Finance Minister Sri Mulyani, the chairwoman of the special team responsible for selecting the Financial Services Authority (OJK) board of commissioners, accompanied by team members Darmin Nasution, center, and Agus Martowardojo, right, when handing over the list of candidates' names to the Corruption Eradication Commission (KPK) on Feb 9. (Antara Photo/Reno Esnir)

No Politicians on OJK Board of Commissioners


FEBRUARY 27, 2017

Jakarta. The Financial Services Authority, or OJK, will have no politicians serving on its board of commissioners, a document compiled by the special recruitment team on Saturday (25/02) shows.

Finance Minister Sri Mulyani Indrawati, as chairwoman of the team, previously said the country's financial regulator needs commissioners with strong integrity to avoid any possible conflicts of interest.

Two lawmakers made it to the list of 107 candidates during the previous recruitment stage. They are Melchias Markus Mekeng and Andreas Eddy Susetyo – both members of House of Representatives Commission XI, which oversees the financial sector and the banking industry.

However, the two lawmakers were dropped from the list after the special recruitment team made a further assessment, which included background checks and a review of documents that convey the candidates' visions and missions.


There are now only 35 candidates left on the list, which will be trimmed down to 21 for a review by President Joko "Jokowi" Widodo, who will eventually submit 14 names to the House for fit and proper tests.

There are only seven vacancies on the OJK's board of commissioners, which means that the House will have a choice of two candidates for each position.

The board of commissioners consists of nine members, among them a representative of Bank Indonesia and also one from the Finance Ministry.

The OJK's board of commissioners serves an important role in policy making and regulating Indonesia's financial sector. The financial regulator also supervises the country's banking sector, which has a combined total of Rp 6,730 trillion ($504 billion) in assets, and capital markets, including the stock market, which has Rp 5,800 trillion in market capitalization.

The name of current OJK chairman Muliaman Hadad was also crossed off the list.

The surviving candidates come from various backgrounds, such as government officials, current OJK commissioners, bankers, and academics with expertise in various sectors, including law and the finance sector.

Bank Indonesia spokesman Tirta Segara, Deposit Insurance Corporation (LPS) chief executive Fauzi Ichsan, current OJK commissioner for capital market supervision Nurhaida, and senior banker Sigit Pramono, will undergo further screening.

The 21 names will be announced on March 6.