Proactive release of information on Governor appointment process 2025
The appointment process
The process to appoint a new Governor for the RBNZ commenced in March 2025.
The RBNZ Board has a statutory responsibility to nominate a candidate to the Minister of Finance, who then recommends to the Governor General for appointment.
The role of Governor is of great national importance, and the Board took this responsibility extremely seriously.
The Board formed a Governor Search Committee to lead the search and recruitment process and contracted a global executive search firm to advertise the role, identify and engage with prospective candidates.
The proactive release of information
The Board’s intention was to run a robust recruitment process in order to find the best person to lead the Reserve Bank in its essential purpose for all New Zealanders.
The RBNZ Board are releasing this information on the process as it recognises that it is of public interest, and it wants to be open and transparent about the appointment process that was conducted. However, there are some phases of the process where commercial sensitivity and personal privacy must be considered, and therefore certain documents have been withheld.
Timeline and key documents
|
Month |
Activity |
|
March |
Governor for a 6-month period nomination |
|
27 March |
RBNZ Board approve a nomination to the Minister that Christian Hawkesby be Governor for a 6-month term. The Board establish a Governor Search Committee. |
|
April
|
Governor for a 6-month period appointment
The Board sends the Minister a nomination that Christian Hawkesby be ‘Governor for a 6-month period.’ Minister announces Christian Hawkesby’s appointment as Governor for a 6-month term.
|
|
30 April |
The Board appoints an executive search firm. The successful executive search firm, Heidrick and Struggles spend a day at RBNZ on to learn about the role of Governor and the operations of RBNZ. Heidrick and Struggles RBNZ Visit (PDF, 126KB) |
|
May |
Advertising and Search Phase |
|
23 May |
Advertisement An advertisement for the Governor role was placed in the Economist Online. In addition, information on the process was provided on the RBNZ website which was updated as the process progressed. RBNZ Governor Advert May 2025 (PDF, 184KB) Heidrick and Struggle’s Position Description Position Specification RBNZ Governor (PDF, 786KB) Governor Success Profile Heidrick and Struggles Success Profile (PDF, 165KB)
Governor Job Description Governor Job Description (PDF, 157KB)
Timetable Heidrick and Struggles Revised Search Timeline for RBNZ Governor (PDF, 206KB) |
|
June |
Advertising, Longlisting and Shortlisting
Advertising and searching continued until mid-June:
Documents from this phase are withheld to ensure the privacy of candidates. |
|
July |
Interview and Assessment Phase |
|
All of July |
The Board undertook interviews with 4 candidates online and in-person throughout July 2025. Three of the candidates were then selected to undertake psychometric testing to further inform the Board’s decision. |
|
30 July |
Two final candidates accompanied the Board Chair to briefly meet the Minister of Finance and Treasury Secretary. Documents from this phase are withheld to ensure the privacy of candidates. |
|
August |
Decision Phase |
|
11 August |
The Board met to approve Dr Anna Breman’s nomination to the Minister of Finance for appointment as Governor, subject to satisfactory background checks. RBNZ Special Board Meeting - Minutes (PDF, 125KB) |
|
14 August |
A report, letter from the Chair, and a candidate resume formed the basis of a nomination to the Minister of Finance. The Minister of Finance made a decision and consulted with political parties for a two-week period. RBNZ Governor Nomination (PDF, 247KB) Letter from RBNZ Chair to Minister of Finance (PDF, 124KB) Curriculum Vitae - Dr Anna Breman (PDF, 42KB) |
|
September |
|
|
8 September |
Cabinet and Governor General provided approval. Background checking started in August and continued into September. This included identity, credit, police and social media checks and reference taking. |
|
24 September |
Minister announces the appointment of the new Governor from 1 December 2025 to 30 November 2030. Christian Hawkesby’s extension of term of appointment as Governor to 30 November announced, and resignation made public. Christian Hawkesby Resignation Letter (PDF, 119KB) |
|
25 September |
The expenses incurred for the Governor recruitment which included costs related to executive search firm contract, psychometric assessments, background checking, advertisement, travel and other costs related to candidate interviews came to a total of $306,000. |
Information on the recruitment and application process
The Board’s statutory responsibility is to nominate a candidate to the Minister of Finance, who then makes a recommendation to the Governor General for appointment.
The Board has engaged the executive search firm Heidrick and Struggles to help with the search and recruitment process.
The advertising and search activity ran during May and June, with interviews and assessments in July and August, followed by a nomination to the Minister of Finance. The Minister will then consult with political parties and make a recommendation to the Governor General for appointment. See Reserve Bank of New Zealand Act 2021.
While this process continues, Christian Hawkesby remains Governor of the RBNZ.
The requirements for the role are set out in the job description (PDF, 157KB).
Expressions of interest closed on 13 June 2025.