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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Individual duties of members

53: Duty to act with reasonable care, diligence, and skill

You could also call this:

"Be careful and make good decisions as a bank board member"

Illustration for Reserve Bank of New Zealand Act 2021

You must act with care when you are a member of the board. You need to be as careful as a reasonable person would be in the same situation. This means thinking about the kind of bank it is, what you are doing, and what your job involves.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287080.

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Part 2Reserve Bank of New Zealand
Board of Bank and its members: Individual duties of members

53Duty to act with reasonable care, diligence, and skill

  1. A member of the board must, when acting as a member, exercise the care, diligence, and skill that a reasonable person would exercise in the same circumstances, taking into account (without limitation)—

  2. the nature of the Bank; and
    1. the nature of the action; and
      1. the position of the member and the nature of the responsibilities undertaken by them.

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