The Papua New Guinea Institute of Directors (PNGID) has commended the newly established PNG Science & Technology Council (PNGSTC) board for ensuring good corporate governance practices.
PNGID President, Ian Tarutia, said this during his presentation at the PNGSTC inaugural Board meeting.
According to a media statement, Tarutia reminded council members that a lot of organisations in PNG have failed or under-performed because individuals appointed on those entities did not exercise due care and diligence, or misunderstood their fiduciary role as directors.
He said a feature of successful organisations today was having a good governance framework in place.
Tarutia also took the time to congratulate PNGSTC chairman, Professor Teatulohi Matainaho, and the council members on their appointments and urged them to join the PNGID as professional members.
The PNGID was established as the peak body for Directors in PNG and its charter, through training programs, is to promote good governance and ethical practices at top level decision making.
The PNGSTC was endorsed by the National Executive Council (NEC) in February this year.