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All Journal Jurnal Akta Law Development Journal
Chandra Erick Manaek Pandapotan Lumban Gaol
Universitas Padjadjaran
Humanities Law, Crime, Criminology & Criminal Justice

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Analysis Legal Awareness in Sustainable Finance through the Good Corporate Governance Risk Compliance Framework under POJK No. 51/POJK.03/2017 Chandra Erick Manaek Pandapotan Lumban Gaol; Tarsisius Murwadji; Beniadi Setiawan
Law Development Journal Vol 8, No 2 (2026): June 2026
Publisher : Universitas Islam Sultan Agung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30659/ldj.8.2.1163-1190

Abstract

The implementation of sustainable finance in Indonesia continues to face a significant gap between regulatory expectations and corporate practices, particularly in the coal mining sector. Despite the Sustainability Report requirement under POJK No. 51/POJK.03/2017, environmental violations and inadequate post-mining reclamation demonstrate that formal compliance may not reflect substantive legal awareness. This study aims to examine the implementation of sustainable finance obligations and assess the legal awareness of major coal mining issuers through the Good Corporate Governance, Risk, and Compliance (GC-GRC) framework. A normative-empirical (socio-legal) approach was employed using hybrid content analysis to triangulate primary data from corporate sustainability reports with secondary data documenting thirty environmental and social violations. The findings reveal persistent greenwashing practices, where formal sustainability disclosures are inconsistent with empirical environmental performance. Most issuers demonstrate an Instrumental Legal Culture, treating compliance primarily as a means to avoid regulatory sanctions rather than as an internalized commitment to ecological justice. The study concludes that strengthening sustainable finance requires not only regulatory compliance but also the transformation of corporate legal culture through an effective GC-GRC framework and stronger institutional enforcement.
Deconstructing Esg Social Washing: Customary Land Annexation, FPIC Violations, and Sustainable Legal Certainty Frameworks Chandra Erick Manaek Pandapotan Lumban Gaol
JURNAL AKTA Vol 13, No 2 (2026): June 2026
Publisher : Program Magister (S2) Kenotariatan, Fakultas Hukum, Universitas Islam Sultan Agung

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Abstract

The aggressive expansion of coal mining companies has exposed a critical regulatory gap at the highly contested intersection of customary agrarian rights and compliance with modern sustainable finance. This article examines the annexation of customary land without Free, Prior, and Informed Consent (FPIC), disguised as communal partnerships in ESG reports. The research aims to uncover the mechanisms of social laundering, the disregard of Constitutional Court Decision No. 35/PUU-X/2012, the exploitation of the lack of customary land certificates, and the formulation of a transformative legal accountability framework. Methodologically, this research employs a normative socio-legal approach, comparing factual and empirical precedents from the Sendawar District Court with the strict financial regulatory framework of POJK 51/POJK.03/2017, SEOJK 16, and the Global Reporting Initiative (GRI) standards. The research findings demonstrate a systemic failure of boards of directors to manage social risks in accordance with Good Corporate Governance (GCG) principles. This study formulates a framework for sustainable legal certainty that classifies ESG social laundering as capital market fraud and proposes the implementation of the P2SK Law, including administrative sanctions up to and including delisting of company shares.
Co-Authors Beniadi Setiawan Tarsisius Murwadji