IDX changes HSC Committee composition, now with seven members

Jakarta (ANTARA) — The Indonesia Stock Exchange (IDX) has reduced the composition of its High Shareholding Concentration (HSC) Committee from nine members to seven.

IDX President Director Jeffrey Hendrik said at a press conference in Jakarta on Tuesday that the committee now consists of three representatives from self-regulatory organisations (SROs) and four independent members.

The three SRO representatives are IDX President Director Jeffrey Hendrik, Indonesia Clearing and Guarantee Corporation (KPEI) President Director Antonius Herman Azwar, and Indonesia Central Securities Depository (KSEI) President Director Samsul Hidayat.

The four independent members are Prof. Dr Mardiasmo, Chair of the Executive Board of the National Committee on Governance Policy; Mandiri Sekuritas President Director Alex Widi; Prof. Dr Eduardus Tandelilin; and F. Chapman Taylor of Capital Group.

Hendrik said the change was made to improve the HSC Committee’s credibility and governance.

“The HSC Committee has held a meeting and decided that, to improve its credibility and governance, the credibility of both the committee’s decision-making process and its outputs needs to be maintained and strengthened,” he said.

He said the move was an important part of collective efforts to continue improving transparency, credibility and governance in Indonesia’s capital market.

Previously, the HSC Committee consisted of four SRO representatives and five independent external members.

The HSC Committee provides objective recommendations to the IDX concerning shares with ownership highly concentrated among a small number of parties.

It was established as an independent advisory body to help the IDX make decisions concerning issuers with highly concentrated share ownership.