Kathmandu: Bir Krishna Maharjan alias BK Maharjan of Nepal Insurance Company may not get the promotion to the Chief Executive Officer(CEO) due to the new clause of the first amendment of Corporate Governance Directives 2075 of Insurers.
The first amendment states that the post of CEO cannot be laid vacant for more than three months. Moreover, another clause of the Directives states that, the CEO of an insurer has to under go six months cooling period before joining another insurance company as CEO. To evade the same clause, Maharjan had joined Nepal Insurance to the post of Senior Deputy CEO. Prior to joining Nepal Insurance, Maharjan was CEO of Prudential Insurance.
The CEO post of Nepal Insurance is vacant since July 2021 which means its already over three months. Maharjan had joined Nepal Insurance on October 22, 2021. So, due to the condition of six months’ cooling period he is not eligible to get promotion as CEO of Nepal Insurance. On the other hand, Nepal Insurance cannot keep its CEO post vacant beyond April 3,2022. According to the provision of Corporate Governance Directives, an insurance company must appoint its CEO within three months of vacancy.
