The Minister of State-Owned Enterprises (“Minister of BUMN”) issued a new Regulation No. PER-03/MBU/2012 concerning Guidelines for the Appointment of Members of the Board of Directors (“BoD”) and the Board of Commissioners (“BoC”) of the Subsidiaries of State-Owned Enterprises (“BUMN”). This regulation (“MBU Reg. 03/2012”) revokes Regulation No. PER-01/MBU/2006 as amended by Regulation No. PER-03/MBU/2006.  

MBU Reg. 03/2012 changes the procedures and requirements for the appointment of BoD and BoC members in BUMN Subsidiaries, as follows:

  1. Formal Requirement

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  1. Candiate Nomination and Appointment

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This regulation also sets forth a new formula for the assessment of the candidates. The new formula is only slightly different from the old one. The new assessment emphasizes on the track records, expertise, and leadership skill of the candidates.

The regulation was issued on March 29th 2012 and has been in force since the date of its issue.