Indonesian listed companies are required to hold a General Meeting of Shareholders (“GMS”), known in Indonesian regulations and official company announcements as a RUPS. For years, taking part meant showing up in person or sending in a signed paper proxy. That changed with Electronic General Meeting System operated by Kustodian Sentral Efek Indonesia (“eASY.KSEI”), Indonesia’s central securities depository. The platform lets listed companies run their GMS process electronically and lets shareholders exercise their rights without being in the room.
What Is eASY.KSEI and Who Can Use It?
eASY.KSEI is the facility Kustodian Sentral Efek Indonesia (“KSEI”) provides so issuers can publish RUPS information, run the meeting process, and file the resulting reports, while shareholders exercise their voting rights remotely. Two modules sit at the center of it, e-Proxy and e-Voting. KSEI acts here as the appointed provider of this system under the applicable OJK framework, not as a technology vendor operating independently of any regulatory mandate.
The appeal for shareholders is mostly practical. A shareholder can track a GMS from the moment it’s announced, appoint someone to attend on their behalf, and, where the issuer has enabled it, cast a vote directly from a laptop or phone. This matters most for anyone based outside the meeting’s city, anyone with a scheduling conflict, or anyone who would rather skip the paperwork of a physical proxy letter.
One point causes genuine confusion, so it is worth stating plainly. eASY.KSEI has nothing to do with buying, selling, or pricing shares. Its scope is limited to meeting participation, covering proxy appointment and electronic voting rather than trade execution or settlement. Any order to buy or sell shares must still be placed through a securities broker’s own trading platform. The KSEI meeting system does not facilitate securities trading or settlement.
Important distinction. eASY.KSEI is designed exclusively for General Meeting of Shareholders participation. It supports proxy appointments, electronic attendance, and voting, while all securities transactions continue to be handled separately through licensed securities companies.
Several distinct parties interact with eASY.KSEI, each performing a different function within the electronic General Meeting of Shareholders ecosystem.
Individual shareholders
Use the platform to attend a General Meeting of Shareholders electronically, appoint a proxy, or cast votes on meeting resolutions.
Issuers
Listed companies use the system to publish meeting information, organize meeting agendas, and submit post-meeting reports.
Securities Administration Bureaus (Biro Administrasi Efek or BAE)
Provide administrative services on behalf of issuers, including maintaining shareholder records and supporting General Meeting of Shareholders administration.
Securities companies and custodian banks
Act as participants in KSEI’s custody system and represent clients whose shares are held in sub-accounts.
Proxy holders or representatives
Attend the meeting and exercise voting rights on behalf of shareholders who have granted them authority.
Not every feature is available to every shareholder or for every General Meeting of Shareholders. This is not a technical limitation but a deliberate feature of the regulatory framework governing electronic meetings. The functions available through eASY.KSEI, including electronic voting, depend on how the issuer has configured the meeting and on the provisions contained in its official General Meeting of Shareholders announcement. As a result, shareholders should not expect every meeting to provide the same user experience. The official announcement issued for each meeting remains the primary reference for determining available participation options.
How e-Proxy and e-Voting Work in Practice
e-Proxy replaces the old paper power-of-attorney process. Rather than mailing a signed letter, a shareholder appoints a representative to attend and act on their behalf directly through eASY.KSEI. Depending on how the issuer has configured that particular meeting, the shareholder may also be able to indicate a voting preference to the appointed proxy through the same feature, so the proxy’s vote reflects instructions rather than discretion.
e-Voting works differently. It lets a shareholder vote on each GMS agenda item directly, through eASY.KSEI, within whatever voting window the issuer opens. This is the module typically used for meetings held fully online, and for hybrid formats that combine physical attendance with electronic participation. An issuer decides, meeting by meeting, whether and how it will be offered.
