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
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
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
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
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.
To manage and mitigate these risks, we have a “Three Lines of Defense” model, where:
Each division owns and is accountable for identifying and managing the risks inherent in its activities.
Risk Management, Compliance and Legal divisions, who examine risk identification, monitoring, and mitigation implemented by each division.
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.