The Mineral Resources Development Company (MRDC) is for the first time partnering with the Australian Institute of Company Directors (AICD) to provide vital training to forty- four (44) of its group company directors this week.

Directors of PRK, MRE and MRDC discussing on a case study during the day 1 session of the International Company Directors Course facilitated by AICD. (L-R) John Kapi-Natto (PRK) Governor Chris Haiveta (PRK/PRG/PRM), Owen Makindi (MRDC Management) Kurupu Ipara (MRE), Pelly Pundi (MRE) and Simon Tosali (MRDC Board)

The directors training which begun today (Monday 7th October, 2019) will run for five days and be delivered in two sets of courses tailored specifically for the MRDC group at the Hilton Hotel in Port Moresby. The first course will be the International Company Directors Course, which runs for 5 days starting today while the PNG Directors Course will run for 3 days commencing tomorrow (Tuesday, 8 October, 2019). MRDC collaborating with the AICD to execute this internationally recognized course is a demonstration of MRDC’s level of commitment and drive to increase the governance capacity of the directors and build high performing and effective boards. Managing Director of MRDC, Augustine Mano, who is also attending the course said the collaboration with the AICD is critical as it is one of the leading director institutes in the APEC region with very high standards. “This training is vital in order for our boards to be dynamic and effective. A good board means good management. When our directors are equipped with the right tools, they can participate meaningfully in board meetings in which important decisions are made regarding the welfare of the people they represent” said Mano. “We’ve been working to improve the general culture and structure of the way we conduct business at MRDC over the last 10 years, in order to improve governance, and bring about transparency and accountability. I believe this first ever training for the directors is a step towards that direction for the organisation” said Mano. Since 2018, MRDC undertook to roll out certified directors training for the main Board and the subsidiaries. This led to various discussions and engagements with the AICD. Being mindful of the different education and experience levels of directors, MRDC organised an entry point level course specific for community-based leaders’ who are first time directors. With this understanding, the ACID has now put together training specifically for the MRDC group.By the end of the training, the PNG directors will walk away with introductory knowledge of the role of the director and the board, board meetings and governance, how to read financial statements for directors, assessing financial performance and an introduction to their strategic role as well as risk issues of the Director.

The International Company Directors Course is for seasoned and experienced directors. The 22 directors for this training sit on multiple boards and deal with trans-border transactions with the MRDC groups’ international investment portfolios.

Their training will allow them to understand the role of the board and the practice of directorship in an international context, the cultural environment and its impact on decision making, the international legal environment, Directors’ duties and responsibilities in an international context, the risks, strategies on the board’s role, financial literacy, how to drive financial performance and how to be part of an effective international board.

The AICD is the world’s largest director institute and is committed to strengthening society through world-class governance. Their 45,000 members include senior leaders from business, government and the not-for-profit sectors from more than 85 different countries.