UNCLASSIFIED
21 October 2025
ref: OIA2526_91
John Luke
By email:
[FYI request #32526 email]
Dear John Luke
Information about an Appointment to the Monetary Policy Committee
Thank you for your 21 October 2025 request under the Official Information Act 1982 (OIA). We will
answer each of your questions in turn.
[…] you have recently made Appointment of an External Member of the Monetary
Policy Committee of the Reserve Bank of New Zealand May I ask how you called
for public nomination and on what platform you have call for public nominations
e.g. govt.jobs website.
We called for nomination principally via:
www.rbnz.govt.nz
We made a media release and sent it to media outlets
www.appointbetterboards.co.nz – which sends a fortnightly newsletter to 16k people
A copy of your ad
Please find the Application Pack attached.
and pay rate as wel .
The gross fee for external members of the Committee, excluding travel and accommodation is
$1,540 per day. The remuneration for external members of the MPC is set by the Minister of
Finance, guided by the Cabinet fees framework. They are remunerated at the daily rate for:
a) Each scheduled attendance at the RBNZ;
b) Each full day's preparation required for a scheduled attendance, up to a maximum of two
days for an attendance that produces an MPS and one day for any other scheduled
attendance.
Also, how many applications you have received for each of the role from the public:
Ref #23167950 v1.1
UNCLASSIFIED
2
We received 18 applications.
and how many you have received from other nominating agencies such as TPK or
Ministry of women etc for your role.
We received no applications from other nominating agencies.
How many you have shortlisted:
We shortlisted five candidates.
and how many you have interviewed.
We interviewed five candidates.
Also, can I request to view the appointment letter if there is one sent to
Please find the letter of appointment attached.
We hope you found this helpful. We encourage you to raise any concerns you have about this
response with the RBNZ directly.
Alternatively, you have the right to seek an investigation and review of this response from the
Office of the Ombudsman. Further information about how to make a complaint is publicly
available, a
t www.ombudsman.parliament.nz or freephone 0800 802 602.
Yours sincerely
Governance and OIA
Reserve Bank of New Zealand – Te Pūtea Matua
2
UNCLASSIFIED
Application Pack
External Member – Monetary Policy Committee (1 vacancy)
Organisation:
Reserve Bank of New Zealand Te Pūtea Matua
Time commitment: 6 weekly meetings (approx. 50 days per year)
Appointed by:
Minister of Finance on the recommendation of the RBNZ Board
Term:
Statutory appointment of up to four years, with potential for
reappointment for one further term
Expected start:
1 October 2025 with induction sessions in September 2025
Remuneration:
A set daily fee, as well as any actual and reasonable expenses
incurred.
The Monetary Policy Committee
The Monetary Policy Committee (MPC) is a committee of the Reserve Bank of New
Zealand. It is, in accordance with the
Reserve Bank of New Zealand Act
2021 responsible for formulating monetary policy directed to the economic objectives
of achieving and maintaining stability in the general level of prices over the medium
term, and supporting maximum sustainable employment. The committee is chaired by
the Governor and its membership includes senior employees and external members,
all of whom are appointed by the Minister of Finance, on the recommendation of the
Board of the RBNZ. Members do not represent a particular industry sector or
perspective.
The Role
As an external member of the MPC you wil be responsible for:
• Preparing for and participating in the monetary policy decisions made
by the MPC by providing advice, contributing to discussion and sharing
your perspective.
• Act in accordance with t
he MPC Charter including by contributing
collegial y and constructively to the effective operation of the MPC.
• Acting consistently with t
he MPC Remit and the RBNZ Act 2021.
• Adhere to t
he MPC Code of Conduct, which sets out a number of
constraints on, and requirements of MPC members including the need to
proactively declare and manage conflicts of interest.
Time Commitment
MPC meetings wil be held on a regular (e.g. 6-weekly) basis.
The dates of forthcoming
meetings are published on the RBNZ website. External members should expect to
spend approximately 50 days a year in this role, being a combination of formal
meetings in Wellington (approximately 25 to 30 days) and individual study, analysis
and reflection on the papers and background analysis relevant to the monetary policy
decision.
The performance of the MPC and its committee members is reviewed by the Board of
the RBNZ.
Ref #22317344 v1.1
UNCLASSIFIED
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ENDORSEMENT
Criteria for Appointment
Candidates wil be recommended to the Minister for appointment on merit. Each
candidate’s application and potential interview wil be assessed against the fol owing
criteria:
1. Relevant professional knowledge, skil s and experience such as in the
areas of economics, public policy, banking or monetary policy.
