The board

Comrade Trustee Services Limited (CTSL) is managed under the direction of the board of directors.

The board has eight directors: three representatives of the Fund (two contributors and one pensioner) and five independent directors. See the current members below.

The role of the board

Collectively, the board members plan, oversee and set corporate goals, and decide on the strategic direction of the Fund.

The board is responsible for the Fund’s corporate governance, including:

  • corporate planning
  • establishing goals for management
  • monitoring achievement of these goals.

Read more about good corporate governance.

Criteria for board members

All board members must meet strict criteria, including a ‘fit and proper’ test, to ensure that they:

  • are legally eligible
  • have the necessary skills, knowledge, experience or expertise in managing commercial entities
  • can add value and enhance corporate governance.

Appointments to the board must be approved by the Bank of Papua New Guinea (the Fund regulator).

Directors hold office for three years. After this, they may nominate for re-election subject to any restrictions in the company constitution and approval by the Central Bank.

2019 Full Board Resized

Members of the Board

PaulNindipa

Paul M. Nindipa

Independent Director

Appointed to the Board on 1 January 2015. Mr Nindipa is a Certified Practising Accountant (CPA) and a Partner with NKA Chartered Accountants. He has more than 24 years experience in various accounting, audit, taxation, receivership and liquidation areas. He is currently on the board of several foreign-owned companies and also serves on certain PNG companies and state-owned entities.

Mr Nindipa holds a Bachelor of Commerce from the University of Otago, New Zealand. He is a member of the PNG Institute of Directors and Council member of the CPAs of PNG. He also serves on the board of Accountants Registration Board (ARB) and other non-profit organizations.

ColonelFredAikung

Retired Colonel Fred Aikung, LSGCM, OBE

Non-Independent Director

Appointed to the Board on 1 January 2015, Col. Aikung represents pensioners of the Fund. During his years of service, Col. Aikung has held several senior positions within the Defence Force, including Chief of Logistics, a role he held until his retirement in 2002. He was also Acting Commander of the PNGDF during the Sandline Crisis in 1997.

Col. Aikung holds a degree in Mechanical Engineering from the University of Technology, Lae and a Diploma in Military Strategy from Melbourne Australia. He is a member of the PNG Institute of Directors.

MichaelVarapik

Michael Varapik, OBE

Independent Director

Appointed to the Board on 11 November 2011. An accountant, Mr Varapik has extensive management, corporate, financial, operations and marketing experience spanning over 35 years in the private and public sectors. He is currently a director on the Board of Toea homes Limited, a 100% subsidiary of CTSL and People’s MicroBank Limited.

Mr Varapik holds a Bachelor of Technology in Accountancy from the PNG University of Technology, a Bachelor of Business from Deakin University, Australia, and an MBA from the International Management Centres, Oxford Brookes College in the UK.
A member of the PNG Institute of Directors, Mr Varapik received the Male Director of the Year award in 2015 for distinguished services to commerce and business.

MosesKoiri2

Moses Koiri

Chairman – Independent Director

Appointed to the Board on 20 April 2012 as an Independent Director, and as Chairman on 1 January 2015, Mr Koiri has more than 15 years of senior management experience in the private and public sectors. He is the principal partner in the Commercial Advisory section of Albatross Law Services Limited. He has a good understanding of corporate business culture, governance and business ethics.

Mr Koiri has a Bachelors degree in Law from UPNG and a Master of Law from Monash University, Australia. He was a lecturer at UPNG and has worked in management with the Bougainville Copper Mine and various Private Legal firms. He became a politician in the Autonomous Region of Bougainville.

Mr Koiri
 is a member of the Australian Institute of Directors and the PNG Institute of Directors.

ColonelRaymondNuma

Colonel Raymond Numa, DMS, MBE, CBE

Non-Independent Director

Appointed to the Board on 31 October 2014, Col. Numa represents the contributory members of the Fund. Col. Numa has served in the PNGDF for over 40 years and is currently PNGDF Chief of Staff.

Col. Numa has an MBA from UPNG, is a graduate of the Diploma and Post Graduate degree in Defence Strategic Studies, from Hawaii in the US and Massey in New Zealand. Col. Numa also holds a Diploma in Business Management and Defence Resource Management and is a member of the PNG Institute of Directors.

CaptPolewara

Captain (N) Philip Polewara, DMS, MBE

Non-Independent Director

Appointed to the Board on 24 June 2016, Captain Polewara represents the contributory members of the Fund. He served as a Naval Officer in various capacities on Landing Craft Heavy and Fast Patrol Boats as a Navigating Officer and Executive Officer. His operational experiences include the command of various Naval Units from 1992 to 2002, including security operations during the Bougainville crisis.

Captain Polewara is a graduate of the US Naval Staff College, the US Joint Forces Staff College and the US Naval Command College. He also served as an International Fellow at the Naval War College after graduating in 2013.

He has a Bachelor of Business in Public Policy from UPNG and a Master of Liberal Arts in International Relations from Salve Regina University in Newport, US.

Captain Polewara is a member of the PNG Institute of Directors.

Giau Duruba Resized

Giau Duruba

Independent Director

Appointed to the Board on 25 September 2017, Mr Duruba is an Independent Director.

Mr Duruba has more than 20 years senior management experience in the private sector, specialising in human resources management. He held his most recent role for more than a decade as General Manager – Human Resources, Bank South Paci c Limited. Prior to that he was the Human Resources / Corporate Affairs Manager for South Pacific Brewery Limited.

Mr Duruba has a Bachelor of Economics from the University of Papua New Guinea.

John Cholai Resized

John Cholai

Independent Director

Mr Cholai was appointed to the Board on 9 November, 2018.

He spent 28 years in PNG’s Aviation industry in systems engineering design, procurement, installation and commissioning of all communication, navigation and surveillance systems for all PNG airports. He also ran the Commercial Division and was Director of Civil Aviation. He joined Shell PNG in 2006 as the National Retail Managerand retained the role a erdivestment of the Shell business to Interoil in PNG in 2007.

In 2009, he joined Origin Energy PNG where he was Country Manager until 2012, before moving on to pursue his own business aspirations. He is currently Managing Director of Nini Holdings Ltd and Executive Director of FranklinCovey PNG Ltd. He is on the Board of Directors for BOC (PNG) Limited, Amalpack Limited and Nambawan Savings & Loans Society.

Mr Cholai has a Diploma in Telecommunications Engineering and a degree in Electrical Engineering (Telecommunications) from the University of Technology. He is a Fellow of the PNG Institution of Engineers and a member of the PNG Institute of Directors and the Australian Institute of Company Directors.