www.thejakartapost.com - The race is on for the most powerful seats in Indonesia’s financial sector after more than 150 experts and professionals enlisted in a drafting process to become Financial Service Authority (OJK) commissioners, which ended on Tuesday.
The candidates will compete for seven out of nine seats as two places are allocated to officials specifically assigned by the Finance Ministry and the central bank.
A selection committee, led by Finance Minister Agus Martowardojo, will have a little more than one month to select three candidates for each of the seven seats and recommend the names to President Susilo Bambang Yudhoyono. (source)
The President is given 12 working days to eliminate one candidate from each of the commissioner posts prior to submitting his final proposal to the House of Representatives. There will then be a maximum of 45 working days for a fit and proper test to name the first ever OJK commissioner board members.
Under the law, the OJK will have the authority to regulate and monitor the financial industry, taking over the banking supervisory role from Bank Indonesia (BI) and entire authority over the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK).
The selection process is expected to witness a struggle for power between the Finance Ministry and the central bank, which remains wary of the credibility of the OJK in regulating the banking sector.
The Indonesia National Banks Association (Perbanas) said in order to ensure unbiased leadership in the OJK, the body should not have a chief commissioner from either BI or Bapepam-LK. Such a situation would potentially create factions within the OJK, he said in seminar on Monday.
Perbanas, which represents the interests of the banking industry, is assigning three of its members to join the race, particularly for the banking commissioner post. They are Bank Mandiri deputy president director Riswinandi, Bank Negara Indonesia (BNI) commissioner Peter B. Stok and Bank Internasional Indonesia (BII) commissioner Umar Juoro.
The banking commissioner post is considered as one of the vital positions because banking comprises around 80 percent of the country’s financial industry portfolio.
Although BI and the Finance Ministry are tight lipped on their champions for OJK commissioners, several candidates with strong affiliations to the two institutions have publicly announced their candidacies.
Former Financial Transaction Reports and Analysis Centre (PPATK) chief Yunus Husein, who is now an expert staff at BI, confirmed that he had applied for the OJK commissioner job.
“I applied for the head commissioner post as my first choice and the client protection commissioner post as my second alternative,” Yunus told The Jakarta Post on Tuesday.
Yunus has never been popular among politicians due to his stern character. During the House’s investigation into the Bank Century scandal, which revolved around a government bailout that grew ten times to Rp 6.7 trillion, Yunus refused lawmakers’ demands to open data on the disbursement of the bailout funds, citing that such data could only be accessed by law enforcers.
Yunus’ unpopularity among politicians became apparent when he was not chosen by the House to become one of the Corruption Eradication Commission (KPK) leadership members, despite high public expectations late last year.
Bapepam-LK head Nurhaida had previously expressed her interest in the OJK job. Nurhaida said that she needed to apply for the OJK job because the monitoring body would practically take over stock market controlling authorities from Bapepam-LK and therefore, she believed there was a need for someone who had enough experience to continue past monitoring policies and programs.
Numerous politicians and experts have also joined in the OJK race.
Economist-cum-Democratic Party politician Ikhsan Modjo said that he had enlisted and that he was in the race to win.
“Based on my educational background, experience, capabilities and qualities, I believe I can compete to become a commissioner,” Ikhsan said.
Ikhsan also stressed that his political affiliation with the Democratic Party was a non-issue.
“I have more years as an economist than a party member,” he said.
“Besides, I believe other candidates also have political ties, whether with political parties or corporates. So, let’s just be fair,” he added.
Other than Ikhsan, Prosperous Justice Party (PKS) lawmaker Kemal Azis Stamboel also applied for the OJK commissioner post.
Kemal spent 25 years of his career at the PricewaterhouseCoopers accountancy firm before becoming a politician.
