CTSL

Board Of Directors

The CTSL Board comprises a diverse group of independent and member-representative Directors who collectively bring the skills, experience, and judgment required to govern a licensed corporate trustee. Working as an integrated team, the Board fosters open dialogue, shared accountability, and evidence-based decision-making to provide strong oversight of the Defence Force Retirement Benefits Fund.

Guided by CTSL’s values and strategic priorities, the Board brings together financial, investment, legal, governance, and operational expertise to address complex issues, resolve legacy challenges, and steward the Fund in the long-term interests of its members. Through structured committee work and collaborative engagement with management and regulators, the Board creates the conditions for prudent risk management, sustainable performance, and sound governance in a dynamic and evolving environment.

Chetan Chopra

Chairman & Independent Director

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Rear Admiral Philip Polewara

Shareholder Director

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Vera Raga

Independent Director

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Charles Lee

Independent Director

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Warwick Vele

Independent Director

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Judy Nete Kuk

Independent Director

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Colonel Rodney Yahamani

Shareholder Director

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Committee Composition

The composition is designed to ensure continuity, quorum, and balanced participation, while enabling Directors to work collaboratively across committees, share expertise, and respond effectively to evolving governance needs.

✔ denotes committee membership, “–“ denotes no appointment

CTSL Board Charter

CTSL Board Charter

# Director ARCC IC RANC MC Total
1Chetan Chopra, Board Chair✓1
2Judy Nete Kuk(Chair)✓✓3
3Vera Raga✓(Chair)✓3
4Charles Lee(Chair)✓2
5Warwick Vele✓✓(Chair)3
6Colonel Rodney Yahamani✓✓✓3
7Rear Admiral Philip Polewara CBE✓✓2
8Vacant
Chetan Chopra, Board Chair
MC:✓
Total:1
Judy Nete Kuk
ARCC:(Chair)
IC:✓
RANC:✓
Total:3
Vera Raga
ARCC:✓
RANC:(Chair)
MC:✓
Total:3
Charles Lee
IC:(Chair)
RANC:✓
Total:2
Warwick Vele
ARCC:✓
IC:✓
MC:(Chair)
Total:3
Colonel Rodney Yahamani
ARCC:✓
RANC:✓
MC:✓
Total:3
Rear Admiral Philip Polewara CBE
IC:✓
MC:✓
Total:2
© 2026 CTSL. All Rights Reserved.

Committee composition is reviewed periodically and may be adjusted to reflect changes in Board membership and governance priorities.

CTSL’s Board and Committee structures are designed to support effective Board dynamics through diversity of skills, balanced workloads, and open, informed dialogue. Committee membership is periodically reviewed to ensure appropriate coverage, quorum, and alignment with prudential standards, while fostering collaborative oversight and continuous improvement in governance performance.

Corporate Governance

CTSL upholds the highest standards of corporate governance in managing our members’ retirement savings. We operate within a strict regulatory framework governed by:

  • The Superannuation (General Provisions) Act 2000
  • The Defence Force Retirement Benefits Act
  • Oversight by the Bank of Papua New Guinea (BPNG)

Our independent and experienced Board of Directors provides oversight to ensure the Fund is professionally and ethically managed.

Strong governance, compliance, and risk management are central to how we serve our members.

Chetan Chopra

Chairman & Independent Director

Professional Summary

Chetan Chopra is an experienced finance executive with over 25 years’ experience in Papua New Guinea across the banking and superannuation sectors, complemented by senior international roles in the United States and India. He has held executive leadership positions including Chief Financial Officer at Kina Securities Limited and Nambawan Super Limited and was previously a Partner at KPMG PNG.

Chetan brings deep expertise in financial governance, risk management, compliance, and corporate strategy, providing strong leadership and oversight to the CTSL Board.

Key Expertise & Contributions

  • Finance, Accounting & Risk Oversight – Strengthening financial governance in complex institutions.
  • Corporate Strategy & Compliance – Extensive experience with regulatory frameworks and board assurance.
  • Superannuation & Banking – Deep understanding of industry operations, risks, and stakeholder engagement.
  • Global & Local Leadership – Senior roles across PNG, Australia, and South Asia.

