RBNZ Board of Directors
The Board’s main purpose is to review the performance of the Governor and the Reserve Bank. It meets regularly to receive updates about RBNZ’s activities, decisions and policies, and provide advice to the Governor.
The Board, through an Audit Committee, reviews the Bank’s financial statements. Each year the Board’s assessment of the Governor and RBNZ’s performance is provided as advice to the Minister of Finance and later published in the RBNZ Annual Report.
Transitioning to new governance arrangements
The new RBNZ Act 2021 coming into force on 1 July 2022 will replace the parts of the RBNZ Act 1989 which relate to our governance arrangements. A key change under this new legislation is the establishment of a new statutory governance board with up to nine members including the Governor.
The first three members of this new board have now been appointed and along with the Governor are working as an interim ‘transition board’ to help prepare for our new governance arrangements.
Our current (advisory) board continues to operate alongside the transition board, with all board members continuing to perform their responsibilities until the new RBNZ Act comes into force on 1 July 2022. At that point both boards will be replaced by our new statutory governance board.
The first three appointments to our new RBNZ statutory governance board have now been confirmed by the Governor General. The new Board will be established on 1 July 2022 on commencement of the RBNZ Act 2021.
- Current RBNZ Board Chair Professor Neil Quigley (who will chair the transition board and new Board)
- Our current RBNZ Advisory Board member, Susan Paterson ONZM
- Rodger Finlay, currently Chair of NZ Post, PGG Wrightson, Crown Regional Holdings and Audit Chairman of Ngāi Tahu Holdings.
The role of Reserve Bank Governor has already been confirmed as a permanent member of the new Board under the Act. The Governor and three new appointees are now working as an interim ‘transition board’ to oversee preparations for RBNZ’s new governance arrangements.
The appointment process for up to 5 more board members is still in progress.