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DBSA Board Changes
Development Bank of Southern Africa Limited
(reconstituted and incorporated in terms of section 2 of the Development Bank of Southern Africa Act, 1997)
Registration number: 1600157FN
JSE company code: DIDBS
LEI code: 25490071AZ4HOFUNIH94
("DBSA" or the "Bank")
DBSA BOARD CHANGES
Board Chairperson Appointment
Following previous announcements regarding the extension of the term of office of the Interim Chairperson of the
DBSA Board of Directors ("the Board"), Ms. Martie Janse van Rensburg, until the earlier of the completion of the
appointment process or 30 September 2025, noteholders are advised that the process to appoint a Chairperson of the
Board has been finalised.
Ms. Janse van Rensburg's term ends today, 30 September 2025. With effect from 1 October 2025, Ms. Janse van
Rensburg will cease to serve as Interim Chairperson, a member of the Board and as a member of the
Infrastructure Delivery and Knowledge Management Committee, Human Resources and Remuneration Committee,
Board Credit and Investment Committee, Nominations Committee, and Transformative Initiatives Committee.
The Board extends its sincere appreciation to Ms. Janse van Rensburg for her leadership, dedicated service, and
invaluable contributions to the Bank, and wishes her well in her future endeavors.
With the consent of the shareholder, the Board has elected Mr. David Makhura as Chairperson of the Board, effective
October 1, 2025.
Mr. Makhura brings extensive experience in strategic leadership, public policy, and stakeholder engagement. His
contributions have greatly enriched the DBSA Board, providing valuable perspective and insight. During his
period on the Board, he has consistently demonstrated a strong commitment to ethical governance, infrastructure
led development, and inclusive economic growth, laying a solid foundation as he assumes the role of
Chairperson.
Board Members Appointment
Noteholders are further advised of the appointment of Ms. Lynette Milne as an Independent Non-Executive Director
of the Board, effective 1 October 2025 until 13 May 2028. Her appointment addresses the vacancy that has been
created due to the retirement of Ms. Martie Janse van Rensburg by effluxion of time.
Ms. Milne's appointment was made pursuant to the Nomination Committee's Terms of Reference.
Ms. Milne is a Chartered Accountant (CA(SA)) with extensive expertise in finance, infrastructure development, and
project finance. She has held senior leadership roles, including serving as Chief Financial Officer and as a Non-Executive
Director, with experience chairing Audit and Risk Committees.
Her career includes key positions at Deloitte, the Trans-Caledon Tunnel Authority (TCTA), the Pebble Bed Modular
Reactor, Eskom's Treasury, the Presidential Infrastructure Coordinating Commission (PICC), and the New
Development Bank (NDB) in Shanghai, where she was instrumental in establishing finance operations and achieving
an AA+ credit rating. In addition, she has provided strategic consulting services to several state-owned entities in South
Africa, focusing on infrastructure readiness and development projects.
Ms. Milne holds a BCompt from the University of the Free State and a BCom (Hons) CTA from the University of South
Africa. She is also a member of the South African Institute of Chartered Accountants.
Board Committees changes
Changes to Board Committee Membership
Following the departure of Ms. Martie Janse van Rensburg, the appointment of Mr. David Makhura as Chairperson of
the Board, and the appointment of Ms. Lynette Milne as an Independent Non-Executive Director, noteholders are
advised of the following changes to the composition of the Board Committees, effective 1 October 2025:
Board Credit and Investment Committee (BCIC)
Mr. David Makhura – Appointed as a member
Ms. Lynette Milne – Appointed as a member
Human Resources and Remuneration Committee (HRC)
Mr. David Makhura – Appointed as a member
Audit and Risk Committee (ARC)
Ms. Lynette Milne –Appointed as a member
Ms. Chantal Naidoo – Will no longer serve as a member
Nominations Committee (NOMCO)
Mr. David Makhura-Appointed as Chairperson
Mr. Joel Netshitenzhe – Appointed as a member
Transformative Initiatives Committee (TIC)
Mr. Jonathan Muthige – Appointed as Chairperson
Mr. David Makhura – Appointed as a member
Infrastructure Delivery and Knowledge Management Committee (IDKC)
Mr. David Makhura –Appointed as a member
Ms. Lynette Milne – Appointed as a member
The Board remains properly constituted in terms of the Development Bank of Southern Africa Act (13 of 1997, as
amended) and can continue to perform and exercise its fiduciary obligations effectively. The DBSA company
secretary may be contacted at bathobiles@dbsa.org.
30 September 2025
Debt sponsor
Standard Bank Limited
Date: 30-09-2025 02:22:00
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