Merger perseroan terbatas dan perlindungan hukum bagi pemegang saham minoritas dalam rangka implementasi good corporate governance

Tantudjojo, Ratna Sintawati (2003) Merger perseroan terbatas dan perlindungan hukum bagi pemegang saham minoritas dalam rangka implementasi good corporate governance. Masters thesis, Universitas Pelita Harapan.

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Abstract

The general dcscription of thc Limited Liability Company Act spccifics that in the preparation of this Act great attention has been given to securing legal protection of minority shareholders. In adopting any resolution in a limited liability company there applies a voting principle causing the status of a shareholder vvith larger percentage of shareholding to be more dominant than that of other shareholders. Legal protection of minority shareholders in the form of certain rights (inter alia Personal Rights, Appraisal Rights and others) is rather equivocally provided for in thc Limited Liability Compaity Act. Although minority shareholders have such rights as Minority Rights, they are not comparable to those inherent in majority shareholders applying tiie one-share-one-vote principle. Any shareholder is entitled to institute legal proceedings against the company to a District Court if harmed by any act of the company deemed unfair and unreasonable as a result of a resolution of a General Meeting of Shareholders, the Board of Directors or the Commissioners. The management of the company could abuse the corporate opportunity on account of thc corporate personality vested in thcm, notwithstanding thc implementation of the GCG principles and the GCG guidelines in the Limited Liability Company Act and the executory regulations thereof, as well as in the vi Investment Act. The OECD (Organization for Economic Cooperation and Development) has implemented 4 (four) principles of Good Corporate Govemance to companies in Indonesia. Such four principles are not quite explicitly provided for in the Limited Liability Company Act and the executory regulations thereof, making the atmosphere remains inconducive to supporting legal protection of minority shareholders. Consequently, minority shareholders can hardly avoid unlawful acts performed by majority shareholders. Companies in Indonesia have not implemented the GCG guidelines like in OECD countries (such as Singapore, Malaysia and the United Kingdom) as the guidelines developed by the Indonesian National Committee for Corporate Governance Policy as reference do not specify any legal sanction.

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