RISKS FOR INDONESIAIndonesia already possesses regulatory tools to protect social welfare in the digital economy: competition law, labour standards, consumer protections and digital platform oversight. Where enforcement proves inadequate, the solution is to strengthen institutions and modernise regulations, not to bypass established frameworks through a golden share that injects political discretion into technical decisions about pricing and service standards.The precedent is dangerous. If adopted, this model would encourage opaque politicised arrangements across sectors, discouraging the long-term investment that depends on transparent rules. It pushes Danantara beyond managing state-owned enterprises into wielding disproportionate control over private companies. This creates precisely the…