Chris Nenzani, the president of the Border Cricket Board, has been elected CSA's new president as the body formalised a new board on Saturday at their AGM. It includes former president Norman Arendse as an independent member while Peter Cyster, from Boland, has been named Nenzani's deputy.

The new board consists of 12 members - five of them independent - and marks the end of CSA's transition following a saga which started with the bonus scandal in 2010. The R4.7 million (then $671,438) that was paid in bonuses to 40 CSA staff members, including former chief executive Gerald Majola, was not declared through the board brought CSA's corporate governance under scrutiny.

It took two investigations before the country's sports minister, Fikile Mbalula, intervened and ordered a third inquiry chaired by Judge Chris Nicholson. The Nicholson report instructed CSA to suspend and discipline Majola - which they did, change the structure of the board to make it more streamlined and include a significant independent component.

The process lasted eleven months and faced two major obstacles. Arendse, who was chosen by a CSA nominations committee to be the next chairperson, was vetoed by the current board but took the matter to dispute resolution and won. As a result, he now has a place on the current board.

The other hurdle involved pacifying the country's sports' governing body, the South African Sports Confederation and Olympic Committee (SASCOC), who were opposed to an independent chair. As a result, CSA opted for a 7:5 split with independent directors making up the smaller component.

Although this contrasts with what Nicholson said, Nenzani indicated that compromise had to be reached. "We are confident that our organisation is done with trying times. There is a common understanding between ourselves and ministry that there has to be an independent component on the board," he said. "We also had to look at our own responsibilities as members of SASCOC. There must be a level of independence on the board and a level of cricketing knowledge."

Presidents of five of the 11 provincial affiliates were also elected and along with Nenzani and Cyster, completed the non-independent component. Easterns' Andy O'Connor, Western Province's Beresford Williams, Eastern Province's Graeme Sauls, Kwa-Zulu Natal's Fa-eez Jaffer and Griquas Rihan Richards will serve as board members.

The new board's first major task is to appoint a new chief executive after the current acting one, Jacques Faul accepted a job at the Titans franchise which made him unavailable to lead CSA.

One of the other items discussed at the AGM was the confirmation of South Western Districts, based in Oudtshorrn in the Western Cape, as a full affiliate member. Although they already play in the amateur first-class competition, they will now receive more funding and voting power.

The annual financial statements were also presented. Due to the lower-profile of summer's incoming tours - Sri Lanka last year and New Zealand this season - CSA have recorded a loss of R47 million ($ 5.53 million approx), compared to a profit of R295 million ($34.70 million approx) in 2011. Despite that, their four-year budget means that CSA still have cash reserves of R474 million ($55.76 million approx).

Firdose Moonda is ESPNcricinfo's South Africa correspondent