Official calls to improve pool of qualified directors in country

PNG Institute of Directors president Anthony Yauieb says an individual should not be sitting as a director in more than four boards of organisations.
He said the country needed “to improve the pool of qualified directors.”
“For instances, within the financial services sector, the Bank of PNG is the regulator for banks and financial institutions as well as superannuation funds,” he said.
“And they have set strict guidelines around the terms of directors and around conflict of interest. What that does is it limits the number of board positions an individual is allowed to hold.
“Begin a director is a serious responsibility and typically an individual should not expect to sit on more than three or four boards, especially if it is a big organisation.
“What that exposes is there are not too many qualified directors. So one of the challenges is to start addressing that by training more Papua New Guineans to become directors and to sit on boards.”
Yauieb told a gathering of members of the institute in Port Moresby that the organisation was formed in 2000 to represent directors and improve standards of directorship as regards professionalism and ethical behavior.
He said the institute was undergoing a transformation exercise to become a professional body.