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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - When Governor may not act as member of board

73: When Governor may not act as member of board

You could also call this:

"When the Governor can't help make decisions about their own job"

Illustration for Reserve Bank of New Zealand Act 2021

You are part of a board and there are some things the Governor cannot do. The Governor cannot be involved in certain matters, such as choosing a new Governor or deciding if the current Governor should leave their job. The Governor also cannot help decide the terms and conditions of their own job or review their own performance. You need to know the Governor has some limits when it comes to being on the board. The Governor must not vote on or discuss certain matters, like their own job performance. The Governor also cannot sign documents related to these matters on behalf of the board. When the board is discussing or deciding on these matters, the Governor is not counted as being present for the purpose of having enough people at the meeting. This means the Governor does not get to vote or have a say in these matters. The Governor's role is limited in these situations to avoid any conflicts of interest.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS466645.

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Part 2Reserve Bank of New Zealand
Board of Bank and its members: When Governor may not act as member of board

73When Governor may not act as member of board

  1. This section applies to the following matters:

  2. nominating a person for appointment as the Governor:
    1. recommending or giving advice about the removal of the Governor:
      1. agreeing the terms and conditions of the Governor:
        1. reviewing the performance of the MPC and its members:
          1. reviewing the performance of the Governor.

            1. The Governor—

            2. must not vote or take part in any discussion or decision of the board or any committee relating to the matter; and
              1. must not sign on behalf of the board any document relating to the entry into a transaction or the initiation of the matter; and
                1. is to be disregarded for the purpose of forming a quorum for that part of a meeting of the board or committee during which a discussion or decision relating to the matter occurs or is made.