無規制のゲートキーパー：インドネシアのサステナブル・スークーク枠組みにおける監督独立性の欠陥
Unregulated Gatekeepers: Oversight Independence Gaps in Indonesia's Sustainable Sukuk Framework (原題)
Muhammad Abdur Rosyid Albana, Bagas Heradhyaksa, Pas Ingrid Pamesti, Tate Agape Bawana
🤖 gxceed AI 要約
日本語
本論文は、インドネシアのPOJK第18号（2023年）が定めるサステナブル・スークークの外部レビュアー制度を分析し、第13条・第46条がレビュアーの独立性・能力・説明責任に関する詳細規定を欠いていることを明らかにする。認定基準や選定手続き、監督メカニズムの不在がグリーンウォッシュ・リスクを高めると指摘。ICMA・ASEAN・EU基準との比較から、認定レビュアー要件や利益相反開示、発行後検証の導入を提言する。
English
This study examines Indonesia's POJK No. 18/2023 on sustainable sukuk, showing that Articles 13 and 46 lack detailed provisions on external reviewer independence, competence, and accountability. These gaps—no accreditation standards, selection procedures, or oversight—raise greenwashing risks. Comparing with ICMA, ASEAN, and EU standards, it recommends regulatory revision, an independent OJK oversight unit, and accreditation aligned with international ESG assurance frameworks.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ基準や有報でのサステナビリティ開示が進み、第三者保証の質と独立性が論点となる。インドネシアの事例は、新興国における検証制度設計の課題を提示し、日本の保証制度整備やアジア域内の相互運用性を考える上で示唆に富む。
In the global GX context
As ISSB standards and CSRD drive mandatory assurance worldwide, this paper highlights a critical gap in emerging-market sustainable finance: the absence of reviewer accreditation and independence rules. It offers a comparative benchmark for global disclosure scholarship on how oversight design affects greenwashing risk in Islamic capital markets.
👥 読者別の含意
🔬研究者:イスラム資本市場における監督独立性理論と保証制度の統合に関心のある研究者に有益。
🏢実務担当者:サステナブル債発行体やESG評価機関は、第三者検証の独立性確保と利益相反管理の重要性を再認識できる。
🏛政策担当者:規制当局は、ESGレビュアーの認定制度や監督体制の整備を検討する際の参考にできる。
📄 Abstract（原文）
The issuance of sustainable sukuk has emerged as a critical mechanism for financing projects aligned with environmental and social objectives. In Indonesia, the Financial Services Authority (OJK) regulates such instruments through POJK No. 18 of 2023, which mandates independent external reviewers to assess sustainability frameworks and ensure transparency. However, this study demonstrates that Articles 13 and 46 of the regulation lack detailed provisions regarding reviewer independence, competence, and accountability, particularly in relation to accreditation standards, selection procedures, and oversight mechanisms. Employing a normative legal method with statutory and conceptual approaches, the analysis reveals significant legal and institutional gaps that compromise the integrity of sustainability assessments. These gaps increase greenwashing risks due to insufficient oversight mechanisms and the absence of accreditation standards for ESG reviewers. Comparative analysis with international standards, including the ICMA Green Bond Principles, ASEAN Green Bond Standards, and the EU Green Taxonomy, confirms that Indonesia's current provisions are inadequate, particularly in requiring accredited reviewers, mandatory conflict-of-interest disclosure, and post-issuance verification. This study proposes three main recommendations: regulatory revision to specify reviewer qualifications, responsibilities, and conflict-of-interest rules; establishment of an independent oversight unit within OJK; and adoption of accreditation systems aligned with international ESG assurance frameworks. Theoretically, this research contributes to integrating oversight independence theory into Islamic capital market regulation by demonstrating that structural separation and institutional safeguards are essential to prevent conflicts of interest—thereby complementing agency theory and governance assurance frameworks.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://journal.uinsuku.ac.id/index.php/tawazun/article/download/37135/pdffirst seen 2026-10-12 05:22:45 · last seen 2026-10-14 05:52:59
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