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No Shortage of Candidates For New Finance Watchdog
Francezka Nangoy | February 17, 2012

Agus Martowardojo, from left, Darmin Nasution and Chatib Basri, members of the selection committee for appointments to the new regulator, spoke to the media in Jakarta on Friday. (Antara Photo/Puspa Perwitasari) Agus Martowardojo, from left, Darmin Nasution and Chatib Basri, members of the selection committee for appointments to the new regulator, spoke to the media in Jakarta on Friday. (Antara Photo/Puspa Perwitasari)
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Senior government officials have a month to whittle down a list of 290 nominees for board positions at the new finance sector regulatory superbody to just 21 to be submitted to the president.

A special committee headed by Finance Minister Agus Martowardojo is required submit the shortlist of names for commissioner positions at the Financial Services Supervisory Authority (OJK) to President Susilo Bambang Yudhoyono by the third week of March.

Agus said on Friday that 309 professionals had submitted application as of Tuesday, but only 290 applicants provided the necessary documents.

From the 21 names submitted to him, Yudhoyono will pick 14 to be proposed to the House of Representatives, who will select seven appointees.

Two more commissioners will be appointed directly by the finance minister and the Bank Indonesia governor as an ex-officio members who will represent the two authorities, bringing the total number serving on the board of commissioners to nine.

Agus said that 83 of the 290 applicants still in contention were professionals with backgrounds in the banking sector.

There were 48 applicants with backgrounds in financial-related government agencies. There were also 30 executives from non-bank institutions, 17 executives from the capital market sector and 25 academics.

“The OJK is very important and very instrumental for the future improvement of Indonesia’s financial industry,” said Chatib Basri, a well-known economist who is also a member of the selection committee.

The regulatory body will supervise and regulate banks and non-bank financial companies, such as insurance, securities, brokerage and financing firms.

This role is currently performed by Bank Indonesia and the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK), which operates under the Finance Ministry. The supervisory body will commence its role on Jan. 1 next year.

The nine-person selection committee includes the BI governor, Darmin Nasution, and the Finance Ministry’s director general of taxation, Fuad Rahmany.