Nambawan Super Chairman Mr. Reg Monagi, today announced the departure of Mr. Alan Kam, who completed his nine-year tenure on the Nambawan Super Board as an Independent Trustee Director.
Mr. Kam joined the Nambawan Super Board in December 2013 and served as the Chairman of the Fund’s Investment Committee for the majority of his tenure on the Board.
Mr. Monagi said, “Mr. Kam joined Nambawan Super when it was a K5.2 billion Fund. He contributed immensely to the growth of the Fund’s net assets to over K8.9 billion through his leadership of the Investment Committee. He also led the development of investment strategies that contributed to the improved performance of various asset classes.”
“On behalf of Nambawan Super’s Board, Management and Staff, we thank Mr. Kam for his service to the Fund and the Members of Nambawan Super. We also extend our thanks to his family who had allowed him to commit much of his time to the Fund”, Mr. Monagi said.
Mr. Monagi also announced the appointment of Mr. Chris Wade to the Nambawan Super Board.
“The Board believes that Mr. Wade will be an excellent addition as an Independent Trustee Director for Nambawan Super as his experience and capabilities fit well with the requirements of the role”, Mr. Monagi said.
“Mr. Wade brings to Nambawan Super over 20 years experience serving on the Boards of reputable Australian Companies and a further 15 years experience as an Executive for several multi-billion dollar companies in Australia and Asia”.
“He offers a wealth of experience; strong distinctive capabilities; and character that the Board believes would greatly benefit Members of the Fund and will be invaluable to achieving the Fund’s aspirations”, Mr. Monagi added.
Mr. Wade was selected from a list of very high-caliber overseas based candidates through an extensive recruitment process managed by an independent recruitment agency.
The Board employs an independent recruitment process for any new Director which is aligned to its succession plan, requisite skill set assessment and the Bank of PNG Prudential Standards. The Board maintains a ceiling of two overseas based and seven locally based Trustee Directors.
Mr. Wade has been appointed for a three-year term, in line with the Bank of PNG Prudential Standards related to Corporate Governance for Authorised Superannuation Funds. Directors can be renewed for additional terms, with a maximum tenure of nine years.
Nambawan Super’s Board of Independent Trustee Directors is responsible for the oversight of the Fund to ensure it is managed in accordance with the Principles of Good Governance and that its mandate to invest and grow the savings of Members is executed to the highest standard.