The purpose of the corporation is to provide funds for conserving Palau’s biodiversity and ensure the sustainable use of its natural resources through strategic actions and medium to long-term financial support to the PAN.
Vice President and Minister of Finance Kerai Mariur; Minister of Natural Resources, Environment and Tourism Harry Fritz; and Asia-pacific Marine Program Director Bill Raynor were the incorporators. Speaker Noah Idechong witnessed the signing ceremony.
According to Umiich Sengebau, The Nature Conservancy’s Deputy Director of Conservation Micronesia Program, one of the donor agencies, “PANF is the financial trustee of PAN that’s responsible for disbursing the fund money from the $15 Conservation departure fees (funding from green fees) as donated by the national government to be used for the general operation of the PAN.”
Sengebau added that the money is in Palau government’s account, and it cannot be touched unless the PANF Corporation is created. The PANF generates approximately $100,000 a month or $1.2 million a year from the green fee funds.
After the incorporation, Sengebau said that under the law the PANF is going to appoint nine members of the Board. “Minister Fritz and the Vice President are automatically ex-officio members. The two donor agencies, the Nature Conservancy and Conservation International will also be serving on the Board.”
The Incorporators will then pick five names that will complete the nine members of the Board to be submitted to the office of the President for approval.
