Neil Quigley, Vice-Chancellor of the University of Waikato, is succeeding Rod Carr as chairman of the Reserve Bank's board of directors.
The Reserve Bank board's key function is monitoring the performance of Governor Graeme Wheeler and the central bank on behalf of Minister of Finance Bill English. It must assess whether quarterly Monetary Policy Statements are consistent with the Reserve Bank's Policy Targets Agreement between English and the Bank. It also monitors the Reserve Bank's six-monthly Financial Stability Reports.
Reserve Bank directors are appointed by the Minister of Finance for five-year renewable terms. They then and elect their chairman for one-year terms. The chairman appoints a deputy chairman for a one-year term. Kerrin Vautier has been appointed deputy chairwoman.
Carr won't seek a another term as a Reserve Bank director when his current term ends next July. Given this, he has decided to step down as chairman, the Reserve Bank says.
"Professor Quigley’s term as chairman is effective from 23 September 2016. Professor Quigley is Vice-Chancellor of the University of Waikato, and has previously held roles as a Professor of Economics and senior manager at Victoria University of Wellington and the University of Western Ontario in Canada. He was first appointed to the Reserve Bank Board in 2010. He is also a director of the New Zealand Qualifications Authority," the Reserve Bank says.
"Ms Vautier’s term is effective from 26 September 2016. Ms Vautier is a consulting research economist and a Lay Member of the High Court (under the Commerce Act). She was first appointed to the Reserve Bank Board in 2010."
Carr was Deputy Governor and Acting Governor of the Reserve Bank Between July 1998 and July 2003. Carr was appointed to the board in 2012, becoming chairman in September 2013.
English said Quigley had been elected unanimously by his fellow directors, and that Carr had successfully led the board through a challenging period during which the Reserve Bank’s role had widened to include its macroprudential framework and "active supervision of the banking and insurance industries.”