Kemal Azis Stamboel
DOB: Malang, Aug. 17, 1949
Career: He was a managing partner of Pricewaterhouse-Coopers in Indonesia from 1982 to 2004 and was also a country leader for IBM Business Consulting Service. In 2005, he was a member of the Supervisory Board of the Rehabilitation and Reconstruction of Aceh and Nias (BRR). In 2006, Kemal served as a vice chairman and council member of the National ICT Board (Information, Communications and Technology). Since 2008, he has been an independent commissioner of PT TITAN Petrokimia Nusantara. Kemal also founded the Indonesian-German Circle (IGC) and the Indonesia Institute for Good Governance (IIGC).
Education: He graduated from the Faculty of Psychology at Padjadjaran University, Ban-dung, and held a Master of Science in Business Management from Arthur D. Little Management Institute, Boston, the US.
Political Affiliation: Prosperous Justice Party (PKS) expert board chairman
M. Ikhsan Modjo
DOB: Jakarta, Oct. 7, 1971
Career: From 1999 to 2002, he was an economist at the Treasury Department of Westpac Banking Corporation, Sydney, Australia. In 2007, Ikhsan also taught at the Department of Economics, Monash University, Australia. Since 2008, he has been a senior economist and the executive director at the Institute for Development of Economics and Finance (INDEF).
Education: Ikhsan held a Bachelor’s degree in Economics and Developmental Studies from Brawijaya University, Malang (1995). He also got a Master’s degree in Commerce from the Faculty of Commerce and Economics at University of New South Wales, Sydney, Australia, in 1997 and a PhD in Economics from the Department of Economics, Monash University, Melbourne, Australia, in 2007.
Political Affiliation: Democratic Party advisory board finance chief
Nurhaida
DOB: Padang Panjang, June 27, 1959
Career: Nurhaida’s long career in the Capital Market Supervisory Agency (Bapepam) started in 1997 where she served as a head of a subdivision at the agency. She was appointed the bureau chief for real sector’s financial assessment at Bapepam in 2006 and stayed in the position until 2008. She became Bapepam’s head of division for securities transactions in 2008 and an expert staff for policy and regulation of financial services and capital market in 2011. She has been the chief of the Capital Market and Financial Services Supervisory Agency (Bapepam-LK) since February 2011.
Education: Institute of Textile Technology, Bandung (1985); Master of Business Administration from Indiana University, Bloomington, the US, in 1995.
Political Affiliation: None
Umar Juoro
DOB: Surakarta, Dec. 6, 1959
Career: He was a member of the Civil Society Team in 1999. From 1998 to 1999, Umar became an assistant for economy, finance and industry for the former vice president BJ Habibie. He has been an independent commissioner at Bank Internasional Indonesia since 2002. He is now a member of the National Economic Committee and a senior fellow at the Center for Information and Development Studies and the Habibie Center.
Education: Umar graduated from Bandung Institute of Technology, continued his study at the School of Economics, University of the Philippines, where he earned his Master of Arts in Economics in 1989. He also holds a Master of Arts in Political Economy from the Department of Economics of Boston University, the US, in 1992.
Political Affiliation: The Habibie Center
Yunus Husein
DOB: Mataram, Dec. 29, 1956
Career: Between 1982 and 1985, Yunus Husein held a banking inspection position at the central bank and then served as a head of division for the Uruguay Round at the Indonesian Embassy in Geneva, Switzerland, from 1991 until 1992. He made his come-back to the central bank by joining its legal affairs team until 1999. He was the deputy to the central bank’s legal director between 2001 and 2002 before the then coordinating minister for security and political affairs, Susilo Bambang Yudhoyono, proposed Yunus as the first chairman of the Financial Transaction Reports and Analysis Centre (PPATK). President Yudhoyono appointed Yunus for a second term due to his proven integrity and independence.
Education: Bachelor of Law from the University of Indonesia (1981); Master of Law (LLM) in International Legal Studies at the Washington College of Law, the US (1986); PhD in Law from the University of Indonesia (2003)
Political affiliation: None
Source : http://www.thejakartapost.com/news/2012/02/15/race-ojk-commissioner-posts-begins.html- Feb 15, 2011
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