Abstract:Abstract: Capital participation from state-owned enterprises to companies controlled by the government, where capital participation is carried out through direct financial benefits, whereby capital participation is provided…
ded by the government and the government acts as the sole shareholder. In this case, the government intends to restructure by merging several companies engaged in plantation businesses, whereby PT. Perkebunan Nusantara I, II, and IV to XIV will be merged into one company or holding company named Palm Co. The research method used in this paper is normative legal research with a descriptive analytical nature. The research approaches used are the statute approach and the case approach. The data sources in this study include primary, secondary, and tertiary legal materials. The data collection technique used in this study is library research with documentary research as the data collection tool. To analyze all the legal materials that have been collected, this study uses qualitative data analysis. Thus, the comprehensive steps that have been taken by State Capital Participation in the Formation of Palm Co as a Sub-Holding Company are as follows.
Translated with DeepL.com (free version)
Keywords: Capital Participation, Holding Company, State.
Abstrak: Penyertaaan Modal dari Badan Usaha Milik Negara kepada perusahaan yang mana dikendalikan oleh pemerintah, Penyertaan Modal mana dilakukan dengan cara penyertaan modal keuangan langsung (direct financial benefits), dimana penyertaan modalnya diberi oleh pemerintah dan pemerintah selaku pemegang saham sepenuhnya. Dalam hal ini, pemerintah hendak melakukan restrukturisasi dengan penggabungan beberapa perusahaan yang bergerak dibidang Perkebunan, dimana Penggabungan perusahaan PT. Perkebunan Nusantara I, II, dan IV sampai dengan dengan XIV, menjadi satu perusahaan atau Holding Company yang bernama Palm Co. Metode Penelitian yang dipakai dalam penulisan ini yaitu jenis penelitian hukum normatif dan sifat penelitian deskriptif analitis. Pendekatan penelitian yang digunakan yaitu pendekatan perundang-undangan (statute approach) dan pendekatan kasus (case approach). Sumber data dalam penelitian ini meliputi bahan hukum primer, sekunder dan tersier. Teknik pengumpulan data yang digunakan dalam penelitian ini adalah dengan studi kepustakaan (library research) dengan alat pengumpul data studi dokumen (documentary research). Untuk menganalisis seluruh bahan hukum yang telah terkumpul, dalam penelitian ini menggunakan analisis data kualitatif. Dengan demikian, adapun langkah komprehensif yang telah dilakukan oleh Penyertaan Modal Negara Dalam Pembentukan Palm Co Sebagai Sub Holding.
Abstract:Abstract:A GMS canbeheldifmorethan 1/2 (half) ofthe total numberofshareswith voting rights are presentorrepresented in the GMS, unlessthelawand/orarticlesofassociationdetermine a largerquorum. If thequorumrequirement in…
the GMS summonsis not achieved, a second GMS summonscanbemade. If thequorumforthesecond GMS isalso not achieved, thecompanycanrequestthechairmanoftheDistrictCourttodeterminethequorumforthethird GMS. Thisthesisisentitled "Legal AnalysisoftheValidityoftheLetterofInvitationto a General MeetingofShareholders (Study ofDecisionNumber 2917 K/Pdt/2016)". The methodused in thisthesisisnormative legal researchandisdescriptiveanalytical in nature. This study uses a statuteapproachand a case study approach. The data sourceusessecondary data in theformofprimary, secondaryandtertiary legal materialsrelatedtotheproblemsstudiedandthe data willbeanalyzedusingthedeductiveconclusiondrawingmethod. The resultsofthe study provide a conclusionthatthevalidityofholding a GMS bythecommissionerbecausetheDirectors are absentis valid andthecompanycanrequestthechairmanoftheDistrictCourttodeterminethequorumforthethird GMS. The GMS isalwaysheld in accordancewith Law Number 40 of 2007 concerningLimitedLiabilityCompaniesandtheCompany'sarticlesofassociationbecauseifthequorumforthe GMS is not met, anapplicationfordeterminingthequorummustbesubmittedtotheChairmanoftheDistrictCourt.Â
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Keyword:GMS, Board of Commissioners, Letter of InvitationÂ
