TEMPO.CO, Jakarta – The Daya Anagata Nusantara Investment Management Agency (BPI Danantara) has just issued regulations regarding bonuses and incentives for members of the board of commissioners and directors of state-owned enterprises (BUMN) and their subsidiaries. The regulations include a clause prohibiting commissioners from receiving bonuses and incentives in any form derived from the performance of state-owned enterprises.
Danantara Indonesia Chief Executive Officer Rosan Roeslani signed a letter numbered S-063/DI-BP/VII/2025, which regulates bonuses, incentives, and other forms of income for commissioners and directors of state-owned enterprises. This policy is described as an effort to implement good corporate governance standards at the national and international levels, to safeguard the interests of state-owned enterprises and all stakeholders.
According to the official letter Tempo received on Friday, August 1, 2025, a list of 102 state-owned enterprises is included in the attached instruction. Some of these are well-known state-owned enterprises (SOEs), such as PT Garuda Indonesia (Persero) Tbk., PT Telekomunikasi Indonesia (Persero) Tbk. or Telkom, PT Pertamina (Persero), PT Jasa Marga (Persero) Tbk, PT Semen Indonesia (Persero) Tbk., PT Pelabuhan Indonesia (Persero), PT Pos Indonesia (Persero), and others.
As a result, in the 2025 financial year, all members of the board of commissioners at state-owned companies will not receive bonuses and incentives based on Danantara Indonesia’s instructions. Previously, they received bonuses or profit sharing for each company’s profit.
In addition to regulating bonuses and incentives for board commissioners, Danantara Indonesia also regulates the same scheme for board directors. However, board directors at SOEs and their subsidiaries can still receive bonuses and incentives if their financial reports truly reflect sustainable operational performance.
Danantara’s latest policy has drawn scrutiny from SOE observer and Director of the NEXT Indonesia Center, Herry Gunawan. He stated that Danantara’s reasoning for prohibiting bonuses and incentives for board members is at odds with the reality on the ground. He believes the rationale for improving governance, which underpins the policy, is merely lip service.
According to Herry, improvements in SOE governance must start from the roots, such as the selection of board members in state-owned companies. He believes that many deputy ministers still serve as commissioners in SOEs, a practice that is certainly not a good practice in the bureaucracy because it has the potential to exacerbate conflicts of interest. “The circular is just lip service,” Herry said in a written statement on Friday, August 1, 2025.
Herry doubts that Danantara Indonesia’s circular regulating bonuses will be complied with by all SOEs and their subsidiaries. This is because the letter did not issue a direct instruction from the Ministry of SOEs. “The decision of the Minister of SOEs can only be overturned by a decision of a similar or higher authority, not by a Danantara circular. Don’t be surprised if SOEs ignore the Danantara letter,” Herry said.
This circular is not Danantara’s first instruction to state-owned enterprises. Previously, the investment body had issued instructions to postpone General Meetings of Shareholders at non-public state-owned enterprises and their subsidiaries. State-Owned Enterprises Minister Erick Thohir has also explained that there was nothing wrong with the instructions given by Danantara to state-owned enterprises.
Erick explained that Danantara’s presence does not diminish the Ministry of State-Owned Enterprises’ role in managing state-owned enterprises and generating additional revenue for the government. “We have a very good relationship with Danantara. We have an agreement; God willing, I will be there (at the Danantara office) once a week,” Erick said in a Working Meeting with Commission VI of the House of Representatives (DPR) on Tuesday, July 8, 2025.
He also denied that the Ministry of State-Owned Enterprises has lost its edge with the formation of Danantara. Erick stated that Danantara already has a specific task to handle investment and operational matters for state-owned enterprises. The Ministry of State-Owned Enterprises will oversee and regulate each program. “We and Danantara already have a comprehensive roadmap,” he said.
Erick believes the people at Danantara are the best individuals to attract significant investment into Indonesia. In this context, he believes the Ministry of State-Owned Enterprises plays a central role in overseeing and monitoring incoming investments to ensure they are free from potential fraud.