The SA Reserve Bank Act, 1989, as amended, provides for a board of directors consisting of 15 directors. Among them are the Governor and three Deputy Governors, who are appointed by the President of the Republic of South Africa, after consultation with the Minister of Finance and the Board, initially for five-year terms. On reappointment the terms may be less than five years.
Four other directors are appointed by the President, after consultation with the Minister, for three-year terms.
The remaining seven directors, of whom one needs to have knowledge and skill in the field of agriculture, one in the field of labour, one in the field of mining, two in the field of industry and two in the field of commerce or finance, are elected by shareholders at an ordinary general meeting (OGM) of shareholders.
These directors hold office for a period commencing on the first day after the date of their election at the OGM until the first day after the date of the OGM held during the third calendar year following the date of the OGM at which they were elected.
The Governor and Deputy Governors manage the daily affairs of the Bank, since they have in terms of the Act been tasked with this responsibility. They are the only executive directors on the Board and are on a full time basis ultimately responsible for the day-to-day management of the South African Reserve Bank.
The board of directors meets regularly to ensure that it fulfils its role of ensuring corporate governance of the Bank. The Board ensures compliance with principles of good corporate governance by, amongst other things, adopting rules and determining policies for the sound accounting, administration and functioning of the Bank, as well as by exercising the other tasks reserved for it in terms of the Act. In the process the Board utilises various committees and subcommittees, chaired by non-executive directors.