Boards interfering with operations

THE continued interference and overreach company boards enjoy in PNG is nothing more than a disastrous concept.
Boards are in place to oversee the operations of a company representing the shareholders at a corporate level.
Boards should not be involved in the day to day operations and running of public companies.
Nepotism and corruption is now infecting most of the boards in PNG.
Many have little or no experience/qualification to oversee the companies they represent and are merely puppets and wantoks.
Most who sit on that board have little experience in the daily operations of the company while some would foolishly believe because they previously sat on other boards they have something to offer.
A major shareholder recently reacted to salacious Port Moresby corporate office gossip and immediately set about a programme to interfere with the operations of the company, with little or no evidence as a reason to have the CEO at the time marched out of his office and put on a plane.
A major and very costly audit of the company’s finances was initiated in some vein attempt to make it all appear legitimate.
However as one would soon realise it was the shareholders of the company who ended up paying the very expensive bill for a dud audit which eventually proved the company was sailing well at the time.
So the Covid-19 story appeared, the board then demanded all expatriate and senior management take a salary cut among other things.
While this may have suited the many who play the daily “take back PNG” card, it did nothing for the shareholders other than further impact on the company’s international and certainly domestic reputation.
There is now an acting CEO.
The company now has direct daily interference by the board with the acting CEO directed to report to a board member with all operational issues to be authorised by said board member. Really?
Then why doesn’t the board dispense of the entire management team immediately and place the said board member in the CEO’s seat with the pay cut of course if “cost savings” is what it is all about and run the Airline themselves?
The demand by the board for all senior management to take a pay cut is nothing more than a school boy ideology, and certainly non-commercial.
There are million kina worth of shares owned by the small people of this country.
It appears we have a gang of power hungry inexperienced and never owned a business in their lives gang of nobodies who are nothing more than corporate parasitical board sitters playing games with the people’s money and shares.
I for one as a shareholder would like to see the skill set and all formal qualifications along with real successful business experience of all on the board publicly listed.
Get a real job.

Tony Balimo,
APNG Shareholder,
Boroko NCD