The former Chief Executive Officer of NASFUND Ian Tarutia will now chair the Pacific Balanced Fund (PBF) Investment Committee after accepting the appointment recently.
As the trustee of PBF, Melanesian Trustee Services is strengthening the role and independence of its Investment Committee and sees the appointment of Mr Tarutia as an important part of this governance process.
The Executive Chairman of MTSL, John Sanday, in welcoming the newly appointed investment committee chairman, noted that the Fund was created 50 years ago to involve Papua New Guineans in ownership of investments in companies, properties and interest earning cash deposits.
“We see the strengthening of the independence of the investment committee as a further step in protecting the rights of unit holders in the years ahead,” Sanday said.
“Ian, as former CEO of NASFUND, PNG’s largest private sector superannuation fund, and with over 36 years of fund administration experience, is to lead our investment committee as we continue to protect, strengthen and grow the Fund,” he added.
Executive chairman Sanday pointed out that Mr Tarutia has a wealth of experiences in various organizations as directors including private company boards in the agriculture, aviation, catering, banking, finance, properties, hotel, manufacturing, forestry, SOEs, sports and savings and loan sectors which qualifies him for this role.
“His successful track record, experience and skillsets are a valuable addition to our teams responsible for managing and advising on the growth of the Fund as it moves into the next 50 years,” said Sanday.
The fund is now valued at over K640 million and is owned by nearly 20,000-unit holders almost all are Papua New Guineans, employed in the private sector, police, defense, health, education and the public service.