Adrian Orr’s $416K Payout: Why He Received It
- * Adrian Orr's Departure: Former Reserve Bank Governor Adrian Orr had a "restraint of trade" period included in his exit agreement.
- In essence, the article details the terms of Adrian Orr's exit from the Reserve Bank, specifically focusing on a non-compete clause and the political response to questions about...
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* Adrian Orr‘s Departure: Former Reserve Bank Governor Adrian Orr had a “restraint of trade” period included in his exit agreement. This means he’s restricted from certain employment for six months, offset by any income he earns during that time.
* Purpose of Restraint: The restraint is to protect confidential information Orr had access to as governor.
* Disclosure: The Reserve Bank disclosed the existence of this restraint of trade payment in June when releasing information about his departure under the Official Information Act (OIA).
* No Severance: The Reserve Bank stated Orr did not receive a severance payment as defined by the Auditor-General.
* Political Response:
* Finance Minister Nicola Willis deferred questions about the details of the agreement to the Reserve Bank and Orr himself.
* Prime Minister Christopher Luxon stated he wouldn’t comment on the contract’s merits, calling it an employment matter for the bank. He emphasized the board’s responsibility for the contract.
* Previous Turmoil: Orr’s departure was preceded by turmoil, including the resignation of board chairperson Neil Quigley in August.
In essence, the article details the terms of Adrian Orr’s exit from the Reserve Bank, specifically focusing on a non-compete clause and the political response to questions about the agreement.