11 February 2025
J Smith
[FYI request #29756 email]
Dear J Smith
Official Information Act (OIA) request for information on “HR Policies”
We refer to your request to the Reserve Bank of New Zealand – Te Pūtea Matua (RBNZ) of 15 January
2025 for information on RBNZ “HR Policies”.
Each of your questions is answered below:
1. What is RBNZ HR policy on minimum staff remuneration increases every year?
RBNZ does not guarantee or provide a minimum remuneration increase to staf each year. RBNZ’s
Remuneration and Benefits Policy notes that remuneration is reviewed on an annual basis and
considerations in this review include:
• external market pay information.
• an employee’s current position in range.
• an employee’s performance and competency.
• internal relativities including pay equity.
• budget availability (annual remuneration pool is approved by the Board).
One exception to this are any staf employed on the Col ective Employment Agreement (CEA) - currently
5 employees. The CEA provides for a 4% increase effective 1 July 2025. This CEA expires 30 June 2026
at which time terms and conditions, including any remuneration increase, would be renegotiated.
2. Has any employee had their remuneration decreased in last 5 years due to change in their
position?
Three staf members have had their remuneration decreased in the last five years. Two instances related
to staf moving from fixed term to permanent positions and the third related to the staf member
requesting to move back to a dif erent role.
3. What is RBNZ default policy on staf engaging in union, activism or political activities outside of
office hours?
The RBNZ does not have a specific policy on these types of activities outside of work hours. The RBNZ
Code of Conduct however could be relevant to what you have described. Section 1 of the Code of
Conduct notes, within work situations, staf should “be political y neutral in your work so that we can
work with both current and future governments”. Section 2 of the Code of Conduct covers outside of
work situations, noting that staf should “ensure that your activities, including private activities, do not
bring RBNZ into disrepute”.
The RBNZ Code of Conduct is available to view on the RBNZ website at the fol owing link:
https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/corporate-policies/rbnz-code-
of-conduct.pdf
4. In last 5 years, has RBNZ contested for public office e.g. Local Council, Local Board, Regional
Council or Parliament while being employed by RBNZ in permanent, temporary, contractor or
consultant capacity?
In the situation you describe, if a staf member was successful in being appointed to such a position they
would need to declare it as secondary employment (assuming they were planning to continue their
employment with RBNZ). This would be declared under RBNZ’s Conflicts of Interest policy with an
appropriate management plan put it place. We have not located any records of this happening in the
last five years.
RBNZ’s Conflicts of Interest policy has previously been released and can be viewed at this link:
https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/oias/2023/
oia2324_9_copies_of_rbnzs_policies.pdf
5. What is the standard procedure if any of the RBNZ staf is to contest in upcoming council
elections? Are they required to take leave or Resign from their duties?
The RBNZ does not have a standard procedure for this. Such a situation would however be covered by
the Conflicts of Interest policy (as noted above).
6. Does RBNZ currently have any active policy to reduce staff numbers at the bank?
There isn’t a current policy in place to reduce staf numbers at the RBNZ.
7. Has the Minister for Finance requested RBNZ to reduce staff numbers?
The RBNZ is not being asked to reduce staf numbers. The Minister of Finance issues Letters of
Expectations for the RBNZ which are available on the RBNZ website at the fol owing link:
https://www.rbnz.govt.nz/about-us/corporate-publications/our-letters-of-expectations#sort=%
40computedsortdate%20descending
In the Letter of Expectations from 3 April 2024 the Minister of Finance noted the expectation that the
RBNZ’s Funding Agreement for 2025-2030 align with the Crown’s fiscal sustainability programme.
You have the right to seek an investigation and review by the Ombudsman of this Of icial Information
Act response. Information about how to make a complaint is available at
www.ombudsman.parliament.nz or freephone 0800 802 602.
We intend to publish this response on the Reserve Bank’s website at:
www.rbnz.govt.nz/research-and-
publications/of icial-information-requests. We do this in order to improve transparency and provide an
additional resource for anyone seeking information.
Yours sincerely
Government Relations
Reserve Bank of New Zealand – Te Pūtea Matua
Document Outline
