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Policy

Committed to Excellence in ASFPNG

General Policy for The Association of Superannuation Funds of Papua New Guinea (ASFPNG)

Mission Statement

The mission of the Association of Superannuation Funds of Papua New Guinea (ASFPNG) is to represent, promote, and advocate for the growth, development, and sustainability of superannuation funds in Papua New Guinea (PNG), ensuring that members’ retirement savings are managed efficiently, securely, and in line with international best practices.

Objectives

  • Advocacy and Representation: To advocate for policies that support the long-term growth of superannuation funds in PNG.
  • Regulatory Compliance: To ensure all member funds operate within the framework of national laws, regulations, and best practice governance standards.
  • Member Education: To provide educational programs and resources that enable members to make informed decisions regarding their retirement savings.
  • Industry Standards: To promote best practices and high standards of governance, risk management, and investment strategies within the superannuation industry.
  • Public Awareness: To increase awareness about the importance of retirement savings and the benefits of superannuation.

Membership

  • Eligibility: Membership is open to all superannuation funds operating within Papua New Guinea, as well as other entities supporting the superannuation sector.
  • Membership Categories:
    • Full Members: Superannuation funds that contribute to the objectives of ASFPNG.
    • Associate Members: Organizations, institutions, or individuals who support the mission of ASFPNG but do not directly manage superannuation funds.
    • Honorary Members: Individuals who have made significant contributions to the superannuation sector in PNG.

Governance Structure

  • Board of Directors: The Board shall consist of representatives elected by the membership. The Board will oversee the strategic direction, policies, and operations of ASFPNG.
  • Committees: Various committees may be formed to focus on specific issues such as:
    • Investment management
    • Policy advocacy
    • Regulatory compliance
    • Education
  • Executive Management: The day-to-day operations of ASFPNG shall be managed by an Executive Director and supporting staff, who report to the Board of Directors.

Operational Policies

  • Advocacy and Public Relations: ASFPNG will advocate for sound superannuation policies and provide submissions to government and regulatory bodies as needed. All public statements or advocacy initiatives will align with the goals of improving the retirement savings system for all Papua New Guineans.
  • Investment and Risk Management: ASFPNG will promote best practices in investment management for its members, including diversification, risk management, and long-term financial planning. Members are encouraged to adhere to guidelines that ensure the prudent management of assets.
  • Compliance with Laws and Regulations: ASFPNG and its members will comply with all applicable local laws, including the Superannuation (General Provisions) Act and other relevant regulations. Any non-compliance must be reported and rectified as soon as possible.
  • Dispute Resolution: ASFPNG will provide mechanisms for resolving disputes among members and between members and stakeholders, including a code of conduct for professional and ethical standards.

Communication and Collaboration

  • Industry Collaboration: ASFPNG will collaborate with other local and international financial institutions, regulators, and industry bodies to share knowledge, promote best practices, and develop solutions for the growth of the superannuation sector in PNG.
  • Member Communication: Regular newsletters, meetings, and forums will be held to ensure members are kept informed about developments in the superannuation industry, regulatory updates, and other matters of interest.
  • Annual General Meeting (AGM): An annual meeting will be held to review the activities of the Association, elect Board members, and discuss relevant industry issues.

Financial Management

  • Funding: ASFPNG shall be funded primarily through membership fees, sponsorships, and other revenue-generating activities.
  • Financial Reporting: Annual financial reports will be prepared by an independent auditor and presented to the membership at the AGM. These reports shall demonstrate transparency and accountability in the management of ASFPNG’s financial resources.
  • Budgeting: A clear and detailed budget shall be prepared annually, ensuring that ASFPNG’s activities are properly funded while maintaining financial sustainability.

Ethical Standards

  • Integrity: All members and staff of ASFPNG will uphold the highest standards of integrity, professionalism, and transparency.
  • Conflicts of Interest: Any potential conflicts of interest must be disclosed and managed appropriately to maintain the integrity of ASFPNG’s operations.
  • Confidentiality: ASFPNG shall ensure the confidentiality of all member data, business information, and discussions, respecting privacy and safeguarding sensitive information.

Review and Evaluation

  • Policy Review: This general policy shall be reviewed every three years, or sooner if necessary, to ensure that it remains relevant and effective.
  • Continuous Improvement: ASFPNG is committed to continuous improvement, and feedback from members, stakeholders, and the public will be used to refine and enhance its operations.