Government appoints Reserve Bank directors

Release date
24 April 2009

Finance Minister Bill English announced two new appointments to the Reserve Bank's board of directors today.

They are Christchurch consultant and professional director Sue Sheldon, who will begin on May 1 and Wellington consultant and professional director Keith Taylor, who will begin on July 1.

"In consideration of the skill set needed for a top performing Reserve Bank board, the government has looked for new directors with particular accounting and financial knowledge," Mr English said.

"Sue Sheldon is a chartered accountant and brings a wealth of experience as a director across a diverse range of organisations including state-owned enterprises and private sector companies such as Freightways, Contact Energy, Smith City Group, and the Wool Industry Network.   

"Keith Taylor has an insurance industry background having been the chief executive and chief financial officer of the publicly-listed company Tower. He also has experience as a director of the Earthquake Commission, Government Superannuation Fund Authority, and is a Member of the Takeovers Panel. "

The main role of the Reserve Bank's board is to review the performance of the governor and the bank, including whether monetary policy is meeting the government's policy targets.

"I'm confident these new directors have the skills necessary to help the bank fulfil its duty of meeting its targets and promoting and maintaining a sound and efficient financial system," Mr English said.

The board normally consists of seven non-executive directors plus the governor. The new directors replace Marilyn Waring who completed a five-year term in February and Paul Baines, who leaves in June after two terms.

Media contact:
Grant Fleming
817 9869, 021 277 9869