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)