Legal Reformulation of Derivative Action Regulations for Protection of Minority Shareholders in Indonesia: Comparative Study of Indonesia and Australia
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Published
Jul 27, 2023
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Abstract
Arrangements related to legal protection for minority shareholders regulated in Law no. 40 of 2007 concerning Limited Liability Companies (hereinafter referred to as UUPT) still found limitations both in filing rights to sue, objections, and implementation of derivative actions in terms of arrangements regarding the protection of minority shareholders due to a corporate action or certain decisions that take refuge behind the legality of the validity of the General Meeting Shareholders (GMS) whose enactment is heavily influenced by the interests of the majority shareholders. The existing arrangements are felt to be far from justice for minority shareholders. This study will examine whether the Derivative Action arrangements contained in the Company Law as a legal umbrella in providing protection for minority shareholders are adequate and how the legal systems are compared with regard to Derivative Action arrangements in Indonesia and Australia. The purpose of this study is to find out to what extent the Derivative Action regulations contained in the Company Law can protect minority shareholders and to compare the legal systems between the two countries as input and consideration for corrections and improvements to the national legal system. This research uses a type of normative research with a statutory approach and a comparative approach. The results of this legal research found certain aspects of the Australian Corporation Law which can provide a sense of justice and legal certainty as legal benefits for minority shareholders which can be used as legal reformulations in Indonesia.
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Rosida, H. (2023). Legal Reformulation of Derivative Action Regulations for Protection of Minority Shareholders in Indonesia: Comparative Study of Indonesia and Australia. Journal of Law and Legal Reform, 4(3), 399-428. https://doi.org/10.15294/jllr.v4i3.68087
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Research Article
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All writings published in this journal are personal views of the authors and do not represent the views of this journal and the author's affiliated institutions. Author(s) retain copyrights under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0).
References
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Budiono, Herlien. "Arah Pengaturan Undang-Undang Nomor 40 Tahun 2007 Tentang Perseroan Terbatas dalam Menghadapi Era Global." Jurnal Rechts Vinding: Media Pembinaan Hukum Nasional 1, No. 2 (2012): 187-198. http://dx.doi.org/10.33331/rechtsvinding.v1i2.96.
Darmawan, Monica Caecilia. “Perlindungan Hukum Bagi Pemegang Saham Minoritas Yang Dirugikan Akibat Direksi Melakukan Kesalahan Atau Kelalaian”. Jurist-Diction 2, No. 3 (2019): 985-1010. https://doi.org/10.20473/jd.v2i3.14367.
David, Wishart. Company Law in Context (Oxford: Oxford University Press, 1994), pp. 199-200.
Duffy, Michael J. "Shareholders Agreements and Shareholders' Remedies: Contract versus Statute?." Bond Law Review 20, No. 2 (2008): 1-27. https://doi.org/10.53300/001c.5517.
Fitriani, Riska. "Gugatan Derivatif oleh Pemegang Saham Minoritas Pada Perseroan Terbatas." Jurnal Ilmu Hukum 2, No. 1 (2011): 179-200. http://dx.doi.org/10.30652/jih.v2i01.491.
Friedman, Lawrence M. The Legal System: A Social Science Perspective. (New York: Russell Sage Foundation, 1975).
Fuady, Munir. Hukum Bisnis dalam Teori Praktek Buku Ketiga. (Jakarta: PT Citra Aditya Bakti, 2018).
Gayatri, Syofia. “Perlindungan Hukum Terhadap Pemegang Saham Minoritas Pada Perusahaan Terbuka di Indonesia”, Thesis (Lampung: Universitas Lampung, 2017).
Gooley, John V, Michael Zammit, Matthew Dicker SC, and David J. Russell SC. Corporations and Associations Law Principles and Issues. (New York: LexisNexis, 2020).
Haryono, Wenny Ayu. "Perlindungan Hukum terhadap Pemegang Saham Minoritas dalam Peralihan Saham dengan Akta Pengakuan Utang." Jurnal IUS Kajian Hukum dan Keadilan 4, No. 3 (2016): 396-406. https://doi.org/10.12345/ius.v4i1.302.
