3/7  Among Adv Myburgh’s findings were that, generally the banks investigated were committed to adherence to and application of high standards of corporate governance; the banks on their own initiative reviewed their corporate-governance principles from time to time; and corporate governance in the banks was generally sound but vigilance was required to ensure continued compliance with the best practice in corporate governance which is evolving in South Africa and internationally.
Myburgh’s recommendations were, inter alia, that the board of a bank should consist of no more than about 16 members; a bank’s board should not have more than about four executive directors; the majority of non-executive directors should be independent directors with immediate effect; and banks should aim for the majority of their directors to be independent directors within not more than five years.