Appointment of executive directors to head depository verticals with board-approved tenure, board-service limits, and specific infrastructure and risk duties.

Every depository must appoint two executive directors as key management personnel to head Vertical 1 and Vertical 2 (with an optional executive director for Vertical 3). Their appointment, renewal, termination, tenure and age limits mirror managing director provisions and require board approval. Executive directors cannot serve on other company boards except with prior governing board approval for depository subsidiaries. They must manage their verticals, prioritize securities market and public interest over revenue objectives, with Vertical 1 ensuring infrastructure and systems and Vertical 2 responsible for overall risk management.

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