Cyrill new president of the JSX
Cyrill new president of the JSX
JAKARTA (JP): The shareholders of the Jakarta Stock Exchange
(JSX) yesterday elected Cyrill Noerhadi their new president,
replacing Hasan Zein Mahmud, who was elected only in March 1995.
Cyrill, who is currently the president of the Indonesian
Securities Clearing Depository (PT KDEI), together with two
former directors of the JSX -- Felia Salim and Mas Achmad Daniri
-- and a director of PT Indovest securities, Edwin Stambul, was
nominated by two state-owned securities companies PT Danareksa
and PT Bahana Securities.
A spokesman for the JSX said Cyrill's team got 77 of the 166
eligible votes while the other two nominated teams, led by Yannes
Naibaho and Mohamad Latuconsina, got 66 and 23 votes
respectively.
"I think the voting process was very fair and the election was
run in a democratic manner," noted Sjahrir, one of the
shareholders.
"I think the new management team is good and competent,"
commented Hasan who chaired the meeting.
Unlike the election of the board of directors, there was no
competition for the election of the board of commissioners
because there was only one nominated team, headed by the director
general of taxation, Fuad Bawazier.
Fuad's team consists of one of President Soeharto's daughters,
Titiek Prabowo of the Pentasena securities company, vice
president of the Bimantara Group Rosano Barrack, president of PT
Tambang Timah Erry Ryana Hardjapamekas and financial director of
PT Astra International Rini M. Soewandi.
Yesterday's election of the JSX's directors was made to
conform with the new rulings of the Capital Market Supervisory
Agency (Bapepam) which were issued early this year to implement
the new capital market law.
At yesterday's meeting, the shareholders approved two
proposals for a new statute and a change on dividend policy as
stated in a contract between the exchange and its members.
The shareholders, according to sources, unanimously approved
the 1995 financial report, and the reports from the boards of
directors and commissioners.
The JSX's audited financial report shows that its net profit
dropped from Rp 14 billion (US$5.9 million) in 1994 to Rp 11
billion last year.
The JSX also elected the former chief commissioner, Marzuki
Usman, as a senior advisor.
"It was not on the agenda. We, however, realized that Marzuki
has played an important role in the development of the capital
market so he deserves that position," a director of a local
securities company, Sjahrir, told reporters.
Fuad and Cyrill said that they did not know about Marzuki's
new position because they were not in the meeting when the floor
made the decision.
Sjahrir said that the shareholders agreed to increase the top
management's salaries.
He said that the president's basic salary will be raised to Rp
30 million from Rp 27 million a month while the three directors
will each get Rp 27 million.
"In addition to the basic salary, each of them will get
US$3,000 per month in housing allowance, Rp 2 million per month
for credit card expenses and Rp 90 million per year for
transportation," Sjahrir said.
The board of commissioners, according to Sjahrir, will get one
third of what the directors are paid.
He added that the two former directors of the JSX -- Hasan
Zein Mahmud and Stanislaus Say -- will get a bonus of two years
salary.
Fuad and Cyrill declined to elaborate on their program by
saying "We need time to formulate the program together."
Fuad and Cyrill are not newcomers in the stock market. From
1991 to 1992, Fuad was as the finance ministry's senior expert on
capital markets.
Fuad was born in Tegal in 1949. He graduated from the
University of Gadjah Mada in 1974 and continued his study at
Williams College and at the University of Maryland, both in the
United States.
Cyrill is an engineer who graduated from the Bandung Institute
of Technology in 1985 but he also studied economics at the
University of Houston and finished his studies in 1988. (08)