President Prabowo Subianto on Wednesday, October 8 2025, inaugurated the leadership of the newly established State-Owned Enterprises Regulatory Agency (BP BUMN), marking the first implementation phase of Indonesia’s landmark restructuring of its state company governance framework.

Former Deputy Minister of State-owned Enterprises (SOEs)Dony Oskaria was sworn in as Head of BP BUMN, while Aminuddin Ma’ruf and Tedi Bharata were appointed as Deputy Heads. Aminuddin previously served as Deputy Minister of SOEs, and Tedi was Deputy for Human Resources at the same ministry. The inauguration ceremony took place at the Presidential Palace in Jakarta.

“With the new law, we will strengthen the transformation process expected by the President,” Dony said before the ceremony, pledging to continue the modernization of Indonesia’s state-owned enterprise ecosystem.

Prior to his appointment, Dony briefly served as Acting Minister of SOEs, following President Prabowo’s cabinet reshuffle that moved Erick Thohir to the post of Minister of Youth and Sports. Dony also serves as Chief Operating Officer at the newly established State Investment Management Agency, BPI Danantara, formed in February 2025.

Restructuring

The inauguration comes less than a week after the House of Representatives (DPR) passed a historic revision to the State-Owned Enterprises Law (Law No. 19/2003), effectively dissolving the Ministry of SOEs and replacing it with a dual-entity model separating regulatory and operational functions.

Under the new framework, BP BUMN will act as the regulator and policymaker, while BPI Danantara will serve as the operational and investment arm managing day-to-day activities and business portfolios of Indonesia’s state-owned enterprises.

“BP BUMN is the regulator, Danantara is the executor. So there will be no overlap,” Law and Human Rights Minister Supratman Andi Agtas said on Friday, September 26, 2025, emphasizing that the reform aims to establish clear checks and balances.

BP BUMN will hold 1 percent of Series A “golden shares”, granting the state veto rights over strategic corporate decisions, while Danantara controls 99 percent of Series B shares, giving it majority control over operational management and investment policy.

The Prabowo administration argues that the reform will create a more transparent and competitive state corporate structure. The separation of regulatory and operational duties is expected to reduce conflicts of interest, improve oversight, and enhance the performance of SOEs as engines of national economic growth.

The law also introduces several key provisions, including:

• Direct presidential appointment of BP BUMN leaders.
• A ban on ministers and deputy ministers holding commissioner or director positions in SOEs.
• Gender equality requirements in the appointment of senior management.
• Expanded audit authority for the State Audit Board (BPK).
• A transition mechanism for transferring functions from the former SOE Ministry to BP BUMN and Danantara.

“This separation of roles will ensure good governance and create a system of checks and balances. It is expected to serve the welfare of the Indonesian people,” Supratman said.