The Reserve Bank of New Zealand has signed a new charter outlining the rules under which its new Monetary Policy Committee will operate. Until now the final decision-making power on the OCR and other monetary policy has rested with the RBNZ governor, but the changes mean a committee must agree on the changes, rather than the governor alone. Finance Minister Grant Robertson said he wanted the committee to have "a diversity of voice". The majority of committee members will be RBNZ staff, but external members will be sought and a Treasury representative will also sit on the committee. The make-up of the first committee will be announced "shortly", Robertson said. Decisions will be made by majority vote, but there will be some scope for dissenting views to be publicly discussed. The decision announcement will include any "material differences of view".Reserve Bank governor Adrian Orr said the changes were valuable, joking that not only would it increase transparency and diversity of input but also "reduce the risk of the governor going feral". The RBNZ also signed a remit outlining its new "dual mandate" which requires it to support "maximum sustainable employment" as well keep inflation between 1 and 3 per cent.