The Reserve Bank of New Zealand board chair Neil Quigley has stepped down.
Quigley was elected as chair of the Reserve Bank board in 2016, and had been on the board since 2010.
In June 2024, he was reappointed for a further term of two years, until June 30, 2026.
Finance Minister Nicola Willis this afternoon noted Quigley tendered his resignation from the board and as board chair “with immediate effect”.
The resignation came after five months of scrutiny over the abrupt departure of former governor Adrian Orr.
In June this year, Willis criticised the Reserve Bank over sharing information surrounding Orr’s sudden resignation in March.
The rebuke came after the bank released documents under an Official Information Act revealing Orr quit in March due to a funding dispute with the bank’s board and the Government.
Prior to the documents being released, Willis and officials were being tight-lipped on his departure.
At the time the details were revealed, Willis said she had spoken to Quigley over the issue “and expressed my view that they did not manage that Official Information Act request well, and that I expect them to do better.
“He has acknowledged that they could have and should have done better”.
Yesterday, the Reserve Bank responded to an inquiry by the Chief Ombudsman into complaints over its handling of the OIA.
“The Chief Ombudsman has asked us to release a timeline of events covered by this information but has not required any additional documents or other information to be released.
“The Chief Ombudsman has also provided guidance on the different grounds that applied to withhold information and where the public interest lies.
“We therefore conclude that, apart from being late with our OIA responses, the approach we took in responding to OIA requests was a reasonable one to the requests and met the overall public interest by balancing transparency with privacy and other legitimate concerns.”
Willis today said Quigley decided now was the appropriate time for him to hand over to a new chair, “having overseen a number of key workstreams for the bank”.
“Mr Quigley departs with a new funding agreement in place, a major review of capital settings out for consultation and the recruitment of a new Governor well-advanced.
“He leaves the bank well-positioned for the future. I thank him for his service and wish him well for the future.”
Willis said Deputy Chair Rodger Finlay would cover the functions of chair until an appointment was made.
“Mr Quigley’s departure creates a vacancy on the board which will be filled in due course.”
Labour calls for answers on departures
In a post to Facebook, Labour finance spokesperson Barbara Edmonds said “the public deserves better”.
“The common denominator in the resignation of two very senior financial leaders is Nicola Willis.
“Full transparency is needed, immediately. The Reserve Bank is one of the most important institutions in Aotearoa. It’s time for Nicola Willis to be honest with the public about what she knows, what she has been told about the situation, and when. What actions has she taken to manage this situation?
“Our economy is already in enough trouble given her fiscal management, and she is relying on the Reserve Bank to support growth. The public should have absolute confidence and transparency about how this situation has been managed, and the role of the Minister.”
