| Full title | Peraturan Pemerintah Nomor 19 Tahun 2026 tentang Perubahan atas Peraturan Pemerintah Nomor 10 Tahun 2025 tentang Organisasi dan Tata Kelola Badan Pengelola Investasi Daya Anagata Nusantara |
|---|---|
| Citation | PP 19/2026 |
| Jurisdiction | Indonesia |
| Enacted by | President of Indonesia |
| Signed | 8 April 2026 |
| Promulgated | 8 April 2026 |
| Effective | 8 April 2026 |
| Implements | UU 19/2003 on State-Owned Enterprises, as last amended by UU 16/2025 |
| Amends | PP 10/2025 |
Peraturan Pemerintah 19/2026 (Peraturan Pemerintah Nomor 19 Tahun 2026 tentang Perubahan atas Peraturan Pemerintah Nomor 10 Tahun 2025 tentang Organisasi dan Tata Kelola Badan Pengelola Investasi Daya Anagata Nusantara) is an Indonesian government regulation that amends the rules on the organisation and governance of Danantara, the agency that manages the state's holdings in state-owned enterprises. It was signed by President Prabowo Subianto and promulgated on 8 April 2026, taking effect on that date, and was recorded as Lembaran Negara 2026 No. 39.[1] It amends Peraturan Pemerintah 10/2025 and belongs to the field described at public administration in Indonesia.[2]
The preamble and general elucidation tie the amendment to Undang-Undang 16/2025, the fourth amendment to the State-Owned Enterprises Law, which introduced a separate regulator for state-owned enterprises.[2:1][3] The regulation restates the definitions and the agency's powers, reorganises its supervisory board, adds a chapter on its annual work plan and budget, and adds a chapter on the investment and operational holding companies the agency sets up.[4][5][6][7][8]
It also allows the state to inject capital from the state budget into an investment holding set up for national development, which then becomes a state-owned enterprise designated as a fiscal instrument, and names PT Danantara Investment Management as the operator of the commercial investment holding.[9][10] CRPG's regulatory tracker published an analysis of the regulation in June 2026.[11]
Peraturan Pemerintah 10/2025 set the organisation and governance of the Badan Pengelola Investasi Daya Anagata Nusantara, referred to in the regulation as the Agency (Badan).[2:2] Its preamble states that the effectiveness of the Agency required adjustments to its powers, governance mechanisms and accountability, and that Undang-Undang 16/2025 had confirmed and updated the rules on the management of state investment and the organisation of state-owned enterprises, including a regulator of those enterprises.[2:3] The general elucidation describes the changes as an update of terms and of the holders of powers to match the new law, meant to strengthen legal certainty, the effectiveness of the Agency's powers and the accountability of its governance, and as a fuller treatment of the companies the Agency forms.[3:1]
The restated Pasal 1 defines a state-owned enterprise (Badan Usaha Milik Negara, BUMN) as an enterprise wholly or mostly owned by the state through direct participation, or one in which the state holds a special right. It introduces the State-Owned Enterprise Regulatory Agency (Badan Pengaturan BUMN, BP BUMN), a government institution for the regulation of such enterprises, and defines the Agency as the body that carries out the government's task of managing state-owned enterprises under the State-Owned Enterprises Law.[4:1] It also defines the investment holding (Holding Investasi), which manages dividends or makes use of state-owned enterprise assets, and the operational holding (Holding Operasional), which supervises the enterprises' operations.[4:2]
Under the restated Pasal 4, the Agency manages the dividends of the two holdings and of state-owned enterprises in proportion to its shareholdings, approves changes in capital funded from those dividends, forms the holdings, approves write-offs of enterprise assets proposed by them, may lend, borrow and pledge assets with the President's approval, may guarantee the investment holding with the approval of its supervisory board, and approves the holdings' work plans and budgets and consults on them with the committee of the House of Representatives responsible for state-owned enterprises.[5:1] It may propose candidates for the boards of state-owned enterprises to BP BUMN and appoints and dismisses the boards of the two holdings.[5:2]
The Agency's supervisory board (Dewan Pengawas) comprises a chair, a deputy chair, representatives of the ministries for economic coordination, finance and investment and of BP BUMN, and state officials or other persons, all appointed and dismissed by the President for five-year terms, renewable once.[6:1] With the President's approval, the board approves the Agency's annual work plan and budget and key performance indicators, evaluates the reports of the executive body (Badan Pelaksana), sets remuneration, proposes changes in the Agency's capital, approves its annual financial statements and guarantees to the investment holding, and may suspend members of the executive body.[6:2] The board decides in meetings or by circular resolution.[12]
