OJK Urges Stock Exchange Members to Be Selective in Nominating BEI Board of Directors Package

Jakarta (ANTARA) - The Financial Services Authority (OJK) has urged stock exchange members to be selective in nominating a package of candidates for the Board of Directors of the Indonesia Stock Exchange (BEI), ensuring a thorough selection process that includes assessments of competence, capacity, and integrity of the candidates.

“The package must be pre-selected, not just nominated arbitrarily. Please ensure that stock exchange members utilise their rights as shareholders and members to conduct the selection process properly,” said the Executive Head of the Capital Market, Derivatives Finance, and Carbon Exchange Supervisory Division (PMDK) of OJK, Hasan Fawzi, when met at the RI House of Representatives Building in Jakarta on Wednesday.

It should be noted that the obligation for stock exchange members to select director candidates is stipulated in Article 8 Paragraph (2) of OJK Regulation (POJK) No. 58 of 2016 concerning the Board of Directors and Board of Commissioners of Stock Exchanges.

Hasan reminded stock exchange members who nominate or propose a package of director candidates to take responsibility for researching and reviewing the competence and integrity of the supported candidates.

Furthermore, once the candidate package is submitted to OJK, Hasan explained that the authority will assess the competence, ability, and integrity of the candidates through a fit and proper test conducted by the OJK selection committee.

In accordance with the provisions, candidate packages that pass the fit and proper test will then seek approval for their appointment at the General Meeting of Shareholders (GMS).

The nomination and submission of stock exchange director candidates is carried out by a group of stock exchange members consisting of at least 10 members, as stipulated in Article 8 Paragraph (1) of POJK 58/2016.

The group must collectively meet the requirement of securities transaction volume of at least 10 percent of the total frequency and value of securities trading on the stock exchange over the last 12 months. Additionally, each stock exchange member may only join one nomination group.

Hasan stated that OJK has also issued a letter through the exchange addressed to all shareholders and stock exchange members, setting the cut-off for eligibility calculations based on activity data over the past year, namely from April 2025 to March 2026.

However, to date, Hasan said, OJK has not received any submissions of director candidate packages. This is because the cut-off period only ends at the end of March 2026, so stock exchange members are still in the process of conducting selections and reviews.

The deadline for submitting candidate packages to OJK is set no later than 4 May 2026.