Board
Composition of the Board
The Board of the Bank of Papua New Guinea comprises members who are either ex officio (by virtue of the offices they hold) or non-ex officio (appointed by the Head of State, acting on advice).
The Central Banking Act 2000 as amended in 2021, provides for a nine person board, comprising
- the Governor (ex officio)
- one Deputy Governor (ex officio), selected by the Governor if there is more than one Deputy Governor
- five members appointed by the Head of State, acting on advice, in consultation with the Board. [Section 27(2)(c)]
- two members appointed by the Head of State acting on advice, on the recommendation of the Board, one of whom must have international experience in central banking and not be a resident of PNG. [Section 27(2)(d)].
The term of office on the Board for the Governor and Deputy Governor is four years. The Governor and Deputy Governor are eligible for re-appointment for a total maximum of two terms and may not serve for a total of more than eight years.
The maximum term of office for Section 27(2)(c) non-ex officio Board members is two years for the first term and four years for a subsequent term.
The maximum term of office for Section 27(2)(d) non-ex officio Board members is one year for the first term and three years for a subsequent term.