Geof Mortlock, a former senior economist at the Reserve Bank, has called for urgent reforms to the Reserve Bank’s board and performance assessments in his submission to the finance and expenditure committee’s inquiry into banking competition.
Mortlock argued the current board lacks the necessary expertise in financial sector regulation and stability to perform effectively.
In his submissions reported in state media today, he said that the government should prioritise appointing directors with in-depth knowledge of banking and financial stability issues, rather than focusing on achieving gender or ethnic balance. Mortlock asserted that the only “balance” needed is one of skills, experience, and judgment.
Additionally, Mortlock advocated for stronger performance assessments of the Reserve Bank, highlighting the need for greater transparency and accountability, particularly given the institution’s operational independence.
He proposed annual reviews of the Reserve Bank’s board, senior management, and Monetary Policy Committee by Treasury, along with independent audits of the bank’s policies and operations every three to five years.
Common sense in government, now there’s a rare phenomenon….sadly I suspect he’s talking to the wrong audience but I agree 110%…..
Fully agree with Mr Mortlock, the DEI should be removed everywhere. Gender should have no barring in any job or management position in-depth knowledge and know-how should be the criteria. Just look around the world, DEI is backfiring everywhere, is the society sleepwalking?
He is of course 100% correct. This epitomizes the NZ predicament. Woke B grade incompetence has occupied too many positions of power, leadership has become bereft of subject matter expertise. Poor little NZ, we really are f#$&Ed.
Adrian Orr should have gone with Ardern he’s been a disaster for the New Zealand economy, DEI has no place in any government department, time to clean out the rot.
Is he worried they are going to hit a reef and catch on fire and sink?