Jakarta. Five top executives are bidding to the lead board of directors at the Indonesia Stock Exchange (IDX) for the next three years, seeking to steer the bourse amid rising competition from regional peers.

IDX director of trading and membership Samsul Hidayat led the first team of seven that seeks to replace the current board, the exchange announced over the weekend. Rules indicate that any candidate must enter the competition as a team that will fill the entire positions of the board.

Leading other teams are state-controlled brokerage Mandiri Sekuritas’ chief executive Abiprayadi Riyanto, toll road operator Citra Marga Nusaphala Persada’s deputy chairman Tito Sulistio, state toll-road operator Jasa Marga’s finance director Reynaldi Hermansjah and local rating agency Pefindo’s president director Ronald. A. Kasim.

The teams will undergo a fit-and-proper test from May 1 to June 3 and will receive the results on June 4. Shareholders at the general meeting will approve of the winning team on June 25.

Nurhaida, who heads the capital market supervision at the Financial Services Authority (OJK), earlier said that the OJK has agreed to keep maintaining the number of board of directors at seven in order to stimulate Indonesia’s capital market and make it more competitive ahead of the Asean Economic Community, when trade is liberalized.

Beginning on Dec. 31, the AEC will allow greater flow of capital in the region, which in turn will increase competition among the region’s capital markets to attract funds.

GlobeAsia

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Source: The Jakarta Globe