2. The ability to understand, analyse and utilise background information and
economic analysis commonly utilised in the formulation of monetary policy.
3. Evidence of highly developed critical thinking skil s;
4. Proven experience in making effective decisions in complex situations
under uncertainty and ambiguity;
5. The ability to work collegial y and constructively, respecting diverse views
and perspectives and seeking to achieve the best outcome as a team;
6. Proven experience handling and safeguarding highly confidential
information;
7. The ability to communicate in an effective and respectful manner, and to
challenge the thinking of others while maintaining an open mind.
8. A strong understanding of conflicts of interest, the market sensitivity
associated with monetary policy decisions, and the constraints on other
activities that are necessarily associated with membership of the MPC.
A list of disqualifications from the role is contained in the Appendix as per Schedule 3,
Part 2, clause 14 (2) of the RBNZ Act 2021.
Members wil normally be resident in New Zealand, and applicants resident outside
New Zealand should explicitly address how they believe the logistical challenges of
meeting attendance and engagement at the required level would be managed.
We’re building diversity and inclusion into everything we do. Our differences seed our
innovation and help us deliver our best work – reflective of the needs of society. We
welcome and value knowledge of Te Ao Māori and Te Tiriti.
How to Apply
Candidates are invited to apply by 14 May at 5pm through
https://www.appointbetterboards.co.nz/ and provide a cover letter and CV that clearly
addresses how they meet the criteria for appointment listed above. Successful
candidates wil be asked to supply the names and contact details of two referees. For
a conversation about the role or to express interest please see the details below.
Contact
Stimulus NZ is working with RBNZ on the appointment process. To enquire or
express interest, please contact Simon Telfer vi
a [email address] or phone
021 321 901.
ENDORSEMENT
UNCLASSIFIED
UNCLASSIFIED
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ENDORSEMENT
MPC Appointments 2024/25 - Process and Timetable for Appointment
9 April 2025
The application period begins. The vacancy is advertised
widely.
Wednesday 14 May The application period ends. Al applications are acknowledged
5pm
by email.
Late May
Consideration of the candidates wil be undertaken by the MPC
Appointments Committee. Those candidates who best meet
the criteria for appointment wil be contacted. Unsuccessful
candidates wil be acknowledged by email.
Thursday 5 June
The MPC Appointments Committee wil conduct 1-hour
2025
interviews in Wellington on this date. The Committee wil
recommend candidates for appointment to the RBNZ Board.
Mid June 2025
The RBNZ Board considers the recommendation from the MPC
Appointments Committee and provides a recommendation to
the Minister of Finance.
Mid June to
Due diligence takes place.
Late July
•
Candidate’
eligibility
for
appointment,
references and identification are checked
•
Conflict of interest conversations take place
guided by the provisions of the RBNZ Act 2021,
the MPC Code of Conduct and MPC Charter.
•
Candidates consent in writing to become a
member if appointed
July & Aug 2025
The Minister considers, and consults with the other political
parties. A decision goes to Appointments and Honours
Committee, and then to Cabinet for approval.
September 2025
The Minister announces the name of the new External Member
of the Monetary Policy Committee.
Mid- Late
The new External Member is inducted.
September 2025
1 October 2025
The new External Member wil officially begin their appointment
on 1 October 2025.
Friday 3 October
New member attends first Monetary Policy Review meeting.
2025
ENDORSEMENT
UNCLASSIFIED
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ENDORSEMENT
Appendix – Candidates eligibility for appointment
Anyone meeting any of the following criteria is disqualified from holding office as a
member of the MPC
A person is disqualified if the person is:
• a person who is a director or an employee of a regulated entity:
• a member of the Reserve Bank of New Zealand Board:
• a person who is an undischarged bankrupt:
• 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 t
he Companies Act 1993, t
he Financial Markets
Conduct Act 2013, or the
Takeovers Act 1993:
• a person who is subject to a property order under t
he Protection of
Personal and Property Rights Act 1988:
• a person in respect of whom a personal order has been made under
that Act that reflects adversely on the person’s—competence to manage
their own affairs in relation to their property; or
• capacity to make or to communicate decisions relating to any particular
aspect or aspects of their personal care and welfare:
• a person who has been convicted of a crime involving dishonesty as
defined i
n section 2(1) of the Crimes Act 1961 within the past 5 years:
• 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):
• a person who has been convicted of an 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:
• a person who is a chief executive of a department or an employee of a
department.
ENDORSEMENT
UNCLASSIFIED
UNCLASSIFIED
UNCLASSIFIED
ENDORSEMENT
ENDORSEMENT
UNCLASSIFIED
18 September 2025
Document Outline
