Acting CEO
57 Acting CEO
If the CEO is unable to act or the position of CEO is vacant, the Board may appoint a person to act as the CEO.
A person cannot act in the office of CEO for a continuous period of more than 12 months.
Section 49(5) does not limit who may be appointed to act as the CEO.
A person acting as the CEO holds office on the terms and conditions of appointment, including as to remuneration, determined by the Board.
The remuneration of a person acting as the CEO cannot exceed that of the holder of the office or, if the position is vacant, the most recent holder of the office.
An act or omission of a person acting as the CEO cannot be questioned on the ground that the occasion for the appointment or acting had not arisen or had ceased.
This Act’s bill:Explanatory memorandumSecond reading speech
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