NZ’s Willis Criticizes RBNZ Handling of Orr Resignation | Company Business News

(Bloomberg) — New Zealand Finance Minister Nicola Willis has criticized the Reserve Bank for its handling of former Governor Adrian Orr’s resignation, saying it should have been more transparent about his reason for quitting.

“It’s my expectation that all government agencies comply with their statutory obligations and wherever possible are open and transparent with New Zealanders,” Willis told reporters on Thursday. “Of course they need to balance that against their legal obligations when it comes to employment discussions and agreements, but on this one I think they could have pulled their socks up.”

Orr resigned abruptly on March 5 without giving a reason, and RBNZ Board Chair Neil Quigley would only say that it was a personal decision. But documents released yesterday under the Official Information Act reveal that Orr quit because the board was willing to agree to considerably less money in a new five-year funding agreement with the government than he thought was necessary.

Willis said she had spoken to Quigley “and expressed my view that they did not manage that Official Information Act request well and that I expect them to do better.” Quigley acknowledged “they could have, and should have, done better,” she said.

The RBNZ acknowledges it was late in producing a response to some of the OIA requests it received, Quigley said in a statement following Willis’s remarks.

“I regret that this delay occurred,” he said. “The circumstances and the volume of information associated with the OIAs were complex, and we needed to be sure that our consideration of relevant information was comprehensive. As well as our obligations under the Official Information Act, we needed to take into careful consideration the former governor’s exit agreement and privacy law.”

Quigley said the exit agreement and the ongoing work on the funding agreement had meant he was limited in what he could say about the resignation on March 5. That included the need to explain to staff any potential implications of a lower level of funding on staffing levels, he said. 

“We are taking into account the feedback that we have received on our management of these OIA requests and looking carefully at how we can improve our response times in the future,” he said.

(Updates with RBNZ chair’s comments in fifth paragraph)

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