Anthony Smare

Big difference if money flows in-country: Smare

Nambawan Super Limited (NSL) Chairman, Anthony Smare, in a brief response to his 2019 outlook, said many of the project signings have been delayed due to negotiations on the benefits that may be derived from them.

He said NSL was also looking at opportunities where major resource projects are expected to begin.

“If they spend money in country, then we see the benefits. If they don’t spend the money, we don’t see the benefits.

NSL against super healthcare scheme

NSL Board Chairman, Anthony Smare, says members must decide if they want to sign up for such a scheme, but warned it will have a significant impact on their savings.

He made the suggestion following a recent statement by Public Services Minister, Elias Kapavore, who called for a look into the proposed scheme.

During the announcement of NSL’s 2018 financial performance, Smare said the suggestion made recently to make it mandatory for public servants super contributions to pay for this health insurance was concerning.

State satisfies K146m commitment: Nambawan Super

This was made in the 2018 Supplementary Budget with a K46 million payment.

Chairman Anthony Smaré acknowledged the State had honoured its commitment to their former employees by making this third payment and bringing the total received in January 2019 to K146 million.

Since July 2018, the State has remitted K297m in payments, settling the outstanding amounts they owed to more than 6,100 retired public servants.

State pays NSL K95 million

NSL Chairman, Anthony Smare, is now calling on the retirees to see them so they can settle the outstanding payments.

NSL has begun the process of allocating payments to members who exited in 2016.

“Obviously the government has been impacted by an earthquake, low commodity prices, but we’re seeing a flicker of light with the economy. There are some good things starting to happen and it’s also translating into the unfunded.

“The Government has paid us in the last two months, K95 million,” said Smare.

Investment to deliver returns to members

And members have expressed excitement over the property development.

CEO Anthony Smare said within five years members would realise the benefits from the property investment.

“The K300 million or so that this project is valued today, I’m confident to say will double in the next five years. And that’s a great investment for NCD, and it’s a great investment for the fund,” said Smare.

Options on unfunded super continue

NSL board chairman, Anthony Smare, said one of the long term options is securing assets in State Owned Enterprises.

Smare said their current immediate concern is securing the court ordered payment of K230 million for over 5,000 members who exited the public service since March 2016.

Smare and CEO Paul Sayer said one of the options to settle the unfunded K230 million is a Government bond.

Superannuation tax needs to be scrapped: NSL

Smare said having super untaxed can benefit the country greatly, that is why a taskforce has been put together to push for the change.

“That’s something we really want to see. Your balances could be significantly higher if you did not have to give that away in tax. 

“And from the Government perspective, it’s good for the super fund to get money that comes in without being taxed because what do we do with the money? We don’t waste it; we invest it in things that build the country.

“There’s a superannuation task force being put together.

More female CEOs needed

To commemorate International Women's Day, Smare said more women CEOs will translate into better performances in companies.

Smare revealed the NSL Board currently has three female directors.

He said the appointment of more women to boards will see further governance and transparency in the performance of organizations.

Smare resigns from CPL Board

The CPL Board Chairman made the announcement in a letter to the Port Moresby Stock Exchange.

Joining the CPL Board in 2009, Smare’s resignation is effective as of December 18th 2017.

On behalf of the CPL Board Patel, thanked Smare for his contribution to the success of the business.

Patel said the CPL Board will appoint an independent director to replace the vacancy created by Smare.

Inter-generational scheme for your children

NSL Board Chairman, Anthony Smare, announced the potential service which they hope to roll out in the future.

Smare said this during the announcement of Paul Sayer as NSL Chief Executive Officer.

“Instead of you just contributing for yourself and taking your money and go, some of that money is actually giving your children a start and some of their money is given to your grandchildren.