Institutions wielding delegated power must be led and held accountable by individuals of character, disciplined temperament and a strong commitment to integrity, even when it costs, argues Michael Reddell
In the space of a little less than six months, the second-term governor of the Reserve Bank of New Zealand (RBNZ), Adrian Orr, resigned with no notice, in the wake of a showdown over conduct and trust issues; and then the chair of the bank’s board also resigned under pressure. At the time of writing (mid-September) the bank has a temporary governor only and an acting board chair. The RBNZ’s reputation, already in decline, has been severely damaged in 2025, and no-one involved emerges with much
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