Media & News

Explore the latest news and announcements from the IDAPNG.

Debate over the EU's new law for mandatory human rights and environmental due diligence rumbles on

Some argue that Article 15.3 of the proposals will undermine the ability of shareholders to control executive pay incentive by insisting on "sustainability metrics" in remuneration plans. The new directive also fiddles with investors' ability to manage the enduring "agency" problem at the heart of governance.

Article 25 on directors' duties is vaguely formulated and creates further problems by "decreasing accountability to shareholders". However, Article 26 does recognise that the "board's role is key to fully integrate the dynamic due diligence process into the corporate strategy".

At the end of the day, "focus should be on optimising the due diligence duties in the proposal to cover the entire global value chain, getting rid of box-ticking and strategic incentives, removing legal hurdles for victims and recognising the proactive, consultative and dynamic nature of the due diligence process".

Elon Musk got what he wanted: ownership of Twitter. The question on everyone's mind: will Twitter have a board?

Last week, the Twitter board made a "poison pill" manoeuvre to create oodles of extra equity that would make buying the business inordinately expensive. This week, Twitter accepted Musk's offer of $44bn. Everything, it seems, has a price.

The question in governance circles is whether he will bother with a board. After all, he is now the master of all the social media he surveys. Perhaps a more pertinent question is not whether Musk needs a board, but whether Twitter does. As the world's "town hall" and with teh look of a public utility rather than a profit centre, a board at Twitter may be essential for the public good.

We have no idea whether Musk values good governance, but with something as important as a globally significant social media platform, the world may expect some accountability at Twitter towers.

A look at what the Russia -Ukraine conflict teaches us about effective leadership during a crisis

In conflicts and crises, people look to both political and business leaders for reassurance, competence and calmness under pressure.

The best leaders take personal ownership in a crisis, even though many challenges and factors lie outside their control. They align team focus, establish new metrics to monitor performance, and create a culture of accountability.

Leaders must also understand global forces, market structures and societal needs, and must be capable of expressing genuine care for, and an understanding of, their local community.

With a foundation of trust and a clear crisis strategy, a strong leader not only manages well through a crisis, but sets the stage for the organisation to thrive.

Disclosure obligations greater than ever in public companies

Boards must be vigilant that the organisation is meeting its continuous disclosure obligations. They must be satisfied that the market is fully informed at all times regarding developments that are material to the company's share price.

Shareholders want to hear that appropriate risk-management initiatives are being implemented to ensure sustainability.

How boards are adjusting to the Covid-19 crisis and beyond

Boards will have to make tough decisions during this period of uncertainty and volatility - one that has no precedent. It is incumbent on for-profit boards to ask if their organisation can benefit from industry volatility in the months ahead; for example, increasing market share, acquiring a weakened competitor or a permanent workforce restructure.

Millennial muscle a global governance game changer

Millennials are arguably showing greater interest in corporate social responsibility than any generation in history. They believe business success should be measured in terms of more than just financial performance. Boards should consider how Millennial workforce trends could affect their organisation's succession planning, corporate culture and skills capabilities.

On Tuesday, 24 May 2022, the IDAPNG hosted ‘Diversity on Boards’, an inaugural event exploring the richness of experience, perspective, and collaboration that a diverse board brings.

Panelists:

i. Florence Willie, Executive Director - EFPNG

ii. John Pora, Chairman - SME Corporation

iii. Julienne Leka-Maliaki, Independent Director - Nasfund

iv. Navin Raju, Chief Executive Officer - CPL

In discussing Leading the Change in Board Diversity, panelists acknowledged that boards need to set the tone and lead from the top. Boards need to ensure that a culture of inclusion is present in the boardroom to give voice to a wide range of thoughts, opinions, and skillsets.

By setting diversity targets, boards ensure that individuals with different identities

such as race, gender, disability and age, are valued, leveraged and welcome within

the organisation. It also establishes a commitment to fair treatment, access and opportunity for all.

Attendees agreed that together, we can build more inclusive businesses in Papua New Guinea where equality and equity are no longer aspirations but reality.

The event ended with a Q&A session that saw change-makers share stories and strategies on how to attract top talent from different backgrounds, boost employee engagement and create diversity and inclusion initiatives supported by surveys and real data steming from employees' experiences.

To mark International Women’s Day on Tuesday, 8 March 2022, the IDAPNG hosted ‘Women in Leadership’, an IDAPNG inaugural event showcasing innovators and trailblazers across various sectors and industries that are making a positive impact through better business.

Women came together at the Lamana Hotel in Port Moresby for an inspiring session filled with speeches designed to embolden women professionally. The exciting line-up of pioneering female leaders included: Dr. Genevieve Nelson, Chief Executive of the Kokoda Track Foundation; Cheryl Parker, Vice-President of the Independent Directors Association; Dr. Yalinu Poya, Papua New Guinea’s very own internationally acclaimed chemist; Helen Tau, artist and entrepreneur; and activist Betty Wakia, co-founder of Ples Singsing and contributor to ‘My Walk to Equality’.

In celebration of International Women’s Day, speakers covered topics such as the continuing challenges of pay equity, the effects of the pandemic, getting more women on boards, and much more. Expertise and experience was also shared on how a sustainable approach is fundamental to creating a diverse, equitable and inclusive future for all women.

The event ended with a networking session that saw change-makers share stories and strategies to shape the business landscape on a national scale.