Laba boosts star rating

LABA Holdings has improved its operations rating from two-star out of four in 2012, to three last year.
The rating’s upgrade was the result of carrying out a number of recommendations from the Institute of Banking and Business Management (IBBM) Enterprise Centre based on IBBM’s 2012 re-assessment of the umbrella landowner company.
Laba Holdings executive chairman Raho Kevau said it took a lot of effort and team effort to make things work in the company.
“This achievement reflects that we have worked hard to implement the recommendations from the Enterprise Centre in compliance with the processes that are in place within the minimum standard of business management in PNG,” Kevau said.
IBBM Enterprise Centre business assessor Alfred Pungump said their recommendations covered the following areas: corporate governance, business banagement, financial management, human resource, safety, health and environment, and quality control.
Under corporate governance, two independent directors were appointed, bringing the number of independent directors to three.
One of them is a woman.
Under the business management, the position of chief operations manager was filled..
Under finance, investment initiatives were undertaken and a K10 million advance it received from ExxonMobil PNG Ltd in 2009 to kick-start its business, was paid off last year.
The Enterprise Centre had been tasked by ExxonMobil PNG to assist local organisations who wished to participate in the PNG LNG project.
The assessment process measured against the minimum requirements that were required by contractors of the gas project.