Erry Firmansyah reappointed as JSX CEO

Rendi A. Witular, The Jakarta Post, Jakarta

The only elligible candidate, Erry Firmansyah was reelected as president of the Jakarta Stock Exchange (JSX) for the second time on Wednesday after more than 97 percent of the market's shareholders voted for him at their annual meeting.

Two other would-be candidates -- Surabaya Stock Exchange president director Hindarmojo Hinuri and Nikko Securities executive Adler Haymans Manurung -- were ruled unable to contest the vote because they did not meet the requirements set by the Capital Market Supervisory Agency (Bapepam).

For the next three years, Erry will be assisted by MS Sembiring, the market's director for trade and membership, Wawan S. Setiamihardja the director for administration, Eddy Sugito as director for listing and Justitia Tripurwosani as director for supervision and inspection.

Erry first took over power in 2002, replacing then JSX president director Mas Achmad Daniri. He beat out two other candidates; state insurance company PT Jamsostek president director Iwan P. Pontjowinoto, and Manurung.

JSX commissioner and Merrill Lynch Indonesia executive Lily Widjadja said the shareholders meeting ran smoothly.

"No shareholders objected to the appointments or expressed complaints. It was just so quiet," she said, adding that the shareholders were less enthusiastic in the meeting than three years ago when the election featured three contestants.

Three of the 123 shareholders, mostly from securities firms, were absent.

The shareholders also approved the equity market's plan to purchase 10 percent of the shares belonging to custodian company PT Kustodian Sentral Efek Indonesia in the form of treasury stocks.

Shareholders also agreed to a plan to give incentives for securities houses willing to use remote trading facilities provided by the JSX. The incentive will be in the form of cash worth Rp 75 million (US$7,894) and computer equipment.

At present, only 35 securities firms have joined the remote trading facilities.