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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Governor

87: Qualifications of Governor

You could also call this:

"Who can be the Governor of the Reserve Bank of New Zealand?"

Illustration for Reserve Bank of New Zealand Act 2021

You can be a Governor of the Reserve Bank of New Zealand if you are a natural person and not disqualified. You are disqualified if you work for a regulated entity, a subsidiary of the Bank, or if you are an undischarged bankrupt. You are also disqualified if you have been prohibited from being a director under the Companies Act 1993, the Financial Markets Conduct Act 2013, or the Takeovers Act 1993. You are disqualified if you have a property order under the Protection of Personal and Property Rights Act 1988 or if you have been convicted of a crime involving dishonesty. This includes crimes under section 2(1) of the Crimes Act 1961 or similar offences in other countries. You are also disqualified if you are a member of Parliament or a chief executive of a department. If you become a Governor and then become disqualified, you must tell the board and the Minister as soon as possible.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287121.

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Part 2Reserve Bank of New Zealand
Governor

87Qualifications of Governor

  1. A natural person who is not disqualified by this section may be a Governor of the Bank.

  2. The following persons are disqualified from being a Governor:

  3. a person who is a director or an employee of a regulated entity:
    1. an employee of a subsidiary of the Bank:
      1. a person who is an undischarged bankrupt:
        1. a person who is prohibited from being a director or promoter of, or being concerned or taking part in the management of, an incorporated or unincorporated body under the Companies Act 1993, the Financial Markets Conduct Act 2013, or the Takeovers Act 1993:
          1. a person who is subject to a property order under the Protection of Personal and Property Rights Act 1988:
            1. a person in respect of whom a personal order has been made under that Act that reflects adversely on the person’s—
              1. competence to manage their own affairs in relation to their property; or
                1. capacity to make or to communicate decisions relating to any particular aspect or aspects of their personal care and welfare:
                2. a person who has been convicted of a crime involving dishonesty as defined in section 2(1) of the Crimes Act 1961 within the past 5 years:
                  1. a person who has been convicted within the past 5 years, in a country other than New Zealand, of an offence that is substantially similar to an offence specified in paragraph (g):
                    1. a person who has been convicted of any other offence punishable by imprisonment for a term of 2 years or more, or who has been sentenced to imprisonment for any other offence, unless that person has obtained a pardon, served the sentence, or otherwise suffered the penalty imposed on the person:
                      1. a member of Parliament:
                        1. a person who is a chief executive of a department or an employee of a department.

                          1. If the Governor becomes aware that they are likely to become disqualified, they must disclose that fact to the board and the Minister as soon as practicable.

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