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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Appointment, removal, and conditions of members

29: Criteria for recommendations by Minister

You could also call this:

"How the Minister chooses people for the Reserve Bank board"

Illustration for Reserve Bank of New Zealand Act 2021

When the Minister recommends people for the Reserve Bank board, they must follow certain rules. You need to know the Minister can only choose people with the right knowledge and skills to help the Bank do its job. The Minister also thinks about how to make the board more diverse when making their choices. The Minister follows the criteria and process set out in the Act when making recommendations. They consider what is best for the Bank and its objectives. This helps the Minister make good choices for the board. The Minister's choices are based on what they think is best for the Bank and its work. They want to pick people who can help the Bank achieve its goals. The Minister's recommendations are an important part of how the Bank is run.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287049.

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Part 2Reserve Bank of New Zealand
Board of Bank and its members: Appointment, removal, and conditions of members

29Criteria for recommendations by Minister

  1. The Minister must recommend the appointment of members under section 27 in accordance with the criteria for members and the process for appointment under this Act.

  2. The Minister may only recommend a person who, in the Minister’s opinion, has the appropriate knowledge, skills, and experience to assist the Bank to achieve its objectives and perform its functions.

  3. In recommending an appointment, the Minister must take into account the desirability of promoting diversity in the membership of the board.

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