A new Bab IVA requires the executive body to submit the Agency's annual work plan and budget to the supervisory board by 31 October of the current year. If no approval has been given by 31 December, the previous year's plan applies, and actions taken in the meantime must be reported to the board for approval.[7:1] The plan may be revised once a year, on a draft submitted by 31 July, where internal or external conditions, changes of policy or law, or government assignments require it.[7:2] Pasal 32A provides that submission of the plan to the supervisory board under these rules begins with the plan for financial year 2028.[10:1] The restated Pasal 22 makes the Agency's staff contractual employees and bars family relationships to the second degree between staff and the members of the Agency's organs or the boards of the holdings.[13]
A new Bab VIIIA requires the Agency to form the investment and operational holdings as limited liability companies wholly owned by it. With the President's approval it may establish more than one holding, but only one investment holding for each of three purposes: purely commercial returns, investment in national development and public services with social and economic impact, or another purpose the President approves.[8:1] The Agency is not liable for the acts of an investment holding or for its losses beyond the value of its capital participation.[8:2] An investment holding for national development is capitalised from the Agency's own wealth, must weigh long-term benefit to national development, and, according to the elucidation, may invest even where the expected financial return is lower than in commercial investment.[8:3][14]
Pasal 31A allows the state to make a capital injection (penyertaan modal negara) from the state budget into that development-oriented investment holding, in the form of fresh funds, state-owned goods, state receivables from state-owned enterprises or limited liability companies, or other state assets; the holding may also request such support through the Agency. With the injection the holding becomes a state-owned enterprise designated as a fiscal instrument (alat fiskal), which the elucidation exempts from the rules on investment holdings in the State-Owned Enterprises Law.[9:1] Pasal 32B names PT Danantara Investment Management as the operator of the commercial investment holding.[10:2] The regulation took effect on promulgation.[1:1]
K114 · Work URI /akn/id/act/pp/2026/19 · RegVault PP_19_2026[P] PP 19/2026, Pasal II and closing formula (Ditetapkan di Jakarta pada tanggal 8 April 2026; Diundangkan di Jakarta pada tanggal 8 April 2026), Lembaran Negara 2026 No. 39, Tambahan Lembaran Negara No. 7172. regulation_id PP_19_2026. ↩︎ ↩︎
[P] PP 19/2026, preamble, Menimbang huruf a to c and Mengingat angka 1 to 3 (Undang-Undang Nomor 19 Tahun 2003 tentang Badan Usaha Milik Negara, as last amended by Undang-Undang Nomor 16 Tahun 2025, Lembaran Negara 2025 No. 162; PP 10/2025, Lembaran Negara 2025 No. 26). regulation_id PP_19_2026. ↩︎ ↩︎ ↩︎ ↩︎
[P] PP 19/2026, Penjelasan, Umum. regulation_id PP_19_2026. ↩︎ ↩︎
[P] PP 19/2026, Pasal I angka 1, restating Pasal 1 of PP 10/2025. regulation_id PP_19_2026. ↩︎ ↩︎ ↩︎
[P] PP 19/2026, Pasal I angka 2, restating Pasal 4 ayat (1) to (5) of PP 10/2025. regulation_id PP_19_2026. ↩︎ ↩︎ ↩︎
[P] PP 19/2026, Pasal I angka 3 and 4, restating Pasal 6 and Pasal 7 of PP 10/2025. regulation_id PP_19_2026. ↩︎ ↩︎ ↩︎
[P] PP 19/2026, Pasal I angka 7 and 8, inserting Bab IVA and Pasal 21A and 21B into PP 10/2025. regulation_id PP_19_2026. ↩︎ ↩︎ ↩︎
[P] PP 19/2026, Pasal I angka 10 and 11, inserting Bab VIIIA and Pasal 29A to 29C into PP 10/2025. regulation_id PP_19_2026. ↩︎ ↩︎ ↩︎ ↩︎
[P] PP 19/2026, Pasal I angka 12, inserting Pasal 31A into PP 10/2025, and its elucidation on ayat (3). regulation_id PP_19_2026. ↩︎ ↩︎
[P] PP 19/2026, Pasal I angka 13, inserting Pasal 32A and 32B into PP 10/2025. regulation_id PP_19_2026. ↩︎ ↩︎ ↩︎
[E] "Danantara Sovereign Investment Body Governance Revised: PP 19/2026", CRPG regulatory tracker, crpg.id, 5 June 2026. https://crpg.id/pp-19-2026/ (free sign-in required on crpg.id) The post carries a notice that it is AI-generated; it is cited for the record of the development, not for its legal content. ↩︎
[P] PP 19/2026, Pasal I angka 6, restating Pasal 10 of PP 10/2025, and its elucidation. regulation_id PP_19_2026. ↩︎
[P] PP 19/2026, Pasal I angka 9, restating Pasal 22 of PP 10/2025. regulation_id PP_19_2026. ↩︎
[P] PP 19/2026, Penjelasan, Pasal I angka 11 (Pasal 29C ayat (3)). regulation_id PP_19_2026. ↩︎