Saturday, 23rd September 2017

OJK to have three executive commissioners

10th February 2012 | 3.351 Views
OJK to have three executive commissioners
Finance minister Agus Martowardojo (FOTO ANTARA)
Jakarta (ANTARA News) - The future Financial Services Authority (OJK) will have nine commissioners, including three executive commissioners, finance minister Agus Martowardojo said here on Friday.

"The task of executive commissioners is managing operational portfolios, such as supervising banks, capital markets and non-bank financial industries," he said.

The minister said the six non-executive commissioners would lead committees, and one of them will head a unit responsible for financial auditing of organizations.

"So the audit board would supervise internal auditing in OJK," he said.

He added that the other committee will be responsible for consumer education and protection.

"The consumer protection and education committee will review and monitor consumer protection and education activities carried out by executive commissioners," he said.

Agus said six non-executive commissioners would monitor the performance of three executive commissioners to assure that when executive commissioners wish to create strategic policies, they must consult with non-executive members.

"This is called governance. You must continue promoting the importance of good governance to assure checks and balances," he said.

Further, he said OJK internal supervision would be performed through discussions between executive and non-executive commissioners, which is a new procedure that has never been carried out by other institutions.

"Supervision could not be carried out by DPR (House of Representatives) because DPR is too busy," noted the minister, who is also a member of the committee for the selection of OJK commissioners.

The committee has opened registration for commissioners until February 14, 2012.

OJK was formed to improve supervision of financial services to prevent crises.