Securities Commission focuses on improving operation


THE PNG Securities Commission is trying to improve the operation of the organisation, says acting executive chairman Robert Minak.
Minak said this yesterday when he received a report from Zimcare Ltd HR Consultants which had carried out an audit on the organisation.
“Although the organisation has a 23-year history, there were so much political infighting (which) derailed the need to carry out the legislative mandate of the organisation,” he said.
“In terms of the audit, we wanted the organisation to get its fundamentals right.
“Securities Commissions around the world cater for majority of their countries’ budgets, and they hold the economies together.
PNG has been different to date.
“Part of that is to do with the administrative challenges, part of it was to do with the brand of politicians that we elect to parliament every five years.
“They don’t understand what the Security Commission does and that was why they have not been giving the necessary support for the last 23 years.”
Minak said the current Government realised what the commission could do for the economy.
“After getting the mandate from NEC, we had to see that we have the appropriate people and skills to do what we need to do,” he said.
Zimcare principal HR consultant Anton Neinaka said: “One of the first things that Robert (Minak) did was to take stock of the organisation from two years back on what has happened and how do we take charge of the future and what do we do immediately to get it going.
“We’ve done the two weeks audit and have interviewed everybody.”