STUDI KOMPARATIF PENGATURAN SOVEREIGN WEALTH FUND BPI DANANTARA INDONESIA DAN TEMASEK HOLDINGS SINGAPURA
Abstract
This article examines the comparative legal framework and governance structure of Indonesia’s sovereign wealth fund, BPI Danantara, and Singapore’s Temasek Holdings, as well as the best practices of Temasek that may be adopted by Danantara. Using a normative juridical method with statutory, conceptual, and comparative approaches, this study finds that both institutions share the function of managing state assets for long-term value creation but differ significantly in their legal status, constitutional standing, and governance models. Temasek’s strong constitutional foundation, operational independence, and advanced mechanisms—such as board-level committees, ESG integration, transparent reporting, and merit-based talent management—serve as strategic lessons for Danantara. The study concludes that adapting selected Temasek practices, while maintaining Danantara’s sui generis character as a public legal entity, can strengthen its legitimacy, enhance accountability, and improve its effectiveness as Indonesia’s sovereign wealth fund.
Keywords: Sovereign Wealth Fund, Danantara, Temasek Holdings, comparative study.
ABSTRAK
Artikel ini menganalisis kerangka hukum dan tata kelola Badan Pengelola Investasi (BPI) Danantara Indonesia serta Temasek Holdings Singapura, sekaligus mengkaji praktik terbaik Temasek yang relevan diterapkan pada Danantara. Dengan menggunakan metode yuridis normatif melalui pendekatan peraturan, konseptual, dan perbandingan, penelitian ini menemukan bahwa kedua lembaga sama-sama berfungsi sebagai pengelola kekayaan negara jangka panjang, namun memiliki perbedaan mendasar dalam status hukum, kedudukan konstitusional, serta model tata kelola. Temasek menunjukkan praktik unggul melalui landasan konstitusional yang kuat, independensi operasional, pembentukan komite strategis, integrasi ESG, transparansi laporan, dan manajemen talenta berbasis merit. Temuan ini menegaskan bahwa penerapan praktik tertentu dari Temasek, dengan tetap menjaga karakter sui generis Danantara sebagai badan hukum publik, berpotensi memperkuat legitimasi, akuntabilitas, dan efektivitas pengelolaan investasi negara di Indonesia.
Kata kunci: Sovereign Wealth Fund, Danantara, Temasek Holdings, studi perbandingan.
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E. DAFTAR PUSTAKA
Peraturan perundang-undangan
Undang-Undang Dasar Negara Republik Indonesia 1945
Constitution of the Republic of Singapore
Singapore Minister for Finance (Incorporation) Act (1959).
Singapore Companies Act 1967
Undang-Undang Nomor 17 Tahun 2003 tentang Keuangan Negara.
Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas
Undang-Undang Nomor 13 Tahun 2022 tentang Perubahan Kedua atas Undang-Undang Nomor 12 Tahun 2011 tentang Pembentukan Peraturan Perundang-undangan
Undang-Undang Nomor 1 Tahun 2025 Tentang Perubahan Ketiga Atas Undang-Undang Nomor 19 Tahun 2003 Mengenai Badan Usaha Milik Negara
Undang-undang Nomor 16 Tahun 2025 Perubahan Keempat atas Undang-Undang Nomor 19 Tahun 2003 tentang Badan Usaha Milik Negara
Peraturan Pemerintah Republik Indonesia Nomor Io Tahun 2025 Tentang Organisasi Dan Tata Kelola Badan Pengelola Investasi Daya Anagata Nusantara
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