21. (1) Unless otherwise appointed as a director, none of the persons mentioned in subsection (2) is to be taken to be a shadow director (within the meaning given by section 27(1) of the Companies Act 1990) nor what is known as a de facto director nor as a person discharging managerial responsibilities of the SBCI or any SBCI group entity.

(2) The persons referred to in subsection (1) are—

(a) the Minister;

(b) the NTMA, an employee and a member of the staff of the NTMA;

(c) the National Pensions Reserve Fund Commission.