Senior analyst alleges dismissal was retaliation for protected disclosure
25 Apr 2025
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The Employment Relations Authority (ERA) has rejected the interim reinstatement of a senior analyst following his dismissal from the Reserve Bank of New Zealand (RBNZ) in September 2024.
Stephen McCormack, who served as a senior analyst, argued that his termination was unjustified, citing flaws in the performance improvement process (PIP) and alleged retaliation after making a protected disclosure.
However, the ERA determined that while McCormack's claims raised serious questions, the balance of convenience and overall justice favoured the RBNZ, making reinstatement inappropriate at this stage.
McCormack's tenure at the Reserve Bank began in January 2022 when he was hired as a senior analyst in the Financial System Policy and Analysis department.
Over the course of his employment, McCormack's performance was closely monitored after concerns arose about the quality and consistency of his work.
In April 2023, RBNZ initiated an informal action plan to address these issues. Despite some progress, McCormack was placed under two additional informal performance action plans.
By January 2024, after a series of performance reviews and written warnings, RBNZ initiated a formal performance improvement plan (PIP), which continued through multiple review stages. However, McCormack's performance did not improve to the expected level, leading to his dismissal in...
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