JSX to elect president and draw up strategy
JSX to elect president and draw up strategy
JAKARTA (JP): Members of the Jakarta Stock Exchange (JSX) will
hold a meeting tomorrow to elect the exchange's new president and
to formulate a new business strategy.
Minister of Finance Mar'ie Muhammad said last week that he had
approved at least 60 nominees to be elected as the exchange's top
executive during the meeting, which will be held on Tuesday.
The nominees recommended by the Capital Market Supervisory
Agency were elected by the exchange's members in a recent
polling.
Sources at the trading floor said that the nominees include
members of the present executive board such as Hasan Zein Mahmud,
the president, Achmad Daniri, the director for transactions,
Tubagus Hasjim, the director for administration and Felia Salim,
the director for research and development.
Other nominees, according to the sources, are Stanislaus Say,
an official of the ministry of finance, L.G. Rompas, the
president of Inter-Pacific Securities, Basjiruddin A. Sarida, the
president of the Surabaya Stock Exchange, Rizal Ramli, the
managing director of the Econit consulting firm, Sani Permana,
the president of the Aperda Securities and Nurdin Nasution, the
president of Lumbung Persada Securities.
Rizal Ramli, one of the candidates, said that the elected
chairman should be able to change the business strategy of the
exchange to enable it to compete with other markets in Asia.
He said that the Jakarta stock market should become one of the
major stock exchanges in the Asian region in the next five years,
given the promising prospect and the wide scale of the country's
economy.
Ramli, also a senior official of a securities company, said
that in order to bring the JSX on par with other Asian markets,
the exchange's business management strategy should be changed to
be more outward looking.
He described the business strategy and corporate culture
adopted by the exchange's present management as too inward
looking, only emphasizing on how to get more listing fees from
listed companies.
"The JSX is not competing with the Surabaya stock exchange or
the over-the-counter market, but with much bigger players such as
Singapore and Hong Kong exchanges," he said. "That's why the JSX
should be competitive not only for investors but also for listed
companies," he added.
He cautioned that high listing fees should be avoided so that
they will not become a barrier for companies to enter the
exchange.
Besides electing the new president, the exchange's members,
comprising of at least 185 active securities firms, will
formulate short-term and long-term business plans during the
meeting.(hen)