John KeyFormer Prime Minister Sir John Key could be forced to stand down from one of his banking roles because of a potential conflict of interest. Sir John chairs ANZ New Zealand and sits on the board of its parent bank in Australia. Reserve Bank governor Adrian Orr said the trans-Tasman roles held by Sir John at ANZ and BNZ chairman Doug McKay, who holds similar roles, could raise questions over whose interests are pre-eminent. Mr Orr wanted them to hang on to more of their own cash in New Zealand to ensure greater financial resilience. While Mr Orr is considering making banking directors choose between New Zealand and Australia, he was not touting the move as a high priority and no decisions had been made.

Source: Otago Daily Times October 03, 2019 17:26 UTC