14 May 2002 Media Statement

Fletcher to RBNZ Board, Carr on 6 months extension

Hugh Fletcher, one of New Zealand’s leading industrialists, has been appointed as a non-executive director of the Reserve Bank for a term of five years.

Announcing the decision, Finance Minister Michael Cullen said Mr Fletcher’s considerable business experience would be an asset to the Board.

Dr Cullen also confirmed that Rod Carr, the Deputy Chief Executive of the Bank, had been appointed on the recommendation of the Bank’s Board to act as Governor for a period of up to six months or until a permanent appointment was made.

Dr Carr has been acting as Governor since the resignation of Don Brash on 26 April 2002.

Mr Fletcher replaces Sir Gil Simpson, whose term expires on 8 June 2002.

Mr Fletcher is Chairman of New Zealand Insurance and CGNU Insurance Australia, and a non-executive director of VCU Technology, Fletcher Building and Rubicon. He was previously a director of Fletcher Challenge and its Chief Executive Officer from 1987 until his retirement in 1997.

Other RBNZ non-executive directors are: Paul Baines; John Goulter; Arthur Grimes; Alison Paterson; Ruth Richardson; and Bill Wilson. Non-executive directors are paid fees of $15,000 a year.

ENDS

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