LEGAL PROTECTION FOR INVESTORS IN NON-MULTIPLE VOTING SHARES
Comparison of Financial Services Authority Regulation No. 22 of 2021 and Hong Kong Stock Exchange Chapter 8a Of the Main Board Listing Rules
DOI:
https://doi.org/10.22373/g20dtg67Keywords:
Multiple Voting Shares, POJK 22/2021, Chapter 8A of The Main Board Listing Rule, IDX, HKEXAbstract
Indonesia's economic growth has spurred continuous innovation across various sectors, including the legal domain. To sustain this growth, the government and relevant regulatory bodies—particularly the Financial Services Authority (OJK) introduced a new share classification known as Multiple Voting Shares (MVS), regulated under OJK Regulation No. 22/2021. Before its introduction in Indonesia, the MVS structure had been implemented in several international stock exchanges such as the NYSE, NASDAQ, and HKEX. In contrast to Indonesia, Hong Kong refers to MVS as Weighted Voting Rights (WVR), governed under Chapter 8A of The Main Board Listing Rules. Differences in market conditions and legal environments between the two jurisdictions have resulted in variations in their regulatory frameworks. The most significant distinction lies in the legal protection mechanisms for investors holding ordinary (non-MVS) shares. Accordingly, this study examines the regulatory differences between Indonesia and Hong Kong concerning MVS by employing a normative juridical method with a comparative approach, based on an extensive literature review
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