FROM the brink of extinction to an organisation of distinction, is how board chairman John Jeffery describes Nasfund today.
Commenting on the 15% dividend yesterday, Mr Jeffery said the results were due to a demanding board, a tireless management and an exhaustive programme that covered processes, systems, five-year plans and risk management regimes.
“The processes and systems built over the last decade have solidified and that the fund remains in good hands, with strong leadership and resolve.
“Nasfund continues to demonstrate through actions a corporate ethos that has brought acknowledgement well beyond our shores.
“This I have no doubt will continue.
“Ten years of reform, 10 years of change, 10 years of solid growth, 10 years of community engagement – not bad at all from a fund that, in 1999, was on the brink of extinction – now to an organisation of distinction! “To the board, management and staff, I thank them for their support as we continue on that dedicated journey for the betterment of private sector workers.”
Mr Jeffery said that despite the global financial crisis last year, Nasfund had been fortunate in the sense that through “a steady, conservative and pro-active positioning, we have been spared the carnage that has affected superannuation funds around the world”.
“Nasfund remains relatively unscarred from this period of great uncertainty and this is evidenced by the solid 15% net of tax return for members in 2009.”
Mr Jeffery said the fund had also shown great foresight in its development programme, with the largest onshore construction underway by a 100% local institution.
“The magnificent developments taking shape at Harbour City and Konedobu will provide a legacy for the city for many years to come both in style and function, these buildings will leave a lasting impression that PNG, far from resting on the old, is taking bold steps into the future with architecture – and these developments also embrace an awakening spirit of what we all hope will happen for the country over the next decade with the coming of LNG and other resource related projects.”