Kerugian Negara dan Risiko Bisnis dalam Pengelolaan BUMN Energi: Telaah atas Business Judgment Rule dalam Sistem Hukum Indonesia

The oil and gas industry is a high-risk and high-capital sector in which business losses are inherent to corporate activities. However, in Indonesia, business losses in StateOwned Enterprises, particularly in the energy sector, are often associated with state financial losses and criminal liability. This condition creates legal uncertainty for
directors and management in making strategic business decisions, especially due to the tendency of law enforcement to apply a result-based approach rather than a process-based approach.This study examines the relationship between state losses and business risks in
the management of energy State-Owned Enterprises through the perspective of the Business Judgment Rule (BJR) within the Indonesian legal system. The research employs a normative juridical method using statutory, conceptual, and comparative approaches. The study finds that although BJR has been partially recognized in Indonesian
regulations, its implementation remains ineffective due to regulatory disharmony and inconsistent interpretation of state losses. Therefore, stronger and more explicit regulation regarding BJR is necessary to provide legal certainty, prevent the criminalization of business decisions, and create a balance between legal protection and accountability in the management of energy State-Owned Enterprises.