Finance Minister Grant Robertson announced three new appointments to the Independent Expert Advisory Panel ahead of Phase 2 of the Review of the Reserve Bank Act.
Barbara Chapman, Belinda Moffat and John Sproat join existing members Suzanne Snively (chairwoman), Malcolm Edey and Girol Karacaoglu on the panel.
“The Review of the Reserve Bank Act is a one-in-thirty-year opportunity to ensure NZ has a well-functioning and efficient financial system,” Robertson said.
“Phase 1 of the review considered and recommended changes to New Zealand’s monetary policy framework. These included that the Reserve Bank considers maximum sustainable employment alongside its price stability mandate, which it is now doing.
“Phase 2 will ensure the Reserve Bank Act is fit for purpose and aligned with what the Government considers is a strong, flexible and enduring regulatory framework for the financial system that enjoys broad public and industry support.”
The detailed work of Phase 2 is being led by a joint Reserve Bank and Treasury team.
Robertson said the panel’s role is to provide independent advice to the Minister of Finance on the work being carried out by that team.
Barbara Chapman is a banker with a 36-year career in the financial sector, culminating as the managing director and chief executive of ASB. She is now focused on governance roles as a director of Genesis Energy, NZME and Fletcher Building.
Belinda Moffat is a lawyer by training with a career that spans law, banking and regulation. She is currently chief executive of the Broadcasting Standards Authority and was previously the director of enforcement & investigations at the Financial Markets Authority immediately following its establishment.
John Sproat is a commercial lawyer who practised for 23 years as a banking and finance partner at Chapman Tripp, focusing on a wide range of capital markets and financing transactions. More recently he was special counsel for Al Busaidy, Mansoor Jamal and Co in Oman. He has recently been appointed to the Independent Advisory Panel of the Provincial Growth Fund.