Felia Salim leaves room for mistakes<\/p>\n
By T. Sima Gunawan<\/p>\n
JAKARTA (JP): She was born in Rome and grew up in four
\ncontinents: Europe, North and South America and Asia. Her current
\nresidency: Jakarta. Her expertise: capital markets.<\/p>\n
Felia Salim is a director of PT Bursa Efek Jakarta, the
\nIndonesian name of the Jakarta Stock Exchange (JSX).<\/p>\n
JSX was established in 1991. In the following year the
\nIndonesian Capital Market Supervisory Agency (Bapepam)
\ntransferred the operation of all activities pertaining to the
\nmanagement of the stock exchange to JSX.<\/p>\n
Felia was appointed by JSX's board of commissioners to become
\na director in September 1994. In March 1995, she was elected to
\nhold the post for another three years.<\/p>\n
Earlier this week, directors and commissioners were re-elected
\non Bapepam's orders. The agency said that the re-election was
\naimed at enforcing the new capital market law, which came into
\neffect in January this year.<\/p>\n
Felia was among those re-elected.<\/p>\n
At the JSX, Felia is in charge of research and development,
\ncorporate communications and finance.<\/p>\n
"It's an exiting place to be. JSX is still in the infant stage
\nof development. It is one of the smallest markets in ASEAN but we
\nhave great potential. It's fascinating to be involved in the
\nefforts to convince new investors to become capital-market
\nminded," she said.<\/p>\n
A diplomat's daughter, Felia spent the early years of her life
\nin Europe, North and South America. Born in Rome on Dec. 16,
\n1957, she went to a high school in Jakarta. She studied economics
\nat the University of Indonesia. For the following two years, she
\ncontinued her study at La Fortune Business College in Canada.
\nAfter getting her Bachelor of Arts in Political Science and
\nEconomics at Carleton University, also in Canada, in 1983, she
\nreturned to Indonesia.<\/p>\n
In 1992 she helped set up Yayasan Sejati, a foundation which
\naims at bridging traditional culture and modern society.<\/p>\n
In observance of Kartini Day, which falls today, The Jakarta
\nPost interviewed Felia.<\/p>\n
Question: What do you think of Kartini?<\/p>\n
Answer: She was a brave woman in the context of her time, and
\nthe most incredible thing is that she put all of her thoughts in
\nwriting.<\/p>\n
I think what she did was the most suitable way to fight for
\nwhat she believed in her context. She fought for something
\nwithout offending tradition.<\/p>\n
We don't have to be confrontational in fighting for something.
\nIt is about how to communicate with people without offending
\nthem. That is how you try to create a good environment, good
\nfree-flowing dialog. Sometimes it is difficult and a slow
\nprocess.<\/p>\n
I believe in a more intellectual approach. If you want
\nsomething, you don't have to scream for it everywhere you go. You
\nget your facts, you back them with data and you present your
\ncase, without having to offend.<\/p>\n
Q: How do you see Indonesian women today?<\/p>\n
A: I'm always very careful not to generalize about the role of
\nwanita Indonesia (Indonesian women), because I'm not sure if we
\nhave a universal definition for wanita Indonesia. What women do
\nyou want to talk about? We have different kinds of women from
\nMaluku, Irian, Minang (West Sumatra) and other places. The role
\nof women in Irian is very clear. They carry their babies and work
\nin the fields. In Minang, in contrast, they follow the
\nmatrilineal system.<\/p>\n
There have been changes in the traditional role of women in
\nurban areas, possibly because things are getting more expensive.
\nThere is a demand that women work. Values are changing. Its not
\nonly the mothers, but now also the fathers who take care of the
\nchildren. Men have started to wash the dishes. But how big their
\nshare is in doing the household chores, is another matter.<\/p>\n
There are so many complexities, you can't generalize things.<\/p>\n
Q: What is your concept of feminism?<\/p>\n
A: I'm not competent to speak about feminism. I find it quite a
\nforeign concept even though I spent a lot of time abroad.<\/p>\n
I believe that people will have the same opportunities if they
\npursue an intellectual approach to life based on merit.<\/p>\n
We have to think in a context that makes sense in Indonesia. I
\nadmire Kartini because she was successful in the context of the
\nculture of her time. She was able to convince people that women
\nhad brains.<\/p>\n
You can't impose an idea which you can write in a paragraph
\nand then try to install it in people's minds. There will be
\nchaos. This is not just about women's issues, but about
\ndevelopment issues as a whole.<\/p>\n
Look at the women in Irian. They carry their babies and work
\nin the fields, while the men remain idle. We can't just tell them
\nabout equality. The approach is: you don't teach the women, but
\nthe men.<\/p>\n
You can't just instill the idea of equality in people without
\nthinking about the impact on the children, on the family
\nlivelihood.<\/p>\n
After learning about the idea of equality, women are likely to
\ndemand their rights. If they are unhappy in their marriage
\nbecause of their husbands' dominance, they might want a divorce.
\nThis will surely affect the children.<\/p>\n
Feminism as a movement is fine. But this is what I believe:
\nthe approach should be in accordance with the local culture.
