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ABSTRAKPerseroan terbuka mempunyai sistem manajemen yang berbeda dengan
perseroan tertutup. Dalam perseroan terbuka harus terdapat transparansi yang
dapat dipertanggungjawabkan kepada publik, mengingat banyaknya pemegang
saham publik. Pemegang saham dalam suatu perseroan dapat terdiri dari
pemegang saham minoritas dan pemegang saham mayoritas. Hal tersebut dapat
dibedakan dari jumlah kepemilikan saham dalam suatu perseroan. Dikarenakan
pemegang saham minoritas memiliki persentase kepemilikan saham yang lebih
kecil dibandingkan dengan pemegang saham mayoritas, maka seringkali
dirugikan atau ada ketidakpuasan terhadap keputusan-keputusan yang diambil
oleh manajemen perseroan. Terlebih apabila manajemen perseroan didominasi
oleh pemegang saham mayoritas, sehingga keputusan terkait perseroan yang
diambil cenderung mewakili kepentingan pemegang saham mayoritas. Bahkan
pada saat pengambilan keputusan melalui Rapat Umum Pemegang Saham
(“RUPS”), maka pemegang saham minoritas akan mengikuti keputusan (dari
pemegang saham mayoritas/melalui) RUPS. Bertitik tolak dari permasalahan
tersebut di atas, maka masalah-masalah yang timbul sebagai berikut: pertama,
bagaimana hak pemegang saham publik yang mengalami kerugian dalam
perseroan terbuka karena nilai saham menurun yang disebabkan oleh tindakan
pemegang saham mayoritas, kelalaian anggota direksi ataupun dewan komisaris;
kedua, kesulitan apa yang dihadapi oleh pemegang saham minoritas dalam
menuntut hak-haknya; ketiga, bagaimana hak anggota direksi untuk melakukan
pembelaan terhadap setiap gugatan pemegang saham; keempat, apakah pemegang
saham minoritas sudah cukup mendapat perlindungan hukum. Dari penelitian
kepustakaan yang menggunakan metode atau bersifat yuridis normatif dengan
metode pengumpulan data kepustakaan, hasil penelitian menemukan jawaban
bahwa pemegang saham publik yang dirugikan dapat mengajukan gugatan
derivatif, yaitu menggugat direksi atau dewan komisaris atas nama perseroan
apabila mewakili minimum 1/10 dari jumlah seluruh saham perseroan, dan direksi
sebagai pengelola perseroan dapat melakukan pembelaan atas adanya gugatan
yang timbul dengan menggunakan prinsip Business Judgement Rule. Namun
demikian, pemegang saham minoritas dalam perseroan terbuka belum cukup
mendapat perlindungan hukum karena masih terdapat kesulitan dalam
pembuktian. Disarankan agar prinsip keterbukaan perlu dimiliki dan diterapkan
dalam perseroan terbuka serta otoritas lembaga, khususnya Otoritas Jasa
Keuangan dan Bursa Efek Indonesia memainkan peran sentral dalam melindungi
kepentingan pemegang saham dengan membuat peraturan-peraturan yang
meningkatkan transparansi dan akuntabilitas pengelolaan perseroan publik.
ABSTRACTA public company has a different system of management as opposed to a
closed company. A public company is required to implement transparency
accountable to the public, considering the huge number of the public investors.
The shareholders in a company may distinct into minority shareholders and
majority shareholders. That differentiation may be based on the portion of the
shares ownership in the company. Due to the portion of the minority shareholders
hold the shares in less number than the majority shareholders, often they are
damaged or not satisfied by way the decision are made by the management of the
company. This is based on the fact that the management of the company is
dominated by the majority shareholders, thus corporate decision is taken for the
benefit and interest of the majority shareholders. Even at the voting at the General
Meeting of Shareholders, the minority shareholders shall follow the decision
made 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 public
company due to the value of the shares collapse as a result of the majority
shareholders action, including the negligence of the Board of Directors members
or even the Board of Commissioners members; secondly, what are the obstacles
faced by the minority shareholders in the pursue for their rights; thirdly, what are
the rights of the Board of Directors to defend itself against any claims of the
shareholders; fourthly, are there adequate legal protection to the minority
shareholders. Through literature data collating based on legal normative form by
using library research methods it has summarized several answers, among others
are that public shareholders who experience damages may use derivative action to
claim on behalf of the company if the shareholders as the claimant represent all
together 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 to
defend itself of any claim raised against it. However, the minority shareholders in
a public company are not adequately legally protected due to the obstacle in the
implementation considering most of the claims must be proven. It is advisable that
the transparency principle must be uphold and implemented in a public company
and the related authorities, mainly Otoritas Jasa Keuangan (Financial Services
Authority) and the Stock Exhance of Indonesia has a central role in the protection
of the shareholders interest in the capital market by issuing provisions to enhance
the transparency and accountability practice in the management of a public
company."
