Nambawan Super Limited (NSL), today announced the appointment of Mr. Arthur Sam as an Independent Trustee Director to the NSL Board. Mr. Sam will serve on three key committees; Membership Committee, Audit & Risk Committee, and the Investment Committee.

Mr. Arthur Sam is an experienced accountant with over 26 years in professional practice. He currently serves as the Managing Partner and Head of Assurance & Advisory at Sam Kiak & Tubangliu (SKT) Certified Practicing Accountants. In addition to his accounting expertise, Mr. Sam has an extensive background as a Director, having most recently served on the Board of BSP Financial Group Limited.

With his significant experience within Papua New Guinea’s Financial Sector, the Fund looks forward to the immediate and impactful contributions he will bring to the Board from the outset, for the benefit of NSL’s 228,319 Members nationwide. The NSL Board follows a thorough and independent process for appointing new Directors to fill vacancies, in line with its succession plan and the necessary skill set assessment. Mr. Sam has been appointed for a three (3) year term, in line with the Bank of Papua New Guinea’s (BPNG) Prudential Standards related to Corporate Governance for Authorised Superannuation Fund Directors. Directors’ terms may be extended or renewed, with a maximum tenure of nine (9) years.

The BPNG Superannuation Prudential Standard 7/2012 on Corporate Governance sets out specific requirements for the Board Structure and Responsibilities, including Investment, Risk Management and Remuneration of License Holders and its Officers. These guidelines are designed to ensure that License Holders are prudently managed and that decisions are made impartially, in the best interests of the Fund’s Members. NSL is a defined contribution fund (accumulation fund) approved under the Superannuation General Provisions Act 2000. The Fund is governed by the Board of Directors of NSL, the Fund’s Corporate Trustee. The primary purpose of the Fund is to invest and grow amounts contributed on behalf of its Members, to secure their financial future in retirement. It has no purpose other than to serve the interests of its Members.

While a normal Board of Directors oversees a corporation's overall management, making high-level strategic decisions and ensuring compliance with legal and ethical standards, the role of a Trustee Board involves additional responsibilities, particularly in relation to fiduciary duties.

A Trustee Board is responsible for managing and administering a fund or organisation, such as a pension fund, with a focus on the welfare and financial security of the beneficiaries. Trustees have a legal and fiduciary obligation to act in the best interests of these beneficiaries. Their primary duty is to grow and protect the assets for long-term benefit, ensuring that the decisions they make, serve the interests of the Members. Trustees must ensure compliance with laws and regulations, manage assets prudently, and make decisions aimed at securing the financial future of the Fund's beneficiaries.

This fiduciary responsibility makes the role of a Trustee Board distinct, with a higher level of accountability compared to a standard Board of Directors, as the well-being of the Members is the top priority.