Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 3 : Prudential AuthorityPart 2 : Governance39. Removal of Chief Executive Officer |
| (1) | The Governor must, subject to due process, remove the Chief Executive Officer from office if the Chief Executive Officer becomes a disqualified person. |
| (2) | The Governor may, with the concurrence of the Minister, remove the Chief Executive Officer from office if an independent inquiry, established by the Governor with the concurrence of the Minister, has found that the Chief Executive Officer— |
| (a) | is unable to perform the duties of office for health or other reasons; |
| (b) | has failed in a material way to achieve the level of performance against the performance measures agreed to in terms of section 36(2); |
| (c) | has failed in a material way to discharge any of the responsibilities of office, including any responsibilities entrusted in terms of legislation; or |
| (d) | has acted in a way that is inconsistent with continuing to hold the office. |
| (3) | If an independent inquiry has been established in terms of subsection (2), the Governor may suspend the Chief Executive Officer from office pending a decision on the removal of the Chief Executive Officer. |
| (4) | Without limiting subsection (2)(c), the Chief Executive Officer must be taken to have failed in a material way to discharge the responsibilities of office if he or she is absent from two consecutive meetings of the Prudential Committee without the leave of the Prudential Committee. |
| (5) | If the Chief Executive Officer is removed from office in terms of subsection (2), the Minister must, within 30 days, submit the report and findings of the independent inquiry to the National Assembly. |