<![CDATA[Abstract. This study examines the implementation of Good Corporate Governance (GCG) principles by PT. Taspen (Persero) in the placement of investment funds in the I-Next G2 mutual fund containing defaulted financial instruments. The background of this research is the increasing importance of GCG implementation in State-Owned Enterprises (SOEs), particularly those managing public funds, in order to maintain accountability, transparency, and financial stability. This research uses a normative juridical method with a descriptive-analytical approach, relying on secondary data from legal materials, regulations, and literature studies. Data analysis is conducted qualitatively by examining legal norms and governance theories, including Agency Theory, Stewardship Theory, and Stakeholder Theory. The results show that there are indications of deviations from GCG principles, particularly in transparency, accountability, and independency, including the absence of an open selection process for investment managers, the placement of funds in high-risk instruments, and inadequate disclosure of risks. These findings indicate potential violations of fiduciary duties in managing public funds. Therefore, strengthening GCG implementation is essential to protect public trust and ensure sustainable financial governance in SOEs. Abstrak. Penelitian ini mengkaji penerapan prinsip Good Corporate Governance (GCG) oleh PT. Taspen (Persero) dalam penempatan dana investasi pada Reksa Dana I-Next G2 yang mengandung produk gagal bayar. Latar belakang penelitian ini didasarkan pada pentingnya penerapan GCG pada Badan Usaha Milik Negara (BUMN), khususnya yang mengelola dana publik, guna menjamin transparansi, akuntabilitas, dan stabilitas keuangan. Metode penelitian yang digunakan adalah yuridis normatif dengan spesifikasi deskriptif-analitis melalui studi kepustakaan terhadap bahan hukum primer, sekunder, dan tersier. Analisis data dilakukan secara kualitatif dengan mengkaji norma hukum serta teori tata kelola seperti Agency Theory, Stewardship Theory, dan Stakeholder Theory. Hasil penelitian menunjukkan adanya indikasi penyimpangan terhadap prinsip transparansi, akuntabilitas, dan independensi, antara lain tidak adanya mekanisme seleksi terbuka dalam penunjukan manajer investasi, penempatan dana pada instrumen berisiko tinggi, serta kurangnya keterbukaan informasi risiko kepada peserta. Kondisi tersebut berpotensi melanggar kewajiban fiduciary duty dalam pengelolaan dana publik. Oleh karena itu, penguatan penerapan GCG menjadi penting guna menjaga kepercayaan publik dan keberlanjutan pengelolaan keuangan BUMN.]]>
