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Reserve Bank of New Zealand Act 2021

Schedule 2: Appointment of chairperson, etc, and board procedure

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You can be appointed as the chairperson or deputy chairperson of the Reserve Bank board. The Governor-General appoints you with a written notice. You get a copy of the notice and so does the board. You hold the office until you resign, are removed, or your term ends. If the chairperson is not available, the deputy chairperson takes over. The board can also appoint a temporary deputy chairperson. The board decides how it wants to run its meetings. A meeting can be held in person or using technology like video calls. For a meeting to be valid, a certain number of members must be present, called a quorum. Each member has one vote, and the chairperson has a special vote to break a tie. The board can also make decisions without a meeting if all members agree in writing. The board can set up committees to help with its work. These committees can advise the board or make decisions on its behalf. Committee members must disclose any interests they may have before being appointed.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287388.

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2Appointment of chairperson, etc, and board procedure Empowered by s 79

1Appointment

  1. The Governor-General may, on the recommendation of the Minister, appoint one of the members as the chairperson, and another member as the deputy chairperson, of the board by written notice to the member (with a copy to the board).

  2. The Governor may not be appointed under subclause (1).

  3. The notice of appointment must state the date on which the appointment takes effect.

Compare
  • 2004 No 115 Schedule 5 cl 1

2Term of appointment

  1. The chairperson and the deputy chairperson each hold that office until—

  2. they resign from that office; or
    1. they are removed from it by the Governor-General; or
      1. they cease to hold office as a member; or
        1. the term of office that may have been specified on appointment expires, unless they continue to hold office as a member in accordance with section 33(3) or are reappointed for a further term.

          Compare
          • 2004 No 115 Schedule 5 cl 2

          3Resignation

          1. A chairperson or deputy chairperson may, without resigning as a member, resign from that office by written notice to the Minister (with a copy to the board).

          2. The notice of resignation must state the date on which the resignation takes effect.

          Compare
          • 2004 No 115 Schedule 5 cl 3

          4Removal

          1. The Governor-General may, on the recommendation of the Minister and after consultation with the person concerned, remove a chairperson or deputy chairperson of the board from that office by written notice to the person (with a copy to the board).

          2. The notice of removal must state the date on which the removal takes effect.

          Compare
          • 2004 No 115 Schedule 5 cl 4

          5Exercise of chairperson's functions and powers during vacancy

          1. The deputy chairperson of a board has and may exercise all of the functions and powers of the chairperson in relation to a matter if—

          2. the chairperson is unavailable; or
            1. the chairperson is interested in the matter.

              1. The board may, by resolution, appoint a temporary deputy chairperson, who may exercise all the functions and powers of the chairperson in relation to a matter if—

              2. there is no deputy chairperson; or
                1. the deputy chairperson is unavailable; or
                  1. the deputy chairperson is interested in the matter.

                    1. The Governor may not be appointed under subclause (2).

                    Compare
                    • 2004 No 115 Schedule 5 cl 5

                    6Procedure generally

                    1. The members of the board may regulate their own procedure.

                    2. Subclause (1) applies except as otherwise provided under this or another Act.

                    Compare
                    • 2004 No 115 Schedule 5 cl 6

                    7Notice of meetings

                    1. The board or the chairperson must appoint the times and places of ordinary meetings of the board, and give notice of those meetings to each member not present when the appointment is made.

                    2. The chairperson or any 2 members may call a special meeting of the board by giving at least 5 working days' notice (or any shorter notice period that all the members agree) of the special meeting, and the business to be transacted at the meeting, to each member for the time being in New Zealand.

                    3. Only the business stated in the notice of special meeting may be transacted at the special meeting.

                    4. Notice of a meeting—

                    5. must be written, and state the time and place of the meeting; and
                      1. may be given by post, delivery, or electronic communication; and
                        1. must be given or sent to each member's current postal or electronic address.

                          1. An irregularity in a notice of a meeting is waived if all members entitled to receive the notice either—

                          2. attend the meeting without protesting about the irregularity; or
                            1. do not attend the meeting, but agree before the meeting is held to the waiver of the irregularity.

