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Corporate Governance
Our corporate governance is embedded in the process by which NCL is directed and managed. It is a fundamental element of the way the company sets and achieves its objectives, how it assesses and monitors its risks and how it ensures it achieves the right objectives. As part of a balanced approach we insist on accountability with responsibility, identification and measurement of operating risks, control systems which monitor actions in line with policy and processes. We review our governance systems regularly. Our Compliance Officer controls regular internal audit on processes and confirms they continue to meet best practice. Board of Directors BLC is a private company. The Board comprises of well experienced directors whose interests align with best company outcomes. Our Committees In addition to the Board the company has appointed a Governance Committee, a Compliance Committee and an Audit and Risk Committee. Each Committee reports directly to the Board. AFSL Requirements NCL holds an Investment Management License in PNG and the parent company, Backwell Lombard Capital Ltd, have an AFSL Broking License which permits it to provide a wide range of financial services to wholesale, sophisticated and retail clients, both in PNG and abroad. We are required to meet net tangible asset and prudential cover tests. NCL’s parent company, Backwell Lombard Capital has an Australian Financial Serives License (AFSL) and is governed by the Australian regulations in the financial sector that NCL also replicates. We maintain separate, appropriate professional indemnity and fraud insurance. We have a complaints handling system which meets relevant standards. Related Party Transactions We insist every transaction we engage in is on an arm’s length basis. Any transaction involving a related party is recorded in NCL’s related party dealings register. Policies and Procedures NCL complies with all requirements of ASIC, the Securities Commission (PNG), and the Bank of PNG regarding its policies and procedures |