Peraturan Pemerintah 10/2025 (Peraturan Pemerintah Nomor 10 Tahun 2025 tentang Organisasi dan Tata Kelola Badan Pengelola Investasi Daya Anagata Nusantara) is an Indonesian government regulation on the organisation and governance of the Daya Anagata Nusantara Investment Management Agency (Badan Pengelola Investasi Daya Anagata Nusantara, Danantara), the body to which the President delegates part of the management of state-owned enterprises. It was signed by President Prabowo Subianto and promulgated on 24 February 2025, and took effect the same day.^[1][2] It is part of the law on state institutions described at public administration in Indonesia.

The regulation implements Pasal 3P and Pasal 3AA ayat (1) of Undang-Undang 19/2003 on state-owned enterprises, as last amended by Undang-Undang 1/2025. It describes the agency as an Indonesian legal entity wholly owned by the government and accountable to the President, gives it two organs, a supervisory board and an executive body, and adds an advisory board appointed by the President and an optional oversight and accountability committee.^[3][4][5][6] Its general elucidation presents the agency as a partner for foreign direct investment that can apply international practice and standards.^[7] The regulation was amended by Peraturan Pemerintah 19/2026 in April 2026.^[2:1][8]

CRPG's regulatory tracker published an analysis of the regulation in March 2026.^[9]

¶ Background

The considerations state only that the regulation is made to implement Pasal 3P and Pasal 3AA ayat (1) of Undang-Undang 19/2003, the law on state-owned enterprises (Badan Usaha Milik Negara, BUMN), as amended for the third time by Undang-Undang 1/2025.^[3:1] The general elucidation adds that the agency was formed by Undang-Undang 1/2025 to increase and optimise the value of investments managed over the long term by state-owned enterprises, and that the regulation is meant to give it an adequate legal basis for managing them effectively.^[7:1] Pasal 1 defines a BUMN as an enterprise wholly or mostly owned by the state through direct participation, or in which the state holds a special right, and defines two holding companies: an investment holding, charged with managing dividends and optimising BUMN assets, and an operational holding, charged with supervising the operations of BUMN.^[10]

¶ Status and tasks

Under Pasal 2, the President delegates part of his tasks and powers in managing BUMN to the agency, which is an Indonesian legal entity wholly owned by the government, aims to increase and optimise investment from BUMN and other sources of funds, and is responsible to the President. It is based in the national capital and may have offices elsewhere.^[4:1]

The agency's task is to manage BUMN. Pasal 4 gives it power to manage the dividends of the holding companies and of BUMN, to decide on additions to or reductions of state equity in BUMN financed from those dividends, to form the investment and operational holdings together with the minister for state-owned enterprises, to approve with that minister the write-off of BUMN assets proposed by the holdings, to lend, borrow and pledge assets with the President's approval, and to ratify the work plans and budgets of the holdings and consult the relevant committee of the House of Representatives on them.^[11] These powers link the agency to the management of state revenue from BUMN dividends, a subject of public finance in Indonesia.^[11:1]

¶ Organs

¶ Supervisory board

The supervisory board (Dewan Pengawas) consists of a chair, a vice-chair, representatives of the ministries responsible for coordinating the economy, for finance, for state-owned enterprises and for investment, holding at least echelon I rank, and state officials or other persons. All are appointed and dismissed by the President for five-year terms, renewable once.^[12] With the President's approval, the board approves the executive body's annual work plan, budget and key performance indicators, evaluates performance, reports to the President, sets remuneration, proposes changes to the agency's capital, approves its annual financial statements and may suspend members of the executive body. It also adopts a code of ethics and is assisted by a secretariat and by audit, ethics, and remuneration and human resources committees.^[13] Pasal 11 lists the grounds on which the President may dismiss a member, among them breach of confidentiality requirements, failure to perform, unethical conduct, being named a suspect in an act harmful to the agency, BUMN or state finances, and absence from duty for more than six months.^[14]

¶ Executive body

The executive body (Badan Pelaksana) consists of a head and members drawn from professionals, all appointed and dismissed by the President for five-year terms renewable once; its members number three or as needed, covering at least risk management, business development and operations, and investment and finance, with the head responsible for secretariat, audit and human resources functions and for the agency's operations as a whole.^[15] It formulates and implements the agency's policies, proposes remuneration and the annual work plan, organises the agency's staff and represents it in and out of court, and it forms investment, risk management and portfolio operations committees.^[16] Members must be Indonesian citizens no older than seventy on first appointment, may not be officials or members of a political party, and may not be related within the second degree to other officers of the agency or of the holdings.^[17] The supervisory board may, with the President's approval, suspend a member who is under investigation for a breach of ethics or who has been ill for more than six months.^[18]

¶ Staff, advisory board and oversight committee

The agency's employees are workers engaged under a collective labour agreement in accordance with employment law; the elucidation states that the rules for the state civil apparatus therefore do not apply to them.^[19] The President forms an advisory board (Dewan Penasihat) to give input to the agency, and may form an oversight and accountability committee, both to be regulated further by presidential regulation.^[6:1]

¶ Governance

Pasal 25 requires the executive body to ensure good corporate governance in the agency, with details left to a regulation of its head; the elucidation lists the minimum subjects of that regulation, including dividend management, risk management, compliance and procurement.^[20] The supervisory board and executive body must draw up a board manual.^[21] Members of the agency's organs, advisory board and oversight committee must disclose personal interests that may conflict with a matter to be decided, and board and executive members with such a conflict may not take part in the decision.^[22]

Pasal 28 obliges the agency to provide legal assistance to current and former board members, executives and staff facing criminal or civil claims arising from the exercise of their duties in good faith, and to pay compensation ordered by a final court judgment where the loss was not due to their fault or negligence, they acted in good faith and with due care, had no conflict of interest and obtained no unlawful personal gain.^[23] For its initial budget the agency may borrow or receive grants, and in its early stage its staff may come from the civil service or from BUMN.^[24] Pasal 33 allows the President, for the first appointment, to appoint the minister responsible for investment as head of the executive body.^[25]

¶ Amendment

Peraturan Pemerintah 19/2026, signed and promulgated on 8 April 2026, amended the regulation. It replaced provisions including Pasal 1, Pasal 4 and Pasal 22 and inserted new articles; the account above describes the regulation as enacted in 2025.^[8:1][2:2]

¶ External links

• PP No. 10 Tahun 2025 (JDIH BPK)
• CRPG: Governance of Daya Anagata Nusantara (Danantara) BUMN Investment Agency: PP 10/2025 (crpg.id, 24 March 2026) (free sign-in required on crpg.id)

¶ References