Section 10 in Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015
10. Management of the National Pension System Trust.
(1)The National Pension System Trust shall be managed by a Board of Trustees, consisting of a minimum of five trustees and not more than eleven trustees as may be appointed from time to time by the Authority.(2)Out of the trustees appointed, one trustee shall be designated by the Authority as Chairperson of the Board of Trustees of the National Pension System Trust. The Chairperson of the National Pension System Trust shall preside over all meetings of the Board of Trustees. At any meeting of the Board of Trustees, if the Chairperson is absent, one of the trustees shall act as the Chairperson of that meeting, provided that the requisite quorum of at least four trustees is present for conducting the meeting. The Board of Trustees may recommend to the Authority for removal of the Chairperson of the National Pension System Trust.(3)Where the number of trustees, appointed to the National Pension System Trust, at any time fall below eight in number, then three trustees shall constitute the quorum for the transaction of business at a meeting of the Board of Trustees.(4)All matters which come up before any meeting of the board of trustees of the National Pension System Trust, shall be decided by a majority of votes, by trustees present and voting, and in the event of an equality of votes, the Chairperson of the National Pension System Trust, or in his absence, a trustee, who is chosen to act as the Chairperson for such meeting, shall have a second or casting vote.(5)The Authority may appoint a Chief Executive Officer of the National Pension System Trust, who shall not be a trustee of such trust. The Chief Executive Officer shall be suitably qualified, having sufficient education and experience in the field of fund management, finance, law, economics or any other field that may be considered relevant for such post. The Chief Executive Officer shall be responsible for day-to-day administration and management of the National Pension System Trust, subject to the superintendence, direction and control of the Board of Trustees of the National Pension System Trust. He shall be aided and assisted by the staff of the National Pension System Trust in discharging the affairs of the trust and shall be guided by the Board of Trustees in discharge of his functions. The Chief Executive Officer may also exercise such powers as may be delegated under regulation 41 for the effective discharge of his responsibilities and in achieving the objectives of the trust. The compensation to the Chief Executive Officer shall be determined by the Authority and met by the National Pension System Trust or as the Authority may determine in this behalf.(6)No decision of the Board of Trustees shall be considered void merely on the ground of the existence of any vacancy in or any defect or irregularity in the constitution of the Board of Trustees.(7)Every trustee of the Board of Trustees shall furnish to the National Pension System Trust and to the Authority a statement of his or her beneficial and material interest which he or she may have in any other company or institution or body corporate by virtue of his or her position as a director, partner, proprietor, employee or in any other capacity on an annual basis within thirty days of the closing of a financial year.
