Indonesia is making progress in all areas of corporate governance on public companies even though the country still face challenges to comply with international standard and is lack behind compared to its regional peers, a World Bank official said here on Friday. David Robinett, senior specialist on Private Sector Development in the World Bank, told audiences of a dialog that the area consists of law, protection on investors, disclosure and performance of board of directors. While presenting the organization's latest Report of Observance of Standards and Codes (ROSC) on listed companies in Indonesia, Robinett said that his institution has provided recommendations such as improvement on law framework, better protection for investors and higher professionalism among board of commissioners in conducting their job. "Even though Indonesia's listed companies have made a significant progress in the last few years in improving corporate governance, there are many big challenges to deal with," said Robinett. He said that to protect investors and to build a better capital market, Indonesia needs to do more, especially on things related to best practices implementation on owners and controllers of the companies' assets. Indonesia's score has been increasing since the report issuance in 2004. The highest scores are on shareholders right and fair treatment on shareholders.