Beyond proxy appointments and voting, eASY.KSEI also functions as the central information portal for a General Meeting of Shareholders. Meeting announcements, notices, agendas, procedural rules, and supporting documents are published through the platform. Some issuers additionally provide a live broadcast through a separate streaming service for fully electronic or hybrid meetings.
| Aspect | e-Proxy | e-Voting |
|---|---|---|
| Primary function | Appoints a representative to act for the shareholder. | Allows the shareholder to vote directly on each agenda item. |
| Participants | The shareholder and an appointed proxy. | The shareholder acts independently without an intermediary. |
| Typical timing | Before the meeting within the deadline set by the issuer. | During the voting period established for the meeting. |
| Result | The proxy is authorized to participate and vote on behalf of the shareholder. | The shareholder’s vote is recorded directly in the official meeting tally. |
How to Access eASY.KSEI and Participate in a GMS
For local individual shareholders, the standard route runs through AKSes KSEI rather than eASY.KSEI directly. In general terms, the flow looks like this:
- Confirm that your AKSes KSEI account linked to your Single Investor Identification (SID) is active.
- Log in to the AKSes KSEI platform.
- Open the eASY.KSEI menu.
- Select the General Meeting of Shareholders for the issuer whose shares you own.
- Review the meeting announcement, agenda, procedural rules, and important deadlines.
- Declare attendance, appoint a proxy, or submit your vote according to the options made available for that meeting.
Institutional investors, foreign shareholders, and the securities firms or custodian banks acting on their behalf generally follow a different route, logging into eASY.KSEI’s own screen rather than through AKSes, as do issuers, BAE, and other participants. Treat the steps above as a general roadmap for local individual shareholders rather than a fixed script for everyone, since screens and requirements can shift between issuers and get updated as KSEI develops the platform further. Where the general guidance here and a specific GMS announcement disagree, follow the announcement.
Before participating in a General Meeting of Shareholders through eASY.KSEI, shareholders should ensure that several essential requirements have been satisfied.
- An active AKSes KSEI account.
- Confirmation that the shareholding was recorded on the issuer’s official recording date.
- A reliable internet connection.
- Any identification documents requested by the issuer or the system.
- Sufficient time to review the meeting agenda and supporting materials before the meeting begins.
- Awareness of the issuer’s deadlines for proxy appointments and electronic voting.
Participation requirements, voting windows, proxy deadlines, and available electronic features vary from one issuer to another. Shareholders should always consult the official General Meeting of Shareholders announcement instead of relying on previous meetings or practices adopted by other listed companies.
The Legal Framework Behind eASY.KSEI
The legal framework supporting eASY.KSEI is built upon three complementary regulatory layers. Together, these regulations establish the legal basis for electronic General Meetings of Shareholders, electronic voting, and the operational responsibilities of KSEI as the appointed electronic meeting system provider.
OJK Regulation No. 15/POJK.04/2020
This regulation governs the planning and organization of General Meetings of Shareholders for public companies. It remains in force and continues to be cited in current General Meeting of Shareholders announcements together with the more recent electronic meeting regulation.
OJK Regulation No. 14 of 2025
Effective from 1 July 2025, this regulation replaced OJK Regulation No. 16/POJK.04/2020 as the primary legal framework for conducting electronic General Meetings of Shareholders. It maintains KSEI as the appointed electronic meeting system provider through eASY.KSEI while expanding the framework to include bondholder and sukukholder meetings.
KSEI Regulation No. XI-B
KSEI Regulation No. XI-B establishes the operational procedures for conducting electronic General Meetings of Shareholders through eASY.KSEI. Together with related circular letters, technical regulations, and user guides, it provides the practical framework governing e-Proxy, e-Voting, and platform access, while continuing to evolve alongside updates issued by KSEI.
eASY.KSEI enables shareholders to participate in a RUPS through e-Proxy and e-Voting without needing to be physically present. However, it does not standardize the process. Deadlines, eligibility requirements, and the specific steps involved are determined by each issuer, within the framework established by OJK and KSEI, rather than being fixed across the platform.
The key practice is to check the official RUPS announcement before taking any procedural action, as the applicable requirements and timelines may vary from one meeting to another.
