The Reserve Bank Act provides further that of the seven directors elected by the shareholders, four shall be persons who are or have been actively and primarily engaged in commerce or finance, one shall be a person who is or has been engaged in agriculture and two shall be persons who are or have been engaged in industrial pursuits.
Members of Parliament, directors, officers or employees of banks or mutual banks and persons who are not South African citizens resident in the country are disqualified from being appointed or elected as a director of the Bank. The Board of the Reserve Bank has been given an important degree of autonomy for the execution of its duties.