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Anne Aprina Priskila, Fathan Qorib
Highlighting the issue of dual positions (rangkap jabatan) for directors and commissioners of banks, the Financial Services Authority (OJK) has issued Regulation No. 18/POJK.03/2014on Implementation of Integrated Governance for Banking Conglomerates. The issue of this regulation by the OJK may open up multiple interpretations as to whether or not dual positions are permitted and bring benefits to the banking industry.
On one side, Yonathan Hermanto, the Head of Legal at PT Bank Central Asia Tbk (BCA) says that in certain circumstances holding dual positions may result in an affiliated transaction form the standpoint of capital markets regulations and therefore be illegal. In addition, he adds, this may also lead to unfair business practices under the Antitrust Law based on considerations of market dominance.
However, from a practical perspective, continues Mr. Hermanto, when it comes to actual practice, dual positions usually only create minor issues because they are usually held by experienced leaders in the banking industry. It should also be remembered that the Company Law does not include any restrictions on holding multiple positions.
In regard to restrictions, the OJK takes the view that limitations aim to ensure the performance of the members of boards of directors (BOD) and boards of commissioners (BOC) so that they focus on one position.
"Banks are allowed to carry out double positions with certain criteria," said Ratna Dolok Saribu, OJK’s Director of Regulation and Research Department, in Jakarta last Thursday.
To support this system, Mrs. Ratna points out several criteria related to the structure of BOD and BOC and also emphasis on integrity, competence and financial reputation. In addition, there is also a clause on the composition of independent commissioners.
Handling Bank Conglomerates
For bank conglomerates, the Regulation requires an Integrated Governance Committee be formed. This committee consists of an independent commissioner as the chairman while members may be either regular or ad-hoc depending on the need of respective bank.
The existence of the Integrated Governance Committee is designed to improve coordination between the parent company and its subsidiaries or sister companies, so that the negative impacts of dual positions can be monitored and properly controlled.
(hot/kc)
Highlighting the issue of dual positions (rangkap jabatan) for directors and commissioners of banks, the Financial Services Authority (OJK) has issued Regulation No. 18/POJK.03/2014on Implementation of Integrated Governance for Banking Conglomerates. The issue of this regulation by the OJK may open up multiple interpretations as to whether or not dual positions are permitted and bring benefits to the banking industry.On one side, Yonathan Hermanto, the Head of Legal at PT Bank Central Asia Tbk (BCA) says that in certain circumstances holding dual positions may result in an affiliated transaction form the standpoint of capital markets regulations and therefore be illegal. In addition, he adds, this may also lead to unfair business practices under the Antitrust Law based on considerations of market dominance.
However, from a practical perspective, continues Mr. Hermanto, when it comes to actual practice, dual positions usually only create minor issues because they are usually held by experienced leaders in the banking industry. It should also be remembered that the Company Law does not include any restrictions on holding multiple positions.
In regard to restrictions, the OJK takes the view that limitations aim to ensure the performance of the members of boards of directors (BOD) and boards of commissioners (BOC) so that they focus on one position.
"Banks are allowed to carry out double positions with certain criteria," said Ratna Dolok Saribu, OJK’s Director of Regulation and Research Department, in Jakarta last Thursday.
To support this system, Mrs. Ratna points out several criteria related to the structure of BOD and BOC and also emphasis on integrity, competence and financial reputation. In addition, there is also a clause on the composition of independent commissioners.
Handling Bank Conglomerates
For bank conglomerates, the Regulation requires an Integrated Governance Committee be formed. This committee consists of an independent commissioner as the chairman while members may be either regular or ad-hoc depending on the need of respective bank.
The existence of the Integrated Governance Committee is designed to improve coordination between the parent company and its subsidiaries or sister companies, so that the negative impacts of dual positions can be monitored and properly controlled.
(hot/kc)
Anne Aprina Priskila, Fathan Qorib
Highlighting the issue of dual positions (rangkap jabatan) for directors and commissioners of banks, the Financial Services Authority (OJK) has issued Regulation No. 18/POJK.03/2014on Implementation of Integrated Governance for Banking Conglomerates. The issue of this regulation by the OJK may open up multiple interpretations as to whether or not dual positions are permitted and bring benefits to the banking industry.
On one side, Yonathan Hermanto, the Head of Legal at PT Bank Central Asia Tbk (BCA) says that in certain circumstances holding dual positions may result in an affiliated transaction form the standpoint of capital markets regulations and therefore be illegal. In addition, he adds, this may also lead to unfair business practices under the Antitrust Law based on considerations of market dominance.
However, from a practical perspective, continues Mr. Hermanto, when it comes to actual practice, dual positions usually only create minor issues because they are usually held by experienced leaders in the banking industry. It should also be remembered that the Company Law does not include any restrictions on holding multiple positions.
In regard to restrictions, the OJK takes the view that limitations aim to ensure the performance of the members of boards of directors (BOD) and boards of commissioners (BOC) so that they focus on one position.
"Banks are allowed to carry out double positions with certain criteria," said Ratna Dolok Saribu, OJK’s Director of Regulation and Research Department, in Jakarta last Thursday.
To support this system, Mrs. Ratna points out several criteria related to the structure of BOD and BOC and also emphasis on integrity, competence and financial reputation. In addition, there is also a clause on the composition of independent commissioners.
Handling Bank Conglomerates
For bank conglomerates, the Regulation requires an Integrated Governance Committee be formed. This committee consists of an independent commissioner as the chairman while members may be either regular or ad-hoc depending on the need of respective bank.
The existence of the Integrated Governance Committee is designed to improve coordination between the parent company and its subsidiaries or sister companies, so that the negative impacts of dual positions can be monitored and properly controlled.
(hot/kc)
Highlighting the issue of dual positions (rangkap jabatan) for directors and commissioners of banks, the Financial Services Authority (OJK) has issued Regulation No. 18/POJK.03/2014on Implementation of Integrated Governance for Banking Conglomerates. The issue of this regulation by the OJK may open up multiple interpretations as to whether or not dual positions are permitted and bring benefits to the banking industry.On one side, Yonathan Hermanto, the Head of Legal at PT Bank Central Asia Tbk (BCA) says that in certain circumstances holding dual positions may result in an affiliated transaction form the standpoint of capital markets regulations and therefore be illegal. In addition, he adds, this may also lead to unfair business practices under the Antitrust Law based on considerations of market dominance.
However, from a practical perspective, continues Mr. Hermanto, when it comes to actual practice, dual positions usually only create minor issues because they are usually held by experienced leaders in the banking industry. It should also be remembered that the Company Law does not include any restrictions on holding multiple positions.
In regard to restrictions, the OJK takes the view that limitations aim to ensure the performance of the members of boards of directors (BOD) and boards of commissioners (BOC) so that they focus on one position.
"Banks are allowed to carry out double positions with certain criteria," said Ratna Dolok Saribu, OJK’s Director of Regulation and Research Department, in Jakarta last Thursday.
To support this system, Mrs. Ratna points out several criteria related to the structure of BOD and BOC and also emphasis on integrity, competence and financial reputation. In addition, there is also a clause on the composition of independent commissioners.
Handling Bank Conglomerates
For bank conglomerates, the Regulation requires an Integrated Governance Committee be formed. This committee consists of an independent commissioner as the chairman while members may be either regular or ad-hoc depending on the need of respective bank.
The existence of the Integrated Governance Committee is designed to improve coordination between the parent company and its subsidiaries or sister companies, so that the negative impacts of dual positions can be monitored and properly controlled.
(hot/kc)