PT Merrill Lynch Sekuritas Indonesia (APAC)

Bank of America N.A. Jakarta Branch | PT Merrill Lynch Sekuritas Indonesia

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About PT Merrill Lynch Sekuritas Indonesia

Brief History

PT Merrill Lynch Sekuritas Indonesia (“the Company”) was established in Jakarta within the framework of the Foreign Capital Investment Law No. 1 year 1967 based on Deed No. 4 dated 5 December 1994 of Harvey T. Sondak, SH, notary in Jakarta.

On 1 January 2009, Merrill Lynch & Co., Inc., (ML) the former parent of the Company was acquired by Bank of America Corporation (BAC) and as a result, ML continued as a surviving company and become a subsidiary of BAC, until ML was merged with and into BAC on 13 September 2013. Therefore, BAC is the ultimate parent of the Company.

In accordance with article 3 of the Company’s Articles of Association, the scope of its activities is to engage mainly as the securities underwriter.

In its decision letter No. KEP-01/PM/PEE/1996 dated 8 January 1996, the Indonesian Capital Market Supervisory Agency (Bapepam), now Financial Service Authority (OJK), granted the Company a license as underwriter.

The Company’s office is located at Sequis Tower Level 25, Jl. Jend. Sudirman Kav. 71, SCBD (Sudirman Central Business District) Lot 11B Jakarta 12190, Indonesia, (T)+6221.29553888, (F)+6221.29553877

As at 31 December 2021, the members of the Company's Boards of Commissioners and Directors are as follows:

Commissioner: Andrew Briski, Harish Aggrawal

Independent Commissioner: Gyanesh Nigam

President Director: Samuel D. Resowijoyo

Directors : Prijadi, Hartiani Rahayu

Board of Commissioners

Profile of the Board of Commissioners

Andrew Briski, Commissioner

As COO for South East Asia, Andrew Briski is responsible for supporting the Country Heads of Singapore, Malaysia, Indonesia, Philippines and Thailand, to assist them in coordinating day-to-day operations of the country and to help ensure governance, supervision and internal controls are in place. Andrew has previously served as CAO for various regions (including EMEA and APAC) including Japan and Singapore. He was also appointed to the first Regional CFO position for Merrill Lynch in the Asia Pacific region. Prior to that, Andrew had a series of roles in Japan including CFO for Merrill Lynch Japan, COO for Debt and Equity Derivatives, and various Finance and Operations roles. He was also Asia Business Transition Executive, responsible for the program of initiatives to integrate Merrill Lynch with Bank of America in the APAC region.

Prior to BAML, Andrew worked at Paribas Capital Markets for 6 years (in Tokyo and New York), and before that at Coopers & Lybrand for 4 years (in London and Tokyo).

Andrew holds a Master of Art in Mathematics from Cambridge University in 1983.

Harish Agrawal, Commissioner

Harish Aggrawal is APAC Regional Controller & Southeast Asia CFO for Bank of America. As APAC Regional Controller, Harish is responsible to ensure robust internal control framework for financial and regulatory reporting for Bank of America entities in the Asia Pacific region. As CFO for Southeast Asia, he is responsible for the management of the finance function in Singapore, Malaysia, Indonesia, Philippines and Thailand, and supporting the country leadership team in monitoring of financial performance of the businesses in these countries.

Prior to Bank of America, Harish worked with JPMorgan for 18 years (in US, Singapore and India). He held various senior finance roles with JPMorgan and his last role was as Head of External Reporting, Corporate & Investment Bank in New York. Prior to JPMorgan, he has worked with Standard Chartered Bank and Mashreq Bank in India.

Harish is a commerce graduate from the University of Bombay (1991) and an Associate member of the Institute of the Chartered Accounts of India since 1994.

Gyanesh Nigam, Independent Commissioner

Gyanesh Nigam is an Independent Commissioner for PT Merrill Lynch Sekuritas Indonesia. As an Independent Commissioner, Gyanesh is responsible to ensure robust internal control framework and independently oversee the effectiveness of control functions (risk management, compliance, and internal audit functions) at PT Merrill Lynch Sekuritas Indonesia. As part of Board of Commissioners, Gyanesh carries supervisory duties, directs, monitors, and evaluates the implementation of Company’s strategic policy.

Prior to PT Merrill Lynch Sekuritas Indonesia, Gyanesh worked with Bank of America for 25 years before getting retired in 2019. He held various roles across Finance and Controllers at Bank of America. Prior to Bank of America, he has worked with HSBC in India.

Gyanesh holds a Master of Business Administration (MBA) from the India Institute of Management Ahmedabad (1986).

Management

Profile of the Board of Directors

Samuel Darmawan Resowijoyo, President Director

Indonesian citizen, graduated from University of Oregon majored in Economics in 1991. He commenced his career with PT. Asia Equity Jasereh in 1994, and as Head of Dealing of PT Merrill Lynch Sekuritas Indonesia before moved to PT. BNP Paribas Securities Indonesia. In 2012, he moved back again to PT Merrill Lynch Sekuritas Indonesia as the Head of Risk Management function and appointed as the President Director since December 2016.

Prijadi, Director

Indonesian citizen, Director of the Company since 2011. Graduated from STIE YAI in 1995 majored in accounting and started his career at Joseph Susilo & Rekan Public Accountant Firm in 1995 before moved to Deloitte Tax Solution in 1997. Joined PT Merrill Lynch Sekuritas Indonesia in 1997as Finance Manager before be appointed as director of the Company.

