{"title":"Improving the governance of Papua New Guinea’s State Owned Enterprise in the Mining and Petroleum Sector","authors":"Glen Mola Pumuye","doi":"10.53300/001c.36906","DOIUrl":"https://doi.org/10.53300/001c.36906","url":null,"abstract":"State-Owned Enterprises (SOEs) play a pivotal role in the economic development of Papua New Guinea (PNG). The country’s economy is heavily dependent on the mining and petroleum sector for revenue generation. Successive governments have relied on SOEs to manage the state’s equity interests in collaboration with resource developers. In 2015, the Kumul Minerals Holding Limited Authorization Act 2015 (KMHLAA) and the Kumul Petroleum Holdings Limited Authorization Act 2015 (KPHLAA) were passed by the Papua New Guinean Parliament, to consolidate all State interests in resource projects and to appoint the incumbent Prime Minister to be the sole trustee. This paper examines these legislative provisions and argues that the above legislative provision contradicts proven corporate governance best practices. The paper also suggests possible reforms in conjunction with practice from benchmarking countries and developing countries that have elevated their corporate governance structures through reforms.","PeriodicalId":226135,"journal":{"name":"Enterprise Governance eJournal","volume":"13 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123690848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Best Interest Duties of Financial Advisers - More Law, More Confusion","authors":"David G Millhouse","doi":"10.53300/001C.12046","DOIUrl":"https://doi.org/10.53300/001C.12046","url":null,"abstract":"Best interest is a commonly used and misunderstood phrase interpreted differently in the law, media, legislature and throughout the investment chain, sometimes glibly. For investors, best interest has been confused with oft-misguided concepts of undivided loyalty to their economic interests. \u0000These differing interpretations influence every financial advice relationship, including process. That process differs with varying statutory applications of best interest. For example, best interest in Australian investment decisions conflicts with modern portfolio theory. The law is complex, often uncertain, and lags comparative jurisdictions. The FASEA Code of Ethics creates new law that adds to that uncertainty. Financial advice is provided throughout the investment chain. Competency requires comprehension of the underlying best interest duties governing those financial assets. The courts will also need to have regard to these other contextual interpretations of best interest to resolve uncertainty. That includes the best interest heritage in equity.","PeriodicalId":226135,"journal":{"name":"Enterprise Governance eJournal","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126007231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Impact Analysis: ASIC is Firm About Psychologists in Board Rooms","authors":"Niall Coburn","doi":"10.53300/001c.10816","DOIUrl":"https://doi.org/10.53300/001c.10816","url":null,"abstract":"","PeriodicalId":226135,"journal":{"name":"Enterprise Governance eJournal","volume":"02 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131387822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Governance Overhaul: Get Ready School Boards, here it comes!","authors":"G. Brady","doi":"10.53300/001c.9459","DOIUrl":"https://doi.org/10.53300/001c.9459","url":null,"abstract":"Successive Royal Commissions and government investigations have uncovered grave omissions and errors of judgement (indeed criminal activity) by Boards and those who report to Boards. Public trust in governance frameworks has been steadily eroded as more of these incidences have come to light (many in schools and many of a criminal nature).","PeriodicalId":226135,"journal":{"name":"Enterprise Governance eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133516411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Opening Our Eyes to the Blind Pursuit of Profit – Adjusting Attitudes on Corporate Governance","authors":"Vicki L. Beyer, J. Corkery","doi":"10.53300/001c.8350","DOIUrl":"https://doi.org/10.53300/001c.8350","url":null,"abstract":"“The great public companies of today owe a duty, not only to their shareholders to make a profit, but to the people amongst whom they live and work, to do their best for them. Every responsible shareholder recognises this.” \u0000\u0000There is a compelling logic to this, after all, if a company pursues only maximum profit at the expense of its employees, customers and others in the broader community, it will eventually find itself the engineer of its own destruction. Yet, even though Lord Denning wrote the above in 1969, specifically addressing his points to Australian business interests, 50 years on it would seem his view has not been heeded.","PeriodicalId":226135,"journal":{"name":"Enterprise Governance eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129374166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}