Two Key Performance Indicators for BUMN Boards of Directors Set for Introduction During 2024 Financial Year

Following the issuance of Regulation of the Minister of State-Owned Enterprises (“Minister”) No. PER-2/MBU/02/2023 (“Regulation 2/2023”) on Guidelines for the Governance and Significant Corporate Activities of State-Owned Enterprises (Badan Usaha Milik Negara – “BUMN”),[1] the Minister has subsequently decided to introduce a new set of guidelines for the drafting of Key Performance Indicators (“KPI”) that apply to BUMN through the issuance of Decree No. SK-306/MBU/11/2023 (“Decree 306/2023”), which has been in force since 8 November 2023.[2]