Ruth Richardson Appointed to Reserve Bank Board

Treasurer Bill Birch today announced the appointment of former Finance Minister Ruth Richardson as a non-executive director on the Board of the Reserve Bank of New Zealand for five years from today.

Mr Birch said she replaces Sir Peter Elworthy, whose appointment ended last week after a distinguished contribution to the board for 14 years, including 9 years as chairman of the Board's non-executive directors' committee.

The non-executive directors recommend on the appointment of the Governor, monitor his performance, assess Monetary Policy Statements against the Bank's function and Policy Targets Agreement, and advise the Minister on aspects of the performance of the Bank and the Governor.

"Ms Richardson has impeccable credentials for the role. Her career includes three years as Minister of Finance during a critical period of recent New Zealand history, and extensive consulting work world-wide since then.

"Her commercial experience ranges from agriculture to high-technology. She is held in high international regard for her top-level knowledge of the principles and practice of economic reform in many countries," he said.