Selection Process for OJK Leadership Accelerated Amid Market Turbulence, Says Purbaya
Jakarta — The selection process for Financial Services Authority (OJK) board commissioners has entered the fitness and propriety testing phase at Parliament, bypassing several procedural steps previously established by the OJK selection panel, which is chaired by Finance Minister Purbaya Yudhi Sadewa.
Purbaya stated that the streamlined selection process, which deviates from the original framework outlined in the selection panel’s announcement Number PENG-2/PANSEL-DKOJK/2026, was not due to the president and Parliament having already identified preferred candidates, but rather to address current turbulent financial market conditions.
“There are no pre-selected candidates,” Purbaya explained during a meeting at his office in Jakarta on Tuesday (10 March 2026). “The process is being accelerated because conditions are volatile. Geopolitical tensions are affecting markets and oil prices, so we need the definitive OJK leadership in place faster.”
President Prabowo Subianto has submitted a list of 10 nominees for OJK board commissioner positions to Parliament for fitness and propriety testing by Commission XI, scheduled for Wednesday (11 March 2026). This was disclosed by Commission XI Chair Mukhamad Misbakhun, who referenced presidential letter R-09 dated 9 March 2026.
“We have received 10 names, and these are for a five-year term as stated in the presidential letter to Parliament leadership,” Misbakhun said at Parliament House in Jakarta on Tuesday (10 March 2026).
According to Misbakhun, five names will be selected from the 10 nominees, who were previously shortlisted from a larger pool of 20 candidates passing the selection panel’s administrative screening. These five will fill vacancies across five board positions: chair, vice-chair, capital markets, digital assets, and consumer protection.
“The 10 nominees will cover these five positions with each individual assigned to one specific area,” Misbakhun confirmed.
The 10 candidates will undergo fitness and propriety testing on Wednesday, with Commission XI determining the five selections the same day. Parliament will formally appoint them in a plenary session on 12 March 2025.
This expedited pathway diverges significantly from the original selection schedule. After the selection panel announced the 20 administrative-screening-approved candidates on 4 March 2026, the original process included provisions for public submissions regarding candidate integrity, track records, and conduct until 26 March 2026 at 23:59 Western Indonesia Time. The original timeline also mandated candidates to attend an online preparation briefing on 6 March 2026, medical examinations on 9 March 2026, in-person assessments on 10-11 March 2026, and interviews on 25-26 March 2026 before final selection.