First, it would establish an oversight council – composed of representatives of the agencies and departments involved in the oversight of the financial sector – that would be responsible for monitoring and identifying emerging systemic risks across the full range of financial institutions and markets.
5)  Independent Board – comprising the Governor who is also the Chairman, the two Deputy Governors and a wide community representation with five ex-officio members (presidents of the PNG Council of Churches, Chamber of Commerce, PNG Trade Union Congress and Institute of Accountants, and Chairman of the Securities Commission). The Minister can appoint 3 members (non ex-officio) to the Board.