By
MALUM NALU
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.
