93 firms ignore agency rule

93 firms ignore agency rule

JAKARTA (JP): The chairman of the Capital Market Supervisory
Agency (Bapepam), I Putu Gede Ary Suta, disclosed yesterday that
93 of the 288 public companies registered with the agency did not
have corporate secretaries, as required by the agency's
regulations.

Putu said yesterday in his address to a "corporate secretary
lunch" at the Sahid Jaya Hotel that according to the agency's
regulation issued in January, all listed and unlisted public
companies should have had corporate secretaries by Jan. 1, 1997.

He said 25 of the 60 public financial firms and 36 of the 96
public manufacturing companies did not have corporate
secretaries.

A corporate secretary, according to the regulation, functions
as a company's contact person to liaise with the agency,
investors and journalists.

"Therefore, they must have a comprehensive understanding about
the company's performance."

"Moreover, corporate secretaries should be authorized to give
reliable statements on behalf of the companies' board of
directors," Putu said.

He said that corporate secretaries could clarify market
rumors.

Chairman of the Indonesian Public Companies Association Rosano
Barack said corporate secretaries could help improve transparency
in the capital market.

Responding to a corporate secretary's question on the status
of the position in a public company, Putu said that decision
should rest with a company's management.

"We actually don't care about a corporate secretary's
position. What's more important to us are the corporate
secretary's functions, not position," Putu said. (alo)