The East New Britain (ENB) government has endorsed a decision for the removal and appointment of ENB Development Corporation (ENBDC) proxy shareholder and board of directors.
The endorsement was handed down last Friday during a special assembly meeting at the Gazelle International hotel conference room.
The purpose of the meeting is to table the paper and immediately for the hearing of the paper to inform the provincial assembly of the status of ENBDC, for the assembly to take note of the brief history of ENBDC and its current share holder and board of director status, to appoint the current sitting member Governor Michael Marum as the shareholder, endorse the appointment of four new directors to the board and later will be lodged forthwith the registrar of company’s (IPA) for filing and registration.
Chaired the meeting is Deputy Governor Boniface Gerep introduced the paper to be tabled stating that this is a special meeting only for one important paper other papers will be tabled in the next assembly next month.
Reading the paper chairman of commerce, trade and industry Enos Pulumen said ENBDC has been here for more than 40 years and it is 100 percent owned by East New Britain provincial government and has grown over the years.
He said ENBDC is and always be the pride of East New Britain people. This province has shown the rest of PNG that a provincial government owned business arm can prosper if provided with a conducive business environment by its government and more importantly directed and managed by competent elites of East New Britain.
He said ENBDC over the years has demonstrated outstanding corporate governance competence and acknowledged that without the wisdom of expertise provincial elders whom some have passed on ENBDC would have not been where it is today.
“The two current captains of the ships are not eligible anymore their contracts of employment had expired in 2021 and 2022 while we appreciate that ENBDC has engaged in dedicate and complex property development arrangement,” he said.
Therefore, it is essential and legal that there must be an appointment of the proxy shareholder by this provincial assembly to represent ENB provincial government as the sole shareholder of ENBDC.
Mr. Pulumen added that after the appointment of the proxy shareholder by this assembly than the proxy shareholder is legally eligible to call a board of directors meeting to change the board of directors, appoint the board of directors, appoint the executive chairman to the board of directors or appoint the chief executive officer to the company.
In addition, some of the board directors term in office have also lapsed, and there must be new directors appointed to assume those respective board of director’s vacancies in ENBDC.
It is advice in this submission that because of the nature of the company which is nothing more than a creature of law, all our actions must be necessarily be in strict conformity with the company’s Act 1997.