Governor Kganyago invites public to buy shares in Reserve Bank

Reserve Bank Governor Lesetja Kganyago has announced the availability of nearly 150,000 shares for purchase to the public.

FILE: South African Reserve Bank Governor Lesetja Kganyago. Picture: GovermentZA.

PRETORIA – South African Reserve Bank Governor (Sarb) Lesetja Kganyago has announced the availability of nearly 150,000 shares for purchase to the public.

Kganyago made the announcement in Pretoria on Thursday morning.

The move follows a High Court ruling last year, which directed some Reserve Bank shareholders to sell their shares that were in excess of the statutory limit of 10,000.

Kganyago has encouraged South Africans to buy a share of the central bank.

“Some 149,200 shares in the Sarb have become available for sale. We’d like to use this opportunity to diversify our shareholder base.”

He says shareholders have no say on any policy decisions taken by executive management.

“However, the Sarb shareholders can elect a maximum of seven non-executive directors of the board of Sarb from a list of candidates approved by a panel chaired by the governor of the Sarb.”

Kganyago says interested buyers should contact Investec securities.

‘SARB BOARD LOOKING FOR EXPERTS’

Kganyago urged South Africans to nominate experts for appointment as non-executive directors to the board, ahead of its next annual general meeting.

Kganyago says the board is looking for experts with specific skills.

“I would like to once again encourage all members of the public to nominate candidates who have skills and experience in the mining sector, labour sector and commerce or finance sectors.”

He says shareholders are entitled to vote for board members.

“These votes are normally exercised at the annual general meeting of the Sarb and each shareholder is limited to one vote for every 200 shares held.”

Kganyago is now urging citizens to buy reserve bank shares to diversify its shareholder profile.

(Edited by Leeto M Khoza and Zamangwane Shange)