Our Board's responsibilities
The RBNZ Act 2021 gives our Board overall responsibility for our strategic direction, functions and operations, and ultimate accountability for the delivery of our outcomes.
Collective duties of the Board include:
- ensuring that RBNZ acts consistently with its objectives, functions, Statement of Intent and Statement of Performance Expectations
- ensuring that RBNZ performs its functions effectively and efficiently, in collaboration with other public entities
- ensuring that RBNZ operates in a financially responsible manner
- taking account of the Financial Policy Remit in the pursuit of our prudential objectives
- approving our key transparency and accountability documents
- reviewing the performance of the Monetary Policy Committee and its members.
Board documents
Mr Rodger Finlay
Position: Chair
Appointed: 1 December 2025
Current term expires: 30 June 2027
Location: Christchurch
Rodger concluded his executive career as an investment banker and fund manager in 2008, after twenty-six years of service principally with three global financial houses in London - CS First Boston, Paribas and UBS.
He has extensive private and public sector governance experience. He is Deputy Chair of Rural Equities Limited and a director or trustee of several other New Zealand and internationally-based entities. Previous governance roles include Chairing listed companies PGG Wrightson and NZ Oil and Gas, Chair of NZ Post and Kiwi Group Holdings, Chair of the Independent Advisory Panel of the Provincial Growth Fund and Crown Regional Holdings, a Director of Public Trust and Ngai Tahu Holdings, and a Governor of Radio New Zealand.
Rodger is a Chartered Fellow of the Institute of Directors and a Fellow of Chartered Accountants ANZ. He has a Bachelor of Commerce from the University of Otago.
Rodger was appointed to the RBNZ Transition Board in October 2021, the RBNZ Board on 1 July 2022 for a term of five years, and was elevated to Chair from 1 December 2025.
He is married with three children and lives in Christchurch.
Mr Jeremy Banks
Appointed: 1 July 2022
Current term expires: 30 June 2027
Location: Nelson
Jeremy is a highly experienced software developer who co-founded the innovative kaupapa Māori software company Plink Software in 2015.
He is CEO of Plink, which works with schools and communities throughout Aotearoa to help students learn te reo Māori through its free app, Tipu. It also supports iwi to stay connected to and learn about their whakapapa from anywhere in the world through Te Ao Hunga, a software programme.
Jeremy's governance experience includes roles with Wakatū Incorporation, Network for Learning, Science for Technological Innovation Kāhui Māori and Nelson Regional Development Agency. He is also Vice Chair of Ngāti Rārua Ātiawa Iwi Trust.
Jeremy holds a Bachelor of Science (Hons) in Computer Science from the University of Otago.
He has whakapapa links to the top of the South Island through Ngāti Rārua, Rangitāne ki Wairau and Ngāti Kuia.
Ms Susan Paterson, ONZM
Appointed: 1 July 2022
Current term expires: 30 June 2027
Location: Auckland
Susan has been a professional director since 1996 and was an external monetary policy advisor to our current Governor.
She currently chairs Steel and Tube and Theta Ltd, with other directorships including Arvida Group, Eroad and Les Mills Holdings. Past directorships include Goodman Property, Electricity Authority, Sky TV, Transpower NZ Limited, St Cuthbert’s College, the NZ Eco Labelling Trust, EECA, Housing New Zealand and Ports of Auckland.
She has a Bachelor of Pharmacy and practised as a pharmacist before moving into management roles in New Zealand and the United Kingdom.
Susan completed an MBA at London Business School and was a strategy consultant for the Boston-based Index Group across Europe and the USA, with a focus on the strategic use of IT.
In 2015, Susan was made an Officer of the New Zealand Order of Merit for services to corporate governance.
Mr Byron Pepper
Appointed: 1 July 2022
Current term expires: 30 June 2030
Location: Auckland
Byron is a highly experienced independent investment banking advisor and director. He has significant expertise in advising corporate and government clients, particularly in the financial services sector across New Zealand, Australia and internationally, with an investment banking career spanning over 25 years.
He was previously a director of Ando Insurance Group Limited, and is a director or trustee of several other New Zealand based entities.
Prior to setting up his own company Vorigo Advisory, Byron was at Goldman Sachs for 22 years in its global investment banking business.
Byron holds a Bachelor of Law and a Bachelor of Management Studies (Finance) from the University of Waikato.
Byron was appointed to the RBNZ Board for a 3 year term on 1 July 2022 and reappointed for a 5 year term on 1 July 2025.
Professor Philip Vermeulen
Appointed: 10 February 2025
Current term expires: 31 January 2030
Location: Christchurch
Philip is Professor of Economics at University of Canterbury where he teaches courses on finance and macroeconomics. His published research covers the fields of financial economics and macroeconomics. He taught at Auckland University of Technology from 2020 to 2022. He has significant experience in monetary policy and central banking with a career at the European Central Bank spanning over 20 years.
Philip is a Research Associate at the Centre for Applied Macroeconomic Analysis at Australian National University and has a Master of Arts and PhD from Stanford University.
Philip was first appointed to the RBNZ Board in June 2024 as a ‘Future Director’, participating as an observer on the Board, before being appointed by the Minister of Finance as a Board Member in February 2025.
Mr Grant Spencer
Appointed: 1 July 2025
Current term expires: 30 June 2030
Location: Wellington
Grant brings extensive expertise in central banking, financial stability, and monetary policy, underpinned by senior roles at the RBNZ, including Deputy Governor, Head of Financial Stability (2007 to 2017), and Acting Governor (2017 to 2018). He has also contributed to global financial collaboration through leadership in OECD and EMEAP forums and participated in developing New Zealand's capital markets.
