Friday, December 02, 2005

Endless conflict at Pertamina, helpless shareholder(s)

Most of my journalist friends are getting bored with flip-flop statements on Pertamina, especially when it come to the replacement of the state-owned company's board of directors.
"I will never quote officers from state-owned enterprises ministry again on Pertamina BOD replacement. They just can't keep their promises, only empty and meaningless words," one of my colleagues said.
And he is damn right. Countless of Minister Sugiharto's statements already published in Indonesian newspapers. Sometime he said next week, by the end of this month, early next month, bla-bla-bla! Sugiharto's boss, chief economic minister Aburizal Bakrie, is all the same.
As the ultimate shareholder, these guys also waged threats in media to fire Pertamina BOD for various reasons. Incapable, violation of company's code of conduct, fuels smuggling, change the logo (this one is new), contempt of parliament (also new) etc.
Should they have to do that? Isn't that just so simple? Conduct a shareholder meeting and fire them. It seems that the shareholder (government, especially MSOE) is helpless. Look at how most of the time board of directors at odd with board of commissioners, even on tiny issue of logo change.
Today, Media Indonesia online reported that DPR House Commission VI had sent the recommendation letter to change Pertamina BOD to Final Assesment Team. The team lead by President Susilo Bambang Yudhoyono is consisted of Vice President Jusuf Kalla, MSOE Sugiharto, and Cabinet Secretary Sudi Silalahi.

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