The shareholders have no rights or involvement in determining monetary policy, financial stability policy or regulation and supervision of the financial sector. Their rights are limited to considering the SARB’s annual financial statements, electing seven of the non-executive directors of the Board of Directors (the Board), and appointing the external auditors and approving their remuneration. These activities are conducted at the SARB’s annual general meeting (AGM).
Since its establishment, the SARB has had private shareholders. Today it has more than 800 shareholders and its shares are traded on an over-the-counter share transfer facility (OTCSTF) market coordinated within the Bank. Only the shareholders who reside in South Africa are entitled to vote at the AGM and they are allowed one vote for every 200 shares held. There is no limitation on shareholding, except for the provision of the South African Reserve Bank Act that no shareholder shall hold, or hold in aggregate with his, her or their associates, more than 10 000 of the total number of 2 000 000 issued shares.
After allowing for certain provisions, payment of company tax on profits, transfers to reserves and dividend payments of not more than 10 cents per share to shareholders, the surplus of the Bank’s earnings is paid to the South African government. The Bank’s operations are therefore not driven by a profit motive but serve the best interests of the people of South Africa.
The SARB was delisted from the Johannesburg Stock Exchange on 2 May 2002 and a live trading facility for its shares introduced on 1 October 2005. This trading facility operates in terms of the OTCSTF rules. As such, it is not an on-screen facility but operates by means of postal, facsimile, hand-delivered or email communication only.
For further information, please contact:
Linda Bates or Sihle Sokhela (OTCSTF@resbank.co.za) 012 313 3735.
See all the SARB shares documents here.
SARB shareholders and prospective shareholders are advised that speculations in the media in 2010 regarding the licensing of over-the-counter market makers has no reference to the OTCSTF system by means of which the SARB trades its shares. The Bank will continue to trade its shares by means of the OTCSTF.
See all the SARB share prices and availability here.
The SARB Act stipulates that shareholders are entitled to a 10 cents per share dividend on an annual basis paid from the accumulated reserves.
The Shareholders Index Report is a shortened version of the electronic register of shareholders that is maintained at the SARB’s Head Office in accordance with SARB regulations. The report is intended for general information only and users are reminded of the disclaimer that applies to the contents of this website.
A printed copy of the register of shareholders is available for inspection by directors, shareholders and members of the public during office hours, by prior arrangement and subject to any restrictions as may be determined from time to time.
All enquiries in respect of the Shareholders Index Report must be addressed in writing to the Secretary of the Bank at PO Box 427, Pretoria, 0001.
See all the shareholder index reports here.
The SARB’s Company Secretary takes responsibility for all communication with shareholders. Shareholders convene once a year at an annual general meeting, details of which are posted on the SARB’s events calendar.
See all the shares-related correspondence here.