Former ASB and Air New Zealand chief executive Sir Ralph Norris is one of three new non-executive directors appointed to the Treasury board.
Treasury Secretary Gabriel Makhlouf said he had appointed Sir Ralph, Professor Harlene Hayne and Whaimutu Dewes to the board.
"I am pleased to have these three highly-qualified and well-respected individuals join our board," he said.
"They each bring a range of valuable skills and experience from leading large organisations, and will further-strengthen the public and private sector governance expertise that the Treasury can draw from."
Norris has 40-year experience in banking and was formerly chairman of the Business Roundtable.
Hayne is Vice-Chancellor of the University of Otago, and Dewes is the chairman of Aotearoa Fisheries and is a director on the boards of Contact Energy, Housing New Zealand and three Ngati Porou iwi companies.
The board aims to replicate the discipline, strategic capability and performance accountability provided by a private sector or other statutory board.
"We have a strong board that challenges us and keeps us on our toes, helping ensure our strategy, capability and performance make the best possible contribution to raising living standards for New Zealanders," Makhlouf said.
The existing board members are Makhlouf, Treasury deputy chief executive Vicky Robertson, and non-executive directors Paul Baines, Susan Macken and Joan Withers.
Withers has temporarily stood aside from the board in order to avoid any perceived or real conflicts of interest from her role as chair of Mighty River Power, which is slated for partial privatisation in the next few months.