We had the pleasure of hosting and supporting the Focus Group Discussion – HKHSK Journal on “Governance of Sovereign Wealth Funds: Temasek, Khazanah & Danantara,” held on 4 June 2025 at our office.

The event was attended by approximately 50 participants, both in person and online, comprising legal practitioners, academics, and professionals from both the public and private sectors. The discussion examined the governance models of sovereign wealth funds in Southeast Asia—namely Temasek (Singapore), Khazanah (Malaysia), and Danantara (Indonesia)—and how they are shaped by legal, institutional, and political frameworks in each jurisdiction.

The session opened with remarks by Dr. Kukuh Komandoko, SH, M.Kn., followed by two expert presentations. Prof. Dan W. Puchniak of the Singapore SMU Yong Pung How Schoolof Law presented on Temasek, highlighting its unique corporate structure, governance, and relative autonomy from the Singaporean government. Prof. Yetty Komalasari Dewi of the Fakultas Hukum, Universitas Indonesia, provided critical insight on the legal challenges Indonesia faces in building credible and effective state-owned investment institutions.

The discussion emphasized that while Temasek is often regarded as the most successful sovereign wealth fund in the region, its success is closely linked to its institutional independence. However, its model cannot be directly applied in other jurisdictions with different legal and political contexts.

The session concluded with a panel and Q&A session moderated by Muhammad Faiz Aziz, encouraging further dialogue on how Indonesia can continue developing a governance model suited to its national context.

We thank Himpunan Konsultan Hukum Sektor Keuangan Indonesia for the opportunity to be part of this important discussion.