<![CDATA[The governance of state investment management bodies places directors in a strategic position that requires a careful balance between business decision-making flexibility and public accountability in managing separated state assets. The central challenge arises from the blurred boundary between legitimate business discretion and actions that may trigger legal liability. This article examines the legal construction of authority and responsibility of the directors of the Badan Pengelola Investasi Danantara through the perspective of the Business Judgment Rule and principles of sovereign investment governance. The analysis employs a statute-based approach, a conceptual approach, and a limited comparative approach with the governance models of Temasek (Singapore) and Khazanah (Malaysia), supported by library-based methods and qualitative normative analysis. The discussion focuses on the interaction between corporate law, state finance law, and the constitutional mandate of Article 33 of the 1945 Constitution of Indonesia. The findings highlight the urgency of establishing clearer normative boundaries to strengthen legal certainty, prevent abuse of authority, and preserve the effectiveness of strategic investment decision-making in state investment management.]]>
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