1. Principal duties
The Executive Director and Chief Executive Officer of BANK (the Executive Director) is delegated the responsibility for all activities, including the management, operation and development of BANK, to support the strategic objectives with respect to assets under management.
The Executive Director reports directly to The Banks Executive Board and is in charge of the administration of BANK in accordance with the principles and guidelines laid down by the Executive Board. The Executive Director establishes and chairs BANKs Leader Group.
2. Advisory and preparatory work
The Executive Director of BANK is the Executive Boards closest professional adviser on issues concerning investment management, and is responsible for providing well-founded and documented advice on investment strategy and other aspects of investment management. This responsibility includes:
Prepare the basis for decisions on investment management to be taken by the Executive Board;
Ensure relevant theoretical and practical expertise and advisory capacity;
Provide advice on matters concerning changes in investment strategy, asset classes, asset allocation, investment risk, benchmark indices, investment limits and other operating parameters for the funds and portfolios under management.
3. Planning and management
The Executive Director has the professional and administrative responsibility for BANK and shall maintain and develop an appropriate organisation to support BANKs investment strategy. This includes:
Develop an appropriate management structure within BANK;
Prepare and implement the strategic and annual plans and ensure that these are formally updated on a regular basis, as well as whenever necessary to reflect significant changes;
Ensure BANK operates in a cost effective manner and propose an annual budget and cost framework for activities;
Provide financial reporting and accounting, including records to The Bank, for the preparation of quarterly and annual accounts in line with applicable accounting rules and The Banks accounting policies;
Manage The Banks overseas offices and take care of all functions relating to the operation of such offices, including the maintenance of relationships with regulatory authorities and the facilitation of representation arrangements.
4. Human resources and organisational development
The Executive Director is responsible for the organisational development and personnel management of all employees within BANK. This includes:
Recruit BANK personnel and chair the employee participation committee (MPU);
Motivate and develop employees so that BANK has the human resources and competence to ensure high professional standards;
Define and document the primary responsibilities for employees representing direct reports;
Establish a human resources policy for BANKs employees, including personnel services, based on the overall rules applying to The Bank;
Establish and administer compensation arrangements which ensure recruitment of competent personnel for positions at all levels in BANK in accordance with the principles for compensation of BANK employees as laid down by the Executive Board;
Conduct, at least annually, a review of compensation arrangements, including benchmarking against competitors in the local markets where BANK operates;
Prepare materials for the Executive Boards Compensation Committee for all BANK matters, in accordance with the Committees mandate;
Establish legal entities and structures , represent The Bank as owner and contract counterparty vs. such entities,and appoint directors of such entities to support real estate investments. This delegation also applies for entities subject to Central Bank Act (within the parameters set out in said provision). The Executive Director may further delegate these powers.
5. Service providers
The Executive Director may utilise the services of third party providers to achieve the strategic direction. This includes:
Establish guidelines to support when outsourcing may be used, together with prudent and thorough selection processes;
Perform monitoring and control activities to oversee external service providers, including external investment management institutions.
6. Safeguarding of legal interests
The Executive Director shall ensure that the legal interests of The Bank, BANK and the funds are protected and pursued. This includes:
Safeguard assets in the funds through appropriate legal means;
Ensure limited liability for The Bank in relation to the activities of BANK;
Mitigate legal risks associated with contracts and documentation across all parts of BANKs operations;
Pursue interests under contract and as an owner of financial instruments through legal means. This includes recovery of claims, participation in shareholder actions and litigations in line with the principles laid down by the Executive Board.
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