The managing director and the majority of the board of directors of a stock exchange entity in Namibia must be or must be composed of Namibian citizens.
"12. Rules of stock exchange
(1) The rules of a stock exchange shall be so designed as to ensure, to the satisfaction of the Registrar -
(a) that no person is admitted or allowed to continue as a member unless -
(i) such person is of good character and integrity;
(ii) in the case of a corporate body, it is managed and controlled by a board of directors of which -
(aa) the directors are of good character and integrity; and
(bb) subject to subsection (1A), the managing director and at least 50 per cent of the other directors are Namibian citizens resident in Namibia;[...]
The Registrar may, upon application by a member of a stock exchange which is a corporate body, and if good reasons exist, grant approval to that member to appoint a person who is not a Namibian citizen as its managing director for such period as the Registrar may determine.[...]" (Stock Exchanges Control Act, 1985, as amended)
Stock Exchanges Control Act, 1985, as amended
[<a href="https://media.namiblii.org/files/legislation/akn-na-act-1985-1-eng-2001-05-14.pdf">Act</a>]