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Former head of the Commonwealth Bank of Australia, Sir Ralph Norris, and prominent Maori professional director Whaimutu Dewes have been appointed to the board of the Treasury.
Treasury Secretary Gabriel Makhlouf announced the two newcomers, along with the appointment of Professor Harlene Hayne, the vice-chancellor of Otago University.
They join investment banker Paul Baines, professional director Susan Macken and Joan Withers, who also chairs Mighty River Power on the board, which seeks to "replicate the discipline, strategic capability and performance accountability provided by a private sector or other statutory board".
Ms Withers has stepped aside to avoid any conflict of interest while Treasury manages the government's intended partial privatisation of MRP later this year.
Sir Ralph is a director of Fonterra and the Fonterra Shareholders Fund, and is on the board of Australia's Origin Energy, majority owner of Contact Energy, and stepped down last year as chief executive of CBA after a 40-year career in banking.
Mr Dewes is chairman of Aotearoa Fisheries Ltd and is a director on the boards of Contact Energy and Housing New Zealand Corp.
The new members' terms of appointment have been made effective from the beginning of 2013.