Financial Services Board Act, 1990
R 385
The Economic Regulation of Transport Act, 2024 (Act No. 6 of 2024)Chapter 4 : Establishment of InstitutionsPart A : Transport Economic Regulator30. Governance of Transport Economic Regulator |
| (a) | 6 non-executive members appointed by the Minister; and |
| (b) | the Chief Executive Officer, who serves on the Board, subject to subsection (11). |
| (2) | Before appointing non-executive members of Board, the Minister by notice in the Gazette, must— |
| (a) | invite members of the public to submit nominations for persons who meet the requirements set out in section 31(1)(a), to serve on the Board; and |
| (b) | establish a panel of experts on governance and public policy, to compile a shortlist of candidates from the received nominations. |
| (3) | The Minister must appoint the non-executive members of the Board from the list of candidates compiled by the panel of experts. |
| (4) | Within 30 business days from the date of appointment of the non-executive members of the Board, the Minister must publish a notice of such appointment in the Gazette. |
| (5) | Each non-executive member of the Board serves on a part-time basis, and for a term of four years, subject to subsection (3) of this section. |
| (6) | When the first appointments are made to the Board, or at any time there is a complete simultaneous turnover of the Board’s non-executive membership, the terms of the non-executive Board members must be varied, so that some are appointed to serve for three years, and the remainder for four years. |
| (7) | A non-executive member may be re-appointed to a second term, subject to section 31. |
| (8) | The Minister must designate one of the non-executive member to be the Chairperson of the Board. |
| (9) | The Board must— |
| (a) | guide the strategic development of the Regulator; |
| (b) | oversee and ensure the effective and efficient use of the Regulator’s resources; |
| (c) | ensure that the Regulator is in compliance with all its legal requirements and its reporting and financial accountability obligations; |
| (d) | approve and monitor compliance with the procedures for the consideration of regulatory matters by the Executive Regulatory Panel; |
| (e) | appoint and oversee the performance in office of the Chief Executive Officer and each Executive Officer; and |
| (f) | provide advice to the Chief Executive Officer, upon request in terms of section 35(1)(c) or (d), on any matter concerning the functioning of the Regulator. |
| (10) | The Board— |
| (a) | must not interfere in the decisions of the Executive Regulatory Panel in the performance of its regulatory functions; |
| (b) | may refer to the Minister any matter concerning the functioning of the Regulator; and |
| (c) | is the Accounting Authority of the Regulator, in terms of the Public Finance Management Act, 1999 (Act No. 1 of 1999). |
| (11) | The Chief Executive Officer is an ex officio member of the Board, who has a vote in any decision by the Board or a Board committee relating to the appointment, performance evaluation and dismissal of Executive Officers, but may not otherwise vote in Board or Board committee meetings. |
| (12) | The Board must meet at least once every three months, at a place and time determined by the Chairperson. |
| (13) | The quorum for any meeting of the Board is a majority of non-executive members of the Board. |
| (14) | Proceedings of the Board and any decisions taken by a majority of the members present and entitled to participate in those decisions, are valid despite the fact that— |
| (a) | there may have been a vacancy in the Board at the time; |
| (b) | a member of the Board failed to disclose an interest as required by section 32(3); or |
| (c) | a member of the Board, who had an interest contemplated in section 32(3), attended those proceedings, participated in them in any way, or directly or indirectly influenced those proceedings. |
