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Article 8

No: M/36

Effective from Nov 26 2020 - Nov 25 2020
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1.The Bank shall have a board of directors composed of the following:
 a)The Governor, Chairman.
 b)Two Vice Governors, members.
 c)Five non-government employees, members.
2.Nomination of Board members referred to in paragraph 1(c) of this Article shall be made jointly by the Governor and the Minister of Finance; their appointment shall be pursuant to a royal order, and their membership shall be for a renewable term of seven years. If a member’s term expires without his membership being renewed or a replacement being appointed, he shall continue to serve as a Board member.
3.The remuneration and benefits of Board members shall be determined pursuant to a royal order upon the recommendation of the Minister of Finance in coordination with the Governor.