Section 12 provides that the board of the agency, which will consist of a chairperson, who will be the chief executive officer of the National Treasury Management Agency, and four ordinary members, shall ensure that the functions of the agency are being performed effectively, set the objectives and targets to be met by the agency and ensure they are carried out. Ordinary members will be appointed by the Minister for Finance for a term of office of five years. The remuneration and allowances for expenses and terms relating to holding of office for members of the board will be determined by the Minister for Finance at the time of the member's appointment.