GENERAL MEETING OF SHAREHOLDERS
The General Meeting of Shareholders (GMS) is the Company’s instrument of corporate governance that acts as a platform for all shareholders to make decisions, by taking into account the provisions in the Articles of Association and Regulations. GMS has the authority that the Board of Directors and the Board of Commissioners do not possess, which is to appoint and dismiss members of the Board of Commissioners and Board of Directors; to evaluate their performance; to authorize changes in the Company’s Articles of Association; to consent to the financial statements; and to set the remuneration scheme for the Board of Commissioners and Board of Directors.
Nonetheless, the GMS and/or the Shareholders must not interfere with duties, functions, and authorities of the Board of Commissioners and the Board of Directors without prejudice to GMS’s authority in exercising their rights according to the Articles of Association and Regulations, including the replacing or dismissal of members of the Board of Commissioners and/or the Board of Directors.
Prior to holding the GMS, all shareholders were given notice of the date and time, location and the matters of Agenda as well. The Company is also required to convene the GMS if so requested by the holders of 5% of the voting shares who are eligible to vote; or at the request of the Board of Commissioners as stated in the Article 14 of the Company’s Articles of Association.
Pursuant to the Laws and Regulations, Limited Liability Company is allowed to convene two types of General Meeting of Shareholders, namely the Annual General Meeting that is held once in a year and the Extraordinary General Meeting which can be held more than once in a year depending on the condition and needs. Both the Annual and Extraordinary General Meetings are held in accordance with the prevailing regulations and laws.