The Reserve Bank of New Zealand’s Board published its Annual Report last week. It didn’t attract any coverage, but then it was hard to find – buried inside the Bank’s own large glossy (expensive?) report, and with no accompanying press release (not even a mention in the Governor’s own press release). And it didn’t say much anyway.
The Board isn’t part of the decision-making structure of the Reserve Bank. Unlike a typical corporate or Crown entity, all the powers Parliament has given to the Bank rest with the Governor personally. The Board are agents for the public and the Minister in holding the Governor to account, and so need to be – and to be seen to be – at arms-length from management. I’ve criticized the Board previously for not publishing its report separately, and not even insisting that it is separately visible on the Bank’s website. The Board must have noticed…
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Utopia, you are standing in it! 
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