Nambawan Super Chairman, Mr Reg Monagi, today announced the resignation of Dr Thomas
Webster after his recent appointment as an Independent Trustee Director in January this year.
In May, Dr Webster advised the Nambawan Super Board of Directors that it would be
untenable for him to continue as an Independent Trustee Director due to a personal conflict of
interest.
Mr Monagi expressed that it was unfortunate to lose a highly skilled and experienced Director,
however, the Board recognizes Dr Webster’s integrity in abiding by the Prudential Standards
under which the Fund operates, as regulated by the Bank of PNG.
“The Board was looking forward to Dr Webster’s contribution towards the growth of the Fund
with his vast experiences and knowledge, however, we recognise his integrity in making this
decision and accept his resignation”, Mr Monagi stated.
“The Board is responsible for the oversight of the Fund to ensure it is managed in accordance
with the Principles of Good Governance. As an Accumulation Fund, our purpose is to invest and
grow the savings of our members for their retirement.”
“As such, the Board applies an independent process, when appointing a new Director, that is
aligned to its succession plan and skills matrix. This process dictates the course of action to be
taken when there are conflicts of interest for Directors.”
“On behalf of the Board, I thank Dr Webster for his contributions during his short tenure on the
Board and I wish him well in his future endevours”, he concluded