Laba Holdings focused on strengthening governance

LABA Holdings Limited is focused on strengthening its governance and financial policies in order to be a transparent landowner group, chief executive officer Isikeli Taureka says.
Taureka said Laba Holdings had an overall adjustment to how it was previously run and, going forward, there would be significant changes, starting with transparency and accountability in the company.
“The big difference today is that people know,” he said.
“The landowners, they know the finance records, they have the knowledge now to determine which activities carried out by Laba Holdings works for them and they get to decide because it is their company.
“Unlike in the past, maybe the landowners did not have access to information as they do now.
“So the company needs to be on its toes to ensure people are given the best possible update on what we are doing.
“That was something LHL did not do in the past.”
Laba Holdings is an umbrella landowner company owned by four villages in the Papua LNG site — Porebada, Boera, Papa-Lea Lea, and Buria Rearea — through their respective entities.
Porebada Holdings Ltd, Borea Holdings Ltd, Papa Resource Development Company Ltd and Buria Rearea Caution Bay Ltd were established in 2009.
Up until 2014, Laba Holdings only benefited as a joint venture from the initial PNG LNG project.
Taureka said with the current Papua LNG and P’nyang projects, it was important to ensure that locals received an improved benefits agreement from the resource developers.
“Going forward we have set new targets and policies which will guide the company to prosper and expand beyond just depending on mineral projects,” he said.
“Venture into initiating its own investments and creating opportunities for our people.”
“Laba’s only opportunity to grow its organisational capabilities and balance sheet is through involvement in the Papua LNG and P’nyang projects.
“Lessons learned from PNG LNG project, Laba as the sole umbrella landowner company in the Caution Bay area.
“This will maximise its leverage and bid aggressively for major sub-contracts for national content.