As part of the mission to advance the national economy, the Minister of Finance established a task force to represent the government in investments aimed at achieving long-term benefits, including economic, social, and other advantages. State-Owned Enterprises (SOEs) are entrusted with the Responsibility of executing government investments and are designated as Operator Investasi Pemerintah (OIP). Their role includes conducting and managing investments to generate significant revenue for the state treasury.The board of Directors, as a corporate organ responsible for making corporate decisions within BUMN, is vulnerable to legal claims if the investments undertaken result in losses. To address this, the Business Judgment Rule (BJR) principles provide Directors with legal protection from liability for investment losses, as stipulated in Law No. 40 of 2007 about Company Law, and Government Regulation No. 63 of 2019 about Government Investments. However, the application of BJR lacks of legal certainty among the law enforcement authorities, resulting in uncertainty in its implementation. Additionally, Directors are often overshadowed by potential legal claims, limiting their ability to develop the company in accordance with its objectives. This is particularly relevant for BUMN, which also serves as the executor of Public Service Obligation (PSO) duties, with the noble task of providing public services. The purpose of this research is to analyze the BJR principle to provide Directors with the latitude to make decisions deemed appropriate while granting them legal protection from liability for corporate losses. This study employs a normativeempirical research method, involving literature analysis, primary and secondary data, and statute and conceptual approaches with qualitative data analysis. The findings reveal that if BJR implemented as a standard, Directors can act without the constant fear of legal consequences and, can be utilized by BUMN Directors when making investment decisions by adhering to BJR as a standard of conduct and thus judges can also make BJR as a standard of review. The study concludes that BUMN Directors can rely on this principle to obtain legal immunity from liability and thus, give the Director legal certainty when they are accused for the losses from the investments.