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Abstrak: RUPS dapatdilangsungkanjikadalam RUPS lebihdari 1/2 (seperdua) bagiandarijumlahseluruhsahamdenganhaksuarahadirataudiwakili, kecualiundang-undang dan/atauanggarandasarmenentukanjumlahkuorum yang lebihbesar. Apabilasyaratkuorumdalampemanggilan RUPS tidaktercapai, pemanggilan RUPS keduabisadilakukan. Bila kuorum RUPS kedua juga tidaktercapai, makaperseroandapatmemohonkepadaketuaPengadilan Negeri agar ditetapkankuorumuntuk RUPS ketiga. Tesis iniberjudul “AnalisisYuridisTerhadapKeabsahan Surat PemanggilanRapat Umum Pemegang Saham (Studi PutusanNomor 2917 K/Pdt/2016)â€. Metode yang digunakandalamtesisiniadalahpenelitianyuridisnormatif dan bersifatdekriptifanalitis. Penelitianinimenggunakanpendekatanundang-undang (statuteapproach) dan pendekatankasus(case study).Sumber data menggunakan data sekunderberupabahanhukum primer, sekunder dan tersier yang berkaitandenganpermasalahan yang diteliti dan data akandianalisisdenganmetodepenarikankesimpulandeduktif. Hasil penelitianmemberikankesimpulankeabsahanpenyelenggaraan RUPS oleh komisariskarenaDireksiberhalanganadalahsah dan erseroandapatmemohonkepadaketuaPengadilan Negeri agar ditetapkankuorum RUPS ketiga. RUPS selaludiselenggarakansesuaidenganUndang-UndangNomor 40 Tahun 2007 Tentang Perseroan Terbatas dan anggarandasar Perseroan karenajikakourum RUPS tidakterpenuhi dan harusmengajukanpermohonanpenetapankourumkepadaKetuaPengadilan Negeri.Â
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Kata kunci: RUPS, Dewan Komisaris, Surat PemanggilanÂ
Abstract:Abstract: Unlawful conduct by a notary refers to actions that violate the legal and ethical obligations inherent to the notarial profession. This includes the preparation of inaccurate documents, abuse of authority, of failure…
ailure to adhere to professional ethics. This study aims to examine and analyze the validity requirements for share transfer through a grant and its legal implications for the implementastion of the General Meeting of Shareholders (GMS). This research employs a normative juridical method with a descriptive analytical approach, utilizing both statutory and cased-based approaches. Seceondary data is the main source, consisting of primary, secondary, and tertiary legal materials, collected through literature review and analyzed qualitatively.
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Keywords: Notary, Share Grant Deed, Unlawful Conduct
Abstrak: Perbuatan melawan hukumun notaris adalah tindakan seorang notaris yang bertentangan dengan aturan atau prinsip yang harus ditaati dalam melaksanakan tugasnya. Hali ini mencakup pelanggaran terhadap kewajiban professional, seperti membuat dokumen yang tidak sesuai kenyataan, menyalahgunakan kewenangan, atau mengabaikan etika yang berlaku dalam profesinya. Penelitian ini bertujuan untuk mengetahui dan menganalisis syarat keabsahan pengalihan saham dengan hibah dan akibat hukumnya terhadap pelaksanaan RUPS. Penelitian ini menggunakan metode penelitian yuridis normative bersifat deskriptif analisis dengan pendekatan penrundang-undangan dan penedekatan kasus. Data sekunder menjadi data utama penelitian yang terdiri dari bahan hukum primer, sekunder, tersier yang dikumpulkan dengan studi kepustakaan dan dianalisis dengan analisis data kualitatif.
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Kata kunci: Notaris, Akta Hibah Saham, Perbuatan Melawan Hukum
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Abstract:Abstract: A single-member limited liability company (SMLLC), as regulated under Law Number 40 of 2007 concerning Limited Liability Companies and its amendment through Law Number 6 of 2023 on Job Creation, represents a new…
w form of legal entity offering greater flexibility for micro and small enterprises. However, this entity raises various legal challenges, particularly related to the principle of limited liability (separate legal entity) and the application of the piercing the corporate veil doctrine. This study aims to analyze the legal implications of the SMLLC's status as a legal entity, evaluate the application of the limited liability doctrine to single shareholders who also serve as directors, and examine legal protections for SMLLCs as independent legal entities against actions by single shareholders. The research employs a normative legal method with legislative and conceptual approaches. The findings reveal that SMLLCs have distinct characteristics compared to conventional limited liability companies, necessitating adjustments in the application of the limited liability principle. In certain circumstances, single shareholders may be held fully liable for company losses under the piercing the corporate veil doctrine, particularly in cases of misuse of the corporate form for personal gain. This study provides recommendations for policymakers to clarify the legal framework governing SMLLCs to mitigate potential legal conflicts and ensure balanced protection for all stakeholders.
