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"Skripsi ini menganalisis sah tidaknya rapat umum pemegang saham luar biasa yang memutuskan untuk menerbitkan klasifikasi saham baru dengan membatalkan hak suara pemegang saham minoritas yang ada berdasarkan Undang-Undang Perseroan Terbatas di Indonesia dan Australian Corporations Act di Australia serta menilai apakah putusan pengadilan yang mempersyaratkan persetujuan dari tuan Lili Soemantri atas keputusan rapat umum pemegang saham luar biasa Perseroan Terbatas Cabot Indonesia, yang membatalkan klasifikasi saham tuan Lili Someantri sehingga mengakibatkan hilangnya hak suara, sesuai dengan Undang-Undang Perseroan Terbatas di Indonesia dan Australian Corporations Act di Australia. Dengan menerapkan penelitian yuridisnormatif dengan pendekatan perundang-undangan, kasus, dan komparatif, maka skripsi ini menimpulkan: pertama, berdasarkan Undang-Undang Perseroan Terbatas di Indonesia dan Australian Corporations Act di Australia, keputusan rapat umum pemegang saham luar biasa untuk menerbitkan klasifikasi saham baru dengan membatalkan hak suara pemegang saham minoritas yang ada adalah sah sepanjang memenuhi ketentuan kuorum kehadiran dan jumlah suara minimum yang menyetujui keputusan untuk menjadi sah dengan agenda perubahan anggaran dasar berdasarkan Undang-Undang Perseroan Terbatas di Indonesia dan agenda memvariasi dan membatalkan hak-hak pada klasifikasi saham berdasarkan Australian Corporations Act di Australia; kedua, putusan pengadilan yang mempersyaratkan persetujuan dari tuan Lili Soemantri atas keputusan rapat umum pemegang saham luar biasa Perseroan Terbatas Cabot Indonesia, yang membatalkan klasifikasi saham tuan Lili Someantri sehingga mengakibatkan hilangnya hak suara, bertentangan dengan Undang Undang Perseroan Terbatas di Indonesia, tetapi telah sesuai dengan Australian Corporations Act.

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This thesis analyzes whether the extraordinary general meeting of shareholders, which decides to issue a new classification of shares by cancelling the existing minority shareholder voting rights, is valid based on the Indonesian Limited Liability Company Law and Australian Corporations Act and evaluates whether the court decision that declares the approval requirement from mister Lili Soemantri on the extraordinary general meeting of shareholder resolution of Cabot Indonesia Limited Liability Company, which cancels mister Lili Someantri's classification of shares resulting in the loss of voting rights, complies with the Indonesian Limited Liability Company Law and Australian Corporations Act. By applying juridical-normative research with statutory, cases, and comparative approaches, this thesis concludes that: as follows: first, based on both Indonesian Limited Liability Company Law and Australian Corporations Act, the resolution to issue a new classification of shares by cancelling the existing minority shareholder voting rights has to be done through an extraordinary general meeting of shareholders which fulfil the provision of attendance quorum and the minimum vote approving for the resolution to be valid with agenda amendment of articles of association under Indonesian Limited Company Law and agenda varying and cancelling class rights under Australian Corporations Act; second, the court decision that declares the approval requirement from mister Lili Soemantri on the extraordinary general meeting of shareholder resolution of Cabot Indonesia Limited Liability Company, which cancels mister Lili Someantri's classification of shares resulting in the loss of voting rights, contradicts with the Limited Liability Company Law in Indonesia, but comply with the Australian Corporations Act since it requires approval from mister Lili Soemantri."

"ABSTRAKDiundangkannya Peraturan Bank Indonesia tentang Kepemilikan Saham Bank Umum secara tidak langsung telah menciptakan pengecualian untuk melakukan Penawaran Tender Wajib bagi bank yang terdaftar dalam pasar modal. Pengecualian terhadap kewajiban tersebut tidak serta merta menghilangkan kewajiban bank sebagai perseroan untuk melindungi kepentingan pemegang saham minoritas.

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ABSTRACtThe enactment of Bank Indonesia Regulation on the Shares Ownership of Commercial Bank creates an indirect exemption to exercise the obligation of Mandatory Tender Offer for bank listed in capital market. The exemption over the obligation doesn’t necessarily relieve bank’s obligation as a limited company to protect the interest of minority shareholders."

