Text Box: OUR SHAREHOLDER The two(2) shares of EDA RANU with face value of 1 Kina per share are fully owned by Papua New Guinea Government and as such EDA RANU is not a private company. Because of the government’s full ownership of EDA RANU, the Minister for Finance has the authority to order issue of new shares, the power to appoint/dismiss any member of the Board of Directors, to give concessions to the company on the execution of any transaction over K100,000. External Control: The Government has the authority to impose administrative rights over EDA RANU’s operations by nominating directors. This right also require EDA RANU to seek the approval of the Minister for transactions amounting over K100,000 and the approval of the head of the state, to execute any transaction, including remuneration amounting to over K500,000. Internal Control: In addition to the governments control, an internal control system has been established. All procurement shall be approved either by the Board of Directors, the top management or departmental manager as the case may be.

Link >>>

 

OUR COMPANY

HOME