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Januarita, Ratna. "The Newly Sole Proprietorship as Limited Liability Company in Recent Indonesian Company Law." MIMBAR: Jurnal Sosial dan Pembangunan 37, No. 1 (2021): 221-231. https://doi.org/10.29313/mimbar.v37i1.7771.
Johan, Suwinto. "The Function of Commissioner Based on the Principles of Good Corporate Governance." Journal of Private and Commercial Law 6, No. 1 (2022): 60-73. https://doi.org/10.15294/jpcl.v6i1.36356.
Kadir, Taqiyuddin. Gugatan Derivatif: Perlindungan Hukum Pemegang Saham Minoritas. (Jakarta: Sinar Grafika, 2022).
Lipton, Philip, et. al., Understanding Company Law (Pyrmont, NSW: Lawbook Co., 2010).
Marzuki, Peter Mahmud. Penelitian Hukum (Jakarta: Kencana Prenada Media Group, 2014).
Masyhuri, Imam Hakim, Wasiatun Wasiatun, and Sumriyah Sumriyah. "Efektifitas Perlindungan Hukum Pemegang Saham Dibawah 1/10 dalam Mekanisme Pelaksanaan Gugatan Derivative Action." Deposisi: Jurnal Publikasi Ilmu Hukum 1, No. 3 (2023): 74-84. https://doi.org/10.59581/deposisi.v1i3.701.
McCrudden, Christopher. "Legal Research and the Social Sciences." Legal Theory and the Social Sciences. (London: Routledge, 2017), pp. 149-167.
McGee, Robert W. "Shareholder Rights Issues." Corporate Governance in Developing Economies: Country Studies of Africa, Asia and Latin America. (Boston, MA: Springer US, 2009), pp. 23-30.
McPherson, H. H. "Duties of Directors and the Powers of Shareholders." Australian Law Journal 51, No. 7 (1977): 460-469.
Muhayatsyah, Ali. "Keputusan Bisnis dan Tanggungjawab Direksi dalam Prinsip Fiduciary Duties Pada Perseroan Terbatas." AT-TIJARAH: Jurnal Penelitian Keuangan dan Perbankan Syariah 1, No. 2 (2019): 37-56.
Nainggolan, Ibrahim. "Establishment of a Limited Liability Company in Indonesia." International Journal Reglement & Society (IJRS) 3, No. 2 (2022): 124-128. https://doi.org/10.55357/ijrs.v3i2.225.
Permatasari, Pita. "Perlindungan Hukum Pemegang Saham Minoritas Perusahaan Terbuka akibat Putusan Pailit." SALAM: Jurnal Sosial dan Budaya Syar-i 1, No. 2 (2014): 295-310. http://dx.doi.org/10.15408/sjsbs.v1i2.1547.
Prisandani, Ulya Yasmine. "Shareholder Activism in Indonesia: Revisiting Shareholder Rights Implementation and Future Challenges." International Journal of Law and Management 64, No. 2 (2022): 225-238. https://doi.org/10.1108/IJLMA-07-2021-0169.
Rahmawati, Dwi, et al. "Perlindungan Hukum Terhadap Pemegang Saham Minoritas dalam Undang-Undang Perseroan Terbatas." Iuris Studia: Jurnal Kajian Hukum 2, No. 1 (2021): 34-48. https://doi.org/10.55357/is.v2i1.76.
Rasjidi, Lili and I. B. Wysa Putra, Hukum Sebagai Suatu Sistem. (Bandung: Remaja Rosdakarya, 1993).
Riyanto, Agus. “Pemegang Saham Menggugat, Mungkinkan Itu?”, Binus Online (June, 2019). Retrieved from https://business-law.binus.ac.id/2019/06/30/pemegang-saham-menggugat-mungkinkah-itu/.