Board & External Roles

  • Director, CTSL Board
  • Director, Toea Homes Limited Board
  • Member, Membership Committee, CTSL
  • Former Chair, Audit, Risk & Compliance Committee, CTSL
  • Board Member, Paradise Group Limited
  • Board Member, Invexa Business Solutions Limited

Education & Professional Memberships

  • Master of Business Administration, Melbourne Business School, University of Melbourne
  • Chartered Accountant (India) · CPA Australia and CPA Papua New Guinea
  • Member, PNG Institute of Directors
  • Graduate, Australian Institute of Company Directors

Rear Admiral Philip Polewara

Shareholder Director

Professional Summary

Rear Admiral Philip Polewara has a distinguished military career spanning senior command, national security leadership, and international defence engagement. He commanded multiple naval units and played a key leadership role during the Bougainville crisis. His experience brings a strong strategic, security, and institutional governance perspective to the CTSL Board.

Key Expertise & Contributions

  • Military Leadership & National Security – Extensive operational and command experience.
  • Strategic Policy & International Relations – Senior training at leading US military institutions.
  • Board & Institutional Governance – Governance roles across defence-related organisations.

Board & External Roles 

  • Director, CTSL Board
  • Director, Toea Homes Limited Board
  • Member, Investment Committee, CTSL
  • Member, Membership Committee, CTSL

Education & Professional Memberships

  • Bachelor of Business (Public Policy), University of Papua New Guinea
  • Master of Liberal Arts (International Relations), Salve Regina University, USA
  • Graduate, US Naval Staff College · Graduate, Naval Command College
  • Member, PNG Institute of Directors
  • Member, Australian Institute of Company Directors

Vera Raga

Independent Director

Professional Summary

Vera Raga brings extensive experience in governance, policy oversight, and organisational leadership. Her background spans public sector engagement, institutional strengthening, and board-level decision-making, contributing to balanced and values-driven governance at CTSL.

Key Expertise & Contributions

  • Governance & Policy Oversight – Strong focus on accountability and board effectiveness.
  • Stakeholder Engagement – Experience working across public and community-based institutions.
  • Ethical Leadership – Commitment to transparency and responsible decision-making.

Board & Committee Roles

  • Director, CTSL Board · Chair, Remuneration & Nomination Committee, CTSL
  • Member, Audit, Risk & Compliance Committee, CTSL
  • Member, Membership Committee, CTSL

Charles Lee

Independent Director

Professional Summary

Charles Lee is a seasoned investment and superannuation professional with over 19 years of experience across banking, funds management, investment advisory, and insurance. He previously served as Chief Investment Officer at Nasfund and has held board roles across major financial institutions, including BSP Financial Group and Capital Insurance Group. He was recognised by the PNG Institute of Directors as Young Director of the Year (2018).

Charles brings strong capability in investment strategy, portfolio oversight, risk governance, and disciplined decision-making to support CTSL’s investment outcomes.

Key Expertise & Contributions

  • Investment Strategy & Portfolio Management – Led major fund management initiatives and portfolio optimisation.
  • Banking & Financial Advisory – Extensive experience in corporate finance, advisory, and risk oversight.
  • Corporate Governance – Active contributor to board governance and committee effectiveness.

Board & Committee Roles 

  • Director, CTSL Board · Director, Toea Homes Limited Board

  • Chair, Investment Committee, CTSL

  • Member, Renumeration & Nomination Committee, CTSL

  • Chairman, Toea Homes Limited

Education & Professional Memberships

  • Bachelor’s in Business Economics, University of Papua New Guinea
  • Postgraduate Certifications, Kaplan Institute Australia
  • Postgraduate Certifications, Melbourne Business School
  • Member, PNG Institute of Directors
  • Member, Australian Institute of Company Directors

Warwick Vele

Independent Director

Professional Summary

Warwick brings commercial acumen and governance experience across investment, organisational leadership, and board oversight. His contribution supports CTSL’s strategic direction, committee effectiveness, and prudent risk management.