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Keyword: Single-Member Limited Liability Company, Shareholder Liability, Piercing The Corporate Veil, Legal Entity, Legal Doctrine
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Abstrak: Perseroan terbatas perorangan, yang diatur dalam Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas dan perubahan melalui Undang-Undang Nomor 6 Tahun 2023 tentang Cipta Kerja, merupakan bentuk badan hukum baru yang memberikan fleksibilitas lebih besar kepada usaha mikro dan kecil. Namun, keberadaan perseroan ini juga menimbulkan berbagai permasalahan hukum, khususnya terkait prinsip pemisahan tanggung jawab (separate legal entity) dan penerapan doktrin piercing the corporate veil. Penelitian ini bertujuan untuk menganalisis akibat hukum dari kedudukan perseroan terbatas perorangan sebagai badan hukum; mengevaluasi penerapan doktrin tanggung jawab terbatas terhadap pemegang saham tunggal yang merangkap sebagai direksi; dan mengkaji perlindungan hukum bagi perseroan terbatas perorangan sebagai badan hukum mandiri dari tindakan pemegang saham tunggal. Metode yang digunakan adalah penelitian hukum normatif dengan pendekatan undang-undang dan konseptual. Hasil penelitian menunjukkan bahwa perseroan terbatas perorangan memiliki karakteristik yang berbeda dibandingkan dengan perseroan terbatas konvensional, sehingga prinsip tanggung jawab terbatas membutuhkan penyesuaian. Dalam situasi tertentu, pemegang saham tunggal dapat dimintai pertanggungjawaban penuh atas kerugian perseroan berdasarkan doktrin piercing the corporate veil, terutama jika terjadi penyalahgunaan fungsi badan hukum untuk kepentingan pribadi. Implikasi penelitian ini memberikan rekomendasi bagi pembuat kebijakan untuk memperjelas pengaturan hukum perseroan terbatas perorangan guna mengurangi potensi konflik hukum dan memberikan perlindungan yang seimbang bagi semua pihak terkait.
Kata kunci: Tanggung Jawab Pemegang Saham, Perseroan Terbatas Perorangan, Piercing The Corporate Veil, Badan Hukum, Doktrin Hukum
Abstract:This study explores the application of the Value-Based Management (VBM) approach in analyzing the financial efficiency of renewable energy projects. As the global demand for clean and sustainable energy increases, renewable…
ble energy projects play a strategic role in the energy transition but are often faced with challenges of large initial investment, technological risks, and regulatory uncertainty. The results show that the application of VBM in evaluating renewable energy projects can improve the quality of investment decision making by considering both financial and non-financial aspects holistically. VBM encourages companies to be more selective and strategic in choosing projects that are not only economically feasible, but also socially and environmentally sustainable. In addition, this approach provides a strong framework for aligning managerial objectives with shareholder interests, improving corporate governance, and strengthening transparency in the process of evaluating and reporting project performance.
Abstract:The objective of this study is to ascertain the impact of the six elements of good corporate governance on the financial performance of state-owned enterprises (SOEs), with risk management acting as a moderating variable.…
. This study employs annual reports on state-owned enterprises (SOEs) listed in Appendix II of the Minister of State-Owned Enterprises Regulation Number PER/MBU/03/2021. The sampling technique employed was purposive sampling, with a research sample comprising 57 SOEs selected from all SOEs for the 2018-2022 period. The data were analyzed using panel data regression analysis with the STATA 17. The results indicated that the Shareholder Aspect had a positive and significant effect on the financial performance of SOEs. In contrast, the aspects of Commitment to Sustainable GCG Implementation, Board of Commissioners, Board of Directors, Disclosure and Transparency of Information, and other factors had no significant effect on the financial performance of SOEs. The findings indicate that risk management exerts a positive and significant influence on the relationship between the Board of Directors aspect and the financial performance of SOEs. Conversely, risk management exerts a negative and insignificant influence on the relationship between the Commitment to Sustainable GCG Implementation aspect, the Board of Commissioners, disclosure and transparency of information, and other factors and the financial performance of SOEs.
