Appointments strengthen governance and financial oversight at central bank
The Reserve Bank has welcomed the appointment of Grant Spencer and the reappointment of Byron Pepper to its governing board.
Both will serve five-year terms from July 1, 2025, to June 30, 2030.
Their appointments were made by the governor-general on the recommendation of the Minister of Finance, following a public appointment process led by The Treasury.
Grant Spencer brings central banking leadership
Spencer returns to RBNZ with deep experience in monetary policy, prudential regulation, and financial stability. His prior roles at the bank include deputy governor, head of financial stability (2007–2017) and acting governor (2017–2018).
He has represented New Zealand in OECD and EMEAP forums and contributed to the development of capital markets. Spencer is currently an adjunct professor at Victoria University of Wellington, with academic interests in macroeconomics and financial regulation.
“Mr Spencer's appointment will enhance the board’s expertise in prudential regulation, macro-prudential policy, and financial market operations, offering complementary strengths to existing board members, particularly in the context of New Zealand's central banking landscape,” said RBNZ board chair Neil Quigley.
Byron Pepper reappointed for governance and investment expertise
Pepper has been reappointed to the board, bringing over 25 years of experience in investment banking and governance.
He is the founder of Vorigo Advisory and previously served as a director of Ando Insurance Group. He spent over two decades at Goldman Sachs in its global investment banking division.
“We’re pleased to reappoint Mr Pepper to the board,” Quigley said. “His financial and governance experience continues to add valuable insight to the RBNZ’s decision-making.”
Appointments support strategic oversight under the RBNZ Act 2021
The appointments come as the RBNZ board continues to play a critical role under the Reserve Bank of New Zealand Act 2021, which gives it overall responsibility for strategic direction, financial oversight, and ensuring that the bank operates efficiently, transparently, and in line with its objectives and statutory obligations.
The board meets at least nine times a year and reviews the performance of the monetary policy committee alongside key accountability documents.
“The Reserve Bank welcomes the contributions of both Mr Spencer and Mr Pepper to its governing Board and looks forward to their support in delivering on Te Pūtea Matua’s strategic objectives,” the central bank said in a statement.
