Members with a range of governance, financial and technical skills have been appointed to the Reserve Bank Board as part of the shift to strengthen the Bank’s decision-making and accountability arrangements.
The Reserve Bank of New Zealand Act 2021 comes into force on 1 July 2022, with the establishment of a new statutory governance board, which includes members appointed by Governor General on the recommendation of the government, and also includes the Governor of the Reserve Bank, Adrian Orr.
“This is a significant change that will strengthen the institutional arrangements of the Reserve Bank,” Grant Robertson said.
“The shift to a more conventional board model brings the Reserve Bank in line with other central banks, Crown Entities and public companies in New Zealand.
The structure protects the Bank’s independence while ensuring it operates in an accountable and transparent manner. The Board’s remit does not cover monetary policy, which remains solely the role of the Monetary Policy Committee.
The Paper 