Danantara Strengthens Governance of State-Owned Enterprises

Jakarta, CNBC Indonesia - The Daya Anagata Nusantara Investment Management Agency (Danantara Indonesia) continues to commit to strengthening governance and the fundamental structuring of state-owned enterprises (BUMN) comprehensively. In order to facilitate management transition and consolidation, Danantara Indonesia, through its Operational Holding entity Danantara Asset Management, is conducting a comprehensive and structured review of BUMN companies. The transition and consolidation process includes evaluation of accounting policies, asset quality and record-keeping, strengthening governance systems and integrated risk management. This aims to ensure management standards in state-owned enterprises are more solid and aligned with best practices.

For the record, these reinforcement steps had previously begun with the Karya Group of companies and are now gradually expanding to other sectors within the BUMN portfolio. The main focus of this initiative is asset normalisation and quality improvement, harmonising recording so that financial statements are increasingly accurate, fair, and up-to-date in accordance with applicable accounting standards and widely recognised financial reporting practices, and ensuring transparent and prudent management practices.

Danantara Indonesia’s management also emphasises strengthening financial fundamentals based on earnings quality and strong operating cash flow, sustainable improvements in EBITDA, discipline in capital expenditure, and a healthy and well-maintained capital structure.

Danantara Indonesia’s attention is directed at optimising return on assets (ROA), improving operating margins, strengthening capacity to meet financial obligations, and managing liquidity in a conservative and measured manner. This approach will ensure that company performance is not only reflected in nominal growth but in the ability to generate consistent cash flows, maintain solvency, increase return on equity (ROE), and strengthen the capacity to distribute dividends sustainably for the country as the shareholder.

Managing Director of Stakeholder Management Danantara Indonesia, Rohan Hafas, said that this governance reset forms part of the new management’s commitment to ensuring BUMN management is oriented towards real economic value and long-term sustainability.

“As the new management and the mandate holder for state assets, Danantara Indonesia is obliged to undertake a comprehensive review of asset quality, accounting policies, and governance discipline across the portfolio. This governance reset is a step to strengthen the foundation so that the company’s balance sheet reflects an up-to-date, prudent, and credible condition,” he said in an official statement, Thursday (5 March 2026).

Rohan also emphasised that Danantara Indonesia’s success in the future will not be measured solely by the size of balance sheet numbers, but by the quality of real performance.

“Going forward, success will be measured not only by the magnitude of balance sheet figures but by earnings quality, cash flow strength, and the company’s ability to create real economic value. Our focus is to build a foundation that generates real money and sustainable dividends for the country. Healthy growth must be rooted in productivity and operational performance, so its contribution to state revenue is truly measurable and sustainable,” he explained.

According to Rohan, with a stronger financial foundation and robust management discipline, the company will focus more on efficiency, improving operating margins, and creating real value for its shareholders, i.e., the state.

Ultimately, Danantara Indonesia emphasises that the process is carried out systematically and gradually, while maintaining operational stability and business continuity across the portfolio, as part of a long-term institutional transformation to strengthen the national economic foundation.