Ian Tarutia

Speaking at the recent 2019 Employers Conference, Tarutia said while the fund recouped some of the money, there is still a legal battle.

“We recovered K56 million of the unspent portion of the K125 million investment and we are now in court versus the state to recover the balance,” said Tarutia.

The SCITB agreement was made between the fund and the state in 2011.

The SCITB was to be used for financing infrastructural developments in Kokopo, East New Britain Province.

Tarutia said this following the election of Anthony Yauieb as President.

The outgoing President hands over the reins to Yauieb after a four year tenure.

Two key initiatives highlighted under Tarutia’s Presidency include a strategic partnership with BPNG and UPNG to rollout a Graduate Diploma in Governance and headwork into director’s legislation as a key lever to lift the stature of, and institutionalize PNGID’s work on improving governance standards of private and public sector boards.

“With family, health and professional responsibilities to attend to, I can no longer devote the time needed to fully service the needs of the Members, the regional chambers throughout Papua New Guinea,” stated Leahy.

“I have been privileged and honoured to serve the country through involvement in the PNGCCI for many years.”

Vice-president Ian Tarutia will be taking the reins pending a formal appointment to be made in due course at the next annual general meeting.

NASFUND CEO, Ian Tarutia, says the review of the legislation is timely as calls for tax on super become prominent.

Tarutia says tax on superannuation will be on aspect of the legislations, which will be forwarded to the task force to be headed by the Bank of PNG in conjunction with the Department of Treasury.

He believes tax on superannuation should be repealed.

“We’ve been calling for a review on our current legislation for a number of years now and we believe that this year is timely,” Tarutia reiterated.

The National Superannuation Fund owns the building (since 1998) for the benefit of its 500,000 members.

NASFUND’s chief executive officer, Ian Tarutia, said: “It’s really a way for us to make this flagship building a statement of the global-quality facilities we can offer tenants right here in Port Moresby. 

“The building will feature new elevators, state-of-the-art air conditioning, new power generators and an uninterrupted power supply to ensure that all of the tenants of the building enjoy state-of-the-art services.”

NASFUND CEO, Ian Tarutia, revealed this during his presentation at the 2017 Annual Certified Practising Accountants Conference.

Tarutia said because they have had to pay out more, they have not made long term investments and are only focusing on the short term.

This means holding more cash so that they are able to pay out as and when members apply.

PNG Institute of Directors president, Ian Tarutia, said this during the PNGID Annual Black Tie Awards Dinner on Thursday.

Tarutia said this is a result of qualified individuals being appointed to boards.

He told directors and guests during the event that the standard set will ensure others follow and may well exceed those standards.

“I am pleased to note that the level of governance in our State Owned Enterprises, government agencies and statutory organisations has improved.

PNGID president, Ian Tarutia, announced this week that one of the main drivers for the legislation is to promote good corporate governance by directors on boards.

In a media conference, Tarutia said the PNGID is a key body with its core vision of promoting good governance.

However, unlike other associations or institutions, they are not backed by any form of legislation.

Tarutia said this was the missing piece to ensure that directors and boards in both the private and public sector perform their roles within the confines of good governance.

The objective of the program is to increase the pool of professional directors in PNG.

PNGID president and NASFUND CEO, Ian Tarutia, announced that the program is a collaborative effort between the PNGID, the Bank of PNG and the University of Papua New Guinea (UPNG).

“So the intent of this pipeline project is to spread the net and increase the pool through a structured process so, what UPNG have done is they’ve introduced a new post-graduate diploma in corporate governance, which runs for 18 months.

This is according to Association of Superannuation Fund Papua New Guinea (ASFPNG) President, Ian Tarutia.

In a statement announcing the ASFPNG plans to rebuild itself, Tarutia, who is also National Superannuation Fund CEO, said the K10 billion industry represents the retirement savings of over 700,000 members who are predominately PNG citizens.

“Getting ASFPNG back on its feet as our industry voice places the importance we, as representatives of the major funds in PNG, have in the oversight and management of member superannuation savings.