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)