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A search-cum-selection committee has been constituted under the Chairmanship of Economic Affairs Secretary Shaktikanta Das for selecting a CEO for the investment management company, under the National Investment and Infrastructure Fund (NIIF).
The other members of the committee are Anjuly Chub Duggal, Secretary, Department of Financial Services; Arundhati Bhattacharya, SBI Chairperson; National Institute of Public Finance and Policy’s (NIPFP) director Rathin Roy and Rajiv Kumar, economist.
The investment management company will be responsible for taking investment decisions of the NIIF corpus, in which the government's share will not exceed 49 per cent. The shareholding of the company would reflect the shares of the different investors of the corpus, an official release said.
The salaries of the investment team would be market-linked. The salary of the CEO of the company would also be market-linked and he would be expected to achieve ambitious performance goals with rigorous management output.
The NIIF will be established as a trust/other legal entity from the point of view of taxation and flexibility.
There will be a Governing Council, which will have government representatives and experts in international finance, eminent economists and infrastructure professionals.
It could include representatives from other non-government shareholders. The terms and period of appointment of the Governing Council will be as decided by the government. Also, the Governing Council will oversee the activities of the Trust and will be constituted as a separate legal entity, if necessary, the statement read.
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