"ABSTRAKPerseroan terbuka mempunyai sistem manajemen yang berbeda denganperseroan tertutup. Dalam perseroan terbuka harus terdapat transparansi yangdapat dipertanggungjawabkan kepada publik, mengingat banyaknya pemegangsaham publik. Pemegang saham dalam suatu perseroan dapat terdiri daripemegang saham minoritas dan pemegang saham mayoritas. Hal tersebut dapatdibedakan dari jumlah kepemilikan saham dalam suatu perseroan. Dikarenakanpemegang saham minoritas memiliki persentase kepemilikan saham yang lebihkecil dibandingkan dengan pemegang saham mayoritas, maka seringkalidirugikan atau ada ketidakpuasan terhadap keputusan-keputusan yang diambiloleh manajemen perseroan. Terlebih apabila manajemen perseroan didominasioleh pemegang saham mayoritas, sehingga keputusan terkait perseroan yangdiambil cenderung mewakili kepentingan pemegang saham mayoritas. Bahkanpada saat pengambilan keputusan melalui Rapat Umum Pemegang Saham(“RUPS”), maka pemegang saham minoritas akan mengikuti keputusan (daripemegang saham mayoritas/melalui) RUPS. Bertitik tolak dari permasalahantersebut di atas, maka masalah-masalah yang timbul sebagai berikut: pertama,bagaimana hak pemegang saham publik yang mengalami kerugian dalamperseroan terbuka karena nilai saham menurun yang disebabkan oleh tindakanpemegang saham mayoritas, kelalaian anggota direksi ataupun dewan komisaris;kedua, kesulitan apa yang dihadapi oleh pemegang saham minoritas dalammenuntut hak-haknya; ketiga, bagaimana hak anggota direksi untuk melakukanpembelaan terhadap setiap gugatan pemegang saham; keempat, apakah pemegangsaham minoritas sudah cukup mendapat perlindungan hukum. Dari penelitiankepustakaan yang menggunakan metode atau bersifat yuridis normatif denganmetode pengumpulan data kepustakaan, hasil penelitian menemukan jawabanbahwa pemegang saham publik yang dirugikan dapat mengajukan gugatanderivatif, yaitu menggugat direksi atau dewan komisaris atas nama perseroanapabila mewakili minimum 1/10 dari jumlah seluruh saham perseroan, dan direksisebagai pengelola perseroan dapat melakukan pembelaan atas adanya gugatanyang timbul dengan menggunakan prinsip Business Judgement Rule. Namundemikian, pemegang saham minoritas dalam perseroan terbuka belum cukupmendapat perlindungan hukum karena masih terdapat kesulitan dalampembuktian. Disarankan agar prinsip keterbukaan perlu dimiliki dan diterapkandalam perseroan terbuka serta otoritas lembaga, khususnya Otoritas JasaKeuangan dan Bursa Efek Indonesia memainkan peran sentral dalam melindungikepentingan pemegang saham dengan membuat peraturan-peraturan yangmeningkatkan transparansi dan akuntabilitas pengelolaan perseroan publik.

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ABSTRACTA public company has a different system of management as opposed to aclosed company. A public company is required to implement transparencyaccountable to the public, considering the huge number of the public investors.The shareholders in a company may distinct into minority shareholders andmajority shareholders. That differentiation may be based on the portion of theshares ownership in the company. Due to the portion of the minority shareholdershold the shares in less number than the majority shareholders, often they aredamaged or not satisfied by way the decision are made by the management of thecompany. This is based on the fact that the management of the company isdominated by the majority shareholders, thus corporate decision is taken for thebenefit and interest of the majority shareholders. Even at the voting at the GeneralMeeting of Shareholders, the minority shareholders shall follow the decisionmade by the majority shareholders. In the view of that, the issues are as follows:firstly, what are the rights of the public shareholders that incurred loss in a publiccompany due to the value of the shares collapse as a result of the majorityshareholders action, including the negligence of the Board of Directors membersor even the Board of Commissioners members; secondly, what are the obstaclesfaced by the minority shareholders in the pursue for their rights; thirdly, what arethe rights of the Board of Directors to defend itself against any claims of theshareholders; fourthly, are there adequate legal protection to the minorityshareholders. Through literature data collating based on legal normative form byusing library research methods it has summarized several answers, among othersare that public shareholders who experience damages may use derivative action toclaim on behalf of the company if the shareholders as the claimant represent alltogether minimum 10% voting rights of the entire shares issued by the company,and the Board of Directors may use the principle of Business Judgment Rule todefend itself of any claim raised against it. However, the minority shareholders ina public company are not adequately legally protected due to the obstacle in theimplementation considering most of the claims must be proven. It is advisable thatthe transparency principle must be uphold and implemented in a public companyand the related authorities, mainly Otoritas Jasa Keuangan (Financial ServicesAuthority) and the Stock Exhance of Indonesia has a central role in the protectionof the shareholders interest in the capital market by issuing provisions to enhancethe transparency and accountability practice in the management of a publiccompany."

"Penelitian ini bertujuan untuk menganalisis pengaruh elemen-elemen corporate governance, seperti board structure, ownership structure, board procedure, disclosure, related party transaction, dan minority shareholder rights terhadap nilai perusahaan dengan menggunakan variabel kontrol berupa assets, leverage, growth, net income to assets, share turnover, ownership, earning before interests and taxes to assets, top auditor, dan CCGPI. Data yang digunakan dalam penelitian ini bersumber dari laporan tahunan, laporan keuangan, serta laporan survei corporate governance perception index yang dikeluarkan oleh IICG tahun 2005-2011. Sampel tersebut diperoleh dengan metode purposive sampling. Metode pengujian hipotesis yang digunakan dalam penelitian ini adalah metode regresi linier berganda.Hasil penelitian ini menunjukkan bahwa board structure, institutional ownership, disclosure, related party transaction, ownership, dan earning before interests and taxes to assets memiliki pengaruh yang signifikan dengan arah yang positif, sedangkan leverage dan share turnover memiliki pengaruh yang negatif dan signifikan terhadap Tobin?s Q. Sementara itu, managerial ownership, board procedure, minority shareholder rights, assets, growth, net income to assets, top auditor, dan CCGPI tidak memiliki pengaruh yang signifikan terhadap variabel Tobin's Q.

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The research aims to analyze the effect of corporate governance elements, such as board structure, ownership structure, board procedure, disclosure, related party transactions, and minority shareholder rights to firm value using some of the control variables, such as assets, leverage, growth, net income to assets, share turnover, ownership, earning before interest and taxes to assets, top auditor, and CCGPI. The data used in this research derived from annual reports, financial statements, and report of corporate governance perception index survey released by IICG at years 2005 - 2011. The samples obtained by purposive sampling method. Hypothesis testing methods used in this research is the multiple linear regression method.The result of this study indicate that the board structure, institutional ownership, disclosure, related party transaction, ownership, and earning before interest and taxes to assets ratio have a significant effect in positive direction, while leverage and share turnover have a negative-significant effect to Tobin's Q. Meanwhile, managerial ownership, board procedure, minority shareholder rights, assets, growth, net income to assets, top auditor, and CCGPI have no significant effect to Tobin's Q."