Sealy, L. S. "Foss v. Harbottle—A Marathon Where Nobody Wins." The Cambridge Law Journal 40, No. 1 (1981): 29-33. https://doi.org/10.1017/S0008197300096392.
Setiawan, I Kadek Indra, and I. Gusti Agung Ayu Dike Widhiyaastuti. "Kepemilikan Saham Mayoritas oleh Direktur Utama." Journal Ilmu Hukum 4, No. 3 (2016): 1-5.
Sinaga, Lestari Victoria, and Citra Indah Lestari. "Analisis Yuridis Pertanggungjawaban Direksi Terhadap Pailitnya Suatu Perseroan Terbatas." Jurnal Rectum: Tinjauan Yuridis Penanganan Tindak Pidana 3, No. 1 (2021): 25-34. http://dx.doi.org/10.46930/jurnalrectum.v3i1.816.
Siti, Yunazar Nila. Perlindungan Terhadap Hak-Hak Pemegang Saham Minoritas Perseroan Terbatas dalam Perkembangannya di Indonesia”. Thesis (Semarang: Universitas Diponegoro, 2012).
Situmorang, Riri-Lastiar, and Rasji Rasji. "Perlindungan Hukum Pemegang Saham Minoritas pada Perseroan Terbatas Terbuka." Jurnal Ilmu Hukum 12, No. 1 (2023): 113-130. http://dx.doi.org/10.30652/jih.v12i1.8207.
Somadiyono, Sigit. "Legal Protection of Minority Shareholders (Acquisition Company in Indonesia and Malaysia)." Wajah Hukum 4, No. 1 (2020): 129-135. http://dx.doi.org/10.33087/wjh.v4i1.88.
Subagiyo, Dwi Tatak. "Perlindungan Hukum Pemegang Saham Minoritas Akibat Perbuatan Melawan Hukum Direksi Menurut Undang-Undang Perseroan Terbatas." Perspektif 20, No. 1 (2015): 49-58. https://doi.org/10.30742/perspektif.v20i1.122.
Sugeng, Sugeng, “Perlindungan Hukum Bagi Pemegang Saham Minoritas”, Selisik: Jurnal Hukum Bisnis 2, No. 2 (2016): 82-102. https://doi.org/10.35814/selisik.v1i2.633.
Supriyatin, Ukilah and Nina Herlina. "Tanggung Jawab Perdata Perseroan Terbatas (PT) Sebagai Badan Hukum." Jurnal Ilmiah Galuh Justisi 8, No. 1 (2020): 127-144. http://dx.doi.org/10.25157/justisi.v8i1.3326.
Susetyo, Herman. “Perkembangan Pengaturan Hak-Hak pemegang Saham dalam Perseroan Terbatas di Indonesia”. Thesis (Semarang: Universitas Diponegoro, 2000).
Sya’bani, Apri. "Minority Shareholders’ Protection in the Indonesian Capital Market." Indonesia Law Review 4, No. 1 (2014): 114-142. https://doi.org/10.15742/ilrev.v4n1.96.
Syafrida, Soraya. "Benturan Kepentingan oleh Pemegang Saham Mayoritas Yang Diangkat Sebagai Direktur Utama Perseroan Terbatas Tertutup (Analisa Akta Anggaran Dasar PT ARS)." Indonesian Notary 1, No. 1 (2019).
Taylor, Lynne. "Ratification and the statutory derivative action in the Companies Act 1993." Company and Securities Law Journal 16, No. 3 (1998): 221-225.
Tenkate, Caitlin. "Corporations and Associations Law Principles and Issues." The Journal of New Business Ideas & Trends 19, No. 2 (2021): 18-22.
Wicaksono, Lucky Suryo. "Kepastian Hukum Nominee Agreement Kepemilikan Saham Perseroan Terbatas." Jurnal Hukum Ius Quia Iustum 23, No. 1 (2016): 42-57. https://doi.org/10.20885/iustum.vol23.iss1.art3.
