Board of the Banking Ombudsman - Director
On this page
On behalf of the Minister of Commerce and Consumer Affairs, the Ministry is seeking candidates who wish to be considered for appointment as a director on the Board of the Banking Ombudsman.
About the Board
The Banking Ombudsman aims to resolve disputes between banks participating in the scheme and their customers. The scheme also aims to prevent disputes, including by:
- maintaining a complaints dashboard
- identifying causes of complaints
- sharing these insights with banks, the public and regulators.
The scheme’s investigation and dispute resolution service is free. To take advantage of the service, complainants must first have attempted to resolve their complaint directly with their provider.
The scheme is independent of the financial institutions that fund its operation. It is also independent of government and any consumer group. Its independence is reinforced by its status as a legally incorporated company, the Banking Ombudsman Scheme Limited.
Further information about the Banking Ombudsman can be found on the Banking Ombudsman Scheme website(external link), .
Board membership
Collective and individual duties
The collective duties of directors are to maintain processes to deal with governance breaches and complaints.
A director must:
- Act honestly, in good faith and in the best interests of the company
- Use due care in exercising the powers of office
- Recognise that his or her primary responsibility is to the company’s shareholder, but must also have regard to the interests of all of the company’s stakeholders
- Not make improper use of information obtained as a director
- Not take improper advantage of the position of director
- Be independent in judgment and actions and take all reasonable steps to satisfy him or herself that the board’s decisions are sound
- Abide by the board’s confidentiality and conflict of interest requirements set out below
- Not engage in conduct likely to discredit the company
- Comply with the spirit and letter of the code of conduct.
Directors must comply with all company policies except where inconsistent with this charter, or regulatory requirements, or the Companies Act 1993.
The Board charter sets out the structure, role and responsibilities of the board of the Banking Ombudsman Scheme.
Board charter of the Banking Ombudsman Scheme(external link)
The terms of reference can be found via the link below:
Terms of Reference for the Banking Ombudsman Scheme Limited(external link)
Membership of the Board
The board has five members: two bank representatives, two customer representatives and an independent chair. The New Zealand Bankers’ Association chooses the bank representatives. The Minister of Commerce and Consumer Affairs chooses one consumer representative, and the board chooses the other. The board also selects the independent chair. Each director is appointed for a term of up to three years.
Time commitment and remuneration
Remuneration is determined by the board. Members are currently paid a fee of $18,441 per year. There are 5 half day full Board meetings. The expected time commitment for a Board member is approximately 6 days a year.
Person specifications
Specific skills required
- Governance experience
- An understanding of dispute resolution procedures
- A sound knowledge of consumer issues, especially bank customer issues
- Can provide assurance of independence from the banking and finance sector
Additional skills, experience and attributes required
- Presence and gravitas, with the reputation and ability to command respect and win the confidence of consumers and other key stakeholders
- The wisdom to contribute constructively, reason objectively and critically, and grasp the complexities underlying an issue
- Reputation for integrity and trustworthiness, consistent with the values of the Scheme
- Able to build and maintain positive working relationships with directors of the Scheme, the Banking Ombudsman, and other identified key stakeholders
- Articulate, with well-developed presentational skills
Additional information
For enquiries about the position, email: boardappointments@mbie.govt.nz.