Corporate Governance

OTML is an unlisted PNG majority State Owned Enterprise (SOE) operating in accordance with the Papua New Guinea Companies Act (1997).
Home → Who We Are → Corporate Governance

We are committed to maintaining robust and transparent corporate governance practices. This includes monitoring and adopting as appropriate, contemporary international practices such as the guidance principles of the Australian Stock Exchange Corporate Governance Council as follows:

  • Majority of the Directors are independent;
  • The Chairman is independent;
  • The Board of Directors (or the Board) has three standing committees; and
  • Non-executive Directors do not receive any short or long-term incentives, equity-based remuneration or retirement/termination benefits.

Legislative Framework

OTML operates within a legal framework that is governed by various Acts, conditions and commitments including:

  • The Mining (Ok Tedi Agreement) Act 1976 (as amended and supplemented) ;
  • The Mining (Ok Tedi Mine Continuation (Ninth Supplemental) Agreement) Act 2001 which includes The Ok Tedi Mine Closure and Decommissioning Code 2001;
  • Approved proposals and variations to approved proposals (Change Notices) ;
  • Leases issued under both the Mining and Lands Acts; and
  • Mining (Safety) Act 1977 and Regulation.

In addition to the above, there are numerous agreements between OTML, the State, the Provincial Government, landowners and shareholders.

Shareholder Structure

The shareholder structure for OTML as at 31 December 2017 is shown below:

Ok Tedi Mining Limited. Total Shares: 192,700,000

%

Star Mountain Ltd

17,343,000 shares

%

MROT No.2 Ltd

23,124,000 shares

%

CMCA HOLDINGS Ltd

23,124,000 shares

%

State of PNG

129,109,000 shares

Decision 183/2016 of the National Executive Council “Allocation of Direct Equity in OTML to Fly River Provincial Government, CMCA and Mt. Fubilan Landowners (33% Direct Equity in OTML)” confirmed the intent of the State to transfer 33% of equity in OTML. This decision was formalised by way of execution of relevant share transfers in 2018.

Board of Directors

Profiles of our Board of Directors

Read More

Executive Leadership Team

Profiles of our Executive Leadership Team

Read More

Board Committees

Key Board Committees

Read More

Code of Conduct

Our Code of Conduct and ethical foundations

Read More

Governance Initiatives

Key governance & reporting requirements

Read More

Audits

Internal & External Auditing

Read More

Policies & Standards

Our policies and standards

Read More