all its stakeholders – employees, customers, suppliers, local communities and society at large. The best way to understand and harmonize the divergent interests of all stakeholders is through a shared commitment to policies and decisions that strengthen the long-term prosperity of a company.i. A company serves its customers by providing a value proposition that best meets their

needs.ii. A company treats its people with dignity and respect.iii. A company considers its suppliers as true partners in value creation.iv. A company serves society at large through its activities, supports the communities in

which it works, and pays its fair share of taxes.v. A company provides its shareholders with a return on investment that takes into account

the incurred entrepreneurial risks and the need for continuous innovation and sustained investments.

B. A company is more than an economic unit generating wealth. It fulfils human and societal aspirations as part of the broader social system. Performance must be measured not only on the return to shareholders, but also on how it achieves its environmental, social and good governance objectives. Executive remuneration should reflect stakeholder responsibility.

C. A company that has a multinational scope of activities not only serves all those stakeholders who are directly engaged, but acts itself as a stakeholder – together with governments and civil society – of our global future. Corporate global citizenship requires a company to harness its core competencies, its entrepreneurship, skills and relevant resources in collaborative efforts with other companies and stakeholders to improve the state of the world.

BSR: Penciptaan Nilai Jangka Panjang denganModel Multi-Pemangku Kepentingan (BSR, 2020)

Tantangan Mencapai Kapitalisme Pemangku Kepentingan

Untuk mewujudkanKapitalisme PemangkuKepentingan tantangannyasangat besar, karenaseluruh bidang manajemendibuat dengan asumsi-asumsi yang mendukungTeori Pemegang Saham. Akuntansi, keuangan, tata kelola perusahaan, dan lainnya perlu diubah untukmemastikan optimalisasimanfaat untuk seluruhpemangku kepentingan. Makna purpose dan valueyang selama ini dianggapsama dengan profit harusdiubah. Demikian juga dengan ukuran-ukurankinerja (KPI) perusahaan.

COVID-19: Ujian Langsung untukKapitalisme Pemangku Kepentingan

COVID-19 adalah ujian langsungbagi perusahaan-perusahaan

yang menyatakan dirinyamenganut Kapitalisme Pemangku

Kepentingan, seperti para CEO penanda tangan Business

Roundtable, apakah merekabenar-benar memperhatikan

seluruh pemangkukepentingannya yang sedang

mengalami kesulitan, ataumereka hanya bertindak untuk

meminimumkan kerugianterhadap para pemegang saham.

Seluruh dunia memerhatikandan mendokumentasikan

tindakan-tindakan yang diambiloleh para pimpinan perusahaan.

Menghindari Jebakan Stakeholder Trade-Offs(Kaplan, 2019)

“Companies are increasingly facing intense pressures to address stakeholder demands from every direction: consumers want socially responsible products; employees want meaningful work; investors now screen on environmental, social, and governance criteria; “clicktivists” create social media storms over company missteps. CEOs now realize that their companies must be social as well as commercial actors, but stakeholder pressures often create trade-offs with demands to deliver financial performance to shareholders. How can companies respond while avoiding simple “greenwashing” or “pinkwashing”? Suggesting that the shared-value mindset may actually get in the way of progress, bestselling author Sarah Kaplan shows in The 360°Corporation how trade-offs, rather than being confusing or problematic, can actually be the source of organizational resilience and transformation.”

Pemikiran Edward Freeman Mutakhir: Lima Prinsip Bisnis yang Bertanggung Jawab

(Freeman, Martin, dan Parmar, 2020)

(1) Purpose, values, and ethics are as important as money/profits. A sense of values and ethics has to go alongside purpose. We can no longer make the mistake that the pursuit of profits is the sole purpose of business.

(2) Business is about value creation for stakeholders. Creating value for stakeholders is one of the most important ideas in business. It is something that every successful business has actually done.

(3) Business is embedded in society and in a physical world. Business is not an isolated institution that stands alone in some kind of moral-free zone. It is firmly embedded in other social institutions such as governments, families, religious institutions, etc.

(4) People are complex. Part of the old narrative of business is that most people are self-interested and need incentives to really work in business. However, a much more inspirational view of human beings has emerged. Business is embedded in society and is often run by people who have multiple goals and identities.

(5) Business and ethics must be integrated into holistic business models. One way to summarize these ideas is to say that business and ethics must go together. Many of the worst outcomes occur because of narratives about business that separate business decisions from ethical decisions.

Sumber: https://ideas.darden.virginia.edu/responsible-business-without-trade-offs

Pemikiran Terpadu: Multi-Kapital

(Adams, 2017)

Kapitalisme PemangkuKepentingan telah secara eksplisit

menyebutkan beragampemangku kepentingan yang

harus dilayani oleh perusahaan. Namun, kiranya juga perlu

dinyatakan secara eksplisit bahwamodal yang dimanfaatkan oleh perusahaan dalam penciptaan

nilai adalah juga beragam. Dengan demikian, perhitungan

kontribusi para pemangkukepentingan terhadap kesuksesan

perusahaan bisa dibuat denganadil; dan kinerja perusahaan

benar-benar bisa dinilai denganmenyeluruh dalam jangka

pendek, menengah, maupunpanjang.

Beberapa Kesimpulan

1. Teori Pemangku Kepentingan hadir di tahun 1984 menantang Teori Pemegang Saham yang dominan sejak dekade 1970an.

2. Teori Pemangku Kepentingan telah dimanfaatkan secara mikro ke dalam berbagai aspek teknismanajemen, seperti pengelolaan projek dan program, namun ambisi makronya adalah menjaditeori payung dalam bentuk Kapitalisme Pemangku Kepentingan.

3. Kapitalisme Pemangku Kepentingan mulai diluncurkan pemikiran lengkapnya di tahun 1997, namun baru di tahun 2019 dunia menyaksikan penerimaannya secara formal.

4. Beragam aspek manajemen masih perlu diubah untuk memastikan Kapitalisme PemangkuKepentingan bisa benar-benar mewujudkan kesejahteraan seluruh pemangku kepentingan, termasuk aspek keuangan, akuntansi dan tata Kelola.

5. Sarah Kaplan menengarai sebagian besar perusahaan masih menyikapi hubungan denganpemangku kepentingan sebagai trade-off dan menyajikan upaya transformasi agar bisa salingmenguatkan.

6. Buku mutakhir Freeman (ditulis bersama Martin dan Parmar) mengajukan berbagai prinsipuntuk mewujudkan Kapitalisme Pemangku Kepentingan, dalam wujud bisnis yang bertanggungjawab dan tak mengorbankan pihak manapun (responsible business without trade-off).

7. Kapitalisme Pemangku Kepentingan telah secara eksplisit menyebutkan perhatian perusahaankepada seluruh pemangku kepentingan; namun perlu juga secara eksplisit mengakui berbagaijenis modal yang dimanfaatkan perusahaan untuk mencapai kesuksesannya—agar kontribusipemangku kepentingan bisa dinilai dengan adil.

Jalal Chairperson of Advisory BoardSocial Investment Indonesiajalal.csri@yahoo.com; +62-811-8814488