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South African Reserve Bank


Good governance and sound functional organisational structures are essential for the efficient management of reserves.  In establishing these structures, accountability, roles and responsibility should be appropriately defined, adopted and institutionalised.
The SARB has a three-tier governance structure where the responsibilities for executive authority strategic management and the actual portfolio management are clearly segregated.  This comprises of the Governors’ Executive Committee (GEC), the Reserves Management Committee (RESMANCO) and the Financial markets Department (FMD).
The GEC is responsible for decision making around the overall risk tolerance of the organisation, the investment policy and the strategic asset allocation of reserves.
The RESMANCO is the investment committee which functions within the parameters defined by the GEC, and is responsible for decision making around investment guidelines, the allocation of the active risk budget to individual portfolios and the appointment of removal of external fund managers and custodians.
Reserves management activities are performed by the Financial Markets Department.  These activities are in line with principles of sound internal governance which include that of portfolio management, performance measurement, risk control and compliance, accounting and settlement.
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