<![CDATA[Abstrak Penelitian ini mengkaji perubahan mendasar dalam relasi antara kekuasaan negara dan otonomi korporasi dalam pengelolaan modal Badan Usaha Milik Negara (BUMN) setelah diberlakukannya Undang-Undang Nomor 1 Tahun 2025 tentang BUMN. Melalui pendekatan penelitian hukum normatif —dengan analisis teks perundang-undangan, teori hukum, dan literatur sekunder— studi ini membandingkan rezim hukum pengelolaan modal BUMN sebelum (UU 19/2003 dan UU 17/2003) dan sesudah perubahan (UU 1/2025). Temuan utama menunjukkan bahwa pemisahan modal BUMN dari kekayaan negara menggeser kerangka pengawasan dari lembaga publik (BPK, DPR, KPK) menuju mekanisme tata kelola korporasi internal. Konsekuensi konstitusionalnya, BPK tidak lagi memiliki kewenangan audit otomatis atas seluruh aset BUMN, dan status pejabat BUMN sebagai penyelenggara negara menjadi kabur. Transformasi ini memicu tantangan baru dalam akuntabilitas direksi, perlindungan aset strategis negara, serta efektivitas pencegahan korupsi. Oleh karena itu, penelitian merekomendasikan harmonisasi norma antara UU 1/2025, UU Keuangan Negara, dan UU Tipikor, serta pulihkan audit BPK dan publikasikan hasilnya; seleksi direksi/komisaris berbasis merit dan larang politisi aktif; wajibkan LHKPN bagi semua pejabat BUMN. Hanya dengan harmonisasi norma tersebut, BUMN dapat menjalankan fungsi ekonomi kerakyatan sesuai amanat Pasal 33 UUD 1945, sekaligus mempraktikkan efisiensi dan profesionalisme tanpa mengorbankan nilai-nilai demokrasi konstitusional. Kata Kunci: Reformasi Hukum BUMN, Otonomi Korporasi, Transparansi Publik Abstract This study examines the fundamental shift in the relationship between state authority and corporate autonomy in the capital management of State-Owned Enterprises (BUMN) following the enactment of Law No. 1 of 2025 on BUMN. Using a normative legal research approach—comprising analysis of legislative texts, legal theory, and secondary literature—this study compares the legal regime governing BUMN capital before (Law No. 19/2003 and Law No. 17/2003) and after the amendment (Law No. 1/2025). The primary finding indicates that the separation of BUMN capital from state assets has shifted the oversight framework from public institutions (the Audit Board of Indonesia, the House of Representatives, and the Corruption Eradication Commission) to internal corporate governance mechanisms. Constitutionally, this means that the Audit Board of Indonesia no longer retains automatic authority to audit all BUMN assets, and the status of BUMN officials as state administrators has become ambiguous. This transformation has given rise to new challenges in accountability of state-owned company directors, protection of the nation’s strategic assets, and the effectiveness of anti-corruption measures. Therefore, this study recommends harmonizing the norms across Law No. 1/2025, the State Finance Law, and the Corruption Eradication Law; restoring the Audit Board of Indonesia’s audit authority and requiring publication of its findings; selecting directors and commissioners on a merit- and integrity-based basis while prohibiting active politicians from such positions; and mandating asset declarations (LHKPN) for all BUMN officials. Only through such normative harmonization can BUMN fulfill their function as instruments of a people-centred economy in accordance with Article 33 of the 1945 Constitution, while simultaneously practicing efficiency and professionalism without compromising the principles of constitutional democracy. Keywords: State-Owned Enterprises Legal Reform, Corporate Autonomy, Public Transparency]]>
