About INA

Legislation and Governance

INA is the sovereign wealth fund of Indonesia, established on a solid legal foundation under Law No. 11 of 2020 as replaced with Law No. 6 of 2023 regarding the Enactment of Government Regulation in lieu of Law No. 2 of 2022 on Job Creation into Law, and governed by the Government Regulation No. 74 of 2020 on Indonesia Investment Authority.

Governance Standards

As Indonesia's sovereign wealth fund, strong governance becomes one of the cornerstones of our operations. With a dedicated commitment to professionalism and independence in its investment management, INA has earned global recognition for its governance practices.

IFSWF Membership and Santiago Principles

IFSWF Membership and Santiago Principles

INA became a full member of the International Forum of Sovereign Wealth Fund (IFSWF) on 20 September 2022. As a full member, INA strictly adheres to the Santiago Principles, emphasizing its dedication to professional and independent investment management. This commitment extends to its governance, and risk management practices, underscoring INA’s unwavering duties and responsibilities with the highest standards.

Global SWF Recognition

Global SWF Recognition

In Global SWF’s 2022 GSR Scoreboard, INA was included in the top-5 most improved GSR score (+28% in 2021 vs 2022), with Global SWF stating that INA “is off to a great start with a lot of information publicly available on its website including audited statements, LP contributions, investments, code of conduct and risk management policy. It hired ESG experts just months after being established.”

Direct Reporting to President

Direct Reporting to President

Reporting directly to the President of Indonesia, INA ensures independence in its decision-making. This direct line of accountability solidifies INA's commitment to transparent and responsible investment practices, ensuring alignment with global benchmarks in the sovereign wealth fund landscape.

Two-tier Board Structure

Two-tier Board Structure

INA operates through a two-tier board system: a Supervisory Board and a Board of Directors. The Supervisory Board includes ex-officio members (Finance and State-Owned Enterprises Ministers) and professionals, offering government support with expertise across various fields, plus international experience. The Board of Directors consists of highly experienced professionals from leading institutions with essential skills for successful investment management.

Complementing the two-tier board structure, INA establishes specialized committees such as the Investment Committee and the Risk Management Committee. These committees serve pivotal roles in strategic decision-making and risk assessment, further fortifying INA's commitment to prudently manage investments and mitigate potential risks effectively

Three Lines of Defense

To manage and mitigate these risks, we have a “Three Lines of Defense” model, where:

First Line

Each division owns and is accountable for identifying and managing the risks inherent in its activities.

Second Line

Risk Management, Compliance and Legal divisions, who examine risk identification, monitoring, and mitigation implemented by each division.

Third Line

Internal Audit Division, responsible for independently evaluating the adequacy and effectiveness of risk management across the first and second lines of defense.

This "three lines of defense" system establishes a comprehensive system checks and balances that strengthens the organization's risk management and guarantees the highest level of transparency and accountability.

Transparent Internal Policies

INA takes transparency and effective governance seriously and actively communicates its internal policies, such as the Board of Directors Regulation, to ensure clarity and understanding across all levels of the institution.

Culture of Integrity

At every level within INA, a commitment to integrity is paramount. All members, from the Board of Directors to employees, commit their dedication to INA’s Integrity Pact.