Indonesia’s financial regulator has appointed seven directors to the board of the local bourse, including Jeffrey Hendrik as president director.
Hendrik had been interim president director of the Indonesia Stock Exchange (IDX) since Iman Rachman stepped down on January 30 after a two-day rout wiped out more than US$80 billion in market capitalisation, sparked by a warning from MSCI Inc of a possible downgrade of the Southeast Asian nation from emerging to frontier market. The index provider cited low free float of shares on the bourse, among other things.
The Financial Services Authority announced the appointments to the IDX board in a statement on June 22. They will serve until 2030.
Four of the seven, including Hendrik, were already directors. Two others are new, including Iding Pardi, who joins the IDX board from Indonesia Clearing and Guarantee Corp where he was president director.
The other is Abdul Munim, who was a project manager consultant for the bourse’s trading and surveillance system renewal project four years ago.
No details are immediately available about the seventh director, Umi Kulsum.