Widjaja, Adi. "Legal Protection of Minority Shareholders Through Derivative Lawsuits." Nurani Hukum 5 (2022): 127-136. http://dx.doi.org/10.51825/nhk.v5i2.17115.
Ansory, Wachid Aditya, and Krisnadi Nasution. "Reformulasi Hukum Tentang Hak Gugat Bagi Pemegang Saham Dibawah 1/10." Jurnal Hukum Bisnis Bonum Commune 5, No. 1 (2022): 109-122. https://doi.org/10.30996/hukum%20bisnis%20bon.v5i1.6041.
Aripin, Aripin, “Perlindungan Hukum Terhadap Pemegang Saham Minoritas Perseroan Terbatas Terbuka dalam rangka Menciptakan Kepastian Hukum Sebagai Sarana Peningkatan Iklim Investasi di Indonesia”, Thesis (Solo: Universitas Sebelas Maret, 2009).
Aspan, Henry. "Good Corporate Governance Principles in the Management of Limited Liability Company." International Journal of Law Reconstruction 1, No. 1 (2017): 87-100. http://dx.doi.org/10.26532/ijlr.v1i1.1637.
Berkahn, Matthew. "The Derivative Action in Australia and New Zealand: Will the Statutory Provisions Improve Shareholders’ Enforcement Rights?." Bond Law Review 10, No. 1 (1998): 74-100. https://doi.org/10.53300/001c.5307.
Budiono, Herlien. "Arah Pengaturan Undang-Undang Nomor 40 Tahun 2007 Tentang Perseroan Terbatas dalam Menghadapi Era Global." Jurnal Rechts Vinding: Media Pembinaan Hukum Nasional 1, No. 2 (2012): 187-198. http://dx.doi.org/10.33331/rechtsvinding.v1i2.96.
Darmawan, Monica Caecilia. “Perlindungan Hukum Bagi Pemegang Saham Minoritas Yang Dirugikan Akibat Direksi Melakukan Kesalahan Atau Kelalaian”. Jurist-Diction 2, No. 3 (2019): 985-1010. https://doi.org/10.20473/jd.v2i3.14367.
David, Wishart. Company Law in Context (Oxford: Oxford University Press, 1994), pp. 199-200.
Duffy, Michael J. "Shareholders Agreements and Shareholders' Remedies: Contract versus Statute?." Bond Law Review 20, No. 2 (2008): 1-27. https://doi.org/10.53300/001c.5517.
Fitriani, Riska. "Gugatan Derivatif oleh Pemegang Saham Minoritas Pada Perseroan Terbatas." Jurnal Ilmu Hukum 2, No. 1 (2011): 179-200. http://dx.doi.org/10.30652/jih.v2i01.491.
Friedman, Lawrence M. The Legal System: A Social Science Perspective. (New York: Russell Sage Foundation, 1975).
Fuady, Munir. Hukum Bisnis dalam Teori Praktek Buku Ketiga. (Jakarta: PT Citra Aditya Bakti, 2018).
Gayatri, Syofia. “Perlindungan Hukum Terhadap Pemegang Saham Minoritas Pada Perusahaan Terbuka di Indonesia”, Thesis (Lampung: Universitas Lampung, 2017).
Gooley, John V, Michael Zammit, Matthew Dicker SC, and David J. Russell SC. Corporations and Associations Law Principles and Issues. (New York: LexisNexis, 2020).
Haryono, Wenny Ayu. "Perlindungan Hukum terhadap Pemegang Saham Minoritas dalam Peralihan Saham dengan Akta Pengakuan Utang." Jurnal IUS Kajian Hukum dan Keadilan 4, No. 3 (2016): 396-406. https://doi.org/10.12345/ius.v4i1.302.
Hill, John S. International Business: Managing Globalization. (California: Sage Publications, 2008).
Hofmann, Melissa. "The Statutory Derivative Action in Australia: An Empirical Review of its Use and Effectiveness in Australia in Comparison to the United States, Canada and Singapore." Enterprise Governance eJournal 1, No. 1 (2005): 1-23.
