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Concerns mount over possible management shake-ups at SOEs
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State-Owned Enterprises Minister Rini Soemarno speaks to reporters. (JP/Tirta Utama Umbas)
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oncerns are mounting that the government’s plan to hold extraordinary general shareholders meetings at several state-owned enterprises (SOEs) might result in large management shake-ups that could in turn affect performance.
State-owned lenders Bank Mandiri, Bank Negara Indonesia (BNI), Bank Rakyat Indonesia (BRI) and Bank Tabungan Negara (BTN) and state gas company PT Perusahaan Gas Negara (PGN) are scheduled to hold extraordinary general meetings at the end of this month.
Of the five companies, only PGN and Bank Mandiri have disclosed the scheduled dates for their meetings.
According to information posted by PGN on the Indonesia Stock Exchange (IDX) website, PGN is scheduled to hold its meeting on Aug. 30, during which the firm’s shareholder will discuss a possible management shake-up.
Meanwhile, Bank Mandiri is slated to hold its meeting on Aug. 28, the company disclosed on the IDX website, with no details yet on the agenda of the meeting.
Changes at the managerial level are expected due to a trend that has seen the president director of an SOE changed on 20 separate occasions in similar situations, according to data compiled by The Jakarta Post’s research team.
In one high-profile case, Budi Waseso, the former National Narcotics Agency (BNN) head, was appointed as the president director of state-owned logistics company Bulog, replacing his predecessor Djarot Kusumayakti amid highly publicized issues surrounding the government’s rice import policy last year.
