Jakarta. Nickel miner Vale Indonesia announced Tuesday that its shareholders had agreed to appoint former foreign minister Retno Marsudi as its independent commissioner.
Retno is taking over geologist Raden Sukhyar’s post. The shareholders of Vale have honorably dismissed Raden from the publicly-listed company’s board of commissioners.
“[Retno’s post as the independent commissioner] will be effective until the company’s annual general shareholders’ meeting in 2027,” Vale Indonesia was quoted as saying in its press statement.
Retno was a career diplomat, and served as the foreign minister from 2014 to 2024 under the Former President Joko “Jokowi” Widodo.
Since stepping down from her ministerial job, Retno has snagged some strategic positions in the private sector. In late November, Retno became a non-executive director to the Singapore-headquartered renewables firm Gurin Energy. Indonesian beauty giant ParagonCorp has picked Retno to be part of the board of council for the company’s Paragon Wardah Stewardship for Global Impact.
Retno currently serves as the UN’s first-ever special envoy on water. She is also the first Indonesian to get picked as a UN special envoy.
Vale Indonesia — also known by its ticker symbol INCO — reported that its net profit had dropped by nearly 78.6 percent year-on-year to $51.1 million in January-September 2024. The miner blamed the decline on weakening nickel prices.
Below is an updated version of Vale Indonesia’s board of commissioners:
President Commissioner: Muhammad Rachmat Kaimuddin
Deputy President Commissioner: Emily Marie Olson
Commissioner: M Jasman Panjaitan
Commissioner: Edi Permadi
Commissioner: Fabio De Souza Queiroz Ferraz
Commissioner: Kristina Janet Gauthier
Commissioner: Yusuke Niwa
Independent Commissioner: Rudiantara
Independent Commissioner: Marita Alisjahbana
Independent Commissioner: Retno Marsudi
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