General Meeting of Shareholders (GMS) is the Company’s instruments that has authority not granted to the Board of Commissioners or the Board of Directors within the specified limitations in the legislation and Articles of Associations. The authority includes asking the Board of Commissioners and Board of Directors to be responsible for managing the Company, amending the Articles of Association, appointing and dismissing the Board of Directors and/or the Board of Commissioners, deciding the division of duties and authority among Directors and others.
In accordance with its implementation, the GMS consists of the Annual General Meeting of Shareholders (AGMS) which is held at least once a year no later than six (6) months after the Company’s financial year ends, and the Extraordinary General Meeting of Shareholders (EGMS) which may occur outside the AGMS time.
To discuss important issues concerning the Company that cannot wait for the AGMS to be held, EGMS can be held with the provisions stipulated in the Articles of Association. The EGMS may be carried out prior to the following:
- Changes of the Board of Commissioners and Board of Directors before their term of office ends, either of resignation and/other reasons.
- Plans for material transactions and/or conflicts of interests as stipulated in the prevailing laws and regulations;
- Other material corporation plans, such as the repurchase of the Company’s outstanding shares, stock splits and right issues.