Statistics Act, 1999
R 385
South African Postbank Limited Act, 2010 (Act No. 9 of 2010)Chapter IV : Control and Management of Company12. Composition of Board |
| (1) | The Board is made up of— |
| (a) | seven non-executive members appointed from among the persons nominated in terms of section 14(1)(a); |
| (b) | two other non-executive members appointed from among the persons nominated by the Post Office in terms of section 14(1)(b); and |
| (c) | the managing director, who is an executive member of the Board. |
| (2) | The members of the Board must be persons who— |
| (a) | are committed to fairness, openness and accountability; and |
| (b) | when viewed collectively— |
| (i) | are representative of a broad cross-section of the population of the Republic; and |
| (ii) | possess suitable qualifications, expertise and experience in the field of banking, finance and economics, or any other relevant qualifications, expertise and experience. |
(3)
| (a) | The non-executive members of the Board must be appointed for a period not exceeding five years. |
| (b) | The non-executive members of the Board may be re-appointed for one further term not exceeding five years. |
| (c) | The Minister must appoint at least five non-executive members of the first Board of the Company for a period not exceeding three years. |
| (4) | The Minister must appoint a Chairperson from amongst the members of the Board. |
| (5) | The Board may designate any other non-executive member to act as Chairperson if the Chairperson is absent or unable to perform any function. |