Key Expertise & Contributions

  • Investment & Financial Oversight – Supporting informed and disciplined decision-making.
  • Committee Leadership – Experience chairing and contributing to board committees.
  • Strategic Governance – Focus on long-term sustainability and organisational performance.

Board & Committee Roles 

  • Director, CTSL Board · Chair, Membership Committee, CTSL
  • Member, Audit, Risk & Compliance Committee, CTSL
  • Member, Investment Committee, CTSL

Judy Nete Kuk

Independent Director

Professional Summary

Judy Nete Kuk is an accomplished finance executive with more than 20 years of senior leadership experience across aviation, state-owned enterprises, and the private sector. She is currently the Chief Financial Officer of Air Niugini Limited, where she led the implementation of Oracle Fusion Cloud ERP and the modernisation of enterprise-wide financial systems.

Judy previously served as Chief Financial Officer of Kumul Consolidated Holdings, playing a key role in completing statutory audits and strengthening balance-sheet discipline under the national SOE Reform Agenda.

Key Expertise & Contributions

  • Financial Strategy & Corporate Governance – Leadership across complex public and private sector entities.
  • Risk Management & Compliance – Strengthening systems, controls, and regulatory alignment.
  • Digital Transformation – Led major ERP and financial systems integration programs.
  • Stakeholder Engagement – Active contributor to financial literacy and women-in-leadership forums.

Board & External Roles

  • Director, CTSL Board
  • Director – Toea Homes Limited Board
  • Chair, Audit, Risk & Compliance Committee, CTSL
  • Member, Investment Committee, CTSL
  • Member, Remuneration & Nomination Committee, CTSL
  • Chief Financial Officer, Air Niugini Limited
  • Advisor, Air Niugini Corporate Social Responsibility Programs
  • Contributor, National Financial Literacy Workshops
  • Public Speaker – Women in Leadership and Digital Finance

Education & Certifications

  • Master of Economics, University of New England, Australia
  • Bachelor of Financial Administration (Accounting & Finance), University of New England, Australia
  • CPA Australia – Full Member
  • CPA Papua New Guinea – Full Member
  • PRINCE2 Practitioner (IPMA)

Colonel Rodney Yahamani

Shareholder Director

Professional Summary

Colonel Rodney Manihuazi Yahamani brings over 25 years of distinguished service in the Papua New Guinea Defence Force, including senior leadership roles such as Director of Legal Services at Defence Headquarters. His career spans strategic planning, military operations, legal and defence administration, providing disciplined insight into governance, risk management, and organisational performance.

As the Shareholder Representative for contributory members, Colonel Yahamani strengthens CTSL’s commitment to integrity, accountability, and the long-term interests of members.

Key Expertise & Contributions

  • Strategic & Operational Leadership – Extensive senior leadership experience across the PNG Defence Force.
  • Governance & Risk Oversight – Defence-based discipline applied to fund governance, assurance, and compliance.
  • Public Service & Stakeholder Representation – Strong advocate for contributory member interests and public accountability.
  • Organisational & Legal Oversight – Supports structured decision-making and long-term strategic alignment.

Board & External Roles

  • Director, CTSL Board · Director, Toea Homes Limited
  • Member, Audit, Risk & Compliance, CTSL
  • Member, Remuneration & Nomination Committee, CTSL
  • Member, Membership Committee, CTSL
  • Senior Officer, Papua New Guinea Defence Force
  • Member, PNG National Awards Committee
  • Member, PNG National Compulsory Service Committee
  • Member, PNG International Humanitarian Law Committee

Education & Certifications

  • Bachelor of Law, University of Papua New Guinea
  • Graduate, PNG Defence Academy
  • Member, Victorian Bar (International Roll of Lawyers)
  • Graduate, New Zealand Advanced Command and Staff College
  • Graduate, National Defence University, People’s Republic of China (International Program)
  • Graduate, US International Institute of Defence and Humanitarian Law, Newport, Rhode Island, USA

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