Provisions on the Appointment of BoD/BoC of BUMN Subsidiaries Amended

The Minister of State-Owned Enterprises (“ Minister ”) has issued Regulation No. PER-04/MBU/06/2020 of 2020 (“ Amendment ”), which amends Regulation of the Minister No. PER-03/MBU/2012 on Guidelines for the Appointment of Boards of Directors and Boards of Commissioners of the Subsidiaries of State-Owned Enterprises (“ Regulation 3/2012 ”). In essence, the amended guidelines are expected to establish more accountable processes for the recruitment of boards of directors (“ BoD ”) members and board of commissioners (“ BoC ”) members for the subsidiaries of state-owned enterprises (badan usaha milik negara– “ BUMN ”). [1]