Comrade Trustee Services Limited (CTSL), the superannuation fund serving members of the Papua New Guinea Defence Force (PNGDF), has strengthened its governance framework and long-term strategic positioning with the appointment of Chetan Chopra as Chairman of the Board.
The appointment of Chopra was formally announced during a CTSL press conference held on Thursday, 18 December 2025, at the CTSL Boardroom in Comrade Haus, Port Moresby. The briefing provided an opportunity for CTSL to outline the Board’s leadership transition, reaffirm its governance priorities, and explain how the appointment aligns with the Fund’s long-term strategic and performance objectives.
Effective 27 November 2025, Chopra’s appointment reflects a deliberate focus on continuity, institutional stability, and experienced leadership as CTSL builds on a period of significant reform and improved financial performance. His elevation to Chairman follows nearly three years of Board service, including tenure on both the Interim and Permanent Boards, providing him with deep familiarity with the Fund’s governance reset and strategic priorities.
Chopra brings more than 30 years of executive and board-level experience across Papua New Guinea’s banking, finance, and superannuation sectors, complemented by international exposure. A chartered accountant with extensive C-suite and company director credentials, he is widely recognised for his expertise in financial management, risk, banking, strategy, and ethical governance — capabilities viewed as critical for funds operating in increasingly complex regulatory and investment environments.
Upon accepting the role, Chopra emphasised governance discipline, stakeholder engagement, and long-term value creation as central to his chairmanship.
“I am honoured to assume the role of Chairman at such a pivotal time in CTSL’s journey. I look forward to working closely with the Board, management, our regulator, and all stakeholders to ensure CTSL continues to build on the strong foundations that have been established. Our focus will remain firmly on delivering value, transparency, and long-term stability for our members.”
Speaking during the press conference, Chopra also acknowledged Chief of Defence Force Rear Admiral Philip Polewara, CBE, and highlighted the strength of the Board, noting its collective professionalism, complementary expertise, and shared commitment to disciplined governance and member outcomes.
The CTSL Board comprises:
- Rear Admiral Philip Polewara, Commander of the Papua New Guinea Defence Force
- Mr Vera Raga
- Mr Charles Lee
- Mr Warwick Vele
Governance Reform and Financial Turnaround Under Outgoing Chair
The appointment of a new Chairman follows the conclusion of the tenure of Her Excellency Michelle Hau’ofa, whose leadership is widely credited with restoring confidence in the Fund and repositioning CTSL on a stronger financial and governance footing.
Appointed to lead the Interim Board in February 2023, Hau’ofa oversaw a period of stabilisation and institutional strengthening in close engagement with the Bank of Papua New Guinea and other key stakeholders. During her tenure, CTSL recorded 35 per cent growth in net assets, reflecting improved investment governance, enhanced oversight, and stronger balance sheet management.
Member outcomes also improved materially, with crediting rates rising from 2.3 per cent in 2022, to 7.3 per cent in 2023, and 10.5 per cent in 2024. Governance reforms implemented during this period addressed legacy issues, strengthened compliance and accountability frameworks, and enhanced benefits associated with the defined benefit surplus.
Structural and operational reforms extended to the modernisation of the CTSL Constitution, strengthened relationships with the PNG Defence Force and sector partners, and enhanced oversight of subsidiary Toea Homes Limited, resulting in improved governance discipline and commercial performance. Notably, a three-year strategic plan was completed in under two years, underscoring the pace of reform achieved.
In recognising her contribution, the CTSL Board stated: “Ms Hau’ofa’s leadership has been instrumental in restoring confidence, strengthening governance, and setting CTSL on a path of sustainable growth. Her dedication to the Fund, its members, and the nation has left an enduring legacy, and the Board expresses its deepest appreciation for her commitment and integrity.”
Board Renewal and Capability Building
As part of its broader governance strengthening agenda, CTSL has also refreshed its Board composition to ensure the right mix of financial, operational, and sector expertise to support the Fund’s next phase.
The Board acknowledged Colonel Fred Aile following his retirement from the PNG Defence Force, recognising his three years of service as a Director during a period of transition and reform. His contribution supported governance continuity and reinforced the Fund’s focus on member-centric outcomes.
Two new Directors have since been appointed, further strengthening Board capability. Judy Nete Kuk, appointed as an Independent Director, brings extensive experience in governance, finance and accounting, and corporate strategy. Colonel Rodney Yahamani, appointed as a Shareholder Director, contributes deep Defence Force operational knowledge and organisational leadership, strengthening alignment between the Fund and its membership base.
These appointments reflect CTSL’s commitment to maintaining a high-performing Board with expertise spanning finance, law, operations, military leadership, and superannuation — a governance profile increasingly expected of large institutional investors.
The CTSL Board has outlined a clear set of priorities aimed at sustaining financial performance, strengthening oversight, and enhancing long-term member value. Key focus areas include expanding Fund accessibility to broaden membership and improve sustainability; enhancing asset governance and performance to deliver consistent long-term returns; strengthening oversight and governance of Toea Homes Limited; developing a capable and high-performing management team; and reinforcing Board accountability and effectiveness.
These priorities will inform CTSL’s next strategic planning cycle as the Fund positions itself for continued growth while managing investment, regulatory, and operational risks.
With renewed leadership, strengthened governance, and a disciplined strategic focus, CTSL is positioning itself as a more resilient and performance-driven superannuation fund, reinforcing its role in safeguarding the long-term financial wellbeing of PNG Defence Force members and contributing to the maturity of Papua New Guinea’s superannuation and financial services sector.
