BPNG aims to create pool of qualified directors
The Bank of Papua New Guinea aims to fully achieve the outcomes of the three pillars to fully accomplish qualified pool of directors.
This is according to BPNG’s Assistant Governor Financial System Stability Group Ellison Pidik when providing Post-Courier insights on how directors are appointed onto boards.
The recent signing of a K300 000 Memorandum of Understanding between University of PNG and BPNG has now set the pathway for those wishing to be qualified as board directors.
Mr Pidik said University of Papua New Guinea is one of the pillars in this development of pool of directors and the university’s role is to create post-graduates.
“Those who want to gain exposure, knowledge and understanding of corporate governance can now go through those program,” said Mr Pidik.
The program is a one and half year program and means that those current directors who are sitting in financial institutions like banks, super funds, insurance.
“If they do not have formal knowledge they can now be able to get formal qualifications in raising their roles at the board level.”
Mr Pidik reiterated the program also caters for the new and upcoming directors who do not have any exposure to any board rooms, who are not sitting on the board, who have not been part of any board but would like to in the future.
The requirements set out for the program is the need for first degree in economics, accounting, business management, and any other degree holders as long as they are university graduates.
According to Mr Pidik the next pillar is trainee directors (BPNG will work very closly with financial institutions like commercial banks, finance companies, micro banks, savings and loans societies, insurance, super funds).
“This is an avenue for young graduates to come out from this post-graduate program with a paper and gain the experience and sitting on board as board directors.”
Mr Pidik said the third pillar is called the PNG Institute of Directors and it is an institution that is also part of the framework.
“That institute’s role is to facilitate trainings, workshops and any refresher courses for existing directors, not only for those (directors) in financial institutions but also in companies,” said Mr Pidik.
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