As a listed entity on both the London Stock Exchange and the Port Moresby Stock Exchange, the Board of NBPOL works in accordance with the Combined Code of Corporate Governance 2006 of the Financial Services Authority (UK) and the Governance Guidelines issued by the PNG Institute of Directors
The Board is responsible for the overall direction and performance of the company. It is the Board’s responsibility to formulate and monitor the company’s business strategies and to oversee the company’s budgets and financial position. The Board is also responsible for approving major transactions including capital expenditure, disposals and acquisitions.
The Board consists of eight Directors, and the composition of the Board reflects the international nature of our business and includes nationals of Papua New Guinea, the UK, Brazil and Malaysia.
In 2009, an Independent Chairman was elected. In addition, the Board comprises two non-executive Independent Directors, as well as the CEO, the Commercial Director of NBPOL and two Directors representing our majority shareholder Kulim (Malaysia) Bhd.
The Board has in place Remunerations, Nomination and Audit Committees, all chaired by nonexecutive Independent Directors.