Provisions for Corporate Secretary (CorSec) of Public Companies

Corporate Secretary Service Indonesia – POJK number 35 of 2014 concerning Corporate Secretary or Corporate Secretary of Issuers or Public Companies is issued by the Financial Services Authority (OJK) in order to encourage the performance of Issuers or Public Companies, protect the interests of stakeholders and improve compliance with laws and regulations, improve transparency, services, and communication to stakeholders as the implementation of good corporate governance principles.

What is meant by Corporate Secretary is an individual or person in charge of a work unit that carries out the function of corporate secretary. Every Issuer or public company is required to have a corporate secretary whose function can be carried out by a natural person or a work unit led by a person in charge.

The Corporate Secretary is appointed and dismissed based on the decision of the Board of Directors and may be concurrently held by a member of the Board of Directors. A Corporate Secretary may not hold any position in the Issuer or public company. The Corporate Secretary is responsible to the Board of Directors. The Corporate Secretary shall make periodic reports at least 1 (one) time in 1 (one) year regarding the implementation of the functions of the Corporate Secretary to the Board of Directors and copied to the Board of Commissioners.

Every appointment and dismissal of the Corporate Secretary must be reported by the Issuer to OJK and announced on the company’s website no later than 2 (two) working days after the appointment or dismissal.

Duties and Responsibilities of the Corporate Secretary

The function of the corporate secretary is to carry out the following duties at least:

• follow the development of the Capital Market, especially the prevailing laws and regulations in the Capital Market;
• provide input to the Board of Directors and Board of Commissioners of the Issuer or Public Company to comply with the provisions of laws and regulations in the field of Capital Market;

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• assist the Board of Directors and the Board of Commissioners in the implementation of corporate governance which includes:
• disclosure of information to the public, including the availability of information on the Website of the Issuer or Public Company;
• organization and documentation of General Meeting of Shareholders;
• organization and documentation of meetings of the Board of Directors and/or Board of Commissioners; and
• implementation of orientation program to the company for the Board of Directors and/or Board of Commissioners.
• as a liaison between the Issuer or Public Company and the shareholders of the Issuer or Public Company, the Financial Services Authority, and other stakeholders.

Corporate Secretary Requirements

The Corporate Secretary must fulfill the following requirements at least:

• capable of performing legal acts;
• have knowledge and understanding in the field of law, finance, and corporate governance;
• understand the business activities of the Issuer or Public Company;
• able to communicate well; and
• domiciled in Indonesia.

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