Observers Hope for Absence of Political Interests in Selection of OJK Leadership
JAKARTA — Candidates for chairman and members of the Financial Services Authority (OJK) Board of Commissioners underwent fit and proper tests on Wednesday, 11 March 2026.
The tests were conducted for ten candidates vying for five leadership positions within the OJK for the next five-year term.
Nailul Huda, an economist and Director of the Digital Economy at the Centre for Economic and Law Studies (Celios), expressed hope that political interests would not influence the selection process.
“The candidates selected for OJK positions 1 and 2 must be truly professional individuals who understand both macroeconomic conditions and the microstructure of the financial services industry,” he told Kompas.com on Wednesday, 11 March 2026.
“By understanding both macroeconomic conditions and the industry’s microstructure, I believe interventions can be minimised,” Nailul explained.
He also expressed confidence that several candidates possess this understanding.
Nailul further stated that other board commissioner positions should also be filled by experienced individuals. For example, those overseeing digital financial assets should be individuals with experience in digital financial assets or, at minimum, digitalisation.
“We should not have to start from scratch again regarding digital financial assets, cryptocurrency, and the like. The same applies to candidate commissioners overseeing the capital market,” he concluded.
OJK leadership must also engage the public through discussions with stakeholders, particularly when making important strategic decisions, observers added.
Additionally, attention has been drawn to recent policies in the capital market sector. Two regulations have been implemented: raising the minimum free float requirement for publicly listed companies to 15 per cent, and introducing disclosure obligations for share ownership down to 1 per cent.
According to observers, these regulations, introduced to meet Morgan Stanley Capital International (MSCI) requirements, were implemented hastily and without adequate long-term planning.
The fit and proper test follows a presidential letter sent to Parliament, initiating the leadership selection process.