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Business |
Profits should reflect better and affordable services, says Masi
By BIBIAN BARRENG
PROFITS announced by major
shareholder companies should be profits that reflected better and
affordable services to consumers, Ombudsman Peter Masi told
directors from both private and public sector organisations
attending a one-day workshop in Port Moresby yesterday.
“If you want to declare a profit, declare it even it is less, as
long as the services gets to the people, that’s what counts,” Mr
Masi said, when presenting on PNG Ombudsman Commission Reform
(2002-2010) and Corporate Governance.
Mr Masi touched on the subject of profits when stating that PNG
can improve on good governance if it follows examples set by the
Ombudsman Commission, Post PNG and National Provident Fund (now
Nasfund), which had made a turnaround, to hail some successes.
“Anyone who is employed in the public service and says PNG cannot
achieve good corporate government is a thief and a liar.
“He or she was the one that stole official time and resources to
better his or her lot and gave less attention to corporate needs
of the nation,” Mr Masi said.
The workshop hosted by PNG Institute of Directors with the theme
“promoting good governance” was attended by some 20 or so members
of boards of directors.
The institute formed in 2000, now has 160 members and in such
workshops, training and courses, aim to promote good governance in
public and private organisations to improve the knowledge of top
line decision makers on the roles and responsibilities of
directors.
Other speakers included the chief executive officer of Nasfund Rod
Mitchell, who presented on the Dynamics and behavioural traits of
boards, and Garry Tunstall, the managing director of ANZ Bank
(PNG), presented on Corporate governance.
 
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