The Panel comprises –

1. the Commissioner of the Companies and Intellectual Property Commission established by section 197(1)(a) of the Companies Act, or a person designated by the Commissioner;
2. the Commissioner of the Competition Commission established by section 19 of the Competition Act, or a person designated by that Commissioner;
3. three persons designated by each exchange named for the purpose by the Minister by notice in the Gazette; and
4. not more than a number, being 15 minus the total number of persons designated in terms of paragraph 3, of other persons appointed by the Minister on the basis of their knowledge and experience in the regulation of securities and takeovers.

At any time, the Panel may co-opt additional members for a particular purpose and a limited period.

Chairperson and deputy chairpersons
The Minister may designate –

1. one of the members of the Panel to be the chairperson of the Panel; and
2. two of its members to be deputy chairpersons of the Panel.

Either deputy chairperson may exercise and perform the powers and duties of the chairperson whenever the chairperson is unable to do so or while the office of chairperson is vacant.