The Sovereign Wealth Fund for the country will become a reality after May this year.
Parliament will pass the Organic Law governing the proceeds, derived from the country’s first liquefied natural gas multi-billion dollar project. Treasurer, Patrick Pruaitch, told a radio talk back show this week, all formalities relating to the establishment of the fund and its legislative requirements have been completed. The treasurer says an appointment committee will be responsible for the finalisation of the SWF board membership. It will comprise the Governor of the Bank of Papua New Guinea, Chamber of Commerce and Industry, the Prime Minister, Opposition Leader and the Auditor General. The Board will include persons with substantial experience or expertise, professional credibility, and and significant standing in corporate governance, investing in financial assets or management and high level executive experience in the disciplines. Other specific qualifications relating to eligibility as a Board member are contained in the Organic Law, which is a first for Papua New Guinea. He said certification of the SWF Organic Law would follow suit following passage by Parliament in May of which the Government is giving priority. Mr Pruaitch says the legislation contained all the necessary safeguards against exploitation of the consequential windfalls to be earned from the State’s investment in the project. The SWF Bill 2014 was introduced in Parliament by the Prime Minister, Peter O’Neill on February 17, 2015. It has gone past the first and second readings with full passage anticipated during the May session of Parliament.
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