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All Journal Siyasah Dusturiyah: State Law Review Journal of State Public Policy (JSPP)
Alia Imron
Faculty of Law, University of Indonesia, Indonesia
Law, Crime, Criminology & Criminal Justice

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ESG Integration in SOE Directors' Duties: Comparing Indonesian and Malaysian Corporate Law Alia Imron
Siyasah Dusturiyah: State Law Review Vol. 1 No. 6 (2026): Siyasah Dusturiyah: State Law Review
Publisher : Yayasan Cahaya Generasi Positif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/cmk3qy89

Abstract

This article comparatively analyzes the integration of Environmental, Social, and Governance (ESG) mandates into the fiduciary duties of State-Owned Enterprise (SOE) directors in Indonesia and Government-Linked Companies (GLC) in Malaysia. Utilizing a normative doctrinal approach, this study addresses the systemic tension between ESG transition risks and directors' personal liability. In Indonesia, the rigid state finance doctrine often criminalizes SOE business losses, creating a chilling effect on sustainable investments. Conversely, Malaysia treats GLCs as private entities, evaluating failures through civil mechanisms unless decisions are "plainly wrong". To resolve these specific jurisdictional asymmetries, this research actively proposes the novel concept of an "ESG-linked BJR Safe Harbor". The study concludes that courts must definitively elevate ESG compliance from a mere administrative reporting obligation into a highly objective judicial standard, successfully validating it as material evidence of good faith to formally activate the Business Judgment Rule protections for corporate fiduciaries globally and domestically today.
Legal Protection: Political Risk Insurance in Foreign Direct Investment Amid Geopolitical Uncertainty Alia Imron
Journal of State Public Policy Vol. 1 No. 3 (2026): Journal of State Public Policy
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jspp.v1i3.361

Abstract

Geopolitical instability elevates investment risks, shifting reliance toward Political Risk Insurance and away from standard Bilateral Investment Treaties. Applying doctrinal legal research with conceptual, statutory, and case approaches, this study investigates the normative conflict between private insurance contracts and public international law. Results demonstrate that hidden subrogation practices during dispute settlements generate severe double recovery problems. Tribunals repeatedly fail to deduct prior insurance payouts from fair market value arbitral awards, ultimately facilitating unjust enrichment alongside coercive diplomacy against developing host nations. To establish equitable international burden distribution, this article proposes incorporating a Mandatory Subrogation Deduction Clause within future treaties and arbitration rules. This pivotal legal reform formally obligates arbitrators to strictly subtract earlier compensation amounts from final financial verdicts. Consequently, this intervention effectively safeguards state sovereignty, neutralizes systemic exploitation, and guarantees structural fairness across transnational dispute resolution architectures amid ongoing macroeconomic fragmentation and pervasive global geopolitical market volatility challenges today.
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