Documents released under the Official Information Act show New Zealand's banking watchdog is planning new limits and controls on the directors of banks, reports The NZ Herald. The documents show the Reserve Bank is working on increased guidance for banks on managing risk in the wake of the Hayne royal commission in Australia, as well as reviewing banks' corporate governance. It is considering limiting how long an independent director can remain on a bank's board, the number of directorships anyone can hold at one time and setting a requirement for directors to have certain financial sector experience. It may also require directors and senior management to be subject to ongoing assessment, as well as helping set up a training programme for bank directors.