A committee of the Board of Trustees for the review and assessment nominations for the technical boards, and selection and appointment of their members in accordance with the terms and conditions set out in this statute.
This committee should be selected from amongst BOT members, and committee composition should reflect various and diversified areas of expertise, including Shari’ah, accounting, auditing, finance, and/or business. In addition, members should have relevant, on-hand expertise on the work of regulatory and supervisory authorities as well as Islamic financial institutions.
The Nominating Committee for the Technical Boards should be appointed based on the approval of the Board of Trustees.
Tenure of the Nominating Committee is for a four-year term or until a succeeding Committee is formed (and is to be in parallel to the tenure of the technical boards).
The Board of Trustees has the right to remove any member of the Nominating Committee, and appoint a replacement member to serve any remaining part of the tenure of the Committee.
Powers of the Nominating Committee
The Nominating Committee is a single common committee for all Technical Boards, and it has been formed to assume a number of roles, particularly the following:
Assessment of Technical Boards’ nominations.
Selection of potential members of the technical boards from amongst candidates, in accordance with the terms and conditions set out therein, and submission to the Board of Trustees for approval.
Recommendations on dismissal of any member of the technical boards, for approval of the Board of Trustees. However, membership of the technical boards cannot be terminated unless based on a justified recommendation by the Nominating Committee and the approval of at least 50% of the Board of Trustees’ members.
Monitoring of performance of members of the technical boards including through annual reports to be submitted by the Chairmen of the respective boards in coordination with the General Secretariat (at least, annual submissions). Such annual reports are to cover achievements on development and revision of standards as well as attendance and participation in meetings of the new boards.