Company Document Revision (GMS)

DETAILS:
Company Document Revision (GMS), known in Indonesian as Rapat Umum Pemegang Saham (RUPS), refers to the General Meeting of Shareholders (GMS) held by a company to discuss and make decisions on significant matters related to the company's operations, governance, and structure. The GMS is a formal meeting where shareholders can voice their opinions and vote on various company matters, which may include amendments to the company’s articles of association, changes in management, or approval of financial statements.

REQUIREMENTS:

1. Notification and Agenda:

• Notice of Meeting: A written notice must be sent to all shareholders at least 14 days before the meeting, detailing the date, time, location, and agenda of the GMS.

• Agenda: The agenda should include all matters to be discussed, including proposed revisions to company documents.

2. Quorum:

• Attendance Requirements: A minimum percentage of shareholders must be present or represented at the GMS for it to be valid. This percentage varies based on the company’s articles of association and Indonesian law (usually a minimum of 50% for a quorum).

3. Documentation:

• Minutes of Meeting: A formal record of the discussions and decisions made during the GMS must be documented, including the votes for and against any resolutions.

• Shareholder Attendance List: A list of shareholders present at the meeting, along with their shareholdings.

4. Voting:

• Voting Mechanism: Shareholders vote on agenda items, which may require a simple majority or a higher threshold for specific decisions, such as changing the articles of association.

5. Legal Compliance:

• Notarization: If there are changes to the Articles of Association, the amended documents must be notarized by a public notary.

• Registration: The revised Articles of Association must be registered with the Ministry of Law and Human Rights (Kementerian Hukum dan Hak Asasi Manusia) for legal recognition.

• Disclosure: Depending on the company’s structure, disclosure of decisions may be required in accordance with regulations from the Financial Services Authority (OJK) if the company is publicly listed.

6. Additional Requirements (if applicable):

• Power of Attorney: If shareholders cannot attend, they may appoint proxies to represent them, which requires a power of attorney.

• Financial Statements: If financial matters are on the agenda, the latest financial statements should be prepared and presented.

Legal Visa Bali Service:

GMS: IDR 8.500.000