Reg Monagi

Dr Webster Resigns As Trustee Director

In May, Dr Webster advised the Nambawan Super Board of Directors that it would be untenable for him to continue as an Independent Trustee Director due to a personal conflict of interest.

In a statement, Monagi expressed that it was unfortunate to lose a highly skilled and experienced Director, however, the Board recognises Dr Webster’s integrity in abiding by the Prudential Standards under which the Fund operates, as regulated by the Bank of PNG.

Results Pleasing For Nambawan Super

Nambawan Super Chairman, Reg Monagi said at the recent Annual Employer Conference 2022.

He said, “In 2021, we saw great improvements in returns from many of our investments as the global and local markets started recovering from the tough economic climates brought on by the Pandemic,” he said.

“Last year, the Fund achieved a net surplus of K526 million which resulted in the growth of its net assets to K8.8 billion and a declaration of a 6.5 percent crediting rate for our more than 214,000 Nambawan Super Members.

Nambawan Super Chairman Anthony Smaré term ends

Mr Reg Monagi has been voted the new Chairman of PNG’s oldest and largest Super Fund by the Nambawan Super Board of Director.

Mr Smaré’s term as Chairperson of Nambawan Super ended in line with prudential standards that state the Chair of Nambawan Super can only formally hold office for 6 years.

“I was appointed a director of the Fund in 2012, and in 2013, I was appointed acting Chairman when Sir Nagora Bogan stepped down as chair before being formally appointed in 2014.” Mr Smaré said.