§ 231. Appointment of Chief Executive Officer.
§ 232. Appointment of Chief Financial Officer.
§ 233. Appointment of Health and Safety Officer.
§ 234. Appointment of Other Officers and Staff.
Editor’s note: Section 3 of PL 15-8 enacted a new chapter 2 of title 27 entitled Federated States of Micronesia Petroleum Corporation Act of 2007. While section 3 of PL 15-8 did not create subchapters for this chapter the numbering of the sections indicated an intent to have the chapter subdivided into subchapters. This has been done for easier reference and to comport with standard code format.
(1) The Board must appoint a Chief Executive Officer on such terms and conditions as the Board may determine.
(2) The CEO—
(a) shall serve at the pleasure of the Board;
(b) shall have had not less than five years experience in the oil industry, or the equivalent experience in a related profession;
(c) shall not engage in any other business without the prior consent of the Board;
(d) shall be responsible for the day to day operation of the Corporation;
(e) shall be responsible for the proper administration and management of the functions and affairs of the Corporation;
(f) shall be responsible for developing a five-year plan and an annual plan describing the medium and short term goals of the Corporation; and
(g) must perform such other functions and duties as the Board may determine.
(3) The Board shall review the performance of the Chief Executive Officer at least annually in light of the Corporation’s goals and objectives, and may terminate the CEO at any time, for any reason.
(4) If the CEO is temporarily absent from FSM, or temporarily unable to perform the duties of office, the Board may, appoint a person to act in the place of the CEO during that period.
The CEO shall appoint, with the concurrence of the Board, a Chief Financial Officer, for such term as shall be directed by the Board. He shall receive and disburse all funds of the Corporation. The Chief Financial Officer shall serve at all times under the direct supervision of the CEO.
The CEO shall appoint, with the concurrence of the Board, a Health and Safety Officer. The Health and Safety Officer, whose duties may be combined with those of another position, shall be responsible for ensuring compliance with all health, safety and environmental laws and for developing, with input from the Board and the Executive Council, health, safety and environmental policies for the day-to-day operation of the Corporation.
To the extent consistent with this chapter, the CEO may appoint, retain and terminate, on such terms and conditions as the Board may determine, such officers, employees, agents, or consultants as may be necessary or expedient for carrying out the functions and duties of the Corporation.