                              Compare
                              • 2004 No 115 Schedule 5 cl 7

                              8Methods of holding meetings

                              1. A meeting of the board may be held—

                              2. by a quorum of the members, being assembled together at the time and place appointed for the meeting; or
                                1. by means of audio, audio and visual, or electronic communication, provided that—
                                  1. all of the members who wish to participate in the meeting have access to the technology needed to participate in the meeting; and
                                    1. a quorum of members can simultaneously communicate with each other throughout the meeting.

                                    Compare
                                    • 2004 No 115 Schedule 5 cl 8

                                    9Quorum

                                    1. A quorum for a meeting of the board is the number that is—

                                    2. half the number of members (if the board has an even number of members); or
                                      1. a majority of the members (if the board has an odd number of members).

                                        1. No business may be transacted at a meeting of the board if a quorum is not present.

                                        Compare
                                        • 2004 No 115 Schedule 5 cl 9

                                        10Special provisions for boards with only 1 member available to act

                                        1. This clause applies while a board has only 1 member who is available (for example, because of a vacancy or because section 65, but not section 67, applies to 1 or more members).

                                        2. The quorum for a meeting of the board is 1.

                                        3. The available member—

                                        4. may appoint the times and places of ordinary meetings; and
                                          1. may call a special meeting; and
                                            1. need not send a notice of meeting for those meetings; and
                                              1. may enter into any obligation that, under section 191(2), may be entered into by 2 or more members.

                                                Compare
                                                • 2004 No 115 Schedule 5 cl 10

                                                11Presiding at meetings

                                                1. At a meeting of the board, the following person presides:

                                                2. if there is a chairperson and the chairperson is present and is not interested in the matter, the chairperson; or
                                                  1. if there is no chairperson or the chairperson is not present or is interested in the matter, the deputy chairperson; or
                                                    1. in any other case, the temporary deputy chairperson.

                                                      1. A person referred to in subclause (1)(b) or (c) may exercise all the powers and functions of the chairperson for the purposes of the meeting.

                                                      Compare
                                                      • 2004 No 115 Schedule 5 cl 11

                                                      12Voting at meetings

                                                      1. Each member has 1 vote.

                                                      2. In addition to their general vote, the chairperson at a meeting has, in the case of an equality of votes, a casting vote.

                                                      3. A resolution of the board is passed if it is agreed to by all members present without dissent or if a majority of the votes cast on it are in favour of it.

                                                      4. A member present at a meeting of the board is presumed to have agreed to, and to have voted in favour of, a resolution of the board unless they expressly dissent from or vote against the resolution at the meeting.

                                                      Compare
                                                      • 2004 No 115 Schedule 5 cl 12

                                                      13Unanimous written resolutions

                                                      1. A resolution signed or assented to in writing (whether sent by post, delivery, or electronic communication) by all members who are entitled to vote on the matter is as valid and effectual as if it had been passed at a meeting of the board duly called and constituted.

                                                      2. The resolution may consist of several documents containing the same resolution, each signed or assented to in writing by 1 or more members.

                                                      Compare
                                                      • 2004 No 115 Schedule 5 cl 13

                                                      14Board may appoint committees

                                                      1. The board may, by resolution, appoint committees—

                                                      2. to advise it on any matters relating to the Bank’s functions and powers that are referred to the committee by the board; or
                                                        1. to perform or exercise any of the Bank’s functions and powers that are delegated to the committee, if the committee includes at least 1 member of the board and any other person or persons that the board thinks fit.

                                                          1. A person must not be appointed as a member of a committee unless, before appointment, the person discloses to the board the details of any interest the person may have if the person were a member of that committee.

                                                          Compare
                                                          • 2004 No 115 Schedule 5 cl 14

                                                          15Provisions relating to committee members

                                                          1. Sections 40, 43, 44, 54, 78, 177, 180 to 188, 200, 242(1)(g) and (h) and (4) apply to each member of a committee who is not a member of the board with necessary modifications.

                                                          2. Sections 61 to 72 apply to each member of a committee who is not a member of the board as if the committee member were a board member and as if the disclosure must be made to both the committee and the board, and with other necessary modifications.

                                                          Compare
                                                          • 2004 No 115 Schedule 5 cl 15