According to the recommendations of Section D(2) of the Asset Manager Code, where possible, the CCO should be independent from the investment and operations personnel and should report directly to the CEO or the board of directors.
Doubt-
Should CCO report to CEO or report directly to Board ?
Either of them should do fine. The point is, the CCO should NOT be influenced by the Investment and related operational personnel. He should be independent of them so that the process is unbiased.