8(1)The Regulator is to employ a person as its Chief Executive.
(2)The Chief Executive’s main function is to be responsible for securing that the functions of the Regulator are exercised efficiently and effectively.
(3)The first appointment of a Chief Executive—
(a)is to be made by the Secretary of State, and
(b)is to be on such terms and conditions as to remuneration and other matters as are determined by the Secretary of State.
(4)Subsequent appointments of a Chief Executive—
(a)are to be made by the Regulator with the approval of the Secretary of State, and
(b)are to be on such terms and conditions as to remuneration and other matters as are determined by the Regulator with the approval of the Secretary of State.
(5)By virtue of subsection (2) of section 8 (non-executive functions), the function conferred on the Regulator by sub-paragraph (4)(b), so far as it relates to the terms and conditions as to remuneration, is exercisable on its behalf by the committee established under that section.