| (2) | When appointing a person as Chief Executive Officer of the Corporation, the person and the Board must agree, in writing, on— |
| (a) | the performance measures that will be used to assess the Chief Executive Officer of the Corporation’s performance; and |
| (b) | the level of performance to be achieved against those performance measures. |
| (3) | A person may not be appointed or hold office as Chief Executive Officer of the Corporation if the person— |
| (a) | is a disqualified person; or |
| (b) | is not ordinarily resident in the Republic. |
| (4) | The Chief Executive Officer of the Corporation— |
| (a) | is responsible for the day-to-day management and administration of the Corporation; and |
| (b) | except as provided in section 166AJ(b), must perform the functions of the Corporation, including exercising the powers and carrying out the duties associated with those functions. |
| (5) | When acting in terms of subsection (4), the Chief Executive Officer of the Corporation must implement the policies and strategies adopted by the Board. |
| (6) | The Board may appoint a senior staff member of the Corporation to act as Chief Executive Officer of the Corporation when the Chief Executive Officer of the Corporation is absent from office or otherwise unable to perform the functions of office. |
[Section 166AL inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 24 March 2023 per (a) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
