Board size
The average South African board size is 12.2, slightly down from 12.3 in 2023, reflecting minimal change over the last decade. This is higher than the average throughout Europe with the exception of Germany (16 directors) and France (14 directors).
All boards consist of at least 10 directors, with Outsurance having the largest board at 18 members (16 plus two alternate NEDs).
Average Board Size by Sector
|
2023 | 2024 |
| Financial Services |
13.6 |
12.7 |
| TMT&S |
13.6 | 12.3 |
| Consumer |
12.1 | 12.2 |
| Industrial |
11.6 | 11.6 |
| Healthcare |
10 | 11 |
As was the case in FY23, the highest average board sizes are to be found in the Financial Services and TMT&S sectors.
Independence
The proportion of non-executive directors (NEDs) who are independent has remained relatively stable for the past decade (81% in 2023, 83% in 2024 and 82% in 2012). The countries with the highest level of independence in the boardroom are Finland and Switzerland (92%).
60% (30) of boards have at least one non-independent NED.
Length of service
The average tenure of board members has risen
from 6.1 years
in 2023 to 6.4 years in 2024. This is higher than the
international average of 5.4 years. Mexico has an average tenure for board
members of 12 years and Finland has the lowest average director tenure at 4
years. Chairs have an average tenure of 9.8 years while the average for NEDs is
5.7 years.
Men have a significantly longer tenure of 7.5
years compared with 4.6 years for women, a gap that has closed slightly since
2023.
The average CEO tenure in role has now reached
6.3 years, an increase of
2 years since 2023, when average tenure was 4.3
years.
The average time that CEOs have spent on the
board (including time prior to becoming CEO) has also risen, from 7.9 years in
2023 to 9.1 years in 2024.
CFO average tenure in role has also increased
from 3.8 in 2023
to 5.2 in 2024.
Average tenure
| Tenure |
|---|
| Average Tenure on board for all | 6.4 |
| Chair | 9.8 |
| NEDs (Incl. Chairs) | 6.2 |
| NEDs (Excl. Chairs & SIDs) | 5.7 |
| Women NEDs (excl. Chairs and SIDs) | 4.3 |
| Men NEDs (excl. Chairs and SIDS) | 6.9 |
| CEO (tenure in role) | 6.3 |
| CEO (tenure on role) | 9.1 |
| CFO (tenure in role) | 5.2 |
| Other executive directors on the board (tenure in role) | 5.3 |
| International | 5.4 |
| Women (tenure on board) | 4.6 |
| Women (Tenure in role) | 4.1 |
| Men (tenure on board) | 7.5 |
| Men (tenure in role) | 5.6 |
Age of directors
The average age of all board members is now
59.8, compared with 59
in 2023. The majority of board members are aged between 55-65.
Women NEDs (excluding chairs) are significantly
younger on average (57.9) than their male counterparts (62.3), compared with
57 and 61 in 2023.
The average age of CEOs is 55.8 years; CFOs
are four years younger on average at 51.9 years. 18% of CFOs are under 45.