Tisa calls for transparency

THE Teacher Savings and Loans Society (Tisa) has called for transparency and good governance in Credit Corporation (PNG) Ltd board.
Tisa chief executive officer Michael Koisen said shareholders of Credit Corporation Ltd (CCL) had been noticing since 2018 “a culture slowly creeping in that is not transparent”. He said some resolutions proposed to the company had not been met, with some segments of CCL’s business had been under-performing, especially its finance and properties business.
Koisen said Credit Corporation’s business in Papua New Guinea was largely supported by its investment segment, particularly with Bank South Pacific (BSP) through its dividend and capital shares.
Shareholders have not been getting their full share of payouts from BSP which had been filtered through Credit Corporation.
There has been a 14 per cent drop in revenue since 2018 to shareholders.
“This is the kind of culture that we are seeing that sends us worrying signals,” he said.
“This is not the kind of behaviour that we want from the board of directors.
“We want them to be open, transparent and fully communicate with us as shareholders.
“In a number of transactions we have discussed with the Credit Corp board, their response is that they cannot give us the information because it is market-sensitive which is becoming more profound.”
Koisen said this was reflected in the way the company held its 2019 annual general meeting this year online.