Govt Completes Major Reserve Bank Refresh with Key Leadership Picks

Rodger Finlay has served as Deputy Chair of the Bank since February 2023 and has been carrying out the responsibilities of Chair since August.

The Government has confirmed two pivotal leadership appointments to the Reserve Bank, marking another significant step in its comprehensive overhaul of the institution’s governance, focus, and operational direction. Former investment banker Rodger Finlay has been appointed Chair of the Reserve Bank, while prominent business leader Rhiannon McKinnon joins the Bank’s Board for a five-year term.

Finance Minister Nicola Willis says the appointments represent “the latest milestones in the refresh of the Reserve Bank,” a programme designed to strengthen accountability, sharpen monetary and financial oversight, and ensure the Bank is more responsive to the Government’s policy priorities.

“The Bank now has a new Chair, a new Governor who starts next week, new members of the Board and Monetary Policy Committee, a new Financial Policy Committee, and a new, more modest funding agreement,” Willis said, describing the ongoing renewal. She added that the organisation is now operating under a new set of expectations requiring it to place greater emphasis on banking competition, a shift intended to improve outcomes for consumers and businesses.

A Steady Hand at the Helm

Rodger Finlay has served as Deputy Chair of the Bank since February 2023 and has been carrying out the responsibilities of Chair since August. His formal appointment consolidates his leadership at a time when the Bank is undergoing structural and strategic transformation.

Willis said she has full confidence in Finlay’s ability to guide the institution through this next phase. “He will lead the work to deliver on the Government’s expectations for increased accountability, transparency and fiscal discipline, while ensuring the Bank remains focused on its statutory responsibilities.”

Finlay brings considerable experience in steering major organisations across both public and private sectors. His governance track record includes chairing New Zealand Post, Kiwi Group Holdings, NZ Oil and Gas, and PGG Wrightson—entities requiring deep financial oversight, commercial acumen, and risk management capability. His current term will run through to 30 June 2027.

Strengthening the Board with Industry Expertise

Joining the Board is Rhiannon McKinnon, a respected financial sector executive and Chartered Financial Analyst. McKinnon is the former Chief Executive of Kiwi Wealth, where she managed $10 billion in funds, helping shape one of New Zealand’s most significant investment businesses before its acquisition.

Beyond her executive leadership, McKinnon has played advisory and governance roles across a diverse set of organisations, including the New Zealand Film Commission, the CFA Society of New Zealand, and Dress for Success Wellington. She also coaches and advises chief executives, bringing a strategic lens to leadership performance and organisational development.

Her five-year appointment, running to 30 November 2030, bolsters the Reserve Bank Board’s financial markets expertise at a time when regulatory settings, monetary policy decisions, and sector competitiveness remain in sharp national focus.

Completing the Reserve Bank’s Modernisation

The appointments come as part of a broader modernisation agenda that has seen significant changes to the Bank’s leadership structure, funding arrangements, and governance approach. With a new Governor arriving next week and key committees refreshed, the Government aims to drive a more disciplined, transparent, and competitive financial system.

Willis emphasised that these changes reflect the Government’s commitment to ensuring the Reserve Bank remains an anchor of economic stability while adapting to emerging challenges across monetary policy, financial regulation, and banking sector performance.