South Africa’s central bank governor Gill Marcus on Friday defended draft legislation seeking to boost the bank’s independence.

The justification resulted following criticism of a raft of reforms, which include changes to how the board is nominated.

Finance Minister Pravin Gordhan last month announced the proposed amendments tightening rules on shareholding in the central bank to try and stop private shareholders the state says are motivated by profit from undermining the bank’s independence.

The proposed law would ensure all shareholders abided by a limit of 10,000 shares each and aimed to broaden the base for nominations to the bank’s board, whose powers and functions are also clarified in the bill.

 It further provides for establishing a panel to oversea the election of directors to the board.

“We would like a broaden representation of shareholder interests … so for us the nomination is about broadening the base, enabling a wider society to have a say in who are the potential board members,” Marcus told lawmakers in parliament.

“The crucial question is that you are a unitary board and there cannot be a different expectation or a different demand on you.

“This is depending on whether you are a shareholder representative or an appointment made by government — you have the same responsibility.”

South Africa’s Reserve Bank is one of the few central banks in the world owned by private shareholders, a system originally meant to give ordinary South Africans a chance to own a small number of shares.

The Reserve Bank wants the changes to come into effect by August.

The change is to prevent the next annual general meeting from being cancelled, and parliament’s chairperson of the finance committee said on Friday this was achievable because it was the bill that was being prioritised.

“We don’t believe there needs to be any amendments and the bill is fine as, it is,” Ismail Momoniat, a top official at National Treasury told lawmakers.

Marcus had previously raised concerns raised by Marcus that if the bill was not passed by August, it might mean the bank’s AGM could have to be cancelled in the face of spurious attacks from minority shareholders.

Some minority shareholders are unhappy with the proposed adjustments, arguing their interests would be diluted and this could impact on corporate governance.

They have also said during public hearings this week that that the Reserve Bank’s shareholders register is inaccurate.

Marcus said an audit of the bank’s register reflecting 630 shareholders was accurate.

Shareholders have no say in the operations of the central bank or monetary policy but a small group has bought shares in family and friends’ names, circumventing shareholding limits, to try to gain more votes and influence.