AGM REMINDER 2016

For those companies who have completed their tax reporting responsibilities for the 2015 accounting year, it is time to turn the board’s attention to the Annual General Meeting (“AGM”). Corporate governance matters are becoming increasingly important in Indonesia and for many companies, the AGM is the most important embodiment of corporate governance for the year. It is also when final dividends, if any, are decided. For Indonesian companies whose fiscal year follows the calendar year, the deadline of 30 June for holding this year’s AGM is fast approaching.

RECENT REVISIONS TO INDONESIA'S NEGATIVE INVESTMENT LIST

The Indonesian Government has released the long-awaited revision to its Negative Investment List (DNI). The revised regulation (Presidential Regulation No. 44/2016) was promulgated on 18 May 2016 and circulated to the public on 24 May. The DNI regulates the sectors which are closed, open, or conditionally open to investment. The DNI revision has been keenly awaited as it stipulates, amongst other matters, the relaxing of restrictions on foreign participation in various business activities in Indonesia.

NEW REGULATION ON IMPORT IDENTIFICATION NUMBERS

On September 2015, the Minister of Trade issued a Regulation No. 70/M-DAG/PER/9/2015 on Import Identification Numbers. The regulation came into effect on 1 January 2016 and revoked the previous API regulation: MOT Regulation No. 27/M-DAG/PER/5/2012 as lastly amended by MOT Regulation No. 84/M-DAG/PER/5/2012.

NEW IMPLEMENTING REGULATIONS ON INDONESIA'S PENSION AND OLD AGE SECURITY PROGRAMS

On 30 June 2015, the Indonesian government issued Government Regulation No. 45 of 2015 on the Management of the Pension Security Program (“GR 45/2015”) and Government Regulation No. 46 of 2015 on the Management of the Old Age Security Program (“GR 46/2015”).

INDONESIA'S NEW REGULATION ON THE EMPLOYMENT OF FOREIGN MANPOWER: OFFERING SOME CLARITY WHILE RAISING QUESTIONS

On 29 June 2015, a new regulation on the procedure for employing foreign manpower (ie Minister of Manpower Regulation No. 16 of 2015) entered into force, revoking the previous regulation, Minister of Manpower Regulation No. 12 of 2013.