Conference overview
Nambawan Super Limited (NSL) successfully hosted its annual Employer Conference on Friday, 7 July 2023, which brought together over 300 esteemed employer representatives from across the Country.
This year, the Fund used a hybrid approach that allowed employer representatives to conveniently join the conference in person and digitally from all across the Country through an innovative event App.
The conference included presentations on crucial Member information and updates on Branch and service improvements; Customer Experience initiatives which aim to improve the Member experience across every touch point; Branch, Contact Call Centre, Employer Relations activities; the importance of Member Data collection and Member uptake of value-added services; and the utilisation of Digital Services such as SMS, Mobile App, and other online services.
This is one of several Employer and Member engagements that the Fund plans to conduct throughout the Country in 2023, with the next engagement scheduled for this week in Mt. Hagen. This is part of the Fund’s ongoing efforts to improve the accessibility of its products and services, and reach out to all its Members across the Country.
Board, strategy and corporate governance
The conference commenced with NSL Chairman Mr. Reginald Monagi welcoming the attendees stating that, “the Employer Conference serves as an excellent opportunity for the NSL Board, Management, and Staff to connect with our employers and discuss new initiatives and opportunities that will benefit all our Members now and over the long term”.
He then introduced the NSL Board of Independent Trustee Directors and spoke on NSL’s continued efforts to maintain the strength and integrity of the Fund’s Corporate Governance and structure.
“With the collective skills, qualifications and experience of our recently appointed and continuing Directors, we believe that the Board is well equipped to continue driving the Fund forward and delivering on our mandate to protect and grow the savings of our 220,000 Members over the long-term”, Mr. Monagi stated.
“Our Independent Trustee Directors work to ensure that Nambawan Super abides by the principles of good corporate governance and operates with no other purpose other than to serve the interests of Members, by protecting and growing their savings.”
“It is important to note, that the Fund and Board abide by the BPNG Prudential Standard on Corporate Governance which sets out specific requirements for the Board structure and responsibilities, including Investment, Risk Management and Remuneration of License Holders and its officers, to ensure that License Holders are prudently managed and that reasoned, informed and impartial decisions are made, in the best interest of our Members”, he added.
He also spoke on the Board’s role in maintaining the Fund’s strategic approach to operations, investments and Member services.
“One of the primary tasks of the Nambawan Super Board of Independent Trustee Directors is to oversee the development and implementation of the Fund’s five-year strategic plan”, Mr. Monagi stated.
“The main focus areas of our Strategic Plan, are NSL’s Member centricity, providing quality Member services; strategic investments and asset allocation to achieve the maximum returns for our Members; as well as building innovation into our working culture for improved Member services.”
“The initiatives underway include the Branch Relocation and Expansion Project which aims to provide the same quality experience for Members when visiting any of our Branches Nationwide.”
“Other initiatives underway include the improvement of customer services through further staff training; the nurturing of an organisational culture that ensures staff are adequately supported and motivated to deliver results; as well as the strengthening of our cyber security measures and improved efficiency of our systems through the use of innovative technology”, he added
2022 results and challenges
Following the Chairman’s address, NSL’s Chief Executive Officer Mr. Paul Sayer, presented to employers an overview of the Fund’s 2022 results including the challenges faced, the positive outcomes and NSL’s plans for 2023 and the future.
“In 2022, the Fund faced challenges on several fronts and worked hard to mitigate the adverse effects of the tough global and local economic conditions brought on by factors well outside of our control”, Mr. Sayer stated.
“Despite, the challenges, NSL managed to grow the Fund’s Net Asset Value to K8.99 billion. We also delivered a Net Profit of K144 million which resulted in 1.6% interest credited to Members.”
“Given the tough economic environment, these achievements were a positive result for the Fund, as at times during 2022, there were very real concerns that Members might receive a negative crediting rate, however, we worked extremely hard to ensure this did not happen’, he added.
Mr. Sayer added that the Fund was very pleased to have delivered a record high K1 billion payout to over 30,000 Members in 2022, which is the highest benefit payments any PNG super fund has ever made in a single year.
“This is quite a significant achievement for Nambawan Super, as it clearly shows that regardless of economic conditions or social factors, our Members’ funds will always remain safe with us and will be available to them as soon as they are ready to retire”, Mr. Sayer added.
He also noted a number key highlights from 2022 that NSL is continuing work on in 2023 and further. This included the Fund’s continued strategic deployment of funds into investments like Rangeview Precinct and Moki Business Park which has created nearly 2,000 jobs during a struggling PNG economy.
Other highlights included NSL’s upskilling of staff to ensure the best possible service and results for Members; the implementation of the Branch Relocation and Expansion Project improving Members’ access to superannuation services around the Country; and the successful rollout of financial literacy training to 3,771 Members from across PNG in 2022 and an additional 2,099 Members trained in 2023.
Looking to the future
Last year marked Nambawan Super’s 60th anniversary of building better futures for our Members and the people of Papua New Guinea.
The theme “Building Better Futures” is aligned with the Fund’s mandate to ensure Members can retire with dignity after contributing to and supporting the growth of the nation throughout their working lives. The Fund aims to continue to embody this theme in 2023 and long into the future.
Mr. Sayer stated, “As the Trustee for 220,000 hard-working Papua New Guineans, NSL Management and staff are committed to continuing the work of mitigating the adverse effects of the current economic state, to ensure that we are protecting the savings of our Members now and into the future.”
“As your Trustee, we will continue to build better futures for all our Members by generating the best possible returns through our investments, delivering quality and innovative services, providing Financial Literacy Training, and ensuring your savings are available and ready for you when you retire”, Mr. Sayer concluded.
