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Government, House name sovereign wealth fund’s supervisory board members
The Indonesian sovereign wealth fund's supervisory board will be led by the finance minister and its members will include the state-owned enterprises (SOEs) minister and three professionals.
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House of Representatives Speaker Puan Maharani (center) smiles after attending a plenary meeting at the House in Jakarta on March 30, 2020. (JP/Dhoni Setiawan)
T
he government and the House of Representatives named three persons on Wednesday to serve on the soon-to-be-launched sovereign wealth fund’s supervisory board.
The agreed members are former chief financial officer at oil and gas producer PT Medco Energi Internasional Darwin Cyril Noerhadi, lawyer and owner of Plataran Group Yozua Makes and Bank Permata independent commissioner Haryanto Sahari. The board will supervise the fund’s board of directors, whose members have yet to be revealed.
Read also: Indonesia sovereign wealth fund aims to raise $15b by offering multiple funds
“These three names were picked by the President as the candidates for independent supervisors at the sovereign wealth fund,” House Speaker Puan Maharani said in a statement. “The House has been consulted [by the government] and we will soon send letters to the President to accept these candidates.”
The fund’s supervisory board will be led by the finance minister and its members will include the state-owned enterprises (SOEs) minister in addition to the three professionals to oversee the fund’s operations.
The sovereign wealth fund, which will be named the Indonesia Investment Authority, is eyeing US$20 billion in investment in the next few months, President Joko “Jokowi” Widodo said on Jan. 15. He added that the government would inject Rp 15 trillion ($1.06 billion) in addition to contributions of shares of SOEs worth Rp 50 trillion.
The government is targeting $100 billion in investment in the next two years and is planning to use the fund to finance big projects such as infrastructure, tourism and technology, as well as the planned relocation of the country’s capital in a bid to boost the economy ravaged by the coronavirus pandemic.