Januarita, Ratna. "The Newly Sole Proprietorship as Limited Liability Company in Recent Indonesian Company Law." MIMBAR: Jurnal Sosial dan Pembangunan 37, No. 1 (2021): 221-231. https://doi.org/10.29313/mimbar.v37i1.7771.
Johan, Suwinto. "The Function of Commissioner Based on the Principles of Good Corporate Governance." Journal of Private and Commercial Law 6, No. 1 (2022): 60-73. https://doi.org/10.15294/jpcl.v6i1.36356.
Kadir, Taqiyuddin. Gugatan Derivatif: Perlindungan Hukum Pemegang Saham Minoritas. (Jakarta: Sinar Grafika, 2022).
Lipton, Philip, et. al., Understanding Company Law (Pyrmont, NSW: Lawbook Co., 2010).
Marzuki, Peter Mahmud. Penelitian Hukum (Jakarta: Kencana Prenada Media Group, 2014).
Masyhuri, Imam Hakim, Wasiatun Wasiatun, and Sumriyah Sumriyah. "Efektifitas Perlindungan Hukum Pemegang Saham Dibawah 1/10 dalam Mekanisme Pelaksanaan Gugatan Derivative Action." Deposisi: Jurnal Publikasi Ilmu Hukum 1, No. 3 (2023): 74-84. https://doi.org/10.59581/deposisi.v1i3.701.
McCrudden, Christopher. "Legal Research and the Social Sciences." Legal Theory and the Social Sciences. (London: Routledge, 2017), pp. 149-167.
McGee, Robert W. "Shareholder Rights Issues." Corporate Governance in Developing Economies: Country Studies of Africa, Asia and Latin America. (Boston, MA: Springer US, 2009), pp. 23-30.
McPherson, H. H. "Duties of Directors and the Powers of Shareholders." Australian Law Journal 51, No. 7 (1977): 460-469.
Muhayatsyah, Ali. "Keputusan Bisnis dan Tanggungjawab Direksi dalam Prinsip Fiduciary Duties Pada Perseroan Terbatas." AT-TIJARAH: Jurnal Penelitian Keuangan dan Perbankan Syariah 1, No. 2 (2019): 37-56.
Nainggolan, Ibrahim. "Establishment of a Limited Liability Company in Indonesia." International Journal Reglement & Society (IJRS) 3, No. 2 (2022): 124-128. https://doi.org/10.55357/ijrs.v3i2.225.
Permatasari, Pita. "Perlindungan Hukum Pemegang Saham Minoritas Perusahaan Terbuka akibat Putusan Pailit." SALAM: Jurnal Sosial dan Budaya Syar-i 1, No. 2 (2014): 295-310. http://dx.doi.org/10.15408/sjsbs.v1i2.1547.
Prisandani, Ulya Yasmine. "Shareholder Activism in Indonesia: Revisiting Shareholder Rights Implementation and Future Challenges." International Journal of Law and Management 64, No. 2 (2022): 225-238. https://doi.org/10.1108/IJLMA-07-2021-0169.
Rahmawati, Dwi, et al. "Perlindungan Hukum Terhadap Pemegang Saham Minoritas dalam Undang-Undang Perseroan Terbatas." Iuris Studia: Jurnal Kajian Hukum 2, No. 1 (2021): 34-48. https://doi.org/10.55357/is.v2i1.76.
Rasjidi, Lili and I. B. Wysa Putra, Hukum Sebagai Suatu Sistem. (Bandung: Remaja Rosdakarya, 1993).
Riyanto, Agus. “Pemegang Saham Menggugat, Mungkinkan Itu?”, Binus Online (June, 2019). Retrieved from https://business-law.binus.ac.id/2019/06/30/pemegang-saham-menggugat-mungkinkah-itu/.
Sealy, L. S. "Foss v. Harbottle—A Marathon Where Nobody Wins." The Cambridge Law Journal 40, No. 1 (1981): 29-33. https://doi.org/10.1017/S0008197300096392.
