Nambawan Super Limited (NSL) Chairman, Mr Reg Monagi, today announced the appointment of Nambawan Super’s newest Independent Trustee Director Mr Philip Samar.
Mr Monagi said, “on behalf of the NSL Board, management and staff I welcome Mr Samar as an Independent Trustee Director”.
“His 20 years of experience serving on several boards and working across the private and public sectors, predominantly in the field of mining, where he has been involved in finding solutions across issues with key resource stakeholders including government, customary landowners and mining companies, makes him a valuable member of the Board”.
“NSL will also draw on his expertise in corporate and strategic management; regulatory and policy administration; and international and domestic investments to further support the growth and success of the Fund for the benefit of our more than 214,000 Members going forward.”
Mr Samar was appointed for a 3-year term, in line with the Bank of PNG (BPNG) Prudential Standards related to Corporate Governance for Authorised Superannuation Fund. Directors can be renewed for additional terms, with a maximum tenure of 9-years.
The BPNG Superannuation Prudential Standards sets out specific requirements for the Board Structure and Responsibilities, including Investment, Risk Management and Remuneration of the Fund and its Officers, to ensure that Nambawan Super is prudently managed and that reasoned, informed and impartial decisions are made, in the best interest of its members.
The NSL Board adopts an independent recruitment process for any new Director which is aligned to its succession plan and requisite skill set assessment as well as the BPNG Prudential Standards. The Board comprises of all Independent and Non-Executive Directors.