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Reserve Bank of New Zealand Act 2021

Financial and accountability matters - Reporting obligations - Reporting: annual report

242: Disclosure of remuneration and of details of indemnities and insurance cover

You could also call this:

"The Reserve Bank must tell you what they pay their staff and what protection they give them."

Illustration for Reserve Bank of New Zealand Act 2021

The Reserve Bank of New Zealand must tell you how much they pay their board members, the Governor, and some other staff. They must also tell you about any insurance or protection they give to these people. You can find this information in their annual report. The bank must report how much they pay to each board member, the Governor, and some committee members. They also need to tell you how many employees earn over $100,000 per year. You will see the number of employees in different pay brackets. The bank must also tell you about any money they pay to people who used to work for them. They need to give you details about any protection they give to their staff, like insurance. This information is available in their annual report, which also includes information about their subsidiaries, as stated in section 248. When the bank talks about what they pay their staff, they do not include any extra money they pay when someone leaves their job. They are talking about people who work for them, or used to work for them, when they mention different types of staff.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287291.

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Part 5Financial and accountability matters
Reporting obligations: Reporting: annual report

242Disclosure of remuneration and of details of indemnities and insurance cover

  1. The annual report must include, in respect of the Bank,—

  2. for each member of the board (other than the Governor), the total value of the remuneration paid or payable to the member in their capacity as a member of the board from the Bank during that financial year; and
    1. for the Governor, the total value of the remuneration paid or payable to the Governor from the Bank during that financial year; and
      1. for each external member of the MPC, the total value of the remuneration paid or payable to the member in their capacity as an external member from the Bank during that financial year; and
        1. for each committee member who is not a board member or an employee, the total value of the remuneration paid or payable to the member in their capacity as a committee member from the Bank during that financial year; and
          1. the number of employees to whom, during the financial year, remuneration was paid or payable in their capacity as employees, the total value of which is or exceeds $100,000 per annum, and the number of those employees in brackets of $10,000; and
            1. the total value of any compensation or other benefits paid or payable to persons who ceased to be the Governor, a committee member, or an employee during the financial year in relation to that cessation and the number of persons to whom all or part of that total was paid or payable; and
              1. details of any indemnity provided by the Bank during the financial year to any member of the board, the Governor, any member of the MPC, any committee member, or any employee; and
                1. details of any insurance cover effected by the Bank during the financial year in respect of the liability or costs of any member of the board, the Governor, any member of the MPC, any committee member, or any employee.

                  1. Despite section 248, the annual report of the Bank must include the information specified in subsection (1) in respect of each subsidiary of the Bank as well as in respect of the Bank.

                  2. In subsection (1)(a) to (e), remuneration does not include compensation or other benefits referred to in subsection (1)(f).

                  3. In subsection (1), a reference to a person of a particular kind (for example, an employee) includes a person who was a person of that kind but who is no longer a person of that kind (for example, a former employee).

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