HAVE YOUR SAY
The South African Reserve Bank Amendment Bill [B10-2010] Submissions and Hearings
The Select Committee on Finance invites stakeholders and interested parties to submit written submissions on the South African Reserve Bank Amendment Bill [B10-2010]. The South African Reserve Bank Amendment Bill, 2010 (“the Bill”) seeks to amend the South African Reserve Bank Act, 1989 (Act No. 90 of 1989) (“the Act”) in order to achieve the following objectives: To amend the South African Reserve Bank Act, 1989, as to provide for the amendment of certain definitions, the insertion of new definitions and the deletion of a definition; to provide for the establishment of a Panel for the election of directors to the Board and the functions of the Panel; to reinforce the requirements regarding the limitation on shareholding in the South African Reserve Bank and to prevent the abuse of those
provisions; to provide for the nomination of Directors by a broader base of the South African
public and to broaden representation on the Board of the South African Reserve Bank; to
define clear criteria regarding when persons are disqualified from serving on the Board; to
provide for the confirmation of Board nominees against “fit and proper” and fiduciary
criteria; to clarify the powers and functions of the Board; and to provide for the possibility of
the Governor and Deputy Governors being re-appointed to serve terms of office of less than
five years.
Public hearings will be conducted at Parliament on the 25 August 2010.
Written submissions and your indication to make an oral presentation must be received by
no later than 12:00 on Monday, 23 August 2010.
Submissions must be directed to the Committee Secretary, Mr Zolani Rento (Select
Committee on Finance), 3rd Floor, 90 Plein Street, Cape Town 8001 at [email protected] or tel no. 021 403-8071 or fax: 086 271 5405.
The South African Reserve Bank Amendment Bill is available at www.treasury.gov.za
Issued by: Hon CJ de Beer, MP, Chairperson: Select Committee on Finance (National Council
of Provinces).
Parliament. Making Democracy Work.