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OJK Circular No. 28/SEOJK.06/2025 on the Good Corporate Governance Implementation Report for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions
The Financial Services Authority (OJK) issued Circular No. 28/SEOJK.06/2025 to mandate the submission of Good Corporate Governance (GCG) implementation reports by financing institutions, venture capital companies, microfinance institutions, and other financial service institutions. The regulation requires these entities to disclose transparency, self-assessments, and action plans covering governance structures, risk management, compliance, and sustainability practices. This circular supersedes four previous OJK circulars and establishes the first reporting deadline for the December 2025 reporting period.
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Financial Services Authority Circular
Number 28/SEOJK.06/2025 regarding the Good Corporate Governance Implementation Report for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions


Abstract:
This Financial Services Authority Circular is drafted based on the mandate of Article 108 paragraph (7) of Financial Services Authority Regulation Number 48 of 2024 regarding Good Corporate Governance for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions (State Gazette of the Republic of Indonesia Year 2024 Number 61/OJK, Supplement to the State Gazette of the Republic of Indonesia Number 129/OJK).


This Financial Services Authority Circular regulates:
a. the good corporate governance implementation report which must contain at least:


    

  1. transparency of good corporate governance implementation disclosing all aspects of the implementation of good corporate governance principles;
    2. 

  2. self-assessment of good corporate governance implementation; and
    3. 

  3. action plan.
b. transparency of good corporate governance implementation and self-assessment of good corporate governance implementation, which must be manifested at least in:
    4. 

  4. the implementation of duties and authorities of shareholders and the General Meeting of Shareholders (GMS);
    5. 

  5. the implementation of duties, responsibilities, and authorities of the Board of Directors;
    6. 

  6. the implementation of duties, responsibilities, and authorities of the Board of Commissioners;
    7. 

  7. the implementation of duties, responsibilities, and authorities of the Sharia Supervisory Board (DPS);
    8. 

  8. completeness and implementation of committee duties;
    9. 

  9. risk management implementation;
    10. 

  10. antifraud strategy implementation;
    11. 

  11. compliance function implementation;
    12. 

  12. internal audit and external audit function implementation;
    13. 

  13. Conflict of Interest handling;
    14. 

  14. remuneration policy implementation;
    15. 

  15. information openness;
    16. 

  16. business ethics;
    17. 

  17. financing policy;
    18. 

  18. sustainable finance implementation, including social and environmental responsibility implementation; and
    19. 

  19. business plan.
c. the time for submitting the good corporate governance implementation report; and
d. the procedure for submitting the good corporate governance implementation report.
    20. 



Legal Basis of this Financial Services Authority Circular is: POJK No. 48 of 2024.


Note:
This Financial Services Authority Circular takes effect on the date of establishment.
This Financial Services Authority Circular was established on November 19, 2025.
With the implementation of this Financial Services Authority Circular, PVML submits the Good Corporate Governance Implementation Report based on this Financial Services Authority Circular for the first time for the December 2025 reporting position.


Upon the implementation of this Financial Services Authority Circular:


    

  1. Financial Services Authority Circular Number 15/SEOJK.05/2016 regarding the Implementation Report of Corporate Governance of Financing Companies;
    2. 

  2. Roman numeral IV provisions and Appendix I of Financial Services Authority Circular Number 11/SEOJK.05/2020 regarding the Assessment of the Health Level of Financing Companies and Sharia Financing Companies;
    3. 

  3. Roman numeral IV provisions and Appendix I of Financial Services Authority Circular Number 27/SEOJK.05/2021 regarding the Assessment of the Health Level of Infrastructure Financing Companies; and
    4. 

  4. Roman numeral IV provisions and Appendix I of Financial Services Authority Circular Number 19/SEOJK.06/2024 Regarding the Assessment of the Health Level of Venture Capital Companies and Sharia Venture Capital Companies,
are repealed and declared invalid.
    5. 

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