Black Tie Awards add new category

A NEW award category, the Best Annual Report of the Year, will be included into the Annual Black Tie Awards dinner hosted by the PNG Institute of Directors.
Institute president Ian Tarutia announced the award category yesterday, saying it would recognise good governance systems in companies.
“The new award seeks to recognise and encourage outstanding business cases for good governance and high-quality reporting achieving good practice in governance delivering business benefits,” Tarutia said.
“An annual report provides information on the health of a company to its shareholders, stakeholders and the community.”
The four existing awards since its inception in 2009 are the Female Director of the Year, Male Director of the Year, Young Director of the Year and the Innovative Company of the Year. The awards will be held on September 21 at the Stanley Hotel and Suites in Port Moresby.
“The annual report can generate more value if viewed as a communication opportunity rather than a compliance obligation,” Tarutia said.
“The best annual report is one that is easy to read and gives an honest appraisal which provides real insight into the company, its strategy, how the board behaves and works, and how it manages risk. Disclosure becomes an essential process for building confidence that the firm will deliver value over the longer term. At the same time, it manage its risks and its reputation.”