Reserve Bank Board
The Reserve Bank Board consists of nine members in total. These members include the three ex officio members of the Board, consisting of the Governor of the Reserve Bank, who is Chairman of the Board, the Deputy Governor of the Reserve Bank, who is the Deputy Chairman of the Board, and the Secretary to the Treasury.
In addition, the Board is composed of six external members who are appointed by the Treasurer for a period of five years. According to section 17(1) of the Reserve Bank Act, members of the Board are not allowed to be a director, officer, or employee of an institution that is authorised to take in deposits. Excluding changes in the number of directors, the structure of the board of directors has remained unchanged since 1951.
The current members of the board of directors are:
| Name | Office (if applicable) | Term begins | Term endsA | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ex officio members | |||||||||||||||||
| Glenn Stevens | Chairman of the Board | 18 September 2006 | 17 September 2013 | ||||||||||||||
| Philip Lowe | Deputy Governor of the Board | 14 February 2012 | 13 February 2019 | ||||||||||||||
| Martin Parkinson | Secretary to the Treasury | 7 March 2011 | Indefinite | ||||||||||||||
| External members | |||||||||||||||||
| Jillian Broadbent | – | 7 May 2008 | 6 May 2013 | ||||||||||||||
| Catherine Tanna | – | 30 March 2011 | 29 March 2016 | ||||||||||||||
| John Edwards | – | 31 July 2011 | 30 July 2016 | ||||||||||||||
| Roger Corbett | – | 2 December 2005 | 1 December 2015 | ||||||||||||||
| Heather Ridout | – | 14 February 2012 | 13 February 2017 | ||||||||||||||
| John Akehurst | – | 31 August 2007 | 30 August 2012 | ||||||||||||||
The board normally meets eleven times each year, on the first Tuesday of each month except January. Every year, the Board meets at least once in Melbourne, which is usually in the first six months of the year. The Board occasionally also meets in other Australian capitals. Five members of the Board must meet in order to constitute a quorum, and the meeting must be chaired by the Governor, or the Deputy Governor in his absence.
The Board usually forms a consensus without a need for structured voting on the issues at hand. Meetings of the Board are held in the Boardroom of the Reserve Bank's Head Office in Sydney or the equivalent in other Regional Offices of the Bank. The meetings begin at 9.00 am and continue for three and a half hours, with a lunch at the end and perhaps a guest speaker. Minutes of the monetary policy Board meetings are published two weeks after the meeting is held.
Read more about this topic: Reserve Bank Of Australia
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