CORPORATE GOVERNANCE AND FINANCIAL TRANSPARENCY CASE STUDY OF BUMN IN THE INFRASTRUCTURE AND CONSTRUCTION SECTOR

Abstract

This study aims to analyze the implementation of Good Corporate Governance (GCG) and the level of financial transparency in State Owned Enterprises (BUMN) within the infrastructure and construction sector, focusing on PT Jasa Marga (Persero) Tbk and PT Waskita Karya (Persero) Tbk during the toll road development period under President Joko Widodo (2020–2024). The massive infrastructure expansion, particularly toll road projects, requires BUMN to uphold strong accountability and transparency in managing public funds. A qualitative descriptive approach was employed, analyzing annual reports, financial statements, and official company publications. The findings reveal that both companies have generally implemented GCG principles effectively; however, challenges remain in the disclosure of financial management and project funding risk information. Enhancing transparency is crucial to strengthening public trust and improving oversight effectiveness in national strategic projects