Abstract:The objective of this study is to ascertain the impact of the six elements of good corporate governance on the financial performance of state-owned enterprises (SOEs), with risk management acting as a moderating variable.…
. This study employs annual reports on state-owned enterprises (SOEs) listed in Appendix II of the Minister of State-Owned Enterprises Regulation Number PER/MBU/03/2021. The sampling technique employed was purposive sampling, with a research sample comprising 57 SOEs selected from all SOEs for the 2018-2022 period. The data were analyzed using panel data regression analysis with the STATA 17. The results indicated that the Shareholder Aspect had a positive and significant effect on the financial performance of SOEs. In contrast, the aspects of Commitment to Sustainable GCG Implementation, Board of Commissioners, Board of Directors, Disclosure and Transparency of Information, and other factors had no significant effect on the financial performance of SOEs. The findings indicate that risk management exerts a positive and significant influence on the relationship between the Board of Directors aspect and the financial performance of SOEs. Conversely, risk management exerts a negative and insignificant influence on the relationship between the Commitment to Sustainable GCG Implementation aspect, the Board of Commissioners, disclosure and transparency of information, and other factors and the financial performance of SOEs.
Abstract:The agreement providing a corporate guarantee does not provide a limit on the nominal amount that will be guaranteed by the corporate guaranteed provider because the corporate guarantee provider will guarantee the entire…
debt including interest, fines, fees and other amounts of money that must be paid. In Indonesian limited liability company law, directors are required to seek shareholder approval in the case of pledging more than fifty percent of the company's assets, but in practice, approval from shareholders is not always required to provide a corporate guarantee. Especially in the case of corporate guarantees known as limited corporate guarantees, where the guarantee value does not exceed fifty percent of the Company's total assets. The aim of this research is to analyze the legal certainty of providing corporate guarantees without shareholder approval for credit applications whose value is less than fifty percent of the Company's assets. This type of research is normative juridical, namely a type of research with a conceptual approach. This research has the result that a corporate guaranteed agreement to guarantee the value of a credit facility whose value is not more than 50% of the company's assets provided without shareholder approval does not provide legal certainty.
Abstract:The Law Number 40 of 2007 Concerning Limited Liability Companies does not clearly forbid self-dealing transactions by the Board of Directors of Limited Liability Companies. The Board of Directors has a chance to engage in…
n self-dealing activities that are fraught with conflicts of interest if this ban doesn't exist, which could be detrimental to the company. The study is aimed at analyzing the legal safeguards for limited liability companies against the self-dealing activities of board of director members and the board's accountability for such activities that result in losses for limited liability companies. Legal, conceptual, and case-based research methods are combined to create normative legal research. Interviews, literature reviews, and document studies as data collection methods were used. This study concludes that the Law does not specifically forbid limited liability company board of directors self-dealing transactions. The availability of provisions in Book III of the Civil Code as lex generalist, the Limited Liability Companies Law itself as lex specialist, and the principles of Good Corporate Governance all provide legal protection for limited liability businesses from self-dealing transactions. Restrictively, the Law gives the Board of Directors, Board of Commissioners, and Shareholders the right to sue the Board of Directors in district court for any wrongdoing caused by the Board of Directors.
Abstract:This study analyzes the dividend policy of PT Telkom Indonesia (Persero) Tbk (TLKM) during the 2020–2025 period using a quantitative descriptive approach and a longitudinal case study based on secondary data from audited…
ed financial reports. The variables analyzed include Dividend Per Share (DPS), Earnings Per Share (EPS), Dividend Payout Ratio (DPR), Dividend Yield, and Free Cash Flow (FCF), with trend analysis using the Compound Annual Growth Rate (CAGR). The results show that DPS grows 6.05% per year, higher than EPS of 1.87%, resulting in DPR increasing from 80.00% to 93.95% in 2024. Nevertheless, strong and stable operating cash flow ensures that dividends remain supported by FCF, so there is no indication of financial distress. However, the increasing FCF-to-dividend ratio indicates the company's increasingly limited reinvestment space. The decline in net profit of 20.48% in 2025 also increases the risk of dividend policy sustainability. Furthermore, the increase in dividend yield was more influenced by stock price declines than dividend growth. This finding suggests that SOE dividend stability reflects not only fundamental performance but also institutional pressure from the government as the controlling shareholder, supporting the relevance of Agency Theory and Catering Theory in explaining dividend policy of state-owned enterprises in emerging markets