Tuesday, March 06, 2012

Nasfund undergoing internal changes


Nasfund members should know by the end of this month what their year-end results for 2011 are, according to CEO Ian Tarutia.
“The facts are, audit of our accounts are still being carried out and we anticipate a sign-off by end of March,” he said in his monthly online CEO’s Communique to members yesterday.
“The board will make an announcement at the appropriate time, once the audit is completed.”
Tarutia said Nasfund was undergoing an internal organisational change brought about by the retirement of former JCEO Rod Mitchell and former chairman John Jeffery.
“The board has a new chairman in Mel Togolo, a well-respected business leader in PNG,” he said.
“Senior positions have been created to ensure there is sufficient high level support for the sole CEO and the board to enable important functions to continue being carried out for the benefit of the fund and its members.
“The positions of chief investment officer, chief operating officer and internal auditor have been advertised in the papers since December last year and we are now going through interviews before final selection of candidates.
“As part of the transition process,  the fund will also engage a change consultant to oversight the transition from basically a three-man executive team to a five-man executive structure.
“The change consultant will work with the CEO and the regulator, BPNG for an initial period of six months.”
Tarutia said changes in a progressive organisation like Nasfund were inevitable.
“Twelve years ago, the fund adopted a structure that best suited it during a period of reform, reconstruction and accelerated growth,” he said.
“Today the environment is different, one that is challenged by external factors that are at times beyond one's control.
“The board believes an expanded management structure complemented by an external advisor will provide the depth and skill sets that is necessary to share the workload and provide the board appropriate advice to steer the Nasfund ship through these challenging times. 
“Once the full management team is on board,  which we aim to have by end of March, we look forward to the challenges of 2012 in delivering results for your benefit.”
Tarutia also highlighted:
·         A new branch office opening in Tari, Southern Highlands, bringing branch network to a total of 13 offices throughout the country;
·         Launch of a new look website which enables members to access their super balance online;
·         Design and implementation of systems and processes to reduce duplication of effort between Nasfund and Aon Hewitt Consulting, its back-office provider;
·         Implementation of systems and processes enforcing Superannuation Act requirements for members and employers to submit to the fund updated mandatory information such as correct beneficiary information and date of birth;
·         Greater monitoring and quality control processes in place to enhance customer satisfaction through face-to-face, phone, or, email communication. This ties in with Nasfund’s  endeavours to implement cost efficient activities, not only to save money but enhancing service to members.

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