Section 19: Governing Board of the Commission.

(1)
There is established a Governing Board for the Commission (in this Act referred to as "the Board").
(2)
The Board shall consist of-
(a) a part-time Chairman who shall be a fit and proper person with adequate cognate experience in pension matters;
(b) the Director-General of the Commission;
(c) four full-time Commissioners of the Commission;
(d) a representative each ofthe following agencies and institutions
(i) Head of the Civil Service of the Federation;
(ii) Federal Ministry of Finance ;
(iii) Nigeria Labour Congress;
(iv) Trade Union Congress of Nigeria;
(v) Nigeria Union of Pensioners ;
(vi) Nigeria Employers Consultative Association;
(vii) Central Bank of Nigeria ;
(viii) Securities and Exchange Commission;
(ix) Nigerian Stock Exchange; and
(x) National Insurance Commission
(3)
The Chairman, the Director-General and the Commissioners shall be appointed by the President subject to the confirmation by the Senate.
(4)
The Chairman, Commissioners and the Director-General of the Commission shall each represent each of the six geo-political zones of Nigeria.
(5) The Chairman and members of the Board shall not-
(a)
own controlling shares in any Pension Fund Administrator or Pension Fund Custodian prior to and during their tenure of office as Chairman or members of the Board; or
(b)
be directors or shareholders in any Pension Fund Administrator or Pension Fund Custodian before the expiration of three years after ceasing to be a Chairman or member of the Board
(6)
The Chairman and each member of the Board shall, within one month of appointment, declare personal shareholding as well as those of his family members or close associates in any Pension Fund Administrator or Pension Fund Custodian, in writing to the Board.
(7)
The supplementary provisions set out in the First Schedule to this Act shall have effect with respect to the proceedings of the Board and the other matters mentioned therein.