ANTAM's Annual General Meeting of Shareholders for the Year ended December 31st, 2006 was held at the JW Marriott Hotel, Jakarta, on May 30th, 2007. ANTAM held the Annual General Meeting of Shareholders (AGM) and the Extraordinary General Meeting of Shareholders (EGM).
Among the resolutions of the AGM, it was resolved to pay a cash dividend in the amount of Rp621 billion, or 40% of ANTAM's net profits after tax for the year ended December 31st, 2006. The cash dividend, which is equivalent to Rp325.58 per share. ANTAM’s shareholders agreed to ratify the Company’s 2006 annual report and its audited financial statements for the year ended December 31st 2006 and the report of the Partnership and Community Development Program for the year ended December 31st 2006. ANTAM’s shareholders also approved the appointment of the Public Accounting firm of Purwantono, Sarwoko and Sandjaja, an affiliate of Ernst and Young, to audit ANTAM’s annual financial statements for the fiscal year ended December 31st, 2007. As well, shareholders agreed to give the authority to the Board of Commissioners to appoint the Public Accountant to audit the Partnership and Community Development Program for the year ended December 31st, 2007.
During the EGM, ANTAM’s shareholders agreed to the management’s proposal of a stock split. The stock split will use a ratio of 1:5. The EGM also approved suggested changes to ANTAM’s Articles of Association. These suggested changes include a change to the article concerning the capital of the company pursuant to the stock split. As well, changes were approved to Article 11 and 12 (2) on the Board of Directors and Article 14 and 15 (1c) on the Board of Commissioners. The changes included amendments to the minimum number of members of the Board of Directors and Board of Commissioners from two to three, as well the requirement of the members of the Board of Directors and members of the Board of Commissioners to not have duplicate positions such as being a member of a Board of Directors in other State-Owned companies or being a management of a political party and/or member of a legislative body and/or other position which may create a conflict of interest. The changes are pursuant to Law No. 19/2003 on State-Owned Enterprises and good corporate governance principles.
ANTAM’s shareholders also approved to extend the tenure of two members of the current Board of Commissioners, Mr. Ir. Wisnu Askari Marantika and Mr. Prof. Dr. Ir. Irwandy Arief MSc. from four to five year terms, since their appointment in 2004 in which their term will end on May 27, 2009, in accordance with the Articles of Association and Law No. 19/2003 on State-Owned Enterprises.
Resolutions of the Annual General Meeting of Shareholders Year 2006 can be seen here.
The invitation to shareholders to attend Annual General Meeting of Shareholders Year 2006 can be seen here.
