; (ii) may not be closely affiliated with any government, civil society organization, academic institution, think tank, or any other not-for-profit entity; and (iii) shall have demonstrated experience and expertise in the areas of private sector development in which the Fund is to be involved. (D) Term Each member of the Board of Directors shall serve for a term of 5 years. (E) Chairperson At its first meeting, the Board of Directors shall elect a Chairperson, who may only serve in such position for a single term. (F) Meetings The Board of Directors shall meet not less frequently than quarterly. (G) Appointment of executive director The Board of Directors shall unanimously appoint a qualified individual to serve as Executive Director of the Fund. The Executive Director shall be compensated at a rate equivalent to level V of the Executive Schedule under section 5316 of title 5, United States Code. (H) Vacancies If a vacancy occurs before the expiration of the term of a member of the Board of Directors, the President shall appoint an individual with the qualifications described in subparagraph (C) to fill the remainder of such term, in the manner described in subparagraph (B). (2) Staffing (A) In general The Fund shall hire sufficient host country nationals to staff the central office to ensure that Fund resources are managed appropriately and to carry out the day-to-day operations of the central office, including— (i) program managers, who— (I) shall head the core management unit; (II) may approve program expenditures of up to $150,000; and (III) shall be evaluated primarily on the success of their respective portfolios; and (ii) additional support staff, provided that not more than 25 percent of the Fund’s annual expenditures are used for staffing and administration. (B) Ethics officer The Fund shall have an ethics officer, who— (i) shall be responsible for oversight of the host country nationals; (ii) shall develop ethical standards for the management of the Fund