\nThere should be understanding. Don't just tell them (society)
\nwhat to do. They might get confused. Talk to them in their own
\ncontext.<\/p>\n
Q: How do you deal with the so-called glass ceiling, which can
\nhamper women in pursuing a career?<\/p>\n
A: At the beginning, it was difficult for me sitting here. But
\nnot now. I strongly believe that if you work hard, if you show
\npeople that you are fully committed and fully responsible for
\nwhat you are doing, the glass ceiling will fade. And if you are
\nclear about things, black and white, without any guessing games,
\nthe glass ceiling will become irrelevant. What is important is
\nhow to create a dialog.<\/p>\n
I'm not always successful but I keep on trying. It's important
\nto give each other an equal chance, including leaving room for
\nmistakes. I believe in giving people room to make mistakes,
\notherwise we don't ever learn. Don't be afraid of making
\nmistakes. You won't be crucified.<\/p>\n
Q: Have you ever had any problems at work because you are a
\nwoman?<\/p>\n
A: Yes there are prejudices. People do compartmentalize things
\nand people. I think that is natural. That is in the initial
\nstages. You need to come out with a clear position. You say: it
\nis me, this is what I think. But this does not mean that you
\ndon't want to listen to other people. You should listen to others
\nand initiate a dialog.<\/p>\n
You have to start with yourself. You don't expect it from
\nothers. Try to be open. I'm not always successful but this is
\nwhat I try to do. I keep the door open, try to create a friendly
\natmosphere, but at times you have to be at an arm's length. This
\nis a very sensitive interaction, between the supervisor and
\nsubordinates. There are times for playing but when we work, we
\nhave to know our function.<\/p>\n
Q: Do you still have time to have fun?<\/p>\n
A: It's a little bit difficult to hang out with friends now. It's
\npartly my own fault, I don't try enough to make time. Maybe
\nbecause we are in the first years of the JSX and still in the
\nbuilding period. I work long hours so by the time I'm done and
\nready to play, everybody has gone home. Sometimes I have a cup of
\ncoffee in Kemang or some dim sum (Chinese snacks).<\/p>\n
I like Murphy Brown. I enjoyed her sarcasm. Too bad they don't
\nproduce it anymore.<\/p>\n
I leave here at 8 p.m. or 8:30 p.m. so by the time I get home
\nit's about nine. I just pick up a plate, turn on the TV to see
\nthe news, take a shower, go to my room and just read.<\/p>\n
Q: Do you live alone?<\/p>\n
A: I live with my parents. Just the three of us.<\/p>\n
Q: Don't you want to have your own family?<\/p>\n
A: Of course, when the time comes. I leave it up to the guys out
\nthere. I'll just let nature takes its course.<\/p>\n
Q: What do you want from life?<\/p>\n
A: To work and contribute something to the nation's development.
\nIt's not just a job where you go from nine to five and you get
\npaid, and go home.<\/p>\n
Q: Do you think you have contributed something?<\/p>\n
A: No. Not yet. I haven't done anything yet in life. Maybe I am
\nstarting to do it but I think I can do a lot more. I think I
\nstill have the energy to do so.<\/p>\n
Q: Why are you interested in the capital market?<\/p>\n
A: I studied the economics of development. On returning to
\nIndonesia in 1983, I saw many things and talked to many people. I
\nwas still very young and had lots of energy at that time. I
\nwanted to learn more. I started with Citibank as a trainee. I
\nreally started from scratch... My last position there was an
\nassistant to the deputy manager, dealing with institutional
\nbanking.<\/p>\n
In the meantime, the capital market started to boom. During my
\nsix years with Citibank, I dealt with commercial lending and the
\ndebt market, so I wanted to start with equity and I joined
\nJardine's. It was to get the holistic view of the company. I
\nwanted to see both sides, the liability and equity sides.<\/p>\n
I was with Jardine's for two years. And then I did some
\nindependent consulting for a couple of years. In 1994 I started
\nto work for the JSX.<\/p>\n
Q: How are things going at the JSX?<\/p>\n
A: We are moving in the direction of making it the most
\ntransparent company in Indonesia. It is very important for the
\ncapital market to be transparent and we have to start from the
\nJSX as the institution which facilitates the market.<\/p>\n
All public companies have to be transparent. They have to make
\nfinancial reports, but you know, there are many people who are
\nnot satisfied with the reports. We have to improve things, not
\nonly in the presentation of the reports, but also in asset
\nappraisal. Indonesian people are becoming critical. They demand
\ntransparency. If you are not transparent, people will hesitate to
\nmake an investment decision.<\/p>\n
Q: There is criticism against the new capital market law.<\/p>\n
A: People are always afraid of the unknown. You have to test it.
\nIf it is decided that it is not good, I think we should correct
\nit. But I think we should give it a try.<\/p>\n
Q: How does the capital market in Indonesia compare with those in
\nneighboring countries?<\/p>\n
A: We are among the smallest in ASEAN. Compared to Malaysia,
\nThailand and Singapore, we are far behind, but we and the
\nPhilippines are more or less the same. We want to outdo them but
\nwe still have much to learn. Today we have between 300,000 and
\n400,000 local investors, which is very small compared to the
\npopulation of Indonesia. Our target is in the next three years is
\nto get it up to one million.<\/p>\n
Q: What makes you optimistic about the future of the capital
\nmarket in Indonesia?<\/p>\n
A: If you look at the size of the economy it goes without saying.
\nBut now the problem is human resources.<\/p>\n
Q: How can you develop human resources?<\/p>\n
A: We have workshops, we provide grants to send people, members
\nof the bourse or our staff at the JSX, to study abroad. We have
\nMemoranda of Understandings with a lot of schools and
\nuniversities. We have established capital market laboratories in
\nschools. We are writing a basic textbook on the capital market.<\/p>\n
We are setting up a library. If you take a look at the gallery
\non the first floor of this building, you will see a public
\neducation center with a popular approach -- edutainment. Everyone
\nis welcome.<\/p>\n
Q: Are there any foreign managers at the JSX?<\/p>\n
A: No, we have foreign consultants, but only on a short-term
\nbasis. We have done things by ourselves since the beginning.<\/p>",
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