Hugh Fletcher to stay on Reserve Bank board

Hugh Fletcher had been reappointed to the board of the Reserve Bank of New Zealand, Finance Minister Michael Cullen said today.

Mr Fletcher will serve a further five year term as a non-executive director.

The term expires in June 2012.

The board monitors and reviews the performance of the Reserve Bank, and Governor Allan Bollard, in terms of monetary policy objectives and other responsibilities.

Mr Fletcher is currently chairman of IAG New Zealand and a director of Fletcher Building, as well as other private and voluntary sector board appointments.

- NZPA