New Zealand: banking supervision and corporate governance

The Banking Supervision Handbook published by the Reserve Bank of New Zealand now contains a separate section on corporate governance: see here (pdf). This new section sets out the Bank's policy on registered banks' corporate governance arrangements, following a consultation earlier in the year. Banks will be required to have a minimum board size of five, with at least half of the directors being independent. Guidelines on the board's expertise and experience are also provided. For further information on the consultation, and the Bank's response to feedback received, see here (pdf).