TEMPO.CO, Jakarta – A researcher at the Center of Reform on Economics (CORE), Dipo Satria, has urged Indonesia's sovereign wealth fund Danantara to publish its consolidated financial reports on time, saying timely disclosure is essential to building public trust and strengthening governance.
"This is a good initial step, but Danantara still needs to prove a more disciplined governance standard in the future," Dipo said in a written statement on Friday, July 3.
His remarks came in response to Danantara's plan to release its consolidated financial statements for the 2025 fiscal year, a move aimed at improving transparency and accountability in the management of state-owned assets.
Timely Reporting Key to Transparency
Dipo said the publication of a consolidated financial report would be an important milestone for Danantara, particularly as it seeks to establish integrated management standards comparable to those adopted by leading sovereign wealth funds (SWFs) worldwide.
However, he stressed that issuing the report alone would not be enough to demonstrate a genuine commitment to transparency.
"If we talk about the commitment to governance transparency, releasing the report alone is not enough," he said.
According to Dipo, transparency should be measured not only by the availability of financial statements but also by whether they are published on schedule. He urged Danantara to ensure timely reporting while providing comprehensive information on asset management, investment performance, and independent audit findings.
He added that consolidating the financial reports of all state-owned enterprises (SOEs) marks an important step toward creating a more integrated and comprehensive reporting framework.
Such efforts, Dipo said, could strengthen oversight, improve operational efficiency, and generate greater economic value for Indonesia. He also emphasized that consistently applying good governance principles would help enhance public confidence and attract investors.
"Strengthening governance reforms and improving the quality of financial reporting are essential to building Danantara's long-term credibility," he said.
Danantara Awaits Audit Completion
Earlier, Danantara Managing Director of Stakeholder Management and Communications Rohan Hafas said the consolidated financial report would be released only after the audit process has been completed.
"It will be submitted after the entire audit process is completed in accordance with applicable laws and regulations," Rohan said in a written statement on Thursday, July 2.
He noted that the individual financial statements of each state-owned enterprise had been completed as of June 30 and are publicly available on their respective official websites. Danantara's consolidated financial report, meanwhile, is currently being audited by Indonesia's Supreme Audit Agency (BPK).
Investments Funded by SOE Dividends
Rohan also said Danantara has begun carrying out its investment mandate using dividends received from state-owned enterprises in 2025.
According to him, part of those funds has been allocated to strategic national development projects designed to deliver long-term economic benefits.
Among the flagship projects are the development of a Hajj and Umrah Village in Mecca, Saudi Arabia, and waste-to-energy facilities aimed at supporting sustainable waste management while strengthening Indonesia's energy security.
"All these investments are conducted by prioritizing good governance principles, disciplined investment, prudent risk management, and a focus on creating long-term value for the country and the people," Rohan said.
M. Faiz Zaki contributed to the writing of this article.
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