The general meeting of shareholders provides the opportunity for shareholders to decide on the direction of the Company and as a forum for the Board of Commissioners and Directors to report and present their accountability on the execution of their performance to shareholders. Through the meetings, shareholders can use their rights and give opinion on important decisions for the Company.
The General meeting of Shareholders has the following authorities :
- Appointing and dismissing members of the Board of Commissioners and Directors based on the policies / principles that have been set up by shareholders.
- Giving approval / decisions that are needed to ensure the Company’s sustainability in both the long-run and short-run based on the regulations or Articles of Association.
- Approving the annual report including financial report as well as the endorsement of the Board of Commissioners’ supervisory task in conformity with appropriate legislation and / or Articles of Association.
- Setting targets and evaluating the performance of the Directors and Board of Commissioners.
- Designating the remuneration of Directors and Board of Commissioners.
- Designating external auditors.
- Approving or rejecting the Company’s long-term plan and the Company’s work plan.
- Reducing Director’s restrictions which are governed in the Articles of Association.
- Making decision through an open, fair and accountable process.
- Implementing Good Corporate Governance in accordance with their respective authorities and responsibilities.
Procedures of the General Meeting of Shareholders
The procedures of the general meetings of shareholders have been regulated in the Articles of Association, including :
- Notification of the meeting is advertised / published by the Company through newspapers.
- The Company does not send invitation letters to each shareholder, so that the advertisement becomes an official invitation for shareholders.
- The shareholders who are entitled to be present or be represented in the meeting must meet the following condition :
* for shares which have not been incorporated into Collective Custody: the legal name of the shareholder or the shareholder’s representative will be recorded in the Lists of Company Shareholders.
* For shares that are in Collective Custody: the legal name of the shareholder or the shareholder’s representative whose name is recorded on the account holder or on the custodian bank in the PT Kustodian Sentral Efek Indonesia (“KSEI”).
- The shareholder or his/her representative who will attend the meeting are asked to bring and submit copies of the Letter of Collective Shares and ID card (KTP) or other applicable identity to the clerk of the Company’s share registrar before entering the meeting room.
- a. Shareholders who are unable to attend may be represented by a legitimate representative by bringing a valid Power of Attorney as specified by the Directors. The members of Directors, Board of Commissioners and employees of the Company may act as the representative of the Company shareholders in the meeting however their votes will not be considered.
b. The Power of Attorney form can be obtained at any working day in the office of the share registrar.
c. All Power of Attorney forms must be received by Directors at the office of share registrar no later than 3 days before the meeting.
- For shareholders of the Company with legal entities as a Corporation, cooperative, foundation or pension fund, bringing a copy of the their full Articles of Association is required.
- The materials related to the meeting have been made available in the Company’s office since the date of meeting notification. Shareholders can also obtain copies of the materials through written request to the Company.
- In order to facilitate the arrangement and orderliness of the meeting, shareholders or their representatives are asked to be present at the meeting 30 minutes before the meeting begins.