Tuesday, February 27, 2007

Jamsostek vows to resist all interference

National News - February 23, 2007
Ridwan Max Sijabat, The Jakarta Post, Jakarta

The newly appointed board of directors of state-owned workers' insurance company PT Jamsostek vowed Thursday to implement good corporate governance in managing the company and promised to resist external intervention.

"The new management is committed to applying good corporate governance with the sole mission of improving the social welfare of workers participating in this social security program," Jamsostek president director Hot Bonar Sinaga said at a press conference.

"We will stick to principles of prudence and transparency to multiply the company's investment yields and its return to workers."

He was reluctant to call the new board of directors a winning team, but said they would prove themselves in managing the company's assets totaling almost Rp 50 trillion (approximately US$5.55 billion).

Bonar, a lecturer at the University of Indonesia's School of Economics and former chairman of the Indonesian Insurance Council, was appointed to replace Iwan Pontjowinoto following a leadership crisis in the company six months ago.

Besides Bonar, two other economists from the university were named directors. Indraswasi and Dewi Anggraeni were named director of investment and director of risk management and compliance, respectively.

Four other members of the board of directors were appointed internally. Achmad Ansyori was named director of operations and service, Suyono director of IT and planning, Myra S. director of finance and Rahmaniah Hasdiani as director of human resources and general affairs.

Bonar said his team would be tough and transparent in their negotiations with banks and securities companies in investing the company's assets.

"We will freeze deals with banks and securities companies trying to pay kickbacks to their managements," said Bonar.

He also warned third parties, including public officials, political parties and generals, against extorting Jamsostek, saying such interferences would be rejected.

"Third parties should not interfere in the company's internal affairs because the company's assets belong to workers to insure them in cases of occupational accidents, death, healthcare and retirement," he said.

Meanwhile, chairwoman of the law commission at the House of Representatives, Ribka Tjiptaning, welcomed the new management's commitment to improving the social welfare of workers, saying her commission would closely supervise their performance.

She also said her commission would soon revise a 1992 regulation on social security programs to set up a trust fund council to take over the government's role in the company and to allow the company to not pay annual dividends and investment taxes to the government.


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