The governing structure of the OBS consists of a Board of Directors with eight members, made up as follows:
- A current or retired judge selected by the Board of Directors and who will also be the independent Chairperson of the Board;
- Three directors being representatives of the banking sector in South Africa; nominated by the Board EXCO of the Banking Association of South Africa;
- Four directors, independent of the banking sector in South Africa, selected through a nomination process by the Board of Directors.
The independence of the Office from the banking sector is ensured by the Board having a majority of independent directors.