12 May 2023
New Regulation Consolidates and Expands Shareholder Rights in Indonesian SOEs
A. Introduction On 3 March 2023, the Ministry of State-Owned Enterprises (“MSOE”) issued Regulation No. PER-2/MBU/03/2023 (“Reg. 2/2023”)[1], which revokes 20 other regulations and came into force on 24 March 2023. The new regulation is part of a broader effort to streamline oversight and governance at Indonesia’s state-owned enterprises (“SOE”). To date,…
04 May 2023
Indonesian Gov’t Gives Employers Leeway to Cut Wage Costs Amid Global Economic Challenges
Background On 8 March 2023, the Minister of Manpower issued a new regulation that allows certain export-oriented, labor-intensive enterprises to reduce employees’ working hours and/or wages in order to help them survive amid the ongoing global economic turbulence and waning worldwide demand. The new rules are set out in Minister of Manpower Regulation No. 5 of 2023 (“MoM 5/2023”),[1]…