Dr. David Kavanamur heads Kumul Consolidated Holdings, which manages all of Papua New Guinea's government-owned commercial assets except for oil and gas.
He emphasized the importance of strategic asset allocation and investment strategies in his presentation at the 4th Pacific Island Investment Forum held at the APEC Haus from March 27-31st, 2023.
Kumul Consolidated Holdings has worked to improve corporate governance practices and address past challenges while supporting the government by ensuring dividends are paid and providing critical services to the public.
They also aim to privatize some State Owned Enterprises to promote economic growth and Dr. Kavanamur recognizes the importance of corporate governance and improving female representation on boards.
Despite challenges such as climate change, he notes that PNG's economy is on an upward trend, with potential for growth in extractive industries and agriculture.
He stressed the importance of public-private partnerships, domestic capital accumulation, and exploring different modalities of partnership for economic growth in the Pacific region.
“This forum is important because of the collective economic unit that you have built for the Pacific and there is an enormous pool of experience and resources across this room as you represent those funds, you are fully conscious of strong corporate governance practices and the roles of trustees as different to ordinary directors,” said Kavanamur.