Cyrill Holds the Command of the JSX

The Stock Exchange world is perhaps the "young people's" world. After the position of the Head of the Stock Market Monitoring Agency (Bapepam) -- the same level of Director general-- was filled by I Putu Gede Ary Suta who is 37 years old, now it is Cyrill Noerhadi's turn to be the Director of the Jakarta Stock Exchange (JSX), replacing the position of Hasan Zein Machmud.

In the annual shareholders general meeting , which was started at 9:00 AM and ended at 5:15 PM in Jakarta, yesterday (4/15), Cyrill, 35 years old, defeated Yannes Naibaho (42) and Muhammad Latuconsina (57). However, that is not a personal victory, it is the success of a group that is usually called "package".

The Cyrill Package include Mas Achmad Daniri, Felia Salim, and Edwin Stamboel. The Yannes package include Harry Wiguna, Erry Firmansyah, and Nasroen Yasabari. While Muhammad Latuconsina was accompanied by Sofyan A. Djalil, Stanyslaus Say, and Indra Safitri. IN this election, Cyrill's package, gained 77 votes of the total 167 votes. The number of votes differ only a little from the votes gained by Yannes Naibaho, 66 votes, while the Latuconsina package only received 23 votes. One vote was considered null.

Actually, the number of shareholders present were recorded at 177 security companies, from the 184 companies who have voting rights. According to several shareholder, the other 10 companies did not use their voting rights.

For the election of the position of Commissioner, Fuad Bawazier came through with no contenders. Of course, is the Director General of Taxes of the Finance Department, replacing Marzuki Usman, as the President of JSX, for the nest two years. In his position , Bawazier is accompanied by four others, Siti Hediati Prabowo, Rini Suwandhi, Erry Hardjapamekas, and Rosano Barack.

Besides electing a board of directors and board of commissioners, the Shareholders AGM also appointed Marzuki Usman as a Senior Advisor of the JSX. "This position is an appreciation from the shareholders because Mr. Marzuki is valued as a big contributor to the development of the stock market," said Edwin Stamboel.

The atmosphere before the election, was tense in the beginning between the candidates. This was because in the two days before the election, there was a flier circulated that discredited all the candidates. In the flier, it said that Cyrill as a candidate has been plotted by the Finance Minister. The Yannes package was said to be sponsored by PT Makindo. "I had butterflies in my stomach," said Cyrill expressing his feelings before the elections.

The changing of the position of the director of the JSX was unavoidable after the Bapepam tried to seriously implement the Law no 8/1995 concerning the Stock Market. The strong action of the Bapepam caused the previous directors -- Hasan Zein Machmud, Achmad Daniri, Felia Salim, and Stanyslaus Say -- to leave their position in the middle of their term. Based on the policy of the shareholders, even if Hasan and Stany have to leave the JSX, they receive compensation money of two years pay. However, when asked to comment on this compensation, Hasan only said, " I did not think about it."

Cyrill and Fuad to reporters said that they will carry out their trust given by the shareholders. "We all want the JSX to grow big. We have to give it our best," said Fuad. Fuad is confident that the amount of emitent and capitalization value of the market can be increased. "We do not have to worry that we will run out of companies that will go public," he said promising to organize the hindrances in the tax sector.  (Sumber : Internet, 19 April 1996)