Due to Covid-19 Outbreak, OJK Extends the Deadlines for Annual GMS by the Public Companies

Monday, March 30 2020 | CAPITAL MARKET

Regulation of the OJK No. 32/POJK.04/2014 on Planning and Organization of General Meeting of Shareholders by Publicly Traded Companies, amended by Regulation of the OJK No. 10/POJK.04/2017, originally requires issuers and public companies to hold their annual General Meeting of Shareholders ("GMS") by no later than six months after the accounting year elapses. However, due to Covid-19 Outbreak, the Financial Services Authority (Otoritas Jasa Keuangan - "OJK") has recently issued Circular No. S-92/D.04/2020 on the Relaxation upon the Submission of Report and the Implementation of General meeting of Shareholders Obligations ("Circular 92/2020") which sets an extension for two months. Therefore, the deadline for annual GMS for the public companies changed from 30 June 2020 to 31 August 2020.

Circular 92/2020 also allows the option to use electronic proxy mechanism which enables their shareholders to provide their authorizations via electronic GMS system provided by the depository and settlement institution (PT Kustodian Sentral Efek Indonesia).                       

For further inquiries and assistance relating to public company, do not hesitate to contact our associate specializing in company and capital market law, Ms. Lydia Ester Sibarani (lydiaester@sajogolaw.com or consult@lawfirm.sajogolaw.com).

Source  : 'OJK Extends the Deadlines for Annual GMS and Report Submission by Publicly Traded Companies Amidst Covid-10 Outbreak', Indonesian Legal Brief, 19 March 2020, Accessed 20 March 2020, (www.hukumonline.com).
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