Grant is an Adjunct Professor at Victoria University with academic interests in financial regulation and macroeconomics. Grant holds advanced degrees in economics and econometrics.
Grant’s appointment enhances the Board’s expertise in prudential regulation, macro-prudential policy, and financial market operations, offering complementary strengths to existing board members, particularly in the context of New Zealand's central banking landscape.
Mrs Rhiannon McKinnon
Appointed: 1 December 2025
Current term expires: 30 November 2030
Location: Wellington
Rhiannon McKinnon is an experienced financial professional with a strong background in leadership and strategy. She has managed complex financial operations, including hedging programmes, bond issuance, and M&A transactions. She is a Chartered Financial Analyst (CFA) with extensive expertise in financial markets, corporate finance, and investment management, having held senior roles such as CEO of Kiwi Wealth, where she managed $10bn in funds and delivered significant outcomes, including a $310m valuation during its sale.
Her governance experience includes board roles with the NZ Film Commission, CFA Society of NZ, and Dress for Success Wellington, as well as regulatory committee representation for NZ Post. Her skill set including expertise in leadership and human resource management would enhance the Board’s capabilities.
In 2021, she founded Cassiobury, a consultancy specialising in guiding CEOs through complex scenarios such as mergers and acquisitions, strategy development, scaling operations, and executive team alignment. Mrs McKinnon holds an MA from the University of Cambridge, has completed the Institute of Directors Company Directors Course, and holds memberships in professional organisations such as Global Women and the Institute of Directors.
Previous Board members
Board member from 1 July 2022 to 5 April 2024
Location: Auckland
Hinerangi is a professional company director with extensive governance experience. She is the Chair of Tainui Group Holdings Limited and Te Pou Herenga Pakihi Limited. Hinerangi also serves on the boards of a number of entities, including Watercare Services Limited, Genesis Energy Limited, Pouarua Farms Ltd, Taranaki Iwi Holdings Limited and Te Puia Tapapa GP Limited. She is also an executive committee member of Waikato-Tainui.
Previous governance roles include Te Kiwai Maui o Ngaruahine Limited (as Chair) Aotearoa Fisheries Limited (Moana NZ) (as Chair), Sealord Group Limited, Parininihi Ki Waitotara Incorporation (as Chair), Venture Taranaki Trust, Port Nicholson Fisheries Limited, Te Ohu Kai Moana Trustee Limited, Auckland Council Investments Limited, Public Trust, and Waikato Community Trust.
In addition to her strong commercial, investment and corporate governance background, Hinerangi has focused on the development of post settlement commercial entities and commercial frameworks with a Te Ao Māori view. She has served as CFO of Tainui Group Holdings and Executive Director Operations at Te Wananga o Aotearoa.
She was named Māori Business Woman Leader of the Year in 2016 and served on the Cullen Tax Working Group in 2019.
Hinerangi is a fellow of Chartered Accountants ANZ and holds a Bachelor and Masters in Management Studies. In 2012 she was made a member of the New Zealand Order of Merit for services to business and Māori.
Hinerangi has whakapapa to Ngāti Mutunga and Waikato iwi.
Board member from 1 July 2022 to 30 June 2025
Location: Wellington
Rawinia is the Deputy Vice-Chancellor Māori of Te Herenga Waka - Victoria University of Wellington. Her research expertise is Māori language revitalisation and, more specifically, language planning and policy and she was instrumental in shaping the current Māori language legislation and policy framework.
She is a member of the Waitangi Tribunal and a Board member of Ngā Pae o Te Māramatanga (Māori Centre of Research Excellence). She is also the current Chair and Commissioner of Te Taura Whiri i te Reo Māori - The Māori Language Commission - the first woman to be appointed to this position.
In 2021 Rawinia was elected as a Pacific Region representative on the Global Taskforce for the UNESCO International Decade of Indigenous Languages. She has been appointed to a number of governance and advisory board roles for government, Māori and iwi.
In November 2020, the Royal Society of New Zealand Te Apārangi awarded Rawinia the Pou Aronui award for dedicated service to the humanities and the following year appointed her a Fellow of the Royal Society.
Rawinia holds a Diploma in Māoritanga / Tohu Māoritanga and a Bachelor of Arts from Te Herenga Waka. She also has a PhD from the University of Otago and is a Principal Fellow of the Higher Education Academy.
In 2025, Rawinia was made a Member of the New Zealand Order of Merit for services to Māori language, education and governance.
Rawinia is of Tūhoe descent.
Board member from 2010, Chair from 2016 to 2025.
Location: Hamilton
Neil is Vice-Chancellor of the University of Waikato. During his career he was Professor of Economics at the University of Western Ontario and Victoria University of Wellington, where he taught and published research in the fields of industrial organisation, money and finance and economic history.
Neil was appointed to the RBNZ Board in 2010 and elected its Chair in 2016. He led Board reviews of our monetary policy statements from when he was first appointed until the introduction of the Monetary Policy Committee in April 2019. Neil was appointed as Chair of the RBNZ's new statutory governance board from 1 July 2022 (under the Reserve Bank of New Zealand Act 2021) and reappointed for two years in 2024.
Neil was a director of the New Zealand Qualifications Authority (NZQA) from 2010 to 2021, serving as Chair of the Risk and Assurance Committee and Deputy Chair, and as Acting Chair from 2019-21.
He has a Bachelor and Master of Arts from the University of Canterbury and a PhD from the University of Toronto.