News

PSDI’s State-Owned Enterprise and Public Private Partnerships team delivered a seminar in Port Moresby this week, focused on the preparation of state-owned enterprise (SOE) Corporate Plans and Statements of Corporate Objectives.

The seminar, attended by more representatives from Kumul Consolidated Holdings (KCH) and 9 of Papua New Guinea’s SOEs, emphasized the need for SOEs to align their Corporate Plans and Statements of Corporate Objectives with the amended KCH Act of 2021, and introduced the new KCH Corporate Planning Guidelines, issued in September 2024 and developed with PSDI support.

The KCH (Amendment) Act 2021 requires all SOEs to develop a Corporate Plan and Statement of Corporate Objectives. The Corporate Plan is an annual document outlining the operational strategies each SOE will use to achieve their articulated targets. These targets must be included in the Statement of Corporate Objectives—a publicly available document which summarizes the Corporate Plan and many aspects of the SOE’s financial performance. By requiring these documents in KCH’s overarching legislation, the Government of Papua New Guinea is aiming to aim to increase the transparency, accountability, compliance, and performance of its SOEs.

The discussion also covered how to integrate key requirements into their corporate planning, including both financial and non-financial performance measures; risk identification and management; community service obligations; financial forecasts; and capital expenditure funding.

The seminar was opened by KCH Managing Director David Kavanamur, who emphasized the need for strategic investment strategies, accurate financial reporting, and improved performance. It was delivered by PSDI’s State-Owned Enterprise Experts, Laure Darcy and Christopher Russell. This initiative is part of a broader partnership between KCH and PSDI to support the improved performance and transparency of Papua New Guinea’s SOEs.

KCH Managing Director David Kavanamur opens the SOE Corporate Planning Seminar in Port Moresby on 8 October 2024.

PSDI State-Owned Enterprise Expert Christopher Russell presents at the SOE Corporate Planning Seminar in Port Moresby on 8 October 2024.

KCH Managing Director David Kavanamur addresses the audience of SOE representatives at the KCH/PSDI SOE Corporate Planning Seminar in Port Moresby on 8 October 2024.