The Board of Bank of Papua New Guinea is established under Section 25 of the Central Banking Act 2000 as amended in 2021. The current members of the Bank of PNG Board are:
The Board of the Bank of Papua New Guinea is tasked with the powers, duties and functions set out in the Central Banking Act 2000. There are three key responsibilities of the Board:
- to determine the policies of the Bank, including the formulation and implementation of monetary policy and the regulation of the financial system;
- the general administration of the affairs and business of the Bank and the approval of the budget and operating plan of the Bank; and
- oversight of the management of the Bank and keeping under constant review the performance of the Bank in giving effect to its objectives and carrying out its functions and the use of the resources of the Bank. [Section 28(1)(a-c)]
The Central Banking Act 2000 as amended in 2021, provides for a nine person board, comprising
- the Governor (ex officio);
- one Deputy Governor (ex officio), selected by the Governor if there is more than one Deputy Governor;
- five members appointed by the Head of State, acting on advice, in consultation with the Board; and
- two members appointed by the Head of State acting on advice, on the recommendation of the Board, one of whom must have international experience in central banking and not be a resident of PNG. [Section 27(2)(a-d)].
The Act underlines the independence of the Bank by stating that Members of the Board shall not be subject to the direction or control of any person including the Government. [Section 27(5)]
The term of office on the Board for the Governor and Deputy Governor is four years. The Governor and Deputy Governor are eligible for re-appointment for a total maximum of two terms and may not serve for a total of more than eight years. [Sections 15 and 20]
The maximum term of office for non-ex officio Board members appointed under Section 27(2)(c) is two years for the first term and four years for a subsequent term.
The maximum term of office for non-ex officio Board members appointed under Section 27(2)(d) is one year for the first term and three years for a subsequent term.
Mr David Toua
Chairman
Mr Toua was originally appointed to the Board in February 2019 for a term of 3 years as a non-ex officio member. After the Central Banking Act amendments of 2021 he was reappointed for a term of four years from 22 December 2021.
Mr Toua is an experienced business executive with comprehensive management and operational skills. He has served in various senior management executive positions in several corporate organisations.
He is Chairman of ABAC (APEC Business Advisory Council) and the NCD Health Authority.
He is a Board Member of the Business Council of PNG, the Employers Federation of PNG and the Mineral Resources Authority, an Independent Member of the PNG Incentive Fund Strategic Management Group, a Director with Post (PNG) Ltd and New Britain Palm Oil Ltd and an Advisory Board Member of the Royal Port Moresby Golf Club.
He holds a Bachelor of Arts (English Literature, Economics and Government) from the University of Queensland, Australia.
Ms Elizabeth Genia, AAICD
Governor, Bank of Papua New Guinea
The Prime Minister and the PNG National Executive Council, on 20 December 2023, appointed Ms Genia as the first female Governor of the Bank of Papua New Guinea for a term of four years.
Ms Elizabeth Genia has nearly four decades experience with the Bank of Papua New Guinea. Much of that time has been in senior level roles across a wide range of the Bank’s responsibilities, including positions as Head of Internal Audit Department and Financial and Administration Department and the leading supervisory role with the Bank’s strategic planning team.
More recently Ms Genia held the position of Assistant Governor, Corporate Affairs Group, responsible for the critical functions that support the Bank’s overall operation, including strategy and risk management, human resources, corporate services, information and communication technology, facilities and properties management.
Ms. Genia has extensive experience across finance, auditing, corporate governance, strategic planning, risk management, administration, and policy development, all of which contribute to her in-depth knowledge of central banking. As a longstanding member of the Bank’s Executive Committee, she has played a pivotal role in key decisions impacting both the Bank's daily operations and its long-term growth.
Ms Genia, has built a strong reputation both within PNG and internationally as a thought-leader in financial technology as well as gender equity issues, and introduced the Bank's first Gender Equity and Social Inclusion Strategy. She is a sought-after guest speaker on these topics.
Ms Genia holds a Bachelor of Commerce from the University of PNG, a Masters of Business Administration (MBA) from the University of Queensland, Australia, a Graduate Award Certificate in Management and Organisational Change from the Australian National University and specialised studies sponsored by the Commonwealth Secretariat in Financial Technology and Innovation at Oxford University, United Kingdom.
Mr Richard Kuna
Deputy Chairman, Bank of Papua New Guinea
Mr Richard Kuna was originally appointed a member of the Board in November 2001 in his capacity as the President of Certified Practising Accountants PNG (CPA PNG).
Following the Central Banking Act amendments in 2021, he was reappointed for a term of four years from 22 December 2021.
Mr Kuna is a Partner with Kuna Taberia Kiruwi Accountants & Advisors.
He is the President of CPA (PNG), a Member of the Accountants Registration Board of Papua New Guinea and a Director of Wereck Insurance Brokers Ltd.
