The Albanian Council of Ministers has reopened the application process for the selection of a Board member for the Financial Supervision Authority (AMF) who will serve as the institution’s Chief Executive Officer.
The competition was initially announced on September 20, with the application deadline set for September 29. However, this month, the Prime Minister’s Office has extended the application deadline to October 23, without providing specific reasons for the extension.
The official list of candidates who applied during the initial announcement of the competitive process has not been disclosed. Nevertheless, according to sources within the financial sector, the initial group of applicants included individuals such as Pajtim Melani, Redi Lleshi, Armand Reveli, and Petrit Perhati.
The role of Chief Executive Officer at the Financial Supervision Authority became vacant in September following the departure of Ervin Mete, who was appointed as the Minister of Finance and Economy.
In accordance with the relevant legislation, the Board member who is chosen to serve as the Chief Executive Officer will be selected by the Assembly, based on the Council of Ministers’ recommendation, following a rigorous selection process.
The law stipulates that candidates for the AMF Board should have completed a full course of university studies in fields such as economics, law, or related areas, with at least seven years of professional experience. Of these, a minimum of five years must be in finance and accounting, business management, legal consultancy for business firms, legislative drafting, actuarial sciences, or social security and pensions.
The organic law of the AMF imposes certain constraints on the eligibility of potential Board members, particularly for the role of Chief Executive Officer.
According to this legislation, individuals who have been partners, shareholders, or members of the governing bodies of entities under supervision within the past three years are disqualified. Family ties to such individuals and recent part-time or full-time employment within these entities also disqualify candidates.
In cases where a Board member resigns from their position prematurely, the law dictates that the replacement will be selected using the same procedure as the departing member and will serve until the original member’s term concludes.
Given this, the Board member who assumes the role of Chief Executive Officer will not serve a complete five-year term but rather a partial term, extending until 2025 when the previous director’s term would have ended. Due to this abbreviated term, potential candidates may have limited interest in the position.
