Sec. 105. Senior management
366 words·~2 min read·
/bill/113/s/1716/is/section-105·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Senior management shall support the chief executive officer in the discharge of the responsibilities of the chief executive officer. The chief executive officer shall appoint such senior managers as are necessary to carry out the purposes of IFA, as approved by a majority vote of the voting members of the Board of Directors, including a chief compliance officer, general counsel, chief operating officer, chief lending officer, and other positions as determined to be appropriate by the chief executive officer and Board of Directors.
Each member of senior management shall serve at the pleasure of the chief executive officer and the Board of Directors. Any member of senior management may be removed— by a majority of the voting members of the Board of Directors at the request of the chief executive officer; or by a vote of not fewer than 5 voting members of the Board of Directors. Each member of senior management shall report directly to the chief executive officer, other than the chief risk officer, who shall report directly to the Board of Directors.
The chief risk officer shall be responsible for all functions of IFA relating to— the creation of financial, credit, and operational risk management guidelines and policies; the establishment of guidelines to ensure diversification of lending activities by region, infrastructure project type, and project size; the creation of conforming standards for infrastructure finance agreements; the monitoring of the financial, credit, and operational exposure of IFA; and risk management and mitigation actions, including by reporting those actions, or recommendations of actions to be taken, directly to the Board of Directors.
No individual appointed to senior management may— hold any other public office; have any financial interest in an eligible infrastructure project then being considered by the Board of Directors, unless that interest is placed in a blind trust; or have any financial interest in an investment institution or its affiliates, IFA or its affiliates, or other entity then seeking or likely to seek financial assistance for any eligible infrastructure project from IFA, unless any such interest is placed in a blind trust during the term of service of that individual in a senior management position, and for a period of 2 years thereafter.