The South African Reserve Bank Act, 1989, as amended, provides for a board of 15 directors. Among them are the Governor and three Deputy Governors, who are appointed by the President 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.
The Governor and Deputy Governors manage the daily affairs of the Bank on a full-time basis, since they have, in terms of the Act, been tasked with this responsibility. They are the only executive directors on the Board.
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, among other things, adopting rules and determining policies for the sound accounting, administration and functioning of the Bank, as well as by performing 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.
Click here for the board members' biographies.
Mr Zoaib Hoosen
Ms Lerato Molebatsi
Prof Nicholas Vink
Dr Yvonne Muthien
Commerce or Finance
Mr Norman Mbazima
Ms Tryphosa Ramano
Commerce or Finance
Ms Shamima Gaibie
Ms Dudu Msomi
The Bank's first subsidiary was the National Finance Corporation (NFC), which commenced operations on 20 September 1949. The NFC was established with the aim of deepening the domestic money market, thereby ensuring the utilisation of capital in the best economic interests of South Africa. The NFC accepted as liabilities deposits from Government and quasi-government institutions, and invested mainly in Treasury bills and other government securities. The liquidity of the NFC was guaranteed in terms of an agreement that the Bank would discount its holdings of Treasury bills, as and when required, at the rates at which the NFC acquired the bills.
The Corporation for Public Deposits (CPD) was established as a subsidiary of the Bank in 1984 after the dissolution of the NFC. The CPD is governed by the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984). The CPD accepts call deposits from the public sector and invests the funds in short-term money-market instruments and special Treasury bills. With the permission of the Minister of Finance, the CPD may also accept call deposits from other depositors. All funds invested with the CPD and the interest earned on these funds, are payable on demand.
The CPD is managed and controlled by its board of directors, appointed by the Minister of Finance. The Bank is responsible for the investments and administration of the daily business operations of the CPD.
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When the decision was made in 1958 to print South African banknotes domestically rather than abroad as was the practice at the time, the Bank and a British banknote printer, Bradbury Wilkinson, established as a joint venture company, the South African Bank Note Company (RF) (Pty) Ltd, with the sole objective of printing banknotes for South Africa. Suitable factory premises for printing banknotes were erected and the domestic production of banknotes commenced in 1961 at the time when South Africa adopted a decimal currency.
The shareholding of Bradbury Wilkinson in the joint venture company was subsequently taken over by the Reserve Bank and the South African Bank Note Company (RF) (Pty) Ltd is currently one of the four wholly owned subsidiary companies of the Bank. The South African Bank Note Company (RF) (Pty) Ltd prints all the banknote denominations currently in use in South Africa it also prints banknotes for neighbouring countries.
It has a separate management structure and functions as an independent subsidiary and members of its board are appointed by the board of the Bank.
The history of minting coins in South Africa goes back to the period when South Africa comprised four separate regions that later became provinces of the Union of South Africa. A government mint was established in Pretoria in 1890 and commenced with the domestic production of coin in 1892.
After unification of South Africa in 1910 the country used British coin, as well as coin of the Zuid-Afrikaansche Republic. The latter remained legal tender until 1938, while British coin remained legal tender until 1961. Coining operations in Pretoria evolved into the South African Mint, which was established in 1923, and functioned as a division of the central government. When the Government sold the South African Mint to the Bank in 1988, it was decided to house the coining activities in a wholly owned subsidiary company, the South African Mint Company (RF) (Pty) Ltd.
The South African Mint is responsible for the manufacturing of all circulation coins issued in South Africa and also produces coin for other countries. This company also produces the Krugerrand and the Natura and Protea coins. Numismatic coins are sold by the SA Mint, while the Rand Refinery has, since the inception of the Krugerrand, played a major role in its issuing. The SA Mint is an independent subsidiary with its own board (appointed by the board of the Bank) and management structure.
For further information, please click here: South African Mint Company (RF) (Pty) Limited