Hartiani Rahayu, Director

Indonesian citizen, graduated from University of Indonesia with bachelor degree majoring Accounting. Commenced her career as transfer pricing analyst at MUC Consulting group in 2010. In 2011, she started her career in capital market industry as Staff of Exchange Member Compliance Division at Indonesia Stock Exchange. In 2014, she moved to PT Danareksa Sekuritas (now: PT BRIDanareksa Sekuritas) with the last position as Audit unit head. Continuing her career in capital market, in 2019, she moved to PT Macquarie Sekuritas Indonesia before joining PT Merrill Lynch Sekuritas Indonesia in 2021. She was appointed as Director of the Company since November 2021.

Securities Company Representative License Holders

Samuel Resowijoyo, Indonesian Citizen, the holder of Underwriter representative license (WPEE)
Hartiani Rahayu, Indonesian Citizen, the holder of Broker-dealer representative license (WPPE)
Prijadi, Indonesian Citizen, the holder of Broker-dealer representative license (WPPE)
Caroline Meiliana Djuhana, Indonesian Citizen, the holder of Broker-dealer representative license (WPPE)
Darryl Hendrawan, Indonesian Citizen, the holder of Underwriter representative license (WPEE)

Organization Chart of PT Merrill Lynch Sekuritas Indonesia

Products and Services

How to Acquire Products / Services

Notice:

PT Merrill Lynch Sekuritas Indonesia does not facilitate securities repurchase agreement (Repo) transaction

Procedure on Customer Complaint and Reporting of Breaches

Objective

To provide service and complaints resolution in the financial services sector.

Procedure Details on Receiving Complaint

Complaint is an unsatisfactory expression from Consumer, either in verbal or written form, which is caused by loss and/or potential material loss, reasonable and directly to the Consumer due to breach of agreement and/or financial transactions documents which have been agreed.
The customer provides the complaint to customer complaint service officer in writing supplemented by
1. Identity of the Consumers and/or Consumer Representatives: full name, residential address and phone number which may be contacted;
2. Special power of attorney;
3. Type and date of Financial Transaction; and
4. The submitted problem.
Verbal Complaint will be followed up within 5 (five) business days since the Complaint is received. In the event supporting documents for verbal Complaint is required, Consumer and/or Consumer Representatives will be required to submit the Complaint in writing by enclosing the required supporting documents.
The Company shall immediately follow up and resolve complaints no later than 20 (twenty) working days since the complaint documents are received completely.
In the event of certain conditions, the Company may extent the period up to a maximum of 20 (twenty) working days afterward;
The extension of completion period of the complaint above shall be notified in writing to consumers who filed complaints before the end of period referred to in item 5.

Customer Complaint and Reporting Services

For customer complaint and reporting on breach, please contact:

Complaint Service Team

Tel : +6221.29553888

Fax : +6221.29553877

Email DG MLINDO Complaint Service Team:

dg.mlindo_complaint_service_team@bofa.com

Corporate Governance

Complaint Handling Publication

Terms of Reference Board of Commissioners and Board of Directors

Code of Conduct

Function and Policy on Risk Management, Compliance and Internal Audit

For the implementation of internal control in accordance with Otoritas Jasa Keuangan rule No. 57/POJK.04/2017, the Company establishes the function of Risk Management, Compliance and Internal Audit as follow:

The implementation of risk management function of the Company shall at least cover:

preparation of policy on risk management;
testing, evaluation, and recommendation of objective improvement for the implementation of risk management system, at least by annually or within more frequent frequency in case there is change of factor affecting the business activity of the Company significantly; and
monitoring, identification, measurement, and follow up related to any matters related to risk management requiring the attention of the Board of Directors.

The implementation of compliance function of the Company shall at least cover:

preparation of policy on compliance;
testing, evaluation, and recommendation of conformance of policy, provisions, system or procedure owned by the Securities Company to the provisions in the legislation at least by annually or in the more frequent frequency in case there is change of factor affecting the business activity of Securities Company significantly;
monitoring, identification, measurement, and follow up related to any matters related to compliance requiring attention of the Board of Directors.

The implementation of internal audit function of the Company shall at least cover:

preparation of policy on internal audit;
preparation and implementation of adequate audit program to entire work units of which the implementation shall take into account the risk degree in each work unit; and
monitoring, identification, measurement, and follow up related to any matters related to internal audit requiring attention of the Board of Directors.

Enterprise Risk Management Framework of Bank of America Corporation

AGMS Minutes of Meeting Summary

Circular Resolutions of The Sole Shareholder of PT Merrill Lynch Sekuritas Indonesia in Lieu of the Annual General Meeting of Shareholders dated 22 June 2022 has decided the following:

to approve the Company’s Annual Report and subsequently give full discharge to members of the Board of Directors and the Board of Commissioners of the Company for any actions taken by them within the for the period of the financial year ending December 31, 2021 to the extent such actions are reflected in the books of the Company;
to approve the appropriation of net profits for the financial year ended 31 December 2021 as follows:
1. distribute as dividend in the amount of IDR 44,000,000 to holder of class B shares as proposed by the Board of Directors of the Company
to confirm no provision of remuneration to the Board of Directors and to approve the honorarium for the Independent Commissioner for the financial year 2021 in the amount of USD 20,000;
to approve that KAP Tanudiredja, Wibisana, Rintis & Rekan (a member of the PricewaterhouseCoopers network of firms) be appointed as the Company's external auditors for the accounting year 2022 based on the recommendation provided by the Board of Commissioners;

NOTICE

P T Merrill Lynch Sekuritas Indonesia is registered and supervised by the Financial Service Authority of Indonesia

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