Comrade Trustee Services Limited (CTSL) is pleased to announce the appointment of Mr. Chetan Chopra as the new Chairman of the CTSL Board, effective 27 November 2025.
Mr. Chopra has served on the CTSL Board since 2 February 2023, initially as a member of the Interim Board before moving onto the Permanent Board on 3 August 2023. He brings over 30 years of extensive executive and governance experience in Papua New Guinea’s banking, finance, and superannuation sectors, complemented by international exposure. A chartered accountant with long-standing C-suite and company director experience, Mr. Chopra is widely respected for his deep expertise in financial management, banking, risk, strategy, and ethical governance.
Upon accepting the appointment, Mr. Chopra expressed his appreciation for the Board’s confidence and reaffirmed his commitment to strengthening CTSL’s governance, performance, and long-term value for members of the Papua New Guinea Defence Force.
“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.” — Mr. Chetan Chopra, CTSL Chairman
Acknowledging the Leadership of Outgoing Chair H.E. Michelle Hau’ofa
The CTSL Board extends its sincere appreciation to H.E. Michelle Hau’ofa, who concluded her tenure as Chair following the successful completion of the Quarter 4 Board Meeting.
Since being appointed to lead the Interim Board on 3 February 2023, Ms. Hau’ofa has guided CTSL through a period of substantial stabilisation, institutional strengthening, and strategic renewal. Working closely with BPNG and key stakeholders, she oversaw major achievements, including:
- 35% growth in net assets during her tenure
- Improved crediting rates: 2.3% (2022) → 7.3% (2023) → 10.5% (2024)
- Implementation of comprehensive governance reforms
- Resolution of legacy issues and enhanced member benefits relating to the defined benefit surplus
- Strengthened relationships with the PNG Defence Force and key sector partners
- Modernisation of the CTSL Constitution
- Stronger oversight of Toea Homes, improving governance and commercial performance
- Completion of the three-year strategic plan in under two years
The Board acknowledges Ms. Hau’ofa’s exceptional service:
“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.” — CTSL Board of Directors
Acknowledgement of Service — Colonel Fred Aile
The Board also extends its gratitude to Colonel Fred Aile upon his retirement from the PNG Defence Force for his dedicated service as a Director after serving on the board for three years. His professionalism, leadership, and commitment to the Fund and its members were invaluable throughout this period of transition and reform. His contribution helped strengthen governance continuity and reinforced the Fund’s focus on member outcomes.
Strengthening the Board for the Future
CTSL is pleased to welcome two newly appointed Directors who further enhance the capability and diversity of experience represented on the Board:
- Ms. Judy Kuk, appointed as an Independent Director, brings significant expertise in governance, finance and accounting, and corporate strategy.
- Colonel Rodney Yahamani, appointed as a Shareholder Director, brings deep understanding of Defence Force operations, discipline, and organisational leadership, strengthening the alignment between the Fund and its membership base.
These additions reflect CTSL’s continued commitment to strong governance, ethical leadership, and building a high-performing Board with experience across finance, law, operations, military leadership, and superannuation.
Looking Ahead
The Board remains unified in advancing CTSL’s strategic direction, anchored on four core pillars:
- Expanding Fund accessibility to broaden membership and strengthen sustainability
- Enhancing asset governance and performance to deliver stronger, more consistent returns
- Strengthening oversight, accountability, and Board effectiveness
- Supporting members’ long-term financial wellbeing through more innovative retirement and life-enhancing solutions
These priorities will shape CTSL’s next strategic planning cycle as the newly constituted Board and Chairman lead the Fund into a new phase of growth, stability, and member-centred service.