Section 42: Executive Director

1) There shall remain an Executive Director to function as the administrative chief of the Fund. The Executive Director shall be accountable to the Committee for his or her acts and actions.

2) The Committee shall form a selection subcommittee comprising three members of the Committee to recommend the appointment of the Executive Director.

3) The subcommittee formed pursuant to sub-section (2) shall select, no more than three candidates to the extent they are available from among candidates who have attained no less than postgraduate degree in economics, management, labour, commerce or law disciplines and have no less than fifteen years’ working experience in officer-level position in government or nongovernment organizations or company or organized institution established as per prevalent law, through an open competition and shall submit their names to the Committee for appointment.

4) The Committee shall evaluate the qualifications, experience, leadership capacity, and the fund management and operational work plan presented by the candidates selected pursuant to sub-section (3) and appoint the most suitable candidate to the post of the Executive Director of the Fund.

5) Notwithstanding whatsoever is written in this Section, the Ministry may designate or assign any First Class Gazetted Officer of the Government of Nepal to officiate as Executive Director until an Executive Director is appointed.

6) The term of office of the Executive Director appointed pursuant to sub-section (4) shall be four years, and she or he may be re-appointed for an additional term.

7) Notwithstanding whatsoever is written in sub-section (6), the Committee may relieve the Executive Director of their post in the following conditions:

(a) If they are found to be lacking functional capacity to execute or cause to execute tasks to be carried out pursuant to this Act,

(b) If they are found to have acted with dishonesty or mala fide intention in a task related to the Fund,

(c) If they have not conducted themselves in a manner fitting the position, and

(d) If they have not been able to act according to the work performance agreement, or if their work performance appraisal has not been satisfactory.

8) Before relieving the Executive Director of his or her post pursuant to sub-section (7), she/he shall be given an appropriate opportunity for clarification.

9) The remuneration, benefits and other terms and conditions of service of the Executive Director shall be as specified.