, we need to play a more pro - active role in strengthening our own organizations, we need to prepare ourselves for difficult periods, we need to also contribute towards the development of the environment in which we operate, the markets and the financial infrastructure and finally and importantly we also need to invest in people, in their skills, to enhance our organisational capacity to bring about institutional development so as to enhance our respective organizational effectiveness. leadership is an integral part of this process. our investment in iclif hopes in some part to contribute to achieving these goals. alumni members, distinguished guests, ladies and gentlemen, it is now my privilege and pleasure to officially launch iclif alumni association and iclif leadership competency model.

l wilson kamit : financial sector improvements in papua new guinea speech by mr l wilson kamit, cbe, governor of the bank of papua new guinea, at the official opening of the nambawan super ’ member services centre, port moresby, 11 july 2008. * * * distinguished guests, ladies and gentlemen. i am pleased to be able to address you this afternoon, on this special occasion for nambawan super. since the commencement of the financial sector reforms including the superannuation industry through the superannuation ( general provisions ) act 2000, we have seen many improvements in the financial sector and within the superannuation industry. some of the significant changes include : • the appointment of the bank of papua new guinea as the regulator of the superannuation industry, • the separation of functions of the authorised super funds ( asfs ) from the trustees, investment managers and fund administrators ; and • the introduction of fit and proper person ’ s test requirements for the board and senior management of the licence holders under these reforms the improved performance of the whole financial system has seen growth in assets of banks, finance companies, savings and loan societies and life insurance companies. the growth in the superannuation funds has been particularly remarkable, and this has translated to high rates of returns to the members over the last few years. for example, the industry ’ s total assets have more than doubled since 2002 from k1, 273 million in 2002 to k4, 086 million in 2007. total assets of the superannuation industry – k ’ million total 4, 087 2, 837 2, 584 1, 882 1, 577 1, 273 we have also seen significant improvements in governance, as well as operational effectiveness in the delivery of superannuation services for the benefit of the members. while making this remark, i should stress that there lies ahead a lot of challenges to further improve and enhance their operational capacities in order o provide the best superannuation service for all stakeholders. this reform process has however brought with it other challenges and responsibilities that the asfs will need to manage and address going forward. one challenge facing us in this reform process is the issue of financial inclusion and financial literacy ( financial education ). this is a subject many central bank governors and regulators have discussed in various forums. let me elaborate : the high rates of return on members ’ savings will have had the impact of raising members ’ expectations of receiving high return all the time and the asfs have a