Sounds great to me, no reason it couldn't be overseen by a democratic president or government though.
The problem with a democratic system at the top of it is that many of the appointments and the necessary things they would have to do for the overall benefit of society and the individual would them be subject to public opinion....and we all know what happens to Governments who are acting contrary to public opinion when election time comes along.
Without the necessity of be elected there is no fear that capital and long-term projects that maybe painful in the short-term but garner huge improvements to society over the long-term would be overturned upon the election of another oversight committee.
Unfortunately the problem with democracies is that regardless of what is actually best for the public, politicians are required to service the wants of the public rather than the needs of the public to one degree or another, especially when it comes around for re-election.
An appointed Government overseen by an appointed leadership, all appointed based on a merit based system of some kind with safeguards regarding the benevolence of such an appointed ruling body would largely negate the need for a democratic system. You earn your place on your own merit, not on the popularity of your manifesto.
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