October 20, 2025 | 05:03 pm
TEMPO.CO, Jakarta - The Chief Executive Officer of Danantara Indonesia Investment Management Agency, Rosan Roeslani, stated that the institution will rectify the books of State-Owned Enterprises (SOE) next year. According to Rosan, there are many practices of beautifying financial reports in the state-owned companies.
"Next year, I will implement corrections to several SOE books, including the major ones, because the reporting is not in accordance and not truthful," said the Investment Minister during his speech at the Indonesian Young Entrepreneurs Association- Daya Anagata Nusantara Investment Management Agency Business Forum 2025 in Jakarta, Monday, October 20, 2025.
Rosan stated that under his leadership, Danantara will take action against SOEs that are still polishing their financial reports. Moreover, according to Rosan, some SOEs beautify their performance with substantial profits, but their dividends are paid with borrowed money. "Under my leadership, there will no longer be any SOE doing things to beautify the books or make their profits look big, but when it comes to dividends, they have to borrow money first," he said.
Furthermore, Rosan mentioned that SOE commissioners are also involved in polishing the company's performance. Therefore, he said, abolishing bonuses for commissioners is the right step because in many countries, such a practice does not exist. "Commissioners push for high profits by beautifying the books. Their financial reports are distinguished to make them look better, sometimes even daring to commit fraud," he said.
On July 30, 2025, Danantara abolished the bonus for SOE commissioners through an official letter numbered S-063/DI-BP/VII/2025. The letter emphasized that this prohibition includes all income related to the company's performance. "Members of the SOE board of commissioners and SOE subsidiaries are not allowed to receive bonuses, incentives, and/or other income related to the company's performance," as stated in the letter received by Tempo on Friday, August 1, 2025.
Minister of SOE Regulation Number PER-12/MBU/11/2020 previously defined tantiem as one of the income components that can be given to members of the Board of Directors, Board of Commissioners, and Board of Supervisors of SOEs. Its disbursement depends on performance conditions, such as a minimum Fair with Exceptions (WDP) audit opinion, a company's health level above 70, and achievement of Key Performance Indicators (KPI) at a minimum of 80 percent. Bonus is budgeted as an expense in the Company's Work Plan and Budget (RKAP).
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