Politicians ‘should temporarily resign to apply for OJK jobs’

Although the Financial Service Authority (OJK) selection committee stipulates that politicians must resign from their parties once being named OJK commissioners, doubts are still out that the stipulation will guarantee the authority’s independence and integrity.

The committee officially announced the opening for OJK commissioner posts on Monday and according to the requirements for the posts, political party members are eligible to apply and are able to participate in the selection process without resigning from their political affiliations.

Politicians are only obliged to resign from their parties once they have received assurance that they will be named OJK commissioners.

Analysts worry that these stipulations could ruin the selection process as there is the possibility of political intervention.

Market analyst Yanuar Rizki said that the committee should have stipulated that all politicians had to resign from their political party affiliations once they were chosen as candidates for the OJK commissioner posts.

“Politicians must also have the conscience to resign from their political parties once they decide to apply for the OJK job. They must do this to show that they are willing to be independent,” Yanuar told The Jakarta Post on Monday.

“I personally do not want to see political party members named OJK commissioners because the posts are very lucrative. They would be better filled by capable professionals. If we want to be truly fair, then I suppose professionals must also resign from all of their professional affiliations to ensure independence,” he added.

In a similar tone, Institute for Development of Economic and Finance (INDEF) economist Aviliani said that politicians should temporarily resign from their parties during the selection process.

“If they are not chosen by the committee, then they can return to their political parties,” she said.

“However, regardless of the candidates’ affiliations, political or professional, I believe that the OJK should have people who understand what they are dealing with. That is why I believe industries must also be actively nominating and proposing candidates for the job,” she added.

Finance Minister Agus Martowardojo, who heads the selection committee, said that nothing could be done to force politicians to resign from their parties during the selection process because the OJK Law did not contain any stipulations that banned active politicians from participating in the selection process.

The OJK is essentially a financial monitoring super body that will take over the supervisory function of banks from Bank Indonesia, insurers and stock markets from the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK). OJK’s authorities do not only include monitoring, but it can also issue or annul regulations and even conduct investigations of law enforcer institutions.