Submission on Phase 2 of the Reserve Bank Act review - consultation 2

The IoD’s submission comments on the current director attestation regime.

We support the ‘enhanced status quo’ option in the consultation document to improve the attestation regime, including increased supervisory engagement by the Reserve Bank. This should be done in a manner that encourages high quality directors to remain involved in the sector and which includes a process to audit or verify attestations by the Reserve Bank.

The submission also addresses some aspects of the Reserve Bank’s governance arrangements and identifies opportunities to strengthen director professionalism with reference to IoD’s Chartered Membership pathway.