MINISTER for International Trade and Investment, Hon. Richard Maru, has announced the appointment of a new board for the Securities Commission of Papua New Guinea (SCPNG), following legislative reforms aimed at strengthening the country’s capital market.
Under National Gazette No. G936, Mr Charlie Gilibichi has been appointed Chairman, alongside Mr Rio George Fiocco and Dr Ken Ngangan as non-ex-officio board members.
Minister Maru said the appointments would strengthen the commission’s governance and leadership as the country works to develop its capital market.
“I am happy to announce that we have appointed Charlie Gilibichi as the new Chairman of the Capital Markets Authority. He has over 20 years’ experience in the capital market and superannuation industry and is very well qualified for this important role,” Maru said.
He said Gilibichi’s appointment recognised his professional achievements, experience and understanding of how domestic savings could be mobilised to support productive investment and national development.
“A strong capital market is essential to our ambition of building a K200 billion economy and positioning Papua New Guinea as a leading investment hub in the Pacific. It will help businesses raise capital, attract investment, create employment and drive sustainable economic growth,” Maru said.
Maru congratulated the newly appointed members, noting that they would form the first board of the Capital Markets Authority and play a critical role in shaping the future of the industry.
He also thanked the Government for approving the change of name from the Securities Commission to the Capital Markets Authority.
In response, Gilibichi acknowledged Minister Maru’s
confidence in the new board and said its members would draw on their extensive private and public sector experience, together with the Government’s support, to meet the organisation’s expectations.
“I have full confidence that with the reforms and expectations of yourself, Honourable Minister, and the Marape-Rosso Government, we will move as fast as we can to deliver before Parliament rises for the next general elections,” Gilibichi said.