eASY.KSEI (Indonesia Electronic General Meeting System)
The liberalisation of financial markets, the removal of barriers to cross-border money transfers and the opening of capital markets to all domestic and foreign investors have enabled capital market infrastructure institutions to assume leading roles in technological developments. In addition, the mandatory and/or optional preferences of investors to exercise their managerial rights arising from the securities they own have necessitated that general assemblies be held electronically as well as physically.
Legislative regulations in Türkiye have introduced the obligation to participate and vote electronically in the general assemblies of joint stock companies listed on the stock exchange. Within the framework of Action Plan No. 49 of the Istanbul International Financial Centre Project, the Electronic General Meeting System (e-GKS, which was prepared by MKK's R&D Centre and is a world first in terms of its scope, was put into service on 1 October 2012. The e-General Assembly, which can be used not only by listed companies but optionally by all joint stock companies in Turkey, is an information system that enables companies, shareholders, representatives, intermediary institutions and other stakeholders to perform all transactions before, during and after the general assembly with electronic signatures.
The fact that e-General Meeting is among the international best corporate governance practices and that the application is mentioned in scientific articles has ensured the recognition of the product in international capital markets. In this direction, an agreement was signed with the Indonesian Central Securities Depository ‘PT Kustodian Sentral Efek Indonesia’ (KSEI) in 2017. With the agreement, it was decided to develop the eASY.KSEI application in order to use the Electronic General Meeting System in Indonesian capital markets. The system, the development of which was completed in 2018, was opened to the use of publicly traded companies in Indonesia with the start of the global pandemic in 2020.
eASY.KSEI system was developed according to KSEI requirements, taking into account the requirements of Indonesian capital market stakeholders and Indonesia's legal infrastructure within the scope of maintaining general assembly processes. eASY.KSEI was first used in the general assembly meetings of companies traded on the Indonesia Stock Exchange. Finally, additional developments have been made to enable the general assemblies of debt instruments to be held through the eASY.KSEI system, and by 2025, it will be possible to hold the relevant general assemblies through the system.
During 2020-2024, more than 7,500 general assembly meetings of approximately 1,000 different companies were held through the eASY.KSEI application.
We are working to export the e-GKS which makes a difference in corporate governance and is successfully operated in Indonesia, to other countries.