Therefore, this article sees an importance of share ownership as major factors
in differentiating the corporate governance system, at least, board member
representative, where most of the company policy is formulated; however, each
country still has differences among them such as number of the board, the stakeholder
representative, where member of the board are from. Moreover, legal structure and
business culture and atmosphere can be the other determinants that differentiate the
corporate system as well. The government Policy is also the other determinant of
differentiating in governance system such as in goods and services sector. Because in
many countries where State Owned Enterprises still plays a very important political
reason but the international pressure of privatisation in order to keep up with the
global competition, it does require government to enable the law. Without passing
any corporate law, that provide an assurance of good corporate governance, it would
be difficult for the country to develop a fully functioned corporate law, not only to the
Government Owned Enterprise but also to the private company as a whole.