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Extention Period of Annual Report Submission and General Meeting of Shareholders (Rapat Umum Pemegang Saham or “RUPS”) Implementation for Public Companies

Due to the COVID-19 global outbreak and to support physical distancing national movement. Indonesian Financial Autority (“OJK”) has issued an official press relase (SP 18/DHMS/OJK/III/2020) dated 18 of March 2020 regarding the extention period of annual financial report, annual report subbmision and General Meeting of Shareholders (RUPS) implementation period for public companies, please find below the highlight of the mentioned press relase:

Reports Submission

  1. The deadline of reports submission is extended for 2 (two months) from the deadline of reports submission as referred to regulation in capital market sector. The following reports are:
    a. Annual financial report and annual report for Issuers (Emiten) and Public Companies;
    b. Report of evaluation result by audit committee towards providing an audit services on annual historical financial information of Issuers and Public Companies as referred to Article 28 (1) letter b Regulation of OJK Number 13/POJK.03/2017 concerning Utilization of Public Accountant Services and Public Accountant Offices in Financial Services Activities; and
    c. Annual financial report for Stock Exchange, Clearing and Securities Institution, Depository and Settlement Institution, Securities Companies, Organizer of Inventor Protection Funds Institution, Securities Price Appraisal Institution, Indonesian Securities Funding Institution, Securities Administration Bureau, Mutual Fund, Collective Investment Agreement on Real Estate Investment Funds, Collective Investment Agreement on Asset-Backed Securities, Asset-Backed Securities Formed in Participation Letter, Collective Investment Agreement on Infrastructure Investment Funds, and Securities Rating Companies.
  2. Following the aforementioned provisions, therefore:
    a. Submission of Annual Financial Report which should be the latest on 30 March 2020, change into 31 May 2020; and
    b. Submission of Annual Report which should be the latest on 30 April 2020, change into 30 June 2020

RUPS Implementation and Report

  1. The deadline of RUPS that conducted by Public Companies is extend for 2 (two) months from the deadline of obligation in conduct an annual RUPS as referred to Article 2 (2) Regulation of OJK Number 32/POJK.04/2014 concerning Plans and Implementations of Public Companies Annual RUPS (“POJK 32/2014”);
  2. RUPS of Public Companies could be conducted by electronic authorization (pemberian kuasa elekronik) mechanism with use the e-RUPS system that provided by Depository and Settlement Institution. RUPS is conducted effienctly without reducing legality of RUPS implementation as referred to POJK 32/2014 and Law Number 40 of 2007 concerning Limited-Liability Companies; and
  3. Implementation of RUPS by use e-RUPS system is conduct according to provions that would be stipulated by Depository and Settlement Institution.
  4. Following the aforementioned provisions, therefore:
    a. implementation of RUPS which should be at the latest on 30 June 2020, change into 31 August 2020; and
    b. Utilization of Electronic Proxy in RUPS through E-RUPS system would be provided by PT KSEI. With Electronic Proxy, the shareholders are not requiring to be attended (avoid the crowd) and sufficiently represented by their proxy.

Gaffar & Co., Indonesian Boutique Law Firm which specializing and focus on commercial law areas includes capital market and financial services.

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