Setiawan, I Kadek Indra, and I. Gusti Agung Ayu Dike Widhiyaastuti. "Kepemilikan Saham Mayoritas oleh Direktur Utama." Journal Ilmu Hukum 4, No. 3 (2016): 1-5.
Sinaga, Lestari Victoria, and Citra Indah Lestari. "Analisis Yuridis Pertanggungjawaban Direksi Terhadap Pailitnya Suatu Perseroan Terbatas." Jurnal Rectum: Tinjauan Yuridis Penanganan Tindak Pidana 3, No. 1 (2021): 25-34. http://dx.doi.org/10.46930/jurnalrectum.v3i1.816.
Siti, Yunazar Nila. Perlindungan Terhadap Hak-Hak Pemegang Saham Minoritas Perseroan Terbatas dalam Perkembangannya di Indonesia”. Thesis (Semarang: Universitas Diponegoro, 2012).
Situmorang, Riri-Lastiar, and Rasji Rasji. "Perlindungan Hukum Pemegang Saham Minoritas pada Perseroan Terbatas Terbuka." Jurnal Ilmu Hukum 12, No. 1 (2023): 113-130. http://dx.doi.org/10.30652/jih.v12i1.8207.
Somadiyono, Sigit. "Legal Protection of Minority Shareholders (Acquisition Company in Indonesia and Malaysia)." Wajah Hukum 4, No. 1 (2020): 129-135. http://dx.doi.org/10.33087/wjh.v4i1.88.
Subagiyo, Dwi Tatak. "Perlindungan Hukum Pemegang Saham Minoritas Akibat Perbuatan Melawan Hukum Direksi Menurut Undang-Undang Perseroan Terbatas." Perspektif 20, No. 1 (2015): 49-58. https://doi.org/10.30742/perspektif.v20i1.122.
Sugeng, Sugeng, “Perlindungan Hukum Bagi Pemegang Saham Minoritas”, Selisik: Jurnal Hukum Bisnis 2, No. 2 (2016): 82-102. https://doi.org/10.35814/selisik.v1i2.633.
Supriyatin, Ukilah and Nina Herlina. "Tanggung Jawab Perdata Perseroan Terbatas (PT) Sebagai Badan Hukum." Jurnal Ilmiah Galuh Justisi 8, No. 1 (2020): 127-144. http://dx.doi.org/10.25157/justisi.v8i1.3326.
Susetyo, Herman. “Perkembangan Pengaturan Hak-Hak pemegang Saham dalam Perseroan Terbatas di Indonesia”. Thesis (Semarang: Universitas Diponegoro, 2000).
Sya’bani, Apri. "Minority Shareholders’ Protection in the Indonesian Capital Market." Indonesia Law Review 4, No. 1 (2014): 114-142. https://doi.org/10.15742/ilrev.v4n1.96.
Syafrida, Soraya. "Benturan Kepentingan oleh Pemegang Saham Mayoritas Yang Diangkat Sebagai Direktur Utama Perseroan Terbatas Tertutup (Analisa Akta Anggaran Dasar PT ARS)." Indonesian Notary 1, No. 1 (2019).
Taylor, Lynne. "Ratification and the statutory derivative action in the Companies Act 1993." Company and Securities Law Journal 16, No. 3 (1998): 221-225.
Tenkate, Caitlin. "Corporations and Associations Law Principles and Issues." The Journal of New Business Ideas & Trends 19, No. 2 (2021): 18-22.
Wicaksono, Lucky Suryo. "Kepastian Hukum Nominee Agreement Kepemilikan Saham Perseroan Terbatas." Jurnal Hukum Ius Quia Iustum 23, No. 1 (2016): 42-57. https://doi.org/10.20885/iustum.vol23.iss1.art3.
Widjaja, Adi. "Legal Protection of Minority Shareholders Through Derivative Lawsuits." Nurani Hukum 5 (2022): 127-136. http://dx.doi.org/10.51825/nhk.v5i2.17115.