Capital Market Regulation required the company as a public listed company on the Indonesian Stock Exchange (IDX) to appoint a Corporate Secretary and provide an access to all material information about a public company that corresponds to the principles of openness and transparency of information.
The requirement to establish Corporate Secretary position also applies to the company as a state-owned enterprise as stipulated in Regulation of the Minister of State Owned Enterprises No. PER-01/MBU/2011 on the Implementation of Good Corporate Governance (GCG) in state-owned enterprises.
In the event that the position of Corporate Secretary is vacant, the Company shall appoint a replacement within a period of sixty (60) days at the maximum from the time the vacancy occurred. During the vacancy, the Corporate Secretary position will hold by a member of the Board of Directors or any person appointed as a temporary Corporate Secretary, regardless of the requirements for Corporate Secretary position.
Corporate Secretary’s qualifications
Qualifications for a Corporate Secretary is as stipulated in the Regulation of Financial Services Authority No. 35/POJK.04/2014 on Corporate Secretaries of Issuers or Public Companies.
Appointment and dismissal of the Corporate Secretary
A Corporate Secretary shall be appointed and dismissed by the President & CEO based on the internal mechanism of the Company with the approval of the Board of Commissioners (Article 29 (3) Regulation of the Minister of State Owned Enterprises No. PER-01/MBU/2011). The Corporate Secretary organization shall be established by the Director’s decree. The term of office of the Corporate Secretary shall be restricted at the maximum for 5 (five) years and can be renewed for a maximum period of 3 (three) years.