<![CDATA[Penelitian ini bertujuan untuk menganalisis konstruksi konsep fiduciary duty dalam hukum perseroan terbatas di Indonesia sebagai dasar penentuan tanggung jawab direksi, serta mengkaji batas tanggung jawab direksi dalam penerapan good corporate governance dengan mengaitkannya pada doktrin business judgment rule. Penelitian ini menggunakan metode penelitian hukum normatif yang berangkat dari adanya kekaburan norma terkait batas tanggung jawab direksi, dengan pendekatan perundang-undangan, konseptual, dan analitis. Hasil penelitian menunjukkan bahwa konsep fiduciary duty dalam hukum Indonesia masih bersifat implisit dan belum dirumuskan secara sistematis sebagai standar operasional dalam menilai tindakan direksi. Hal ini menyebabkan ketidakjelasan dalam membedakan antara pelanggaran hukum dan risiko bisnis yang wajar. Lebih lanjut, batas tanggung jawab direksi tidak dapat ditentukan semata-mata berdasarkan adanya kerugian perseroan, melainkan harus didasarkan pada terpenuhinya standar fiduciary duty yang mencakup aspek kehati-hatian, loyalitas, proses pengambilan keputusan, serta ketiadaan konflik kepentingan. Dalam hal ini, doktrin business judgment rule berfungsi sebagai mekanisme perlindungan hukum bagi direksi sepanjang tindakan yang dilakukan memenuhi prinsip kehati-hatian dan itikad baik. Dengan demikian, diperlukan konstruksi yang integratif antara norma hukum, prinsip good corporate governance, dan fiduciary duty untuk menciptakan kepastian hukum serta keseimbangan antara perlindungan direksi dan akuntabilitas dalam pengelolaan perseroan. ABSTRACT This study aims to analyze the construction of the fiduciary duty concept in Indonesian company law as a basis for determining directors’ liability, as well as to examine the limits of directors’ liability in the implementation of good corporate governance in relation to the business judgment rule doctrine. This research employs a normative legal method based on the existence of vague norms concerning the limits of directors’ liability, using statute, conceptual, and analytical approaches. The results show that the concept of fiduciary duty in Indonesian law remains implicit and has not been systematically formulated as an operational standard in assessing directors’ actions. This condition leads to uncertainty in distinguishing between unlawful conduct and reasonable business risks. Furthermore, the limits of directors’ liability cannot be determined solely based on corporate losses, but must be assessed based on the fulfillment of fiduciary duty standards, including due care, loyalty, decision-making process, and absence of conflict of interest. In this context, the business judgment rule serves as a legal protection mechanism for directors as long as their actions are carried out in good faith and with due diligence. Therefore, an integrative construction between legal norms, good corporate governance principles, and fiduciary duty is required to ensure legal certainty while maintaining a balance between directors’ protection and accountability in corporate management.]]>
