IFG partners with Ministry of Law to strengthen governance in state-owned insurance company consolidation

Indonesia Financial Group (IFG) is partnering with the Ministry of Law and Human Rights to bolster corporate governance as part of the consolidation of state-owned enterprises (BUMN) within the insurance, guarantee, and investment cluster, managed by Danantara Indonesia. This initiative is seen as a vital foundation for a transformation process that aligns with legal requirements and good corporate governance (GCG) principles.

Andi Taletting Langi, Director of State-Owned Enterprises at the Ministry of Law, stated that the success of BUMNs should not solely be measured by their assets but by the quality of their governance, which builds stakeholder confidence. "BUMNs should not be proud just because they have large assets. Building good governance will be far more valuable because that is what builds the trust of regulators, investors, and all stakeholders," Andi said.

Andi commended IFG's Regulatory Update event, which focused on implementing Ministry of Law Regulation No. 49 of 2025 concerning the Establishment, Amendment, and Dissolution of Limited Liability Companies. He highlighted the forum's importance in strengthening regulatory understanding to support BUMN consolidation. The discussions covered legal entity administration, including the use of the Legal Entity Administration System (SABH), substantive verification of company data changes, annual report obligations, and inactive corporations.

Rizal Ariansyah, Director of Human Resources and Law at IFG, affirmed the company's commitment to fostering a culture of compliance as part of its GCG implementation. He stressed that robust corporate governance and regulatory adherence are essential for maintaining integrity, ensuring business continuity, creating legal certainty, and building public trust in IFG Group. IFG also involved partner notaries to ensure a shared understanding of legal entity administration requirements, aiming for timely and accurate corporate actions.