The Reserve Bank of New Zealand will pay its former governor Adrian Orr a lump sum this month as part of a non-compete clause in his contract, the bank’s annual report shows.
According to the report, which was published today (October 6), the NZ$416,120 ($242,317) ‘restraint of trade’ payment will be paid this month. The payment is subject to terms of the restraint of trade agreement being met, the report says.
An RBNZ spokesperson tells Central Banking that the payment was agreed to at the time
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