Dr Anna Breman<\/a> will take up the role, with her term to begin in December.<\/p>\nNicola Willis said the payout was a matter for the Reserve Bank and Adrian Orr.<\/p>\n
But she understood the clause was in the terms of his contract when he was appointed in 2017 and then re-appointed in 2022.<\/p>\n
“This reflected the terms of the contract was signed up to by both parties,” she said.<\/p>\n
“I expect that the Reserve Bank board negotiates these contracts with a view to what is required to attract and retain people of the skills, experience, and career types necessary to fulfil these very unusual and high profile positions,” Willis said.<\/p>\n
The minister said she had not been briefed on whether there were restraint of trade clauses in previous governors’ contracts, and was not aware if it was in the new governor’s contract.<\/p>\n
A restraint of trade clause prevents a former employee from taking new employment in a similar business or competitor.<\/p>\n
The specifics of the restraint of trade have not been made public, though as governor, Orr would have been privy to sensitive monetary policy discussions.<\/p>\n
Willis said she did not know what Orr’s next job was.<\/p>\n
“No, he hasn’t sent me an email on that.”<\/p>\n
Labour’s finance spokesperson Barbara Edmonds said it spoke to how “opaque” the circumstances over Orr’s departure had been, and called for more transparency.<\/p>\n
“We will have an opportunity to question the Reserve Bank during the annual review process that’s coming up over the next couple of months. We will make sure that they’re transparent, if they don’t do so between now and then,” Edmonds said.<\/p>\n
“We’ve seen their OIA team reduce from five to zero, and them having to use contractors. Ultimately the new Reserve Bank governor will have a big job on her hands.”<\/p>\n
Breman, the incoming governor, has promised transparency at the bank.<\/p>\n
Sign up for Ng\u0101 Pitopito K\u014drero<\/a>, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.<\/p>\n","protected":false},"excerpt":{"rendered":"Adrian Orr resigned as Reserve Bank governor in March. Photo: The finance minister says the former Reserve Bank…\n","protected":false},"author":2,"featured_media":63433,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[48,47,42,43,49,46,44,45,40,38,41,39],"class_list":{"0":"post-63432","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headlines","8":"tag-audio","9":"tag-current-affairs","10":"tag-headlines","11":"tag-news","12":"tag-podcasts","13":"tag-public-radio","14":"tag-radio-new-zealand","15":"tag-rnz","16":"tag-top-news","17":"tag-top-stories","18":"tag-topnews","19":"tag-topstories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/63432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=63432"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/63432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/63433"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=63432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=63432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=63432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}