Shareholders and GMS

SHAREHOLDERS

PT SIER is a State-Owned Company which share ownerships are arranged as follow: 50% belongs to Government of Republic of Indonesia, 25% belongs to East Java Provincial Government, and 25% belongs to Surabaya City Government. The initial capital was Rp800 billion, whereas paid-up capital is Rp200 billion.
The rights of the shareholders according to the regulation of SOE Ministry No: PER-01/MBU/2011 dated August 1st, 2011 regarding GCG implementation on SOE are as follows:
1. Attend and vote during GMS, in particular for the Company’s shareholders, under the stipulation of one vote per share;
2. Provide material information regarding the Company in timely and measurable manner;
3. Receive part of the Company’s profit intended for Shareholders in the form of dividend, and remaining asset of liquidation result, proportionally to the shares owned;
4. Other rights based on the Articles of Association and existing regulation.

GENERAL MEETING OF THE SHAREHOLDERS (GMS)

In line with Law No. 40/2007 on the Limited Liability Company, GMS is the Company’s Organ with authorities that were not handed to BOD or BOC within the boundary established in the above Law and/or Articles of Association.
On PT SIER’s Board Manual, GMS can be held annually regarding:
1. Approval of Annual Report;
2. Company’s Work Plan and Budgeting (CBP);
3. Proposal on the use of PT SIER’s net profit;
4. Other matters to be approved by GMS for the interest of PT SIER.
5. Company’s Work Plan and Budgeting (CBP) including Projected Financial Reports.
6. Other matters to be approved by GMS for the interest of PT SIER that have not been included in the CBP.
7. Proposals presented by Board of Commissioners and/or one or more Shareholders representing at least 1/10 (one tenth) of total shares issued by PT SIER with legal votes under the provision that the concerned proposal has been received by the BOD before the invitation date of the annual GMS.
8. Proposal of Board of Commissioners and/or Shareholders inconsistent with provision as expressed in no. 7, can only be discussed and decided by the GMS under the provision that all Shareholders or their valid representatives are present and approve of such additional agenda, and the decision of the GMS must be approved unanimously; and
9. Amendment of Articles of Association.
Extraordinary GMS can be held anytime based on necessity for the interest of PT SIER. Regarding the venue, notification, GMS invitation, GMS leader and report along with quorum requirement, vote and decision of GMS are as stipulated in the Articles of Association PT SIER.

In 2017 GMS were held on the following agendas

ps

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>