Mr Kuna holds a Bachelor of Business in Accounting from the University of Technology, Sydney Australia and is a qualified Certified Practising Accountant.
Mr Michael Reddell
Mr Michael Reddell was appointed to the Board on 20 December 2023 for a three-year term.
Mr Reddell is a semi-retired economic adviser and a trustee of two New Zealand regulated superannuation schemes. As a highly respected commentator on central banking and related issues, he is a regular contributor to international publications and also produces the blog www.croakingcassandra.com
Mr Reddell spent most of his career at the Reserve Bank of New Zealand in a range of senior management and advisory roles, covering macroeconomics, monetary policy, financial markets, and financial stability and regulation. He also spent time as a Special Adviser on macroeconomic policy matters at the New Zealand Treasury.
Mr Reddell spent two years in the 1980s working for the Bank of Papua New Guinea as a resident economic adviser and held a similar role at the Bank of Zambia in the 1990s. He later served as Alternate Executive Director on the board of the International Monetary Fund, representing a constituency of 14 Asia-Pacific countries, including Papua New Guinea, and has been a short-term adviser to a number of developing and emerging country central banks.
Mr Reddell holds a Bachelor of Commerce and Administration (Honours) in economics from Victoria University, Wellington, New Zealand.
Sir Robin Fleming
Sir Robin Fleming KBE CSM was appointed to the Board on 3 April 2024 for a three-year term.
Sir Robin Fleming KBE CSM was Group CEO and Managing Director of BSP Financial Group Limited having retired in 2022. He worked in the banking industry in Papua New Guinea for 42 years was Group CEO and Managing Director of BSP Financial Group Limited for 9 ½ years.
Sir Robin holds a MBA and a Master of Management from Charles Sturt University. He was awarded a Knight Commander of the Most Excellent Order of the British Empire in June 2023 for services to the banking industry, and the Order of the Star of Melanesia by the Independent State of Papua New Guinea in 2015 for service to community and industry. He is also an Honorary Fellow of PNG IBBM and an Honorary Professor at the University of PNG – School of Business and Public Policy.
Mr Dairi Vele
Mr Dairi Vele was appointed to the Board on 3 April 2024 for a three-year term.
Mr. Vele is the Executive Chairman of State Negotiations, spearheading critical dialogues for national resource projects and leads negotiations pivotal in securing commercial agreements between the government, landowners and other stakeholders.
Mr. Vele’s professional portfolio is extensive and diverse, reflecting a career dedicated to the advancement of the nation’s interests through strategic negotiations and leadership. Most recently he was the Secretary for the PNG Treasury from 2013 to 2021.
Throughout his career, Mr. Vele has held over 36 board positions across a spectrum of industries, reflecting his broad expertise and exceptional ability to navigate complex stakeholder landscapes
Mr. Vele is a graduate member of the Australian Institute of Company Directors and currently serves on the Board of the Mineral Resources Development Company.
He holds a Bachelor of Economics degree from the Australian National University.
Mr Mark Baker, GAICD
Mr Mark Baker was appointed to the Board on 3 April 2024 for a three-year term.
Mr Baker is a highly experienced international banker who has held senior roles with HSBC in Saudi Arabia, Hong Kong, India and Bahrain, and with ANZ in Australia and Papua New Guinea. He was the ANZ Country Head in Papua New Guinea from 2012 to 2023. Prior to his career in banking, Mr Baker was an Officer the Royal Marines, based in the United Kingdom.
During his time in Papua New Guinea, Mr Baker was President of the Australia PNG Business Council (2019-2022), and a Board Member of the Centre of Excellence for Financial Inclusion and the Institute of Banking and Business Management and Chairman of the Salvation Army Territorial Advisory Board.
He holds a Bachelor of Science (Honours) from the University of Southampton, a Master of Business Administration from Henley Business School, and is a Graduate of the Australian Institute of Company Directors.
Mr Jeffrey Yabom
Deputy Governor, Bank of Papua New Guinea
Mr. Jeffrey Yabom was appointed Deputy Governor and Member of the Board on 3 April 2024 for a four-year term.
Mr. Jeffrey Yabom is a career central banker with 33 years experience with the Bank of Papua New Guinea. He joined the Bank in 1990 after graduating from the University of Papua New Guinea. During his career with the Bank he has worked in policy areas involving monetary policy analysis, fiscal & debt analysis and forecasting, real sector analysis and forecasting, macroeconomic research and modelling/forecasting.
He worked in the Monetary Policy Unit, Balance of Payment Unit specializing in debt analysis, and Economic Analysis Unit before he was appointed as Manager of the Economic Analysis Unit in the Research Department. In March 2024, he was appointment as Acting Assistant Governor of the Monetary and Economic Policy Group (MEPG) and confirmed as the Assistant Governor in February 2024.
He holds a Bachelor’s Degree in Economics from the University of PNG in 1990, a Post Graduate Diploma in Economics and a Master of Arts in Economics from the University of Manchester, UK.