Commission XI: Accelerate OJK Board Member Selection to Provide Market Certainty
Jakarta – Mukhamad Misbakhun, Chairman of Commission XI of the House of Representatives, stated that the schedule for the fitness and proper test to select five Members of the OJK Board of Commissioners has been accelerated to provide market certainty and demonstrate a positive signal to the market.
This signal, according to him, is reinforced by the decision to set the term of OJK Board Members at five years, running from 2026 to 2031.
“The timeline was originally planned by the Selection Panel (with interviews scheduled for 25-26 March 2026). However, acceleration measures were subsequently taken to provide a responsive and certain signal to the market, demonstrating that we are taking sufficiently responsive steps,” said Misbakhun during a media interview at the House of Representatives in Jakarta on Wednesday.
Commission XI of the House of Representatives held the fitness and proper test of OJK Board Members for 10 candidates on Wednesday (11 March), in accordance with the presidential letter transmitted to the House leadership.
The fitness and proper test was conducted in a single day starting in the morning. Following an internal meeting on Wednesday evening (11 March), Commission XI selected five OJK Board Members: Friderica Widyasari Dewi as Board Chair, Hernawan Bekti Sasongko as Deputy Chair, Hasan Fawzi as Executive Head of the Capital Markets and Derivative Financing Division, Dicky Kartikoyono as Executive Head of the Fund Management and Financial Stability Division, and Adi Budiarso as Executive Head of the Information Technology and Implementation Support Division.
When asked by journalists about the reasons for Commission XI’s selection, Misbakhun noted that Friderica, during her tenure as Acting Board Chair of OJK, demonstrated a positive response to several fundamental issues at the OJK.
Additionally, Hasan Fawzi, during his service as Acting Executive Head of the Capital Markets, Derivative Financing and Carbon Exchange Supervisory Division at OJK, was deemed capable of providing an adequate response to several capital market issues following the MSCI announcement.
Meanwhile, Adi Budiarso is viewed as a figure with a long career in the financial sector, having contributed to various regulations including the digital asset law. He is considered to understand issues related to digital assets.
“They were also able to deliver excellent presentations during the fitness and proper test,” said Misbakhun.
He assured that the selection of the five OJK Board Members was decided through consensual deliberation whilst prioritising technical considerations regarding competence and professionalism.
“The hope is that they can lead the OJK well. Subsequently, they can bring about very fundamental changes and restore public confidence in the OJK, the capital market, and the financial services industry,” said Misbakhun.
For reference, on 4 March, the Selection Panel, chaired by Finance Minister Purbaya Yudhi Sadewa, announced 20 participants who passed the administrative selection, including paper evaluation. The names of prospective OJK Board Members are contained in the Announcement Letter Number PENG-2/PANSEL-DKOJK/2026.
In the announcement, the Selection Panel scheduled the interview phase for 25-26 March 2026, following health checks on 9 March 2026 and an in-person assessment on 10-11 March 2026.
However, the House of Representatives decided to conduct the fitness and proper test of OJK Board Members this week. This decision was made following a request by House Speaker Puan Maharani for faction approval during the 15th Plenary Meeting of the Fourth Session Opening of the 2025-2026 Parliamentary Term on Tuesday (10 March).
After completing the fitness and proper test on Wednesday (11 March), Commission XI of the House of Representatives will submit the names of those deemed qualified to the House leadership for further discussion in a plenary meeting on Thursday (12 March).