New Appointments to Reserve Bank Board
Mr Spencer will serve for a five-year term, from 1 July 2025 to 30 June 2030. Mr Pepper will serve for a five-year term from 1 July 2025 to 30 June 2030.
Mr Spencer and Mr Pepper were appointed by the Governor-General on the recommendation of the Minister of Finance following their participation in a public appointment process run by Te Tai Ōhanga – The Treasury.
Grant Spencer brings extensive expertise in central banking, financial stability, and monetary policy. He held several senior roles at the Reserve Bank of New Zealand, including Deputy Governor, Head of Financial Stability (2007-2017), and Acting Governor (2017-2018). His international experience includes active participation in OECD and EMEAP forums, as well as contributions to the development of New Zealand’s capital markets.
In addition to his professional experience, Mr Spencer is an Adjunct Professor at Victoria University of Wellington, with academic interests in financial regulation and macroeconomics. He holds advanced qualifications in economics and econometrics.
“Mr Spencer’s appointment will enhance the Board’s expertise in prudential regulation, macro-prudential policy, and financial market operations, offering complementary strengths to existing board members, particularly in the context of New Zealand’s central banking landscape,” RBNZ Board Chair Professor Neil Quigley says.
Byron Pepper continues to bring strong governance and financial expertise to the Board. An independent investment banking advisor and director, Mr Pepper has more than 25 years’ experience advising corporate and government clients, particularly in the financial services sector across New Zealand, Australia, and internationally.
He is the former director of Ando Insurance Group Limited and currently serves as a director or trustee of several New Zealand-based entities. Mr Pepper is also the founder of Vorigo Advisory, following a 22-year career at Goldman Sachs in its global investment banking business.
“We’re pleased to reappoint Mr Pepper to the Board,” says Professor Quigley. “His financial and governance experience continues to add valuable insight to the RBNZ’s decision-making.”
The Reserve Bank welcomes the contributions of both Mr Spencer and Mr Pepper to its governing Board and looks forward to their support in delivering on Te Pūtea Matua’s strategic objectives.
More information on Grant Spencer and Byron Pepper can be found on our Board page.
Our Board members
https://www.rbnz.govt.nz/hub/news/2025/07/appointments-to-reserve-bank-board