The EAAB Board members are the Accounting Authority of the Board in terms of the PFMA and are obliged to comply with their fiduciary duties as set out in the PFMA. The Board has a collective responsibility to provide effective corporate governance that involves a set of relationships between the EAAB, the Board its shareholders and relevant stakeholders.
CONSTITUTION OF THE BOARD
The board shall consist of fifteen members appointed under subsection (2) by the Minister.
The Minister shall appoint as members of the board -
a) five members from the estate agents' industry;
b) five members from civil society, representing consumer interest; and
c) five members from related professions and institutions such as the legal profession, financial institutions, property owners and developers.
If after the expiry of a period of three months from the date on which the Secretary for Commerce in writing requested the associations or organizations referred to in subsection (2)(a) to submit a list of estate agents as contemplated in that subsection, such associations or organisations have failed to submit the said list to the said Secretary or have submitted to the said Secretary a list of estate agents which is defective in some or other respect, the Minister shall appoint suitable estate agents as members of the board in the place of the estate agents he would have appointed if the said associations or organisations had not so failed to submit the said list or had not submitted a list defective in some or other respect.
The board shall from time to time elect from among its members a chairman and vice-chairman of the board, who shall hold office for a period of one year, and, if neither the chairman nor the vice-chairman is present at any meeting of the board, the members present shall elect from among their number a person to preside at such meeting.
A member of the board shall hold office for such period, but not more than three years, and on such conditions as the Minister may determine at the time of his appointment: Provided that any member shall, subject to the provisions of subsections (2) and (3), on the expiry of his term of office be eligible for reappointment.
No person shall be appointed as a member of the board if he/she -
a) is an unrehabilitated insolvent;
b) has failed or is unable to comply in full with a judgement or order, including
an order as to costs, given against him by a court of law in civil proceedings;
c) has been convicted of an offence involving an element of dishonesty; or
d) is not a South African citizen and a permanent resident of the Republic of South Africa.
A member of the board shall vacate his office if he/she -
a) becomes subjected to any disqualification referred to in subsection (6);
b) becomes of unsound mind;
c) in the case of a member appointed in accordance with the provisions of section (2)(a) or (3), ceases to be an estate agent;
d) fails to comply with a condition referred to in subsection (5) applicable to him; or
e) has been absent from more than two consecutive meetings of the board without the leave of the board.
If any member of the board dies, or resigns by notice in writing addressed to the Minister, or ceases to be a member of the board in terms of subsection (7), the Minister may, with due regard to the provisions of subsections (2) and (3), appoint any person as successor to such member for the unexpired period of office of such member.