The Board of Directors are guided by Banks and Financial Institution Act 2000, the Constitution of TCFL, Prudential Standards of the Central Bank, Board Charter and other applicable regulatory provisions.
The Bank of Papua New Guinea (regulator) sets the minimum competencies regarding personal attributes, skills and knowledge that each director should bring to the Society.
The Governor of the Bank of Papua New Guinea may undertake relevant skills gap analysis to ensure that the Board has the right mix of skills.
Board Members are then required to be assessed by the Governor of the Bank of Papua New Guinea with regards to these minimum competencies.
This “Fit and Proper” frame work deals with matters such as Minimum Competency, Director Development, Independence, Director Refreshment & Renewal and Performance.